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        811-01944
                                        -------------------

Principal Variable Contracts Fund, Inc.
- -----------------------------------------------------------------------------
 (Exact name of registrant as specified in charter)

711 High Street, Des Moines, Iowa                               50392
- -----------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip code)

MICHAEL D. ROUGHTON                           Copy to:
The Principal Financial Group                 John W. Blouch, Esq.
Des Moines, Iowa  50392-0300                  Dykema Gossett PLLC
                                              Franklin Square,
                                              Suite 300 West
                                              1300 I Street, N.W.
                                              Washington, DC 20005-3306
- --------------------------------------------------------------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 515-248-3842
                                                ----------------------------

Date of fiscal year end:   12/31
                        ------------------------

Date of reporting period:  07/01/2006 - 06/30/2007
                         -------------------------------------





Fund Name                   Principal Variable Contracts Fund ("PVC") - Asset Allocation Account
                            --------------------------------------------------------------------------
Sub-Advisor                 Morgan Stanley Investment Management
                            --------------------------------------------------------------------------

- --------------------------- --------------- --------------------- --------------------- -------------- ----------------------------
                                                                                                              (g)
                                                        (e)                                                 Did      (h)     (i)
                                                                                                             the             Was
                                             (d)        Matter                                       (f)    Reg.    Vote    Vote
                                                                                                   Proposed vote?   (For,   For or
(a)                       (b)    (c)         S/H Mtg.   Voted                                      by        (Yes  Against, Against
                                                                                                   Issuer or  or
Issuer                    Ticker CUSIP       Date       On                                         S/H       No) Abstain) Management
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                                                         
3M CO                     MMM    88579Y101   05/08/2007 1.1  Elect Director Linda G. Alvarado        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.2  Elect Director George W. Buckley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.3  Elect Director Vance D. Coffman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.4  Elect Director Michael L. Eskew         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.5  Elect Director W. James Farrell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.6  Elect Director Herbert L. Henkel        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.7  Elect Director Edward M. Liddy          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.8  Elect Director Robert S. Morrison       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.9  Elect Director Aulana L. Peters         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 1.1  Elect Director Rozanne L. Ridgway       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 4    Rescind Fair Price Provision            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 5    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 6    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
3M CO                     MMM    88579Y101   05/08/2007 7    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 1    Receive Financial Statements and                 Yes
                                                             Statutory Reports (Non-Voting)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
ABB Ltd.                         H0010V101   05/03/2007 2    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
ABB Ltd.                         H0010V101   05/03/2007 3    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
ABB Ltd.                         H0010V101   05/03/2007 4    Dividends of CHF 0.24 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Creation of CHF 500 Million
                                                             Pool of Capital without Preemptive
ABB Ltd.                         H0010V101   05/03/2007 5    Rights                                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.1  Reelect Roger Agnelli as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.2  Reelect Louis Hughes as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.3  Reelect Hans Maerki as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.4  Reelect Michel de Rosen as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.5  Reelect Michael Treschow as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.6  Reelect Bernd Voss as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 6.7  Reelect Jacob Wallenberg as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Hubertus von Gruenberg as
ABB Ltd.                         H0010V101   05/03/2007 6.8  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ABB Ltd.                         H0010V101   05/03/2007 7    Ratify Ernst & Young AG as Auditors;    Mgmt     Yes   For     For
                                                             Ratify OBT AG as Special Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.1  Elect Director R.S. Austin              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.2  Elect Director W.M. Daley               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.3  Elect Director W.J. Farrell             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.4  Elect Director H.L. Fuller              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.5  Elect Director R.A. Gonzalez            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.6  Elect Director D.A.L. Owen              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.7  Elect Director B. Powell Jr.            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.8  Elect Director W.A. Reynolds            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.9  Elect Director R.S. Roberts             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.1  Elect Director S.C. Scott III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.11 Elect Director W.D. Smithburg           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.12 Elect Director G.F. Tilton              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 1.13 Elect Director M.D. White               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 3    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Abbott Laboratories       ABT    2824100     04/27/2007 4    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ACCO Brands Corporation   ABD    00081T108   05/15/2007 1.1  Elect Director Gordon R. Lohman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ACCO Brands Corporation   ABD    00081T108   05/15/2007 1.2  Elect Director Patricia O. Ewers        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ACCO Brands Corporation   ABD    00081T108   05/15/2007 1.3  Elect Director George V. Bayly          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ACCO Brands Corporation   ABD    00081T108   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 1    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Accor                            F00189120   05/14/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Accor                            F00189120   05/14/2007 3    Dividends of EUR 2.95 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Augustin de Romanet de Beaune
Accor                            F00189120   05/14/2007 4    as Director                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Cabinet Deloitte et Associes
Accor                            F00189120   05/14/2007 5    as Auditor                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Societe BEAS as Alternate
Accor                            F00189120   05/14/2007 6    Auditor                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Cabinet Ernst et Young  Et
Accor                            F00189120   05/14/2007 7    Autres as Auditor                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 8    Elect Societe Auditex as Alternate      Mgmt     Yes   For     For
                                                             Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 9    Approve Transaction with Compagnie      Mgmt     Yes   For     For
                                                             des Alpes and Societe Sojer
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Transaction with Olympique
Accor                            F00189120   05/14/2007 10   Lyonnais                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Transaction with Club
Accor                            F00189120   05/14/2007 11   Mediterrannee and Icade                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Transaction with Paul Dubrule
Accor                            F00189120   05/14/2007 12   and Gerard Pelisson                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 13   Approve Transaction with Gilles         Mgmt     Yes   For     For
                                                             Pelisson
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 14   Approve Special Auditors' Report        Mgmt     Yes   For     For
                                                             Regarding Related-Party Transactions
                                                             and Continuation of the Execution of
                                                             Approved Conventions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 15   Authorize Repurchase of Up to 10        Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 16   Approve Reduction in Share Capital      Mgmt     Yes   For     For
                                                             via Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 17   Authorize Issuance of Equity or         Mgmt     Yes   Against Against
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 200 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
Accor                            F00189120   05/14/2007 18   Nominal Amount of EUR 100 Million       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 19   Authorize Capital Increase of up to     Mgmt     Yes   Against Against
                                                             10 Percent of Issued Capital for
                                                             Future Acquisitions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 20   Authorize Board to Increase Capital     Mgmt     Yes   Against Against
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
                                                             Shareholder Vote Above
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 21   Authorize Capitalization of Reserves    Mgmt     Yes   For     For
                                                             of Up to EUR 200 Million for Bonus
                                                             Issue or Increase in Par Value
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Set Global Limit for Capital Increase
                                                             to Result from All the Above Issuance
Accor                            F00189120   05/14/2007 22   Requests at EUR 300 Million             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 23   Amend Employee Savings-Related Share    Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Accor                            F00189120   05/14/2007 24   Record Date                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 25   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Attend General Meetings through
                                                             Videoconference and Telecommunication
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Accor                            F00189120   05/14/2007 26   Authorize Filing of Required            Mgmt     Yes   For     For
                                                             Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ace Ltd.                  ACE    G0070K103   05/17/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ace Ltd.                  ACE    G0070K103   05/17/2007 1    ELECTION OF DIRECTOR: BRIAN             Mgmt     Yes   For     For
                                                             DUPERREAULT
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             ELECTION OF DIRECTOR: ROBERT M.
Ace Ltd.                  ACE    G0070K103   05/17/2007 2    HERNANDEZ                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ace Ltd.                  ACE    G0070K103   05/17/2007 3    ELECTION OF DIRECTOR: PETER MENIKOFF    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ace Ltd.                  ACE    G0070K103   05/17/2007 4    ELECTION OF DIRECTOR: ROBERT RIPP       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             ELECTION OF DIRECTOR: DERMOT F.
Ace Ltd.                  ACE    G0070K103   05/17/2007 5    SMURFIT                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ace Ltd.                  ACE    G0070K103   05/17/2007 6    RATIFICATION OF THE APPOINTMENT OF      Mgmt     Yes   For     For
                                                             PRICEWATERHOUSECOOPERS LLP AS THE
                                                             INDEPENDENT REGISTERED PUBLIC
                                                             ACCOUNTING FIRM OF ACE LIMITED FOR
                                                             THE FISCAL YEAR ENDING DECEMBER 31,
                                                             2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 1.1  Elect Director Robert K. Burgess        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 1.2  Elect Director Carol Mills              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 1.3  Elect Director Colleen M. Pouliot       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 1.4  Elect Director Robert Sedgewick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 1.5  Elect Director John E. Warnock          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 2    Amend Stock Option Plan                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 3    Stock Retention/Holding Period          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Adobe Systems Inc.        ADBE   00724F101   04/05/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,   AMD    7903107     05/03/2007 1.1  Elect Director Hector de J. Ruiz        Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 1.2  Elect Director W. Michael Barnes        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 1.3  Elect Director Bruce L. Claflin         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 1.4  Elect Director H. Paulett Eberhart      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 1.5  Elect Director Robert B. Palmer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 1.6  Elect Director John E. Caldwell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 1.7  Elect Director Morton L. Topfer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Advanced Micro Devices,
Inc.                      AMD    7903107     05/03/2007 3    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.1  Elect Director Frank M. Clark           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.2  Elect Director Betsy Z. Cohen           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.3  Elect Director Molly J. Coye, M.D.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Barbara Hackman
Aetna Inc.                AET    00817Y108   04/27/2007 1.4  Franklin                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.5  Elect Director Jeffrey E. Garten        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.6  Elect Director Earl G. Graves, Sr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.7  Elect Director Gerald Greenwald         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.8  Elect Director Ellen M. Hancock         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.9  Elect Director Edward J. Ludwig         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.1  Elect Director Joseph P. Newhouse       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 1.11 Elect Director Ronald A. Williams       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 3    Company Specific-Majority Vote          Mgmt     Yes   For     For
                                                             Standard for the Election of
                                                             Directors in Uncontested Election
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aetna Inc.                AET    00817Y108   04/27/2007 4    Restore or Provide for Cumulative       ShrHoldr Yes   Against For
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require Director Nominee
Aetna Inc.                AET    00817Y108   04/27/2007 5    Qualifications                          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer       ACS    8190100     06/07/2007 1.1  Elect Director Darwin Deason            Mgmt     Yes   WithholdAgainst
Services, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.2  Elect Director Lynn R. Blodgett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.3  Elect Director John H. Rexford          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.4  Elect Director Joseph P. O'Neill        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.5  Elect Director Frank A. Rossi           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.6  Elect Director J. Livingston Kosberg    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.7  Elect Director Dennis McCuistion        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 1.8  Elect Director Robert B. Holland, III   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer
Services, Inc.            ACS    8190100     06/07/2007 5    Approve Stock Option Plan               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Affiliated Computer                                          Advisory Vote to Ratify Named
Services, Inc.            ACS    8190100     06/07/2007 6    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.1  Elect Director Daniel P. Amos           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.2  Elect Director John Shelby Amos, II     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.3  Elect Director Paul S. Amos, II         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.4  Elect Director Yoshiro Aoki             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.5  Elect Director Michael H. Armacost      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.6  Elect Director Kriss Cloninger, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.7  Elect Director Joe Frank Harris         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.8  Elect Director Elizabeth J. Hudson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.9  Elect Director Kenneth S. Janke, Sr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.1  Elect Director Douglas W. Johnson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.11 Elect Director Robert B. Johnson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.12 Elect Director Charles B. Knapp         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.13 Elect Director E. Stephen Purdom, M.D.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.14 Elect Director Barbara K. Rimer, Ph.D.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.15 Elect Director Marvin R. Schuster       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.16 Elect Director David Gary Thompson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 1.17 Elect Director Robert L. Wright         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AFLAC Incorporated        AFL    1055102     05/07/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Agilent Technologies Inc. A      00846U101   02/27/2007 1.1  Elect Director Paul N. Clark            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Agilent Technologies Inc. A      00846U101   02/27/2007 1.2  Elect Director James G. Cullen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Agilent Technologies Inc. A      00846U101   02/27/2007 1.3  Elect Director Robert L. Joss           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Agilent Technologies Inc. A      00846U101   02/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 1    Open Meeting                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 2    Receive Report of Management Board               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 3    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Explanation on Company's
Ahold Kon Nv                     N0139V100   05/03/2007 4    Reserves and Dividend Policy                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 5    Approve Discharge of Management Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 6    Approve Discharge of Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 7    Elect A.D. Boer to Management Board     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 8    Elect T. de Swaan to Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 9    Ratify Deloitte Accountants BV as       Mgmt     Yes   For     For
                                                             Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 10   Amend Articles                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 11   Grant Board Authority to Issue Shares   Mgmt     Yes   For     For
                                                             Up To 10 Percent of Issued Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Exclude Preemptive
Ahold Kon Nv                     N0139V100   05/03/2007 12   Rights from Issuance Under Item 11      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 13   Reduction of the Issued Capital by      Mgmt     Yes   For     For
                                                             Cancellation of Cumulative Preferred
                                                             Financing Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 14   Reduction of the Issued Capital by      Mgmt     Yes   For     For
                                                             Cancellation of Common Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
Ahold Kon Nv                     N0139V100   05/03/2007 15   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reduction of the Issued Capital by
                                                             Cancellation of Additional Common
Ahold Kon Nv                     N0139V100   05/03/2007 16   Shares                                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reduction of the Issued Capital by
                                                             Cancellation of Additional Common
Ahold Kon Nv                     N0139V100   05/03/2007 17   Shares                                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   05/03/2007 18   Close Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   06/19/2007 1    Open Meeting                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   06/19/2007 2    Approve Sale of U.S. Foodservice        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   06/19/2007 3    Amend Articles to Reflect Changes in    Mgmt     Yes   For     For
                                                             Capital; Increase of the Nominal
                                                             Value of the Ordinary Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles to Reflect Changes in
                                                             Capital; Decrease of the Nominal
Ahold Kon Nv                     N0139V100   06/19/2007 4    Value of the Ordinary Shares            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   06/19/2007 5    Amend Articles to Reflect Changes in    Mgmt     Yes   For     For
                                                             Capital; Consolidation of the
                                                             Ordinary Shares and an Increase of
                                                             the Nominal Value of Cumulative
                                                             Preference Financing Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ahold Kon Nv                     N0139V100   06/19/2007 6    Close Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Air Products & Chemicals, APD    9158106     01/25/2007 1.1  Elect Director William L. Davis III     Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Air Products & Chemicals,
Inc.                      APD    9158106     01/25/2007 1.2  Elect Director W. Douglas Ford          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Air Products & Chemicals,
Inc.                      APD    9158106     01/25/2007 1.3  Elect Director Evert Henkes             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Air Products & Chemicals,
Inc.                      APD    9158106     01/25/2007 1.4  Elect Director Margaret G. Mcglynn      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Air Products & Chemicals,
Inc.                      APD    9158106     01/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 1    Elect Presiding Council of Meeting      Mgmt     No    TNA     Against
                                                             and Authorize Presiding Council to
                                                             Sign Minutes of Meeting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 2    Receive Board of Directors, Auditors             No
                                                             and Independent Auditors Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 3    Accept Financial Statements and         Mgmt     No    TNA     Against
                                                             Approve Discharge of Board of
                                                             Directors and Auditors for Year 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 4    Approve Allocation of Income for Year   Mgmt     No    TNA     Against
                                                             2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 5    Ratify  Sir Winfried Bischoff as        Mgmt     No    TNA     Against
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 6    Elect Directors, and Determine Terms    Mgmt     No    TNA     Against
                                                             of Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 7    Ratify Basaran Nas Yeminli Mali         Mgmt     No    TNA     Against
                                                             Musavirlik A.S. as Independent
                                                             Auditor for 2006 and 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 8    Amend Article 9 of Bylaws Regarding     Mgmt     No    TNA     Against
                                                             Authorized Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 9    Inform about Donations Made in 2006              No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Akbank                           M0300L106   03/28/2007 10   Grant Permission for Board Members to   Mgmt     No    TNA     Against
                                                             Engage in Commercial Transactions
                                                             with Company and Be Involved with
                                                             Companies with Similar Corporate
                                                             Purpose
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel        F0191J101   09/07/2006      Ordinary Business                                Yes
Alsthom)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Financial Statements and
Alsthom)                         F0191J101   09/07/2006 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Accept Consolidated Financial
Alsthom)                         F0191J101   09/07/2006 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Allocation of Income and
Alsthom)                         F0191J101   09/07/2006 3    Dividends of EUR 0.16 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 4    Elect Thierry de Loppinot as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 5    Elect Bruno Vaillant as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 6    Elect Daniel Bernard as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 7    Elect Frank Blount as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 8    Elect Jozef Cornu as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 9    Elect Linnet F. Deily as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 10   Elect Robert E. Denham as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Elect Edward E. Hagenlocker as
Alsthom)                         F0191J101   09/07/2006 11   Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 12   Elect Jean-Pierre Halborn as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 13   Elect Karl J. Krapek as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 14   Elect Daniel Lebegue as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 15   Elect Patricia F. Russo as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 16   Elect Henry B. Schacht as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 17   Elect Serge Tchuruk as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 18   Appoint Thierry de Loppinot as Censor   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 19   Appoint Jean-Pierre Desbois as Censor   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 20   Ratify Deloitte & Associes as Auditor   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Ratify Ernst & Young et autres as
Alsthom)                         F0191J101   09/07/2006 21   Auditor                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 22   Ratify BEAS as Alternate Auditor        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 23   Ratify Auditex as Alternate Auditor     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Special Auditors' Report
Alsthom)                         F0191J101   09/07/2006 24   Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Transaction between the
Alsthom)                         F0191J101   09/07/2006 25   company and Philippe Germond            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Authorize Repurchase of Up to Ten
Alsthom)                         F0191J101   09/07/2006 26   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel        F0191J101   09/07/2006 27   Approve Issuance of 1.15 bn Shares      Mgmt     Yes   For     For
                                                             Reserved to the Lucent Shareholders
Alsthom)                                                     According to the Merger Agreement
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Issuance of 200 million
Alcatel (Formerly Alcatel                                    Shares for Holders of Warrants and
Alsthom)                         F0191J101   09/07/2006 28   Convertible Securities of Lucent        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel        F0191J101   09/07/2006 29   Approve Issuance of 78 million Shares   Mgmt     Yes   For     For
                                                             for Beneficiaries of Lucent Stock
                                                             Options and Holders of Lucent Stock
Alsthom)                                                     Compensation Instruments
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel        F0191J101   09/07/2006 30   Amend Articles of Association Subject   Mgmt     Yes   For     For
                                                             to Realisation of the Merger with
Alsthom)                                                     Lucent
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Modification of the End of
Alsthom)                         F0191J101   09/07/2006 31   Mandate for the CEO                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006 32   Amend Articles: Board meetings          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Reduction in Share Capital
Alsthom)                         F0191J101   09/07/2006 33   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Authorize Capital Increase of Up to
Alsthom)                         F0191J101   09/07/2006 34   Ten percent for Future Exchange Offers  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Approve Employee Savings-Related
Alsthom)                         F0191J101   09/07/2006 35   Share Purchase Plan                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to One Percent of Issued
Alcatel (Formerly Alcatel                                    Capital for Use in Restricted Stock
Alsthom)                         F0191J101   09/07/2006 36   Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Authorize Filing of Required
Alsthom)                         F0191J101   09/07/2006 37   Documents/Other Formalities             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel
Alsthom)                         F0191J101   09/07/2006      Shareholder Proposals                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel (Formerly Alcatel                                    Eliminate Voting Rights Restrictions
Alsthom)                         F0191J101   09/07/2006 A    and Amend Article 22 Accordingly        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 1    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Alcatel-Lucent                   F0191J101   06/01/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Alcatel-Lucent                   F0191J101   06/01/2007 3    Dividends of EUR 0.16 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors in
Alcatel-Lucent                   F0191J101   06/01/2007 4    the Aggregate Amount of EUR 700,000     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 5    Approve Remuneration of Censors         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Appointment of Lady Jay as
Alcatel-Lucent                   F0191J101   06/01/2007 6    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 7    Ratify Appointment of Jean-Cyril        Mgmt     Yes   For     For
                                                             Spinetta as Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Alcatel-Lucent                   F0191J101   06/01/2007 8    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 9    Approve Transaction with Patricia       Mgmt     Yes   For     For
                                                             Russo
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 10   Authorize Repurchase of Up to 10        Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 11   Approve Reduction in Share Capital      Mgmt     Yes   For     For
                                                             via Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 12   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to 20 Percent of
                                                             Issued Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to 5 Percent of
Alcatel-Lucent                   F0191J101   06/01/2007 13   Issued Capital                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Capital Increase of up to
                                                             10 Percent of Issued Capital for
Alcatel-Lucent                   F0191J101   06/01/2007 14   Future Acquisitions                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Set Global Limit for Capital Increase
                                                             to Result from All Issuance Requests
Alcatel-Lucent                   F0191J101   06/01/2007 15   at EUR 920 Million                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   F0191J101   06/01/2007 16   Approve Employee Savings-Related        Mgmt     Yes   For     For
                                                             Share Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to 1 Percent of Issued
                                                             Capital for Use in Restricted Stock
Alcatel-Lucent                   F0191J101   06/01/2007 17   Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Alcatel-Lucent                   F0191J101   06/01/2007 18   Record Date                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Filing of Required
Alcatel-Lucent                   F0191J101   06/01/2007 19   Documents/Other Formalities             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article 22 of Bylaws: End of
Alcatel-Lucent                   F0191J101   06/01/2007 A    the Voting Rights Limitation            ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 1    APPROVAL OF THE FINANCIAL STATEMENTS    Mgmt     Yes   For     For
                                                             FOR THE FISCAL YEAR ENDED DECEMBER
                                                             31, 2006.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 2    APPROVAL OF THE CONSOLIDATED            Mgmt     Yes   For     For
                                                             FINANCIAL STATEMENTS FOR THE FISCAL
                                                             YEAR ENDED DECEMBER 31, 2006.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 3    RESULTS FOR THE FISCAL YEAR -           Mgmt     Yes   For     For
                                                             APPROPRIATION.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             SETTLING OF ATTENDANCE FEES
Alcatel-Lucent                   13904305    06/01/2007 4    ATTRIBUTED TO THE DIRECTORS.            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             SETTLING OF THE REMUNERATION
Alcatel-Lucent                   13904305    06/01/2007 5    ATTRIBUTED TO THE CENSEURS.             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 6    RATIFICATION OF THE APPOINTMENT OF      Mgmt     Yes   For     For
                                                             LADY JAY AS MEMBER OF THE BOARD OF
                                                             DIRECTORS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 7    RATIFICATION OF THE APPOINTMENT OF MR   Mgmt     Yes   For     For
                                                             JEAN-CYRIL SPINETTA AS MEMBER OF THE
                                                             BOARD OF DIRECTORS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             APPROVAL OF RELATED PARTY AGREEMENTS
                                                             ENTERED INTO OR WHICH REMAINED IN
Alcatel-Lucent                   13904305    06/01/2007 8    FORCE DURING THE FISCAL YEAR.           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 9    APPROVAL OF AGREEMENTS WITH THE CHIEF   Mgmt     Yes   For     For
                                                             EXECUTIVE OFFICER.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 10   AUTHORIZATION TO BE GIVEN TO THE        Mgmt     Yes   For     For
                                                             BOARD OF DIRECTORS TO ALLOW THE
                                                             COMPANY TO PURCHASE AND SELL ITS OWN
                                                             SHARES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             AUTHORIZATION TO BE GIVEN TO THE
                                                             BOARD OF DIRECTORS TO REDUCE THE
Alcatel-Lucent                   13904305    06/01/2007 11   SHARE CAPITAL OF THE COMPANY.           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 12   DELEGATION OF AUTHORITY TO THE BOARD    Mgmt     Yes   For     For
                                                             OF DIRECTORS TO PROCEED WITH (I) THE
                                                             ISSUE WITHOUT CANCELLATION OF
                                                             PREFERENTIAL SUBSCRIPTION RIGHTS OF
                                                             ORDINARY SHARES AND OF SECURITIES
                                                             CONFERRING AN IMMEDIATE OR FUTURE
                                                             RIGHT TO THE SHARE CAPITAL OF THE
                                                             COMPANY OR O
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             DELEGATION OF AUTHORITY TO THE BOARD
                                                             OF DIRECTORS TO PROCEED WITH THE
                                                             ISSUE OF CANCELLATION OF PREFERENTIAL
                                                             SUBSCRIPTION RIGHTS, OF (I) ORDINARY
                                                             SHARES AND ANY SECURITIES CONFERRING
                                                             AN IMMEDIATE OR FUTURE RIGHT TO THE
Alcatel-Lucent                   13904305    06/01/2007 13   SHARE CAPITAL OF THE COMPANY OR OF I    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 14   DELEGATION OF AUTHORITY TO THE BOARD    Mgmt     Yes   For     For
                                                             OF DIRECTORS TO CARRY OUT A SHARE
                                                             CAPITAL INCREASE TO REMUNERATE
                                                             CONTRIBUTIONS IN KIND OF CAPITAL
                                                             STOCK OR MARKETABLE SECURITIES GIVING
                                                             ACCESS TO THE CAPITAL OF THIRD-PARTY
                                                             COMPANIES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 15   AGGREGATE LIMIT TO THE AMOUNT OF        Mgmt     Yes   For     For
                                                             ISSUANCES CARRIED OUT BY VIRTUE OF
                                                             THE 12TH, 13TH, AND 14TH RESOLUTIONS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 16   DELEGATION OF AUTHORITY GRANTED TO      Mgmt     Yes   For     For
                                                             THE BOARD OF DIRECTORS TO DECIDE ON
                                                             THE DISPOSAL OR INCREASE OF SHARE
                                                             CAPITAL BY THE ISSUANCES OF SHARES
                                                             RESERVED TO THE PARTICIPANTS IN A
                                                             COMPANY SAVINGS PLAN.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 17   AUTHORIZATION GIVEN TO THE BOARD OF     Mgmt     Yes   For     For
                                                             DIRECTORS FOR A FREE BONUS ISSUE OF
                                                             EXISTING SHARES OR OF SHARES TO BE
                                                             ISSUED BY THE COMPANY.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 18   MODIFICATION OF BY-LAWS  ARTICLE        Mgmt     Yes   For     For
                                                             NUMBER 21 RELATING TO SHAREHOLDERS
                                                             MEETINGS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 19   POWERS.                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 20   RESOLUTION A PROPOSED BY SHAREHOLDERS   ShrHoldr Yes   For     Against
                                                             - NOT AGREED BY THE BOARD OF
                                                             DIRECTORS: MODIFICATION OF ARTICLE 22
                                                             OF THE BY-LAWS; CANCELLATION OF THE
                                                             PROVISIONS LIMITING VOTING RIGHTS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcatel-Lucent                   13904305    06/01/2007 21   AMENDMENTS OR NEW RESOLUTIONS           Mgmt     Yes   For     For
                                                             PROPOSED AT THE MEETING.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcoa Inc.                AA     13817101    04/20/2007 1.1  Elect Director Alain J.P. Belda         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcoa Inc.                AA     13817101    04/20/2007 1.2  Elect Director Carlos Ghosn             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcoa Inc.                AA     13817101    04/20/2007 1.3  Elect Director Henry B. Schacht         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcoa Inc.                AA     13817101    04/20/2007 1.4  Elect Director Franklin A. Thomas       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Alcoa Inc.                AA     13817101    04/20/2007 2    Ratify Auditor                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allergan, Inc.            AGN    18490102    09/20/2006 1    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allergan, Inc.            AGN    18490102    05/01/2007 1.1  Elect Director Michael R. Gallagher     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allergan, Inc.            AGN    18490102    05/01/2007 1.2  Elect Director Gavin S. Herbert         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allergan, Inc.            AGN    18490102    05/01/2007 1.3  Elect Director Stephen J. Ryan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allergan, Inc.            AGN    18490102    05/01/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 1    Receive Financial Statements and                 Yes
Allianz AG)                                                  Statutory Reports for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Approve Allocation of Income and
Allianz AG)                      D03080112   05/02/2007 2    Dividends of EUR 3.80 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Approve Discharge of Management Board
Allianz AG)                      D03080112   05/02/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Approve Discharge of Supervisory
Allianz AG)                      D03080112   05/02/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Wulf Bernotat to the
Allianz AG)                      D03080112   05/02/2007 5a   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Gerhard Cromme to the
Allianz AG)                      D03080112   05/02/2007 5b   Supervisory Board                       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Franz Humer to the Supervisory
Allianz AG)                      D03080112   05/02/2007 5c   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Renate Koecher to the
Allianz AG)                      D03080112   05/02/2007 5d   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Igor Landau to the Supervisory
Allianz AG)                      D03080112   05/02/2007 5e   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Henning Schulte-Noelle to the
Allianz AG)                      D03080112   05/02/2007 5f   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Elect Juergen Than as Alternate
Allianz AG)                      D03080112   05/02/2007 5g   Supervisory Board Member                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Jean Jacques Cette as Employee
Allianz SE  (formerly                                        Representative to the Supervisory
Allianz AG)                      D03080112   05/02/2007 5h   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 5i   Elect Claudia Eggert-Lehmann as         Mgmt     Yes   For     For
                                                             Employee Representative to the
Allianz AG)                                                  Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 5j   Elect Godfrey Hayward as Employee       Mgmt     Yes   For     For
                                                             Representative to the Supervisory
Allianz AG)                                                  Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Peter Kossubek as Employee
Allianz SE  (formerly                                        Representative to the Supervisory
Allianz AG)                      D03080112   05/02/2007 5k   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Joerg Reinbrecht as Employee
Allianz SE  (formerly                                        Representative to the Supervisory
Allianz AG)                      D03080112   05/02/2007 5l   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Rolf Zimmermann as Employee
Allianz SE  (formerly                                        Representative to the Supervisory
Allianz AG)                      D03080112   05/02/2007 5m   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 5n   Elect Claudine Lutz as Alternate        Mgmt     Yes   For     For
                                                             Employee Representative to the
Allianz AG)                                                  Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Christian Hoehn as Alternate
Allianz SE  (formerly                                        Employee Representative to the
Allianz AG)                      D03080112   05/02/2007 5o   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 5p   Elect Evan Hall as Alternate Employee   Mgmt     Yes   For     For
                                                             Representative to the Supervisory
Allianz AG)                                                  Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 5q   Elect Marlene Wendler as Alternate      Mgmt     Yes   For     For
                                                             Employee Representative to the
Allianz AG)                                                  Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Frank Lehmhagen as Alternate
Allianz SE  (formerly                                        Employee Representative to the
Allianz AG)                      D03080112   05/02/2007 5r   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 5s   Elect Heinz Koenig as Alternate         Mgmt     Yes   For     For
                                                             Employee Representative to the
Allianz AG)                                                  Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Approve Remuneration of Supervisory
Allianz AG)                      D03080112   05/02/2007 6    Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly                                        Amend Articles Re: Allow Electronic
Allianz AG)                      D03080112   05/02/2007 7    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 8    Authorize Repurchase of Up to 5         Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital for
Allianz AG)                                                  Trading Purposes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Allianz SE  (formerly            D03080112   05/02/2007 9    Authorize Repurchase of Up to 10        Mgmt     Yes   Against Against
                                                             Percent of Issued Share Capital for
                                                             Purposes Other Than Trading;
                                                             Authorize Use of Financial
Allianz AG)                                                  Derivatives When Repurchasing Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ALLTEL Corp.              AT     20039103    05/15/2007 1.1  Elect Director Scott T. Ford            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ALLTEL Corp.              AT     20039103    05/15/2007 1.2  Elect Director L.L Gellerstedt, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ALLTEL Corp.              AT     20039103    05/15/2007 1.3  Elect Director Emon A. Mahony, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ALLTEL Corp.              AT     20039103    05/15/2007 1.4  Elect Director Ronald Townsend          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ALLTEL Corp.              AT     20039103    05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 1.1  Elect Director John P. Daane            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 1.2  Elect Director Robert W. Reed           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Robert J. Finocchio,
Altera Corp.              ALTR   21441100    05/08/2007 1.3  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 1.4  Elect Director Kevin McGarity           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 1.5  Elect Director John Shoemaker           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 1.6  Elect Director Susan Wang               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 2    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altera Corp.              ALTR   21441100    05/08/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.1  Elect Director Elizabeth E. Bailey      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.2  Elect Director Harold Brown             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.3  Elect Director Mathis Cabiallavetta     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.4  Elect Director Louis C. Camilleri       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.5  Elect Director J. Dudley Fishburn       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.6  Elect Director Robert E. R. Huntley     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.7  Elect Director Thomas W. Jones          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.8  Elect Director George Munoz             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.9  Elect Director Lucio A. Noto            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.1  Elect Director John S. Reed             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 1.11 Elect Director Stephen M. Wolf          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 3    Provide for Cumulative Voting           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 4    Disclose Information on Secondhand      ShrHoldr Yes   Against For
                                                             Smoke
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Cease Add Campaigns Oriented to
Altria Group, Inc.        MO     02209S103   04/26/2007 5    Prevent Youth Smoking                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Cease Production, Promotion, and
Altria Group, Inc.        MO     02209S103   04/26/2007 6    Marketing of Tobacco Products           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Altria Group, Inc.        MO     02209S103   04/26/2007 7    Adopt Animal Welfare Policy             ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,    ABK    23139108    05/08/2007 1.1  Elect Director Michael A. Callen        Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.2  Elect Director Jill M. Considine        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.3  Elect Director Phillip N. Duff          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.4  Elect Director Robert J. Genader        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.5  Elect Director W. Grant Gregory         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.6  Elect Director Thomas C. Theobald       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.7  Elect Director Laura S. Unger           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 1.8  Elect Director Hery D.G. Wallace        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ambac Financial Group,
Inc.                      ABK    23139108    05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.1  Elect Director Stephen F. Brauer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.2  Elect Director Susan S. Elliott         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.3  Elect Director Gayle P. W. Jackson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.4  Elect Director James C. Johnson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.5  Elect Director Richard A. Liddy         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.6  Elect Director Gordon R. Lohman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.7  Elect Director Charles W. Mueller       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.8  Elect Director Douglas R. Oberhelman    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.9  Elect Director Gary L. Rainwater        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.1  Elect Director Harvey Saligman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.11 Elect Director Patrick T. Stokes        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 1.12 Elect Director Jack D. Woodard          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameren Corporation        AEE    23608102    04/24/2007 3    Reduce the Release of Radioactive       ShrHoldr Yes   Against For
                                                             Materials from Callaway Facility
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.1  Elect Director E.R. Brooks              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.2  Elect Director Donald M. Carlton        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.3  Elect Director Ralph D. Crosby, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.4  Elect Director John P. DesBarres        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.5  Elect Director Robert W. Fri            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.6  Elect Director Linda A. Goodspeed       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.7  Elect Director William R. Howell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.8  Elect Director Lester A. Hudson, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.9  Elect Director Michael G. Morris        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.1  Elect Director Lionel L. Nowell III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.11 Elect Director Richard L. Sandor        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.12 Elect Director Donald G. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 1.13 Elect Director Kathryn D. Sullivan      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 2    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Electric Power
Co.                       AEP    25537101    04/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.1  Elect Director Daniel F. Akerson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.2  Elect Director Charlene Barshefsky      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.3  Elect Director Ursula M. Burns          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.4  Elect Director Kenneth I. Chenault      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.5  Elect Director Peter Chernin            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.6  Elect Director Vernon E. Jordan, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.7  Elect Director Jan Leschly              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.8  Elect Director Richard C. Levin         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.9  Elect Director Richard A. McGinn        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.1  Elect Director Edward D. Miller         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.11 Elect Director Frank P. Popoff          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.12 Elect Director Steven S. Reinemund      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.13 Elect Director Robert D. Walter         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 1.14 Elect Director Ronald A. Williams       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Express Co.      AXP    25816109    04/23/2007 4    Provide for Cumulative Voting           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International    AIG    26874107    05/16/2007 1.1  Elect Director Marshall A. Cohen        Mgmt     Yes   For     For
Group, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.2  Elect Director Martin S. Feldstein      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.3  Elect Director Ellen V. Futter          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.4  Elect Director Stephen L. Hammerman     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.5  Elect Director Richard C. Holbrooke     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.6  Elect Director Fred H. Langhammer       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.7  Elect Director George L. Miles, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.8  Elect Director Morris W. Offit          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.9  Elect Director James F. Orr, III        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.1  Elect Director Virginia M. Rometty      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.11 Elect Director Martin J. Sullivan       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.12 Elect Director Michael H. Sutton        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.13 Elect Director Edmund S.W. Tse          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.14 Elect Director Robert B. Willumstad     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 1.15 Elect Director Frank G. Zarb            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International
Group, Inc.               AIG    26874107    05/16/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American International                                       Performance-Based and/or Time-Based
Group, Inc.               AIG    26874107    05/16/2007 4    Equity Awards                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Power Conversion
Corp.                     APCC   29066107    01/16/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Power Conversion
Corp.                     APCC   29066107    01/16/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Standard
Companies Inc.            ASD    29712106    05/03/2007 1.1  Elect Director Steven E. Anderson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Standard
Companies Inc.            ASD    29712106    05/03/2007 1.2  Elect Director Steven F. Goldstone      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Standard
Companies Inc.            ASD    29712106    05/03/2007 1.3  Elect Director Ruth Ann Marshall        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Standard
Companies Inc.            ASD    29712106    05/03/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
American Standard
Companies Inc.            ASD    29712106    05/03/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameriprise Financial, Inc AMP    03076C106   04/25/2007 1.1  Elect Director James M. Cracchiolo      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameriprise Financial, Inc AMP    03076C106   04/25/2007 1.2  Elect Director Warren D. Knowlton       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameriprise Financial, Inc AMP    03076C106   04/25/2007 1.3  Elect Director H. Jay Sarles            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameriprise Financial, Inc AMP    03076C106   04/25/2007 1.4  Elect Director Robert F. Sharpe, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameriprise Financial, Inc AMP    03076C106   04/25/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ameriprise Financial, Inc AMP    03076C106   04/25/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AmerisourceBergen Corp    ABC    03073E105   02/16/2007 1.1  Elect Director Edward E. Hagenlocker    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AmerisourceBergen Corp    ABC    03073E105   02/16/2007 1.2  Elect Director Kurt J. Hilzinger        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AmerisourceBergen Corp    ABC    03073E105   02/16/2007 1.3  Elect Director Henry W. McGee           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AmerisourceBergen Corp    ABC    03073E105   02/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 1    Elect Director Frank J. Biondi, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 2    Elect Director Jerry D. Choate          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 3    Elect Director Frank C. Herringer       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 4    Elect Director Gilbert S. Omenn         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 6    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 7    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 8    Develop an Animal Welfare Policy        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Amgen, Inc.               AMGN   31162100    05/09/2007 9    Prepare a Sustainability Report         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AmSouth Bancorporation    ASO    32165102    10/03/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AmSouth Bancorporation    ASO    32165102    10/03/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anadarko Petroleum Corp.  APC    32511107    05/16/2007 1.1  Elect Director Larry Barcus             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anadarko Petroleum Corp.  APC    32511107    05/16/2007 1.2  Elect Director James L. Bryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anadarko Petroleum Corp.  APC    32511107    05/16/2007 1.3  Elect Director H. Paulett Eberhart      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anadarko Petroleum Corp.  APC    32511107    05/16/2007 1.4  Elect Director James T. Hackett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anadarko Petroleum Corp.  APC    32511107    05/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 1.1  Elect Director Jerald G. Fishman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 1.2  Elect Director John C. Hodgson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 1.3  Elect Director F. Grant Saviers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 1.4  Elect Director Paul J. Severino         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 3    Performance-Based Equity Awards         ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Analog Devices, Inc.      ADI    32654105    03/13/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Anglo American plc               G03764100   04/17/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of USD 0.75
Anglo American plc               G03764100   04/17/2007 2    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 3    Elect Cynthia Carroll as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 4    Re-elect Chris Fay as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 5    Re-elect Sir Rob Margetts as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 6    Re-elect Nicky Oppenheimer as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 7    Reappoint Deloitte & Touche LLP as      Mgmt     Yes   For     For
                                                             Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Anglo American plc               G03764100   04/17/2007 8    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 9    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 10   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of USD 74,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 11   Subject to the Passing of Ordinary      Mgmt     Yes   For     For
                                                             Resolution Number 10, Authorise Issue
                                                             of Equity or Equity-Linked Securities
                                                             without Pre-emptive Rights up to
                                                             Aggregate Nominal Amount of USD
                                                             37,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American plc               G03764100   04/17/2007 12   Authorise 148,000,000 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Company to Use
Anglo American plc               G03764100   04/17/2007 13   Electronic Communications               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Anglo American plc               G03764100   04/17/2007 14   Electronic Communications               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American Plc               G03764100   06/25/2007 1    Amend Articles of Association           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American Plc               G03764100   06/25/2007 2    Approve Demerger of Mondi; Authorise    Mgmt     Yes   For     For
                                                             the Payment of a Dividend In Specie;
                                                             Approve the Demerger Agreement, the
                                                             Indemnity Agreement and the Tax
                                                             Agreement; Authorise Directors to
                                                             Take All Necessary Steps to Give
                                                             Effect to the Demerger
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American Plc               G03764100   06/25/2007 3    Approve Sub-Division of All Issued or   Mgmt     Yes   For     For
                                                             Unissued Ordinary Shares into New
                                                             Ordinary Shares; Approve
                                                             Consolidation of All Unissued
                                                             Intermediate Shares into New Ordinary
                                                             Shares; Approve Consolidation of All
                                                             Issued Intermediate Shares into New
                                                             Ordinary Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction of Cap. of Mondi
                                                             Plc; Approve Cancellation of the Paid
                                                             Up Cap. of Mondi Plc to Enable the
                                                             Transfer of Ord. Shares of Mondi Ltd
                                                             to the Anglo American Shareholders on
                                                             the Basis of 1 Mondi Ltd Ord. Share
Anglo American Plc               G03764100   06/25/2007 4    for Every 10 Mondi Plc Ord. Shares      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Consolidation of All Mondi
                                                             Plc Ordinary Shares into New Ordinary
                                                             Shares; Approve Sub-Division of Each
                                                             Authorised but Unissued Ordinary
                                                             Share and Each Special Converting
                                                             Share in the Capital of Mondi Plc
Anglo American Plc               G03764100   06/25/2007 5    into 10 Shares of the Relevant Class    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anglo American Plc               G03764100   06/25/2007 6    Subject to and Conditional Upon the     Mgmt     Yes   For     For
                                                             Passing of Resolution 3, Authorise
                                                             134,544,000 New Ordinary Shares for
                                                             Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies, BUD    35229103    04/25/2007 1.1  Elect Director August A. Busch III      Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 1.2  Elect Director August A. Busch IV       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 1.3  Elect Director Carlos Fernandez G.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 1.4  Elect Director James R. Jones           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 1.5  Elect Director Andrew C. Taylor         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 1.6  Elect Director Douglas A. Warner III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,                                    Approve Nonqualified Employee Stock
Inc.                      BUD    35229103    04/25/2007 3    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Anheuser-Busch Companies,
Inc.                      BUD    35229103    04/25/2007 5    Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.1  Elect Director Patrick G. Ryan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.2  Elect Director Gregory C. Case          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.3  Elect Director Edgar D. Jannotta        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.4  Elect Director Jan Kalff                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.5  Elect Director Lester B. Knight         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.6  Elect Director J. Michael Losh          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.7  Elect Director R. Eden Martin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.8  Elect Director Andrew J. McKenna        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.9  Elect Director Robert S. Morrison       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.1  Elect Director Richard B. Myers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.11 Elect Director Richard C. Notebaert     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.12 Elect Director John W. Rogers, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.13 Elect Director Gloria Santona           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 1.14 Elect Director Carolyn Y. Woo           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aon Corp.                 AOC    37389103    05/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apache Corp.              APA    37411105    05/02/2007 1    Elect Director Eugene C. Fiedorek       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apache Corp.              APA    37411105    05/02/2007 2    Elect Director Patricia Albjerg Graham  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apache Corp.              APA    37411105    05/02/2007 3    Elect Director F. H. Merelli            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apache Corp.              APA    37411105    05/02/2007 4    Elect Director Raymond Plank            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apache Corp.              APA    37411105    05/02/2007 5    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apache Corp.              APA    37411105    05/02/2007 6    Company-Specific --Reimbursement of     ShrHoldr Yes   Against For
                                                             Proxy Expenses
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 1.1  Elect Director William V. Campbell      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 1.2  Elect Director Millard S. Drexler       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 1.3  Elect Director Albert A. Gore, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 1.4  Elect Director Steven P. Jobs           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Arthur D. Levinson,
Apple, Inc.               AAPL   37833100    05/10/2007 1.5  Ph.D.                                   Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 1.6  Elect Director Eric E. Schmidt, Ph.D.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 1.7  Elect Director Jerome B. York           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 3    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Non-Employee Director Stock
Apple, Inc.               AAPL   37833100    05/10/2007 4    Option Plan                             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 6    Compensation Specific--Option Dating    ShrHoldr Yes   For     Against
                                                             Policy
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 7    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 8    Report on Feasibility of Adopting a     ShrHoldr Yes   Against For
                                                             Toxic Chemical Elimination Policy
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 9    Stock Retention/Holding Period          ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 10   Report on Computer Recycling Policy     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Apple, Inc.               AAPL   37833100    05/10/2007 11   Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.1  Elect Director Richard H. Ayers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.2  Elect Director Jean-Luc Belingard       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.3  Elect Director Robert H. Hayes          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.4  Elect Director Arnold J. Levine         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.5  Elect Director William H. Longfield     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.6  Elect Director Theodore E. Martin       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.7  Elect Director Carolyn W. Slayman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.8  Elect Director Orin R. Smith            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.9  Elect Director James R. Tobin           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 1.1  Elect Director Tony L. White            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 3    Change Company Name                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 4    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applera Corp              ABI    38020103    10/19/2006 5    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.1  Elect Director Michael H. Armacost      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.2  Elect Director Robert H. Brust          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.3  Elect Director Deborah A. Coleman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.4  Elect Director Philip V. Gerdine        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.5  Elect Director Thomas J. Iannotti       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.6  Elect Director Charles Y.S. Liu         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.7  Elect Director James C. Morgan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.8  Elect Director Gerhard H. Parker        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.9  Elect Director Willem P. Roelandts      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 1.1  Elect Director Michael R. Splinter      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 3    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 4    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Applied Materials, Inc.   AMAT   38222105    03/14/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland    ADM    39483102    11/02/2006 1.1  Elect Director G.A. Andreas             Mgmt     Yes   For     For
Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.2  Elect Director A.L. Boeckmann           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.3  Elect Director M.H. Carter              Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.4  Elect Director R.S. Joslin              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.5  Elect Director A. Maciel                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.6  Elect Director P.J. Moore               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.7  Elect Director M.B. Mulroney            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.8  Elect Director T.F. O'Neill             Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.9  Elect Director O.G. Webb                Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.1  Elect Director K.R. Westbrook           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 1.11 Elect Director P.A. Woertz              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland                                       Report on Genetically Modified
Company                   ADM    39483102    11/02/2006 2    Organisms (GMO)                         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Archer-Daniels-Midland
Company                   ADM    39483102    11/02/2006 3    Adopt ILO Standards                     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARKEMA                           F0392W125   06/05/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARKEMA                           F0392W125   06/05/2007 1    Approve Financial Statements and        Mgmt     Yes   Abstain Against
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
ARKEMA                           F0392W125   06/05/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
ARKEMA                           F0392W125   06/05/2007 3    Omission of Dividends                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
ARKEMA                           F0392W125   06/05/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARKEMA                           F0392W125   06/05/2007 5    Change Location of Registered Office    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARKEMA                           F0392W125   06/05/2007 6    Ratify Nomination of Tidjane Thiam as   Mgmt     Yes   Abstain Against
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to 10
ARKEMA                           F0392W125   06/05/2007 7    Percent of Issued Share Capital         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARKEMA                           F0392W125   06/05/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARKEMA                           F0392W125   06/05/2007 8    Approve Reduction in Share Capital      Mgmt     Yes   For     For
                                                             via Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Filing of Required
ARKEMA                           F0392W125   06/05/2007 9    Documents/Other Formalities             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
ARM Holdings Plc                 G0483X122   05/15/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of 0.6 Pence
ARM Holdings Plc                 G0483X122   05/15/2007 2    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 3    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 4    Elect Kathleen O'Donovan as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 5    Elect Young Sohn as Director            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 6    Re-elect Warren East as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 7    Re-elect Lucio Lanza as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 8    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
ARM Holdings Plc                 G0483X122   05/15/2007 9    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise 133,361,000 Ordinary Shares
ARM Holdings Plc                 G0483X122   05/15/2007 10   for Market Purchase                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 11   Approve Electronic Communications;      Mgmt     Yes   For     For
                                                             Amend Articles of Association Re:
                                                             Electronic Communications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 12   Approve Increase in Remuneration of     Mgmt     Yes   For     For
                                                             Non-Executive Directors to GBP 500,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 13   Approve Cancellation of Share Premium   Mgmt     Yes   For     For
                                                             Account; Approve Increase in
                                                             Authorised Capital to GBP
                                                             268,518,000; Issue of Equity with
                                                             Rights up to GBP 267,418,000;
                                                             Capitalise Reserves up to GBP
                                                             267,418,000 to Tim Score; Approve
                                                             Reduction of Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 14   Approve Cancellation of 55,719,000      Mgmt     Yes   For     For
                                                             Ordinary Shares from Share Premium
                                                             Account
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Interim Dividend of 0.34
                                                             Pence Per Ordinary Share; Approve
ARM Holdings Plc                 G0483X122   05/15/2007 15   Deed of Release                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ARM Holdings Plc                 G0483X122   05/15/2007 16   Approve ARM Holdings Plc                Mgmt     Yes   For     For
                                                             Savings-Related Share Option Scheme
                                                             2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly        N07059160   03/28/2007 1    Open Meeting                                     Yes
ASM Lithography Hldg)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Receive Information on the Company's
ASM Lithography Hldg)            N07059160   03/28/2007 2    Business and Financial Situation                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Approve Financial Statements and
ASM Lithography Hldg)            N07059160   03/28/2007 3    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 4    Approve Discharge of Management Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 5    Approve Discharge of Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Receive Explanation on Company's
ASM Lithography Hldg)            N07059160   03/28/2007 6    Reserves and Dividend Policy                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles in Relation to the Use
ASML Holding NV (Formerly                                    of Electronic Means for the General
ASM Lithography Hldg)            N07059160   03/28/2007 7    Meeting                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 8.a  Approve Performance Stock Grants        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 8.b  Approve Stock Option Grants             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Approve Number of Shares or Stock
ASM Lithography Hldg)            N07059160   03/28/2007 8.c  Options Available for Employees         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 9    Elect W.T. Siegle to Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Notification of Retirement of F.W
                                                             Frohlich and A.P.M. van der Poel as a
ASML Holding NV (Formerly                                    Supervisory Board Members in
ASM Lithography Hldg)            N07059160   03/28/2007 10   2008(Non-contentious)                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Approve Remuneration of Supervisory
ASM Lithography Hldg)            N07059160   03/28/2007 11   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Grant Board Authority to Issue Shares
ASM Lithography Hldg)            N07059160   03/28/2007 12.a Up To 5 Percent of Issued Capital       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Authorize Board to Exclude Preemptive
ASM Lithography Hldg)            N07059160   03/28/2007 12.b Rights from Issuance Under Item 12.a    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Grant Board Authority to Issue Shares
ASML Holding NV (Formerly                                    Up To 5 Percent of Issued Capital in
ASM Lithography Hldg)            N07059160   03/28/2007 12.c Case of Takeover/Merger                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Authorize Board to Exclude Preemptive
ASM Lithography Hldg)            N07059160   03/28/2007 12.d Rights from Issuance Under Item 12.c    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 13   Cancel Company Shares                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly                                    Authorize Repurchase of Up to Ten
ASM Lithography Hldg)            N07059160   03/28/2007 14   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 15   Cancel Company Shares                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 16   Cancel Company Shares                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 17   Other Business (Non-Voting)                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ASML Holding NV (Formerly
ASM Lithography Hldg)            N07059160   03/28/2007 18   Close Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   04/28/2007      Annual Meeting Agenda                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   04/28/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Assicurazioni Generali Sp        T05040109   04/28/2007 1    Statutory Reports for Fiscal Year 2006  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Fix Number of Directors on the Board;
Assicurazioni Generali Sp        T05040109   04/28/2007 2    Elect Directors                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   04/28/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   04/28/2007 3    Authorize Capital Increase with         Mgmt     Yes   For     For
                                                             Preemptive Rights, through the
                                                             Capitalization of Reserves
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   04/28/2007 4    Authorize Issuance of Shares in         Mgmt     Yes   For     For
                                                             Favour of Company's Employees
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend the Company's Stock Option
Assicurazioni Generali Sp        T05040109   04/28/2007 5    Vesting Period                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   06/15/2007      Special Meeting Agenda                           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   06/15/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles 9, 15, 16, 19, 24, 27,
Assicurazioni Generali Sp        T05040109   06/15/2007 1    31, 39, 40, 44, and 46 of the Bylaws    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   06/15/2007 2    Approve Stock Option Plan for           Mgmt     Yes   For     For
                                                             Chairman and Top Management of the
                                                             Company and its Subsidiaries;
                                                             Authorize Board of Directors to
                                                             Increase Capital to Implement the
                                                             Stock Option Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Assicurazioni Generali Sp        T05040109   06/15/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors for
Assicurazioni Generali Sp        T05040109   06/15/2007 3    the Three-Year Term 2007/2009           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
Assicurazioni Generali Sp        T05040109   06/15/2007 4    and Reissuance of Repurchased Shares    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Director and/or Internal
                                                             Auditors' Indemnification/Liability
Assicurazioni Generali Sp        T05040109   06/15/2007 5    Provisions                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Astrazeneca Plc                  G0593M107   04/26/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 2    Approve First Interim Dividend of USD   Mgmt     Yes   For     For
                                                             0.49 (26.6 Pence, SEK 3.60) Per
                                                             Ordinary Share and Confirm as Final
                                                             Dividend the Second Interim Dividend
                                                             of USD 1.23 (63 Pence, SEK 8.60) Per
                                                             Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 3    Reappoint KPMG Audit Plc as Auditors    Mgmt     Yes   For     For
                                                             of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Astrazeneca Plc                  G0593M107   04/26/2007 4    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(a) Re-elect Louis Schweitzer as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(b) Re-elect Hakan Mogren as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(c) Re-elect David Brennan as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(d) Re-elect John Patterson as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(e) Re-elect Jonathan Symonds as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(f) Re-elect John Buchanan as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(g) Re-elect Jane Henney as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(h) Re-elect Michele Hooper as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(i) Re-elect Joe Jimenez as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(j) Re-elect Dame Rothwell as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(k) Elect John Varley as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 5(l) Re-elect Marcus Wallenberg as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 6    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 7    Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisations Donations and
                                                             to Incur EU Political Expenditure up
                                                             to GBP 150,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
Astrazeneca Plc                  G0593M107   04/26/2007 8    Nominal Amount of USD 127,127,735       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Astrazeneca Plc                  G0593M107   04/26/2007 9    Nominal Amount of USD 19,069,160        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Astrazeneca Plc                  G0593M107   04/26/2007 10   Authorise 152,553,282 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Company to Use
                                                             Electronic Communication with
Astrazeneca Plc                  G0593M107   04/26/2007 11   Shareholders                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   07/21/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 1    Elect Director William F. Aldinger III  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 2    Elect Director Gilbert F. Amelio        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 3    Elect Director Reuben V. Anderson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 4    Elect Director James H. Blanchard       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 5    Elect Director August A. Busch III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 6    Elect Director James P. Kelly           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 7    Elect Director Charles F. Knight        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 8    Elect Director Jon C. Madonna           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 9    Elect Director Lynn M. Martin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 10   Elect Director John B. McCoy            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 11   Elect Director Mary S. Metz             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 12   Elect Director Toni Rembe               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 13   Elect Director Joyce M. Roche           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 14   Elect Director Randall L. Stephenson    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 15   Elect Director Laura D' Andrea Tyson    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 16   Elect Director Patricia P. Upton        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 17   Elect Director Edward E. Whitacre, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 18   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 19   Compensation Specific-Severance         Mgmt     Yes   For     For
                                                             Payments to Executives
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 20   Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 21   Amend Articles/Bylaws/Charter - Call    ShrHoldr Yes   For     Against
                                                             Special Meetings
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 22   Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 23   Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AT&T Inc                  T      00206R102   04/27/2007 24   Establish SERP Policy                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data            ADP    53015103    11/14/2006 1.1  Elect Director Gregory D. Brenneman     Mgmt     Yes   For     For
Processing, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.2  Elect Director Leslie A. Brun           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.3  Elect Director Gary C. Butler           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.4  Elect Director Leon G. Cooperman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.5  Elect Director R. Glenn Hubbard         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.6  Elect Director John P. Jones            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.7  Elect Director Ann Dibble Jordan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.8  Elect Director Frederic V. Malek        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.9  Elect Director Henry Taub               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 1.1  Elect Director Arthur F. Weinbach       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Automatic Data
Processing, Inc.          ADP    53015103    11/14/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.1  Elect Director Charles M. Elson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.2  Elect Director Sue E. Gove              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.3  Elect Director Earl G. Graves, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.4  Elect Director N. Gerry House           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.5  Elect Director J.R. Hyde, III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.6  Elect Director W. Andrew McKenna        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.7  Elect Director George R. Mrkonic, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.8  Elect Director William C. Rhodes, III   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 1.9  Elect Director Theodore W. Ullyot       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 2    Approve Stock Option Plan               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 3    Amend Nonqualified Employee Stock       Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
AutoZone, Inc.            AZO    53332102    12/13/2006 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 1.1  Elect Director Joseph P. Landy          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 1.2  Elect Director Mark Leslie              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 1.3  Elect Director Daniel C. Stanzione      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 1.4  Elect Director Anthony P. Terracciano   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avaya Inc                 AV     53499109    02/15/2007 4    Performance-Based and/or Time-Based     ShrHoldr Yes   Against For
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avery Dennison Corp.      AVY    53611109    04/26/2007 1.1  Elect Director Rolf Borjesson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avery Dennison Corp.      AVY    53611109    04/26/2007 1.2  Elect Director Peter W. Mullin          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avery Dennison Corp.      AVY    53611109    04/26/2007 1.3  Elect Director Patrick T. Siewert       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avery Dennison Corp.      AVY    53611109    04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.1  Elect Director Ronald L. Nelson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.2  Elect Director Mary C. Choksi           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.3  Elect Director Leonard S. Coleman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.4  Elect Director Lynn Krominga            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.5  Elect Director Martin L . Edelman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.6  Elect Director Sheli Z. Rosenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.7  Elect Director F. Robert Salerno        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 1.8  Elect Director Stender E. Sweeney       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avis Budget Group, Inc    CAR    53774105    05/21/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of 19.18 Pence
Aviva Plc                        G0683Q109   04/26/2007 2    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Guillermo de la Dehesa as
Aviva Plc                        G0683Q109   04/26/2007 3    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 4    Re-elect Wim Dik as Director            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 5    Re-elect Richard Goeltz as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 6    Re-elect Russell Walls as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 7    Reappoint Ernst & Young LLP as          Mgmt     Yes   For     For
                                                             Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Aviva Plc                        G0683Q109   04/26/2007 8    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 9    Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 108,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Aviva Plc                        G0683Q109   04/26/2007 10   Nominal Amount of GBP 32,000,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 11   Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Aviva Plc                        G0683Q109   04/26/2007 12   Approve Aviva Plc Savings Related       Mgmt     Yes   For     For
                                                             Share Option Scheme 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Aviva Plc                        G0683Q109   04/26/2007 13   Electronic Communications               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise 256,000,000 Ordinary Shares
Aviva Plc                        G0683Q109   04/26/2007 14   for Market Purchase                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise 100,000,000 8 3/4 Percent
Aviva Plc                        G0683Q109   04/26/2007 15   Preference Shares for Market Purchase   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise 100,000,000 8 3/8 Percent
Aviva Plc                        G0683Q109   04/26/2007 16   Preference Shares for Market Purchase   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.1  Elect Director W. Don Cornwell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.2  Elect Director Edward T. Fogarty        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.3  Elect Director Fred Hassan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.4  Elect Director Andrea Jung              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.5  Elect Director Maria Elena Lagomasino   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.6  Elect Director Ann S. Moore             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.7  Elect Director Paul S. Pressler         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.8  Elect Director Gary M. Rodkin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.9  Elect Director Paula Stern              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 1.1  Elect Director Lawrence A. Weinbach     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 3    Amend Articles/Bylaws/Charter-Adopt     Mgmt     Yes   For     For
                                                             Majority Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Avon Products, Inc.       AVP    54303102    05/03/2007 4    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Financial Statements and
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 3    Dividends of EUR 1.06 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Transaction with Groupe
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 4    Schneider                               Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 5    Regarding Related-Party Transactions    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Jean-Rene Fourtou as
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 6    Supervisory Board Member                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Leo Apotheker as as
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 7    Supervisory Board Member                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Gerard Mestrallet as
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 8    Supervisory Board Member                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Ezra Suleiman as Supervisory
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 9    Board Member                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Henri Jean-Martin Folz as
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 10   Supervisory Board Member                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Giuseppe Mussari as Supervisory
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 11   Board Member                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors in
                                                             the Aggregate Amount of EUR 1.1
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 12   Million                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 13   Percent of Issued Share Capital         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 14   Authorize Capitalization of Reserves    Mgmt     Yes   For     For
                                                             of Up to EUR 1 Billion for Bonus
                                                             Issue or Increase in Par Value
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 15   Authorize Issuance of Equity or         Mgmt     Yes   Against Against
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 1.5 Billion
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 16   Nominal Amount of EUR 1 Billion         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 17   Authorize Board to Set Issue Price      Mgmt     Yes   For     For
                                                             for 10 Percent of Issued Capital
                                                             Pursuant to Issue Authority without
                                                             Preemptive Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 18   Authorize Board to Increase Capital     Mgmt     Yes   Against Against
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
                                                             Shareholder Vote Above
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 19   Authorize Capital Increase of Up to     Mgmt     Yes   Against Against
                                                             EUR 1 Billion for Future Exchange
                                                             Offers
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 20   Authorize Capital Increase of up to     Mgmt     Yes   For     For
                                                             10 Percent of Issued Capital for
                                                             Future Acquisitions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity Upon
                                                             Conversion of a Subsidiary's
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 21   Equity-Linked Securities                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 22   Approve Issuance of Securities          Mgmt     Yes   For     For
                                                             Convertible into Debt
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Employee Savings-Related
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 23   Share Purchase Plan                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to 0.7 Percent of Issued
                                                             Capital for Use in Restricted Stock
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 24   Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction in Share Capital
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 25   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 26   Record Date                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 27   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Shareholding Employee Representative
                                                             Supervisory Board Member
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Axa SA (Formerly Axa-Uap)        F06106102   05/14/2007 28   Authorize Filing of Required            Mgmt     Yes   For     For
                                                             Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems Plc                  G06940103   10/04/2006 1    Approve the Disposal of the Company's   Mgmt     Yes   For     For
                                                             Twenty Per Cent Shareholding in
                                                             Airbus S.A.S. to European Aeronautic
                                                             Defence and Space Company EADS N.V.;
                                                             Authorise the Directors to Take All
                                                             Steps Necessary to Implement the
                                                             Disposal
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 3    Approve Final Dividend of 6.9 Pence     Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 4    Re-elect Ulrich Cartellieri as          Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 5    Re-elect Michael Hartnall as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 6    Re-elect George Rose as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 7    Elect Walter Havenstein as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 8    Elect Ian King as Director              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 9    Elect Sir Nigel Rudd as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 10   Reappoint KPMG Audit Plc as Auditors    Mgmt     Yes   For     For
                                                             of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
BAE Systems plc                  G06940103   05/09/2007 11   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 12   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations up
                                                             to GBP 100,000 and to Incur EU
                                                             Political Expenditure up to GBP
                                                             100,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise BAE Systems Marine Limited
                                                             to Make EU Political Organisation
                                                             Donations up to GBP 100,000 and to
                                                             Incur EU Political Expenditure up to
BAE Systems plc                  G06940103   05/09/2007 13   GBP 100,000                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 14   Authorise BAE Systems (Operations)      Mgmt     Yes   For     For
                                                             Limited to Make EU Political
                                                             Organisation Donations up to GBP
                                                             100,000 and to Incur EU Political
                                                             Expenditure up to GBP 100,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise BAE Systems Land Systems
                                                             (Munitions & Ordnance) Limited to
                                                             Make EU Political Organisation
                                                             Donations up to GBP 100,000 and to
                                                             Incur EU Political Expenditure up to
BAE Systems plc                  G06940103   05/09/2007 15   GBP 100,000                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise BAE Systems Land Systems
                                                             (Weapons & Vehicles) Limited to Make
                                                             EU Political Organisation Donations
                                                             up to GBP 100,000 and to Incur EU
                                                             Political Expenditure up to GBP
BAE Systems plc                  G06940103   05/09/2007 16   100,000                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 17   Authorise BAE Systems Hagglunds AB to   Mgmt     Yes   For     For
                                                             Make EU Political Organisation
                                                             Donations up to GBP 100,000 and to
                                                             Incur EU Political Expenditure up to
                                                             GBP 100,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
BAE Systems plc                  G06940103   05/09/2007 18   Nominal Amount of GBP 26,664,742        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
BAE Systems plc                  G06940103   05/09/2007 19   Nominal Amount of GBP 4,000,111         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BAE Systems plc                  G06940103   05/09/2007 20   Authorise 320,008,915 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Company to Use
BAE Systems plc                  G06940103   05/09/2007 21   Electronic Communications               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.1  Elect Director Larry D. Brady           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Clarence P. Cazalot,
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.2  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.3  Elect Director Chad C. Deaton           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.4  Elect Director Edward P. Djerejian      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.5  Elect Director Anthony G. Fernandes     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.6  Elect Director Claire W. Gargalli       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.7  Elect Director Pierre H. Jungels        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.8  Elect Director James A. Lash            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.9  Elect Director James F. McCall          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.1  Elect Director J. Larry Nichols         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.11 Elect Director H. John Riley, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 1.12 Elect Director Charles L. Watson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baker Hughes Incorporated BHI    57224107    04/26/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ball Corp.                BLL    58498106    04/25/2007 1.1  Elect Director Hanno C. Fiedler         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ball Corp.                BLL    58498106    04/25/2007 1.2  Elect Director John F. Lehman           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ball Corp.                BLL    58498106    04/25/2007 1.3  Elect Director Georgia R. Nelson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ball Corp.                BLL    58498106    04/25/2007 1.4  Elect Director Erik H. van der Kaay     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ball Corp.                BLL    58498106    04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 1    Elect Director William Barnet, III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 2    Elect Director Frank P. Bramble, Sr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 3    Elect Director John T. Collins          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 4    Elect Director Gary L. Countryman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 5    Elect Director Tommy R. Franks          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 6    Elect Director Charles K. Gifford       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 7    Elect Director W. Steven Jones          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 8    Elect Director Kenneth D. Lewis         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 9    Elect Director Monica C. Lozano         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 10   Elect Director Walter E. Massey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 11   Elect Director Thomas J. May            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 12   Elect Director Patricia E. Mitchell     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 13   Elect Director Thomas M. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 14   Elect Director O. Temple Sloan, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 15   Elect Director Meredith R. Spangler     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 16   Elect Director Robert L. Tillman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 17   Elect Director Jackie M. Ward           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 18   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 19   Prohibit Executive Stock-Based Awards   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 20   Change Size of Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank of America Corp.     BAC    60505104    04/25/2007 21   Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 1    Open Meeting                                     No
SA (PEKAO)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 2    Elect Meeting Chairman                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Acknowledge Proper Convening of
SA (PEKAO)                       X0641X106   04/26/2007 3    Meeting                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Elect Members of Vote Counting
SA (PEKAO)                       X0641X106   04/26/2007 4    Commission                              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 5    Approve Agenda of Meeting               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Receive Management Board Report on
SA (PEKAO)                       X0641X106   04/26/2007 6    Company's Operations in 2006                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 7    Receive Financial Statements                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 8    Receive Management Board Report on               No
                                                             Operations of Bank's Capital Group in
SA (PEKAO)                                                   2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 9    Receive Consolidated Financial                   No
SA (PEKAO)                                                   Statements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Receive Management Board's Proposal
SA (PEKAO)                       X0641X106   04/26/2007 10   on Allocation of Income                          No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 11   Receive Supervisory Board Report                 No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Approve Management Board Report on
SA (PEKAO)                       X0641X106   04/26/2007 12.1 Company's Operations in 2006            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.2 Approve Financial Statements            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 12.3 Approve Management Board Report on      Mgmt     No    TNA     Against
                                                             Operations of Bank's Capital Group in
SA (PEKAO)                                                   2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 12.4 Approve Consolidated Financial          Mgmt     No    TNA     Against
SA (PEKAO)                                                   Statements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.5 Approve Allocation of Income            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Approve Report on Supervisory Board's
SA (PEKAO)                       X0641X106   04/26/2007 12.6 Activities in 2006                      Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.7 Approve Discharge of Supervisory Board  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.8 Approve Discharge of Management Board   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Ratify Auditor for Fiscal Years
SA (PEKAO)                       X0641X106   04/26/2007 13   2007-2009                               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 14   Transact Other Business (Voting)        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 15   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 2    Elect Meeting Chairman                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Acknowledge Proper Convening of
SA (PEKAO)                       X0641X106   04/26/2007 3    Meeting                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Elect Members of Vote Counting
SA (PEKAO)                       X0641X106   04/26/2007 4    Commission                              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 5    Approve Agenda of Meeting               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Receive Management Board Report on
SA (PEKAO)                       X0641X106   04/26/2007 6    Company's Operations in 2006                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 7    Receive Financial Statements                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 8    Receive Management Board Report on               No
                                                             Operations of Bank's Capital Group in
SA (PEKAO)                                                   2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 9    Receive Consolidated Financial                   No
SA (PEKAO)                                                   Statements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Receive Management Board's Proposal
SA (PEKAO)                       X0641X106   04/26/2007 10   on Allocation of Income                          No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 11   Receive Supervisory Board Report                 No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Approve Management Board Report on
SA (PEKAO)                       X0641X106   04/26/2007 12.1 Company's Operations in 2006            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.2 Approve Financial Statements            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 12.3 Approve Management Board Report on      Mgmt     No    TNA     Against
                                                             Operations of Bank's Capital Group in
SA (PEKAO)                                                   2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/26/2007 12.4 Approve Consolidated Financial          Mgmt     No    TNA     Against
SA (PEKAO)                                                   Statements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.5 Approve Allocation of Income            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Approve Report on Supervisory Board's
SA (PEKAO)                       X0641X106   04/26/2007 12.6 Activities in 2006                      Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.7 Approve Discharge of Supervisory Board  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 12.8 Approve Discharge of Management Board   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Ratify Auditor for Fiscal Years
SA (PEKAO)                       X0641X106   04/26/2007 13   2007-2009                               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 14   Transact Other Business (Voting)        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/26/2007 15   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/27/2007 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/27/2007 2    Elect Meeting Chairman                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Acknowledge Proper Convening of
SA (PEKAO)                       X0641X106   04/27/2007 3    Meeting                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki                                      Elect Members of Vote Counting
SA (PEKAO)                       X0641X106   04/27/2007 4    Commission                              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/27/2007 5    Approve Agenda of Meeting               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/27/2007 6    Approve Integration of Company with     Mgmt     No    TNA     Against
                                                             Bank BPH S.A. via Transferring of
                                                             Some of Bank BPH S.A.'s Assets under
                                                             Company's Ownership; Amend Company
SA (PEKAO)                                                   Statute
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki          X0641X106   04/27/2007 7    Approve Allocation of Funds from        Mgmt     No    TNA     Against
                                                             Reserve Capital to Brokerage
SA (PEKAO)                                                   Activities Fund
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/27/2007 8    Transact Other Business (Voting)        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bank Polska Kasa Opieki
SA (PEKAO)                       X0641X106   04/27/2007 9    Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baxter International Inc. BAX    71813109    05/01/2007 1    Elect Director Blake E. Devitt          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baxter International Inc. BAX    71813109    05/01/2007 2    Elect Director John D. Forsyth          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baxter International Inc. BAX    71813109    05/01/2007 3    Elect Director Gail D. Fosler           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baxter International Inc. BAX    71813109    05/01/2007 4    Elect Director Carole J. Shapazian      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baxter International Inc. BAX    71813109    05/01/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Baxter International Inc. BAX    71813109    05/01/2007 6    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.1  Elect Director John A. Allison Iv       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.2  Elect Director Jennifer S. Banner       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.3  Elect Director Anna R. Cablik           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.4  Elect Director Nelle R. Chilton         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.5  Elect Director Ronald E. Deal           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.6  Elect Director Tom D. Efird             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.7  Elect Director Barry J. Fitzpatrick     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.8  Elect Director L. Vincent Hackley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.9  Elect Director Jane P. Helm             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.1  Elect Director John P. Howe, III, M.D.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.11 Elect Director James H. Maynard         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.12 Elect Director Albert O. McCauley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.13 Elect Director J. Holmes Morrison       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.14 Elect Director Nido R. Qubein           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 1.15 Elect Director E. Rhone Sasser          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BB&T Corporation          BBT    54937107    04/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and     BDX    75887109    01/30/2007 1.1  Elect Director Claire Fraser-Liggett    Mgmt     Yes   For     For
Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and
Company                   BDX    75887109    01/30/2007 1.2  Elect Director Henry P. Becton, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and
Company                   BDX    75887109    01/30/2007 1.3  Elect Director Edward F. Degraan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and
Company                   BDX    75887109    01/30/2007 1.4  Elect Director Adel A.F. Mahmoud        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and
Company                   BDX    75887109    01/30/2007 1.5  Elect Director James F. Orr             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and
Company                   BDX    75887109    01/30/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and
Company                   BDX    75887109    01/30/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Becton, Dickinson and                                        Restore or Provide for Cumulative
Company                   BDX    75887109    01/30/2007 4    Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BellSouth Corp.           BLS    79860102    07/21/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.1  Elect Director Ronald James             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.2  Elect Director Elliot S. Kaplan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.3  Elect Director Matthew H. Paul          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.4  Elect Director James E. Press           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.5  Elect Director Richard M. Schulze       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.6  Elect Director Mary A. Tolan            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.7  Elect Director Hatim A. Tyabji          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 1.8  Elect Director Rogelio M. Rebolledo     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Best Buy Co., Inc.        BBY    86516101    06/27/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports for BHP Billiton Plc
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
                                                             Statutory Reports for BHP Billiton
BHP Billiton Plc                 G10877101   10/26/2006 2    Ltd.                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Paul Anderson as Director of
BHP Billiton Plc                 G10877101   10/26/2006 3    BHP Billiton Plc                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Paul Anderson as Director of
BHP Billiton Plc                 G10877101   10/26/2006 4    BHP Billiton Ltd.                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Marius Kloppers as Director of
BHP Billiton Plc                 G10877101   10/26/2006 5    BHP Billiton Plc                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Marius Kloppers as Director of
BHP Billiton Plc                 G10877101   10/26/2006 6    BHP Billiton Ltd.                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Chris Lynch as Director of BHP
BHP Billiton Plc                 G10877101   10/26/2006 7    Billiton Plc                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Chris Lynch as Director of BHP
BHP Billiton Plc                 G10877101   10/26/2006 8    Billiton Ltd.                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Jacques Nasser as Director of
BHP Billiton Plc                 G10877101   10/26/2006 9    BHP Billiton Plc                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Jacques Nasser as Director of
BHP Billiton Plc                 G10877101   10/26/2006 10   BHP Billiton Ltd.                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect David Crawford as Director
BHP Billiton Plc                 G10877101   10/26/2006 11   of BHP Billiton Plc                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect David Crawford as Director
BHP Billiton Plc                 G10877101   10/26/2006 12   of BHP Billiton Ltd.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Don Argus as Director of BHP
BHP Billiton Plc                 G10877101   10/26/2006 13   Billiton Plc                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Don Argus as Director of BHP
BHP Billiton Plc                 G10877101   10/26/2006 14   Billiton Ltd.                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect David Brink as Director of
BHP Billiton Plc                 G10877101   10/26/2006 15   BHP Billiton Plc                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect David Brink as Director of
BHP Billiton Plc                 G10877101   10/26/2006 16   BHP Billiton Ltd.                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect John Buchanan as Director of
BHP Billiton Plc                 G10877101   10/26/2006 17   BHP Billiton Plc                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect John Buchanan as Director of
BHP Billiton Plc                 G10877101   10/26/2006 18   BHP Billiton Ltd.                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect John Schubert as Director of
BHP Billiton Plc                 G10877101   10/26/2006 19   BHP Billiton Plc                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect John Schubert as Director of
BHP Billiton Plc                 G10877101   10/26/2006 20   BHP Billiton Ltd.                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 21   Reappoint KPMG Audit Plc as Auditors    Mgmt     Yes   For     For
                                                             of BHP Billiton Plc and Authorise the
                                                             Board to Determine Their Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 22   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of USD 276,686,499
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
BHP Billiton Plc                 G10877101   10/26/2006 23   Nominal Amount of USD 61,703,675        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 24   Authorise 246,814,700 BHP Billiton      Mgmt     Yes   For     For
                                                             Plc Ordinary Shares for Market
                                                             Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 25i  Approve Reduction of Share Capital of   Mgmt     Yes   For     For
                                                             BHP Billiton Plc by the Cancellation
                                                             of All the Issued Paid Up Shares of
                                                             USD 0.50 Nominal Value Each Held by
                                                             BHP Billiton Ltd. or One of its
                                                             Subsidiaries on 31 December 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction of Share Capital of
                                                             BHP Billiton Plc by the Cancellation
                                                             of All the Issued Paid Up Shares of
                                                             USD 0.50 Nominal Value Each Held by
                                                             BHP Billiton Ltd. or One of its
BHP Billiton Plc                 G10877101   10/26/2006 25ii Subsidiaries on 31 March 2007           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction of Share Capital of
                                                             BHP Billiton Plc by the Cancellation
                                                             of All the Issued Paid Up Shares of
                                                             USD 0.50 Nominal Value Each Held by
                                                             BHP Billiton Ltd. or One of its
BHP Billiton Plc                 G10877101   10/26/2006 25iiiSubsidiaries on 15 May 2007             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction of Share Capital of
                                                             BHP Billiton Plc by the Cancellation
                                                             of All the Issued Paid Up Shares of
                                                             USD 0.50 Nominal Value Each Held by
                                                             BHP Billiton Ltd. or One of its
BHP Billiton Plc                 G10877101   10/26/2006 25iv Subsidiaries on 30 June 2007            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction of Share Capital of
                                                             BHP Billiton Plc by the Cancellation
                                                             of All the Issued Paid Up Shares of
                                                             USD 0.50 Nominal Value Each Held by
                                                             BHP Billiton Ltd. or One of its
BHP Billiton Plc                 G10877101   10/26/2006 25v  Subsidiaries on 30 September 2007       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction of Share Capital of
                                                             BHP Billiton Plc by the Cancellation
                                                             of All the Issued Paid Up Shares of
                                                             USD 0.50 Nominal Value Each Held by
                                                             BHP Billiton Ltd. or One of its
BHP Billiton Plc                 G10877101   10/26/2006 25vi Subsidiaries on 15 November 2007        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 26   Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 27   Approve Grant of Deferred Shares and    Mgmt     Yes   For     For
                                                             Options under the BHP Billiton Ltd.
                                                             Group Incentive Scheme and Grant of
                                                             Performance Shares under the BHP
                                                             Billiton Ltd. Long Term Incentive
                                                             Plan to Charles Goodyear
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Grant of Deferred Shares and
                                                             Options under the BHP Billiton Plc
                                                             Group Incentive Scheme and Grant of
                                                             Performance Shares under the BHP
                                                             Billiton Plc Long Term Incentive Plan
BHP Billiton Plc                 G10877101   10/26/2006 28   to Marius Kloppers                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Grant of Deferred Shares and
                                                             Options under the BHP Billiton Ltd.
                                                             Group Incentive Scheme and Grant of
                                                             Performance Shares under the BHP
                                                             Billiton Ltd. Long Term Incentive
BHP Billiton Plc                 G10877101   10/26/2006 29   Plan to Chris Lynch                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BHP Billiton Plc                 G10877101   10/26/2006 30   Approve BHP Billiton Ltd. Global        Mgmt     Yes   For     For
                                                             Employee Share Plan; Approve BHP
                                                             Billiton Plc Global Employee Share
                                                             Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Increase in Remuneration of
                                                             Non-Executive Directors of BHP
BHP Billiton Plc                 G10877101   10/26/2006 31   Billiton Plc to USD 3,000,000           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Increase in Remuneration of
                                                             Non-Executive Directors of BHP
BHP Billiton Plc                 G10877101   10/26/2006 32   Billiton Ltd. to USD 3,000,000          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biogen Idec, Inc.         BIIB   09062X103   05/31/2007 1.1  Elect Director James C. Mullem          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biogen Idec, Inc.         BIIB   09062X103   05/31/2007 1.2  Elect Director Bruce R. Ross            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biogen Idec, Inc.         BIIB   09062X103   05/31/2007 1.3  Elect Director Marijn E. Dekkers        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biogen Idec, Inc.         BIIB   09062X103   05/31/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    09/20/2006 1.1  Elect Director Jerry L. Ferguson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    09/20/2006 1.2  Elect Director Daniel P. Hann           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    09/20/2006 1.3  Elect Director Thomas F. Kearns, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    09/20/2006 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    09/20/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    06/08/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Biomet, Inc.              BMET   90613100    06/08/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BJ Services Company       BJS    55482103    01/30/2007 1.1  Elect Director Don D. Jordan            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BJ Services Company       BJS    55482103    01/30/2007 1.2  Elect Director William H. White         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 1.1  Elect Director Ursula M. Burns          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 1.2  Elect Director Marye Anne Fox           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 1.3  Elect Director N.J. Nicholas, Jr.       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 1.4  Elect Director John E. Pepper           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 2    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 3    Approve Increase in Size of Board       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 4    Approve Repricing of Options            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 5    Stock Retention/Holding Period          ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 6    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Boston Scientific Corp.   BSX    101137107   05/08/2007 7    Other Business                          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 1    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Discharge Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Bouygues SA                      F11487125   04/26/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Bouygues SA                      F11487125   04/26/2007 3    Dividends of EUR 1.20 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Bouygues SA                      F11487125   04/26/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Appointment of Patrick Kron as
Bouygues SA                      F11487125   04/26/2007 5    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 6    Reelect Lucien Douroux as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 7    Reelect Jean Peyrelevade as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 8    Reelect SCDM as Director                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 9    Elect Employee Representative Thierry   Mgmt     Yes   For     For
                                                             Jourdaine as Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Employee Representative
Bouygues SA                      F11487125   04/26/2007 10   Jean-Michel Gras as Director            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 11   Appoint Alain Pouyat as Censor          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 12   Authorize Repurchase of Up to Ten       Mgmt     Yes   Against Against
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 13   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 150 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 14   Authorize Capitalization of Reserves    Mgmt     Yes   For     For
                                                             of Up to EUR 4 Billion for Bonus
                                                             Issue or Increase in Par Value
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 15   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 150 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Increase Capital
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
Bouygues SA                      F11487125   04/26/2007 16   Shareholder Vote Above                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 17   Authorize Board to Set Issue Price      Mgmt     Yes   Against Against
                                                             for 10 Percent of Issued Capital
                                                             Pursuant to Issue Authority without
                                                             Preemptive Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Capital Increase of up to
                                                             10 Percent of Issued Capital for
Bouygues SA                      F11487125   04/26/2007 18   Future Acquisitions                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 19   Authorize Capital Increase of Up to     Mgmt     Yes   Against Against
                                                             EUR 150 Million for Future Exchange
                                                             Offers
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Employee Savings-Related
Bouygues SA                      F11487125   04/26/2007 20   Share Purchase Plan                     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 21   Authorize Issuance of Equity Upon       Mgmt     Yes   Against Against
                                                             Conversion of a Subsidiary's
                                                             Equity-Linked Securities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Allow Board to Use the Capital
                                                             Issuance Authorities Approved Above
Bouygues SA                      F11487125   04/26/2007 22   in the Event of a Public Tender Offer   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Issue Free
                                                             Warrants with Preemptive Rights
                                                             During a Public Tender Offer or Share
Bouygues SA                      F11487125   04/26/2007 23   Exchange                                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bouygues SA                      F11487125   04/26/2007 24   Authorize up to Ten Percent of Issued   Mgmt     Yes   Against Against
                                                             Capital for Use in Restricted Stock
                                                             Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Issuance of Securities
Bouygues SA                      F11487125   04/26/2007 25   Convertible into Debt                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction in Share Capital
Bouygues SA                      F11487125   04/26/2007 26   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Bouygues SA                      F11487125   04/26/2007 27   Board Composition, Record Date          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Filing of Required
Bouygues SA                      F11487125   04/26/2007 28   Documents/Other Formalities             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
BP plc                           G12793108   04/12/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 3    Re-elect David Allen as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 4    Re-elect The Lord Browne of Madingley   Mgmt     Yes   For     For
                                                             as Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 5    Re-elect Antony Burgmans as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 6    Elect Sir William Castell as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 7    Re-elect Iain Conn as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 8    Re-elect Errol Davis Jr as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 9    Re-elect Douglas Flint as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 10   Re-elect Byron Grote as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 11   Re-elect Anthony Hayward as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 12   Elect Andy Inglis as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 13   Re-elect DeAnne Julius as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 14   Re-elect Sir Tom McKillop as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 15   Re-elect John Manzoni as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 16   Re-elect Walter Massey as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 17   Re-elect Sir Ian Prosser as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 18   Re-elect Peter Sutherland as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 19   Reappoint Ernst & Young LLP as          Mgmt     Yes   For     For
                                                             Auditors and Authorise the Board to
                                                             Determine Their Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 20   Authorise the Company and BP            Mgmt     Yes   For     For
                                                             International Ltd to Make EU
                                                             Political Organisation Donations and
                                                             Incur EU Political Expenditure up to
                                                             GBP 0.1M; Authorise Each of the
                                                             Company and BP International Ltd to
                                                             Make Donations and Incur Expenditure
                                                             up to GBP 0.4M
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 21   Authorise the Company to Use            Mgmt     Yes   For     For
                                                             Electronic Communications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise 1,950,000,000 Ordinary
BP plc                           G12793108   04/12/2007 22   Shares for Market Purchase              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BP plc                           G12793108   04/12/2007 23   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of USD 1,626,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
BP plc                           G12793108   04/12/2007 24   Nominal Amount of USD 244,000,000       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 1    Elect Director Lewis B. Campbell        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 2    Elect Director James M. Cornelius       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 3    Elect Director Louis J. Freeh           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 4    Elect Director Laurie H. Glimcher       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 5    Elect Director Michael Grobstein        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 6    Elect Director Leif Johansson           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 7    Elect Director James D. Robinson III    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 8    Elect Director Vicki L. Sato            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 9    Elect Director R. Sanders Williams      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 10   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 11   Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 12   Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 13   Increase Disclosure of Executive        ShrHoldr Yes   Against For
                                                             Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Claw-back of Payments under
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 14   Restatements                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Bristol-Myers Squibb Co.  BMY    110122108   05/01/2007 15   Restore or Provide for Cumulative       ShrHoldr Yes   Against For
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.1  Elect Director George L. Farinsky       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.2  Elect Director Maureen E. Grzelakowski  Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.3  Elect Director Nancy H. Handel          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.4  Elect Director John Major               Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.5  Elect Director Scott A. McGregor        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.6  Elect Director Alan E. Ross             Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.7  Elect Director Henry Samueli, Ph.D.     Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.8  Elect Director Robert E. Switz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 1.9  Elect Director Werner F. Wolfen         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 2    Amend Qualified Employee Stock          Mgmt     Yes   Against Against
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 4    Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 5    Ratify Auditors                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Broadcom Corp.            BRCM   111320107   05/02/2007 6    Compensation Specific-Adopt Policy      ShrHoldr Yes   For     Against
                                                             Concerning Backdating Controversy
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Brunswick Corp.           BC     117043109   05/02/2007 1.1  Elect Director Nolan D. Archibald       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Brunswick Corp.           BC     117043109   05/02/2007 1.2  Elect Director Jeffrey L. Bleustein     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Brunswick Corp.           BC     117043109   05/02/2007 1.3  Elect Director Graham H. Phillips       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Brunswick Corp.           BC     117043109   05/02/2007 1.4  Elect Director Lawrence A. Zimmerman    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Brunswick Corp.           BC     117043109   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly           G16612106   07/12/2006 1    Accept Financial Statements and         Mgmt     Yes   For     For
British
Telecommunications Plc)                                      Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British
Telecommunications Plc)          G16612106   07/12/2006 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British                                                      Approve Final Dividend of 7.6 Pence
Telecommunications Plc)          G16612106   07/12/2006 3    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British                                                      Re-elect Sir Anthony Greener as
Telecommunications Plc)          G16612106   07/12/2006 4    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British                                                      Re-elect Maarten van den Bergh as
Telecommunications Plc)          G16612106   07/12/2006 5    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British
Telecommunications Plc)          G16612106   07/12/2006 6    Re-elect Clayton Brendish as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British
Telecommunications Plc)          G16612106   07/12/2006 7    Elect Matti Alahuhta as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British
Telecommunications Plc)          G16612106   07/12/2006 8    Elect Phil Hodkinson as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British                                                      Reappoint PricewaterhouseCoopers LLP
Telecommunications Plc)          G16612106   07/12/2006 9    as Auditors of the Company              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly
British                                                      Authorise Board to Fix Remuneration
Telecommunications Plc)          G16612106   07/12/2006 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly           G16612106   07/12/2006 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
British                                                      Pre-emptive Rights up to Aggregate
Telecommunications Plc)                                      Nominal Amount of GBP 137,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
BT GROUP PLC (formerly                                       Equity-Linked Securities without
British                                                      Pre-emptive Rights up to Aggregate
Telecommunications Plc)          G16612106   07/12/2006 12   Nominal Amount of GBP 21,000,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly           G16612106   07/12/2006 13   Authorise 834,000,000 Ordinary Shares   Mgmt     Yes   For     For
British
Telecommunications Plc)                                      for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
BT GROUP PLC (formerly                                       Authorise British Telecommunications
British                                                      Plc to Make EU Political Organisation
Telecommunications Plc)          G16612106   07/12/2006 14   Donations up to GBP 100,000             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa BNI    12189T104   04/19/2007 1.1  Elect Director Alan L. Boeckmann        Mgmt     Yes   For     For
Fe Corp.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.2  Elect Director Donald G. Cook           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.3  Elect Director Vilma S. Martinez        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.4  Elect Director Marc F. Racicot          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.5  Elect Director Roy S. Roberts           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.6  Elect Director Matthew K. Rose          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.7  Elect Director Marc J. Shapiro          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.8  Elect Director J.C. Watts, Jr.          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.9  Elect Director Robert H. West           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.1  Elect Director J. Steven Whisler        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 1.11 Elect Director Edward E. Whitacre, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Burlington Northern Santa
Fe Corp.                  BNI    12189T104   04/19/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
C. R. Bard, Inc.          BCR    67383109    04/18/2007 1.1  Elect Director Theodore E. Martin       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
C. R. Bard, Inc.          BCR    67383109    04/18/2007 1.2  Elect Director Anthony Welters          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
C. R. Bard, Inc.          BCR    67383109    04/18/2007 1.3  Elect Director Tony L. White            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
C. R. Bard, Inc.          BCR    67383109    04/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.1  Elect Director Alfonse M. D'Amato       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.2  Elect Director Gary J. Fernandes        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.3  Elect Director Robert E. La Blanc       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.4  Elect Director Christopher B. Lofgren   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.5  Elect Director Jay W. Lorsch            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.6  Elect Director William E. McCracken     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.7  Elect Director Lewis S. Ranieri         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.8  Elect Director Walter P. Schuetze       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.9  Elect Director John A. Swainson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.1  Elect Director Laura S. Unger           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 1.11 Elect Director Ron Zambonini            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CA Inc                    CA     12673P105   09/18/2006 3    Amend Terms of Existing Poison Pill     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of 9.9 Pence
Cadbury Schweppes Plc            G17444152   05/24/2007 2    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 3    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Sir John Sunderland as
Cadbury Schweppes Plc            G17444152   05/24/2007 4    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 5    Re-elect Rosemary Thorne as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 6    Re-elect David Thompson as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 7    Elect Sanjiv Ahuja as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 8    Elect Raymond Viault as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 9    Reappoint Deloitte & Touche LLP as      Mgmt     Yes   For     For
                                                             Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Cadbury Schweppes Plc            G17444152   05/24/2007 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 11   Amend Cadbury Schweppes Long Term       Mgmt     Yes   For     For
                                                             Incentive Plan 2004; Amend Cadbury
                                                             Schweppes Share Option Plan 2004;
                                                             Amend Cadbury Schweppes (New Issue)
                                                             Share Option Plan 2004
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 12   Authorise the Company to Use            Mgmt     Yes   For     For
                                                             Electronic Communications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 13   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 86,636,438
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Cadbury Schweppes Plc            G17444152   05/24/2007 14   Nominal Amount of GBP 13,126,733        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cadbury Schweppes Plc            G17444152   05/24/2007 15   Authorise up to GBP 26,253,466 for      Mgmt     Yes   For     For
                                                             Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.1  Elect Director Edmund M. Carpenter      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.2  Elect Director Paul R. Charron          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.3  Elect Director Douglas R. Conant        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.4  Elect Director Bennett Dorrance         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.5  Elect Director Kent B. Foster           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.6  Elect Director Harvey Golub             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.7  Elect Director Randall W. Larrimore     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.8  Elect Director Philip E. Lippincott     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.9  Elect Director Mary Alice D. Malone     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.1  Elect Director Sara Mathew              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.11 Elect Director David C. Patterson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.12 Elect Director Charles R. Perrin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.13 Elect Director A. Barry Rand            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.14 Elect Director George Strawbridge, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.15 Elect Director Les C. Vinney            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 1.16 Elect Director Charlotte C. Weber       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Campbell Soup Co.         CPB    134429109   11/16/2006 3    Sustainability Report                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial     COF    14040H105   08/22/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
Corp.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial
Corp.                     COF    14040H105   08/22/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial
Corp.                     COF    14040H105   04/26/2007 1.1  Elect Director W. Ronald Dietz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial
Corp.                     COF    14040H105   04/26/2007 1.2  Elect Director Lewis Hay, III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial
Corp.                     COF    14040H105   04/26/2007 1.3  Elect Director Mayo A. Shattuck, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial
Corp.                     COF    14040H105   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial     COF    14040H105   04/26/2007 3    Amend Articles of Incorporation -       Mgmt     Yes   For     For
                                                             Remove Provision of Plurality Voting
Corp.                                                        for the Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Capital One Financial     COF    14040H105   04/26/2007 4    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
Corp.                                                        Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 1.1  Elect Director John F. Finn             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 1.2  Elect Director David W. Raisbeck        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 1.3  Elect Director Robert D. Walter         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 3    Submit Severance Agreements             ShrHoldr Yes   For     Against
                                                             (Change-in-Control)to Shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Performance-Based and/or Time-Based
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 4    Equity Awards                           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Increase Disclosure of Executive
Cardinal Health, Inc.     CAH    14149Y108   11/08/2006 5    Compensation                            ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.1  Elect Director Micky Arison             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.2  Elect Director Amb R.G. Capen, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.3  Elect Director Robert H. Dickinson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.4  Elect Director Arnold W. Donald         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.5  Elect Director Pier Luigi Foschi        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.6  Elect Director Howard S. Frank          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.7  Elect Director Richard J. Glasier       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.8  Elect Director Baroness Hogg            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.9  Elect Director Modesto A. Maidique      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.1  Elect Director Sir John Parker          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.11 Elect Director Peter G. Ratcliffe       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.12 Elect Director Stuart Subotnick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.13 Elect Director Laura Weil               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 1.14 Elect Director Uzi Zucker               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 3    TO AUTHORIZE THE AUDIT COMMITTEE OF     Mgmt     Yes   For     For
                                                             CARNIVAL PLC TO AGREE TO THE
                                                             REMUNERATION OF THE INDEPENDENT
                                                             AUDITORS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO RECEIVE THE ACCOUNTS AND REPORTS
                                                             FOR CARNIVAL PLC FOR THE FINANCIAL
Carnival Corp.            CCL    143658300   04/16/2007 4    YEAR ENDED NOVEMBER 30, 2006.           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 5    TO APPROVE THE DIRECTORS                Mgmt     Yes   For     For
                                                             REMUNERATION REPORT OF CARNIVAL PLC.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE LIMITS ON THE AUTHORITY TO
Carnival Corp.            CCL    143658300   04/16/2007 6    ALLOT SHARES BY CARNIVAL PLC.           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE DISAPPLICATION OF
Carnival Corp.            CCL    143658300   04/16/2007 7    PRE-EMPTION RIGHTS FOR CARNIVAL PLC.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 8    TO APPROVE A GENERAL AUTHORITY FOR      Mgmt     Yes   For     For
                                                             CARNIVAL PLC TO BUY BACK CARNIVAL PLC
                                                             ORDINARY SHARES IN THE OPEN MARKET.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carnival Corp.            CCL    143658300   04/16/2007 9    TO APPROVE ELECTRONIC COMMUNICATION     Mgmt     Yes   For     For
                                                             WITH CARNIVAL PLC SHAREHOLDERS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007 1    Approve Financial Statements and        Mgmt     Yes   Abstain Against
                                                             Discharge Management Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Carrefour S.A.                   F13923119   04/30/2007 2    Statements and Statutory Reports        Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Carrefour S.A.                   F13923119   04/30/2007 3    Regarding Related-Party Transactions    Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Carrefour S.A.                   F13923119   04/30/2007 4    Dividends of EUR 1.03 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Appointment Robert Halley as
Carrefour S.A.                   F13923119   04/30/2007 5    Supervisory Board Member                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Jean-Martin Folz as Supervisory
Carrefour S.A.                   F13923119   04/30/2007 6    Board Member                            Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Halley Participations as
Carrefour S.A.                   F13923119   04/30/2007 7    Supervisory Board Member                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to 3
Carrefour S.A.                   F13923119   04/30/2007 8    Percent of Issued Share Capital         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007 9    Approve Reduction in Share Capital      Mgmt     Yes   For     For
                                                             via Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007 10   Approve Stock Option Plans Grants       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007 11   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Record Date
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007      Shareholder Proposals                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Carrefour S.A.                   F13923119   04/30/2007 12   Elect Sebastien Bazin as Supervisory    ShrHoldr Yes   Abstain Against
                                                             Board Member
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Nicolas Bazire as Supervisory
Carrefour S.A.                   F13923119   04/30/2007 13   Board Member                            ShrHoldr Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 1.1  Elect Director John T. Dillon           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 1.2  Elect Director Juan Gallardo            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 1.3  Elect Director William A. Osborn        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 1.4  Elect Director Edward B. Rust, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Caterpillar Inc.          CAT    149123101   06/13/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.1  Elect Director Henry R. Silverman       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.2  Elect Director Myra J. Biblowit         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.3  Elect Director James E. Buckman         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.4  Elect Director Leonard S. Coleman       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.5  Elect Director Martin L. Edelman        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.6  Elect Director George Herrera           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.7  Elect Director Stephen P. Holmes        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Louise T. Blouin
Cendant Corporation       CAR    151313103   08/29/2006 1.8  MacBain                                 Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.9  Elect Director Cheryl D. Mills          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.1  Elect Director Brian Mulroney           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.11 Elect Director Robert E. Nederlander    Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.12 Elect Director Ronald L. Nelson         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.13 Elect Director Robert W. Pittman        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.14 Elect Director Pauline D.E. Richards    Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.15 Elect Director Sheli Z. Rosenberg       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.16 Elect Director Robert F. Smith          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.17 Elect Director Ronald L. Nelson         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.18 Elect Director Leonard S. Coleman       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.19 Elect Director Martin L. Edelman        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.2  Elect Director Sheli Z. Rosenberg       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.21 Elect Director F. Robert Salerno        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 1.22 Elect Director Stender E. Sweeney       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 3    Approve Reverse Stock Split             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 4    Change Company Name                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 5    Company Specific-Redesignation of       Mgmt     Yes   For     For
                                                             Common Stock
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 6    Reduce Authorized Common Stock          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 7    Non-Employee Director Compensation      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cendant Corporation       CAR    151313103   08/29/2006 8    Submit Severance Agreement (Change in   ShrHoldr Yes   For     Against
                                                             Control) to shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 1.1  Elect Director Ursula O. Fairbairn      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 1.2  Elect Director Thomas J. Falk           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 1.3  Elect Director Matthew K. Rose          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 1.4  Elect Director Thomas M. Schoewe        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 3    Report on Energy Efficiency             ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Centex Corp.              CTX    152312104   07/13/2006 4    Require a Majority Vote for the         ShrHoldr Yes   Against For
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.1  Elect  Director Ronald S. Lauder        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.2  Elect  Director Herbert A. Granath      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.3  Elect  Director Michael Garin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.4  Elect  Director Frank Ehmer             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.5  Elect  Director Charles R. Frank, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.6  Elect  Director Herbert Kloiber         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.7  Elect  Director Alfred W. Langer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.8  Elect  Director Bruce Maggin            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.9  Elect  Director Ann Mather              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.1  Elect  Director Christian Stahl         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media
Enterprises Ltd           CETV   G20045202   06/05/2007 1.11 Elect  Director Eric Zinterhofer        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media    CETV   G20045202   06/05/2007 2    THE ADOPTION OF THE FINANCIAL           Mgmt     Yes   For     For
                                                             STATEMENTS OF THE COMPANY AND THE
                                                             AUDITORS  REPORT THEREON FOR THE
                                                             COMPANY S FISCAL YEAR ENDED DECEMBER
Enterprises Ltd                                              31, 2006.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Central European Media    CETV   G20045202   06/05/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
Enterprises Ltd
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CenturyTel, Inc.          CTL    156700106   05/10/2007 1.1  Elect Director William R. Boles, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CenturyTel, Inc.          CTL    156700106   05/10/2007 1.2  Elect Director W. Bruce Hanks           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CenturyTel, Inc.          CTL    156700106   05/10/2007 1.3  Elect Director C.G. Melville, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CenturyTel, Inc.          CTL    156700106   05/10/2007 1.4  Elect Director Glen F. Post, III        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CenturyTel, Inc.          CTL    156700106   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CenturyTel, Inc.          CTL    156700106   05/10/2007 3    Approve Report of the Compensation      ShrHoldr Yes   Against For
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 1    Open Meeting; Elect Chairman and        Mgmt     No    TNA     Against
                                                             Other Meeting Officials; Approve
                                                             Procedural Rules
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 2    Accept Report on Operations in 2006     Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 3    Accept Supervisory Board Report         Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 4    Approve Liquidation of Social Fund      Mgmt     No    TNA     Against
                                                             and Rewards Fund
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 5    Amend Statute                           Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 6    Accept Financial Statements and         Mgmt     No    TNA     Against
                                                             Statutory Reports; Accept
                                                             Consolidated Financial Statements and
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 7    Approve Allocation of Income and        Mgmt     No    TNA     Against
                                                             Dividends
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 8    Approve Renewal of System of            Mgmt     No    TNA     Against
                                                             Management Control in Power Plant
                                                             Dukovany - Modules M3-M5
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 9    Decide on Volume of Company's           Mgmt     No    TNA     Against
                                                             Sponsorship Funds
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 10   Approve Share Repurchase Program        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 11   Approve Changes to Composition of       Mgmt     No    TNA     Against
                                                             Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 12   Approve Contracts and Related Benefits  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cez A.S.                         X2337V121   04/23/2007 13   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 1    Elect Director Samuel H. Armacost       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 2    Elect Director Linnet F. Deily          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 3    Elect Director Robert E. Denham         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 4    Elect Director Robert J. Eaton          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 5    Elect Director Sam Ginn                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 6    Elect Director Franklyn G. Jenifer      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 7    Elect Director Sam Nunn                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 8    Elect Director David J. O'Reilly        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 9    Elect Director Donald B. Rice           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 10   Elect Director Peter J. Robertson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 11   Elect Director Kevin W. Sharer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 12   Elect Director Charles R. Shoemate      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 13   Elect Director Ronald D. Sugar          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 14   Elect Director Carl Ware                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 15   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 16   Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 17   Adopt Human Rights Policy               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 18   Adopt Greenhouse Gas Emission           ShrHoldr Yes   Against For
                                                             Reduction Goals
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 19   Adopt Animal Welfare Policy             ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 20   Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Chevron Corporation       CVX    166764100   04/25/2007 21   Approve/Amend Terms of Existing         ShrHoldr Yes   Against For
                                                             Poison Pill
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Market Specific
Chevron Corporation       CVX    166764100   04/25/2007 22   Environmental Laws                      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CIGNA Corp.               CI     125509109   04/25/2007 1    Elect Director Robert H. Campbell       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CIGNA Corp.               CI     125509109   04/25/2007 2    Elect Director Isaiah Harris, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CIGNA Corp.               CI     125509109   04/25/2007 3    Elect Director Jane E. Henney, M.D.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CIGNA Corp.               CI     125509109   04/25/2007 4    Elect Director Donna F. Zarcone         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CIGNA Corp.               CI     125509109   04/25/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CIGNA Corp.               CI     125509109   04/25/2007 6    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cincinnati Financial Corp CINF   172062101   05/05/2007 1.1  Elect Director Gregory T. Bier          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cincinnati Financial Corp CINF   172062101   05/05/2007 1.2  Elect Director Dirk J. Debbink          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cincinnati Financial Corp CINF   172062101   05/05/2007 1.3  Elect Director Douglas S. Skidmore      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cincinnati Financial Corp CINF   172062101   05/05/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.1  Elect Director Richard T. Farmer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.2  Elect Director Robert J. Kohlhepp       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.3  Elect Director Scott D. Farmer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.4  Elect Director Gerald S. Adolph         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.5  Elect Director Paul R. Carter           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.6  Elect Director Gerald V. Dirvin         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.7  Elect Director Joyce Hergenhan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.8  Elect Director Roger L. Howe            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 1.9  Elect Director David C. Phillips        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 3    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cintas Corp.              CTAS   172908105   10/10/2006 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.1  Elect Director Carol A. Bartz           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.2  Elect Director M. Michele Burns         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.3  Elect Director Michael D. Capellas      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.4  Elect Director Larry R. Carter          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.5  Elect Director John T. Chambers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.6  Elect Director Dr. John L. Hennessy     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.7  Elect Director Richard M. Kovacevich    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.8  Elect Director Roderick C. McGeary      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.9  Elect Director Steven M. West           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 1.1  Elect Director Jerry Yang               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 3    Performance-Based and/or Time-Based     ShrHoldr Yes   For     Against
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 4    Report on Pay Disparity                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cisco Systems, Inc.       CSCO   17275R102   11/15/2006 5    Report on Internet Fragmentation        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 1    Elect Director C. Michael Armstrong     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 2    Elect Director Alain J.P. Belda         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 3    Elect Director George David             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 4    Elect Director Kenneth T. Derr          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 5    Elect Director John M. Deutch           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Roberto Hernandez
Citigroup Inc.            C      172967101   04/17/2007 6    Ramirez                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 7    Elect Director Klaus Kleinfeld          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 8    Elect Director Andrew N. Liveris        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 9    Elect Director Anne Mulcahy             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 10   Elect Director Richard D. Parsons       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 11   Elect Director Charles Prince           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 12   Elect Director Judith Rodin             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 13   Elect Director Robert E. Rubin          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 14   Elect Director Franklin A. Thomas       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 15   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 16   Report on Government Service of         ShrHoldr Yes   Against For
                                                             Employees
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 17   Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 18   Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 19   Approve Report of the Compensation      ShrHoldr Yes   For     Against
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 20   Report on Pay Disparity                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 21   Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 22   Stock Retention/Holding Period          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Restore or Provide for Cumulative
Citigroup Inc.            C      172967101   04/17/2007 23   Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Citigroup Inc.            C      172967101   04/17/2007 24   Amend Bylaws to Permit Shareholders     ShrHoldr Yes   For     Against
                                                             to Call Special Meetings
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 3    Other Business                          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.1  Elect Director Alan D. Feld             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.2  Elect Director Perry J. Lewis           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.3  Elect Director L. Lowry Mays            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.4  Elect Director Mark P. Mays             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.5  Elect Director Randall T. Mays          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.6  Elect Director B. J. McCombs            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.7  Elect Director Phyllis B. Riggins       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.8  Elect Director Theodore H. Strauss      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.9  Elect Director J. C. Watts              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.1  Elect Director John H. Williams         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 1.11 Elect Director John B. Zachry           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 3    Pay for Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 4    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel
Communications, Inc.      CCU    184502102   05/22/2007 5    Establish a Compensation Committee      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Clear Channel                                                Vote to Ratify Named Executive
Communications, Inc.      CCU    184502102   05/22/2007 6    Officers' Compensation                  ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.1  Elect Director Lew Frankfort            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.2  Elect Director Susan Kropf              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.3  Elect Director Gary Loveman             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.4  Elect Director Ivan Menezes             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.5  Elect Director Irene Miller             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.6  Elect Director Keith Monda              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.7  Elect Director Michael Murphy           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coach, Inc.               COH    189754104   11/02/2006 1.8  Elect Director Jide Zeitlin             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 1.1  Elect Director Gary P. Fayard           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 1.2  Elect Director Marvin J. Herb           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 1.3  Elect Director L. Phillip Humann        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 1.4  Elect Director Paula R. Reynolds        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Submit Severance Agreement (Change in
Coca-Cola Enterprises Inc CCE    191219104   04/24/2007 4    Control) to shareholder Vote            ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.1  Elect Director John T. Cahill           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.2  Elect Director Jill K. Conway           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.3  Elect Director Ellen M. Hancock         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.4  Elect Director David W. Johnson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.5  Elect Director Richard J. Kogan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.6  Elect Director Delano E. Lewis          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.7  Elect Director Reuben Mark              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 1.8  Elect Director J. Pedro Reinhard        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 3    Amend Articles/Bylaws/Charter -- Call   ShrHoldr Yes   For     Against
                                                             Special Meetings
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Colgate-Palmolive Co.     CL     194162103   05/03/2007 4    Pay for Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.1  Elect Director S. Decker Anstrom        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.2  Elect Director Kenneth J. Bacon         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.3  Elect Director Sheldon M. Bonovitz      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.4  Elect Director Edward D. Breen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.5  Elect Director Julian A. Brodsky        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.6  Elect Director Joseph J. Collins        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.7  Elect Director J. Michael Cook          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.8  Elect Director Jeffrey A. Honickman     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.9  Elect Director Brian L. Roberts         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.1  Elect Director Ralph J. Roberts         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.11 Elect Director Judith Rodin             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 1.12 Elect Director Michael I. Sovern        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 3    Prohibit Executive Stock-Based Awards   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 4    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 5    Prepare Sustainability Report           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 6    Company-Specific -- Adopt               ShrHoldr Yes   For     Against
                                                             Recapitalization Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Comcast Corp.             CMCSA  20030N101   05/23/2007 7    Executive Officers' Compensation        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 8    Report on Pay Disparity                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comcast Corp.             CMCSA  20030N101   05/23/2007 9    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 1    Elect Director Ralph W. Babb, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 2    Elect Director James F. Cordes          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 3    Elect Director Peter D. Cummings        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 4    Elect Director William P. Vititoe       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 5    Elect Director Kenneth L. Way           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 6    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Comerica Inc.             CMA    200340107   05/15/2007 7    Prepare Sustainability Report           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Financial Statements and
Compagnie De Saint Gobain        F80343100   06/07/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Compagnie De Saint Gobain        F80343100   06/07/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Compagnie De Saint Gobain        F80343100   06/07/2007 3    Dividends of EUR 1.70 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Compagnie De Saint Gobain        F80343100   06/07/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
Compagnie De Saint Gobain        F80343100   06/07/2007 5    Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Appointment of Bernard
Compagnie De Saint Gobain        F80343100   06/07/2007 6    Cusenier as Director                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 7    Reelect Gerard Mestrallet as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 8    Reelect Denis Ranque as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 9    Elect Robert Chevrier as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 10   Elect Yuko Harayama as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Fabrice Odent as Alternate
Compagnie De Saint Gobain        F80343100   06/07/2007 11   Auditor                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 12   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 590 million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
Compagnie De Saint Gobain        F80343100   06/07/2007 13   Nominal Amount of EUR 295 million       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 14   Authorize Capital Increase of up to     Mgmt     Yes   For     For
                                                             10 Percent of Issued Capital for
                                                             Future Acquisitions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Capitalization of Reserves
                                                             of Up to EUR 74 Million for Bonus
Compagnie De Saint Gobain        F80343100   06/07/2007 15   Issue or Increase in Par Value          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 16   Approve Employee Savings-Related        Mgmt     Yes   For     For
                                                             Share Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 17   Approve Stock Option Plans Grants       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to One Percent of Issued
                                                             Capital for Use in Restricted Stock
Compagnie De Saint Gobain        F80343100   06/07/2007 18   Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction in Share Capital
Compagnie De Saint Gobain        F80343100   06/07/2007 19   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 20   Authorize Board to Issue Free           Mgmt     Yes   Against Against
                                                             Warrants with Preemptive Rights
                                                             During a Public Tender Offer or Share
                                                             Exchange
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie De Saint Gobain        F80343100   06/07/2007 21   Authorize Filing of Required            Mgmt     Yes   For     For
                                                             Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie Financiere                                         Accept Financial Statements and
Richemont SA                     H25662141   09/14/2006 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie Financiere             H25662141   09/14/2006 2    Approve Allocation of Income and        Mgmt     Yes   For     For
                                                             Dividends of EUR 0.05 per 'A' Bearer
                                                             Share and EUR 0.005 per 'B'
Richemont SA                                                 Registered Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie Financiere             H25662141   09/14/2006 3    Approve Discharge of Board and Senior   Mgmt     Yes   For     For
Richemont SA                                                 Management
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie Financiere                                         Change Location of Registered
Richemont SA                     H25662141   09/14/2006 4    Office/Headquarters to Geneva           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie Financiere             H25662141   09/14/2006 5    Reelect Johann Rupert, Jean             Mgmt     Yes   Against Against
                                                             Aeschimann, Franco Cologni, Lord
                                                             Douro, Yves Istel, Richard Lepeu,
                                                             Simon Murray, Alain Perrin, Norbert
                                                             Platt, Alan Quasha, Lord Clifton,
                                                             Juergen Schrempp, and Martha
                                                             Wikstrom; Elect Ruggero Magnoni and
Richemont SA                                                 Jan Rupert as Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Compagnie Financiere             H25662141   09/14/2006 6    Ratify PricewaterhouseCoopers as        Mgmt     Yes   For     For
Richemont SA                                                 Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.1  Elect Director Irving W. Bailey, II     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.2  Elect Director David J. Barram          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.3  Elect Director Stephen L. Baum          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.4  Elect Director Rodney F. Chase          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.5  Elect Director Van B. Honeycutt         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.6  Elect Director F. Warren McFarlan       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 1.7  Elect Director Thomas H. Patrick        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences                                            Approve Non-Employee Director Omnibus
Corporation               CSC    205363104   07/31/2006 2    Stock Plan                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Computer Sciences
Corporation               CSC    205363104   07/31/2006 4    Board Diversity                         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Conagra Foods Inc.        CAG    205887102   09/28/2006 1.1  Elect Director David H. Batchelder      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Conagra Foods Inc.        CAG    205887102   09/28/2006 1.2  Elect Director Steven F. Goldstone      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Conagra Foods Inc.        CAG    205887102   09/28/2006 1.3  Elect Director Mark H. Rauenhorst       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Conagra Foods Inc.        CAG    205887102   09/28/2006 1.4  Elect Director Gary M. Rodkin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Conagra Foods Inc.        CAG    205887102   09/28/2006 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Conagra Foods Inc.        CAG    205887102   09/28/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 1    Elect Director James E. Copeland, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 2    Elect Director Kenneth M. Duberstein    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 3    Elect Director Ruth R. Harkin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 4    Elect Director William R. Rhodes        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 5    Elect Director J. Stapleton Roy         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 6    Elect Director William E. Wade, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 7    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 8    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 9    Report on Renewable Energy Sources      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require Director Nominee
ConocoPhillips            COP    20825C104   05/09/2007 10   Qualifications                          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ConocoPhillips            COP    20825C104   05/09/2007 11   Report on Environmental Damage from     ShrHoldr Yes   Against For
                                                             Drilling in the National Petroleum
                                                             Reserve
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Indigenous Peoples Rights
ConocoPhillips            COP    20825C104   05/09/2007 12   Policies                                ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Community Impact of
ConocoPhillips            COP    20825C104   05/09/2007 13   Operations                              ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.1  Elect Director Kevin Burke              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.2  Elect Director Vincent A. Calarco       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.3  Elect Director George Campbell, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.4  Elect Director Gordon J. Davis          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.5  Elect Director Michael J. Del Giudice   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.6  Elect Director Ellen V. Futter          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.7  Elect Director Sally Hernandez          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.8  Elect Director Peter W. Likins          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.9  Elect Director Eugene R. McGrath        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.1  Elect Director L. Frederick Sutherland  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 1.11 Elect Director Stephen R. Volk          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Consolidated Edison, Inc. ED     209115104   05/21/2007 3    Increase Disclosure of Executive        ShrHoldr Yes   Against For
                                                             Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   12/08/2006 1.1  Elect Director Douglas L. Becker        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   12/08/2006 1.2  Elect Director Edward A. Crooke         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   12/08/2006 1.3  Elect Director Mayo A. Shattuck III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   12/08/2006 1.4  Elect Director Michael D. Sullivan      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   12/08/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   12/08/2006 3    Declassify the Board of Directors       ShrHoldr Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 1    Elect Director Yves C. de Balmann       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 2    Elect Director Douglas L. Becker        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 3    Elect Director James T. Brady           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 4    Elect Director Edward A. Crooke         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 5    Elect Director James R. Curtiss         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy                                         Elect Director Freeman A. Hrabowski,
Group, Inc.               CEG    210371100   05/18/2007 6    III                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 7    Elect Director Nancy Lampton            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 8    Elect Director Robert J. Lawless        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 9    Elect Director Lynn M. Martin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 10   Elect Director Mayo A. Shattuck, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 11   Elect Director Michael D. Sullivan      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 13   Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Constellation Energy
Group, Inc.               CEG    210371100   05/18/2007 14   Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Financial Statements and
Continental  AG                  D16212140   04/24/2007 1    Statutory Reports for Fiscal 2006                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Continental  AG                  D16212140   04/24/2007 2    Dividends of EUR 2.0 per Share          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
Continental  AG                  D16212140   04/24/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Continental  AG                  D16212140   04/24/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Continental  AG                  D16212140   04/24/2007 5    Ratify KPMG Deutsche                    Mgmt     Yes   For     For
                                                             Treuhand-Gesellschaft AG as Auditors
                                                             for Fiscal 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
                                                             and Reissuance or Cancellation of
Continental  AG                  D16212140   04/24/2007 6    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Continental  AG                  D16212140   04/24/2007 7    Approve Cancellation of 2002 AGM Pool   Mgmt     Yes   For     For
                                                             of Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Creation of EUR 187.5 Million
                                                             Pool of Capital without Preemptive
Continental  AG                  D16212140   04/24/2007 8    Rights                                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Allow Electronic
Continental  AG                  D16212140   04/24/2007 9    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Supervisory
Continental  AG                  D16212140   04/24/2007 10   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 1a   Elect  Director S.G. Butler             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 1b   Elect  Director D.F. Smith              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 1c   Elect  Director G.B. Smith              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 1d   Elect  Director M.S. Thompson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 1e   Elect  Director L.D. Kingsley           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 3    AMENDMENT TO COOPER S BYE-LAWS TO       Mgmt     Yes   For     For
                                                             INCREASE AUTHORIZED SHARES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
COOPER INDUSTRIES LTD     CBE    G24182100   04/24/2007 4    ILO Standards                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 1.1  Elect Director Robert F. Cummings, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 1.2  Elect Director Eugene C. Sit            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 1.3  Elect Director William D. Smithburg     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 1.4  Elect Director Hansel E. Tookes Ii      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 1.5  Elect Director Wendell P. Weeks         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corning Inc.              GLW    219350105   04/26/2007 3    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation   CXW    22025Y407   05/10/2007 1.1  Elect Director William F. Andrews       Mgmt     Yes   For     For
of America
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.2  Elect Director John D. Ferguson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.3  Elect Director Donna M. Alvarado        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.4  Elect Director Lucius E. Burch, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.5  Elect Director John D. Correnti         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.6  Elect Director John R. Horne            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.7  Elect Director C. Michael Jacobi        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.8  Elect Director Thurgood Marshall, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.9  Elect Director Charles L. Overby        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.1  Elect Director John R. Prann, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.11 Elect Director Joseph V. Russell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 1.12 Elect Director Henri L. Wedell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 4    Increase Authorized Common Stock        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 5    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Corrections Corporation
of America                CXW    22025Y407   05/10/2007 6    Adjourn Meeting                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Costco Wholesale
Corporation               COST   22160K105   01/31/2007 1.1  Elect Director Benjamin S. Carson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Costco Wholesale
Corporation               COST   22160K105   01/31/2007 1.2  Elect Director William H. Gates         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Costco Wholesale
Corporation               COST   22160K105   01/31/2007 1.3  Elect Director Hamilton E. James        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Costco Wholesale
Corporation               COST   22160K105   01/31/2007 1.4  Elect Director Jill S. Ruckelshaus      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Costco Wholesale
Corporation               COST   22160K105   01/31/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Countrywide Financial
Corp.                     CFC    222372104   06/13/2007 1.1  Elect Director Henry G. Cisneros        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Countrywide Financial
Corp.                     CFC    222372104   06/13/2007 1.2  Elect Director Robert J. Donato         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Countrywide Financial
Corp.                     CFC    222372104   06/13/2007 1.3  Elect Director Harley W. Snyder         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Countrywide Financial
Corp.                     CFC    222372104   06/13/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Countrywide Financial                                        Advisory Vote to Ratify Named
Corp.                     CFC    222372104   06/13/2007 3    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group                                          Accept Financial Statements and
(formerly CS Holding)            H3698D419   05/04/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group                                          Approve Discharge of Board and Senior
(formerly CS Holding)            H3698D419   05/04/2007 2    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group              H3698D419   05/04/2007 3    Approve CHF 26.9 Million Reduction in   Mgmt     Yes   For     For
                                                             Share Capital via Cancellation of
(formerly CS Holding)                                        Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Credit Suisse Group                                          Dividends of CHF 2.24 per Registered
(formerly CS Holding)            H3698D419   05/04/2007 4.1  Share                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve CHF 534 Million Reduction in
Credit Suisse Group                                          Share Capital; Approve Capital
(formerly CS Holding)            H3698D419   05/04/2007 4.2  Repayment of CHF 0.46 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group              H3698D419   05/04/2007 5    Authorize Share Repurchase Program      Mgmt     Yes   For     For
(formerly CS Holding)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group                                          Renew Existing CHF 22.7 Million Pool
(formerly CS Holding)            H3698D419   05/04/2007 6.1  of Capital                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group              H3698D419   05/04/2007 6.2  Amend Articles Re: Capital Holding      Mgmt     Yes   For     For
                                                             Requirement for Submitting
(formerly CS Holding)                                        Shareholder Proposals
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group              H3698D419   05/04/2007 6.3  Amend Articles to Reflect Changes in    Mgmt     Yes   For     For
(formerly CS Holding)                                        Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group
(formerly CS Holding)            H3698D419   05/04/2007 7.1a Reelect Noreen Doyle as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group
(formerly CS Holding)            H3698D419   05/04/2007 7.1b Reelect Aziz Syriani as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group
(formerly CS Holding)            H3698D419   05/04/2007 7.1c Reelect David Syz as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group
(formerly CS Holding)            H3698D419   05/04/2007 7.1d Reelect Peter Weibel as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group                                          Ratify KPMG Klynveld Peat Marwick
(formerly CS Holding)            H3698D419   05/04/2007 7.2  Goerdeler SA as Auditors                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Credit Suisse Group
(formerly CS Holding)            H3698D419   05/04/2007 7.3  Ratify BDO Visura as Special Auditors   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.1  Elect Director D.M. Alvarado            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.2  Elect Director E.E. Bailey              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.3  Elect Director Sen. J.B. Breaux         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.4  Elect Director S.T. Halverson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.5  Elect Director E.J. Kelly, III          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.6  Elect Director R.D. Kunisch             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.7  Elect Director S.J. Morcott             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.8  Elect Director D.M. Ratcliffe           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.9  Elect Director W.C. Richardson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.1  Elect Director F.S. Royal, M.D.         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.11 Elect Director D.J. Shepard             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 1.12 Elect Director M.J. Ward                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 3    Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CSX Corp.                 CSX    126408103   05/02/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Submit Severance Agreement (Change in
CSX Corp.                 CSX    126408103   05/02/2007 5    Control) to shareholder Vote            ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles/Bylaws/Charter -- Call
CSX Corp.                 CSX    126408103   05/02/2007 6    Special Meetings                        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cumulus Media Inc.        CMLS   231082108   05/10/2007 1    Elect Director Eric P. Robison          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cumulus Media Inc.        CMLS   231082108   05/10/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cumulus Media Inc.        CMLS   231082108   05/10/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Cumulus Media Inc.        CMLS   231082108   05/10/2007 4    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS Corporation           CVS    126650100   03/15/2007 1    Amend Articles/Increase Common Stock    Mgmt     Yes   For     For
                                                             and Change Company Name
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Issue Shares in Connection with an
CVS Corporation           CVS    126650100   03/15/2007 2    Acquisition                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS Corporation           CVS    126650100   03/15/2007 3    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 1    Elect Director Edwin M. Banks           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 2    Elect Director C. David Brown II        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 3    Elect Director Edwin Mac Crawford       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 4    Elect Director David W. Dorman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Kristen E. Gibney
CVS/Caremark Corp         CVS    126650100   05/09/2007 5    Williams                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 6    Elect Director Roger L. Headrick        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 7    Elect Director Marian L. Heard          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 8    Elect Director William H. Joyce         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 9    Elect Director Jean-Pierre Million      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 10   Elect Director Terrence Murray          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 11   Elect Director C.A. Lance Piccolo       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 12   Elect Director Sheli Z. Rosenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 13   Elect Director Thomas M. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 14   Elect Director Richard J. Swift         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 15   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 16   Approve Qualified Employee Stock        Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 17   Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 18   Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 19   Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 20   Prepare Sustainability Report           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 21   Disclose Information on Compensation    ShrHoldr Yes   For     Against
                                                             Consultant
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Compensation Specific- Policy on
CVS/Caremark Corp         CVS    126650100   05/09/2007 22   Stock Option Grants/Option Backdating   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007      Dissident Proxy (Blue Card)                      No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
CVS/Caremark Corp         CVS    126650100   05/09/2007 1    Compensation Specific- Policy on        ShrHoldr No            Against
                                                             Stock Option Grants/Option Backdating
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007      Management Proposals                             Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 1    Receive Financial Statements and                 Yes
                                                             Statutory Reports for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
DaimlerChrysler AG               D1668R123   04/04/2007 2    Dividends of EUR 1.50 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
DaimlerChrysler AG               D1668R123   04/04/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
DaimlerChrysler AG               D1668R123   04/04/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 5    Ratify KPMG Deutsche                    Mgmt     Yes   For     For
                                                             Treuhand-Gesellschaft AG as Auditors
                                                             for Fiscal 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
                                                             and Reissuance or Cancellation of
DaimlerChrysler AG               D1668R123   04/04/2007 6    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 7    Elect Clemens Boersig to the            Mgmt     Yes   For     For
                                                             Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Allow Electronic
DaimlerChrysler AG               D1668R123   04/04/2007 8    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Shareholder Proposals Submitted by
DaimlerChrysler AG               D1668R123   04/04/2007      Ekkehard Wenger and Leonhard Knoll               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Change Name of
DaimlerChrysler AG               D1668R123   04/04/2007 9a   Company to Daimler-Benz AG              ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 9b   Authorize Management Board to Delay     ShrHoldr Yes   Against For
                                                             Registration of Name Change until
                                                             Disposal of Chrysler Group But Not
                                                             Beyond March 31, 2008
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 10   Amend Articles Re: Location of          ShrHoldr Yes   Against For
                                                             General Meetings
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Chairmanship of
DaimlerChrysler AG               D1668R123   04/04/2007 11   General Meetings                        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Establish Mandatory Retirement Age
DaimlerChrysler AG               D1668R123   04/04/2007 12   for Directors                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Outside Boards of
DaimlerChrysler AG               D1668R123   04/04/2007 13   Supervisory Board Members               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Shareholder Right
DaimlerChrysler AG               D1668R123   04/04/2007 14   to Speak at General Meetings            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Separate Counting
DaimlerChrysler AG               D1668R123   04/04/2007 15   of Proxy Votes at General Meetings      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Written Protocol
DaimlerChrysler AG               D1668R123   04/04/2007 16   for General Meetings                    ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 17a  Instruct Management Board to Prepare    ShrHoldr Yes   Against For
                                                             Shareholder Vote on Conversion of
                                                             Corporate Structure to European
                                                             Company (Societas Europea) at 2008 AGM
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Management Board to Enter
                                                             Negotiations with Employee
                                                             Representatives to Reduce Size of
DaimlerChrysler AG               D1668R123   04/04/2007 17b  Supervisory Board to 12 Members         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Special Audit of Conversion
                                                             Ratio for Merger Between Daimler-Benz
                                                             AG and Chrysler Corporation; Appoint
DaimlerChrysler AG               D1668R123   04/04/2007 18   Nicola Monissen as Special Auditor      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 19   Authorize Special Audit of Spring       ShrHoldr Yes   Against For
                                                             2003 Stock Option Grants; Appoint
                                                             Nicola Monissen as Special Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 20   Authorize Special Audit of Statements   ShrHoldr Yes   Against For
                                                             Made by Former CEO Juergen Schrempp
                                                             in Connection with US Class Action
                                                             Lawsuit; Appoint Nicola Monissen as
                                                             Special Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 21   Authorize Special Audit Re: Knowledge   ShrHoldr Yes   Against For
                                                             of Management and Supervisory Boards
                                                             Re: US Secutities and Exchange
                                                             Commission and Department of Justice
                                                             Investigations; Appoint Nicola
                                                             Monissen as Special Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 22   Authorize Special Audit Re: Alleged     ShrHoldr Yes   Against For
                                                             Connections Between Management and
                                                             Supervisory Boards and Prison
                                                             Sentence of Gerhard Schweinle;
                                                             Appoint Nicola Monissen as Special
                                                             Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DaimlerChrysler AG               D1668R123   04/04/2007 23   Authorize Special Audit Re:             ShrHoldr Yes   Against For
                                                             Supervisory Board Monitoring of
                                                             Former CEO Juergen Schrempp; Appoint
                                                             Nicola Monissen as Special Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 1.1  Elect Director Steven M. Rales          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 1.2  Elect Director John T. Schwieters       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 1.3  Elect Director Alan G. Spoon            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 3    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 4    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 5    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 6    Amend Deferred Compensation Plan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Danaher Corp.             DHR    235851102   05/15/2007 7    Stock Retention/Holding Period          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.1  Elect Director Leonard L. Berry         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.2  Elect Director Odie C. Donald           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.3  Elect Director David H. Hughes          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Charles A. Ledsinger,
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.4  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.5  Elect Director William M. Lewis, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.6  Elect Director Connie Mack, III         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.7  Elect Director Andrew H. Madsen         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.8  Elect Director Clarence Otis, Jr.       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.9  Elect Director Michael D. Rose          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.1  Elect Director Maria A. Sastre          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.11 Elect Director Jack A. Smith            Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.12 Elect Director Blaine Sweatt, III       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 1.13 Elect Director Rita P. Wilson           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Darden Restaurants, Inc.  DRI    237194105   09/15/2006 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deere & Co.               DE     244199105   02/28/2007 1    Elect Director Robert W. Lane           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deere & Co.               DE     244199105   02/28/2007 2    Elect Director Antonio Madero B.        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deere & Co.               DE     244199105   02/28/2007 3    Elect Director Aulana L. Peters         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deere & Co.               DE     244199105   02/28/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.1  Elect Director Donald J. Carty          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.2  Elect Director Michael S. Dell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.3  Elect Director William H. Gray, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.4  Elect Director Sallie L. Krawcheck      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.5  Elect Director Alan (A.G.) Lafley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.6  Elect Director Judy C. Lewent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.7  Elect Director Klaus S. Luft            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.8  Elect Director Alex J. Mandl            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.9  Elect Director Michael A. Miles         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.1  Elect Director Samuel A. Nunn, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 1.11 Elect Director Kevin B. Rollins         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 3    Adopt ILO-Based Code of Conduct         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dell Inc.                 DELL   24702R101   07/21/2006 4    Compensation Company                    ShrHoldr Yes   Against For
                                                             Specific--Declaration of Dividend
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Financial Statements and
Deutsche Bank AG                 D18190898   05/24/2007 1    Statutory Reports for Fiscal 2006                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Deutsche Bank AG                 D18190898   05/24/2007 2    Dividends of EUR 4 per Share            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
Deutsche Bank AG                 D18190898   05/24/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Deutsche Bank AG                 D18190898   05/24/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify KPMG AG as Auditors for Fiscal
Deutsche Bank AG                 D18190898   05/24/2007 5    2007                                    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Bank AG                 D18190898   05/24/2007 6    Authorize Repurchase of Up to Five      Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital for
                                                             Trading Purposes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
                                                             and Reissuance or Cancellation of
Deutsche Bank AG                 D18190898   05/24/2007 7    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Bank AG                 D18190898   05/24/2007 8    Authorize Use of Financial              Mgmt     Yes   For     For
                                                             Derivatives When Repurchasing Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Theo Siegert to the Supervisory
Deutsche Bank AG                 D18190898   05/24/2007 9    Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Confirm 2006 AGM Election of Clemens
Deutsche Bank AG                 D18190898   05/24/2007 10   Boersig as Supervisory Board Member     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Supervisory
Deutsche Bank AG                 D18190898   05/24/2007 11   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Allow Electronic
Deutsche Bank AG                 D18190898   05/24/2007 12   Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Regional Advisory
Deutsche Bank AG                 D18190898   05/24/2007 13   Councils                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Creation of EUR 85 Million
                                                             Pool of Capital without Preemptive
Deutsche Bank AG                 D18190898   05/24/2007 14   Rights                                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Financial Statements and
Deutsche Post AG                 D19225107   05/08/2007 1    Statutory Reports for Fiscal 2006                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Deutsche Post AG                 D19225107   05/08/2007 2    Dividends of EUR 0.75 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
Deutsche Post AG                 D19225107   05/08/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Deutsche Post AG                 D19225107   05/08/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify PricewaterhouseCoopers AG as
Deutsche Post AG                 D19225107   05/08/2007 5    Auditors for Fiscal 2007                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Post AG                 D19225107   05/08/2007 6    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance or Cancellation of
                                                             Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Post AG                 D19225107   05/08/2007 7    Approve Issuance of Convertible Bonds   Mgmt     Yes   For     For
                                                             and/or Bonds with Warrants Attached
                                                             without Preemptive Rights up to
                                                             Aggregate Nominal Amount of EUR 1
                                                             Billion; Approve Creation of EUR 56
                                                             Million Pool of Capital to Guarantee
                                                             Conversion Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Post AG                 D19225107   05/08/2007 8    Elect Ingrid Matthaeus-Maier to the     Mgmt     Yes   For     For
                                                             Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Financial Statements and
Deutsche Telekom AG              D2035M136   05/03/2007 1    Statutory Reports for Fiscal 2006                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Deutsche Telekom AG              D2035M136   05/03/2007 2    Dividends of EUR 0.72 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
Deutsche Telekom AG              D2035M136   05/03/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Deutsche Telekom AG              D2035M136   05/03/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Telekom AG              D2035M136   05/03/2007 5    Ratify PricewaterhouseCoopers AG and    Mgmt     Yes   For     For
                                                             Ernst & Young AG as Joint Auditors
                                                             for Fiscal 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
                                                             and Reissuance or Cancellation of
Deutsche Telekom AG              D2035M136   05/03/2007 6    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Telekom AG              D2035M136   05/03/2007 7    Approve Cancellation of Unused          Mgmt     Yes   For     For
                                                             Capital Pools
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Allow Electronic
Deutsche Telekom AG              D2035M136   05/03/2007 8    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Lawrence Guffey to the
Deutsche Telekom AG              D2035M136   05/03/2007 9    Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Ulrich Hocker to the
Deutsche Telekom AG              D2035M136   05/03/2007 10   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Affiliation Agreement with
Deutsche Telekom AG              D2035M136   05/03/2007 11   T-Mobile International AG               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Deutsche Telekom AG              D2035M136   05/03/2007 12   Approve Affiliation Agreement with      Mgmt     Yes   For     For
                                                             Subsidiary Plinius
                                                             Telekommunikationsdienste GmbH
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Affiliation Agreement with
                                                             Subsidiary Sallust
Deutsche Telekom AG              D2035M136   05/03/2007 13   Telekommunikationsdienste GmbH          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Affiliation Agreement with
                                                             Subsidiary Tibull
Deutsche Telekom AG              D2035M136   05/03/2007 14   Telekommunikationsdienste GmbH          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Devon Energy Corp.        DVN    25179M103   06/06/2007 1.1  Elect Director Thomas F. Ferguson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Devon Energy Corp.        DVN    25179M103   06/06/2007 1.2  Elect Director David M. Gavrin          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Devon Energy Corp.        DVN    25179M103   06/06/2007 1.3  Elect Director John Richels             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Devon Energy Corp.        DVN    25179M103   06/06/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 3    Approve Final Dividend of 19.15 Pence   Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Lord Hollick of Notting Hill
Diageo Plc                       G42089113   10/17/2006 4    as Director                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 5    Re-elect Todd Stitzer as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 6    Re-elect Paul Walsh as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 7    Elect Laurence Danon as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 8    Reappoint KPMG Audit Plc as Auditors    Mgmt     Yes   For     For
                                                             and Authorise the Board to Determine
                                                             Their Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 9    Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 268,684,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Diageo Plc                       G42089113   10/17/2006 10   Nominal Amount of GBP 44,140,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 11   Authorise 278,571,000 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 12   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations up
                                                             to GBP 200,000 and Incur EU Political
                                                             Expenditure up to GBP 200,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Diageo Plc                       G42089113   10/17/2006 13   Approve Diageo Plc 2006 Irish Profit    Mgmt     Yes   For     For
                                                             Sharing Scheme
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Diageo Executive Share Option
Diageo Plc                       G42089113   10/17/2006 14   Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dollar General Corp.      DG     256669102   06/21/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dollar General Corp.      DG     256669102   06/21/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.1  Elect Director Peter W. Brown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.2  Elect Director George A. Davidson, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.3  Elect Director Thomas F. Farrell, II    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.4  Elect Director John W. Harris           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.5  Elect Director Robert S. Jepson, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.6  Elect Director Mark J. Kington          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Benjamin J. Lambert,
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.7  III                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.8  Elect Director Margaret A. McKenna      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.9  Elect Director Frank S. Royal, M.D.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 1.1  Elect Director David A. Wollard         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dominion Resources, Inc.  D      25746U109   04/27/2007 3    Report on Greenhouse Gas Emissions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Impact of Utilizing
                                                             National Interest Electric
Dominion Resources, Inc.  D      25746U109   04/27/2007 4    Transmission Corridor                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.1  Elect Director D. H. Benson             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.2  Elect Director R. W. Cremin             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.3  Elect Director J-P. M. Ergas            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.4  Elect Directors K. C. Graham            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.5  Elect Director R. L. Hoffman            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.6  Elect Director J. L. Koley              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.7  Elect Director R. K. Lochridge          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.8  Elect Director T. L. Reece              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.9  Elect Director B. G. Rethore            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.1  Elect Director M. B. Stubbs             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 1.11 Elect Director M. A. Winston            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 2    Sustainability Report                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Dover Corp.               DOV    260003108   04/17/2007 3    Other Business                          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DTE Energy Co.            DTE    233331107   05/03/2007 1.1  Elect Director Anthony F. Earley, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DTE Energy Co.            DTE    233331107   05/03/2007 1.2  Elect Director Allan D. Gilmour         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DTE Energy Co.            DTE    233331107   05/03/2007 1.3  Elect Director Frank M. Hennessey       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DTE Energy Co.            DTE    233331107   05/03/2007 1.4  Elect Director Gail J. McGovern         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DTE Energy Co.            DTE    233331107   05/03/2007 1.5  Elect Director James H. Vandenberghe    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
DTE Energy Co.            DTE    233331107   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.1  Elect Director Roger Agnelli            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.2  Elect Director Paul M. Anderson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.3  Elect Director William Barnet, III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.4  Elect Director G. Alex Bernhardt, Sr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.5  Elect Director Michael G. Browning      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.6  Elect Director Phillip R. Cox           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.7  Elect Director William T. Esrey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.8  Elect Director Ann Maynard Gray         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.9  Elect Director James H. Hance, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.1  Elect Director Dennis R. Hendrix        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.11 Elect Director Michael E.J. Phelps      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.12 Elect Director James T. Rhodes          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.13 Elect Director James E. Rogers          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.14 Elect Director Mary L. Schapiro         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 1.15 Elect Director Dudley S. Taft           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   10/24/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.1  Elect Director William Barnet, III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.2  Elect Director G. Alex Bernhardt, Sr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.3  Elect Director Michael G. Browning      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.4  Elect Director Phillip R. Cox           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.5  Elect Director Ann Maynard Gray         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.6  Elect Director James H. Hance, Jr       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.7  Elect Director James T. Rhodes          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.8  Elect Director James E. Rogers          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.9  Elect Director Mary L. Schapiro         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 1.1  Elect Director Dudley S. Taft           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Duke Energy Corp.         DUK    26441C105   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours & DD     263534109   04/25/2007 1.1  Elect Director Richard H. Brown         Mgmt     Yes   For     For
Co.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.2  Elect Director Robert A. Brown          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.3  Elect Director Bertrand P. Collomb      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.4  Elect Director Curtis J. Crawford       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.5  Elect Director John T. Dillon           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.6  Elect Director Eleuthere I. du Pont     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &                                    Elect Director Charles O. Holliday,
Co.                       DD     263534109   04/25/2007 1.7  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.8  Elect Director Lois D. Juliber          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.9  Elect Director Masahisa Naitoh          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.1  Elect Director Sean O'Keefe             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 1.11 Elect Director William K. Reilly        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &                                    Report on Genetically Modified
Co.                       DD     263534109   04/25/2007 4    Organisms                               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &                                    Evaluate Community Impact of Plant
Co.                       DD     263534109   04/25/2007 5    Closures or Layoffs                     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &                                    Report on PFOA Compounds in DuPont
Co.                       DD     263534109   04/25/2007 6    Products                                ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &                                    Report on Lobbying Expenditures
Co.                       DD     263534109   04/25/2007 7    related to Environmental Pollution      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &
Co.                       DD     263534109   04/25/2007 8    Prepare a Global Warming Report         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.I. Du Pont De Nemours &                                    Report on Security of Chemical
Co.                       DD     263534109   04/25/2007 9    Facilities                              ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Financial Statements and
E.ON AG (formerly Veba Ag        D24909109   05/03/2007 1    Statutory Reports for Fiscal 2006                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
E.ON AG (formerly Veba Ag        D24909109   05/03/2007 2    Dividends of EUR 3.35 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
E.ON AG (formerly Veba Ag        D24909109   05/03/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
E.ON AG (formerly Veba Ag        D24909109   05/03/2007 4    Board Fiscal 2006                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.ON AG (formerly Veba Ag        D24909109   05/03/2007 5    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance of Repurchased Shares
                                                             - Authorize Use of Financial
                                                             Derivatives When Repurchasing
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
E.ON AG (formerly Veba Ag        D24909109   05/03/2007 6    Ratify PricewaterhouseCoopers AG as     Mgmt     Yes   For     For
                                                             Auditors for Fiscal 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Chemical Co.      EMN    277432100   05/03/2007 1.1  Elect Director Renee J. Hornbaker       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Chemical Co.      EMN    277432100   05/03/2007 1.2  Elect Director Thomas H. McLain         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Chemical Co.      EMN    277432100   05/03/2007 1.3  Elect Director Peter M. Wood            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Chemical Co.      EMN    277432100   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Chemical Co.      EMN    277432100   05/03/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Chemical Co.      EMN    277432100   05/03/2007 4    Establish SERP Policy                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Kodak Co.         EK     277461109   05/09/2007 1.1  Elect Director Michael J. Hawley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Kodak Co.         EK     277461109   05/09/2007 1.2  Elect Director William H. Hernandez     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Kodak Co.         EK     277461109   05/09/2007 1.3  Elect Director Hector de J. Ruiz        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Kodak Co.         EK     277461109   05/09/2007 1.4  Elect Director Laura D'Andrea Tyson     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Kodak Co.         EK     277461109   05/09/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eastman Kodak Co.         EK     277461109   05/09/2007 3    Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eaton Corp.               ETN    278058102   04/25/2007 1.1  Elect Director Christopher M. Connor    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eaton Corp.               ETN    278058102   04/25/2007 1.2  Elect Director Michael J. Critelli      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eaton Corp.               ETN    278058102   04/25/2007 1.3  Elect Director Charles E. Golden        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eaton Corp.               ETN    278058102   04/25/2007 1.4  Elect Director Ernie Green              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eaton Corp.               ETN    278058102   04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
eBay Inc.                 EBAY   278642103   06/14/2007 1.1  Elect Director Philippe Bourguignon     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
eBay Inc.                 EBAY   278642103   06/14/2007 1.2  Elect Director Thomas J. Tierney        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
eBay Inc.                 EBAY   278642103   06/14/2007 1.3  Elect Director Margaret C. Whitman      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
eBay Inc.                 EBAY   278642103   06/14/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
eBay Inc.                 EBAY   278642103   06/14/2007 3    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
eBay Inc.                 EBAY   278642103   06/14/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ecolab, Inc.              ECL    278865100   05/04/2007 1.1  Elect Director Richard U. DeSchutter    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ecolab, Inc.              ECL    278865100   05/04/2007 1.2  Elect Director Joel W. Johnson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ecolab, Inc.              ECL    278865100   05/04/2007 1.3  Elect Director Beth M. Pritchard        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ecolab, Inc.              ECL    278865100   05/04/2007 1.4  Elect Director Hans Van Bylen           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ecolab, Inc.              ECL    278865100   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.1  Elect Director John E. Bryson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.2  Elect Director Vanessa C.L. Chang       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.3  Elect Director France A. Cordova        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.4  Elect Director Charles B. Curtis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.5  Elect Director Bradford M. Freeman      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.6  Elect Director Luis G. Nogales          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.7  Elect Director Ronald L. Olson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.8  Elect Director James M. Rosser          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Richard T. Schlosberg,
Edison International      EIX    281020107   04/26/2007 1.9  III                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.1  Elect Director Robert H. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 1.11 Elect Director Thomas C. Sutton         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Edison International      EIX    281020107   04/26/2007 4    Performance-Based and/or Time-Based     ShrHoldr Yes   Against For
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.1  Elect Director M. Richard Asher         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.2  Elect Director Leonard S. Coleman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.3  Elect Director Gary M. Kusin            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.4  Elect Director Gregory B. Maffei        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.5  Elect Director Timothy Mott             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.6  Elect Director Vivek Paul               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.7  Elect Director Lawrence F. Probst, III  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.8  Elect Director Richard A. Simonson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 1.9  Elect Director Linda J. Srere           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 2    Approve Repricing of Options            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 4    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Arts Inc.      ERTS   285512109   07/27/2006 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems   EDS    285661104   04/17/2007 1    Elect Director W. Roy Dunbar            Mgmt     Yes   For     For
Corp.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 2    Elect Director Martin C. Faga           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 3    Elect Director S. Malcolm Gillis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 4    Elect Director Ray J. Groves            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 5    Elect Director Ellen M. Hancock         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 6    Elect Director Jeffrey M. Heller        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 7    Elect Director Ray L. Hunt              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 8    Elect Director Michael H. Jordan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 9    Elect Director Edward A. Kangas         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 10   Elect Director James K. Sims            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 11   Elect Director R. David Yost            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems                                      Performance-Based and/or Time-Based
Corp.                     EDS    285661104   04/17/2007 13   Equity Awards                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Electronic Data Systems
Corp.                     EDS    285661104   04/17/2007 14   Amend Bylaws -- Call Special Meetings   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 1.1  Elect Director Sir Winfried Bischoff    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 1.2  Elect Director J. Michael Cook          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 1.3  Elect Director Franklyn G.              Mgmt     Yes   For     For
                                                             Prendergast, M.D., Ph.D.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 1.4  Elect Director Kathi P. Seifert         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 3    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 4    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 5    Report on Animal Welfare                ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 6    Report on Animal Testing Policies       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 7    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 8    Amend Vote Requirements to Amend        ShrHoldr Yes   For     Against
                                                             Articles/Bylaws/Charter
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Eli Lilly and Co.         LLY    532457108   04/16/2007 9    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.1  Elect Director Peter C. Brown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.2  Elect Director Steven A. Davis          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.3  Elect Director Daniel R. Hesse          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.4  Elect Director John P. Mullen           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.5  Elect Director William A. Owens         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.6  Elect Director Dinesh C. Paliwal        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.7  Elect Director Stephanie M. Shern       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 1.8  Elect Director Laurie A. Siegel         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Embarq Corp               EQ     29078E105   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 1.1  Elect Director Michael W. Brown         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 1.2  Elect Director John R. Egan             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 1.3  Elect Director David N. Strohm          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 4    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 5    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 6    Limit Composition of Committee(s) to    ShrHoldr Yes   Against For
                                                             Independent Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require a Majority Vote for the
EMC Corp.                 EMC    268648102   05/03/2007 7    Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company Specific-Adopt Simple
EMC Corp.                 EMC    268648102   05/03/2007 8    Majority Vote                           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EMC Corp.                 EMC    268648102   05/03/2007 9    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Emerson Electric Co.      EMR    291011104   02/06/2007 1.1  Elect Director C. Fernandez G           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Emerson Electric Co.      EMR    291011104   02/06/2007 1.2  Elect Director W. J. Galvin             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Emerson Electric Co.      EMR    291011104   02/06/2007 1.3  Elect Director R. L. Ridgway            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Emerson Electric Co.      EMR    291011104   02/06/2007 1.4  Elect Director R. L. Stephenson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Emerson Electric Co.      EMR    291011104   02/06/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Maureen Scannell
Entergy Corp.             ETR    29364G103   05/04/2007 1.1  Bateman                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.2  Elect Director W. Frank Blount          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.3  Elect Director Simon D. DeBree          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.4  Elect Director Gary W. Edwards          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.5  Elect Director Alexis M. Herman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.6  Elect Director Donald C. Hintz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.7  Elect Director J. Wayne Leonard         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.8  Elect Director Stuart L. Levenick       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.9  Elect Director James R. Nichols         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.1  Elect Director William A. Percy, II     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.11 Elect Director W.J. Tauzin              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 1.12 Elect Director Steven V. Wilkinson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 3    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Entergy Corp.             ETR    29364G103   05/04/2007 4    Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.1  Elect Director George A. Alcorn         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.2  Elect Director Charles R. Crisp         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.3  Elect Director Mark G. Papa             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.4  Elect Director Edmund P. Segner, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.5  Elect Director William D. Stevens       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.6  Elect Director H. Leighton Steward      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.7  Elect Director Donald F. Textor         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 1.8  Elect Director Frank G. Wisner          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
EOG Resources, Inc.       EOG    26875P101   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equifax Inc.              EFX    294429105   05/04/2007 1.1  Elect Director John L. Clendenin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equifax Inc.              EFX    294429105   05/04/2007 1.2  Elect Director A. William Dahlberg      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equifax Inc.              EFX    294429105   05/04/2007 1.3  Elect Director Robert D. Daleo          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equifax Inc.              EFX    294429105   05/04/2007 1.4  Elect Director L. Phillip Humann        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equifax Inc.              EFX    294429105   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Office Properties  EOP.PB 294741103   02/07/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
Trust
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Office Properties
Trust                     EOP.PB 294741103   02/07/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.1  Elect Director John W. Alexander        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.2  Elect Director Charles L. Atwood        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.3  Elect Director Stephen O. Evans         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.4  Elect Director Boone A. Knox            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.5  Elect Director John E. Neal             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.6  Elect Director David J. Neithercut      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.7  Elect Director Desiree G. Rogers        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.8  Elect Director Sheli Z. Rosenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.9  Elect Director Gerald A. Spector        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.1  Elect Director B. Joseph White          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 1.11 Elect Director Samuel Zell              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Equity Residential        EQR    29476L107   05/24/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 1    Elect Chairman of Meeting               Mgmt     Yes   For     For
(Telefonaktiebolaget L M
Ericsson)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Prepare and Approve List of
Ericsson)                        W26049119   04/11/2007 2    Shareholders                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M
Ericsson)                        W26049119   04/11/2007 3    Approve Agenda of Meeting               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Acknowledge Proper Convening of
Ericsson)                        W26049119   04/11/2007 4    Meeting                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Designate Inspector or Shareholder
(Telefonaktiebolaget L M                                     Representative(s) of Minutes of
Ericsson)                        W26049119   04/11/2007 5    Meeting                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Receive Financial Statements and
Ericsson)                        W26049119   04/11/2007 6    Statutory Reports                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M
Ericsson)                        W26049119   04/11/2007 7    Receive Board and Committee Reports              Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Receive President's Report; Allow
Ericsson)                        W26049119   04/11/2007 8    Questions                                        Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Financial Statements and
Ericsson)                        W26049119   04/11/2007 9a   Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Discharge of Board and
Ericsson)                        W26049119   04/11/2007 9b   President                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Allocation of Income and
Ericsson)                        W26049119   04/11/2007 9c   Dividends of SEK 0.50 Per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Determine Number of Members (10) and
Ericsson)                        W26049119   04/11/2007 10a  Deputy Members (0) of Board             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 10b  Approve Remuneration of Directors in    Mgmt     Yes   For     For
                                                             the Amount of SEK 3.8 Million for
                                                             Chairman and SEK 750,000 for Other
(Telefonaktiebolaget L M                                     Directors; Approve Remuneration of
Ericsson)                                                    Committee Members
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 10c  Reelect Michael Treschow (Chairman),    Mgmt     Yes   For     For
                                                             Sverker Martin-Loef, Marcus
                                                             Wallenberg, Peter Bonfield,  Boerje
                                                             Ekholm, Katherine Hudson, Ulf
                                                             Johansson, Nancy McKinstry, Anders
(Telefonaktiebolaget L M                                     Nyren, and Carl-Henric Svanberg as
Ericsson)                                                    Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 10d  Authorize Chairman of Board and         Mgmt     Yes   For     For
                                                             Representatives of Four of Company's
(Telefonaktiebolaget L M                                     Largest Shareholders to Serve on
Ericsson)                                                    Nominating Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 10e  Approve Omission of Remuneration of     Mgmt     Yes   For     For
(Telefonaktiebolaget L M
Ericsson)                                                    Nominating Committee Members
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M
Ericsson)                        W26049119   04/11/2007 10f  Approve Remuneration of Auditors        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Ratify PricewaterhouseCoopers as
Ericsson)                        W26049119   04/11/2007 10g  Auditors                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Approve Remuneration Policy And Other
(Telefonaktiebolaget L M                                     Terms of Employment For Executive
Ericsson)                        W26049119   04/11/2007 11   Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Implementation of 2007
Ericsson)                        W26049119   04/11/2007 12a  Long-Term Incentive Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Authorize Reissuance of 42.3  Million
(Telefonaktiebolaget L M                                     Repurchased Class B Shares for 2007
Ericsson)                        W26049119   04/11/2007 12b  Long-Term Incentive Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 13   Authorize Reissuance of 67.6 Million    Mgmt     Yes   Against Against
                                                             Repurchased Class B Shares in
                                                             Connection with 2001 Global Stock
                                                             Incentive Program, 2003 Stock
(Telefonaktiebolaget L M                                     Purchase Plan, and 2004, 2005, and
Ericsson)                                                    2006 Long-Term Incentive Plans
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                         W26049119   04/11/2007 14   Close Meeting                                    Yes
(Telefonaktiebolaget L M
Ericsson)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M
Ericsson)                        W26049119   06/28/2007 1    Elect Chairman of Meeting               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Prepare and Approve List of
Ericsson)                        W26049119   06/28/2007 2    Shareholders                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M
Ericsson)                        W26049119   06/28/2007 3    Approve Agenda of Meeting               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Acknowledge Proper Convening of
Ericsson)                        W26049119   06/28/2007 4    Meeting                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Designate Inspector or Shareholder
(Telefonaktiebolaget L M                                     Representative(s) of Minutes of
Ericsson)                        W26049119   06/28/2007 5    Meeting                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Share Matching Plan for All
Ericsson)                        W26049119   06/28/2007 6.1.aEmployees ('Stock Purchase Plan')       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Authorize Reissuance of 17.4 Million
(Telefonaktiebolaget L M                                     Repurchased Class B Shares for 2007
Ericsson)                        W26049119   06/28/2007 6.1.bAll Employee Share Matching Plan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reissuance of 3.4 Million B
Ericsson                                                     Shares to Cover Social Costs in
(Telefonaktiebolaget L M                                     Relation to All Employee Share
Ericsson)                        W26049119   06/28/2007 6.1.cMatching Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Swap Agreement with Third
Ericsson)                        W26049119   06/28/2007 6.1.dParty as Alternative to Item 6.1.B      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Approve Share Matching Plan for Key
(Telefonaktiebolaget L M                                     Contributors ('Key Contributor
Ericsson)                        W26049119   06/28/2007 6.2.aRetention Plan')                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Authorize Reissuance of 11.8 Million
(Telefonaktiebolaget L M                                     Repurchased Class B Shares for 2007
Ericsson)                        W26049119   06/28/2007 6.2.bKey Contributor Share Matching Plan     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reissuance of 2.4 Million B
Ericsson                                                     Shares to Cover Social Costs in
(Telefonaktiebolaget L M                                     Relation to Key Contributor Share
Ericsson)                        W26049119   06/28/2007 6.2.cMatching Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Swap Agreement with Third
Ericsson)                        W26049119   06/28/2007 6.2.dParty as Alternative to Item 6.2.B      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Approve Share Matching Plan for
(Telefonaktiebolaget L M                                     Executive Directors ('Executive
Ericsson)                        W26049119   06/28/2007 6.3.aPerformance Stock Plan')                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson                                                     Authorize Reissuance of 5.9 Million
(Telefonaktiebolaget L M                                     Repurchased Class B Shares for 2007
Ericsson)                        W26049119   06/28/2007 6.3.bExecutive Director Share Matching Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reissuance of 1.5 Million B
Ericsson                                                     Shares to Cover Social Costs in
(Telefonaktiebolaget L M                                     Relation to Key Contributor Share
Ericsson)                        W26049119   06/28/2007 6.3.cMatching Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M                                     Approve Swap Agreement with Third
Ericsson)                        W26049119   06/28/2007 6.3.dParty as Alternative to Item 6.3.B      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ericsson
(Telefonaktiebolaget L M
Ericsson)                        W26049119   06/28/2007 7    Close Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 1    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Discharge Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Consolidated Financial
Essilor International            F31668100   05/11/2007 2    Statements and Discharge Directors      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Essilor International            F31668100   05/11/2007 3    Dividends of EUR 1.10 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Essilor International            F31668100   05/11/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 5    Ratify Maurice Marchand Tonel as        Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 6    Elect Aicha Mokdahi as Representative   Mgmt     Yes   For     For
                                                             of Employee Shareholders to the Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 7    Reelect Xavier Fontanet as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 8    Reelect Yves Chevillotte as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 9    Reelect  Serge Zins as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 10   Elect Bridget Cosgrave as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 11   Reelect PricewaterhouseCooper as        Mgmt     Yes   For     For
                                                             Auditor and Etienne Boris as Deputy
                                                             Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 12   Elect Mazars and Guerard as Auditor     Mgmt     Yes   For     For
                                                             and Jean-Louis Simon as Deputy Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
Essilor International            F31668100   05/11/2007 13   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 14   Approve Reduction in Share Capital      Mgmt     Yes   For     For
                                                             via Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Employee Savings-Related
Essilor International            F31668100   05/11/2007 15   Share Purchase Plan                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 16   Approve Stock Option Plans Grants       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 17   Authorize up to 3 Percent of Issued     Mgmt     Yes   For     For
                                                             Capital for Use in Restricted Stock
                                                             Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 18   Set Global Limit for Capital Increase   Mgmt     Yes   For     For
                                                             to Result from Issuance Requests
                                                             Pursuant to Items 16 to 17 Regarding
                                                             Stock Plans at 3 Percent of Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
Essilor International            F31668100   05/11/2007 19   Nominal Amount of EUR 25 million        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
Essilor International            F31668100   05/11/2007 20   Nominal Amount of EUR 25 million        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Increase Capital
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
Essilor International            F31668100   05/11/2007 21   Shareholder Vote Above                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 22   Authorize Capitalization of Reserves    Mgmt     Yes   For     For
                                                             of Up to EUR 500 Million for Bonus
                                                             Issue or Increase in Par Value
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 23   Approve Stock Split                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 24   Authorize Capital Increase of up to     Mgmt     Yes   For     For
                                                             10 Percent of Issued Capital for
                                                             Future Acquisitions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Issue Free
                                                             Warrants with Preemptive Rights
                                                             During a Public Tender Offer or Share
Essilor International            F31668100   05/11/2007 25   Exchange                                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 26   Amend Articles of Association Re:       Mgmt     Yes   Against Against
                                                             Shareholding Disclosure Threshold
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article 24 of Association Re:
Essilor International            F31668100   05/11/2007 27   Voting Rights Ceiling                   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 28   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             General Meeting Quorum Requirements,
                                                             Related Party Transactions, Employee
                                                             Shareholder Representative, Record
                                                             Date
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Essilor International            F31668100   05/11/2007 29   Authorize Filing of Required            Mgmt     Yes   For     For
                                                             Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 1    Elect Director Nicholas DeBenedictis    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 2    Elect Director Sue L. Gin               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 3    Elect Director William C. Richardson,   Mgmt     Yes   For     For
                                                             Ph.D.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 4    Elect Director Thomas J. Ridge          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 5    Elect Director Don Thompson             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 6    Elect Director Stephen D. Steinour      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 7    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 8    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exelon Corp.              EXC    30161N101   05/08/2007 9    Submit Severance Agreement (Change in   ShrHoldr Yes   For     Against
                                                             Control) to shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.1  Elect Director Gary G. Benanav          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.2  Elect Director Frank J. Borelli         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.3  Elect Director Maura C. Breen           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.4  Elect Director Nicholas J. LaHowchic    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.5  Elect Director Thomas P. Mac Mahon      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.6  Elect Director Woodrow A. Myers Jr.,    Mgmt     Yes   For     For
                                                             M.D.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.7  Elect Director John O. Parker, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.8  Elect Director George Paz               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.9  Elect Director Samuel K. Skinner        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.1  Elect Director Seymour Sternberg        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.11 Elect Director Barrett A. Toan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 1.12 Elect Director Howard L. Waltman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Express Scripts, Inc.     ESRX   302182100   05/23/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.1  Elect Director Michael J. Boskin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.2  Elect Director William W. George        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.3  Elect Director James R. Houghton        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.4  Elect Director William R. Howell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.5  Elect Director Reatha Clark King        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.6  Elect Director Philip E. Lippincott     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.7  Elect Director Marilyn Carlson Nelson   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.8  Elect Director Samuel J. Palmisano      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.9  Elect Director Steven S Reinemund       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.1  Elect Director Walter V. Shipley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.11 Elect Director J. Stephen Simon         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 1.12 Elect Director Rex W. Tillerson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Restore or Provide for Cumulative
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 3    Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 4    Amend Articles/Bylaws/Charter -- Call   ShrHoldr Yes   For     Against
                                                             Special Meetings
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 5    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 6    Initiate Payment of Cash Dividend       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 7    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company-Specific- Amend Article IX of
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 8    the Corporation's by-laws               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 9    Review Executive Compensation           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 10   Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 11   Claw-back of Payments under             ShrHoldr Yes   For     Against
                                                             Restatements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 12   Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 13   Amend Equal Employment Opportunity      ShrHoldr Yes   For     Against
                                                             Policy to Prohibit Discrimination
                                                             Based on Sexual Orientation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 14   Report on Environmental Accountability  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 15   Report on Emission Reduction Goals      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 16   Report on Carbon Dioxide Emissions      ShrHoldr Yes   Against For
                                                             Information at Gas Stations
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Adopt Policy to Increase Renewable
Exxon Mobil Corp.         XOM    30231G102   05/30/2007 17   Energy Portfolio                        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.1  Elect Director Mark R. Bernstein        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.2  Elect Director Sharon Allred Decker     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.3  Elect Director Edward C. Dolby          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.4  Elect Director Glenn A. Eisenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.5  Elect Director Howard R. Levine         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.6  Elect Director George R. Mahoney, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.7  Elect Director James G. Martin          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 1.8  Elect Director Dale C. Pond             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Family Dollar Stores, Inc FDO    307000109   06/19/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department      M      31410H101   05/18/2007 1.1  Elect Director Sara Levinson            Mgmt     Yes   For     For
Stores, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 1.2  Elect Director Joseph Neubauer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 1.3  Elect Director Joseph Pichler           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 1.4  Elect Director Joyce M. Roche           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 1.5  Elect Director Karl von der Heyden      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 1.6  Elect Director Craig E. Weatherup       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 3    Change Company Name                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 4    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Federated Department
Stores, Inc.              M      31410H101   05/18/2007 5    Approve Deferred Compensation Plan      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.1  Elect Director James L. Barksdale       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.2  Elect Director August A. Busch, IV      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.3  Elect Director John A. Edwardson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.4  Elect Director Judith L. Estrin         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.5  Elect Director J. Kenneth Glass         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.6  Elect Director Philip Greer             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.7  Elect Director J.R. Hyde, III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.8  Elect Director Shirley A. Jackson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.9  Elect Director Steven R. Loranger       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.1  Elect Director Charles T. Manatt        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.11 Elect Director Frederick W. Smith       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.12 Elect Director Joshua I. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.13 Elect Director Paul S. Walsh            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 1.14 Elect Director Peter S. Willmott        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 2    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 4    Report on Environmental Policy          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FedEx Corporation         FDX    31428X106   09/25/2006 5    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.1  Elect Director Darryl F. Allen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.2  Elect Director John F. Barrett          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.3  Elect Director James P. Hackett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.4  Elect Director Gary R. Heminger         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.5  Elect Director Joan R. Herschede        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.6  Elect Director Allen M. Hill            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.7  Elect Director Kevin T. Kabat           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.8  Elect Director Robert L. Koch II        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.9  Elect Director Mitchel D. Livingston    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.1  Elect Director Hendrik G. Meijer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.11 Elect Director James E. Rogers          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.12 Elect Director George A. Schaefer, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.13 Elect Director John J. Schiff, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.14 Elect Director Dudley S. Taft           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 1.15 Elect Director Thomas W. Traylor        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 2    Company Specific-Equity-Related         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fifth Third Bancorp       FITB   316773100   04/17/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 1    Elect Director David A. Coulter         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 2    Elect Director Henry C. Duques          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 3    Elect Director Richard P. Kiphart       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 4    Elect Director Joan E. Spero            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 5    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Non-Employee Director Omnibus
First Data Corp.          FDC    319963104   05/30/2007 6    Stock Plan                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 7    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
First Data Corp.          FDC    319963104   05/30/2007 8    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.1  Elect Director Paul T. Addison          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.2  Elect Director Anthony J. Alexander     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.3  Elect Director Michael J. Anderson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.4  Elect Director Carol A. Cartwright      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.5  Elect Director William T. Cottle        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.6  Elect Director Robert B. Heisler, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.7  Elect Director Ernest J. Novak, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.8  Elect Director Catherine A. Rein        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.9  Elect Director George M. Smart          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.1  Elect Director Wes M. Taylor            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 1.11 Elect Director Jesse T. Williams, Sr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 4    Reincorporate in Another State [Ohio    ShrHoldr Yes   For     Against
                                                             to Delaware  ]
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 5    Adopt a Policy Establishing an          ShrHoldr Yes   Against For
                                                             Engagement Process to Shareholder
                                                             Proposals
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FirstEnergy Corporation   FE     337932107   05/15/2007 6    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fiserv, Inc.              FISV   337738108   05/23/2007 1.1  Elect Director Kim M. Robak             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fiserv, Inc.              FISV   337738108   05/23/2007 1.2  Elect Director Thomas C. Wertheimer     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fiserv, Inc.              FISV   337738108   05/23/2007 2    Company Specific- Provide Majority      Mgmt     Yes   For     For
                                                             Vote for the Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fiserv, Inc.              FISV   337738108   05/23/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fiserv, Inc.              FISV   337738108   05/23/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.1  Elect Director Howard Solomon           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.2  Elect Director Nesli Basgoz             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.3  Elect Director William J. Candee, III   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.4  Elect Director George S. Cohan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.5  Elect Director Dan L. Goldwasser        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.6  Elect Director Kenneth E. Goodman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 1.7  Elect Director Lester B. Salans         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Forest Laboratories, Inc. FRX    345838106   08/07/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 1.1  Elect Director Anne M. Tatlock          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 1.2  Elect Director Norman H. Wesley         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 1.3  Elect Director Peter M. Wilson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 3    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 4    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 5    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Fortune Brands, Inc.      FO     349631101   04/24/2007 6    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.1  Elect Director Sherry S. Barrat         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.2  Elect Director Robert M. Beall, II      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.3  Elect Director J. Hyatt Brown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.4  Elect Director James L. Camaren         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.5  Elect Director J. Brian Ferguson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.6  Elect Director Lewis Hay, III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.7  Elect Director Rudy E. Schupp           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.8  Elect Director Michael H. Thaman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.9  Elect Director Hansel E. Tookes, II     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 1.1  Elect Director Paul R. Tregurtha        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   12/15/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.1  Elect Director Sherry S. Barrat         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.2  Elect Director Robert M. Beall, II      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.3  Elect Director J. Hyatt Brown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.4  Elect Director James L. Camaren         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.5  Elect Director J. Brian Ferguson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.6  Elect Director Lewis Hay, III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.7  Elect Director Toni Jennings            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.8  Elect Director Oliver D. Kingsley, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.9  Elect Director Rudy E. Schupp           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.1  Elect Director Michael H. Thaman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.11 Elect Director Hansel E. Tookes, II     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 1.12 Elect Director Paul R. Tregurtha        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
FPL Group, Inc.           FPL    302571104   05/25/2007 3    Approve Non-Employee Director Stock     Mgmt     Yes   For     For
                                                             Option Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.1  Elect Director Samuel H. Armacost       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.2  Elect Director Charles Crocker          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.3  Elect Director Joseph R. Hardiman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.4  Elect Director Robert D. Joffe          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.5  Elect Director Charles B. Johnson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.6  Elect Director Gregory E. Johnson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.7  Elect Director Rupert H. Johnson, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.8  Elect Director Thomas H. Kean           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.9  Elect Director Chutta Ratnathicam       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.1  Elect Director Peter M. Sacerdote       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.11 Elect Director Laura Stein              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.12 Elect Director Anne M. Tatlock          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 1.13 Elect Director Louis E. Woodworth       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Franklin Resources, Inc.  BEN    354613101   01/25/2007 3    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.1  Elect Director Barbara T. Alexander     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.2  Elect Director Geoffrey T. Boisi        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.3  Elect Director Michelle Engler          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.4  Elect Director Robert R. Glauber        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.5  Elect Director Richard Karl Goeltz      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.6  Elect Director Thomas S. Johnson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.7  Elect Director William M. Lewis, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.8  Elect Director Eugene M. McQuade        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.9  Elect Director Shaun F. O'Malley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.1  Elect Director Jeffrey M. Peek          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.11 Elect Director Ronald F. Poe            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.12 Elect Director Stephen A. Ross          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 1.13 Elect Director Richard F. Syron         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   09/08/2006 3    Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 1    Elect Director Barbara T. Alexander     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 2    Elect Director Geoffrey T. Boisi        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 3    Elect Director Michelle Engler          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 4    Elect Director Robert R. Glauber        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 5    Elect Director Richard Karl Goeltz      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 6    Elect Director Thomas S. Johnson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 7    Elect Director William M. Lewis, Jr     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 8    Elect Director Eugene M. McQuade        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 9    Elect Director Shaud F. O Malley        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 10   Elect Director Jeffrey M. Peek          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 11   Elect Director Nicolas P. Retsinas      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 12   Elect Director Stephen A. Ross          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 13   Elect Director Richard F. Syron         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 14   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freddie Mac               FRE    313400301   06/08/2007 15   Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freeport-McMoRan Copper & FCX    35671D857   03/14/2007 1    Increase Authorized Common Stock        Mgmt     Yes   For     For
Gold Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freeport-McMoRan Copper &                                    Issue Shares in Connection with an
Gold Inc.                 FCX    35671D857   03/14/2007 2    Acquisition                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freeport-McMoRan Copper &
Gold Inc.                 FCX    35671D857   03/14/2007 3    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freescale Semiconductor,
Inc.                      FSL    35687M206   11/13/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Freescale Semiconductor,
Inc.                      FSL    35687M206   11/13/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gannett Co., Inc.         GCI    364730101   04/24/2007 1.1  Elect Director Charles B. Fruit         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gannett Co., Inc.         GCI    364730101   04/24/2007 1.2  Elect Director Arthur H. Harper         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gannett Co., Inc.         GCI    364730101   04/24/2007 1.3  Elect Director John Jeffry Louis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gannett Co., Inc.         GCI    364730101   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gannett Co., Inc.         GCI    364730101   04/24/2007 3    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gannett Co., Inc.         GCI    364730101   04/24/2007 4    Company Specific-Governance             ShrHoldr Yes   For     Against
                                                             Related--Require Chairman to be
                                                             Independent
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 1    Approve Annual Report                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 2    Approve Financial Statements            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 3    Approve Allocation of Income            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 4    Approve Dividends of RUB 2.54 per       Mgmt     Yes   For     For
                                                             Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors and
Gazprom OAO                      368287207   06/29/2007 5    Members of Audit Commission             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify CJSC PricewaterhouseCoopers
Gazprom OAO                      368287207   06/29/2007 6    Audit as Auditor                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 7    Amend Charter                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 8    Approve Series of Related-Party         Mgmt     Yes   For     For
                                                             Transactions in Connection with
                                                             Implementation of Nord Stream Project
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 9.1  Approve Related-Party Transaction       Mgmt     Yes   For     For
                                                             with CJSC AB Gazprombank
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.3  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.4  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.5  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.6  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.7  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.8  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.9  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.1  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.11 with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.12 with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.13 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.14 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.15 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.16 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.17 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.18 with CJSC Northgas                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.19 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with OJSC Tomskgazprom                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.21 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.22 with OJSC Gazprom Neft                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.23 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.24 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.25 with Latvijas Gaze a/s                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.26 with AB Lietuvos dujos                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
                                                             with UAB Kauno Termofikacijos
Gazprom OAO                      368287207   06/29/2007 9.27 Elektrine                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.28 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.29 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Andrey Akimov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.2 Elect Alexander Ananenkov as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.3 Elect Burckhard Bergmann as Director    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.4 Elect Farit Gazizullin as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.5 Elect German Gref as Director           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.6 Elect Elena Karpel as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.7 Elect Dmitry Medvedev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.8 Elect Yury Medvedev as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.9 Elect Alexey Miller as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Victor Nikolaev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.11Elect Sergey Oganesyan as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.12Elect Alexander Potyomkin as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.13Elect Mikhail Sereda as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.14Elect Boris Fedorov as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.15Elect Robert Foresman as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.16Elect Victor Khristenko as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.17Elect Alexander Shokhin as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.18Elect Igor Yusufov as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.19Elect Evgeny Yasin as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect Nine Members of Audit Commission           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 11.1 Elect Dmitry Arkhipov as Member of      Mgmt     Yes   For     For
                                                             Audit Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Denis Askinadze as Member of
Gazprom OAO                      368287207   06/29/2007 11.2 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vadim Bikulov as Member of
Gazprom OAO                      368287207   06/29/2007 11.3 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Rafael Ishutin as Member of
Gazprom OAO                      368287207   06/29/2007 11.4 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Kobzev as Member of
Gazprom OAO                      368287207   06/29/2007 11.5 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Nina Lobanova as Member of
Gazprom OAO                      368287207   06/29/2007 11.6 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Nosov as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.7 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Victoria Oseledko as Member of
Gazprom OAO                      368287207   06/29/2007 11.8 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vladislav Sinyov as Member of
Gazprom OAO                      368287207   06/29/2007 11.9 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Fomin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.1 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Shubin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.11Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 1    Approve Annual Report                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 2    Approve Financial Statements            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 3    Approve Allocation of Income            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 4    Approve Dividends of RUB 2.54 per       Mgmt     Yes   For     For
                                                             Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors and
Gazprom OAO                      368287207   06/29/2007 5    Members of Audit Commission             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify CJSC PricewaterhouseCoopers
Gazprom OAO                      368287207   06/29/2007 6    Audit as Auditor                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 7    Amend Charter                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 8    Approve Series of Related-Party         Mgmt     Yes   For     For
                                                             Transactions in Connection with
                                                             Implementation of Nord Stream Project
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 9.1  Approve Related-Party Transaction       Mgmt     Yes   For     For
                                                             with CJSC AB Gazprombank
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.3  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.4  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.5  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.6  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.7  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.8  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.9  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.1  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.11 with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.12 with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.13 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.14 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.15 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.16 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.17 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.18 with CJSC Northgas                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.19 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with OJSC Tomskgazprom                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.21 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.22 with OJSC Gazprom Neft                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.23 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.24 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.25 with Latvijas Gaze a/s                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.26 with AB Lietuvos dujos                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
                                                             with UAB Kauno Termofikacijos
Gazprom OAO                      368287207   06/29/2007 9.27 Elektrine                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.28 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.29 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Andrey Akimov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.2 Elect Alexander Ananenkov as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.3 Elect Burckhard Bergmann as Director    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.4 Elect Farit Gazizullin as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.5 Elect German Gref as Director           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.6 Elect Elena Karpel as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.7 Elect Dmitry Medvedev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.8 Elect Yury Medvedev as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.9 Elect Alexey Miller as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Victor Nikolaev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.11Elect Sergey Oganesyan as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.12Elect Alexander Potyomkin as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.13Elect Mikhail Sereda as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.14Elect Boris Fedorov as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.15Elect Robert Foresman as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.16Elect Victor Khristenko as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.17Elect Alexander Shokhin as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.18Elect Igor Yusufov as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.19Elect Evgeny Yasin as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect Nine Members of Audit Commission           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 11.1 Elect Dmitry Arkhipov as Member of      Mgmt     Yes   For     For
                                                             Audit Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Denis Askinadze as Member of
Gazprom OAO                      368287207   06/29/2007 11.2 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vadim Bikulov as Member of
Gazprom OAO                      368287207   06/29/2007 11.3 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Rafael Ishutin as Member of
Gazprom OAO                      368287207   06/29/2007 11.4 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Kobzev as Member of
Gazprom OAO                      368287207   06/29/2007 11.5 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Nina Lobanova as Member of
Gazprom OAO                      368287207   06/29/2007 11.6 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Nosov as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.7 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Victoria Oseledko as Member of
Gazprom OAO                      368287207   06/29/2007 11.8 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vladislav Sinyov as Member of
Gazprom OAO                      368287207   06/29/2007 11.9 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Fomin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.1 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Shubin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.11Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 1    Approve Annual Report                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 2    Approve Financial Statements            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 3    Approve Allocation of Income            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 4    Approve Dividends of RUB 2.54 per       Mgmt     Yes   For     For
                                                             Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors and
Gazprom OAO                      368287207   06/29/2007 5    Members of Audit Commission             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify CJSC PricewaterhouseCoopers
Gazprom OAO                      368287207   06/29/2007 6    Audit as Auditor                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 7    Amend Charter                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 8    Approve Series of Related-Party         Mgmt     Yes   For     For
                                                             Transactions in Connection with
                                                             Implementation of Nord Stream Project
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 9.1  Approve Related-Party Transaction       Mgmt     Yes   For     For
                                                             with CJSC AB Gazprombank
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.3  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.4  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.5  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.6  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.7  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.8  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.9  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.1  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.11 with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.12 with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.13 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.14 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.15 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.16 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.17 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.18 with CJSC Northgas                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.19 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with OJSC Tomskgazprom                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.21 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.22 with OJSC Gazprom Neft                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.23 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.24 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.25 with Latvijas Gaze a/s                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.26 with AB Lietuvos dujos                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
                                                             with UAB Kauno Termofikacijos
Gazprom OAO                      368287207   06/29/2007 9.27 Elektrine                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.28 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.29 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Andrey Akimov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.2 Elect Alexander Ananenkov as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.3 Elect Burckhard Bergmann as Director    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.4 Elect Farit Gazizullin as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.5 Elect German Gref as Director           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.6 Elect Elena Karpel as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.7 Elect Dmitry Medvedev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.8 Elect Yury Medvedev as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.9 Elect Alexey Miller as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Victor Nikolaev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.11Elect Sergey Oganesyan as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.12Elect Alexander Potyomkin as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.13Elect Mikhail Sereda as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.14Elect Boris Fedorov as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.15Elect Robert Foresman as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.16Elect Victor Khristenko as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.17Elect Alexander Shokhin as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.18Elect Igor Yusufov as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.19Elect Evgeny Yasin as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect Nine Members of Audit Commission           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 11.1 Elect Dmitry Arkhipov as Member of      Mgmt     Yes   For     For
                                                             Audit Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Denis Askinadze as Member of
Gazprom OAO                      368287207   06/29/2007 11.2 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vadim Bikulov as Member of
Gazprom OAO                      368287207   06/29/2007 11.3 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Rafael Ishutin as Member of
Gazprom OAO                      368287207   06/29/2007 11.4 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Kobzev as Member of
Gazprom OAO                      368287207   06/29/2007 11.5 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Nina Lobanova as Member of
Gazprom OAO                      368287207   06/29/2007 11.6 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Nosov as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.7 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Victoria Oseledko as Member of
Gazprom OAO                      368287207   06/29/2007 11.8 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vladislav Sinyov as Member of
Gazprom OAO                      368287207   06/29/2007 11.9 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Fomin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.1 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Shubin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.11Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 1    Approve Annual Report                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 2    Approve Financial Statements            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 3    Approve Allocation of Income            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 4    Approve Dividends of RUB 2.54 per       Mgmt     Yes   For     For
                                                             Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors and
Gazprom OAO                      368287207   06/29/2007 5    Members of Audit Commission             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify CJSC PricewaterhouseCoopers
Gazprom OAO                      368287207   06/29/2007 6    Audit as Auditor                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 7    Amend Charter                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 8    Approve Series of Related-Party         Mgmt     Yes   For     For
                                                             Transactions in Connection with
                                                             Implementation of Nord Stream Project
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 9.1  Approve Related-Party Transaction       Mgmt     Yes   For     For
                                                             with CJSC AB Gazprombank
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.3  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.4  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.5  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.6  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.7  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.8  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.9  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.1  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.11 with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.12 with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.13 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.14 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.15 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.16 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.17 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.18 with CJSC Northgas                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.19 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with OJSC Tomskgazprom                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.21 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.22 with OJSC Gazprom Neft                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.23 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.24 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.25 with Latvijas Gaze a/s                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.26 with AB Lietuvos dujos                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
                                                             with UAB Kauno Termofikacijos
Gazprom OAO                      368287207   06/29/2007 9.27 Elektrine                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.28 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.29 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Andrey Akimov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.2 Elect Alexander Ananenkov as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.3 Elect Burckhard Bergmann as Director    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.4 Elect Farit Gazizullin as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.5 Elect German Gref as Director           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.6 Elect Elena Karpel as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.7 Elect Dmitry Medvedev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.8 Elect Yury Medvedev as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.9 Elect Alexey Miller as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Victor Nikolaev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.11Elect Sergey Oganesyan as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.12Elect Alexander Potyomkin as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.13Elect Mikhail Sereda as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.14Elect Boris Fedorov as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.15Elect Robert Foresman as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.16Elect Victor Khristenko as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.17Elect Alexander Shokhin as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.18Elect Igor Yusufov as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.19Elect Evgeny Yasin as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect Nine Members of Audit Commission           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 11.1 Elect Dmitry Arkhipov as Member of      Mgmt     Yes   For     For
                                                             Audit Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Denis Askinadze as Member of
Gazprom OAO                      368287207   06/29/2007 11.2 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vadim Bikulov as Member of
Gazprom OAO                      368287207   06/29/2007 11.3 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Rafael Ishutin as Member of
Gazprom OAO                      368287207   06/29/2007 11.4 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Kobzev as Member of
Gazprom OAO                      368287207   06/29/2007 11.5 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Nina Lobanova as Member of
Gazprom OAO                      368287207   06/29/2007 11.6 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Nosov as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.7 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Victoria Oseledko as Member of
Gazprom OAO                      368287207   06/29/2007 11.8 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vladislav Sinyov as Member of
Gazprom OAO                      368287207   06/29/2007 11.9 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Fomin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.1 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Shubin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.11Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 1    Approve Annual Report                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 2    Approve Financial Statements            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 3    Approve Allocation of Income            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 4    Approve Dividends of RUB 2.54 per       Mgmt     Yes   For     For
                                                             Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors and
Gazprom OAO                      368287207   06/29/2007 5    Members of Audit Commission             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify CJSC PricewaterhouseCoopers
Gazprom OAO                      368287207   06/29/2007 6    Audit as Auditor                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 7    Amend Charter                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 8    Approve Series of Related-Party         Mgmt     Yes   For     For
                                                             Transactions in Connection with
                                                             Implementation of Nord Stream Project
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 9.1  Approve Related-Party Transaction       Mgmt     Yes   For     For
                                                             with CJSC AB Gazprombank
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.3  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.4  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.5  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.6  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.7  with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.8  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.9  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.1  with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.11 with Sberbank                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.12 with CJSC AB Gazprombank                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.13 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.14 with OJSC Severneftegazprom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.15 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.16 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.17 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.18 with CJSC Northgas                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.19 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.2  with OJSC Tomskgazprom                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.21 with Mezhregiongaz LLC                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.22 with OJSC Gazprom Neft                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.23 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.24 with OJSC Novatek                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.25 with Latvijas Gaze a/s                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.26 with AB Lietuvos dujos                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
                                                             with UAB Kauno Termofikacijos
Gazprom OAO                      368287207   06/29/2007 9.27 Elektrine                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.28 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Related-Party Transaction
Gazprom OAO                      368287207   06/29/2007 9.29 with MoldovaGaz S.A.                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Andrey Akimov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.2 Elect Alexander Ananenkov as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.3 Elect Burckhard Bergmann as Director    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.4 Elect Farit Gazizullin as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.5 Elect German Gref as Director           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.6 Elect Elena Karpel as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.7 Elect Dmitry Medvedev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.8 Elect Yury Medvedev as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.9 Elect Alexey Miller as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.1 Elect Victor Nikolaev as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.11Elect Sergey Oganesyan as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.12Elect Alexander Potyomkin as Director   Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.13Elect Mikhail Sereda as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.14Elect Boris Fedorov as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.15Elect Robert Foresman as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.16Elect Victor Khristenko as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.17Elect Alexander Shokhin as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.18Elect Igor Yusufov as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 10.19Elect Evgeny Yasin as Director          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007      Elect Nine Members of Audit Commission           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gazprom OAO                      368287207   06/29/2007 11.1 Elect Dmitry Arkhipov as Member of      Mgmt     Yes   For     For
                                                             Audit Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Denis Askinadze as Member of
Gazprom OAO                      368287207   06/29/2007 11.2 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vadim Bikulov as Member of
Gazprom OAO                      368287207   06/29/2007 11.3 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Rafael Ishutin as Member of
Gazprom OAO                      368287207   06/29/2007 11.4 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Kobzev as Member of
Gazprom OAO                      368287207   06/29/2007 11.5 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Nina Lobanova as Member of
Gazprom OAO                      368287207   06/29/2007 11.6 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Nosov as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.7 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Victoria Oseledko as Member of
Gazprom OAO                      368287207   06/29/2007 11.8 Audit Commission                        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Vladislav Sinyov as Member of
Gazprom OAO                      368287207   06/29/2007 11.9 Audit Commission                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Andrey Fomin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.1 Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Yury Shubin as Member of Audit
Gazprom OAO                      368287207   06/29/2007 11.11Commission                              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.1  Elect Director Nicholas D. Chabraja     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.2  Elect Director James S. Crown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.3  Elect Director William P. Fricks        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.4  Elect Director Charles H. Goodman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.5  Elect Director Jay L. Johnson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.6  Elect Director George A. Joulwan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.7  Elect Director Paul G. Kaminski         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.8  Elect Director John M. Keane            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.9  Elect Director Deborah J. Lucas         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.1  Elect Director Lester L. Lyles          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.11 Elect Director Carl E. Mundy, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 1.12 Elect Director Robert Walmsley          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 3    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Dynamics Corp.    GD     369550108   05/02/2007 4    Performance-Based and/or Equity Based   ShrHoldr Yes   Against For
                                                             Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.1  Elect Director James I. Cash, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.2  Elect Director William M. Castell       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.3  Elect Director Ann M. Fudge             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.4  Elect Director Claudio X. Gonzalez      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.5  Elect Director Susan Hockfield          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.6  Elect Director Jerry R. Immelt          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.7  Elect Director Andrea Jung              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.8  Elect Director Alan G. Lafley           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.9  Elect Director Robert W. Lane           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.1  Elect Director Ralph S. Larsen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.11 Elect Director Rochelle B. Lazarus      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.12 Elect Director Sam Nunn                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.13 Elect Director Roger S. Penske          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.14 Elect Director Robert J. Swieringa      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.15 Elect Director Douglas A. Warner III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 1.16 Elect Director Robert C. Wright         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 3    Adopt Majority Vote Standard in         Mgmt     Yes   For     For
                                                             Director Elections
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 4    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 5    Company-Specific-Approve Material       Mgmt     Yes   For     For
                                                             Terms of Senior Officer Performance
                                                             Goals
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 6    Provide for Cumulative Voting           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 7    Company-Specific -- Adopt Policy on     ShrHoldr Yes   For     Against
                                                             Overboarded Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company-Specific -- One Director from
General Electric Co.      GE     369604103   04/25/2007 8    the Ranks of Retirees                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 9    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 10   Limit Dividend and Dividend             ShrHoldr Yes   For     Against
                                                             Equivalent Payments to Executives
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 11   Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 12   Report on Global Warming                ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Adopt Ethical Criteria for Military
General Electric Co.      GE     369604103   04/25/2007 13   Contracts                               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Electric Co.      GE     369604103   04/25/2007 14   Report on Pay Disparity                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.1  Elect Director Paul Danos               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.2  Elect Director William T. Esrey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.3  Elect Director Raymond V. Gilmartin     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.4  Elect Director Judith Richards Hope     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.5  Elect Director Heidi G. Miller          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.6  Elect Director H. Ochoa-Brillembourg    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.7  Elect Director Steve Odland             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.8  Elect Director Kendall J. Powell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.9  Elect Director Michael D. Rose          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.1  Elect Director Robert L. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.11 Elect Director Stephen W. Sanger        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.12 Elect Director A. Michael Spence        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 1.13 Elect Director Dorothy A. Terrell       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 3    Approve Non-Employee Director Stock     Mgmt     Yes   For     For
                                                             Option Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
General Mills, Inc.       GIS    370334104   09/25/2006 4    Label Genetically Modified Ingredients  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 1.1  Elect Director Douglas A. Berthiaume    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 1.2  Elect Director Gail K. Boudreaux        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 3    Approve Non-Employee Director Omnibus   Mgmt     Yes   Against Against
                                                             Stock Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Qualified Employee Stock
Genzyme Corp.             GENZ   372917104   05/24/2007 4    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 5    Company Specific--Adopt Majority        Mgmt     Yes   For     For
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 6    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Genzyme Corp.             GENZ   372917104   05/24/2007 7    Submit Severance Agreement (Change in   ShrHoldr Yes   Against For
                                                             Control) to shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.1  Elect Director Paul Berg                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.2  Elect Director John F. Cogan            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.3  Elect Director Etienne F. Davignon      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.4  Elect Director James M. Denny           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.5  Elect Director Carla A. Hills           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.6  Elect Director John W. Madigan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.7  Elect Director John C. Martin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.8  Elect Director Gordon E. Moore          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.9  Elect Director Nicholas Moore           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 1.1  Elect Director Gayle E. Wilson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Gilead Sciences, Inc.     GILD   375558103   05/09/2007 4    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
GlaxoSmithKline Plc              G3910J112   05/23/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 3    Elect Daniel Podolsky as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 4    Elect Stephanie Burns as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 5    Re-elect Julian Heslop as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Sir Deryck Maughan as
GlaxoSmithKline Plc              G3910J112   05/23/2007 6    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 7    Re-elect Ronaldo Schmitz as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 8    Re-elect Sir Robert Wilson as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 9    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Audit Committee to Fix
GlaxoSmithKline Plc              G3910J112   05/23/2007 10   Remuneration of Auditors                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 11   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisations Donations up
                                                             to GBP 50,000 and to Incur EU
                                                             Political Expenditures up to GBP
                                                             50,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
GlaxoSmithKline Plc              G3910J112   05/23/2007 12   Nominal Amount of GBP 479,400,814       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
GlaxoSmithKline Plc              G3910J112   05/23/2007 13   Nominal Amount of GBP 71,910,122        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
GlaxoSmithKline Plc              G3910J112   05/23/2007 14   Authorise 575,280,977 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
GlaxoSmithKline Plc              G3910J112   05/23/2007 15   Electronic Communication                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Golden West Financial
Corp.                     GDW    381317106   08/31/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.1  Elect Director Eric Schmidt             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.2  Elect Director Sergey Brin              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.3  Elect Director Larry Page               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.4  Elect Director L. John Doerr            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.5  Elect Director John L. Hennessy         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.6  Elect Director Arthur D. Levinson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.7  Elect Director Ann Mather               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.8  Elect Director Paul S. Otellini         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.9  Elect Director K. Ram Shriram           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 1.1  Elect Director Shirley M. Tilghman      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 4    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Google Inc                GOOG   38259P508   05/10/2007 5    Adopt Policies to Protect Freedom of    ShrHoldr Yes   Against For
                                                             Access to the Internet
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 1.1  Elect Director Jerry D. Choate          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 1.2  Elect Director Henry F. Frigon          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 1.3  Elect Director Roger W. Hale            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 1.4  Elect Director Len J. Lauer             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 2    Approve Stock Option Plan               Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 3    Approve/Amend Executive Incentive       Mgmt     Yes   For     For
                                                             Bonus Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H&R  Block, Inc.          HRB    93671105    09/07/2006 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006      Management Proxy (White Card)                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.1  Elect Director W.R. Johnson             Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.2  Elect Director C.E. Bunch               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.3  Elect Director M.C. Choksi              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.4  Elect Director L.S. Coleman, Jr.        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.5  Elect Director P.H. Coors               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.6  Elect Director J.G. Drosdick            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.7  Elect Director E.E. Holiday             Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.8  Elect Director C. Kendle                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.9  Elect Director D.R. O'Hare              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.1  Elect Director D.H. Reilley             Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.11 Elect Director L.C. Swann               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.12 Elect Director T.J. Usher               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 2    Ratify Auditors                         Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006      Dissident Proxy (Gold Card)                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.1  Elect Director Nelson Peltz             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.2  Elect Director Peter W. May             Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.3  Elect Director Edward P. Garden         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.4  Elect Director Greg Norman              Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.5  Elect Director Michael F. Weinstein     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.6  Elect Director William Johnson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.7  Elect Director Leonard S. Coleman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.8  Elect Director Edith E. Holiday         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.9  Elect Director Candace Kendle           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.1  Elect Director Dean R. O' Hare          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.11 Elect Director Lynn C. Swann            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 1.12 Elect Director Thomas J. Usher          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 2    Amend Articles/Repeal Certain           Mgmt     Yes   For     For
                                                             Amendments to By-Laws
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
H. J. Heinz Co.           HNZ    423074103   08/16/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.1  Elect Director Kathleen M. Bader        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.2  Elect Director Alan M. Bennett          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.3  Elect Director James R. Boyd            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.4  Elect Director Milton Carroll           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.5  Elect Director Robert L. Crandall       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.6  Elect Director Kenneth T. Derr          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.7  Elect Director S. Malcolm Gillis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.8  Elect Director W. R. Howell             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.9  Elect Director David J. Lesar           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.1  Elect Director J. Landis Martin         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.11 Elect Director Jay A. Precourt          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 1.12 Elect Director Debra L. Reed            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 3    Review Human Rights Policies            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 4    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Halliburton Co.           HAL    406216101   05/16/2007 5    Amend Terms of Existing Poison Pill     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,   HET    413619107   04/05/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,
Inc.                      HET    413619107   04/05/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,
Inc.                      HET    413619107   04/26/2007 1.1  Elect Director Stephen F. Bollenbach    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,
Inc.                      HET    413619107   04/26/2007 1.2  Elect Director Ralph Horn               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,
Inc.                      HET    413619107   04/26/2007 1.3  Elect Director Gary W. Loveman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,
Inc.                      HET    413619107   04/26/2007 1.4  Elect Director Boake A. Sells           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Harrah's Entertainment,
Inc.                      HET    413619107   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HCA, Inc.                 HCA    404119109   11/16/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HCA, Inc.                 HCA    404119109   11/16/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management         HMA    421933102   05/15/2007 1.1  Elect Director William J. Schoen        Mgmt     Yes   For     For
Associates, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.2  Elect Director Joseph V. Vumbacco       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.3  Elect Director Kent P. Dauten           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.4  Elect Director Donald E. Kiernan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.5  Elect Director Robert A. Knox           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.6  Elect Director William E. Mayberry      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.7  Elect Director Vicki A. O'Meara         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.8  Elect Director William C. Steere, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 1.9  Elect Director Randolph W. Westerfield  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Health Management
Associates, Inc.          HMA    421933102   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Henkel KGAA                      D32051126   04/16/2007      Meeting For Preferred Shareholders               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Henkel KGAA                      D32051126   04/16/2007 1    Announcement of Resolutions Passed at            Yes
                                                             2007 AGM Pertaining to 3:1 Stock
                                                             Split (Non-Voting)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Henkel KGAA                      D32051126   04/16/2007 2    Approve 3:1 Stock Split                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HESS CORP                 HES    42809H107   05/02/2007 1.1  Elect Director N.F. Brady               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HESS CORP                 HES    42809H107   05/02/2007 1.2  Elect Director J.B. Collins             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HESS CORP                 HES    42809H107   05/02/2007 1.3  Elect Director T.H. Kean                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HESS CORP                 HES    42809H107   05/02/2007 1.4  Elect Director F.A. Olsen               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HESS CORP                 HES    42809H107   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
HESS CORP                 HES    42809H107   05/02/2007 3    Declassify the Board of Directors       ShrHoldr Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.1  Elect Director L.T. Babbio, Jr.         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.2  Elect Director S.M. Baldauf             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.3  Elect Director R.A. Hackborn            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.4  Elect Director J.H. Hammergren          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.5  Elect Director M.V. Hurd                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.6  Elect Director R.L. Ryan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.7  Elect Director L.S. Salhany             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 1.8  Elect Director G.K.Thompson             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require Director Nominee
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 3    Qualifications                          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 4    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 5    Submit Shareholder Rights Plan          ShrHoldr Yes   For     Against
                                                             (Poison Pill) to Shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hewlett-Packard Co.       HPQ    428236103   03/14/2007 6    Performance-Based Equity Awards         ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hilton Hotels Corp.       HLT    432848109   05/24/2007 1.1  Elect Director A. Steven Crown          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hilton Hotels Corp.       HLT    432848109   05/24/2007 1.2  Elect Director John H. Myers            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hilton Hotels Corp.       HLT    432848109   05/24/2007 1.3  Elect Director Donna F. Tuttle          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hilton Hotels Corp.       HLT    432848109   05/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hilton Hotels Corp.       HLT    432848109   05/24/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 1    Elect Director David H. Batchelder      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 2    Elect Director Francis S. Blake         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 3    Elect Director Gregory D. Brenneman     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 4    Elect Director John L. Clendenin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 5    Elect Director Claudio X. Gonzalez      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 6    Elect Director Milledge A. Hart, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 7    Elect Director Bonnie G. Hill           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 8    Elect Director Laban P. Jackson, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 9    Elect Director Helen Johnson-Leipold    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 10   Elect Director Lawrence R. Johnston     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 11   Elect Director Kenneth G. Langone       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 13   Submit Shareholder Rights Plan          ShrHoldr Yes   Against For
                                                             (Poison Pill) to Shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 14   Prepare Employment Diversity Report     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 15   Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Claw-back of Payments under
Home Depot, Inc.          HD     437076102   05/24/2007 16   Restatements                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Submit Supplemental Executive
Home Depot, Inc.          HD     437076102   05/24/2007 17   Retirement Plans to Shareholder vote    ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 18   Performance-Based Equity Awards         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 19   Pay for Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 20   Affirm Political Non-partisanship       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Home Depot, Inc.          HD     437076102   05/24/2007 21   Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,  HON    438516106   04/23/2007 1    Elect Director Gordon M. Bethune        Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 2    Elect Director Jaime Chico Pardo        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 3    Elect Director David M. Cote            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 4    Elect Director D. Scott Davis           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 5    Elect Director Linnet F. Deily          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 6    Elect Director Clive R. Hollick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 7    Elect Director James J. Howard          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 8    Elect Director Ivan G. Seidenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 9    Elect Director Bradley T. Sheares       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 10   Elect Director Eric K. Shinseki         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 11   Elect Director John R. Stafford         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 12   Elect Director Michael W. Wright        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 13   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,                                     Approve Nonqualified Employee Stock
Inc.                      HON    438516106   04/23/2007 14   Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,                                     Claw-back of Payments under
Inc.                      HON    438516106   04/23/2007 15   Restatements                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,                                     Performance-Based and/or Time-Based
Inc.                      HON    438516106   04/23/2007 16   Equity Awards                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,                                     Amend Articles/Bylaws/Charter -- Call
Inc.                      HON    438516106   04/23/2007 17   Special Meetings                        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Honeywell International,
Inc.                      HON    438516106   04/23/2007 18   Remove Six Sigma Terminology            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hospira, Inc.             HSP    441060100   05/15/2007 1.1  Elect Director Connie R. Curran         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hospira, Inc.             HSP    441060100   05/15/2007 1.2  Elect Director Mark F. Wheeler, M.D.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Hospira, Inc.             HSP    441060100   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,    HST    44107P104   05/17/2007 1    Elect Director Roberts M. Baylis        Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 2    Elect Director Terence C. Golden        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 3    Elect Director Ann M. Korologos         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 4    Elect Director Richard E. Marriott      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 5    Elect Director Judith A. Mchale         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 6    Elect Director John B. Morse Jr         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 7    Elect Director Christopher J. Nassetta  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Host Hotels & Resorts,
Inc.                      HST    44107P104   05/17/2007 8    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 1    Elect Director David A. Jones, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 2    Elect Director Frank A. D'Amelio        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 3    Elect Director W. Roy Dunbar            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 4    Elect Director Kurt J. Hilzinger        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 5    Elect Director Michael B. McCallister   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 6    Elect Director James J. O'Brien         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 7    Elect Director W. Ann Reynolds          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 8    Elect Director James O. Robbins         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Humana Inc.               HUM    444859102   04/26/2007 9    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.1  Elect Director John J. Mueller          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.2  Elect Director Jerry V. Elliott         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.3  Elect Director Katherine J. Harless     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.4  Elect Director Donald B. Reed           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.5  Elect Director Stephen L. Robertson     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.6  Elect Director Thomas S. Rogers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 1.7  Elect Director Paul E. Weaver           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Idearc Inc.               IAR    451663108   04/19/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.1  Elect Director William F. Aldinger      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.2  Elect Director Michael J. Birck         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.3  Elect Director Marvin D. Brailsford     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.4  Elect Director Susan Crown              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.5  Elect Director Don H. Davis, Jr.        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.6  Elect Director Robert C. McCormack      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.7  Elect Director Robert S. Morrison       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.8  Elect Director James A. Skinner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.9  Elect Director Harold B. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 1.1  Elect Director David B. Speer           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Illinois Tool Works Inc.  ITW    452308109   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
IMS Health Inc.           RX     449934108   05/04/2007 1.1  Elect Director James D. Edwards         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
IMS Health Inc.           RX     449934108   05/04/2007 1.2  Elect Director William C. Van Faasen    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
IMS Health Inc.           RX     449934108   05/04/2007 1.3  Elect Director Bret W. Wise             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
IMS Health Inc.           RX     449934108   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
IMS Health Inc.           RX     449934108   05/04/2007 3    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 1    Receive Financial Statements and                 Yes
                                                             Statutory Reports for Fiscal 2005/2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
Infineon Technologies AG         D35415104   02/15/2007 2a   for Fiscal 2005/2006                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 2b   Withhold Discharge of Former            Mgmt     Yes   For     For
                                                             Management Board Member Andreas von
                                                             Zitzewitz
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 3    Approve Discharge of Supervisory        Mgmt     Yes   For     For
                                                             Board for Fiscal 2005/2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 4    Ratify KPMG Deutsche                    Mgmt     Yes   For     For
                                                             Treuhand-Gesellschaft as Auditors for
                                                             Fiscal   2006/2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 5    Approve Creation of EUR 224 Million     Mgmt     Yes   For     For
                                                             Pool of Capital without Preemptive
                                                             Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 6    Approve Issuance of Convertible Bonds   Mgmt     Yes   For     For
                                                             and/or Bonds with Warrants Attached
                                                             without Preemptive Rights up to
                                                             Aggregate Nominal Amount of EUR 4
                                                             Billion; Approve Creation of EUR 248
                                                             Million Pool of Capital to Guarantee
                                                             Conversion Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 7    Authorize Repurchase of Up to Ten       Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Location of
Infineon Technologies AG         D35415104   02/15/2007 8    Company Headquarters                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Infineon Technologies AG         D35415104   02/15/2007 9    Amend Articles Re: Conducting of        Mgmt     Yes   For     For
                                                             Shareholder Meetings due to New
                                                             German Legislation (Law on Company
                                                             Integrity and Modernization of the
                                                             Right of Avoidance)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company    IR     G4776G101   06/06/2007      Meeting for Holders of ADR's                     Yes
Limited
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.1  Elect  Director G.D. Forsee             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.2  Elect  Director P.C. Godsoe             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.3  Elect  Director C.J. Horner             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.4  Elect  Director T.E. Martin             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.5  Elect  Director P. Nachtigal            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.6  Elect  Director O.R. Smith              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 1.7  Elect  Director R.J. Swift              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company                                       ADOPTION OF THE INCENTIVE STOCK PLAN
Limited                   IR     G4776G101   06/06/2007 2    OF 2007.                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company
Limited                   IR     G4776G101   06/06/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ingersoll-Rand Company    IR     G4776G101   06/06/2007 4    SHAREHOLDER PROPOSAL TO REQUIRE A       ShrHoldr Yes   For     Against
                                                             SHAREHOLDER VOTE ON AN ADVISORY
                                                             RESOLUTION WITH RESPECT TO EXECUTIVE
Limited                                                      COMPENSATION.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.1  Elect Director Craig R. Barrett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.2  Elect Director Charlene Barshefsky      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.3  Elect Director Susan L. Decker          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.4  Elect Director D. James Guzy            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.5  Elect Director Reed E. Hundt            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.6  Elect Director Paul S. Otellini         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.7  Elect Director James D. Plummer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.8  Elect Director David S. Pottruck        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.9  Elect Director Jane E. Shaw             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.1  Elect Director John L. Thornton         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 1.11 Elect Director David B. Yoffie          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 4    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intel Corp.               INTC   458140100   05/16/2007 5    Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels          G4804L114   06/01/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
Group Plc                                                    Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels
Group Plc                        G4804L114   06/01/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels                                      Approve Final Dividend of 13.3 Pence
Group Plc                        G4804L114   06/01/2007 3    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels
Group Plc                        G4804L114   06/01/2007 4(a) Re-elect Robert Larson as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels
Group Plc                        G4804L114   06/01/2007 4(b) Re-elect Sir David Prosser as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels
Group Plc                        G4804L114   06/01/2007 4(c) Re-elect Richard Solomons as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels
Group Plc                        G4804L114   06/01/2007 4(d) Re-elect David Webster as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels                                      Reappoint Ernst & Young LLP as
Group Plc                        G4804L114   06/01/2007 5    Auditors of the Company                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels                                      Authorise the Audit Committee of the
Group Plc                        G4804L114   06/01/2007 6    Board to Fix Remuneration of Auditors   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels          G4804L114   06/01/2007 7    Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisations Donations up
                                                             to GBP 100,000 and to Incur EU
                                                             Political Expenditure up to GBP
Group Plc                                                    100,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities with
Intercontinental Hotels                                      Pre-emptive Rights up to Aggregate
Group Plc                        G4804L114   06/01/2007 8    Nominal Amount of GBP 13,476,684        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
Intercontinental Hotels                                      Pre-emptive Rights up to Aggregate
Group Plc                        G4804L114   06/01/2007 9    Nominal Amount of GBP 2,021,502         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels          G4804L114   06/01/2007 10   Authorise 53,029,071 Ordinary Shares    Mgmt     Yes   For     For
Group Plc                                                    for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intercontinental Hotels          G4804L114   06/01/2007 11   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             E-Communications and the Companies
Group Plc                                                    Act 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
InterContinental Hotels          G4804L114   06/01/2007 1    Approve Sub-Division of All Ord.        Mgmt     Yes   For     For
                                                             Shares of 11 3/7p Each Into New Ord.
                                                             Shares of 80/329p Each; Consolidation
                                                             of Unissued Intermediate Shares Into
                                                             New Ord. Shares of 13 29/47p Each and
                                                             Issued Intermediate Shares Into New
Group plc                                                    Ord. Shares of 13 29/47p Each
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
InterContinental Hotels          G4804L114   06/01/2007 2    Subject to the Passing of Resolution    Mgmt     Yes   For     For
                                                             1, Authorise 44,632,334 Ordinary
Group plc                                                    Shares for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business    IBM    459200101   04/24/2007 1.1  Elect Director Cathleen Black           Mgmt     Yes   For     For
Machines Corp.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.2  Elect Director Kenneth I. Chenault      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.3  Elect Director Juergen Dormann          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.4  Elect Director Michael L. Eskew         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.5  Elect Director Shirley Ann Jackson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.6  Elect Director Minoru Makihara          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.7  Elect Director Lucio A. Noto            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.8  Elect Director James W. Owens           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.9  Elect Director Samuel J. Palmisano      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.1  Elect Director Joan E. Spero            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.11 Elect Director Sidney Taurel            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 1.12 Elect Director Lorenzo H. Zambrano      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 4    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 5    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 6    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business                                       Restore or Provide for Cumulative
Machines Corp.            IBM    459200101   04/24/2007 7    Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business                                       Evaluate Age Discrimination in
Machines Corp.            IBM    459200101   04/24/2007 8    Retirement Plans                        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 9    Review Executive Compensation           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business
Machines Corp.            IBM    459200101   04/24/2007 10   Report on Outsourcing                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Business                                       Require a Majority Vote for the
Machines Corp.            IBM    459200101   04/24/2007 11   Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.1  Elect Director Neil Barsky              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.2  Elect Director Robert A. Bittman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.3  Elect Director Richard R. Burt          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.4  Elect Director Patti S. Hart            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.5  Elect Director Leslie S. Heisz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.6  Elect Director Robert A. Mathewson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.7  Elect Director Thomas J. Matthews       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.8  Elect Director Robert Miller            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 1.9  Elect Director Frederick B. Rentschler  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Game
Technology                IGT    459902102   03/06/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Paper Co.   IP     460146103   05/07/2007 1.1  Elect Directors David J. Bronczek       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Paper Co.   IP     460146103   05/07/2007 1.2  Elect Directors Martha F. Brooks        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Paper Co.   IP     460146103   05/07/2007 1.3  Elect Directors Lynn Laverty Elsenhans  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Paper Co.   IP     460146103   05/07/2007 1.4  Elect Directors John L. Townsend, III   Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Paper Co.   IP     460146103   05/07/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
International Paper Co.   IP     460146103   05/07/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     For
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.1  Elect Director Stephen M. Bennett       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.2  Elect Director Christopher W. Brody     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.3  Elect Director William V. Campbell      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.4  Elect Director Scott D. Cook            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.5  Elect Director L. John Doerr            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.6  Elect Director Diane B. Greene          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.7  Elect Director Michael R. Hallman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.8  Elect Director Dennis D. Powell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 1.9  Elect Director Stratton D. Sclavos      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Intuit Inc.               INTU   461202103   12/15/2006 4    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.1  Elect Director Steven R. Loranger       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.2  Elect Director Curtis J. Crawford       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.3  Elect Director Christina A. Gold        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.4  Elect Director Ralph F. Hake            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.5  Elect Director John J. Hamre            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.6  Elect Director Raymond W. LeBoeuf       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.7  Elect Director Frank T. MacInnis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.8  Elect Director Linda S. Sanford         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 1.9  Elect Director Markos I. Tambakeras     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ITT Corp.                 ITT    450911102   05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc     JCP    708160106   05/18/2007 1.1  Elect Director Colleen C. Barrett       Mgmt     Yes   For     For
(HLDG CO)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc
(HLDG CO)                 JCP    708160106   05/18/2007 1.2  Elect Director M. Anthony Burns         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc
(HLDG CO)                 JCP    708160106   05/18/2007 1.3  Elect Director Maxine K. Clark          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc
(HLDG CO)                 JCP    708160106   05/18/2007 1.4  Elect Director Anne Marie Tallman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc
(HLDG CO)                 JCP    708160106   05/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc                                        Submit Severance Agreement (Change in
(HLDG CO)                 JCP    708160106   05/18/2007 3    Control) to shareholder Vote            ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
J. C. Penney Co., Inc                                        Require a Majority Vote for the
(HLDG CO)                 JCP    708160106   05/18/2007 4    Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JDS Uniphase Corp.        JDSU   46612J101   11/14/2006 1.1  Elect Director Richard E. Belluzzo      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JDS Uniphase Corp.        JDSU   46612J101   11/14/2006 1.2  Elect Director Harold L. Covert         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JDS Uniphase Corp.        JDSU   46612J101   11/14/2006 1.3  Elect Director Masood Jabbar            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JDS Uniphase Corp.        JDSU   46612J101   11/14/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JDS Uniphase Corp.        JDSU   46612J101   11/14/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.1  Elect Director Mary Sue Coleman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.2  Elect Director James G. Cullen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.3  Elect Director Michael M.E. Johns       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.4  Elect Director Arnold G. Langbo         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.5  Elect Director Susan L. Lindquist       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.6  Elect Director Leo F. Mullin            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.7  Elect Director Christine A. Poon        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.8  Elect Director Charles Prince           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.9  Elect Director Steven S Reinemund       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.1  Elect Director David Satcher            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 1.11 Elect Director William C. Weldon        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Johnson & Johnson         JNJ    478160104   04/26/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Submit Supplemental Executive
Johnson & Johnson         JNJ    478160104   04/26/2007 4    Retirement Plans to Shareholder vote    ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.1  Elect Director Peter Boneparth          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.2  Elect Director Sidney Kimmel            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.3  Elect Director Howard Gittis            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.4  Elect Director Matthew H. Kamens        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.5  Elect Director J. Robert Kerrey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.6  Elect Director Ann N. Reese             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.7  Elect Director Gerald C. Crotty         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.8  Elect Director Lowell W. Robinson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 1.9  Elect Director Frits D. van Paasschen   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company Specific--Adopt majority vote
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 3    standard for election of directors      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 4    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Jones Apparel Group, Inc. JNY    480074103   06/14/2007 5    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.1  Elect Director Crandall C. Bowles       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.2  Elect Director Stephen B. Burke         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.3  Elect Director James S. Crown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.4  Elect Director James Dimon              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.5  Elect Director Ellen V. Futter          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.6  Elect Director William H. Gray, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.7  Elect Director Laban P. Jackson, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.8  Elect Director Robert I. Lipp           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.9  Elect Director David C. Novak           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.1  Elect Director Lee R. Raymond           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 1.11 Elect Director William C. Weldon        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 3    Put Repricing of Stock Options to       ShrHoldr Yes   Against For
                                                             Shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Performance-Based and/or Time-Based
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 4    Equity Awards                           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 5    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 6    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 7    Provide for Cumulative Voting           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 8    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 9    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
JPMorgan Chase & Co.      JPM    46625H100   05/15/2007 10   Report on Management Initiatives to     ShrHoldr Yes   Against For
                                                             Address Links to Slavery and Human
                                                             Rights Abuse
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 1.1  Elect Director Ronald W. Burkle         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 1.2  Elect Director Leslie Moonves           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 1.3  Elect Director Luis G. Nogales          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 1.4  Elect Director Ray R. Irani             Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 2    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 5    Stock Retention/Holding Period          ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KB Home                   KBH    48666K109   04/05/2007 6    Performance-Based and/or Time-Based     ShrHoldr Yes   For     Against
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Eliminate or Restrict Severance
KB Home                   KBH    48666K109   04/05/2007 7    Agreements (Change-in-Control)          ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kellogg Co.               K      487836108   04/27/2007 1.1  Elect Director Benjamin S. Carson, Sr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kellogg Co.               K      487836108   04/27/2007 1.2  Elect Director Gordon Gund              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kellogg Co.               K      487836108   04/27/2007 1.3  Elect Director Dorothy A. Johnson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Ann McLaughlin
Kellogg Co.               K      487836108   04/27/2007 1.4  Korologos                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kellogg Co.               K      487836108   04/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kellogg Co.               K      487836108   04/27/2007 3    Prepare a Sustainability Report         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kellogg Co.               K      487836108   04/27/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kerr-McGee Corp.          KMG    492386107   08/10/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kerr-McGee Corp.          KMG    492386107   08/10/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 1.1  Elect Director Alexander M. Cutler      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 1.2  Elect Director Eduardo R. Menasce       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 1.3  Elect Director Henry L. Meyer, III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 1.4  Elect Director Peter G. Ten Eyck, II    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 2    Establish Range For Board Size          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 3    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeyCorp                   KEY    493267108   05/10/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.1  Elect Director Robert B. Catell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.2  Elect Director Andrea S. Christensen    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.3  Elect Director Robert J. Fani           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.4  Elect Director Alan H. Fishman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.5  Elect Director James R. Jones           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.6  Elect Director James L. Larocca         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.7  Elect Director Gloria C. Larson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.8  Elect Director Stephen W. Mckessy       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.9  Elect Director Edward D. Miller         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 2.1  Elect Director Vikki L. Pryor           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KeySpan Corporation       KSE    49337W100   08/17/2006 4    Adopt Simple Majority Vote Requirement  ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 1    Elect Director James M. Jenness         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 2    Elect Director Linda Johnson Rice       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 3    Elect Director Marc J. Shapiro          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 5    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 6    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 7    Adopt ILO Standards                     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kimberly-Clark Corp.      KMB    494368103   04/26/2007 8    Report on Feasibility of Phasing Out    ShrHoldr Yes   Against For
                                                             the Use of Non-certified Wood Fiber
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kinder Morgan, Inc.       KMI    49455P101   12/19/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kinder Morgan, Inc.       KMI    49455P101   12/19/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KLA-Tencor Corp.          KLAC   482480100   03/29/2007 1.1  Elect Director H. Raymond Bingham       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KLA-Tencor Corp.          KLAC   482480100   03/29/2007 1.2  Elect Director Robert T. Bond           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KLA-Tencor Corp.          KLAC   482480100   03/29/2007 1.3  Elect Director David C. Wang            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KLA-Tencor Corp.          KLAC   482480100   03/29/2007 1.4  Elect Director Robert M. Calderoni      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
KLA-Tencor Corp.          KLAC   482480100   03/29/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.1  Elect Director Steven A. Burd           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.2  Elect Director Wayne Embry              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.3  Elect Director James D. Ericson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.4  Elect Director John F. Herma            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.5  Elect Director William S. Kellogg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.6  Elect Director Kevin Mansell            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.7  Elect Director R. Lawrence Montgomery   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.8  Elect Director Frank V. Sica            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.9  Elect Director Peter M. Sommerhauser    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.1  Elect Director Stephen E. Watson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 1.11 Elect Director R. Elton White           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 4    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Kohl's Corp.              KSS    500255104   05/02/2007 5    Company Specific-Adopt Majority Vote    Mgmt     Yes   For     For
                                                             for Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require a Majority Vote for the
Kohl's Corp.              KSS    500255104   05/02/2007 6    Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 2    Elect Chairman and Other Meeting        Mgmt     No    TNA     Against
                                                             Officials; Approve Procedural Rules
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Board of Directors' Report on
Komercni Banka A.S.              X45471111   04/25/2007 3    2006 Operations                         Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 4    Receive Financial Statements and                 No
                                                             Statutory Reports; Receive Allocation
                                                             of Income Proposal; Receive
                                                             Consolidated Financial Statements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 5    Receive Supervisory Board Report                 No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 6    Accept Financial Statements             Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 7    Approve Allocation of Income            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Komercni Banka A.S.              X45471111   04/25/2007 8    Statements                              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 9    Elect Supervisory Board                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 10   Approve Remuneration of Bank's Bodies   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 11   Authorize Share Repurchase Program      Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Komercni Banka A.S.              X45471111   04/25/2007 12   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 1    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
L'Oreal                          F58149133   04/24/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
L'Oreal                          F58149133   04/24/2007 3    Dividends of EUR 1.18 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
L'Oreal                          F58149133   04/24/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 5    Reelect Liliane Bettencourt as          Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 6    Elect Annette Roux as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 7    Authorize Repurchase of Up to 10        Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 8    Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 59.77 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 9    Approve Stock Option Plans Grants       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 10   Authorize up to 0.2 Percent of Issued   Mgmt     Yes   Against Against
                                                             Capital for Use in Restricted Stock
                                                             Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve/Amend Employee
L'Oreal                          F58149133   04/24/2007 11   Savings-Related Share Purchase Plan     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 12   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Record Date and Attendance of General
                                                             Meetings through Videoconference and
                                                             Telecommunication
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
L'Oreal                          F58149133   04/24/2007 13   Authorize Filing of Required            Mgmt     Yes   For     For
                                                             Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Ladbrokes Plc                    G5337D107   05/18/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of 8.60 Pence
Ladbrokes Plc                    G5337D107   05/18/2007 2    Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 3    Re-elect Christopher Rodrigues as       Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 4    Elect John Jarvis as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 5    Elect Henry Staunton as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 6    Elect Brian Wallace as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 7    Reappoint Ernst & Young LLP as          Mgmt     Yes   For     For
                                                             Auditors and Authorise the Board to
                                                             Determine Their Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 8    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 9    Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Donations and to Incur EU
                                                             Political Expenditures up to GBP
                                                             10,000; Authorise Ladbrokes Betting &
                                                             Gaming Ltd to Make EU Political
                                                             Donations and to Incur EU Political
                                                             Expenditures up to GBP 15,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 10   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 58,794,737
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 8,893,958 and
                                                             up to Aggregate Nominal Amount of GBP
                                                             58,794,737 in Connection with a
                                                             Rights Issue
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 12   Authorise 62,780,884 Ordinary Shares    Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Ladbrokes Plc                    G5337D107   05/18/2007 13   Electronic Communications               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 14   Subject to the Passing of Resolution    Mgmt     Yes   For     For
                                                             13, Authorise the Company to Use
                                                             Electronic Means to Convey
                                                             Information to Shareholders
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Ladbrokes Plc                    G5337D107   05/18/2007 15   Approve Ladbrokes Plc Performance       Mgmt     Yes   For     For
                                                             Share Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Land Securities Group plc        G5375M118   07/19/2006 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of 28.55 Pence
Land Securities Group plc        G5375M118   07/19/2006 2    Per Share                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 3    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 4    Elect Martin Greenslade as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 5    Re-elect Peter Birch as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Sir Winfried Bischoff as
Land Securities Group plc        G5375M118   07/19/2006 6    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 7    Re-elect David Rough as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 8    Re-elect Ian Ellis as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reappoint PricewaterhouseCoopers LLP
Land Securities Group plc        G5375M118   07/19/2006 9    as Auditors of the Company              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Land Securities Group plc        G5375M118   07/19/2006 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 13,067,933
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Land Securities Group plc        G5375M118   07/19/2006 12   Nominal Amount of GBP 2,346,603         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Land Securities Group plc        G5375M118   07/19/2006 13   Authorise 46,932,066 Ordinary Shares    Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Land Securities Group Plc        G5375M118   12/15/2006 1    Real Estate Investment Trust            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.1  Elect Director Raymond F. Bentele       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.2  Elect Director Ralph W. Clark           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.3  Elect Director Harry M. Cornell, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.4  Elect Director Robert Ted Enloe, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.5  Elect Director Richard T. Fisher        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.6  Elect Director Karl G. Glassman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.7  Elect Director David S. Haffner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.8  Elect Director Joseph W. McClanathan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.9  Elect Director Judy C. Odom             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.1  Elect Director Maurice E. Purnell, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.11 Elect Director Phoebe A. Wood           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 1.12 Elect Director Felix E. Wright          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Leggett & Platt, Inc.     LEG    524660107   05/09/2007 3    Amend EEO Statement to Prohibit         ShrHoldr Yes   For     Against
                                                             Discrimination based on Sexual
                                                             Orientation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings  LEH    524908100   04/12/2007 1.1  Elect Director Michael L. Ainslie       Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.2  Elect Director John F. Akers            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.3  Elect Director Roger S. Berlind         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.4  Elect Director Thomas H. Cruikshank     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.5  Elect Director Marsha Johnson Evans     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.6  Elect Director Richard S. Fuld, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.7  Elect Director Christopher Gent         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.8  Elect Director Roland A. Hernandez      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.9  Elect Director Henry Kaufman            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 1.1  Elect Director John D. Macomber         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lehman Brothers Holdings
Inc.                      LEH    524908100   04/12/2007 4    Publish Political Contributions         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lexmark International,
Inc.                      LXK    529771107   04/26/2007 1.1  Elect Director Paul J. Curlander        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lexmark International,
Inc.                      LXK    529771107   04/26/2007 1.2  Elect Director James F. Hardymon        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lexmark International,
Inc.                      LXK    529771107   04/26/2007 1.3  Elect Director Kathi P. Seifert         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lexmark International,
Inc.                      LXK    529771107   04/26/2007 1.4  Elect Director Jean-Paul L. Montupet    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lexmark International,
Inc.                      LXK    529771107   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 1.1  Elect Director Dennis S. Hersch         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 1.2  Elect Director David T. Kollat          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 1.3  Elect Director William R. Loomis, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 1.4  Elect Director Leslie H. Wexner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Limited Brands            LTD    532716107   05/21/2007 4    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 1.1  Elect Director William J. Avery         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 1.2  Elect Director William H. Cunningham    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 1.3  Elect Director William Porter Payne     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 1.4  Elect Director Patrick S. Pittard       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 1.5  Elect Director Jill S. Ruckelshaus      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lincoln National Corp.    LNC    534187109   05/10/2007 4    Approve Non-Employee Director Stock     Mgmt     Yes   Against Against
                                                             Option Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Linear Technology Corp.   LLTC   535678106   11/01/2006 1.1  Elect Director Robert H. Swanson, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Linear Technology Corp.   LLTC   535678106   11/01/2006 1.2  Elect Director David S. Lee             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Linear Technology Corp.   LLTC   535678106   11/01/2006 1.3  Elect Director Lothar Maier             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Linear Technology Corp.   LLTC   535678106   11/01/2006 1.4  Elect Director Richard M. Moley         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Linear Technology Corp.   LLTC   535678106   11/01/2006 1.5  Elect Director Thomas S. Volpe          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Linear Technology Corp.   LLTC   535678106   11/01/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 1.1  Elect Director Michael Cohl             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 1.2  Elect Director L. Lowry Mays            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 1.3  Elect Director Michael Rapino           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 1.4  Elect Director John N. Simons, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
LIVE NATION INC           LYV    538034109   05/11/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Liz Claiborne, Inc.       LIZ    539320101   05/17/2007 1.1  Elect Director Raul J. Fernandez        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Liz Claiborne, Inc.       LIZ    539320101   05/17/2007 1.2  Elect Director Kenneth P. Kopelman      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Liz Claiborne, Inc.       LIZ    539320101   05/17/2007 1.3  Elect Director Arthur C. Martinez       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Liz Claiborne, Inc.       LIZ    539320101   05/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Liz Claiborne, Inc.       LIZ    539320101   05/17/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.1  Elect Director E. C. Aldridge, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.2  Elect Director Nolan D. Archibald       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.3  Elect Director Marcus C. Bennett        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.4  Elect Director James O. Ellis, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.5  Elect Director Gwendolyn S. King        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.6  Elect Director James M. Loy             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.7  Elect Director Douglas H. McCorkindale  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.8  Elect Director Eugene F. Murphy         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.9  Elect Director Joseph W. Ralston        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.1  Elect Director Frank Savage             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.11 Elect Director James M. Schneider       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.12 Elect Director Anne Stevens             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.13 Elect Director Robert J. Stevens        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.14 Elect Director James R. Ukropina        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 1.15 Elect Director Douglas C. Yearley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 3    Increase Disclosure of Executive        ShrHoldr Yes   Against For
                                                             Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Lockheed Martin Corp.     LMT    539830109   04/26/2007 4    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lockheed Martin Corp.     LMT    539830109   04/26/2007 5    Report on Nuclear Weapons               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   08/03/2006 1    Increase Authorized Common Stock        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   08/03/2006 2    Adjust Par Value of Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.1  Elect Director Ann E. Berman            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.2  Elect Director Joseph L. Bower          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.3  Elect Director Charles M. Diker         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.4  Elect Director Paul J. Fribourg         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.5  Elect Director Walter L. Harris         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.6  Elect Director Philip A. Laskawy        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.7  Elect Director Gloria R. Scott          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.8  Elect Director Andrew H. Tisch          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.9  Elect Director James S. Tisch           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 1.1  Elect Director Jonathan M. Tisch        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 3    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 4    Provide for Cumulative Voting           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Loews Corp.               CG     540424108   05/08/2007 5    Social Proposal                         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 1    Receive Financial Statements and                 Yes
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Logitech International SA        H50430232   06/20/2007 2    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Logitech International SA        H50430232   06/20/2007 3    Omission of Dividends                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Mandatory Closing
Logitech International SA        H50430232   06/20/2007 4    of Share Register                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
Logitech International SA        H50430232   06/20/2007 5    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 6.1.1Elect Sally Davis as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 6.1.2Elect Robert Malcolm as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 6.1.3Reelect Monika Ribar as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 6.1.4Reelect Guerrino De Luca as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 6.1.5Reelect Daniel Borel as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Logitech International SA        H50430232   06/20/2007 6.2  Ratify PricewaterhouseCoopers SA as     Mgmt     Yes   For     For
                                                             Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 1.1  Elect Director David W. Bernauer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 1.2  Elect Director Leonard L. Berry         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 1.3  Elect Director Dawn E. Hudson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 1.4  Elect Director Robert A. Niblock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 2    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require Director Nominee
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 4    Qualifications                          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 5    Report on Progress Toward               ShrHoldr Yes   Against For
                                                             Implementing the Company's Wood Policy
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 6    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 7    Submit Severance Agreement (Change in   ShrHoldr Yes   Against For
                                                             Control) to shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lowe's Companies, Inc.    LOW    548661107   05/25/2007 8    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lucent Technologies Inc.  LU     549463107   09/07/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 1    TO APPROVE THE ANNUAL REPORT OF OAO     Mgmt     Yes   For     For
                                                             LUKOIL FOR 2006, INCLUDING: THE NET
                                                             PROFIT OF OAO LUKOIL FOR DISTRIBUTION
                                                             FOR 2006 WAS EQUAL TO 55,129,760,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.1  Elect Vagit Alekperov as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.2  Elect Igor Belikov as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.3  Elect Mikhail Berezhnoy as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Donald Wallette (Jr.) as
Lukoil Oao                       677862104   06/28/2007 2.4  Director                                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.5  Elect Valery Grayfer as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.6  Elect Oleg Kutafin as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.7  Elect Ravil Maganov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.8  Elect Richard Matzke as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.9  Elect Sergey Mikhailov as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.1  Elect Nikolay Tsvetkov as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.11 Elect Igor Sherkunov as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.12 Elect Alexander Shokhin as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007      Elect Three Members of Audit                     Yes
                                                             Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 3    TO ELECT THE AUDIT COMMISSION FROM      Mgmt     Yes   For     For
                                                             THE LIST OF CANDIDATES APPROVED BY
                                                             THE BOARD OF DIRECTORS OF OAO  LUKOIL
                                                             ON 3 FEBRUARY 2007 (MINUTES NO.4):
                                                             BULAVINA,
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE AUDIT COMMISSION FROM
                                                             THE LIST OF CANDIDATES APPROVED BY
                                                             THE BOARD OF DIRECTORS OF OAO  LUKOIL
                                                             ON 3 FEBRUARY 2007 (MINUTES NO.4):
Lukoil Oao                       677862104   06/28/2007 4    KONDRATIEV,                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE AUDIT COMMISSION FROM
                                                             THE LIST OF CANDIDATES APPROVED BY
                                                             THE BOARD OF DIRECTORS OF OAO  LUKOIL
                                                             ON 3 FEBRUARY 2007 (MINUTES NO.4):
Lukoil Oao                       677862104   06/28/2007 5    NIKITENKO,                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 6    TO PAY REMUNERATION AND REIMBURSE       Mgmt     Yes   For     For
                                                             EXPENSES TO MEMBERS OF THE BOARD OF
                                                             DIRECTORS AND THE AUDIT COMMISSION OF
                                                             OAO LUKOIL ACCORDING TO APPENDIX 1.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 7    TO ESTABLISH REMUNERATION FOR NEWLY     Mgmt     Yes   For     For
                                                             ELECTED MEMBERS OF THE BOARD OF
                                                             DIRECTORS AND THE AUDIT COMMISSION OF
                                                             OAO LUKOIL ACCORDING TO APPENDIX 2.
                                                             TO INVALIDATE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 8    TO APPROVE THE INDEPENDENT AUDITOR OF   Mgmt     Yes   For     For
                                                             OAO LUKOIL - CLOSED JOINT STOCK
                                                             COMPANY KPMG.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 9    TO DETERMINE THE NUMBER OF AUTHORISED   Mgmt     Yes   For     For
                                                             SHARES OF OAO  LUKOIL AS EIGHTY-FIVE
                                                             MILLION (85,000,000) ORDINARY
                                                             REGISTERED SHARES, WITH A PAR VALUE
                                                             OF TWO AND A HALF
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 10   TO APPROVE AMENDMENTS AND ADDENDA TO    Mgmt     Yes   For     For
                                                             THE CHARTER OF OPEN JOINT STOCK
                                                             COMPANY OIL COMPANY LUKOIL , PURSUANT
                                                             TO THE APPENDIX.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE AMENDMENTS TO THE
                                                             REGULATIONS ON THE PROCEDURE FOR
                                                             PREPARING AND HOLDING THE GENERAL
                                                             SHAREHOLDERS MEETING OF OAO LUKOIL ,
Lukoil Oao                       677862104   06/28/2007 11   PURSUANT TO THE                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 12   TO APPROVE THE FOLLOWING                Mgmt     Yes   For     For
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SUPPLEMENTAL AGREEMENT TO
                                                             LOAN CONTRACT
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE FOLLOWING
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SUPPLEMENTAL AGREEMENT TO
Lukoil Oao                       677862104   06/28/2007 13   OIL SUPPLY                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE FOLLOWING
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SHAREHOLDER LOAN AGREEMENT
Lukoil Oao                       677862104   06/28/2007 14   BETWEEN OAO                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE FOLLOWING
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SHAREHOLDER LOAN AGREEMENT
Lukoil Oao                       677862104   06/28/2007 15   BETWEEN OAO                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 16   TO APPROVE THE FOLLOWING                Mgmt     Yes   For     For
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: POLICY (CONTRACT) ON
                                                             INSURING THE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 17   TO APPROVE MEMBERSHIP OF OAO LUKOIL     Mgmt     Yes   For     For
                                                             IN THE RUSSIAN NATIONAL ASSOCIATION
                                                             SWIFT.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 1    TO APPROVE THE ANNUAL REPORT OF OAO     Mgmt     Yes   For     For
                                                             LUKOIL FOR 2006, INCLUDING: THE NET
                                                             PROFIT OF OAO LUKOIL FOR DISTRIBUTION
                                                             FOR 2006 WAS EQUAL TO 55,129,760,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007      Elect 11 Directors by Cumulative                 Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.1  Elect Vagit Alekperov as Director       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.2  Elect Igor Belikov as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.3  Elect Mikhail Berezhnoy as Director     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Donald Wallette (Jr.) as
Lukoil Oao                       677862104   06/28/2007 2.4  Director                                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.5  Elect Valery Grayfer as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.6  Elect Oleg Kutafin as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.7  Elect Ravil Maganov as Director         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.8  Elect Richard Matzke as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.9  Elect Sergey Mikhailov as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.1  Elect Nikolay Tsvetkov as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.11 Elect Igor Sherkunov as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 2.12 Elect Alexander Shokhin as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007      Elect Three Members of Audit                     Yes
                                                             Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 3    TO ELECT THE AUDIT COMMISSION FROM      Mgmt     Yes   For     For
                                                             THE LIST OF CANDIDATES APPROVED BY
                                                             THE BOARD OF DIRECTORS OF OAO  LUKOIL
                                                             ON 3 FEBRUARY 2007 (MINUTES NO.4):
                                                             BULAVINA,
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE AUDIT COMMISSION FROM
                                                             THE LIST OF CANDIDATES APPROVED BY
                                                             THE BOARD OF DIRECTORS OF OAO  LUKOIL
                                                             ON 3 FEBRUARY 2007 (MINUTES NO.4):
Lukoil Oao                       677862104   06/28/2007 4    KONDRATIEV,                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE AUDIT COMMISSION FROM
                                                             THE LIST OF CANDIDATES APPROVED BY
                                                             THE BOARD OF DIRECTORS OF OAO  LUKOIL
                                                             ON 3 FEBRUARY 2007 (MINUTES NO.4):
Lukoil Oao                       677862104   06/28/2007 5    NIKITENKO,                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 6    TO PAY REMUNERATION AND REIMBURSE       Mgmt     Yes   For     For
                                                             EXPENSES TO MEMBERS OF THE BOARD OF
                                                             DIRECTORS AND THE AUDIT COMMISSION OF
                                                             OAO LUKOIL ACCORDING TO APPENDIX 1.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 7    TO ESTABLISH REMUNERATION FOR NEWLY     Mgmt     Yes   For     For
                                                             ELECTED MEMBERS OF THE BOARD OF
                                                             DIRECTORS AND THE AUDIT COMMISSION OF
                                                             OAO LUKOIL ACCORDING TO APPENDIX 2.
                                                             TO INVALIDATE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 8    TO APPROVE THE INDEPENDENT AUDITOR OF   Mgmt     Yes   For     For
                                                             OAO LUKOIL - CLOSED JOINT STOCK
                                                             COMPANY KPMG.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 9    TO DETERMINE THE NUMBER OF AUTHORISED   Mgmt     Yes   For     For
                                                             SHARES OF OAO  LUKOIL AS EIGHTY-FIVE
                                                             MILLION (85,000,000) ORDINARY
                                                             REGISTERED SHARES, WITH A PAR VALUE
                                                             OF TWO AND A HALF
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 10   TO APPROVE AMENDMENTS AND ADDENDA TO    Mgmt     Yes   For     For
                                                             THE CHARTER OF OPEN JOINT STOCK
                                                             COMPANY OIL COMPANY LUKOIL , PURSUANT
                                                             TO THE APPENDIX.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE AMENDMENTS TO THE
                                                             REGULATIONS ON THE PROCEDURE FOR
                                                             PREPARING AND HOLDING THE GENERAL
                                                             SHAREHOLDERS MEETING OF OAO LUKOIL ,
Lukoil Oao                       677862104   06/28/2007 11   PURSUANT TO THE                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 12   TO APPROVE THE FOLLOWING                Mgmt     Yes   For     For
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SUPPLEMENTAL AGREEMENT TO
                                                             LOAN CONTRACT
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE FOLLOWING
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SUPPLEMENTAL AGREEMENT TO
Lukoil Oao                       677862104   06/28/2007 13   OIL SUPPLY                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE FOLLOWING
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SHAREHOLDER LOAN AGREEMENT
Lukoil Oao                       677862104   06/28/2007 14   BETWEEN OAO                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO APPROVE THE FOLLOWING
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: SHAREHOLDER LOAN AGREEMENT
Lukoil Oao                       677862104   06/28/2007 15   BETWEEN OAO                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 16   TO APPROVE THE FOLLOWING                Mgmt     Yes   For     For
                                                             INTERESTED-PARTY TRANSACTIONS ON THE
                                                             TERMS AND CONDITIONS INDICATED IN THE
                                                             APPENDIX: POLICY (CONTRACT) ON
                                                             INSURING THE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lukoil Oao                       677862104   06/28/2007 17   TO APPROVE MEMBERSHIP OF OAO LUKOIL     Mgmt     Yes   For     For
                                                             IN THE RUSSIAN NATIONAL ASSOCIATION
                                                             SWIFT.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis         F58485115   05/10/2007      Ordinary Business                                Yes
Vuitton
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Accept Consolidated Financial
Vuitton                          F58485115   05/10/2007 1    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Approve Financial Statements and
Vuitton                          F58485115   05/10/2007 2    Discharge Directors                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Approve Special Auditors' Report
Vuitton                          F58485115   05/10/2007 3    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Approve Allocation of Income and
Vuitton                          F58485115   05/10/2007 4    Dividends of EUR 1.40 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007 5    Reelect Bernard Arnault as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Reelect Delphine Arnault-Gancia as
Vuitton                          F58485115   05/10/2007 6    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007 7    Reelect Jean Arnault as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Reelect Nicholas Clive-Worms as
Vuitton                          F58485115   05/10/2007 8    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007 9    Reelect Patrick Houel as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007 10   Reelect Felix G. Rohatyn as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007 11   Reelect Hubert Vedrine as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007 12   Reappoint Kilian Hennessy as Censor     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Authorize Repurchase of Up to Ten
Vuitton                          F58485115   05/10/2007 13   Percent of Issued Share Capital         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis
Vuitton                          F58485115   05/10/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Approve Reduction in Share Capital
Vuitton                          F58485115   05/10/2007 14   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis         F58485115   05/10/2007 15   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
Vuitton                                                      Nominal Amount of EUR 30 million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
Lvmh Moet Hennessy Louis                                     Preemptive Rights up to Aggregate
Vuitton                          F58485115   05/10/2007 16   Nominal Amount of EUR 30 million        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis         F58485115   05/10/2007 17   Authorize Capital Increase of up to     Mgmt     Yes   For     For
                                                             10 Percent of Issued Capital for
                                                             Future Acquisitions or Share Exchange
Vuitton                                                      Offers
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Issuance of Shares Up to EUR
Lvmh Moet Hennessy Louis                                     30 Million for the Benefit of Credit
Vuitton                          F58485115   05/10/2007 18   and Insurance Institutions              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis         F58485115   05/10/2007 19   Authorize Board to Increase Capital     Mgmt     Yes   For     For
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
Vuitton                                                      Shareholder Vote Above
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis         F58485115   05/10/2007 20   Amend Employee Savings-Related Share    Mgmt     Yes   For     For
Vuitton                                                      Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Lvmh Moet Hennessy Louis                                     Amend Articles of Association Re:
Vuitton                          F58485115   05/10/2007 21   Record Date                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Man Group Plc                    G5790V107   07/11/2006 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 3    Approve Final Dividend of 54.6 Cents    Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 4    Re-elect Jon Aisbitt as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 5    Re-elect Peter Clarke as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 6    Re-elect Kevin Davis as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 7    Re-elect Glen Moreno as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 8    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Man Group Plc                    G5790V107   07/11/2006 9    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 10   Approve Share Sub-Division of Each      Mgmt     Yes   For     For
                                                             450,000,000 Ordinary Shares of 18 US
                                                             Cents Each Into 6 Ordinary Shares of
                                                             3 US Cents Each
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 11   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Sub-division of Ordinary Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 12   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of USD 18,459,386
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Man Group Plc                    G5790V107   07/11/2006 13   Nominal Amount of USD 2,768,907.96      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Man Group Plc                    G5790V107   07/11/2006 14   Authorise 30,765,644 Ordinary Shares    Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Man Group 2006 Long-Term
Man Group Plc                    G5790V107   07/11/2006 15   Incentive Plan                          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 1    Elect Director Mary Taylor Behrens      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 2    Elect Director Joseph F. Damico         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 3    Elect Director Stephen L. Guillard      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 4    Elect Director William H. Longfield     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 5    Elect Director Paul A. Ormond           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 6    Elect Director John T. Schwieters       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 7    Elect Director Richard C. Tuttle        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 8    Elect Director Gail R. Wilensky, Ph.D   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Manor Care, Inc.          HCR    564055101   05/08/2007 9    Elect Director Thomas L. Young          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 1.1  Elect Director Charles F. Bolden, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 1.2  Elect Director Charles R. Lee           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 1.3  Elect Director Dennis H. Reilley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 1.4  Elect Director John W. Snow             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 1.5  Elect Director Thomas J. Usher          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 4    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marathon Oil Corp         MRO    565849106   04/25/2007 5    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 1    Elect Director J.W. Marriott, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 2    Elect Director John W. Marriott, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 3    Elect Director Richard S. Braddock      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 4    Elect Director Lawrence W. Kellner      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 5    Elect Director Debra L. Lee             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 6    Elect Director Floretta Dukes McKenzie  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 7    Elect Director George Munoz             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 8    Elect Director Steven S Reinemund       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 9    Elect Director Harry J. Pearce          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 10   Elect Director William J. Shaw          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 11   Elect Director Lawrence M. Small        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marriott International
Inc.                      MAR    571903202   04/27/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marsh & McLennan          MMC    571748102   05/17/2007 1.1  Elect Director Zachary W. Carter        Mgmt     Yes   For     For
Companies, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marsh & McLennan
Companies, Inc.           MMC    571748102   05/17/2007 1.2  Elect Director Oscar Fanjul             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marsh & McLennan
Companies, Inc.           MMC    571748102   05/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marsh & McLennan                                             Amend Qualified Employee Stock
Companies, Inc.           MMC    571748102   05/17/2007 3    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marsh & McLennan
Companies, Inc.           MMC    571748102   05/17/2007 4    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 1.1  Elect Director Jon F. Chait             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 1.2  Elect Director Dennis J. Kuester        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 1.3  Elect Director David J. Lubar           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 1.4  Elect Director San W. Orr, Jr.          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 1.5  Elect Director Debra S. Waller          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 1.6  Elect Director George E. Wardeberg      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 2    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Marshall & Ilsley Corp.   MI     571834100   04/24/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Masco Corp.               MAS    574599106   05/08/2007 1    Elect Director Dennis W. Archer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Masco Corp.               MAS    574599106   05/08/2007 2    Elect Director Anthony F. Earley, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Masco Corp.               MAS    574599106   05/08/2007 3    Elect Director Lisa A. Payne            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Masco Corp.               MAS    574599106   05/08/2007 4    Elect Director Peter A. Dow             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Masco Corp.               MAS    574599106   05/08/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.1  Elect Director Michael J. Dolan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.2  Elect Director Robert A. Eckert         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.3  Elect Director Frances D. Fergusson     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.4  Elect Director Tully M. Friedman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.5  Elect Director Dominic Ng               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.6  Elect Director Andrea L. Rich           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.7  Elect Director Ronald L. Sargent        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.8  Elect Director Dean A. Scarborough      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.9  Elect Director Christopher A. Sinclair  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.1  Elect Director G. Craig Sullivan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 1.11 Elect Director Kathy Brittain White     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 3    Company Specific- Approve Majority      Mgmt     Yes   For     For
                                                             Vote and Eliminate Cumulative Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 4    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 5    Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 6    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 7    Report Progress on Improving Work and   ShrHoldr Yes   Against For
                                                             Living Conditions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mattel, Inc.              MAT    577081102   05/18/2007 8    Pay for Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.1  Elect Director David C. Clapp           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.2  Elect Director Gary C. Dunton           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.3  Elect Director Claire L. Gaudiani       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.4  Elect Director Daniel P. Kearney        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.5  Elect Director Laurence H. Meyer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.6  Elect Director David M. Moffett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.7  Elect Director Debra J. Perry           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.8  Elect Director John A. Rolls            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.9  Elect Director Richard H. Walker        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 1.1  Elect Director Jeffery W. Yabuki        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MBIA Inc.                 MBI    55262C100   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 1    Elect Director Edward A. Brennan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 2    Elect Director Walter E. Massey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 3    Elect Director John W. Rogers, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 4    Elect Director Roger W. Stone           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 6    Label Genetically Modified Organisms    ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McDonald's Corp.          MCD    580135101   05/24/2007 7    Adopt and Implement ILO Based Code of   ShrHoldr Yes   Against For
                                                             Conduct
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McKesson Corporation      MCK    58155Q103   07/26/2006 1.1  Elect Director Wayne A. Budd            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McKesson Corporation      MCK    58155Q103   07/26/2006 1.2  Elect Director Alton F. Irby III        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McKesson Corporation      MCK    58155Q103   07/26/2006 1.3  Elect Director David M. Lawrence, M.D.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McKesson Corporation      MCK    58155Q103   07/26/2006 1.4  Elect Director James V. Napier          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McKesson Corporation      MCK    58155Q103   07/26/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
McKesson Corporation      MCK    58155Q103   07/26/2006 3    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 1.1  Elect Director James M. Kilts           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 1.2  Elect Director Douglas S. Luke          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 1.3  Elect Director Robert C. McCormack      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 1.4  Elect Director Edward M. Straw          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 1.5  Elect Director Jane L. Warner           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MeadWestvaco Corp.        MWV    583334107   04/30/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Submit Shareholder Rights Plan
MeadWestvaco Corp.        MWV    583334107   04/30/2007 4    (Poison Pill) to Shareholder Vote       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MEDCO Health Solutions In MHS    58405U102   05/24/2007 1.1  Elect Director Howard W. Barker, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MEDCO Health Solutions In MHS    58405U102   05/24/2007 1.2  Elect Director David B. Snow, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MEDCO Health Solutions In MHS    58405U102   05/24/2007 2    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Qualified Employee Stock
MEDCO Health Solutions In MHS    58405U102   05/24/2007 3    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MEDCO Health Solutions In MHS    58405U102   05/24/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Medtronic, Inc.           MDT    585055106   08/24/2006 1.1  Elect Director Richard H. Anderson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Medtronic, Inc.           MDT    585055106   08/24/2006 1.2  Elect Director Michael R. Bonsignore    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Medtronic, Inc.           MDT    585055106   08/24/2006 1.3  Elect Director Robert C. Pozen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Medtronic, Inc.           MDT    585055106   08/24/2006 1.4  Elect Director Gordon M. Sprenger       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Medtronic, Inc.           MDT    585055106   08/24/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Medtronic, Inc.           MDT    585055106   08/24/2006 3    Require a Majority Vote for the         ShrHoldr Yes   Against For
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 1.1  Elect Director Jared L. Cohon           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 1.2  Elect Director Ira J. Gumberg           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 1.3  Elect Director Robert P. Kelly          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 1.4  Elect Director David S. Shapira         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 1.5  Elect Director John P. Surma            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 2    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   04/17/2007 4    Ratify Auditors                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   05/24/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   05/24/2007 2    Adopt Supermajority Vote Requirement    Mgmt     Yes   For     For
                                                             for Mergers
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Increase Authorized Preferred and
Mellon Financial Corp.    MEL    58551A108   05/24/2007 3    Common Stock                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mellon Financial Corp.    MEL    58551A108   05/24/2007 4    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.1  Elect Director Richard T. Clark         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Johnnetta B. Cole,
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.2  Ph.D.                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director William B. Harrison,
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.3  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.4  Elect Director William N. Kelley, M.D.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.5  Elect Director Rochelle B. Lazarus      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.6  Elect Director Thomas E. Shenk, Ph.D.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.7  Elect Director Anne M. Tatlock          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.8  Elect Director Samuel O. Thier, M.D.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.9  Elect Director Wendell P. Weeks         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 1.1  Elect Director Peter C. Wendell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 4    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 5    Establish Range For Board Size          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 6    Replace Cumulative Voting to Majority   Mgmt     Yes   For     For
                                                             Vote Standard for the Election of
                                                             Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 7    Publish Political Contributions         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merck & Co., Inc.         MRK    589331107   04/24/2007 8    Advisory Vote to Ratify Named           ShrHoldr Yes   Against For
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 1.1  Elect Director John D. Finnegan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 1.2  Elect Director Joseph W. Prueher        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 1.3  Elect Director Ann N. Reese             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Restore or Provide for Cumulative
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 3    Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 4    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Performance-Based and/or Time-Based
Merrill Lynch & Co., Inc. MER    590188108   04/27/2007 5    Equity Awards                           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MetLife, Inc              MET    59156R108   04/24/2007 1.1  Elect Director Burton A. Dole, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MetLife, Inc              MET    59156R108   04/24/2007 1.2  Elect Director R. Glenn Hubbard         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MetLife, Inc              MET    59156R108   04/24/2007 1.3  Elect Director James M. Kilts           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MetLife, Inc              MET    59156R108   04/24/2007 1.4  Elect Director Charles M. Leighton      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MetLife, Inc              MET    59156R108   04/24/2007 1.5  Elect Director David Satcher            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MetLife, Inc              MET    59156R108   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Metro AG                         D53968125   05/23/2007 1    Receive Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports for Fiscal 2006;
                                                             Approve Allocation of Income and
                                                             Dividends of EUR 1.12 per Common
                                                             Share and EUR 1.232 per Preference
                                                             Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Metro AG                         D53968125   05/23/2007 2    Approve Discharge of Management Board   Mgmt     Yes   For     For
                                                             for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Metro AG                         D53968125   05/23/2007 3    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Metro AG                         D53968125   05/23/2007 4    Ratify KPMG Deutsche                    Mgmt     Yes   For     For
                                                             Treuhand-Gesellschaft AG as Auditors
                                                             for Fiscal 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
                                                             and Reissuance or Cancellation of
Metro AG                         D53968125   05/23/2007 5    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Creation of EUR 40 Million
                                                             Pool of Capital without Preemptive
Metro AG                         D53968125   05/23/2007 6    Rights (Pool of Capital I)              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Creation of EUR 60 Million
                                                             Pool of Capital without Preemptive
Metro AG                         D53968125   05/23/2007 7    Rights (Pool of Capital II)             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MGIC Investment Corp.     MTG    552848103   05/10/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MGIC Investment Corp.     MTG    552848103   05/10/2007 2.1  Elect Director James A. Abbott          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MGIC Investment Corp.     MTG    552848103   05/10/2007 2.2  Elect Director Thomas M. Hagerty        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MGIC Investment Corp.     MTG    552848103   05/10/2007 2.3  Elect Director Michael E. Lehman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MGIC Investment Corp.     MTG    552848103   05/10/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
MGIC Investment Corp.     MTG    552848103   05/10/2007 4    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 1    Amend Article 10 of the Bylaws Re:      Mgmt     Yes   For     For
                                                             Appointment of General Managers,
                                                             Whether Qualifying as General
                                                             Partners or Not
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article 11 of the Bylaws Re:
                                                             Mandatory Blocking of Shares Owned by
                                                             the General Managers Who Are General
Michelin Et Cie.                 F61824144   05/11/2007 2    Partners                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 3    Amend Articles 12, and 30 of the        Mgmt     Yes   For     For
                                                             Bylaws Re: Remuneration of General
                                                             Managers Who Are Not General Partners
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article13 of the Bylaws Re: End
                                                             of Mandate of General Managers Who
Michelin Et Cie.                 F61824144   05/11/2007 4    Are Not General Partners                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article 14 of the Bylaws Re:
                                                             Powers of General Partners Concerning
Michelin Et Cie.                 F61824144   05/11/2007 5    General Managers                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article 17 of the Bylaws Re:
                                                             Powers of the Supervisory Board
Michelin Et Cie.                 F61824144   05/11/2007 6    Concerning General Managers             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 7    Amend Articles 25, and 26 of the        Mgmt     Yes   For     For
                                                             Bylaws Re: Powers of General Meeting
                                                             of Shareholders Concerning
                                                             Nominations of General Managers
                                                             Whether Qualifying as General
                                                             Partners or Not and of General
                                                             Partners
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 8    Amend Articles 13-1, and 14 of the      Mgmt     Yes   For     For
                                                             Bylaws Re: Interim Management
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles 3, and 10 of the
                                                             Bylaws Re: Company's Name and
Michelin Et Cie.                 F61824144   05/11/2007 9    Signature                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Article 36 of the Bylaws Re:
Michelin Et Cie.                 F61824144   05/11/2007 10   Introduction of a Competence Clause     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Michelin Et Cie.                 F61824144   05/11/2007 11   Record Date                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 12   Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Michelin Et Cie.                 F61824144   05/11/2007 13   Dividends of EUR 1.45 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Michelin Et Cie.                 F61824144   05/11/2007 14   Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Michelin Et Cie.                 F61824144   05/11/2007 15   Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to 10
Michelin Et Cie.                 F61824144   05/11/2007 16   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 17   Elect Didier Miraton as General         Mgmt     Yes   For     For
                                                             Manager
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Michelin Et Cie.                 F61824144   05/11/2007 18   Elect Jean-Dominique Senard as          Mgmt     Yes   For     For
                                                             General Manager
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.1  Elect Director Steven R. Appleton       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.2  Elect Director Teruaki Aoki             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.3  Elect Director James W. Bagley          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.4  Elect Director Mercedes Johnson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.5  Elect Director Lawrence N. Mondry       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.6  Elect Director Gordon C. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 1.7  Elect Director Robert E. Switz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micron Technology, Inc.   MU     595112103   12/05/2006 4    Amend EEO Policy to Prohibit            ShrHoldr Yes   Against For
                                                             Discrimination Based on Sexual
                                                             Orientation or Gender Identity
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor           H5439Q120   03/02/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
Holding AG                                                   Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor                                       Approve Allocation of Income and
Holding AG                       H5439Q120   03/02/2007 2    Omission of Dividends                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor                                       Approve Discharge of Board and Senior
Holding AG                       H5439Q120   03/02/2007 3    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor           H5439Q120   03/02/2007 4.1  Amend Articles Re: Capital Holding      Mgmt     Yes   For     For
                                                             Requirement for Submitting
Holding AG                                                   Shareholder Proposals
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve CHF 148,675 Reduction in
Micronas Semiconductor                                       Share Capital via Cancellation of
Holding AG                       H5439Q120   03/02/2007 4.2  Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor           H5439Q120   03/02/2007 5.1.1Elect Christoph Brand as Director       Mgmt     Yes   For     For
Holding AG
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor
Holding AG                       H5439Q120   03/02/2007 5.1.2Elect Moshe Lichtman as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Micronas Semiconductor
Holding AG                       H5439Q120   03/02/2007 5.2  Ratify Ernst & Young AG as Auditors     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 1    Elect Director William H. Gates, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 2    Elect Director Steven A. Ballmer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director James I. Cash, Jr.,
Microsoft Corp.           MSFT   594918104   11/14/2006 3    Ph.D.                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 4    Elect Director Dina Dublon              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 5    Elect Director Raymond V. Gilmartin     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 6    Elect Director David F. Marquardt       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 7    Elect Director Charles H. Noski         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 8    Elect Director Helmut Panke             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 9    Elect Director Jon A. Shirley           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 10   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 11   Cease Product Sales that Can Be Used    ShrHoldr Yes   Against For
                                                             to Violate Human Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend EEO Statement to Not Reference
Microsoft Corp.           MSFT   594918104   11/14/2006 12   Sexual Orientation                      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Microsoft Corp.           MSFT   594918104   11/14/2006 13   Establish Shareholder Advisory          ShrHoldr Yes   Against For
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Millipore Corp.           MIL    601073109   05/04/2007 1.1  Elect Director Daniel Bellus            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Millipore Corp.           MIL    601073109   05/04/2007 1.2  Elect Director Robert C. Bishop, Ph.D.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Edward M. Scolnick,
Millipore Corp.           MIL    601073109   05/04/2007 1.3  M.D.                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mobile Telesystems OJSC          607409109   10/30/2006 1    Approve Meeting Procedures; Elect       Mgmt     Yes   For     For
                                                             Meeting Chairman
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Mobile Telesystems OJSC          607409109   10/30/2006 2    Approve Charter in New Edition          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Regulations on Management in
Mobile Telesystems OJSC          607409109   10/30/2006 3    New Edition                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Regulations on Board of
Mobile Telesystems OJSC          607409109   10/30/2006 4    Directors in New Edition                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Regulations on General
Mobile Telesystems OJSC          607409109   10/30/2006 5    Director in New Edition                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Regulations on General
Mobile Telesystems OJSC          607409109   10/30/2006 6    Meetings in New Edition                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reorganization Re:
Mobile Telesystems OJSC          607409109   10/30/2006 7    Acquisition of OJSC ReKom               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reorganization Re:
Mobile Telesystems OJSC          607409109   10/30/2006 8    Acquisition of CJSC Telekot             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Charter Re: Acquisition of OJSC
Mobile Telesystems OJSC          607409109   10/30/2006 9    ReKom and OJSC Telekot                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Molex Incorporated        MOLX   608554101   10/27/2006 1.1  Elect Director Michelle L. Collins      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Molex Incorporated        MOLX   608554101   10/27/2006 1.2  Elect Director David L. Landsittel      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Molex Incorporated        MOLX   608554101   10/27/2006 1.3  Elect Director Joe W. Laymon            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Molex Incorporated        MOLX   608554101   10/27/2006 1.4  Elect Director Fred L. Krehbiel         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Molex Incorporated        MOLX   608554101   10/27/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monsanto Co.              MON    61166W101   01/17/2007 1.1  Elect  Director Frank V. Atlee III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monsanto Co.              MON    61166W101   01/17/2007 1.2  Elect  Director Arthur H. Harper        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monsanto Co.              MON    61166W101   01/17/2007 1.3  Elect  Director Gwendolyn S. King       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monsanto Co.              MON    61166W101   01/17/2007 1.4  Elect  Director Sharon R. Long, Ph.D.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monsanto Co.              MON    61166W101   01/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monsanto Co.              MON    61166W101   01/17/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.1  Elect Director Salvatore Iannuzzi       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.2  Elect Director Robert J. Chrenc         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.3  Elect Director George R. Eisele         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.4  Elect Director John Gaulding            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.5  Elect Director Michael Kaufman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.6  Elect Director Ronald J. Kramer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.7  Elect Director Philip R. Lochner, Jr    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 1.8  Elect Director David A. Stein           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Monster Worldwide, Inc.   MNST   611742107   05/30/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Moody's Corporation       MCO    615369105   04/24/2007 1.1  Elect Director Basil L. Anderson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Raymond W. McDaniel,
Moody's Corporation       MCO    615369105   04/24/2007 1.2  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Moody's Corporation       MCO    615369105   04/24/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Moody's Corporation       MCO    615369105   04/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Moody's Corporation       MCO    615369105   04/24/2007 4    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007      Management Proxy (White Card)                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.1  Elect Director E. Zander                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.2  Elect Director D. Dorman                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.3  Elect Director J. Lewent                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.4  Elect Director T. Meredith              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.5  Elect Director N. Negroponte            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.6  Elect Director S. Scott, III            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.7  Elect Director R. Sommer                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.8  Elect Director J. Stengel               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.9  Elect Director D. Warner, III           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.1  Elect Director J. White                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.11 Elect Director M. White                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 2    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Motorola, Inc.            MOT    620076109   05/07/2007 3    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Claw-back of Payments under
Motorola, Inc.            MOT    620076109   05/07/2007 4    Restatements                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007      Dissident Proxy (Gold Card)                      No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.1  Elect Director Carl C. Icahn            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.2  Elect Director E. Zander                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.3  Elect Director D. Dorman                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.4  Elect Director J. Lewent                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.5  Elect Director T. Meredith              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.6  Elect Director N. Negroponte            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.7  Elect Director S. Scott, III            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.8  Elect Director R. Sommer                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.9  Elect Director J. Stengel               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.1  Elect Director D. Warner, III           Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 1.11 Elect Director M. White                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Motorola, Inc.            MOT    620076109   05/07/2007 2    Amend Qualified Employee Stock          Mgmt     No    TNA     Against
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Motorola, Inc.            MOT    620076109   05/07/2007 3    Executive Officers' Compensation        ShrHoldr No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Claw-back of Payments under
Motorola, Inc.            MOT    620076109   05/07/2007 4    Restatements                            ShrHoldr No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener                       D55535104   04/26/2007 1    Receive Financial Statements and                 Yes
Rueckversicherungs-Gesellh
AG                        aft                                Statutory Reports for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener
Rueckversicherungs-Gesellh                                   Approve Allocation of Income and
AG                        aft    D55535104   04/26/2007 2    Dividends of EUR 4.50 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener
Rueckversicherungs-Gesellh                                   Approve Discharge of Management Board
AG                        aft    D55535104   04/26/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener
Rueckversicherungs-Gesellh                                   Approve Discharge of Supervisory
AG                        aft    D55535104   04/26/2007 4    Board Fiscal 2006                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener                                                   Authorize Share Repurchase Program
Rueckversicherungs-Gesellh                                   and Reissuance or Cancellation of
AG                        aft    D55535104   04/26/2007 5    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener
Rueckversicherungs-Gesellh                                   Authorize Use of Financial
AG                        aft    D55535104   04/26/2007 6    Derivatives When Repurchasing Shares    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener
Rueckversicherungs-Gesellh                                   Amend Articles Re: Allow Electronic
AG                        aft    D55535104   04/26/2007 7    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener
Rueckversicherungs-Gesellh                                   Amend Articles Re: Chairman of
AG                        aft    D55535104   04/26/2007 8    General Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Muenchener                                                   Approve Affiliation Agreement with
Rueckversicherungs-Gesellh                                   Subsidiary DKV International Health
AG                        aft    D55535104   04/26/2007 9    Holding AG                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007 1.1  Elect  Director Alexander M. Knaster    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007 1.2  Elect  Director James L. Payne          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007 1.3  Elect  Director Hans W. Schmidt         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007 3    SHAREHOLDER PROPOSAL TO PERMIT          ShrHoldr Yes   For     Against
                                                             SHAREHOLDERS TO VOTE ON AN ADVISORY
                                                             RESOLUTION TO RATIFY THE COMPENSATION
                                                             OF THE NAMED EXECUTIVE OFFICERS OF
                                                             THE COMPANY.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nabors Industries, Ltd.   NBR    G6359F103   06/05/2007 4    SHAREHOLDER PROPOSAL TO ADOPT A PAY     ShrHoldr Yes   For     Against
                                                             FOR SUPERIOR PERFORMANCE STANDARD IN
                                                             THE COMPANY S EXECUTIVE COMPENSATION
                                                             PLAN FOR SENIOR EXECUTIVES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.1  Elect Director J.E. Barfield            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.2  Elect Director J.S. Broadhurst          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.3  Elect Director C.M. Connor              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.4  Elect Director D.A. Daberko             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.5  Elect Director B.P. Healy               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.6  Elect Director M.B McCallister          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.7  Elect Director P.A. Ormond              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.8  Elect Director P.E. Raskind             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.9  Elect Director G.L. Shaheen             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.1  Elect Director J.S. Thornton            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 1.11 Elect Director M. Weiss                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National City Corp.       NCC    635405103   04/24/2007 3    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor    NSM    637640103   10/06/2006 1.1  Elect Director Brian L. Halla           Mgmt     Yes   For     For
Corp.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.2  Elect Director Steven R. Appleton       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.3  Elect Director Gary P. Arnold           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.4  Elect Director Richard J. Danzig        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.5  Elect Director John T. Dickson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.6  Elect Director Robert J. Frankenberg    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.7  Elect Director E. Floyd Kvamme          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.8  Elect Director Modesto A. Maidique      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 1.9  Elect Director Edward McCracken         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
National Semiconductor
Corp.                     NSM    637640103   10/06/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nestle SA                        H57312466   04/19/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nestle SA                        H57312466   04/19/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
Nestle SA                        H57312466   04/19/2007 2    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Nestle SA                        H57312466   04/19/2007 3    Dividends of CHF 10.40 per Share        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nestle SA                        H57312466   04/19/2007 4    Approve CHF 7.7 Million Reduction in    Mgmt     Yes   For     For
                                                             Share Capital via Cancellation of
                                                             Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nestle SA                        H57312466   04/19/2007 5.1  Reelect Peter Brabeck-Letmathe as       Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nestle SA                        H57312466   04/19/2007 5.2  Reelect Edward George as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.1  Elect Director Daniel J. Warmenhoven    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.2  Elect Director Donald T. Valentine      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.3  Elect Director Jeffry R. Allen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.4  Elect Director Carol A. Bartz           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.5  Elect Director Alan L. Earhart          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.6  Elect Director Edward Kozel             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.7  Elect Director Mark Leslie              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.8  Elect Director Nicholas G. Moore        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.9  Elect Director George T. Shaheen        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 1.1  Elect Director Robert T. Wall           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 4    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Network Appliance, Inc.   NTAP   64120L104   08/31/2006 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 1.1  Elect Director Scott S. Cowen           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 1.2  Elect Director Cynthia A. Montgomery    Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 1.3  Elect Director Gordon R. Sullivan       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 1.4  Elect Director Michael A. Todman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 3    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newell Rubbermaid Inc.    NWL    651229106   05/08/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.1  Elect Director Glen A. Barton           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.2  Elect Director Vincent A. Calarco       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.3  Elect Director Noreen Doyle             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.4  Elect Director Veronica M. Hagen        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.5  Elect Director Michael S. Hamson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.6  Elect Director Pierre Lassonde          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.7  Elect Director Robert J. Miller         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.8  Elect Director Wayne W. Murdy           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.9  Elect Director Robin A. Plumbridge      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.1  Elect Director John B. Prescott         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.11 Elect Director Donald C. Roth           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 1.12 Elect Director James V. Taranik         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.                                         Report on Impact of Operations in
(Holding Company)         NEM    651639106   04/24/2007 3    Indonesia                               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.                                         Report on Policies related to Public
(Holding Company)         NEM    651639106   04/24/2007 4    Opposition to Mining Operations         ShrHoldr Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Newmont Mining Corp.
(Holding Company)         NEM    651639106   04/24/2007 5    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nike, Inc.                NKE    654106103   09/18/2006 1.1  Elect Director Jill K. Conway           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nike, Inc.                NKE    654106103   09/18/2006 1.2  Elect Director Alan B. Graf, Jr.        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nike, Inc.                NKE    654106103   09/18/2006 1.3  Elect Director Jeanne P. Jackson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nike, Inc.                NKE    654106103   09/18/2006 2    Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nike, Inc.                NKE    654106103   09/18/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 1    Elect Director Steven C. Beering        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 2    Elect Director Dennis E. Foster         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 3    Elect Director Marty K. Kittrell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 4    Elect Director Peter McCausland         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 5    Elect Director Steven R. McCracken      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 6    Elect Director W. Lee Nutter            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 7    Elect Director Ian M. Rolland           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 8    Elect Director Robert C. Skaggs, Jr     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 9    Elect Director Richard L. Thompson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 10   Elect Director Carolyn Y. Woo           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 11   Elect Director Roger A. Young           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
NiSource Inc.             NI     65473P105   05/08/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nobel Biocare Holding AG         H5783Q106   04/26/2007 1    Accept Consolidated Financial           Mgmt     Yes   For     For
                                                             Statements and Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Nobel Biocare Holding AG         H5783Q106   04/26/2007 2    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Nobel Biocare Holding AG         H5783Q106   04/26/2007 3    Dividends of CHF 4.25 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
Nobel Biocare Holding AG         H5783Q106   04/26/2007 4    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nobel Biocare Holding AG         H5783Q106   04/26/2007 5    Reelect Stig Eriksson, Antoine          Mgmt     Yes   For     For
                                                             Firmenich, Robert Lilja, Jane
                                                             Royston, Domenico Scala, Rolf Soiron,
                                                             and Ernst Zaengerle as Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nobel Biocare Holding AG         H5783Q106   04/26/2007 6    Elect Rolf Watter as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nobel Biocare Holding AG         H5783Q106   04/26/2007 7    Ratify KPMG AG as Auditors              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 1    Receive Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports, Including
                                                             Auditors' Report; Accept Financial
                                                             Statements and Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 2    Approve Allocation of Income and        Mgmt     Yes   For     For
                                                             Dividends of EUR 0.43 Per Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 3    Approve Discharge of Board and          Mgmt     Yes   For     For
                                                             President
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 4    Amend Articles to Comply with New       Mgmt     Yes   For     For
                                                             Finnish Companies Act
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 5    Approve Remuneration of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 6    Fix Number of Directors at 11           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 7    Reelect Georg Ehrnrooth, Daniel R.      Mgmt     Yes   For     For
                                                             Hesse, Bengt Holmstrom, Per Karlsson,
                                                             Jorma Ollila, Marjorie Scardino,
                                                             Keijo Suila, and Vesa Vainio as
                                                             Directors; Elect Lalita D. Gupte,
                                                             Henning Kagermann, and Olli-Pekka
                                                             Kallasvuo as New Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 8    Approve Remuneration of Auditors        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 9    Reelect PricewaterhouseCoopers Oy as    Mgmt     Yes   For     For
                                                             Auditor
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 10   Approve Stock Option Plan for Key       Mgmt     Yes   For     For
                                                             Employees; Approve Creation of Pool
                                                             of Conditional Capital to Guarantee
                                                             Conversion Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 11   Approve Minimum EUR 2.3 Billion         Mgmt     Yes   For     For
                                                             Reduction in Share Premium Account
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 12   Amend 2001, 2003, and 2005 Stock        Mgmt     Yes   For     For
                                                             Option Plans Re: Record Subscription
                                                             Prices in Invested Non-restricted
                                                             Equity Fund
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 13   Approve Creation of Pool of Capital     Mgmt     Yes   For     For
                                                             without Preemptive Rights Consisting
                                                             of up to 800 Million Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nokia Corp.                      X61873133   05/03/2007 14   Authorize Repurchase of up to 10        Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Norfolk Southern Corp.    NSC    655844108   05/10/2007 1.1  Elect Director Alston D. Correll        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Norfolk Southern Corp.    NSC    655844108   05/10/2007 1.2  Elect Director Landon Hilliard          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Norfolk Southern Corp.    NSC    655844108   05/10/2007 1.3  Elect Director Burton M. Joyce          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Norfolk Southern Corp.    NSC    655844108   05/10/2007 1.4  Elect Director Jane Margaret O' Brien   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Norfolk Southern Corp.    NSC    655844108   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.1  Elect Director Lewis W. Coleman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.2  Elect Director Victor H. Fazio          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.3  Elect Director Donald E. Felsinger      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.4  Elect Director Stephen E. Frank         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.5  Elect Director Charles R. Larson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.6  Elect Director Richard B. Myers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.7  Elect Director Philip A. Odeen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.8  Elect Director Aulana L. Peters         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.9  Elect Director Kevin W. Sharer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 1.1  Elect Director Ronald D. Sugar          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 3    Approve Non-Employee Director Omnibus   Mgmt     Yes   For     For
                                                             Stock Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 4    Report on Foreign Arms Sales            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 5    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Northrop Grumman Corp.    NOC    666807102   05/16/2007 6    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
Novartis AG                      H5820Q150   03/06/2007 2    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Novartis AG                      H5820Q150   03/06/2007 3    Dividends of CHF 1.35 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 4.1  Retirement of Birgit Breuel                      Yes
                                                             (Non-Voting)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 4.2.1Reelect Hans-Joerg Rudloff as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 4.2.2Reelect Daniel Vasella  as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 4.3  Elect Marjorie Yang as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novartis AG                      H5820Q150   03/06/2007 5    Ratify PricewaterhouseCoopers AG as     Mgmt     Yes   For     For
                                                             Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.1  Elect Director Richard S. Hill          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.2  Elect Director Neil R. Bonke            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.3  Elect Director Youssef A. El-Mansy      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.4  Elect Director J. David Litster         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.5  Elect Director Yoshio Nishi             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.6  Elect Director Glen G. Possley          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.7  Elect Director Ann D. Rhoads            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.8  Elect Director William R. Spivey        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 1.9  Elect Director Delbert A. Whitaker      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 3    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novellus Systems, Inc.    NVLS   670008101   05/11/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 1    Receive Report of Board                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 2    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports Including Approval
                                                             of Director Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 3    Approve Allocation of Income and        Mgmt     Yes   For     For
                                                             Dividends of DKK 7 per Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 4    Reelect Sten Scheibye, Goeran Ando,     Mgmt     Yes   For     For
                                                             Henrik Guertler, Kurt Briner, Niels
                                                             Jacobsen, Kurt Anker Nielsen, and
                                                             Joergen Wedel as Members of
                                                             Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 5    Reappoint PricewaterhouseCoopers as     Mgmt     Yes   For     For
                                                             Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 6    Approve DKK 27 Million Reduction in     Mgmt     Yes   For     For
                                                             Share Capital via Cancellation of
                                                             Class B Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 7    Authorize Repurchase of Up to 10        Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Novo Nordisk A/S                 K7314N145   03/07/2007 8    Other Business (Non-Voting)                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nucor Corp.               NUE    670346105   05/10/2007 1.1  Elect Director Daniel R. DiMicco        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nucor Corp.               NUE    670346105   05/10/2007 1.2  Elect Director James D. Hlavacek        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nucor Corp.               NUE    670346105   05/10/2007 1.3  Elect Director Raymond J. Milchovich    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nucor Corp.               NUE    670346105   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nucor Corp.               NUE    670346105   05/10/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nvidia Corporation        NVDA   67066G104   06/21/2007 1.1  Elect Director James C. Gaither         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nvidia Corporation        NVDA   67066G104   06/21/2007 1.2  Elect Director Jen-Hsun Huang           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nvidia Corporation        NVDA   67066G104   06/21/2007 1.3  Elect Director A. Brooke Seawell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nvidia Corporation        NVDA   67066G104   06/21/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Nvidia Corporation        NVDA   67066G104   06/21/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation          H59187106   05/08/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
AG (fmly Unaxis Holding)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation                                      Accept Financial Statements and
AG (fmly Unaxis Holding)         H59187106   05/08/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation                                      Approve Allocation of Income and
AG (fmly Unaxis Holding)         H59187106   05/08/2007 2    Omission of Dividends                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation                                      Approve Discharge of Board and Senior
AG (fmly Unaxis Holding)         H59187106   05/08/2007 3.1  Management for Fiscal 2005              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation                                      Approve Discharge of Board and Senior
AG (fmly Unaxis Holding)         H59187106   05/08/2007 3.2  Management for Fiscal 2006              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation                                      Elect Vladimir Kuznetsov and Hanno
AG (fmly Unaxis Holding)         H59187106   05/08/2007 4    Baestlein as Directors                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
OC Oerlikon Corporation
AG (fmly Unaxis Holding)         H59187106   05/08/2007 5    Ratify KPMG AG as Auditors              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.1  Elect Director Spencer Abraham          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.2  Elect Director Ronald W. Burkle         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.3  Elect Director John S. Chalsty          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.4  Elect Director Edward P. Djerejian      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.5  Elect Director R. Chad Dreier           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.6  Elect Director John E. Feick            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.7  Elect Director Ray R. Irani             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.8  Elect Director Irvin W. Maloney         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.9  Elect Director Rodolfo Segovia          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.1  Elect Director Aziz D. Syriani          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.11 Elect Director Rosemary Tomich          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 1.12 Elect Director Walter L. Weisman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Occidental Petroleum Corp OXY    674599105   05/04/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Publish a Scientific Global Warming
Occidental Petroleum Corp OXY    674599105   05/04/2007 4    Report                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Occidental Petroleum Corp OXY    674599105   05/04/2007 5    Executive Officers Compensation         ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Performance-Based and/or Time-Based
Occidental Petroleum Corp OXY    674599105   05/04/2007 6    Equity Awards                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   10/11/2006 1    Open Meeting                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Elect Anton H. Schaaf to Management
Der Grinten)                     674627104   10/11/2006 2    Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Approve Remuneration of Supervisory
Der Grinten)                     674627104   10/11/2006 3    Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   10/11/2006 4    Other Business (Non-Voting)                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   04/19/2007 1    Open Meeting                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   04/19/2007 2    Receive Report of Supervisory Board              Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   04/19/2007 3    Receive Report of Management Board               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Approve Financial Statements and
Der Grinten)                     674627104   04/19/2007 4a   Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Approve Allocation of Income and
Der Grinten)                     674627104   04/19/2007 4b   Dividends of EUR 0.43 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   04/19/2007 5a   Approve Discharge of Management Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   04/19/2007 5b   Approve Discharge of Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van         674627104   04/19/2007 6    Grant Board Authority to Issue Shares   Mgmt     Yes   For     For
                                                             Up To 10 Percent of Issued Capital
                                                             Plus Additional 10 Percent in Case of
Der Grinten)                                                 Takeover/Merger
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van         674627104   04/19/2007 7    Authorize Board to Exclude Preemptive   Mgmt     Yes   For     For
Der Grinten)                                                 Rights from Issuance Under Item 6
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Authorize Repurchase of Up to Ten
Der Grinten)                     674627104   04/19/2007 8    Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van
Der Grinten)                     674627104   04/19/2007 9a   Reelect A. Baan to Supervisory Board    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Resignation of J.L. Brentjes from
Der Grinten)                     674627104   04/19/2007 9b   Supervisory Board                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Change in Number of Supervisory Board
Der Grinten)                     674627104   04/19/2007 9c   Members                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oce NV (Formerly Oce Van                                     Receive Announcements, Allow
Der Grinten)                     674627104   04/19/2007 10   Questions and Close Meeting                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.1  Elect Director John D. Wren             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.2  Elect Director Bruce Crawford           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.3  Elect Director Robert Charles Clark     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.4  Elect Director Leonard S. Coleman, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.5  Elect Director Errol M. Cook            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.6  Elect Director Susan S. Denison         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.7  Elect Director Michael A. Henning       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.8  Elect Director John R. Murphy           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.9  Elect Director John R. Purcell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.1  Elect Director Linda Johnson Rice       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 1.11 Elect Director Gary L. Roubos           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Omnicom Group Inc.        OMC    681919106   05/22/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.1  Elect Director Jeffrey O. Henley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.2  Elect Director Lawrence J. Ellison      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.3  Elect Director Donald L. Lucas          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.4  Elect Director Michael J. Boskin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.5  Elect Director Jack F. Kemp             Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.6  Elect Director Jeffrey S. Berg          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.7  Elect Director Safra A. Catz            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.8  Elect Director Hector Garcia-Molina     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.9  Elect Director H. Raymond Bingham       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.1  Elect Director Charles E Phillips, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 1.11 Elect Director Naomi O. Seligman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Oracle Corp.              ORCL   68389X105   10/09/2006 4    Amend Non-Employee Director Omnibus     Mgmt     Yes   For     For
                                                             Stock Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paccar Inc.               PCAR   693718108   04/24/2007 1.1  Elect Director Alison J. Carnwath       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paccar Inc.               PCAR   693718108   04/24/2007 1.2  Elect Director Robert T. Parry          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paccar Inc.               PCAR   693718108   04/24/2007 1.3  Elect Director Harold A. Wagner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paccar Inc.               PCAR   693718108   04/24/2007 2    Submit Shareholder Rights Plan          ShrHoldr Yes   For     Against
                                                             (Poison Pill) to Shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require a Majority Vote for the
Paccar Inc.               PCAR   693718108   04/24/2007 3    Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Parker-Hannifin Corp.     PH     701094104   10/25/2006 1.1  Elect Director Robert J. Kohlhepp       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Parker-Hannifin Corp.     PH     701094104   10/25/2006 1.2  Elect Director Giulio Mazzalupi         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Parker-Hannifin Corp.     PH     701094104   10/25/2006 1.3  Elect Director Klaus-Peter Mueller      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Parker-Hannifin Corp.     PH     701094104   10/25/2006 1.4  Elect Director Markos I. Tambakeras     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Parker-Hannifin Corp.     PH     701094104   10/25/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Parker-Hannifin Corp.     PH     701094104   10/25/2006 3    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Election of Director: B. Thomas
Paychex, Inc.             PAYX   704326107   10/05/2006 1    Golisano                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Election of Director: David J.S.
Paychex, Inc.             PAYX   704326107   10/05/2006 2    Flaschen                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paychex, Inc.             PAYX   704326107   10/05/2006 3    Election of Director: Phillip Horsley   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paychex, Inc.             PAYX   704326107   10/05/2006 4    Election of Director: Grant M. Inman    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paychex, Inc.             PAYX   704326107   10/05/2006 5    Election of Director: Pamela A. Joseph  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Election of Director: Jonathan J.
Paychex, Inc.             PAYX   704326107   10/05/2006 6    Judge                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Paychex, Inc.             PAYX   704326107   10/05/2006 7    Election of Director: Jospeh M. Tucci   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.1  Elect Director Dina Dublon              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.2  Elect Director Victor J. Dzau, M.D.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.3  Elect Director Ray L. Hunt              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.4  Elect Director Alberto Ibarguen         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.5  Elect Director Arthur C. Martinez       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.6  Elect Director Indra K. Nooyi           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Sharon Percy
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.7  Rockefeller                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.8  Elect Director James J. Schiro          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.9  Elect Director Daniel Vasella           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 1.1  Elect Director Michael D. White         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PepsiCo, Inc.             PEP    713448108   05/02/2007 4    Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007 1    Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Peugeot S.A.                     F72313111   05/23/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Peugeot S.A.                     F72313111   05/23/2007 3    Dividends of EUR 1.35 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Peugeot S.A.                     F72313111   05/23/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect Jean-Philippe Peugeot as
Peugeot S.A.                     F72313111   05/23/2007 5    Supervisory Board Member                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Appointment and Reelect Robert
Peugeot S.A.                     F72313111   05/23/2007 6    Peugeot as Supervisory Board Member     Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Henri Philippe Reichstul as
Peugeot S.A.                     F72313111   05/23/2007 7    Supervisory Board Member                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Geoffroy Roux de Bezieux as
Peugeot S.A.                     F72313111   05/23/2007 8    Supervisory Board Member                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to 16
Peugeot S.A.                     F72313111   05/23/2007 9    Million Peugeot Shares                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007 10   Authorize Issuance of Equity or         Mgmt     Yes   Against Against
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 165 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
Peugeot S.A.                     F72313111   05/23/2007 11   Nominal Amount of EUR 165 Million       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Increase Capital
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
Peugeot S.A.                     F72313111   05/23/2007 12   Shareholder Vote Above                  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007 13   Approve Employee Savings-Related        Mgmt     Yes   For     For
                                                             Share Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction in Share Capital
Peugeot S.A.                     F72313111   05/23/2007 14   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007 15   Allow Board to Issue Shares under       Mgmt     Yes   Against Against
                                                             Items 9-14 in the Event of a Public
                                                             Tender Offer or Share Exchange Offer
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Issue Free
                                                             Warrants with Preemptive Rights
                                                             During a Public Tender Offer or Share
Peugeot S.A.                     F72313111   05/23/2007 16   Exchange                                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Peugeot S.A.                     F72313111   05/23/2007 17   Approve Stock Option Plans Grants       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.1  Elect Director Dennis A. Ausiello       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.2  Elect Director Michael S. Brown         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.3  Elect Director M. Anthony Burns         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.4  Elect Director Robert N. Burt           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.5  Elect Director W. Don Cornwell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.6  Elect Director William H. Gray, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.7  Elect Director Constance J. Horner      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.8  Elect Director William R. Howell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.9  Elect Director Jeffrey B. Kindler       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.1  Elect Director George A. Lorch          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.11 Elect Director Dana G. Mead             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 1.12 Elect Director William C. Steere, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Restore or Provide for Cumulative
Pfizer Inc.               PFE    717081103   04/26/2007 3    Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 4    Report on Animal Testing Policies       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pfizer Inc.               PFE    717081103   04/26/2007 5    Amend Animal Welfare Policy             ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require Director Nominee
Pfizer Inc.               PFE    717081103   04/26/2007 6    Qualifications                          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.1  Elect Director David R. Andrews         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.2  Elect Director Leslie S. Biller         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.3  Elect Director David A. Coulter         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.4  Elect Director C. Lee Cox               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.5  Elect Director Peter A. Darbee          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.6  Elect Director Maryellen C. Herringer   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.7  Elect Director Richard A. Meserve       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.8  Elect Director Mary S. Metz             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.9  Elect Director Barbara L. Rambo         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 1.1  Elect  irector Barry Lawson Williams    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 3    Performance-Based and/or Time-Based     ShrHoldr Yes   Against For
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PG&E Corp.                PCG    69331C108   04/18/2007 4    Restore or Provide for Cumulative       ShrHoldr Yes   Against For
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Phelps Dodge Corp.        PD     717265102   03/14/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Phelps Dodge Corp.        PD     717265102   03/14/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   10/25/2006 1    Cancel Company Treasury Shares          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   10/25/2006 2    Authorize Repurchase of Up to Ten       Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Cancel Additional Company Treasury
Philips Electronics Nv           N6817P109   10/25/2006 3    Shares                                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Additional Share Repurchase
Philips Electronics Nv           N6817P109   10/25/2006 4    Program                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 1    Speech President                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 2a   Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Explanation on Company's
Philips Electronics Nv           N6817P109   03/29/2007 2b   Reserves and Dividend Policy                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Philips Electronics Nv           N6817P109   03/29/2007 2c   Dividends of EUR 0.60 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 2d   Approve Discharge of Management Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 2e   Approve Discharge of Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 3a   Reelect G.J. Kleisterlee to             Mgmt     Yes   For     For
                                                             Management Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect G.H.A. Dutine to Management
Philips Electronics Nv           N6817P109   03/29/2007 3b   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect S.H. Ruschowski to Management
Philips Electronics Nv           N6817P109   03/29/2007 3c   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect J-M. Hessels to Supervisory
Philips Electronics Nv           N6817P109   03/29/2007 4a   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect C.J.A. van Lede to
Philips Electronics Nv           N6817P109   03/29/2007 4b   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Reelect J.M. Thompson to Supervisory
Philips Electronics Nv           N6817P109   03/29/2007 4c   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect H. von Prondzynski to
Philips Electronics Nv           N6817P109   03/29/2007 4d   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Proposal to Amend the Long-Term
Philips Electronics Nv           N6817P109   03/29/2007 5    Incentive Plan                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Proposal to Amend the Remuneration
Philips Electronics Nv           N6817P109   03/29/2007 6    Policy of Management Board              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 7a   Grant Board Authority to Issue Shares   Mgmt     Yes   For     For
                                                             Up To 10 Percent of Issued Capital
                                                             Plus Additional 10 Percent in Case of
                                                             Takeover/Merger
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 7b   Authorize Board to Exclude Preemptive   Mgmt     Yes   For     For
                                                             Rights from Issuance Under Item 7a
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
Philips Electronics Nv           N6817P109   03/29/2007 8    Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Philips Electronics Nv           N6817P109   03/29/2007 9    Other Business (Non-Voting)                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Piper Jaffray Cos         PJC    724078100   05/02/2007 1.1  Elect Director Andrew S. Duff           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Piper Jaffray Cos         PJC    724078100   05/02/2007 1.2  Elect Director Samuel L. Kaplan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Piper Jaffray Cos         PJC    724078100   05/02/2007 1.3  Elect Director Frank L. Sims            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Piper Jaffray Cos         PJC    724078100   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Piper Jaffray Cos         PJC    724078100   05/02/2007 3    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 1.1  Elect Director Linda G. Alvarado        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 1.2  Elect Director Ernie Green              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 1.3  Elect Director John S. McFarlane        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 1.4  Elect Director Eduardo R. Menasce       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pitney Bowes Inc.         PBI    724479100   05/14/2007 4    Require Majority Vote to Elect          Mgmt     Yes   For     For
                                                             Directors in an Uncontested Election
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.1  Elect Director Rick R. Holley           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.2  Elect Director Ian B. Davidson          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.3  Elect Director Robin Josephs            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.4  Elect Director John G. McDonald         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.5  Elect Director Robert B. McLeod         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.6  Elect Director  John F. Morgan, Sr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.7  Elect Director John H. Scully           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.8  Elect Director Stephen C. Tobias        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.9  Elect Director Carl B. Webb             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 1.1  Elect Director Martin A. White          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 3    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Plum Creek Timber
Company, Inc.             PCL    729251108   05/02/2007 4    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.1  Elect Director Mr. Berndt               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.2  Elect Director Mr. Bunch                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.3  Elect Director Mr. Chellgren            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.4  Elect Director  Mr. Clay                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.5  Elect Director Mr. Davidson             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.6  Elect Director Ms. James                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.7  Elect Director Mr. Kelson               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.8  Elect Director Mr. Lindsay              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.9  Elect Director Mr. Massaro              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.1  Elect Director Ms. Pepper               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.11 Elect Director Mr. Rohr                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.12 Elect Director Mr. Shepard              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.13 Elect Director Ms. Steffes              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.14 Elect Director Mr. Strigl               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.15 Elect Director Mr. Thieke               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.16 Elect Director Mr. Usher                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.17 Elect Director Mr. Walls                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 1.18 Elect Director Mr. Wehmeier             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PNC Financial Services
Group, Inc.               PNC    693475105   04/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   03/02/2007      Proposal Persented by Shareholder                No
                                                             Banco Espirito Santo and Caixa Geral
                                                             de Depositos in Accordance with
S.A.                                                         Degree Law 76/A of 3-29-06
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Daniel Proenca de Carvalho and
                                                             Francisco Manuel Leal Barona as
Portugal Telecom, SGPS,                                      Vice-Chairman and Secretary of the
S.A.                             X6769Q104   03/02/2007 1    General Meeting, Respcetively           ShrHoldr No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   03/02/2007      Management Proposals                             No
S.A.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   03/02/2007 2    Ratify Appointment of Nuno Rocha dos    Mgmt     No    TNA     Against
                                                             Santos de Almeida e Vanconcellos as
                                                             Board Member to Complete 2006-2008
S.A.                                                         Term
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   03/02/2007 3    Remove Subparagraph 1-A of Article 12   Mgmt     No    TNA     Against
                                                             and Paragraphs 7, 8, 9, 11, 12, and
                                                             15 of Article 13; Amend Subparagraphs
                                                             1-B and 1-D of Article 12, and
                                                             Paragraphs 2, 3 and 14-B of Article
                                                             13; This Item is Subject to the
                                                             Successful Completion of the Tender
S.A.                                                         Offer
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Resolve on the Authorization, under
                                                             Paragraph 1 of Article 9, for
                                                             Sonaecom SGPS SA and/or Sonaecom BV
                                                             to Hold Shares Representing More than
                                                             10 Percent of the Capital; This
                                                             Authorization is Subject to the
Portugal Telecom, SGPS,                                      Successful Completion of the Tender
S.A.                             X6769Q104   03/02/2007 4    Offer                                   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 1    Accept Financial Statements and         Mgmt     No    TNA     Against
                                                             Statutory Reports for Fiscal Year
S.A.                                                         Ended Dec. 31, 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Consolidated Financial
Portugal Telecom, SGPS,                                      Statements and Statutory Reports for
S.A.                             X6769Q104   04/27/2007 2    Fiscal Year Ended Dec. 31, 2006         Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 3    Approve Allocation of Income            Mgmt     No    TNA     Against
S.A.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,                                      Approve Discharge of Management and
S.A.                             X6769Q104   04/27/2007 4    Supervisory Board                       Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 5    Approve Free Distribution PT            Mgmt     No    TNA     Against
                                                             Multimedia Shares Held by Company in
                                                             Which Shareholders will Receive PT
                                                             Multimedia Shares Equivalent to the
                                                             Number of Shares of Company's Capital
                                                             Multiplied by 0.16 or 4 PT Multimedia
S.A.                                                         Shares for 25 Shares of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 6    Authorize Share Repurchase Program      Mgmt     No    TNA     Against
S.A.                                                         and Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 7    Approve Reduction in Capital by up to   Mgmt     No    TNA     Against
                                                             EUR 65.2 Million via Cancellation of
                                                             186.3 Million Shares; Amend Article 4
S.A.                                                         of Byalws
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 8    Approve Increase in Capital to EUR      Mgmt     No    TNA     Against
                                                             474.1 Million via Incorporation of
                                                             EUR 79.1 Million from Legal Reserves
                                                             and Increase in Par Value by EUR
S.A.                                                         0.07; Amend Article 4 of Bylaws
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 9    Approve EUR 33.9 Reduction in Capital   Mgmt     No    TNA     Against
                                                             via Reduction in Par Value to EUR
                                                             0.03 per Share; Amend Article 4 of
S.A.                                                         Bylaws
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Issuance of Convertible
Portugal Telecom, SGPS,                                      Debentures in According to Article 8
S.A.                             X6769Q104   04/27/2007 10   of Bylaws                               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Elimination of Preemptive
Portugal Telecom, SGPS,                                      Rights Pursuant to the Possible
S.A.                             X6769Q104   04/27/2007 11   Convertible Debenture Issuance          Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,          X6769Q104   04/27/2007 12   Authorize Issuance of                   Mgmt     No    TNA     Against
S.A.                                                         Bonds/Debentures; Set Aggregate Amount
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,
S.A.                             X6769Q104   04/27/2007 13   Approve Bond Repurchase and Reissuance  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,
S.A.                             X6769Q104   06/22/2007 1    Amend Articles                          Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,
S.A.                             X6769Q104   06/22/2007 2    Elect New Directors                     ShrHoldr No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,                                      Elect Members of Audit Committee for
S.A.                             X6769Q104   06/22/2007 3    the 2006-2008 Term                      Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Portugal Telecom, SGPS,                                      Appoint Internal Statutory Auditors
S.A.                             X6769Q104   06/22/2007 4    for the 2006-2008 Term                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Increase in Authorized
Portugal Telecom, SGPS,                                      Capital and Amend Article 4
S.A.                             X6769Q104   06/22/2007 5    Accordingly                             Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   03/19/2007 1    Open Meeting                                     No
Oszczednosci Bank Polski
S.A.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   03/19/2007 2    Elect Meeting Chairman                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Acknowledge Proper Convening of
S.A.                             X6919X108   03/19/2007 3    Meeting                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   03/19/2007 4    Approve Agenda of Meeting               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Approve Changes to Composition of
S.A.                             X6919X108   03/19/2007 5    Supervisory Board                       Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   03/19/2007 6    Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 2    Elect Meeting Chairman                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Acknowledge Proper Convening of
S.A.                             X6919X108   04/26/2007 3    Meeting                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 4    Approve Agenda of Meeting               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 5    Receive Supervisory Board Report on              No
                                                             Outcome of Completed Selection
Oszczednosci Bank Polski                                     Process for Posts of Company's CEO
S.A.                                                         and Deputy CEOs
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 6    Receive Supervisory Board Report on              No
Oszczednosci Bank Polski                                     Process of Disposing of Hotels and
S.A.                                                         Offsite Training Centers
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Receive Management Board Report on
S.A.                             X6919X108   04/26/2007 7    Strategy Adopted for PKO BP S.A.                 No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 8    Receive Financial Statements and                 No
                                                             Management Board Report on Company's
                                                             Operations in Fiscal 2006; Receive
Oszczednosci Bank Polski                                     Management Board Proposal on
S.A.                                                         Allocation of 2006 Income
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 9    Receive Supervisory Board Report                 No
Oszczednosci Bank Polski
S.A.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Approve Management Board Report on
S.A.                             X6919X108   04/26/2007 10.1 Company's Operations in Fiscal 2006     Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 10.2 Approve Financial Statements            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Approve Supervisory Board Report on
S.A.                             X6919X108   04/26/2007 10.3 Its Activities in Fiscal 2006           Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 10.4 Approve Allocation of Income            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 10.5 Approve Dividends                       Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 10.6 Approve Discharge of Management Board   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 10.7 Approve Discharge of Supervisory Board  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 11.1 Receive Consolidated Financial          Mgmt     No    TNA     Against
                                                             Statements and Report on Capital
                                                             Group's Operations in Fiscal 2006;
Oszczednosci Bank Polski                                     Approve Report on Capital Group's
S.A.                                                         Operations in Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 11.2 Approve Consolidated Financial          Mgmt     No    TNA     Against
Oszczednosci Bank Polski
S.A.                                                         Statements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski
S.A.                             X6919X108   04/26/2007 12   Approve Remuneration of Company's CEO   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa
Oszczednosci Bank Polski                                     Approve Regulations on Supervisory
S.A.                             X6919X108   04/26/2007 13   Board                                   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 14   Amend Statute Re: Corporate Purpose;    Mgmt     No    TNA     Against
                                                             Election of Supervisory Board;
                                                             Supervisory Board's Authority
                                                             Regarding Election of Company's
                                                             Management; Set Range for Minimum (3)
Oszczednosci Bank Polski                                     and Maximum (9) Number of Management
S.A.                                                         Board Members; Other Changes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Powszechna Kasa                  X6919X108   04/26/2007 15   Close Meeting                                    No
Oszczednosci Bank Polski
S.A.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 1.1  Elect Director James G. Berges          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 1.2  Elect Director Erroll B. Davis, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 1.3  Elect Director Victoria F. Haynes       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 3    Amend Articles/Bylaws/Charter General   Mgmt     Yes   For     For
                                                             Matters
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 4    Eliminate Cumulative Voting             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPG Industries, Inc.      PPG    693506107   04/19/2007 5    Submit Severance Agreement (Change in   ShrHoldr Yes   For     Against
                                                             Control) to shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPL Corp.                 PPL    69351T106   05/23/2007 1.1  Elect Director Stuart Heydt             Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPL Corp.                 PPL    69351T106   05/23/2007 1.2  Elect Director Craig A. Rogerson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPL Corp.                 PPL    69351T106   05/23/2007 1.3  Elect Director W. Keith Smith           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPL Corp.                 PPL    69351T106   05/23/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
PPL Corp.                 PPL    69351T106   05/23/2007 3    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Praxair, Inc.             PX     74005P104   04/24/2007 1.1  Elect Director Jose P. Alves            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Praxair, Inc.             PX     74005P104   04/24/2007 1.2  Elect Director Ronald L. Kuehn, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Praxair, Inc.             PX     74005P104   04/24/2007 1.3  Elect Director H. Mitchell Watson, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Praxair, Inc.             PX     74005P104   04/24/2007 1.4  Elect Director Robert L. Wood           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Praxair, Inc.             PX     74005P104   04/24/2007 2    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Submit Shareholder Rights Plan
Praxair, Inc.             PX     74005P104   04/24/2007 3    (Poison Pill) to Shareholder Vote       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Praxair, Inc.             PX     74005P104   04/24/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 1    Elect Director James E. Bostic, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 2    Elect Director David L. Burner          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 3    Elect Director Richard L. Daugherty     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 4    Elect Director Harris E. DeLoach, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 5    Elect Director Robert W. Jones          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 6    Elect Director W. Steven Jones          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 7    Elect Director Robert B. McGehee        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 8    Elect Director E. Marie McKee           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 9    Elect Director John H. Mullin, III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 10   Elect Director Carlos A. Saladrigas     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 11   Elect Director Theresa M. Stone         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 12   Elect Director Alfred C. Tollison, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 13   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Progress Energy, Inc.     PGN    743263105   05/09/2007 14   Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.1  Elect Director K. Dane Brooksher        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.2  Elect Director Stephen L. Feinberg      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.3  Elect Director George L. Fotiades       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.4  Elect Director Christine N. Garvey      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.5  Elect Director Donald P. Jacobs         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.6  Elect Director Walter C. Rakowich       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.7  Elect Director Nelson C. Rising         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.8  Elect Director Jeffrey H. Schwartz      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.9  Elect Director D. Michael Steuert       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.1  Elect Director J. Andre Teixeira        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.11 Elect Director William D. Zollars       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 1.12 Elect Director Andrea M. Zulberti       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
ProLogis                  PLD    743410102   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.1  Elect Director Frederic K. Becker       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.2  Elect Director Gordon M. Bethune        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.3  Elect Director Gaston Caperton          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.4  Elect Director Gilbert F. Casellas      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.5  Elect Director James G. Cullen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.6  Elect Director William H. Gray, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.7  Elect Director Jon F. Hanson            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.8  Elect Director Constance J. Horner      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.9  Elect Director Karl J. Krapek           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.1  Elect Director Christine A. Poon        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.11 Elect Director Arthur F. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 1.12 Elect Director James A. Unruh           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Financial Inc  PRU    744320102   05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 3    Re-elect Philip Broadley as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 4    Re-elect Michael Garrett as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 5    Re-elect Bridget Macaskill as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 6    Re-elect Clark Manning as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 7    Elect Barry Stowe as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 8    Reappoint KPMG Audit Plc as Auditors    Mgmt     Yes   For     For
                                                             of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Prudential Plc                   G72899100   05/17/2007 9    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Final Dividend of 11.72 Pence
Prudential Plc                   G72899100   05/17/2007 10   Per Ordinary Share                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 11   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations and
                                                             to Incur EU Political Expenditure up
                                                             to GBP 50,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
Prudential Plc                   G72899100   05/17/2007 12   Nominal Amount of GBP 40,740,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 13   Subject to the Passing of Resolution    Mgmt     Yes   For     For
                                                             12, Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 6,110,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 14   Authorise 244,000,000 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 15   Approve Scrip Dividend Program          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Prudential Plc                   G72899100   05/17/2007 16   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Electronic Communications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Prudential Plc                   G72899100   05/17/2007 17   Evergreen Scrip Dividend Scheme         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Prudential Plc                   G72899100   05/17/2007 18   Indemnification                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Prudential Plc                   G72899100   05/17/2007 19   Jurisdiction of English Court           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   11/21/2006 1.1  Elect Director Caroline Dorsa *         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   11/21/2006 1.2  Elect Director E. James Ferland *       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   11/21/2006 1.3  Elect Director Albert R. Gamper, Jr. *  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   11/21/2006 1.4  Elect Director Ralph Izzo **            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   11/21/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   11/21/2006 3    Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 1.1  Elect Director Ernest H. Drew           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 1.2  Elect Director William V. Hickey        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 1.3  Elect Director Ralph Izzo               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 1.4  Elect Director Richard J. Swift         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 2    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise                                    Approve Non-Employee Director Stock
Group Inc.                PEG    744573106   04/17/2007 3    Option Plan                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 4    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 5    Eliminate Cumulative Voting             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 6    Eliminate Preemptive Rights             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Public Service Enterprise
Group Inc.                PEG    744573106   04/17/2007 7    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 1.1  Elect Director William J. Pulte         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 1.2  Elect Director Richard J. Dugas, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 1.3  Elect Director David N. McCammon        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 1.4  Elect Director Francis J. Sehn          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 4    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 5    Establish Other Board Committee         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Pulte Homes Inc.          PHM    745867101   05/10/2007 6    Performance-Based Awards                ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.1  Elect Director H.K. Desai               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.2  Elect Director Joel S. Birnbaum         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.3  Elect Director Larry R. Carter          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.4  Elect Director James R. Fiebiger        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.5  Elect Director Balakrishnan S. Iyer     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.6  Elect Director Carol L. Miltner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 1.7  Elect Director George D. Wells          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QLogic Corp.              QLGC   747277101   08/24/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 1.1  Elect Director Barbara T. Alexander     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 1.2  Elect Director Raymond V. Dittamore     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 1.3  Elect Director Irwin Mark Jacobs        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 1.4  Elect Director Sherry Lansing           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 1.5  Elect Director Peter M. Sacerdote       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 1.6  Elect Director Marc I. Stern            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
QUALCOMM Inc.             QCOM   747525103   03/13/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Quest Diagnostics,        DGX    74834L100   05/08/2007 1.1  Elect Director John C. Baldwin, M.D.    Mgmt     Yes   For     For
Incorporated
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Quest Diagnostics,                                           Elect Director Surya N. Mohapatra,
Incorporated              DGX    74834L100   05/08/2007 1.2  Ph.D.                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Quest Diagnostics,
Incorporated              DGX    74834L100   05/08/2007 1.3  Elect Director Gary M. Pfeiffer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Quest Diagnostics,
Incorporated              DGX    74834L100   05/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 1    Elect Director Richard C. Notebaert     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 2    Elect Director Linda G. Alvarado        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 3    Elect Director Charles L. Biggs         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 4    Elect Director K. Dane Brooksher        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 5    Elect Director Peter S. Hellman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 6    Elect Director R. David Hoover          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 7    Elect Director Patrick J. Martin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 8    Elect Director Caroline Matthews        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 9    Elect Director Wayne W. Murdy           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 10   Elect Director Frank P. Popoff          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 11   Elect Director James A. Unruh           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 12   Elect Director Anthony Welters          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 13   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 14   Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications                                         Performance-Based and/or Time-Based
International Inc.        Q      749121109   05/23/2007 15   Equity Awards                           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications                                         Advisory Vote to Ratify Named
International Inc.        Q      749121109   05/23/2007 16   Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications                                         Submit Supplemental Executive
International Inc.        Q      749121109   05/23/2007 17   Retirement Plans to Shareholder vote    ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Qwest Communications
International Inc.        Q      749121109   05/23/2007 18   Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 1    Elect Director Thomas J. Quinlan, III   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 2    Elect Director Oliver R. Sockwell       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 3    Elect Director Stephen M. Wolf          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 5    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 6    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 7    Prepare a Sustainability Report         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
R. R. Donnelley & Sons Co RRD    257867101   05/24/2007 8    Declassify the Board of Directors       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.1  Elect Director Barbara M. Barrett       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.2  Elect Director Vernon E. Clark          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.3  Elect Director John M. Deutch           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.4  Elect Director Frederic M. Poses        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.5  Elect Director Michael C. Ruettgers     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.6  Elect Director Ronald L. Skates         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.7  Elect Director William R. Spivey        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.8  Elect Director Linda G. Stuntz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 1.9  Elect Director William H. Swanson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Restore or Provide for Cumulative
Raytheon Co.              RTN    755111507   05/02/2007 4    Voting                                  ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Raytheon Co.              RTN    755111507   05/02/2007 5    Submit Supplemental Executive           ShrHoldr Yes   Against For
                                                             Retirement Plans to Shareholder vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Realogy Corp              H      7.56E+104   03/30/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Realogy Corp              H      7.56E+104   03/30/2007 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 2    Approve Remuneration Report             Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 3    Approve Final Dividend of 25 Pence      Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 4    Re-elect Colin Day as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 5    Re-elect Judith Sprieser as Director    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 6    Re-elect Kenneth Hydon as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 7    Re-elect Peter White as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 8    Elect David Tyler as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 9    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Reckitt Benckiser Plc            G7420A107   05/03/2007 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 25,160,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 12   Subject to the Passing of Resolution    Mgmt     Yes   For     For
                                                             11, Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 3,700,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reckitt Benckiser Plc            G7420A107   05/03/2007 13   Authorise 72,000,000 Ordinary Shares    Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   10/03/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   10/03/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 1    Elect Director Samuel W. Bartholomew,   Mgmt     Yes   For     For
                                                             Jr.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 2    Elect Director Susan W. Matlock         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 3    Elect Director Jackson W. Moore         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 4    Elect Director Allen B. Morgan, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 5    Elect Director John R. Roberts          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 6    Elect Director Lee J. Styslinger, III   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 7    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Regions Financial Corp.   RF     7591EP100   04/19/2007 8    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 1    Accept Consolidated Financial           Mgmt     Yes   For     For
                                                             Statements and Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Financial Statements and
Renault                          F77098105   05/02/2007 2    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Renault                          F77098105   05/02/2007 3    Dividends of EUR 3.10 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Special Auditors' Report
Renault                          F77098105   05/02/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 5    Reelect Henri Martre as Director        Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 6    Ratify Appointment of Catherine         Mgmt     Yes   Abstain Against
                                                             Brechigncas Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify Appointment and Reelect Remy
Renault                          F77098105   05/02/2007 7    Rioux as Director                       Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 8    Elect Philippe Lagayette as Director    Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 9    Acknowledge Auditor Report Re:          Mgmt     Yes   For     For
                                                             Remuneration of Equity Loans
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to 10
Renault                          F77098105   05/02/2007 10   Percent of Issued Share Capital         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 11   Approve Reduction in Share Capital      Mgmt     Yes   For     For
                                                             via Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 12   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
                                                             Nominal Amount of EUR 500 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
                                                             Preemptive Rights up to Aggregate
Renault                          F77098105   05/02/2007 13   Nominal Amount of EUR 300 Million       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Increase Capital
                                                             in the Event of Additional Demand
                                                             Related to Delegation Submitted to
Renault                          F77098105   05/02/2007 14   Shareholder Vote Above                  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 15   Authorize Capital Increase of up to     Mgmt     Yes   For     For
                                                             10 Percent of Issued Capital for
                                                             Future Acquisitions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Capitalization of Reserves
                                                             of Up to EUR 1 Billion for Bonus
Renault                          F77098105   05/02/2007 16   Issue or Increase in Par Value          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Set Global Limit for Capital Increase
                                                             to Result from Issuance Requests
                                                             Pursuant to Items 12 to 15 at EUR 500
Renault                          F77098105   05/02/2007 17   Million                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 18   Approve Employee Savings-Related        Mgmt     Yes   For     For
                                                             Share Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 19   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Appointment of Employee Shareholder
                                                             Representative
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 20   Amend Article 21 of Association Re:     Mgmt     Yes   For     For
                                                             Record Date
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Renault                          F77098105   05/02/2007 21   Authorize Filing of Required            Mgmt     Yes   For     For
                                                             Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reynolds American Inc     RAI    761713106   05/11/2007 1.1  Elect Director Martin D. Feinstein      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reynolds American Inc     RAI    761713106   05/11/2007 1.2  Elect Director Susan M. Ivey            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reynolds American Inc     RAI    761713106   05/11/2007 1.3  Elect Director Neil R. Withington       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reynolds American Inc     RAI    761713106   05/11/2007 1.4  Elect Director John T. Chain, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reynolds American Inc     RAI    761713106   05/11/2007 2    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Reynolds American Inc     RAI    761713106   05/11/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007      Only Rio Tinto Plc Shareholders are              Yes
                                                             Entitled to Vote on Resolutions 1, 2,
                                                             and 3
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 1    Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 33,775,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Rio Tinto Plc                    G75754104   04/13/2007 2    Nominal Amount of GBP 6,514,000         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 3    Authorise 101,700,000 RTP Ordinary      Mgmt     Yes   For     For
                                                             Shares for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007      Resolution 4 Requires a Separate                 Yes
                                                             Special Resolution of the Public
                                                             Shareholders of Rio Tinto Plc and Rio
                                                             Tinto Limited
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association of Rio
                                                             Tinto Plc and the Constitution of Rio
Rio Tinto Plc                    G75754104   04/13/2007 4    Tinto Limited                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Resolutions 5-12 will be Dealt under
                                                             the Joint Electoral Procedure of Rio
Rio Tinto Plc                    G75754104   04/13/2007      Tinto Plc and Rio Tinto Limited                  Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 5    Elect Michael Fitzpatrick as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 6    Re-elect Ashton Calvert as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 7    Re-elect Guy Elliott as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 8    Re-elect Lord Kerr as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 9    Re-elect Sir Richard Sykes as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 10   Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors and Authorise the Audit
                                                             Committee to Determine Their
                                                             Remuneration
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 11   Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rio Tinto Plc                    G75754104   04/13/2007 12   Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.1  Elect Director Andrew S. Berwick, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.2  Elect Director Frederick P. Furth       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.3  Elect Director Edward W. Gibbons        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.4  Elect Director Harold M. Messmer, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.5  Elect Director Thomas J. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.6  Elect Director J. Stephen Schaub        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 1.7  Elect Director M. Keith Waddell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International
Inc.                      RHI    770323103   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Robert Half International                                    Amend EEO Statement to Include
Inc.                      RHI    770323103   05/03/2007 3    Reference to Sexual Orientation         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Roche Holding AG                 H69293217   03/05/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
Roche Holding AG                 H69293217   03/05/2007 2    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Roche Holding AG                 H69293217   03/05/2007 3    Dividends of CHF 3.40 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Roche Holding AG                 H69293217   03/05/2007 4.1  Elect Pius Baschera as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Wolfgang Ruttenstorfer as
Roche Holding AG                 H69293217   03/05/2007 4.2  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Roche Holding AG                 H69293217   03/05/2007 5    KPMG Klynveld Peat Marwick Goerdeler    Mgmt     Yes   For     For
                                                             SA
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Automation Inc   ROK    773903109   02/07/2007 1.1  Elect Director Barry C. Johnson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Automation Inc   ROK    773903109   02/07/2007 1.2  Elect Director William T. Mccormick Jr  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Automation Inc   ROK    773903109   02/07/2007 1.3  Elect Director Keith D. Nosbusch        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Automation Inc   ROK    773903109   02/07/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Collins, Inc.    COL    774341101   02/13/2007 1.1  Elect Director D.R. Beall               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Collins, Inc.    COL    774341101   02/13/2007 1.2  Elect Director M. Donegan               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Collins, Inc.    COL    774341101   02/13/2007 1.3  Elect Director A.J. Policano            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rockwell Collins, Inc.    COL    774341101   02/13/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.1  Elect Director William J. Avery         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.2  Elect Director Raj L. Gupta             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.3  Elect Director David W. Haas            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.4  Elect Director Thomas W. Haas           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.5  Elect Director Richard L. Keiser        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.6  Elect Director Rick J. Mills            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.7  Elect Director Sandra O. Moose          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.8  Elect Director Gilbert S. Omenn         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.9  Elect Director Gary L. Rogers           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.1  Elect Director Ronaldo H. Schmitz       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.11 Elect Director George M. Whitesides     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 1.12 Elect Director Marna.C. Whittington     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Rohm and Haas Co.         ROH    775371107   05/07/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 3    Elect Rijkman Groenink as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 4    Re-elect Malcolm Brinded as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 5    Re-elect Linda Cook as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 6    Re-elect Maarten van den Bergh as       Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 7    Re-elect Nina Henderson as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Christine Morin-Postel as
Royal Dutch Shell Plc            G7690A100   05/15/2007 8    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 9    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Royal Dutch Shell Plc            G7690A100   05/15/2007 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of EUR 150,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Royal Dutch Shell Plc            G7690A100   05/15/2007 12   Nominal Amount of EUR 22,000,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 13   Authorise 644,000,000 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 14   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations up
                                                             to GBP 200,000 and to Incur EU
                                                             Political Expenditure up to GBP
                                                             200,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 3    Elect Rijkman Groenink as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 4    Re-elect Malcolm Brinded as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 5    Re-elect Linda Cook as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 6    Re-elect Maarten van den Bergh as       Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 7    Re-elect Nina Henderson as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Christine Morin-Postel as
Royal Dutch Shell Plc            G7690A100   05/15/2007 8    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 9    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Royal Dutch Shell Plc            G7690A100   05/15/2007 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of EUR 150,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Royal Dutch Shell Plc            G7690A100   05/15/2007 12   Nominal Amount of EUR 22,000,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 13   Authorise 644,000,000 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal Dutch Shell Plc            G7690A100   05/15/2007 14   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations up
                                                             to GBP 200,000 and to Incur EU
                                                             Political Expenditure up to GBP
                                                             200,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 1    Open Meeting and Receive Announcements           Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 2    Receive Report of Management Board               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 3    Discussion on Company's Corporate                Yes
                                                             Governance Structure
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Financial Statements and
Royal KPN NV                     N4297B146   04/17/2007 4    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Explanation on Company's
Royal KPN NV                     N4297B146   04/17/2007 5    Reserves and Dividend Policy                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 6    Approve Dividends of EUR 0.34 Per       Mgmt     Yes   For     For
                                                             Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 7    Approve Discharge of Management Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 8    Approve Discharge of Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 9    Amend Articles                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 10   Ratify PricewaterhouseCoopers           Mgmt     Yes   For     For
                                                             Accountants NV as Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Opportunity to Nominate Supervisory
Royal KPN NV                     N4297B146   04/17/2007 11   Board Member                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 12   Elect M. Bischoff to Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 13   Elect J.B.M. Streppel to Supervisory    Mgmt     Yes   For     For
                                                             Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect C.M. Colijn-Hooymans to
Royal KPN NV                     N4297B146   04/17/2007 14   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Announce Vacancies on Supervisory
Royal KPN NV                     N4297B146   04/17/2007 15   Board                                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Supervisory
Royal KPN NV                     N4297B146   04/17/2007 16   Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration Policy for
Royal KPN NV                     N4297B146   04/17/2007 17   Management Board Members                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
Royal KPN NV                     N4297B146   04/17/2007 18   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Reduction in Share Capital
Royal KPN NV                     N4297B146   04/17/2007 19   via Cancellation of Shares              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Royal KPN NV                     N4297B146   04/17/2007 20   Allow Questions and Close Meeting                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
RWE AG                           D6629K109   04/18/2007 1    Receive Financial Statements,                    Yes
                                                             Statutory Reports, and Supervisory
                                                             Board Report for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
RWE AG                           D6629K109   04/18/2007 2    Approve Allocation of Income and        Mgmt     Yes   For     For
                                                             Dividends of EUR 3.50  per Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
RWE AG                           D6629K109   04/18/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
RWE AG                           D6629K109   04/18/2007 4    Board  for Fiscal 2006                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Ratify PricewaterhouseCoopers AG as
RWE AG                           D6629K109   04/18/2007 5    Auditors  for Fiscal 2007               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
RWE AG                           D6629K109   04/18/2007 6    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance or Cancellation of
                                                             Repurchased Shares; Authorize Use of
                                                             Financial Derivatives when
                                                             Repurchasing Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
RWE AG                           D6629K109   04/18/2007 7    Amend Articles Re: Allow Electronic     Mgmt     Yes   For     For
                                                             Distribution of Company Communications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 1    Elect Director Steven A. Burd           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 2    Elect Director Janet E. Grove           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 3    Elect Director Mohan Gyani              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 4    Elect Director Paul Hazen               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 5    Elect Director Robert I. MacDonnell     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 6    Elect Director Douglas J. MacKenzie     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 7    Elect Director Rebecca A. Stirn         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 8    Elect Director William Y. Tauscher      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 9    Elect Director Raymond G. Viault        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 10   Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 11   Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 13   Provide for Cumulative Voting           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 14   Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 15   Label Genetically Modified Organisms    ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 16   Prepare Sustainability Report           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Safeway Inc.              SWY    786514208   05/16/2007 17   Report on Feasibility of Improving      ShrHoldr Yes   Against For
                                                             Animal Welfare Standards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.1  Elect Director Neil R. Bonke            Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.2  Elect Director Alain Couder             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.3  Elect Director Mario M. Rosati          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.4  Elect Director A. Eugene Sapp, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.5  Elect Director Wayne Shortidge          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.6  Elect Director Peter J. Simone          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.7  Elect Director Jure Sola                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 1.8  Elect Director Jacquelyn M. Ward        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanmina-SCI Corp.         SANM   800907107   02/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly         F5548N101   05/31/2007      Ordinary Business                                Yes
Sanofi-Synthelabo)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly                                     Approve Financial Statements and
Sanofi-Synthelabo)               F5548N101   05/31/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly                                     Accept Consolidated Financial
Sanofi-Synthelabo)               F5548N101   05/31/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly                                     Approve Allocation of Income and
Sanofi-Synthelabo)               F5548N101   05/31/2007 3    Dividends of EUR 1.75 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly                                     Approve Special Auditors' Report
Sanofi-Synthelabo)               F5548N101   05/31/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly
Sanofi-Synthelabo)               F5548N101   05/31/2007 5    Reelect Gerard Van Kemmel as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly                                     Authorize Repurchase of Up to Ten
Sanofi-Synthelabo)               F5548N101   05/31/2007 6    Percent of Issued Share Capital         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly
Sanofi-Synthelabo)               F5548N101   05/31/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly         F5548N101   05/31/2007 7    Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
Sanofi-Synthelabo)                                           Nominal Amount of EUR 1.4 Billion
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
Sanofi-Aventis (formerly                                     Preemptive Rights up to Aggregate
Sanofi-Synthelabo)               F5548N101   05/31/2007 8    Nominal Amount of EUR 800 Million       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly         F5548N101   05/31/2007 9    Authorize Capitalization of Reserves    Mgmt     Yes   For     For
                                                             of Up to EUR 500 Million for Bonus
Sanofi-Synthelabo)                                           Issue or Increase in Par Value
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Capital Increase of up to
Sanofi-Aventis (formerly                                     10 Percent of Issued Capital for
Sanofi-Synthelabo)               F5548N101   05/31/2007 10   Future Acquisitions                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly         F5548N101   05/31/2007 11   Amend Employee Savings-Related Share    Mgmt     Yes   For     For
Sanofi-Synthelabo)                                           Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly
Sanofi-Synthelabo)               F5548N101   05/31/2007 12   Approve Stock Option Plans Grants       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to 1 Percent of Issued
Sanofi-Aventis (formerly                                     Capital for Use in Restricted Stock
Sanofi-Synthelabo)               F5548N101   05/31/2007 13   Plan                                    Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly                                     Approve Reduction in Share Capital
Sanofi-Synthelabo)               F5548N101   05/31/2007 14   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly         F5548N101   05/31/2007 15   Allow Board to Use Authorizations and   Mgmt     Yes   Against Against
                                                             Delegations Granted in Items 6 to 14
                                                             Above in the Event of a Public Tender
Sanofi-Synthelabo)                                           Offer
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
                                                             Attend and Vote to the General
Sanofi-Aventis (formerly                                     Meetings through Videoconference and
Sanofi-Synthelabo)               F5548N101   05/31/2007 16   Telecommunication                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sanofi-Aventis (formerly         F5548N101   05/31/2007 17   Authorize Filing of Required            Mgmt     Yes   For     For
Sanofi-Synthelabo)                                           Documents/Other Formalities
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Financial Statements and
SAP AG                           D66992104   05/10/2007 1    Statutory Reports for Fiscal 2006                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
SAP AG                           D66992104   05/10/2007 2    Dividends of EUR 0.46 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
SAP AG                           D66992104   05/10/2007 3    for Fiscal 2006                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
SAP AG                           D66992104   05/10/2007 4    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SAP AG                           D66992104   05/10/2007 5    Ratify KPMG Deutsche                    Mgmt     Yes   For     For
                                                             Treuhand-Gesellschaft AG as Auditors
                                                             for Fiscal 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SAP AG                           D66992104   05/10/2007 6a   Elect Pekka Ala-Pietilae to the         Mgmt     Yes   For     For
                                                             Supervisory Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Wilhelm Haarmann to the
SAP AG                           D66992104   05/10/2007 6b   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Hartmut Mehdorn to the
SAP AG                           D66992104   05/10/2007 6c   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Joachim Milberg to the
SAP AG                           D66992104   05/10/2007 6d   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Hasso Plattner to the
SAP AG                           D66992104   05/10/2007 6e   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect August-Wilhelm Scheer to the
SAP AG                           D66992104   05/10/2007 6f   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Erhard Schipporeit to the
SAP AG                           D66992104   05/10/2007 6g   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Klaus Wucherer to the
SAP AG                           D66992104   05/10/2007 6h   Supervisory Board                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SAP AG                           D66992104   05/10/2007 7    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance or Cancellation of
                                                             Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SAP AG                           D66992104   05/10/2007 8    Authorize Use of Financial              Mgmt     Yes   Against Against
                                                             Derivatives When Repurchasing Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Allow Electronic
SAP AG                           D66992104   05/10/2007 9    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.1  Elect Director Brenda C. Barnes         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.2  Elect Director J.T. Battenberg, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.3  Elect Director Christopher B. Begley    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.4  Elect Director Cynthia B. Carroll       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.5  Elect Director Virgis W. Colbert        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.6  Elect Director James S. Crown           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.7  Elect Director Willie D. Davis          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.8  Elect Director Laurette T. Koellner     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.9  Elect Director Cornelis J.A. Van Lede   Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.1  Elect Director Sir Ian Prosser          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.11 Elect Director Rozanne L. Ridgway       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 1.12 Elect Director Jonathan P. Ward         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 3    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sara Lee Corp.            SLE    803111103   10/26/2006 4    Approve Report of the Compensation      ShrHoldr Yes   Against For
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.1  Elect Director Hans W. Becherer         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.2  Elect Director Thomas J. Colligan       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.3  Elect Director Fred Hassan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.4  Elect Director C. Robert Kidder         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.5  Elect Director Philip Leder, M.D.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.6  Elect Director Eugene R. McGrath        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.7  Elect Director Carl E. Mundy, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.8  Elect Director Antonio M. Perez         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.9  Elect Director Patricia F. Russo        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.1  Elect Director Jack L. Stahl            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.11 Elect Director Kathryn C. Turner        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.12 Elect Director Robert F.W. van Oordt    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 1.13 Elect Director Arthur F. Weinbach       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company Specific--Adopt Majority
Schering-Plough Corp.     SGP    806605101   05/18/2007 4    Voting                                  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schering-Plough Corp.     SGP    806605101   05/18/2007 5    Performance-Based and/or Time-Based     ShrHoldr Yes   Against For
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.1  Elect Director P. Camus                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.2  Elect Director J.S. Gorelick            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.3  Elect Director A. Gould                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.4  Elect Director T. Isaac                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.5  Elect Director N. Kudryavtsev           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.6  Elect Director A. Lajous                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.7  Elect Director M.E. Marks               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.8  Elect Director D. Primat                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.9  Elect Director L.R. Reif                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.1  Elect Director T.I. Sandvold            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.11 Elect Director N. Seydoux               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.12 Elect Director L.G. Stuntz              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 1.13 Elect Director R. Talwar                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 2    ADOPTION AND APPROVAL OF FINANCIALS     Mgmt     Yes   For     For
                                                             AND DIVIDENDS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schlumberger Ltd.         SLB    806857108   04/11/2007 3    APPROVAL OF INDEPENDENT REGISTERED      Mgmt     Yes   For     For
                                                             PUBLIC ACCOUNTING FIRM.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA            F86921107   04/26/2007      Ordinary Business                                Yes
(Formerly Schneider SA)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Approve Financial Statements and
(Formerly Schneider SA)          F86921107   04/26/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Accept Consolidated Financial
(Formerly Schneider SA)          F86921107   04/26/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Approve Allocation of Income and
(Formerly Schneider SA)          F86921107   04/26/2007 3    Dividends of EUR 3 per Share            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA
(Formerly Schneider SA)          F86921107   04/26/2007 4    Approve Transaction with Groupe AXA     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Approve Transaction with a Related
(Formerly Schneider SA)          F86921107   04/26/2007 5    Party                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Authorize Repurchase of Up to 10
(Formerly Schneider SA)          F86921107   04/26/2007 6    Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA
(Formerly Schneider SA)          F86921107   04/26/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Amend Article 11: Supervisory Board
(Formerly Schneider SA)          F86921107   04/26/2007 7    Composition                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Amend Article 14: Supervisory Board
(Formerly Schneider SA)          F86921107   04/26/2007 8    Composition                             Mgmt     Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA            F86921107   04/26/2007 9    Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
(Formerly Schneider SA)                                      Nominal Amount of EUR 500 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
Schneider Electric SA                                        Preemptive Rights up to Aggregate
(Formerly Schneider SA)          F86921107   04/26/2007 10   Nominal Amount of EUR 300 Million       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Board to Increase Capital
                                                             in the Event of Additional Demand
Schneider Electric SA                                        Related to Delegation Submitted to
(Formerly Schneider SA)          F86921107   04/26/2007 11   Shareholder Vote Above                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA            F86921107   04/26/2007 12   Authorize Capital Increase of Up to     Mgmt     Yes   For     For
(Formerly Schneider SA)                                      10 percent for Future Exchange Offers
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to 0.5 Percent of Issued
Schneider Electric SA                                        Capital for Use in Restricted Stock
(Formerly Schneider SA)          F86921107   04/26/2007 13   Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Approve Employee Savings-Related
(Formerly Schneider SA)          F86921107   04/26/2007 14   Share Purchase Plan                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Approve Employee Stock Purchase Plan
(Formerly Schneider SA)          F86921107   04/26/2007 15   for International Employees             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Authorize Filing of Required
(Formerly Schneider SA)          F86921107   04/26/2007 16   Documents/Other Formalities             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Schneider Electric SA                                        Amend Article 19 of Bylaws in order
(Formerly Schneider SA)          F86921107   04/26/2007 A    to Cancel the Voting Rights Limitation  ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 3    Elect Philip Bowman as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 4    Re-elect Charles Smith as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 5    Re-elect Nick Rose as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 6    Reappoint Deloitte & Touche LLP as      Mgmt     Yes   For     For
                                                             Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 7    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 8    Approve Long Term Incentive Plan 2006   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 9    Approve EU Political Organisations      Mgmt     Yes   For     For
                                                             Donations up to GBP 80,000 and Incur
                                                             EU Political Expenditure up to GBP
                                                             20,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 10   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 208,039,563
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 11   Nominal Amount of GBP 31,205,934        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   07/26/2006 12   Authorise 148,599,688 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power Plc        SCPWF  G7932E126   03/30/2007 1    Approve Scheme of Arrangement;          Mgmt     Yes   For     For
                                                             Approve Capital Reorganisation;
                                                             Approve Reduction and Subsequent
                                                             Increase in Share Capital; Capitalise
                                                             Reserve to Iberdrola; Issue Equity
                                                             with Rights;  Amend Articles of
                                                             Association
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power plc        SCPWF  G7932E126   03/30/2007      Court Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Scottish Power plc        SCPWF  G7932E126   03/30/2007 1    Approve Scheme of Arrangement           Mgmt     Yes   For     For
                                                             Proposed to be Made Between Scottish
                                                             Power Plc and the Scheme Shareholders
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 1    Elect Director Hank Brown               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 2    Elect Director Michael Chu              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 3    Elect Director Lawrence R. Codey        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 4    Elect Director T. J. Dermot Dunphy      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 5    Elect Director Charles F. Farrell, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 6    Elect Director William V. Hickey        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 7    Elect Director Jacqueline B. Kosecoff   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 8    Elect Director Kenneth P. Manning       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 9    Elect Director William J. Marino        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sealed Air Corp.          SEE    81211K100   05/18/2007 10   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sempra Energy             SRE    816851109   04/26/2007 1.1  Elect Director Wilford D. Godbold, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sempra Energy             SRE    816851109   04/26/2007 1.2  Elect Director Richard G. Newman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sempra Energy             SRE    816851109   04/26/2007 1.3  Elect Director Neal E. Schmale          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sempra Energy             SRE    816851109   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sempra Energy             SRE    816851109   04/26/2007 3    Amend Vote Requirements to Amend        ShrHoldr Yes   For     Against
                                                             Articles/Bylaws/Charter
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require a Majority Vote for the
Sempra Energy             SRE    816851109   04/26/2007 4    Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sempra Energy             SRE    816851109   04/26/2007 5    Establish SERP Policy                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Siemens AG                       D69671218   01/25/2007 1    Receive Supervisory Board Report,                Yes
                                                             Corporate Governance Report, and
                                                             Remuneration Report
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Siemens AG                       D69671218   01/25/2007 2    Receive Financial Statements and                 Yes
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Siemens AG                       D69671218   01/25/2007 3    Dividends of EUR 1.45 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Management Board
Siemens AG                       D69671218   01/25/2007 4    for Fiscal 2005/2006                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Siemens AG                       D69671218   01/25/2007 5    Board for Fiscal 2005/2006              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Siemens AG                       D69671218   01/25/2007 6    Ratify KPMG Deutsche                    Mgmt     Yes   For     For
                                                             Treuhand-Gesellschaft AG as Auditors
                                                             for Fiscal 2006/2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Share Repurchase Program
                                                             and Reissuance or Cancellation of
Siemens AG                       D69671218   01/25/2007 7    Repurchased Shares                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Siemens AG                       D69671218   01/25/2007 8    Amend Articles Re: Supervisory Board    Mgmt     Yes   For     For
                                                             Meetings and Decisionmaking
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles Re: Allow Electronic
Siemens AG                       D69671218   01/25/2007 9    Distribution of Company Communications  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.1  Elect Director Nina V. Fedoroff         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.2  Elect Director David R. Harvey          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.3  Elect Director W. Lee McCollum          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.4  Elect Director Jai P. Nagarkatti        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.5  Elect Director Avi M. Nash              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.6  Elect Director William C. O'Neil, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.7  Elect Director Steven M. Paul           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.8  Elect Director J. Pedro Reinhard        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.9  Elect Director Timothy R.G. Sear        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.1  Elect Director D. Dean Spatz            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 1.11 Elect Director Barrett A. Toan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sigma-Aldrich Corp.       SIAL   826552101   05/01/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.1  Elect Director Ann Torre Bates          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.2  Elect Director Charles L. Daley         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.3  Elect Director W.M. Diefenderfer III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.4  Elect Director Thomas J. Fitzpatrick    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.5  Elect Director Diane Suitt Gilleland    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.6  Elect Director Earl A. Goode            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.7  Elect Director Ronald F. Hunt           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.8  Elect Director Benjamin J. Lambert III  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.9  Elect Director Albert L. Lord           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.1  Elect Director Barry A. Munitz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.11 Elect Director A. Alexander Porter, Jr  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.12 Elect Director Wolfgang Schoellkopf     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.13 Elect Director Steven L. Shapiro        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 1.14 Elect Director Barry L. Williams        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SLM Corp.                 SLM    78442P106   05/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 3    Confirm the 2006 First Interim          Mgmt     Yes   For     For
                                                             Dividend of USD 4.1 Cents Per
                                                             Ordinary Share and the 2006 Second
                                                             Interim Dividend of USD 6.71 Cents
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 4    Re-elect Sir Christopher O'Donnell as   Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 5    Elect Adrian Hennah as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 6    Re-elect Warren Knowlton as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Re-elect Richard De Schutter as
Smith & Nephew Plc               G82343164   05/03/2007 7    Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 8    Re-elect Rolf Stomberg as Director      Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 9    Reappoint Ernst & Young LLP as          Mgmt     Yes   For     For
                                                             Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Smith & Nephew Plc               G82343164   05/03/2007 10   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of USD 52,542,311
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Smith & Nephew Plc               G82343164   05/03/2007 12   Nominal Amount of USD 9,427,032         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Smith & Nephew Plc               G82343164   05/03/2007 13   Authorise 94,270,325 Ordinary Shares    Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Smith & Nephew Plc               G82343164   05/03/2007 14   Dividend Translation Timing             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Increase In Borrowing Powers
Smith & Nephew Plc               G82343164   05/03/2007 15   to USD 6,500,000,000                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Company to Use
Smith & Nephew Plc               G82343164   05/03/2007 16   Electronic Communications               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.1  Elect  Director William A. Hasler       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.2  Elect  Director Michael R. Cannon       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.3  Elect  Director Richard A. D'Amore      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.4  Elect  Director H. Paulett Eberhart     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.5  Elect  Director Heinz Fridrich          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.6  Elect  Director William R. Graber       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.7  Elect  Director Paul R. Low             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.8  Elect  Director C. Wesley M. Scott      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 1.9  Elect  Director Cyril Yansouni          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Solectron Corp.           SLR    834182107   01/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.1  Elect Director Juanita Powell Baranco   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.2  Elect Director Dorrit J. Bern           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.3  Elect Director Francis S. Blake         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.4  Elect Director Thomas F. Chapman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director H.William Habermeyer,
Southern Company          SO     842587107   05/23/2007 1.5  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.6  Elect Director Donald M. James          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.7  Elect Director J.Neal Purcell           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.8  Elect Director David M. Ratcliffe       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.9  Elect Director William G. Smith, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 1.1  Elect Director Gerald J. St. Pe         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southern Company          SO     842587107   05/23/2007 3    Report on Emission Reduction Goals      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.1  Elect Director Colleen C. Barrett       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.2  Elect Director David W. Biegler         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.3  Elect Director Louis E. Caldera         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.4  Elect Director C. Webb Crockett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.5  Elect Director William H. Cunningham,   Mgmt     Yes   For     For
                                                             Ph.D.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.6  Elect Director Travis C. Johnson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.7  Elect Director Herbert D. Kelleher      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.8  Elect Director Gary C. Kelly            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.9  Elect Director Nancy B. Loeffler        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 1.1  Elect Director John T. Montford         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 2    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Southwest Airlines Co.    LUV    844741108   05/16/2007 5    Company Specific-Adopt Simple           ShrHoldr Yes   Against For
                                                             Majority Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 1    Elect Director Keith J. Bane            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 2    Elect Director Robert R. Bennett        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 3    Elect Director Gordon M. Bethune        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 4    Elect Director Frank M. Drendel         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 5    Elect Director Gary D. Forsee           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 6    Elect Director James H. Hance, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 7    Elect Director V. Janet Hill            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 8    Elect Director Irvine O. Hockaday, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 9    Elect Director Linda Koch Lorimer       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 10   Elect Director  William H. Swanson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 11   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 12   Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sprint Nextel Corp        S      852061100   05/08/2007 13   Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
St. Jude Medical, Inc.    STJ    790849103   05/16/2007 1.1  Elect Director Michael A. Rocca         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
St. Jude Medical, Inc.    STJ    790849103   05/16/2007 1.2  Elect Director Stefan K. Widensohler    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
St. Jude Medical, Inc.    STJ    790849103   05/16/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
St. Jude Medical, Inc.    STJ    790849103   05/16/2007 3    Approve Qualified Employee Stock        Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
St. Jude Medical, Inc.    STJ    790849103   05/16/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.1  Elect Director Basil L. Anderson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.2  Elect Director Arthur M. Blank          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.3  Elect Director Mary Elizabeth Burton    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.4  Elect Director Gary L. Crittenden       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.5  Elect Director Rowland T. Moriarty      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.6  Elect Director Robert C. Nakasone       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.7  Elect Director Ronald L. Sargent        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.8  Elect Director Martin Trust             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.9  Elect Director Vijay Vishwanath         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 1.1  Elect Director Paul F. Walsh            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 2    Company Specific- Majority Vote for     Mgmt     Yes   For     For
                                                             the Uncontested Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Staples, Inc.             SPLS   855030102   06/11/2007 4    Company Specific- Adopt Simple          ShrHoldr Yes   For     Against
                                                             Majority Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.1  Elect Director Howard Schultz           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.2  Elect Director Barbara Bass             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.3  Elect Director Howard P. Behar          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.4  Elect Director William W. Bradley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.5  Elect Director James L. Donald          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.6  Elect Director Mellody Hobson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.7  Elect Director Olden Lee                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.8  Elect Director James G. Shennan, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.9  Elect Director Javier G. Teruel         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.1  Elect Director Myron E. Ullman, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 1.11 Elect Director Craig E. Weatherup       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starbucks Corp.           SBUX   855244109   03/21/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts HOT    85590A401   05/24/2007 1.1  Elect Director Bruce W. Duncan          Mgmt     Yes   For     For
Worldwide, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.2  Elect Director Adam Aron                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.3  Elect Director Charlene Barshefsky      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.4  Elect Director Jean-Marc Chapus         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.5  Elect Director Lizanne Galbreath        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.6  Elect Director Eric Hippeau             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.7  Elect Director Stephen R. Quazzo        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.8  Elect Director Thomas O. Ryder          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 1.9  Elect Director Kneeland C. Youngblood   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Starwood Hotels & Resorts
Worldwide, Inc.           HOT    85590A401   05/24/2007 3    Amend and Restatement of Charter        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.1  Elect Director T. Albright              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.2  Elect Director K. Burnes                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.3  Elect Director P. Coym                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.4  Elect Director N. Darehshori            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.5  Elect Director A. Fawcett               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.6  Elect Director A. Goldstein             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.7  Elect Director D. Gruber                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.8  Elect Director L. Hill                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.9  Elect Director C. LaMantia              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.1  Elect Director R. Logue                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.11 Elect Director M. Miskovic              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.12 Elect Director R. Sergel                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.13 Elect Director R. Skates                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.14 Elect Director G. Summe                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.15 Elect Director D. Walsh                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 1.16 Elect Director R. Weissman              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 2    Increase Authorized Common Stock        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
State Street Corp.
(Boston)                  STT    857477103   04/18/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 1    Open Meeting                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 2    Receive Report of Management Board               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 3    Receive Report of Supervisory Board              Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 4.a  Approve Financial Statements and        Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
STMicroelectronics N.V.          N83574108   04/26/2007 4.b  Dividends of EUR 0.22 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 4.c  Approve Discharge of Management Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 4.d  Approve Discharge of Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Alessandro Ovi to Supervisory
STMicroelectronics N.V.          N83574108   04/26/2007 5.a  Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 5.b  Elect Ray Bingham to Supervisory Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 6    Approve Amendment to the Stock Based    Mgmt     Yes   For     For
                                                             Compensation Plan of the Supervisory
                                                             Board
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 7    Approve the Stock Based Compensation    Mgmt     Yes   Against Against
                                                             Portion of the President and CEO
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Grant Board Authority to Issue Shares
                                                             and Restricting/Excluding Preemptive
STMicroelectronics N.V.          N83574108   04/26/2007 8    Rights                                  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Repurchase of Up to Ten
STMicroelectronics N.V.          N83574108   04/26/2007 9    Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 10   Amend Articles                          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 11   Allow Questions                                  Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
STMicroelectronics N.V.          N83574108   04/26/2007 12   Close Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 1.1  Elect Director John W. Brown            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 1.2  Elect Director Howard E. Cox, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Donald M. Engelman,
Stryker Corp.             SYK    863667101   04/25/2007 1.3  Ph.D.                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Jerome H. Grossman,
Stryker Corp.             SYK    863667101   04/25/2007 1.4  M.D.                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 1.5  Elect Director Louise L. Francesconi    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 1.6  Elect Director Stephen P. Macmillan     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 1.7  Elect Director William U. Parfet        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 1.8  Elect Director Ronda E. Stryker         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Stryker Corp.             SYK    863667101   04/25/2007 4    Performance-Based and/or Time-Based     ShrHoldr Yes   For     Against
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.1  Elect Director Scott G. McNealy         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.2  Elect Director James L. Barksdale       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.3  Elect Director Stephen M. Bennett       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Robert J. Finocchio,
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.4  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.5  Elect Director Patricia E. Mitchell     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.6  Elect Director M. Kenneth Oshman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.7  Elect Director Jonathan I. Schwartz     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 1.8  Elect Director Naomi O. Seligman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Sun Microsystems, Inc.    SUNW   866810104   11/02/2006 4    Approve Report of the Compensation      ShrHoldr Yes   For     Against
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.1  Elect Director Robert M. Beall, II      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.2  Elect Director Jeffrey C. Crowe         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.3  Elect Director J. Hicks Lanier          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.4  Elect Director Larry L. Prince          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.5  Elect Director Frank S. Royal, M.D.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.6  Elect Director Phail Wynn, Jr.          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 1.7  Elect Director James M. Wells, III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 2    Amend Rights and Preferences of         Mgmt     Yes   For     For
                                                             Preferred Stock
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 3    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SunTrust Banks, Inc.      STI    867914103   04/17/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 1.1  Elect Director A. Gary Ames             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 1.2  Elect Director Charles M. Lillis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 1.3  Elect Director Jeffrey Noddle           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 1.4  Elect Director Steven S. Rogers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 1.5  Elect Director Wayne C. Sales           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 1.6  Elect Director Kathi P. Seifert         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 4    Report on Feasibility of Improving      ShrHoldr Yes   Against For
                                                             Animal Welfare Standards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Supervalu Inc.            SVU    868536103   05/24/2007 5    Other Business                          Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
Swisscom AG                      H8398N104   04/24/2007 2    Dividends of CHF 17 per Share           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
Swisscom AG                      H8398N104   04/24/2007 3    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 4    Amend Articles Re: Increase Board Term  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 5.1  Reelect Fides Baldesberger as Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 5.2  Reelect Michel Gobet as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 5.3  Reelect Torsten Kreindl as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 5.4  Reelect Richard Roy as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 5.5  Reelect Othmar Vock as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Swisscom AG                      H8398N104   04/24/2007 6    Ratify KPMG Klynveld Peat Marwick       Mgmt     Yes   For     For
                                                             Goerdeler SA as Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.1  Elect Director Michael Brown            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.2  Elect Director William T. Coleman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.3  Elect Director David L. Mahoney         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.4  Elect Director Robert S. Miller         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.5  Elect Director George Reyes             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.6  Elect Director David Roux               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.7  Elect Director Daniel H. Schulman       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.8  Elect Director John W. Thompson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 1.9  Elect Director V. Paul Unruh            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Symantec Corp.            SYMC   871503108   09/13/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.1  Elect Director Daniel P. Amos           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.2  Elect Director Richard E. Anthony       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.3  Elect Director James H. Blanchard       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.4  Elect Director Richard Y. Bradley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.5  Elect Director Frank W. Brumley         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.6  Elect Director Elizabeth W. Camp        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Gardiner W. Garrard,
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.7  Jr.                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.8  Elect Director T. Michael Goodrich      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.9  Elect Director Frederick L. Green, III  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.1  Elect Director V. Nathaniel Hansford    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.11 Elect Director Alfred W. Jones III      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.12 Elect Director Mason H. Lampton         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.13 Elect Director Elizabeth C. Ogie        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.14 Elect Director H. Lynn Page             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.15 Elect Director J. Neal Purcell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.16 Elect Director Melvin T. Stith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.17 Elect Director William B. Turner, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 1.18 Elect Director James D. Yancey          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Synovus Financial Corp.   SNV    87161C105   04/25/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 1.1  Elect Director Jonathan Golden          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 1.2  Elect Director Joseph A. Hafner, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 1.3  Elect Director Nancy S. Newcomb         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 1.4  Elect Director Richard J. Schnieders    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 1.5  Elect Director Manuel A. Fernandez      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
SYSCO Corporation         SYY    871829107   11/10/2006 3    Require a Majority Vote for the         ShrHoldr Yes   For     For
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 1.1  Elect Director Calvin Darden            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 1.2  Elect Director Anne M. Mulcahy          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 1.3  Elect Director Stephen W. Sanger        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 1.4  Elect Director Gregg W. Steinhafel      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 4    Company Specific- Require Majority      Mgmt     Yes   For     For
                                                             Vote for the Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Target Corporation        TGT    87612E106   05/24/2007 5    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007      Annual Meeting Agenda                            Yes
formerly Olivetti Spa )
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(                                         Accept Financial Statements for the
formerly Olivetti Spa )          T92778108   04/16/2007 1    Fiscal Year 2006                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 2    Fix Number of Directors                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 3    Determine Directors' Term               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 4    Elect Directors                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 5    Approve Remuneration of Directors       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 6    Appoint One Internal Statutory Auditor  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007 7    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance of Repurchased Shares
                                                             to Implement Share Incentive Plan;
                                                             Revoke Previously Granted
formerly Olivetti Spa )                                      Authorization;
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007 8    Extend Mandate of External Auditing     Mgmt     Yes   For     For
                                                             Company Reconta Ernst & Young for the
formerly Olivetti Spa )                                      Three-Year Term 2007-2009
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Rules Governing General
Telecom Italia Spa.(                                         Meetings Approved by Shareholders at
formerly Olivetti Spa )          T92778108   04/16/2007 9    the Meeting Held on May 6, 2004         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007      Special Business                                 Yes
formerly Olivetti Spa )
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.a  Amend Articles 3 of Company Bylaws      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.b  Amend Articles  6 of Company Bylaws     Mgmt     Yes           Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.c  Amend Articles 8 of Company Bylaws      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.d  Amend Articles 9 of Company Bylaws      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.e  Amend Articles 10 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.f  Amend Articles 11 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.g  Amend Articles 12 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.h  Amend Articles 13 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.i  Amend Articles 14 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.j  Amend Articles 15 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.k  Amend Articles 16 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.l  Amend Articles 17 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.m  Amend Articles 18 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.n  Amend Articles 19 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.o  Amend Articles 20 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.p  Amend Articles 21 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007      Annual Meeting Agenda                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007      Ordinary Business                                Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(                                         Accept Financial Statements for the
formerly Olivetti Spa )          T92778108   04/16/2007 1    Fiscal Year 2006                        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 2    Fix Number of Directors                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 3    Determine Directors' Term               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 4    Elect Directors                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 5    Approve Remuneration of Directors       Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 6    Appoint One Internal Statutory Auditor  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007 7    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance of Repurchased Shares
                                                             to Implement Share Incentive Plan;
                                                             Revoke Previously Granted
formerly Olivetti Spa )                                      Authorization;
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007 8    Extend Mandate of External Auditing     Mgmt     Yes   For     For
                                                             Company Reconta Ernst & Young for the
formerly Olivetti Spa )                                      Three-Year Term 2007-2009
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Rules Governing General
Telecom Italia Spa.(                                         Meetings Approved by Shareholders at
formerly Olivetti Spa )          T92778108   04/16/2007 9    the Meeting Held on May 6, 2004         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778108   04/16/2007      Special Business                                 Yes
formerly Olivetti Spa )
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.a  Amend Articles 3 of Company Bylaws      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.b  Amend Articles  6 of Company Bylaws     Mgmt     Yes           Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.c  Amend Articles 8 of Company Bylaws      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.d  Amend Articles 9 of Company Bylaws      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.e  Amend Articles 10 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.f  Amend Articles 11 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.g  Amend Articles 12 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.h  Amend Articles 13 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.i  Amend Articles 14 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.j  Amend Articles 15 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.k  Amend Articles 16 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.l  Amend Articles 17 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.m  Amend Articles 18 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.n  Amend Articles 19 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.o  Amend Articles 20 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778108   04/16/2007 1.p  Amend Articles 21 of Company Bylaws     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(
formerly Olivetti Spa )          T92778124   05/14/2007      Meeting for Holders of Saving Shares             Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778124   05/14/2007 1    Acknowledge Report by Saving            Mgmt     Yes   For     For
                                                             Shareholders Representative i.e. Use
                                                             of 'Saving Shareholders Interests
formerly Olivetti Spa )                                      Protection Fund'
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telecom Italia Spa.(             T92778124   05/14/2007 2    Elect Board Representative for          Mgmt     Yes   Abstain Against
formerly Olivetti Spa )                                      Holders of Saving Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382109   05/09/2007 1    Approve Individual and Consolidated     Mgmt     Yes   For     For
Telefonica De Espana,                                        Financial Statements, Allocation of
S.A.)                                                        Income, and Discharge of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382109   05/09/2007 2.1  Elect Cesar Alierta Izuel to the Board  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Elect Maximino Carpio Garcia to the
S.A.)                            879382109   05/09/2007 2.2  Board                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Elect Gonzalo Hinojosa Fernandez de
S.A.)                            879382109   05/09/2007 2.3  Angulo to the Board                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Elect Pablo Isla Alvarez de Tejera to
S.A.)                            879382109   05/09/2007 2.4  the Board                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382109   05/09/2007 2.5  Elect Enrique Used Aznar to the Board   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Elect Gregorio Villalabeitia
S.A.)                            879382109   05/09/2007 2.6  Galarraga to the Board                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Elect Jose Maria Alarez-Pallete Lopez
S.A.)                            879382109   05/09/2007 2.7  to the Board                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382109   05/09/2007 3    Authorize Repurchase of Shares          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Authorize Issuance of Convertible
S.A.)                            879382109   05/09/2007 4    Bonds or Other Debt Instruments         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    Cancel Treasury Shares; Amend
Telefonica De Espana,                                        Articles to Reflect the Change in
S.A.)                            879382109   05/09/2007 5    Share Capital                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Amend Articles 14-16 and 18-20 of
S.A.)                            879382109   05/09/2007 6.1  Bylaws Re: General Meetings             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    Amend Articles 17, 17 Bis and 20 Bis
Telefonica De Espana,                                        of Bylaws Re: Right of Attendance;
S.A.)                            879382109   05/09/2007 6.2  Remote Voting                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Amend Articles 24, 25, 27, 30 and 31
S.A.)                            879382109   05/09/2007 6.3  Bis Re: Board of Directors              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    Amend Article 5 of the General
Telefonica De Espana,                                        Meeting Guidelines Re: General
S.A.)                            879382109   05/09/2007 7.1  Meeting Competencies                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    Amend Articles 7-10 of the General
Telefonica De Espana,                                        Meeting Guidelines Re: Calling of the
S.A.)                            879382109   05/09/2007 7.2  General Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    Amend Articles 13, 15, 17 Bis and 20
Telefonica De Espana,                                        Bis of the General Meeting Guidelines
S.A.)                            879382109   05/09/2007 7.3  Re: Remote Voting                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    Amend Articles 21 and 24 of the
Telefonica De Espana,                                        General Meeting Guidelines Re: Voting
S.A.)                            879382109   05/09/2007 7.4  on Agenda Items                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        Authorize Board to Ratify and Execute
S.A.)                            879382109   05/09/2007 8    Approved Resolutions                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 1    EXAMINATION AND APPROVAL, IF            Mgmt     Yes   For     For
                                                             APPROPRIATE, OF THE INDIVIDUAL ANNUAL
                                                             ACCOUNTS, OF THE CONSOLIDATED
Telefonica De Espana,                                        FINANCIAL STATEMENTS AND OF THE
S.A.)                                                        MANAGEMENT REPORT OF TELEFONICA, S.A.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 2.1  Elect  Director Mr. C. Alierta Izuel+   Mgmt     Yes   For     For
Telefonica De Espana,
S.A.)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007 2.2  Elect  Director Mr. M. Carpio Garcia+   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007 2.3  Elect  Director Mr. G.H.F. De Angulo+   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007 2.4  Elect  Director Mr. P.I.A. De Tejera+   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007 2.5  Elect  Director Enrique Used Aznar+     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007 2.6  Elect  Director G.V. Galarraga+         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,
S.A.)                            879382208   05/09/2007 2.7  Elect  Director Mr. J.M.A.P. Lopez#     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 3    AUTHORIZATION TO ACQUIRE THE COMPANY    Mgmt     Yes   For     For
Telefonica De Espana,                                        S OWN SHARES, EITHER DIRECTLY OR
S.A.)                                                        THROUGH GROUP COMPANIES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             DELEGATION TO THE BOARD OF DIRECTORS
Telefonica S.A. (Formerly                                    THE POWER TO ISSUE DEBENTURES, BONDS,
Telefonica De Espana,                                        NOTES AND OTHER FIXED-INCOME
S.A.)                            879382208   05/09/2007 4    SECURITIES.                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 5    REDUCTION IN SHARE CAPITAL BY MEANS     Mgmt     Yes   For     For
Telefonica De Espana,                                        OF THE REPURCHASE OF THE COMPANY S
S.A.)                                                        OWN SHARES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly
Telefonica De Espana,                                        AMENDMENTS REGARDING THE GENERAL
S.A.)                            879382208   05/09/2007 6    SHAREHOLDERS  MEETING.                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 7    AMENDMENTS REGARDING PROXY-GRANTING     Mgmt     Yes   For     For
Telefonica De Espana,                                        AND VOTING BY MEANS OF LONG-DISTANCE
S.A.)                                                        COMMUNICATION AND REMOTE ATTENDANCE.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 8    AMENDMENTS REGARDING THE BOARD OF       Mgmt     Yes   For     For
Telefonica De Espana,
S.A.)                                                        DIRECTORS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    AMENDMENT OF ARTICLE 5 (POWERS OF THE
Telefonica De Espana,                                        SHAREHOLDERS AT THE GENERAL
S.A.)                            879382208   05/09/2007 9    SHAREHOLDERS  MEETING).                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly                                    AMENDMENTS RELATING TO THE CALL TO
Telefonica De Espana,                                        AND PREPARATION OF THE GENERAL
S.A.)                            879382208   05/09/2007 10   SHAREHOLDERS  MEETING.                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 11   AMENDMENTS RELATING TO PROXY-GRANTING   Mgmt     Yes   For     For
Telefonica De Espana,                                        AND VOTING BY MEANS OF LONG-DISTANCE
S.A.)                                                        COMMUNICATION AND REMOTE ATTENDANCE.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 12   OTHER AMENDMENTS: AMENDMENT OF          Mgmt     Yes   For     For
Telefonica De Espana,                                        ARTICLE 21 AND AMENDMENT OF ARTICLE
S.A.)                                                        24.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Telefonica S.A. (Formerly        879382208   05/09/2007 13   DELEGATION OF POWERS TO FORMALIZE,      Mgmt     Yes   For     For
                                                             INTERPRET, CURE AND CARRY OUT THE
Telefonica De Espana,                                        RESOLUTIONS ADOPTED BY THE
S.A.)                                                        SHAREHOLDERS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tellabs, Inc.             TLAB   879664100   04/26/2007 1.1  Elect Director Michael J. Birck         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tellabs, Inc.             TLAB   879664100   04/26/2007 1.2  Elect Director Fred A. Krehbiel         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tellabs, Inc.             TLAB   879664100   04/26/2007 1.3  Elect Director Krish A. Prabhu          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tellabs, Inc.             TLAB   879664100   04/26/2007 1.4  Elect Director Linda Beck               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tellabs, Inc.             TLAB   879664100   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 1.1  Elect Director Donald M. Carlton        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 1.2  Elect Director E. Linn Draper, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 1.3  Elect Director Kenneth M. Jastrow, II   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 1.4  Elect Director James A. Johnson         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 2    Company Specific-- Majority Vote for    Mgmt     Yes   For     For
                                                             the Election of Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 4    Authorize Board to Fill Vacancies       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Temple-Inland Inc.        TIN    879868107   05/04/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.1  Elect Director Trevor Fetter            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.2  Elect Director John Ellis (Jeb) Bush    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.3  Elect Director Brenda J. Gaines         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.4  Elect Director Karen M. Garrison        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.5  Elect Director Edward A. Kangas         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.6  Elect Director J. Robert Kerrey         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.7  Elect Director Floyd D. Loop, M.D.      Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.8  Elect Director Richard R. Pettingill    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.9  Elect Director James A. Unruh           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 1.1  Elect Director J. McDonald Williams     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 2    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tenet Healthcare Corp.    THC    88033G100   05/10/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Teradyne, Inc.            TER    880770102   05/24/2007 1.1  Elect Director Edwin J. Gillis          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Teradyne, Inc.            TER    880770102   05/24/2007 1.2  Elect Director Paul J. Tufano           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Teradyne, Inc.            TER    880770102   05/24/2007 1.3  Elect Director Patricia S. Wolpert      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Teradyne, Inc.            TER    880770102   05/24/2007 2    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Teradyne, Inc.            TER    880770102   05/24/2007 3    Company Specific--Provide for           Mgmt     Yes   For     For
                                                             Majority Voting for Uncontested
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Teradyne, Inc.            TER    880770102   05/24/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 3    Approve Final Dividend of 6.10 Pence    Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 4    Re-elect Charles Allen as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 5    Re-elect Richard Brasher as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 6    Re-elect Philip Clarke as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 7    Re-elect Andrew Higginson as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 8    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Tesco Plc                        G87621101   07/07/2006 9    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 10   Approve Increase in Authorised          Mgmt     Yes   For     For
                                                             Capital from GBP 535,000,000 to GBP
                                                             542,900,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 11   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 131,700,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Tesco Plc                        G87621101   07/07/2006 12   Nominal Amount of GBP 19,760,000        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 13   Authorise 790,500,000 Ordinary Shares   Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   07/07/2006 14   Authorise Directors to Use Treasury     Mgmt     Yes   For     For
                                                             Shares for the Purposes of or
                                                             Pursuant to Any of the Employee Share
                                                             Schemes Operated by the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Company to make
                                                             Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 15   Expenditure up to GBP 100,000           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Stores Limited to
                                                             Make Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 16   Expenditure up to GBP 100,000           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Ireland Limited to
                                                             Make Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 17   Expenditure up to GBP 25,000            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Vin Plus S.A. to Make
                                                             Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 18   Expenditure up to GBP 25,000            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Stores CR a.s. to
                                                             Make Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 19   Expenditure up to GBP 25,000            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Stores SR a.s. to
                                                             Make Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 20   Expenditure up to GBP 25,000            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Global Rt to Make
                                                             Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 21   Expenditure up to GBP 25,000            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Polska Sp z.o.o. to
                                                             Make Donations to EU Political
                                                             Organisations and Incur EU Political
Tesco Plc                        G87621101   07/07/2006 22   Expenditure up to GBP 25,000            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007      Management Proposals                             Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 3    Approve Final Dividend of 6.83 Pence    Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 4    Re-elect Mervyn Davies as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 5    Re-elect Harald Einsmann as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 6    Re-elect Ken Hydon as Director          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 7    Re-elect David Potts as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 8    Re-elect David Reid as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 9    Elect Lucy Neville-Rolfe as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 10   Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Tesco Plc                        G87621101   06/29/2007 11   of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 12   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 130.8 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Tesco Plc                        G87621101   06/29/2007 13   Nominal Amount of GBP 19.8 Million      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 14   Authorise 793.4 Million Ordinary        Mgmt     Yes   For     For
                                                             Shares for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 15   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations up
                                                             to GBP 100,000 and to Incur EU
                                                             Political Expenditure up to GBP
                                                             100,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Tesco Stores Limited to
                                                             Make EU Political Organisation
                                                             Donations up to GBP 100,000 and to
                                                             Incur EU Political Expenditure up to
Tesco Plc                        G87621101   06/29/2007 16   GBP 100,000                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 17   Adopt New Articles of Association       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 18   Approve Tesco Plc Group New Business    Mgmt     Yes   For     For
                                                             Incentive Plan 2007
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Tesco Plc US Long-Term
Tesco Plc                        G87621101   06/29/2007 19   Incentive Plan 2007                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Tesco Plc Performance Share
Tesco Plc                        G87621101   06/29/2007 20   Plan 2004                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Executive Incentive Plan 2004
Tesco Plc                        G87621101   06/29/2007 21   for US Participants                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve International Bonus Plan for
Tesco Plc                        G87621101   06/29/2007 22   US Participants                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007      Shareholder Proposals                            Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tesco Plc                        G87621101   06/29/2007 23   Resolves that the Company Takes         ShrHoldr Yes   Against For
                                                             Appropriate Measures to be
                                                             Independently Audited; Resolves that
                                                             the Company Ensures a Workplace Human
                                                             Rights Policy
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 1    Elect Director James R. Adams           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 2    Elect Director David L. Boren           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 3    Elect Director Daniel A. Carp           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 4    Elect Director Carrie S. Cox            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 5    Elect Director Thomas J. Engibous       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 6    Elect Director David R. Goode           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 7    Elect Director Pamela H. Patsley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 8    Elect Director Wayne R. Sanders         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 9    Elect Director Ruth J. Simmons          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 10   Elect Director Richard K. Templeton     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 11   Elect Director Christine Todd Whitman   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Texas Instruments Inc.    TXN    882508104   04/19/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 1    Elect Director Kathleen M. Bader        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 2    Elect Director R. Kerry Clark           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 3    Elect Director Ivor J. Evans            Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 4    Elect Director Lord Powell              Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 5    Elect Director James L. Ziemer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 6    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 7    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 8    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Textron Inc.              TXT    883203101   04/25/2007 9    Social Proposal                         ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.1  Elect Director Richard Darman           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.2  Elect Director Paul Hanrahan            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.3  Elect Director Kristina M. Johnson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.4  Elect Director John A. Koskinen         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.5  Elect Director Philip Lader             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.6  Elect Director John H. McArthur         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.7  Elect Director Sandra O. Moose          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.8  Elect Director Philip A. Odeen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.9  Elect Director Charles O. Rossotti      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 1.1  Elect Director Sven Sandstrom           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The AES Corp.             AES    00130H105   06/25/2007 2    Ratify Auditors                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 1    Elect Director F. Duane Ackerman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 2    Elect Director James G. Andress         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 3    Elect Director Robert D. Beyer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 4    Elect Director W. James Farrell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 5    Elect Director Jack M. Greenberg        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 6    Elect Director Ronald T. LeMay          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 7    Elect Director Edward M. Liddy          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 8    Elect Director J. Christopher Reyes     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 9    Elect Director H. John Riley, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 10   Elect Director Joshua I. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 11   Elect Director Judith A. Sprieser       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 12   Elect Director Mary Alice Taylor        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 13   Elect Director Thomas J. Wilson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 14   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Allstate Corp.        ALL    20002101    05/15/2007 15   Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co., BK     64057102    04/10/2007 1.1  Elect Director Mr. Biondi               Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.2  Elect Director Mr. Donofrio             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.3  Elect Director Mr. Hassell              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.4  Elect Director Mr. Kogan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.5  Elect Director Mr. Kowalski             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.6  Elect Director Mr. Luke                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.7  Elect Director Ms. Rein                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.8  Elect Director Mr. Renyi                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.9  Elect Director Mr. Richardson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.1  Elect Director Mr. Scott                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 1.11 Elect Director Mr. Vaughan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    04/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,                                    Amend Vote Requirements to Amend
Inc.                      BK     64057102    04/10/2007 3    Articles/Bylaws/Charter                 ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,                                    Restore or Provide for Cumulative
Inc.                      BK     64057102    04/10/2007 4    Voting                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,                                    Advisory Vote to Ratify Named
Inc.                      BK     64057102    04/10/2007 5    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    05/24/2007 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,                                    Adopt Supermajority Vote Requirement
Inc.                      BK     64057102    05/24/2007 2    for Mergers                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,                                    Increase Authorized Preferred and
Inc.                      BK     64057102    05/24/2007 3    Common Stock                            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bank Of New York Co.,
Inc.                      BK     64057102    05/24/2007 4    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.1  Elect Director James E. Cayne           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.2  Elect Director Henry S. Bienen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.3  Elect Director Carl D. Glickman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.4  Elect Director Michael Goldstein        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.5  Elect Director Alan C. Greenberg        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.6  Elect Director Donald J. Harrington     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.7  Elect Director Frank T. Nickell         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.8  Elect Director Paul A. Novelly          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.9  Elect Director Frederic V. Salerno      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.1  Elect Director Alan D. Schwartz         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.11 Elect Director Warren J. Spector        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.12 Elect Director Vincent Tese             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 1.13 Elect Director Wesley S. Williams Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 2    Amend Stock Option Plan                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 3    Amend Restricted Stock Plan             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 4    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 5    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 6    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Bear Stearns
Companies Inc.            BSC    73902108    04/18/2007 7    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.1  Elect Director Nolan D. Archibald       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.2  Elect Director Norman R. Augustine      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.3  Elect Director Barbara L. Bowles        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.4  Elect Director George W. Buckley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.5  Elect Director M. Anthony Burns         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.6  Elect Director Kim B. Clark             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.7  Elect Director Manuel A. Fernandez      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Benjamin H. Griswold,
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.8  IV                                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.9  Elect Director Anthony Luiso            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.1  Elect Director Robert L. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 1.11 Elect Director Mark H. Willes           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Black & Decker Corp.  BDK    91797100    04/19/2007 3    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 1    Elect Director John H. Biggs            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 2    Elect Director John E. Bryson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 3    Elect Director Arthur D. Collins, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 4    Elect Director Linda Z. Cook            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 5    Elect Director William M. Daley         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 6    Elect Director Kenneth M. Duberstein    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 7    Elect Director John F. McDonnell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 8    Elect Director W. James McNerney, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 9    Elect Director Richard D. Nanula        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 10   Elect Director Rozanne L. Ridgway       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 11   Elect Director Mike S. Zafirovski       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 13   Report on Foreign Arms Sales            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 14   Adopt Human Rights Policy               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 15   Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 16   Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 17   Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Boeing Co.            BA     97023105    04/30/2007 18   Submit Shareholder Rights Plan          ShrHoldr Yes   Against For
                                                             (Poison Pill) to Shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
The Boeing Co.            BA     97023105    04/30/2007 19   Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Performance-Based and/or Time-Based
The Boeing Co.            BA     97023105    04/30/2007 20   Equity Awards                           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Claw-back of Payments under
The Boeing Co.            BA     97023105    04/30/2007 21   Restatements                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director William F. Aldinger,
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 1.1  III                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 1.2  Elect Director Donald G. Fisher         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 1.3  Elect Director Paula A. Sneed           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Qualified Employee Stock
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 2    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 4    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require a Majority Vote for the
The Charles Schwab Corp.  SCHW   808513105   05/17/2007 5    Election of Directors                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.1  Elect Director Zoe Bard                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.2  Elect Director Sheila P. Burke          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.3  Elect Director James I. Cash, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.4  Elect Director  Joel J. Cohen           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.5  Elect Director John D. Finnegan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.6  Elect Director Klaus J. Mangold         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.7  Elect Director David G. Scholey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.8  Elect Director Lawrence M. Small        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.9  Elect Director Daniel E. Somers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.1  Elect Director  Karen Hastie Williams   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 1.11 Elect Director Alfred W. Zollar         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 3    Amend Articles/Bylaws/Charter General   Mgmt     Yes   For     For
                                                             Matters--Adopt Majority Vote Standard
                                                             for the Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Chubb Corp.           CB     171232101   04/24/2007 4    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 1    Elect Director Daniel Boggan, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 2    Elect Director Tully M. Friedman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 3    Elect Director George J. Harad          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 4    Elect Director Donald R. Knauss         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 5    Elect Director Robert W. Matschullat    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 6    Elect Director Gary G. Michael          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 7    Elect Director Jan L. Murley            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 8    Elect Director Michael E. Shannon       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 9    Elect Director Pamela Thomas-Graham     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 10   Elect Director Carolyn M. Ticknor       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Clorox Company        CLX    189054109   11/15/2006 11   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 1    Elect Director Herbert A. Allen         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 2    Elect Director Ronald W. Allen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 3    Elect Director Cathleen P. Black        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 4    Elect Director Barry Diller             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 5    Elect Director E. Neville Isdell        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 6    Elect Director Donald R. Keough         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 7    Elect Director Donald F. McHenry        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 8    Elect Director Sam Nunn                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 9    Elect Director James D. Robinson, III   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 10   Elect Director Peter V. Ueberroth       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 11   Elect Director James B. Williams        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 12   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 13   Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 14   Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 15   Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Chemical and Biological
The Coca-Cola Company     KO     191216100   04/18/2007 16   Testing Data                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 17   Report on Environmental Liabilities     ShrHoldr Yes   Against For
                                                             in India
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Coca-Cola Company     KO     191216100   04/18/2007 18   Performance-Based and/or Time-Based     ShrHoldr Yes   For     Against
                                                             Equity Awards
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.1  Elect Director Arnold A. Allemang       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.2  Elect Director Jacqueline K. Barton     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.3  Elect Director James A. Bell            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.4  Elect Director Jeff M. Fettig           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.5  Elect Director Barbara H. Franklin      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.6  Elect Director John B. Hess             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.7  Elect Director Andrew N. Liveris        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.8  Elect Director Geoffery E. Merszei      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.9  WITHDRAWN                                        Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.1  Elect Director James M. Ringler         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.11 Elect Director Ruth G. Shaw             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 1.12 Elect Director Paul G. Stern            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Remediation Policies in
The Dow Chemical Company  DOW    260543103   05/10/2007 4    Bhopal                                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Genetically Modified
The Dow Chemical Company  DOW    260543103   05/10/2007 5    Organisms                               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Dow Chemical Company  DOW    260543103   05/10/2007 6    Report on Environmental Remediation     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Evaluate Potential Links Between
The Dow Chemical Company  DOW    260543103   05/10/2007 7    Company Products and Asthma             ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.1  Elect Director Howard P. Behar          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.2  Elect Director Adrian D.P. Bellamy      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.3  Elect Director Domenico De Sole         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.4  Elect Director Donald G. Fisher         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.5  Elect Director Doris F. Fisher          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.6  Elect Director Robert J. Fisher         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.7  Elect Director Penelope L. Hughes       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.8  Elect Director Bob L. Martin            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.9  Elect Director Jorge P. Montoya         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.1  Elect Director James M. Schneider       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.11 Elect Director Mayo A. Shattuck, III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 1.12 Elect Director Kneeland C. Youngblood   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Gap, Inc.             GPS    364760108   06/05/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,  GS     38141G104   04/11/2007 1    Elect Director Lloyd C. Blankfein       Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,                                     Elect Director Lord Browne of
Inc.                      GS     38141G104   04/11/2007 2    Madingley                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 3    Elect Director John H. Bryan            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 4    Elect Director Gary D. Cohn             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 5    Elect Director Claes Dahlback           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 6    Elect Director Stephen Friedman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 7    Elect Director William W. George        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 8    Elect Director Rajat K. Gupta           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 9    Elect Director James A. Johnson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 10   Elect Director Lois D. Juliber          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 11   Elect Director Edward M. Liddy          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 12   Elect Director Ruth J. Simmons          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 13   Elect Director Jon Winkelried           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 14   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 15   Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 16   Sustainability Report                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Goldman Sachs Group,
Inc.                      GS     38141G104   04/11/2007 17   Prohibit Executive Stock-Based Awards   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.1  Elect Director Ramani Ayer              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.2  Elect Director Ramon De Oliveira        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.3  Elect Director Trevor Fetter            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.4  Elect Director Edward J. Kelly, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.5  Elect Director Paul G. Kirk, Jr.        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.6  Elect Director Thomas M. Marra          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.7  Elect Director Gail J. Mcgovern         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.8  Elect Director Michael G. Morris        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.9  Elect Director Robert W. Selander       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.1  Elect Director Charles B. Strauss       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.11 Elect Director H. Patrick Swygert       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 1.12 Elect Director David K. Zwiener         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hartford Financial
Services Group, Inc.      HIG    416515104   05/16/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.1  Elect Director Jon A. Boscia            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.2  Elect Director Robert H. Campbell       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.3  Elect Director Robert F. Cavanaugh      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.4  Elect Director Gary P. Coughlan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.5  Elect Director Harriet Edelman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.6  Elect Director Bonnie G. Hill           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.7  Elect Director Alfred F. Kelly, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.8  Elect Director Richard H. Lenny         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.9  Elect Director Mackey J. McDonald       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 1.1  Elect Director Marie J. Toulantis       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Hershey Co            HSY    427866108   04/17/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of  IPG    460690100   05/24/2007 1.1  Elect Director Frank J. Borelli         Mgmt     Yes   WithholdAgainst
Companies, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.2  Elect Director Reginald K. Brack        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.3  Elect Director Jill M. Considine        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.4  Elect Director Richard A. Goldstein     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.5  Elect Director H. John Greeniaus        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.6  Elect Director William T. Kerr          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.7  Elect Director Michael I. Roth          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.8  Elect Director J. Phillip Samper        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 1.9  Elect Director David M. Thomas          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of
Companies, Inc.           IPG    460690100   05/24/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Interpublic Group of                                     Amend Articles/Bylaws/Charter -- Call
Companies, Inc.           IPG    460690100   05/24/2007 4    Special Meetings                        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.1  Elect Director Reuben V. Anderson       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.2  Elect Director John L. Clendenin        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.3  Elect Director David B. Dillon          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.4  Elect Director David B. Lewis           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.5  Elect Director Don W. McGeorge          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.6  Elect Director W. Rodney McMullen       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.7  Elect Director Jorge P. Montoya         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.8  Elect Director Clyde R. Moore           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.9  Elect Director Susan M. Phillips        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.1  Elect Director Steven R. Rogel          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.11 Elect Director James A. Runde           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 1.12 Elect Director Ronald L. Sargent        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 3    Amend Articles/Regulations--i)Rules     Mgmt     Yes   Against Against
                                                             of Conduct in Connection with
                                                             Shareholder Meetings and (ii)
                                                             Meetings Outside Cincinnati
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Kroger Co.            KR     501044101   06/28/2007 5    Report on Climate Change                ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill           MHP    580645109   04/25/2007 1.1  Elect Director Pedro Aspe               Mgmt     Yes   For     For
Companies, Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill
Companies, Inc.           MHP    580645109   04/25/2007 1.2  Elect Director Robert P. Mcgraw         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill
Companies, Inc.           MHP    580645109   04/25/2007 1.3  Elect Director H. Ochoa-Brillembourg    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill
Companies, Inc.           MHP    580645109   04/25/2007 1.4  Elect Director Edward B. Rust, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill
Companies, Inc.           MHP    580645109   04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill
Companies, Inc.           MHP    580645109   04/25/2007 3    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill                                              Amend Vote Requirements to Amend
Companies, Inc.           MHP    580645109   04/25/2007 4    Articles/Bylaws/Charter                 ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The McGraw-Hill
Companies, Inc.           MHP    580645109   04/25/2007 5    Political Contributions/Activities      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The New York Times Co.    NYT    650111107   04/24/2007 1.1  Elect Director Raul E. Cesan            Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The New York Times Co.    NYT    650111107   04/24/2007 1.2  Elect Director William E. Kennard       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The New York Times Co.    NYT    650111107   04/24/2007 1.3  Elect Director James M. Kilts           Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The New York Times Co.    NYT    650111107   04/24/2007 1.4  Elect Director Doreen A. Toben          Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The New York Times Co.    NYT    650111107   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group, PBG    713409100   05/23/2007 1    Elect Director Linda G. Alvarado        Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 2    Elect Director Barry H. Beracha         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 3    Elect Director Eric J. Foss             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 4    Elect Director Ira D. Hall              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 5    Elect Director Hugh F. Johnston         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 6    Elect Director Susan D. Kronick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 7    Elect Director Blythe J. McGarvie       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 8    Elect Director Margaret D. Moore        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 9    Elect Director John A. Quelch           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 10   Elect Director Javier G. Teruel         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Pepsi Bottling Group,
Inc.                      PBG    713409100   05/23/2007 11   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 1.1  Elect Director Norman R. Augustine      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 1.2  Elect Director A.G. Lafley              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 1.3  Elect Director Johnathan A. Rodgers     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 1.4  Elect Director John F. Smith, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 1.5  Elect Director Margaret C. Whitman      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 2    Approve Decrease in Size of Board       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble
Company                   PG     742718109   10/10/2006 4    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Procter & Gamble                                         Put Repricing of Stock Options to
Company                   PG     742718109   10/10/2006 5    Shareholder Vote                        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 1.1  Elect Director Abby F. Kohnstamm        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 1.2  Elect Director Peter B. Lewis           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 1.3  Elect Director Patrick H. Nettles       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 1.4  Elect Director Glenn M. Renwick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 1.5  Elect Director Donald B. Shackelford    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Progressive Corp.     PGR    743315103   04/20/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.1  Elect Director David A. Brandon         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.2  Elect Director Bernard Cammarata        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.3  Elect Director David T. Ching           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.4  Elect Director Michael F. Hines         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.5  Elect Director Amy B. Lane              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.6  Elect Director Carol Meyrowitz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.7  Elect Director John F. O'Brien          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.8  Elect Director Robert F. Shapiro        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.9  Elect Director Willow B. Shire          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 1.1  Elect Director Fletcher H. Wiley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The TJX Companies, Inc.   TJX    872540109   06/05/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.1  Elect Director Alan L. Beller           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.2  Elect Director John H. Dasburg          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.3  Elect Director Janet M. Dolan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.4  Elect Director Kenneth M. Duberstein    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.5  Elect Director Jay S. Fishman           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.6  Elect Director Lawrence G. Graev        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.7  Elect Director Patricia L. Higgins      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.8  Elect Director Thomas R. Hodgson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,                                     Elect Director Cleve L.
Inc.                      TRV    99417E109   05/01/2007 1.9  Killingsworth, Jr.                      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.1  Elect Director Robert I. Lipp           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.11 Elect Director Blythe J. McGarvie       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.12 Elect Director Glen D. Nelson, M.D.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 1.13 Elect Director Laurie J. Thomsen        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,
Inc.                      TRV    99417E109   05/01/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Travelers Companies,                                     Company Specific- Majority Vote for
Inc.                      TRV    99417E109   05/01/2007 3    the Election of Directors               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.1  Elect Director John E. Bryson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.2  Elect Director John S. Chen             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.3  Elect Director Judith L. Estrin         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.4  Elect Director Robert A. Iger           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.5  Elect Director Steven P. Jobs           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.6  Elect Director Fred H. Langhammer       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.7  Elect Director Aylwin B. Lewis          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.8  Elect Director Monica C. Lozano         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.9  Elect Director Robert W. Matschullat    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.1  Elect Director John E. Pepper, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 1.11 Elect Director Orin C. Smith            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Walt Disney Company   DIS    254687106   03/08/2007 4    Amend Executive Incentive Bonus Plan    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company-Specific--Governance-Related
The Walt Disney Company   DIS    254687106   03/08/2007 5    - No Greenmail payments                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve/Amend Terms of Existing
The Walt Disney Company   DIS    254687106   03/08/2007 6    Poison Pill                             ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,
Inc.                      WMB    969457100   05/17/2007 1    Elect Director Kathleen B. Cooper       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,
Inc.                      WMB    969457100   05/17/2007 2    Elect Director William R. Granberry     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,
Inc.                      WMB    969457100   05/17/2007 3    Elect Director Charles M. Lillis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,
Inc.                      WMB    969457100   05/17/2007 4    Elect Director William G. Lowrie        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,
Inc.                      WMB    969457100   05/17/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,
Inc.                      WMB    969457100   05/17/2007 6    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
The Williams Companies,                                      Approve Qualified Employee Stock
Inc.                      WMB    969457100   05/17/2007 7    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Issue Shares in Connection with an
Thermo Electron Corp.     TMO    883556102   08/30/2006 1    Acquisition                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Thermo Electron Corp.     TMO    883556102   08/30/2006 2    Amend Articles/Increase Authorized      Mgmt     Yes   For     For
                                                             Common Stock and Change Company Name
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Thermo Fisher Scientific  TMO    883556102   05/15/2007 1    Elect Director Marijn E. Dekkers        Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Thermo Fisher Scientific                                     Approve Qualified Employee Stock
Inc.                      TMO    883556102   05/15/2007 2    Purchase Plan                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Thermo Fisher Scientific
Inc.                      TMO    883556102   05/15/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.1  Elect Director Michael J. Kowalski      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.2  Elect Director Rose Marie Bravo         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.3  Elect Director William R. Chaney        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.4  Elect Director Gary E. Costley          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.5  Elect Director Abby F. Kohnstamm        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.6  Elect Director Charles K. Marquis       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.7  Elect Director J. Thomas Presby         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.8  Elect Director James E. Quinn           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 1.9  Elect Director William A. Shutzer       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tiffany & Co.             TIF    886547108   05/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tim Hortons Inc           THI    88706M103   05/04/2007 1.1  Elect Director Michael J. Endres        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tim Hortons Inc           THI    88706M103   05/04/2007 1.2  Elect Director John A. Lederer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tim Hortons Inc           THI    88706M103   05/04/2007 1.3  Elect Director Craig S. Miller          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tim Hortons Inc           THI    88706M103   05/04/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tim Hortons Inc           THI    88706M103   05/04/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.1  Elect Director James L. Barksdale       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.2  Elect Director Jeffrey L. Bewkes        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.3  Elect Director Stephen F. Bollenbach    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.4  Elect Director Frank J. Caufield        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.5  Elect Director Robert C. Clark          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.6  Elect Director Mathias Dopfner          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.7  Elect Director Jessica P. Einhorn       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.8  Elect Director Reuben Mark              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.9  Elect Director Michael A. Miles         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.1  Elect Director Kenneth J. Novack        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.11 Elect Director Richard D. Parsons       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.12 Elect Director Francis T. Vincent, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 1.13 Elect Director Deborah C. Wright        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 3    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 4    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers'Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 5    Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 6    Company Specific- Adopt Simple          ShrHoldr Yes   Against For
                                                             Majority Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles/Bylaws/Charter -- Call
Time Warner Inc           TWX    887317105   05/18/2007 7    Special Meetings                        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Time Warner Inc           TWX    887317105   05/18/2007 8    Company-Specific- Stockholder           ShrHoldr Yes   Against For
                                                             Ratification of Director
                                                             Compensation, When a Stockholder
                                                             Rights Plan Has Been Adopted
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007      Ordinary Business                                Yes
Fina Elf  S.A )
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total                                     Approve Financial Statements and
Fina Elf  S.A )                  F92124100   05/11/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total                                     Accept Consolidated Financial
Fina Elf  S.A )                  F92124100   05/11/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total                                     Approve Allocation of Income and
Fina Elf  S.A )                  F92124100   05/11/2007 3    Dividends of EUR 1.87 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total                                     Approve Special Auditors' Report
Fina Elf  S.A )                  F92124100   05/11/2007 4    Regarding Related-Party Transactions    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total                                     Authorize Repurchase of Up to Ten
Fina Elf  S.A )                  F92124100   05/11/2007 5    Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 6    Reelect Thierry Desmarest as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 7    Reelect Thierry De Rudder as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 8    Reelect Serge Tchuruk as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 9    Reelect Daniel Boeuf as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 10   Elect Philippe Marchandise as Director  Mgmt     Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 11   Elect Mohammed Zaki as Director         Mgmt     Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors in
Total SA (Formerly Total                                     the Aggregate Amount of EUR 1.1
Fina Elf  S.A )                  F92124100   05/11/2007 12   million                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007 13   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
Fina Elf  S.A )                                              Nominal Amount of EUR 4 bn
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize Issuance of Equity or
                                                             Equity-Linked Securities without
Total SA (Formerly Total                                     Preemptive Rights up to Aggregate
Fina Elf  S.A )                  F92124100   05/11/2007 14   Nominal Amount of EUR 1.8 bn            Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007 15   Approve Employee Savings-Related        Mgmt     Yes   For     For
Fina Elf  S.A )                                              Share Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total
Fina Elf  S.A )                  F92124100   05/11/2007 16   Approve Stock Option Plans Grants       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total                                     Approve Reduction in Share Capital
Fina Elf  S.A )                  F92124100   05/11/2007 17   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007 18   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Attend Board Meetings Through
Fina Elf  S.A )                                              Videoconference and Telecommunication
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007 19   Amend Articles of Association Re:       Mgmt     Yes   For     For
Fina Elf  S.A )                                              Record Date
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007 20   Amend Articles of Association Re:       Mgmt     Yes   For     For
                                                             Attend and Vote to the General
                                                             Meetings through Videoconference and
Fina Elf  S.A )                                              Telecommunication
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Articles of Association Re:
Total SA (Formerly Total                                     Appointment of Employee Shareholder
Fina Elf  S.A )                  F92124100   05/11/2007 A    Representative                          ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorize up to 0.2 Percent of Issued
                                                             Capital for Use in Restricted Stock
Total SA (Formerly Total                                     Plan to the Benefit of All Company
Fina Elf  S.A )                  F92124100   05/11/2007 B    Employees                               ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Total SA (Formerly Total         F92124100   05/11/2007 C    Amend Article 18 al. 7 of Bylaws Re:    ShrHoldr Yes   For     Against
Fina Elf  S.A )                                              Remove Voting Rights Limitation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Transocean Inc.           RIG    G90078109   05/10/2007      Meeting for Holders of ADRs                      Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Transocean Inc.           RIG    G90078109   05/10/2007 1    ELECTION OF DIRECTOR: ROBERT L. LONG    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             ELECTION OF DIRECTOR: MARTIN B.
Transocean Inc.           RIG    G90078109   05/10/2007 2    MCNAMARA                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             ELECTION OF DIRECTOR: ROBERT M.
Transocean Inc.           RIG    G90078109   05/10/2007 3    SPRAGUE                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             ELECTION OF DIRECTOR: J. MICHAEL
Transocean Inc.           RIG    G90078109   05/10/2007 4    TALBERT                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Transocean Inc.           RIG    G90078109   05/10/2007 5    APPROVAL OF THE APPOINTMENT OF ERNST    Mgmt     Yes   For     For
                                                             & YOUNG LLP TO SERVE AS OUR
                                                             INDEPENDENT REGISTERED PUBLIC
                                                             ACCOUNTING FIRM FOR 2007.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tribune Co.               TRB    896047107   05/09/2007 1.1  Elect Director Jeffrey Chandler         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tribune Co.               TRB    896047107   05/09/2007 1.2  Elect Director William A. Osborn        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tribune Co.               TRB    896047107   05/09/2007 1.3  Elect Director Miles D. White           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tribune Co.               TRB    896047107   05/09/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tribune Co.               TRB    896047107   05/09/2007 3    Declassify the Board of Directors       ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tronox, Inc               TRX    897051207   05/08/2007 1    Elect Director Thomas W. Adams          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tronox, Inc               TRX    897051207   05/08/2007 2    Elect Director Peter D. Kinnear         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tronox, Inc               TRX    897051207   05/08/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol            M8966X108   04/30/2007 1    Elect Presiding Council of Meeting      Mgmt     No    TNA     Against
Rafinerileri A.S.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol            M8966X108   04/30/2007 2    Accept Financial Statements for 2006    Mgmt     No    TNA     Against
                                                             and Receive Board of Directors,
                                                             Auditors and Independent Auditors
Rafinerileri A.S.                                            Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol            M8966X108   04/30/2007 3    Approve Discharge of Directors and      Mgmt     No    TNA     Against
Rafinerileri A.S.                                            Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Approve Allocation of Income, and
Rafinerileri A.S.                M8966X108   04/30/2007 4    Determine Date of Distribution          Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Information on Profit
Tupras Turkiye Petrol                                        Distribution Policy for 2007 and
Rafinerileri A.S.                M8966X108   04/30/2007 5    Following Years                                  No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Fix Number of and Elect Directors,
Rafinerileri A.S.                M8966X108   04/30/2007 6    and Determine Their Terms of Office     Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Fix Number of and Elect Auditors, and
Rafinerileri A.S.                M8966X108   04/30/2007 7    Determine Their Terms of Office         Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Approve Monthly Gross Remuneration of
Rafinerileri A.S.                M8966X108   04/30/2007 8    Chairman, Directors and Auditors        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Receive Information on Donations Made
Rafinerileri A.S.                M8966X108   04/30/2007 9    in 2006                                          No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Approve Independent Audit Company
Rafinerileri A.S.                M8966X108   04/30/2007 10   Selected by the Board                   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Approve Decision on Proceeding with
Rafinerileri A.S.                M8966X108   04/30/2007 11   Law Suit Against Former CEO of Tupras   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol                                        Approve Decision on Amended Articles
Rafinerileri A.S.                M8966X108   04/30/2007 12   of Assocation                           Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol            M8966X108   04/30/2007 13   Grant Permission for Board Members to   Mgmt     No    TNA     Against
                                                             Engage in Commercial Transactions
                                                             with Company and Be Involved with
                                                             Companies with Similar Corporate
Rafinerileri A.S.                                            Purpose
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol            M8966X108   04/30/2007 14   Authorize Presiding Council to Sign     Mgmt     No    TNA     Against
Rafinerileri A.S.                                            Minutes of Meeting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tupras Turkiye Petrol
Rafinerileri A.S.                M8966X108   04/30/2007 15   Wishes                                           No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Open Meeting and Elect Presiding
HIZMETLERI A.S.                  M8903B102   03/23/2007 1    Council of Meeting                               No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Authorize Presiding Council to Sign
HIZMETLERI A.S.                  M8903B102   03/23/2007 2    Minutes of Meeting                      Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Receive Board of Directors, Auditors
HIZMETLERI A.S.                  M8903B102   03/23/2007 3    and Independent Auditors Reports                 No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Accept Financial Statements for
HIZMETLERI A.S.                  M8903B102   03/23/2007 4    Fiscal Year 2006                        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Approve Discharge of Directors and
HIZMETLERI A.S.                  M8903B102   03/23/2007 5    Auditors                                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Elect Auditors and Determine Their
HIZMETLERI A.S.                  M8903B102   03/23/2007 6    Remuneration                            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM
HIZMETLERI A.S.                  M8903B102   03/23/2007 7    Approve Allocation of Income            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM
HIZMETLERI A.S.                  M8903B102   03/23/2007 8    Inform about Donations Made in 2006              No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                                            Inform about Preparation of Financial
HIZMETLERI A.S.                  M8903B102   03/23/2007 9    Statements in Accordance with IFRS               No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM
HIZMETLERI A.S.                  M8903B102   03/23/2007 10   Elect Independent Audit Firm            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                M8903B102   03/23/2007 11   Grant Permission for Board Members to   Mgmt     No    TNA     Against
                                                             Engage in Commercial Transactions
                                                             with Company and Be Involved with
                                                             Companies with Similar Corporate
HIZMETLERI A.S.                                              Purpose
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TURKCELL ILETISIM                M8903B102   03/23/2007 12   Wishes                                           No
HIZMETLERI A.S.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Garanti Bankasi          M4752S106   04/17/2007 1    Elect Presiding Council of Meeting      Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Garanti Bankasi          M4752S106   04/17/2007 2    Authorize Presiding Council to Sign     Mgmt     No    TNA     Against
                                                             Minutes of Meeting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Garanti Bankasi          M4752S106   04/17/2007 3    Receive Board and Auditors Reports               No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Garanti Bankasi          M4752S106   04/17/2007 4    Approve Financial Statements and        Mgmt     No    TNA     Against
                                                             Allocation of Income
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Directors Appointed During
Turkiye Garanti Bankasi          M4752S106   04/17/2007 5    the Year                                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Directors and
Turkiye Garanti Bankasi          M4752S106   04/17/2007 6    Auditors                                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Remuneration of Directors and
Turkiye Garanti Bankasi          M4752S106   04/17/2007 7    Auditors                                Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Receive Information on Donations Made
Turkiye Garanti Bankasi          M4752S106   04/17/2007 8    in 2006                                          No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Selected Independent Audit
Turkiye Garanti Bankasi          M4752S106   04/17/2007 9    Company                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Garanti Bankasi          M4752S106   04/17/2007 10   Grant Permission for Board Members to   Mgmt     No    TNA     Against
                                                             Engage in Commercial Transactions
                                                             with Company and Be Involved with
                                                             Companies with Similar Corporate
                                                             Purpose
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 1    Elect Presiding Council of Meeting,     Mgmt     No    TNA     Against
                                                             and Authorize the Presiding Council
                                                             to Sign the Minutes of the Meeting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 2    Receive Board and Auditors Reports               No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 3    Ratify Balance Sheet and Income         Mgmt     No    TNA     Against
                                                             Statement, and Approve Discharge of
                                                             Directors and Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 4    Determine Dividend Distribution,        Mgmt     No    TNA     Against
                                                             Method and Date of Distribution
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 5    Authorize Board for Future Selections   Mgmt     No    TNA     Against
                                                             of Independent Audit Firm, and Inform
                                                             on the Selection of the Independent
                                                             Audit Firm.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 6    Determine Remuneration of Directors     Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 7    Elect Auditors for 2007                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Turkiye Is Bankasi AS            M8933F115   03/30/2007 8    Approve Remuneration of Auditors        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 2    Elect Meeting Chairman                  Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Acknowledge Proper Convening of
TVN S.A.                         X9283W102   11/29/2006 3    Meeting                                 Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 4    Approve Agenda of Meeting               Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 5    Elect Members of Vote Counting          Mgmt     No            Against
                                                             Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 6    Approve Merger with TVN-24 Sp. z o.o.   Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 7    Approve 5:1 (Five Shares for One        Mgmt     No            Against
                                                             Share Currently Held) Stock Split;
                                                             Amend Statute Accordingly
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 8    Authorize Management Board to Apply     Mgmt     No            Against
                                                             for Listing of New Shares and to
                                                             Enter into Agreement with National
                                                             Depository of Securities Regarding
                                                             Registration of New Shares (in
                                                             Connection with Increase in Share
                                                             Capital Proposed under Item 7)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 9    Amend June 8, 2006, AGM Resolution      Mgmt     No            Against
                                                             Re: Conditional Increase in Share
                                                             Capital in Connection with
                                                             Introduction of Incentive Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 10   Amend June 8, 2006, AGM Resolution      Mgmt     No            Against
                                                             Re: Revoke Shareholders' Preemptive
                                                             Rights to Subscribe to Series C1, C2,
                                                             and C3 Shares in Connection with
                                                             Introduction of Incentive Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 11   Amend June 8, 2006, AGM Resolution      Mgmt     No            Against
                                                             Re: Issuance of Warrants
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend June 8, 2006, AGM Resolution
TVN S.A.                         X9283W102   11/29/2006 12   Re: Terms of Incentive Plan             Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 13   Amend Sept. 26, 2006, EGM Resolution    Mgmt     No            Against
                                                             Re: Conditional Increase in Share
                                                             Capital in Connection with
                                                             Introduction of Incentive Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 14   Amend Sept. 26, 2006, EGM Resolution    Mgmt     No            Against
                                                             Re: Revoke Shareholders' Preemptive
                                                             Rights to Subscribe to Series E1, E2,
                                                             E3, and E4 Shares in Connection with
                                                             Introduction of Incentive Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 15   Amend Sept. 26, 2006, EGM Resolution    Mgmt     No            Against
                                                             Re: Issuance of Warrants
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Sept. 26, 2006, EGM Resolution
TVN S.A.                         X9283W102   11/29/2006 16   Re: Introduction of Incentive Plan      Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 17   Incorporate Any Approved Amendments     Mgmt     No            Against
                                                             into Text of Statute and Approve
                                                             Unified Text of Statute
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   11/29/2006 18   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 2    Elect Meeting Chairman                  Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Acknowledge Proper Convening of
TVN S.A.                         X9283W102   01/30/2007 3    Meeting                                 Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 4    Approve Agenda of Meeting               Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 5    Elect Members of Vote Counting          Mgmt     No            Against
                                                             Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 6    Amend June 8, 2006, AGM, Resolution     Mgmt     No            Against
                                                             Re: Conditional Increase in Share
                                                             Capital in Connection with Incentive
                                                             Plan Approved at June 8, 2006, AGM
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 7    Amend June 8, 2006, AGM, Resolution     Mgmt     No            Against
                                                             Re: Issuance of Warrants
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend June 8, 2006, AGM, Resolution
TVN S.A.                         X9283W102   01/30/2007 8    Re: Implementation of Incentive Plan    Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 9    Amend Subscription Period for Series    Mgmt     No            Against
                                                             C1 Shares to Be Issued in Connection
                                                             with Incentive Plan Approved at June
                                                             8, 2006, AGM
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Sept. 26, 2006, EGM, Resolution
                                                             Re: Conditional Increase in Share
                                                             Capital in Connection with Incentive
TVN S.A.                         X9283W102   01/30/2007 10   Plan Approved at Sept. 26, 2006, EGM    Mgmt     No            Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   01/30/2007 11   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 1    Open Meeting                                     No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 2    Elect Meeting Chairman                  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Acknowledge Proper Convening of
TVN S.A.                         X9283W102   05/11/2007 3    Meeting                                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 4    Approve Agenda of Meeting               Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 5    Elect Members of Vote Counting          Mgmt     No    TNA     Against
                                                             Commission
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 6    Approve Financial Statements            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 7    Approve Management Board Report on      Mgmt     No    TNA     Against
                                                             Company's Operations in 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Consolidated Financial
TVN S.A.                         X9283W102   05/11/2007 8    Statements                              Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 9    Approve Supervisory Board Report        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 10   Approve Discharge of Management Board   Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 11   Approve Discharge of Supervisory Board  Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 12   Approve Allocation of Income            Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 13   Approve Dividends                       Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 14   Elect Supervisory Board                 Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 15   Approve Changes to Remuneration of      Mgmt     No    TNA     Against
                                                             Supervisory Board Members
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 16   Approve Unified Text of Statute         Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
TVN S.A.                         X9283W102   05/11/2007 17   Close Meeting                                    No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.1  Elect Director Dennis C. Blair          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.2  Elect Director Edward D. Breen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.3  Elect Director Brian Duperreault        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.4  Elect Director Bruce S. Gordon          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.5  Elect Director Rajiv L. Gupta           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.6  Elect Director John A. Krol             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.7  Elect Director H. Carl Mccall           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.8  Elect Director Brendan R. O'Neill       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director William S.
Tyco International Ltd.   TYC    902124106   03/08/2007 1.9  Stavropoulous                           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.1  Elect Director Sandra S. Wijnberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1.11 Elect Director Jerome B. York           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Tyco International Ltd.   TYC    902124106   03/08/2007 1    APPROVAL OF REVERSE STOCK SPLIT OF      Mgmt     Yes   For     For
                                                             THE COMPANYS COMMON SHARES AT A SPLIT
                                                             RATIO OF 1 FOR 4
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             APPROVAL OF CONSEQUENTIAL AMENDMENT
                                                             TO THE COMPANY S AMENDED AND RESTATED
Tyco International Ltd.   TYC    902124106   03/08/2007 2    BYE-LAWS.                               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 1.1  Elect Director Victoria Buynisk         Mgmt     Yes   For     For
                                                             Gluckman
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 1.2  Elect Director Arthur D. Collins, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 1.3  Elect Director Olivia F. Kirtley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 1.4  Elect Director Jerry W. Levin           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 1.5  Elect Director Richard G. Reiten        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 4    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 5    Approve Report of the Compensation      ShrHoldr Yes   For     Against
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
U.S. Bancorp              USB    902973304   04/17/2007 6    Establish SERP Policy                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Allocation of Income and
UBS AG                           H89231338   04/18/2007 2    Dividends of CHF 2.20 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Board and Senior
UBS AG                           H89231338   04/18/2007 3    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 4.1.1Reelect Stephan Haeringer as Director   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 4.1.2Reelect Helmut Panke as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 4.1.3Reelect Peter Spuhler as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 4.2.1Elect Sergio Marchionne as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 4.3  Ratify Ernst & Young AG as Auditors     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 5.1  Approve CHF 33 Million Reduction in     Mgmt     Yes   For     For
                                                             Share Capital via Cancellation of
                                                             Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UBS AG                           H89231338   04/18/2007 5.2  Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Cancellation of Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Informational Meeting for Holders of
Unilever N.V.                    N8981F271   10/02/2006      Certificates (Depositary Receipts)               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   10/02/2006 1    Open Meeting                                     Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   10/02/2006 2    Receive Report by the Administration             Yes
                                                             Office
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   10/02/2006 3    Close Meeting                                    Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 1    Receive Report of Management Board               Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 2    Approve Allocation of Income and        Mgmt     Yes   For     For
                                                             Dividends
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Discussion on Company's Corporate
Unilever N.V.                    N8981F271   05/15/2007 3    Governance Structure                             Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 4    Approve Discharge of Executive          Mgmt     Yes   For     For
                                                             Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 5    Approve Discharge of Non-Executive      Mgmt     Yes   For     For
                                                             Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 6.a  Elect P.J. Cescau as Executive          Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 6.b  Elect C.J. van der Graaf as Executive   Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 6.c  Elect R.D. Kugler as Executive          Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 7.a  Elect Rt Han The Lord Brittan of        Mgmt     Yes   For     For
                                                             Spennithorne as non-Executive Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 7.b  Elect W. dik as non-Executive Director  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 7.c  Elect C.E. Golden as non-Executive      Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect B.E. Grote as non-Executive
Unilever N.V.                    N8981F271   05/15/2007 7.d  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Lord Simon of Highbury as
Unilever N.V.                    N8981F271   05/15/2007 7.e  non-Executive Director                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect J.C. Spinetta as non-Executive
Unilever N.V.                    N8981F271   05/15/2007 7.f  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect K.J. Storm as non-Executive
Unilever N.V.                    N8981F271   05/15/2007 7.g  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect J. van der Veer as
Unilever N.V.                    N8981F271   05/15/2007 7.h  non-Executive Director                  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 7.i  Elect G. Berger as non-Executive        Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect N. Murthy as non-Executive
Unilever N.V.                    N8981F271   05/15/2007 7.j  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 7.k  Elect H. Nyasulu as non-Executive       Mgmt     Yes   For     For
                                                             Director
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect M. Treschow as non-Executive
Unilever N.V.                    N8981F271   05/15/2007 7.l  Director                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 8    Approve Long Term Incentive Plan        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 9    Approve Remuneration of Non-executive   Mgmt     Yes   For     For
                                                             Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 10   Amend Articles to Reflect               Mgmt     Yes   For     For
                                                             Recommendations of Dutch Corporate
                                                             Governance Code and Amendments to
                                                             Book 2 of Dutch Civil Code on
                                                             Two-tiered Company Regime
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 11   Ratify PricewaterhouseCoopers as        Mgmt     Yes   For     For
                                                             Auditors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 12   Grant Board Authority to Issue Shares   Mgmt     Yes   For     For
                                                             Up To 10 Percent of Issued Capital
                                                             Plus Additional 10 Percent in Case of
                                                             Takeover/Merger and
                                                             Restricting/Excluding Preemptive
                                                             Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 13   Authorize Repurchase of Up to Ten       Mgmt     Yes   For     For
                                                             Percent of Issued Share Capital
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unilever N.V.                    N8981F271   05/15/2007 14   Allow Questions                                  Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.1  Elect Director Andrew H. Card, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.2  Elect Director Erroll B. Davis, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.3  Elect Director Thomas J. Donohue        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.4  Elect Director Archie W. Dunham         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.5  Elect Director Judith Richards Hope     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.6  Elect Director Charles C. Krulak        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.7  Elect Director Michael W. McConnell     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.8  Elect Director Thomas F. McLarty III    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.9  Elect Director Steven R. Rogel          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 1.1  Elect Director James R. Young           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Union Pacific Corp.       UNP    907818108   05/03/2007 4    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,    UPS    911312106   05/10/2007 1.1  Elect Director Michael J. Burns         Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.2  Elect Director D. Scott Davis           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.3  Elect Director Stuart E. Eizenstat      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.4  Elect Director Michael L. Eskew         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.5  Elect Director James P. Kelly           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.6  Elect Director Ann M. Livermore         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.7  Elect Director Victor A. Pelson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.8  Elect Director John W. Thompson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.9  Elect Director Carol B. Tome            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 1.1  Elect Director Ben Verwaayen            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Parcel Service,
Inc.                      UPS    911312106   05/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 1.1  Elect Director Robert J. Darnall        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 1.2  Elect Director John G. Drosdick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 1.3  Elect Director Charles R. Lee           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 1.4  Elect Director Jeffrey M. Lipton        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 1.5  Elect Director Glenda G. McNeal         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 1.6  Elect Director Patricia A. Tracey       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United States Steel Corp. X      912909108   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.1  Elect Director Louis R. Chenevert       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.2  Elect Director George David             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.3  Elect Director John V. Faraci           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.4  Elect Director Jean-Pierre Garnier      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.5  Elect Director Jamie S. Gorelick        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.6  Elect Director Charles R. Lee           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.7  Elect Director Richard D. Mccormick     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.8  Elect Director Harold Mcgraw III        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.9  Elect Director Richard B. Myers         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.1  Elect Director Frank P. Popoff          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.11 Elect Director H. Patrick Swygert       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.12 Elect Director Andre Villeneuve         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.13 Elect Director H.A. Wagner              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 1.14 Elect Director Christine Todd Whitman   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 3    Establish Term Limits for Directors     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 4    Report on Foreign Military Sales        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 5    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
United Technologies Corp. UTX    913017109   04/11/2007 6    Executive Officers' Compensation        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
United Technologies Corp. UTX    913017109   04/11/2007 7    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 1.1  Elect Director William C. Ballard, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 1.2  Elect Director Richard T. Burke         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 1.3  Elect Director Stephen J. Hemsley       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 1.4  Elect Director Robert J. Darretta       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group                                           Company Specific--Majority Vote for
Incorporated              UNH    91324P102   05/29/2007 2    the Election of Directors               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 3    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group                                           Reduce Supermajority Vote Requirement
Incorporated              UNH    91324P102   05/29/2007 4    for Removal of Directors                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 5    Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group                                           Amend Articles-Make Stylistic,
Incorporated              UNH    91324P102   05/29/2007 6    Clarifying and Conforming Changes       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 7    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group                                           Performance-Based and/or Time-Based
Incorporated              UNH    91324P102   05/29/2007 8    Equity Awards                           ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group
Incorporated              UNH    91324P102   05/29/2007 9    Establish SERP Policy                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group                                           Advisory Vote to Ratify Named
Incorporated              UNH    91324P102   05/29/2007 10   Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UnitedHealth Group                                           Equal Access to the Proxy for Purpose
Incorporated              UNH    91324P102   05/29/2007 11   of Electing a Director                  ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Univision Communications
Inc.                      UVN    914906102   09/27/2006 1    Approve Merger Agreement                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Univision Communications
Inc.                      UVN    914906102   09/27/2006 2    Adjourn Meeting                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unum Group                UNM    91529Y106   05/18/2007 1.1  Elect Director E. Michael Caulfield     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unum Group                UNM    91529Y106   05/18/2007 1.2  Elect Director Ronald E. Goldsberry     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unum Group                UNM    91529Y106   05/18/2007 1.3  Elect Director Michael J. Passarella    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unum Group                UNM    91529Y106   05/18/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Unum Group                UNM    91529Y106   05/18/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 1    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.1 Elect Director J.D. Barr                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.2 Elect Director J.P. Clancey             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.3 Elect Director P. Diaz Dennis           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.4 Elect Director V.A. Gierer              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.5 Elect Director J.E. Heid                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.6 Elect Director M.S. Kessler             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.7 Elect Director P.J. Neff                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.8 Elect Director A.J. Parsons             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2a.9 Elect Director R.J. Rossi               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2b.1 Elect Director J.P. Clancey             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2b.2 Elect Director V.A. Gierer, Jr.         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 2b.3 Elect Director J.E. Heid                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
UST Inc.                  UST    902911106   05/01/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Valero Energy Corp.       VLO    91913Y100   04/26/2007 1.1  Elect Director Ruben M. Escobedo        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Valero Energy Corp.       VLO    91913Y100   04/26/2007 1.2  Elect Director Bob Marbut               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Valero Energy Corp.       VLO    91913Y100   04/26/2007 1.3  Elect Director Robert A. Profusek       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Valero Energy Corp.       VLO    91913Y100   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Valero Energy Corp.       VLO    91913Y100   04/26/2007 3    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Valero Energy Corp.       VLO    91913Y100   04/26/2007 4    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Valero Energy Corp.       VLO    91913Y100   04/26/2007 5    Establish SERP Policy                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VERIGY LTD                VRGY   Y93691106   04/11/2007      Meeting for ADR Holders                          Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VERIGY LTD                VRGY   Y93691106   04/11/2007 1    RE-ELECTION OF MR. C. SCOTT GIBSON AS   Mgmt     Yes   For     For
                                                             A CLASS I DIRECTOR OF THE COMPANY.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             RE-ELECTION OF MR. ERIC MEURICE AS A
VERIGY LTD                VRGY   Y93691106   04/11/2007 2    CLASS I DIRECTOR OF THE COMPANY.        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             RE-ELECTION OF DR. CLAUDINE SIMSON AS
VERIGY LTD                VRGY   Y93691106   04/11/2007 3    A CLASS I DIRECTOR OF THE COMPANY.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             RE-ELECTION OF MR. ADRIAN DILLON AS A
VERIGY LTD                VRGY   Y93691106   04/11/2007 4    CLASS II DIRECTOR OF THE COMPANY.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             RE-ELECTION OF MR. ERNEST L. GODSHALK
VERIGY LTD                VRGY   Y93691106   04/11/2007 5    AS A CLASS II DIRECTOR OF THE COMPANY.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             RE-ELECTION OF MR. KEITH L. BARNES AS
VERIGY LTD                VRGY   Y93691106   04/11/2007 6    A CLASS III DIRECTOR OF THE COMPANY.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             RE-ELECTION OF MR. PAUL CHAN KWAI WAH
                                                             AS A CLASS III DIRECTOR OF THE
VERIGY LTD                VRGY   Y93691106   04/11/2007 7    COMPANY.                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VERIGY LTD                VRGY   Y93691106   04/11/2007 8    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VERIGY LTD                VRGY   Y93691106   04/11/2007 9    THE AUTHORIZATION FOR THE DIRECTORS     Mgmt     Yes   For     For
                                                             OF THE COMPANY TO ALLOT AND ISSUE
                                                             ORDINARY SHARES.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VERIGY LTD                VRGY   Y93691106   04/11/2007 10   APPROVE, RATIFY AND CONFIRM THE         Mgmt     Yes   For     For
                                                             DIRECTOR CASH COMPENSATION AND
                                                             ADDITIONAL CASH COMPENSATION OF THE
                                                             AUDIT, COMPENSATION AND NOMINATING
                                                             AND GOVERNANCE COMMITTEES PAID DURING
                                                             FISCAL YEAR 2006.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VERIGY LTD                VRGY   Y93691106   04/11/2007 11   APPROVE, RATIFY AND CONFIRM THE         Mgmt     Yes   For     For
                                                             DIRECTOR CASH COMPENSATION AND
                                                             ADDITIONAL CASH COMPENSATION FOR THE
                                                             RESPECTIVE CHAIRPERSONS OF THE AUDIT,
                                                             COMPENSATION AND NOMINATING AND
                                                             GOVERNANCE COMMITTEES PAID FOR THE
                                                             APPROXIMATELY 17.5-MONTH PERIOD FROM
                                                             NOVEMBER 1,
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 1    Elect Director James R. Barker          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 2    Elect Director Richard L. Carrion       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 3    Elect Director M. Frances Keeth         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 4    Elect Director Robert W. Lane           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 5    Elect Director Sandra O. Moose          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 6    Elect Director Joseph Neubauer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 7    Elect Director Donald T. Nicolaisen     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 8    Elect Director Thomas H. O'Brien        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 9    Elect Director Clarence Otis, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 10   Elect Director Hugh B. Price            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 11   Elect Director Ivan G. Seidenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 12   Elect Director Walter V. Shipley        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 13   Elect Director John W. Snow             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 14   Elect Director John R. Stafford         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 15   Elect Director Robert D. Storey         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 16   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 17   Limit Executive Compensation            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 18   Eliminate or Restrict Severance         ShrHoldr Yes   Against For
                                                             Agreements (Change-in-Control)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Disclose Information on Compensation
Verizon Communications    VZ     92343V104   05/03/2007 19   Consultant                              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Verizon Communications    VZ     92343V104   05/03/2007 20   Executive Officer's Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 21   Adopt Policy on Overboarded Director    ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 22   Approve Terms of Existing Poison Pill   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Verizon Communications    VZ     92343V104   05/03/2007 23   Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VF Corp.                  VFC    918204108   04/24/2007 1.1  Elect Director Edward E. Crutchfield    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VF Corp.                  VFC    918204108   04/24/2007 1.2  Elect Director George Fellows           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VF Corp.                  VFC    918204108   04/24/2007 1.3  Elect Director Daniel R. Hesse          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VF Corp.                  VFC    918204108   04/24/2007 1.4  Elect Director Clarence Otis, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VF Corp.                  VFC    918204108   04/24/2007 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
VF Corp.                  VFC    918204108   04/24/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007      Meeting for Holders of ADRs -                    Yes
                                                             Management Proposals (White Card)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 1    TO APPROVE THE 2006 VIMPELCOM ANNUAL    Mgmt     Yes   For     For
                                                             REPORT PREPARED IN ACCORDANCE WITH
                                                             RUSSIAN LAW.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 2    TO APPROVE VIMPELCOM S 2006             Mgmt     Yes   For     For
                                                             UNCONSOLIDATED ACCOUNTING STATEMENTS,
                                                             INCLUDING PROFIT AND LOSS STATEMENT
                                                             (PREPARED IN ACCORDANCE WITH RUSSIAN
                                                             STATUTORY ACCOUNTING PRINCIPLES)
                                                             AUDITED BY ROSEXPERTIZA, LLC
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 3    TO PAY IN CASH ANNUAL DIVIDENDS TO      Mgmt     Yes   For     For
                                                             HOLDERS OF COMMON REGISTERED SHARES
                                                             BASED ON 2006 RESULTS IN THE AMOUNT
                                                             OF 166.88 RUBLES PER SHARE (FOR A
                                                             TOTAL OF 8,557,776,951.36 RUBLES FOR
                                                             ALL COMMON REGISTERED SHARES IN THE
                                                             AGGREGATE) WITHIN 60 DAYS FROM THE
                                                             DATE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007      Elect Nine Directors by Cumulative               Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 4.1  TO ELECT THE FOLLOWING MEMBER TO THE    Mgmt     Yes   For     For
                                                             BOARD OF DIRECTORS: DAVID J. HAINES
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.2  BOARD OF DIRECTORS: MIKHAIL M. FRIDMAN  Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.3  BOARD OF DIRECTORS: ARVE JOHANSEN       Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
                                                             BOARD OF DIRECTORS: KLELL MORTEN
Vimpel Communications OJS        68370R109   06/29/2007 4.4  JOHNSEN                                 Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.5  BOARD OF DIRECTORS: STIG HERBERN        Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.6  BOARD OF DIRECTORS: JO O. LUNDER        Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.7  BOARD OF DIRECTORS: OLEG A. MALIS       Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
                                                             BOARD OF DIRECTORS: LEONID R.
Vimpel Communications OJS        68370R109   06/29/2007 4.8  NOVOSELSKY                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
                                                             BOARD OF DIRECTORS: ALEXEY M.
Vimpel Communications OJS        68370R109   06/29/2007 4.9  REZNIKOVICH                             Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.1  BOARD OF DIRECTORS: FRIDTJOF RUSTEN     Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 5    TO ELECT THE FOLLOWING INDIVIDUALS TO   Mgmt     Yes   For     For
                                                             THE AUDIT COMMISSION: ALEXANDER
                                                             GERSH, HALVOR BRU AND NIGEL ROBINSON.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 6    TO APPROVE THE FIRM ERNST & YOUNG       Mgmt     Yes   For     For
                                                             (CIS) LTD. AS THE AUDITOR OF THE
                                                             COMPANY S U.S. GAAP ACCOUNTS AND THE
                                                             FIRM ROSEXPERTIZA, LLC AS THE AUDITOR
                                                             OF THE COMPANY S ACCOUNTS PREPARED IN
                                                             ACCORDANCE WITH RUSSIAN STATUTORY
                                                             ACCOUNTING PRINCIPLES FOR THE TERM
                                                             UNTIL
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 7    TO APPROVE THE AMENDED CHARTER OF       Mgmt     Yes   For     For
                                                             OPEN JOINT STOCK COMPANY
                                                             VIMPEL-COMMUNICATIONS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007      Dissident Proposals (Blue Card)                  No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 1    TO APPROVE THE 2006 VIMPELCOM ANNUAL    Mgmt     No    TNA     Against
                                                             REPORT PREPARED IN ACCORDANCE WITH
                                                             RUSSIAN LAW
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 2    TO APPROVE VIMPELCOM S 2006             Mgmt     No    TNA     Against
                                                             UNCONSOLIDATED ACCOUNTING STATEMENTS,
                                                             INCLUDING PROFIT AND LOSS STATEMENT
                                                             (PREPARED IN ACCORDANCE WITH RUSSIAN
                                                             STATUTORY ACCOUNTING PRINCIPLES)
                                                             AUDITED BY ROSEXPERTIZA, LLC
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 3    TO PAY IN CASH ANNUAL DIVIDENDS TO      Mgmt     No    TNA     Against
                                                             HOLDERS OF COMMON REGISTERED SHARES
                                                             BASED ON 2006 RESULTS IN THE AMOUNT
                                                             OF 166.88 RUBLES PER SHARE (FOR A
                                                             TOTAL OF 8,557,776,951.36 RUBLES FOR
                                                             ALL COMMON REGISTERED SHARES IN THE
                                                             AGGREGATE) WITHIN 60 DAYS FROM THE
                                                             DATE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 4.1  TO ELECT THE FOLLOWING MEMBER TO THE    Mgmt     No    TNA     Against
                                                             BOARD OF DIRECTORS: JO LUNDER
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.2  BOARD OF DIRECTORS: STIG HERBERN        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 5    TO ELECT THE FOLLOWING INDIVIDUALS TO   Mgmt     No    TNA     Against
                                                             AUDIT COMMISSION: ALEXANDER GERSH,
                                                             HALVOR BRU AND NIGEL ROBINSON
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 6    APPROVAL OF EXTERNAL AUDITORS           Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 7    TO APPROVE AMENDED CHARTER OF OPEN      Mgmt     No    TNA     Against
                                                             JOINT STOCK COMPANY
                                                             VIMPEL-COMMUNICATIONS
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007      Meeting for Holders of ADRs -                    Yes
                                                             Management Proposals (White Card)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 1    TO APPROVE THE 2006 VIMPELCOM ANNUAL    Mgmt     Yes   For     For
                                                             REPORT PREPARED IN ACCORDANCE WITH
                                                             RUSSIAN LAW.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 2    TO APPROVE VIMPELCOM S 2006             Mgmt     Yes   For     For
                                                             UNCONSOLIDATED ACCOUNTING STATEMENTS,
                                                             INCLUDING PROFIT AND LOSS STATEMENT
                                                             (PREPARED IN ACCORDANCE WITH RUSSIAN
                                                             STATUTORY ACCOUNTING PRINCIPLES)
                                                             AUDITED BY ROSEXPERTIZA, LLC
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 3    TO PAY IN CASH ANNUAL DIVIDENDS TO      Mgmt     Yes   For     For
                                                             HOLDERS OF COMMON REGISTERED SHARES
                                                             BASED ON 2006 RESULTS IN THE AMOUNT
                                                             OF 166.88 RUBLES PER SHARE (FOR A
                                                             TOTAL OF 8,557,776,951.36 RUBLES FOR
                                                             ALL COMMON REGISTERED SHARES IN THE
                                                             AGGREGATE) WITHIN 60 DAYS FROM THE
                                                             DATE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007      Elect Nine Directors by Cumulative               Yes
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 4.1  TO ELECT THE FOLLOWING MEMBER TO THE    Mgmt     Yes   For     For
                                                             BOARD OF DIRECTORS: DAVID J. HAINES
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.2  BOARD OF DIRECTORS: MIKHAIL M. FRIDMAN  Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.3  BOARD OF DIRECTORS: ARVE JOHANSEN       Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
                                                             BOARD OF DIRECTORS: KLELL MORTEN
Vimpel Communications OJS        68370R109   06/29/2007 4.4  JOHNSEN                                 Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.5  BOARD OF DIRECTORS: STIG HERBERN        Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.6  BOARD OF DIRECTORS: JO O. LUNDER        Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.7  BOARD OF DIRECTORS: OLEG A. MALIS       Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
                                                             BOARD OF DIRECTORS: LEONID R.
Vimpel Communications OJS        68370R109   06/29/2007 4.8  NOVOSELSKY                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
                                                             BOARD OF DIRECTORS: ALEXEY M.
Vimpel Communications OJS        68370R109   06/29/2007 4.9  REZNIKOVICH                             Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.1  BOARD OF DIRECTORS: FRIDTJOF RUSTEN     Mgmt     Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 5    TO ELECT THE FOLLOWING INDIVIDUALS TO   Mgmt     Yes   For     For
                                                             THE AUDIT COMMISSION: ALEXANDER
                                                             GERSH, HALVOR BRU AND NIGEL ROBINSON.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 6    TO APPROVE THE FIRM ERNST & YOUNG       Mgmt     Yes   For     For
                                                             (CIS) LTD. AS THE AUDITOR OF THE
                                                             COMPANY S U.S. GAAP ACCOUNTS AND THE
                                                             FIRM ROSEXPERTIZA, LLC AS THE AUDITOR
                                                             OF THE COMPANY S ACCOUNTS PREPARED IN
                                                             ACCORDANCE WITH RUSSIAN STATUTORY
                                                             ACCOUNTING PRINCIPLES FOR THE TERM
                                                             UNTIL
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 7    TO APPROVE THE AMENDED CHARTER OF       Mgmt     Yes   For     For
                                                             OPEN JOINT STOCK COMPANY
                                                             VIMPEL-COMMUNICATIONS.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007      Dissident Proposals (Blue Card)                  No
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 1    TO APPROVE THE 2006 VIMPELCOM ANNUAL    Mgmt     No    TNA     Against
                                                             REPORT PREPARED IN ACCORDANCE WITH
                                                             RUSSIAN LAW
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 2    TO APPROVE VIMPELCOM S 2006             Mgmt     No    TNA     Against
                                                             UNCONSOLIDATED ACCOUNTING STATEMENTS,
                                                             INCLUDING PROFIT AND LOSS STATEMENT
                                                             (PREPARED IN ACCORDANCE WITH RUSSIAN
                                                             STATUTORY ACCOUNTING PRINCIPLES)
                                                             AUDITED BY ROSEXPERTIZA, LLC
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 3    TO PAY IN CASH ANNUAL DIVIDENDS TO      Mgmt     No    TNA     Against
                                                             HOLDERS OF COMMON REGISTERED SHARES
                                                             BASED ON 2006 RESULTS IN THE AMOUNT
                                                             OF 166.88 RUBLES PER SHARE (FOR A
                                                             TOTAL OF 8,557,776,951.36 RUBLES FOR
                                                             ALL COMMON REGISTERED SHARES IN THE
                                                             AGGREGATE) WITHIN 60 DAYS FROM THE
                                                             DATE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 4.1  TO ELECT THE FOLLOWING MEMBER TO THE    Mgmt     No    TNA     Against
                                                             BOARD OF DIRECTORS: JO LUNDER
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             TO ELECT THE FOLLOWING MEMBER TO THE
Vimpel Communications OJS        68370R109   06/29/2007 4.2  BOARD OF DIRECTORS: STIG HERBERN        Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 5    TO ELECT THE FOLLOWING INDIVIDUALS TO   Mgmt     No    TNA     Against
                                                             AUDIT COMMISSION: ALEXANDER GERSH,
                                                             HALVOR BRU AND NIGEL ROBINSON
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 6    APPROVAL OF EXTERNAL AUDITORS           Mgmt     No    TNA     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vimpel Communications OJS        68370R109   06/29/2007 7    TO APPROVE AMENDED CHARTER OF OPEN      Mgmt     No    TNA     Against
                                                             JOINT STOCK COMPANY
                                                             VIMPEL-COMMUNICATIONS
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007      Ordinary Business                                Yes
Generale d'Entreprises)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Approve Financial Statements and
Generale d'Entreprises)          F5879X108   05/10/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Accept Consolidated Financial
Generale d'Entreprises)          F5879X108   05/10/2007 2    Statements and Statutory Reports        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Approve Allocation of Income and
Generale d'Entreprises)          F5879X108   05/10/2007 3    Dividends of EUR 2.65 per Share         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Ratify Appointment and Reelect
Generale d'Entreprises)          F5879X108   05/10/2007 4    Pascale Sourisse as Director            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Ratify Appointment and Reelect Robert
Generale d'Entreprises)          F5879X108   05/10/2007 5    Castaigne as Director                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Ratify Appointment and Reelect
Generale d'Entreprises)          F5879X108   05/10/2007 6    Jean-Bernard Levy as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Ratify Deloitte and Associes as
Generale d'Entreprises)          F5879X108   05/10/2007 7    Auditor                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe
Generale d'Entreprises)          F5879X108   05/10/2007 8    Ratify KPMG SA as Auditor               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe
Generale d'Entreprises)          F5879X108   05/10/2007 9    Ratify BEAS Sarl as Alternate Auditor   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Ratify Philippe Mathis as Alternate
Generale d'Entreprises)          F5879X108   05/10/2007 10   Auditor                                 Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Authorize Repurchase of Up to Ten
Generale d'Entreprises)          F5879X108   05/10/2007 11   Percent of Issued Share Capital         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Approve Shareholders Agreement
Generale d'Entreprises)          F5879X108   05/10/2007 12   Between Vinci and ASF Holding           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Approve Transaction with Societe
Generale d'Entreprises)          F5879X108   05/10/2007 13   Gastronomique de l'Etoile               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Approve Additional Pension Scheme
Generale d'Entreprises)          F5879X108   05/10/2007 14   Benefiting to the Chairman              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe
Generale d'Entreprises)          F5879X108   05/10/2007      Special Business                                 Yes
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Approve Reduction in Share Capital
Generale d'Entreprises)          F5879X108   05/10/2007 15   via Cancellation of Repurchased Shares  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 16   Authorize Issuance of Equity or         Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Preemptive Rights up to Aggregate
Generale d'Entreprises)                                      Nominal Amount of EUR 200 Million
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 17   Authorize Capitalization of Reserves    Mgmt     Yes   For     For
                                                             for Bonus Issue or Increase in Par
Generale d'Entreprises)                                      Value
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 18   Authorize Issuance of Specific          Mgmt     Yes   Against Against
                                                             Convertible Bonds without Preemptive
Generale d'Entreprises)                                      Rights Named OCEANE
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Issuance of Convertible Bonds
Vinci (Formerly Societe                                      without Preemptive Rights Other than
Generale d'Entreprises)          F5879X108   05/10/2007 19   OCEANE                                  Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 20   Authorize Board to Increase Capital     Mgmt     Yes   Against Against
                                                             in the Event of Additional Demand
                                                             Related to Delegations Submitted to
                                                             Shareholder Votes in Items 16, 18,
Generale d'Entreprises)                                      and 19 Above
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 21   Authorize Capital Increase of up to     Mgmt     Yes   For     For
                                                             10 Percent of Issued Capital for
Generale d'Entreprises)                                      Future Acquisitions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 22   Approve Employee Savings-Related        Mgmt     Yes   For     For
Generale d'Entreprises)                                      Share Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 23   Authorize Board to Issue Shares         Mgmt     Yes   For     For
                                                             Reserved to Share Purchase Plan for
                                                             Employees of International
Generale d'Entreprises)                                      Subsidiaries
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 24   Approve Issuance of Securities          Mgmt     Yes   For     For
Generale d'Entreprises)                                      Convertible into Debt
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 25   Authorize Issuance of Bonds with        Mgmt     Yes   For     For
                                                             Warrants Attached without Preemptive
Generale d'Entreprises)                                      Rights
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 26   Approve 1 for 2 Stock Split             Mgmt     Yes   For     For
Generale d'Entreprises)
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 27   Amend Article 11 of Bylaws Re:          Mgmt     Yes   For     For
                                                             Appointment of Employee Shareholder
Generale d'Entreprises)                                      Representative
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe          F5879X108   05/10/2007 28   Amend Article 17 of Bylaws Re: Record   Mgmt     Yes   For     For
Generale d'Entreprises)                                      Date
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Amend Article 10 bis of Bylaws Re:
Generale d'Entreprises)          F5879X108   05/10/2007 29   Record Date                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vinci (Formerly Societe                                      Authorize Filing of Required
Generale d'Entreprises)          F5879X108   05/10/2007 30   Documents/Other Formalities             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Accept Financial Statements and
Vodafone Group Plc               G93882101   07/25/2006 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 2    Re-elect Sir John Bond as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 3    Re-elect Arun Sarin as Director         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 4    Re-elect Thomas Geitner as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 5    Re-elect Michael Boskin as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 6    Re-elect Lord Broers as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 7    Re-elect John Buchanan as Director      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 8    Re-elect Andy Halford as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 9    Re-elect Jurgen Schrempp as Director    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 10   Re-elect Luc Vandevelde as Director     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 11   Elect Philip Yea as Director            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 12   Elect Anne Lauvergeon as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 13   Elect Anthony Watson as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 14   Approve Final Dividend of 3.87 Pence    Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 15   Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 16   Reappoint Deloitte & Touche LLP as      Mgmt     Yes   For     For
                                                             Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise the Audit Committee to Fix
Vodafone Group Plc               G93882101   07/25/2006 17   Remuneration of Auditors                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 18   Adopt New Articles of Association       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 19   Authorise the Company and Any Company   Mgmt     Yes   For     For
                                                             Which is or Becomes a Subsidiary of
                                                             the Company to Make EU Political
                                                             Organisation Donations up to GBP
                                                             50,000 and Incur EU Political
                                                             Expenditure up to GBP 50,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 20   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of USD 900,000,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Vodafone Group Plc               G93882101   07/25/2006 21   Nominal Amount of USD 260,000,000       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group Plc               G93882101   07/25/2006 22   Authorise 5,200,000,000 Ordinary        Mgmt     Yes   For     For
                                                             Shares for Market Purchase Should the
                                                             Special Resolution at the
                                                             Extraordinary General Meeting on 25
                                                             July 2006 be Passed; Otherwise up to
                                                             6,000,000,000 Ordinary Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vodafone Group PLC               G93882101   07/25/2006 1    Approve Increase in Authorised          Mgmt     Yes   For     For
                                                             Capital to GBP 9,900,050,000 and USD
                                                             7,800,000,000; Authorise
                                                             Capitalisation up GBP 9,990,000,000;
                                                             Issue Equity with Rights up to
                                                             66,600,000,000 B Shares; Capital
                                                             Reorganisation; Amend Articles of
                                                             Association
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 1    Receive Financial Statements and                 Yes
                                                             Statutory Reports for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 2    Approve Allocation of Income            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 3    Approve Discharge of Management Board   Mgmt     Yes   For     For
                                                             for Fiscal 2006
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Refuse Discharge of Retired
                                                             Management Board Member Peter Hartz
Volkswagen AG (VW)               D94523145   04/19/2007 4    for Fiscal 2005                         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve Discharge of Supervisory
Volkswagen AG (VW)               D94523145   04/19/2007 5    Board for Fiscal 2006                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 6    Elect Supervisory Board Members         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 7    Authorize Share Repurchase Program      Mgmt     Yes   For     For
                                                             and Reissuance or Cancellation of
                                                             Repurchased Shares
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 8    Amend Articles Re: Allow Electronic     Mgmt     Yes   For     For
                                                             Distribution of Company Communications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Volkswagen AG (VW)               D94523145   04/19/2007 9    Ratify Auditors for Fiscal 2007         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vulcan Materials Co.      VMC    929160109   05/11/2007 1.1  Elect Director Douglas J. McGregor      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vulcan Materials Co.      VMC    929160109   05/11/2007 1.2  Elect Director Donald B. Rice           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vulcan Materials Co.      VMC    929160109   05/11/2007 1.3  Elect Director Vincent J. Trosino       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Vulcan Materials Co.      VMC    929160109   05/11/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.1  Elect Director Brian P. Anderson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.2  Elect Director Wilbur H. Gantz          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.3  Elect Director V. Ann Hailey            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.4  Elect Director William K. Hall          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.5  Elect Director Richard L. Keyser        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.6  Elect Director Stuart L. Levenick       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.7  Elect Director John W. Mccarter, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.8  Elect Director Neil S. Novich           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.9  Elect Director Michael J. Roberts       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.1  Elect Director Gary L. Rogers           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.11 Elect Director James T. Ryan            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.12 Elect Director James D. Slavik          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 1.13 Elect Director Harold B. Smith          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
W.W. Grainger, Inc.       GWW    384802104   04/25/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   08/31/2006 1    Issue Shares in Connection with an      Mgmt     Yes   For     For
                                                             Acquisition
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   08/31/2006 2    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.1  Elect Director Ernest S. Rady           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.2  Elect Director Jerry Gitt               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.3  Elect Director John T. Casteen, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.4  Elect Director Maryellen C. Herringer   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.5  Elect Director Joseph Neubauer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.6  Elect Director Timothy D. Proctor       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.7  Elect Director Van L. Richey            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 1.8  Elect Director Dona Davis Young         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 2    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 3    Company Specific--Provide for           Mgmt     Yes   For     For
                                                             Majority Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 5    Approve Report of the Compensation      ShrHoldr Yes   For     Against
                                                             Committee
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 6    Require Director Nominee                ShrHoldr Yes   Against For
                                                             Qualifications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 7    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wachovia Corp.            WB     929903102   04/17/2007 8    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.1  Elect Director Aida M. Alvarez          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.2  Elect Director James W. Breyer          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.3  Elect Director M. Michele Burns         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.4  Elect Director James I. Cash, Jr.       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.5  Elect Director Roger C. Corbett         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.6  Elect Director Douglas N. Daft          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.7  Elect Director David D. Glass           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.8  Elect Director Roland A. Hernandez      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.9  Elect Director Allen I. Questrom        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.1  Elect Director H. Lee Scott, Jr.        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.11 Elect Director Jack C. Shewmaker        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.12 Elect Director Jim C. Walton            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.13 Elect Director S. Robson Walton         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.14 Elect Director Christopher J. Williams  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 1.15 Elect Director Linda S. Wolf            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 3    Report on Charitable Contributions      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 4    Report on Healthcare Policies           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 5    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 6    Report on Equity Compensation by Race   ShrHoldr Yes   Against For
                                                             and Gender
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 7    Report on Pay Disparity                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 8    Prepare Business Social                 ShrHoldr Yes   Against For
                                                             Responsibility Report
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Advisory Vote to Ratify Named
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 9    Executive Officers' Compensation        ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 10   Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 11   Report on Social and Reputation         ShrHoldr Yes   Against For
                                                             Impact of Failure to Comply with ILO
                                                             Conventions
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 12   Restore or Provide for Cumulative       ShrHoldr Yes   Against For
                                                             Voting
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Require Director Nominee
Wal-Mart Stores, Inc.     WMT    931142103   06/01/2007 13   Qualifications                          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.1  Elect Director David W. Bernauer        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.2  Elect Director William C. Foote         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.3  Elect Director James J. Howard          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.4  Elect Director Alan G. McNally          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.5  Elect Director Cordell Reed             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.6  Elect Director Jeffrey A. Rein          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.7  Elect Director Nancy M. Schlichting     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.8  Elect Director David Y. Schwartz        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.9  Elect Director James A. Skinner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 1.1  Elect Director Marilou M. von Ferstel   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Charles R. Walgreen,
Walgreen Co.              WAG    931422109   01/10/2007 1.11 III                                     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Walgreen Co.              WAG    931422109   01/10/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.1  Elect Director Anne V. Farrell          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.2  Elect Director Stephen E. Frank         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.3  Elect Director Kerry K. Killinger       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.4  Elect Director Thomas C. Leppert        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.5  Elect Director Charles M. Lillis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.6  Elect Director Phillip D. Matthews      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.7  Elect Director Regina T. Montoya        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.8  Elect Director Michael K. Murphy        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.9  Elect Director Margaret Osmer Mcquade   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.1  Elect Director Mary E. Pugh             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.11 Elect Director William G. Reed, Jr.     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.12 Elect Director Orin C. Smith            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 1.13 Elect Director James H. Stever          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 3    Establish SERP Policy                   ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 4    Require a Majority Vote for the         ShrHoldr Yes   For     Against
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Washington Mutual, Inc    WM     939322103   04/17/2007 5    Require Director Nominee                ShrHoldr Yes   Against For
                                                             Qualifications
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Pastora San Juan
Waste Management, Inc.    WMI    94106L109   05/04/2007 1    Cafferty                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 2    Elect Director Frank M. Clark, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 3    Elect Director Patrick W. Gross         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 4    Elect Director Thomas I. Morgan         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 5    Elect Director John C. Pope             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 6    Elect Director W. Robert Reum           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 7    Elect Director Steven G. Rothmeier      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 8    Elect Director David P. Steiner         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 9    Elect Director Thomas H. Weidemeyer     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waste Management, Inc.    WMI    94106L109   05/04/2007 10   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.1  Elect Director Joshua Bekenstein        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Michael J. Berendt,
Waters Corporation        WAT    941848103   05/15/2007 1.2  Ph.D.                                   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.3  Elect Director Douglas A. Berthiaume    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.4  Elect Director Edward Conard            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Laurie H. Glimcher,
Waters Corporation        WAT    941848103   05/15/2007 1.5  M.D.                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.6  Elect Director Christopher A. Kuebler   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.7  Elect Director William J. Miller        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.8  Elect Director JoAnn A. Reed            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 1.9  Elect Director Thomas P. Salice         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Waters Corporation        WAT    941848103   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 1.1  Elect Director Sheila P. Burke          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 1.2  Elect Director Victor S. Liss           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 1.3  Elect Director Jane G. Pisano, Ph.D.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 1.4  Elect Director George A. Schaefer, Jr.  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 1.5  Elect Director Jackie M. Ward           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 1.6  Elect Director John E. Zuccotti         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 2    Company Specific--Approve Majority      Mgmt     Yes   For     For
                                                             Voting for the Non- Contested
                                                             Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wellpoint Inc             WLP    94973V107   05/16/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.1  Elect Director John S. Chen             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.2  Elect Director Lloyd H. Dean            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.3  Elect Director Susan E. Engel           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.4  Elect Director Enrique Hernandez, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.5  Elect Director Robert L. Joss           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.6  Elect Director Richard M. Kovacevich    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.7  Elect Director Richard D. McCormick     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.8  Elect Director Cynthia H. Milligan      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.9  Elect Director Nicholas G. Moore        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.1  Elect Director Philip J. Quigley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.11 Elect Director Donald B. Rice           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.12 Elect Director Judith M. Runstad        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.13 Elect Director Stephen W. Sanger        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.14 Elect Director Susan G. Swenson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.15 Elect Director John G. Stumpf           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 1.16 Elect Director Michael W. Wright        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 4    Advisory Vote to Ratify Named           ShrHoldr Yes   Against For
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 5    Establish SERP Policy                   ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 6    Report on Racial and Ethnic             ShrHoldr Yes   Against For
                                                             Disparities in Loan Pricing
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wells Fargo & Company     WFC    949746101   04/24/2007 7    Report on Emission Reduction Goals      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,    WEN    950590109   04/26/2007 1.1  Elect Director Janet Hill               Mgmt     Yes   For     For
Inc.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 1.2  Elect Director John R. Thompson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 1.3  Elect Director J. Randolph Lewis        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 1.4  Elect Director Stuart I. Oran           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 4    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 5    Label Genetically Modified Organisms    ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 6    Prepare Sustainability Report           ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wendy's International,
Inc.                      WEN    950590109   04/26/2007 7    Report on Animal Welfare Standards      ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Western Union Co          WU     959802109   05/10/2007 1.1  Elect Director Dinyar S. Devitre        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Western Union Co          WU     959802109   05/10/2007 1.2  Elect Director Betsy D. Holden          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Western Union Co          WU     959802109   05/10/2007 1.3  Elect Director Christina A. Gold        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Western Union Co          WU     959802109   05/10/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Western Union Co          WU     959802109   05/10/2007 3    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Western Union Co          WU     959802109   05/10/2007 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 1.1  Elect Director Steven R. Rogel          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 1.2  Elect Director Debra A. Cafaro          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 1.3  Elect Director Richard H. Sinkfield     Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 1.4  Elect Director D. Michael Steuert       Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 1.5  Elect Director James N. Sullivan        Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 1.6  Elect Director Kim Williams             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 2    Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 3    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 4    Report on Wood Sourcing                 ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Weyerhaeuser Co.          WY     962166104   04/19/2007 5    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Whirlpool Corp.           WHR    963320106   04/17/2007 1.1  Elect Director Michael F. Johnston      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Whirlpool Corp.           WHR    963320106   04/17/2007 1.2  Elect Director William T. Kerr          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Whirlpool Corp.           WHR    963320106   04/17/2007 1.3  Elect Director Janice D. Stoney         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Whirlpool Corp.           WHR    963320106   04/17/2007 1.4  Elect Director Michael D. White         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Whirlpool Corp.           WHR    963320106   04/17/2007 2    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.1  Elect Director Samuel E. Beall, III     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.2  Elect Director Dennis E. Foster         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.3  Elect Director Francis X. Frantz        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.4  Elect Director Jeffery R. Gardner       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.5  Elect Director Jeffrey T. Hinson        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.6  Elect Director Judy K. Jones            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.7  Elect Director William A. Montgomery    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 1.8  Elect Director Frank E. Reed            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 2    Approve Executive Incentive Bonus Plan  Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Windstream Corp.          WIN    97381W104   05/09/2007 4    Stock Retention/Holding Period          ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wm. Wrigley Jr. Co.       WWY    982526105   03/14/2007 1.1  Elect Director Thomas A. Knowlton       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wm. Wrigley Jr. Co.       WWY    982526105   03/14/2007 1.2  Elect Director Steven B. Sample         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wm. Wrigley Jr. Co.       WWY    982526105   03/14/2007 1.3  Elect Director Alex Shumate             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wm. Wrigley Jr. Co.       WWY    982526105   03/14/2007 1.4  Elect Director William D. Perez         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wm. Wrigley Jr. Co.       WWY    982526105   03/14/2007 2    Amend Bylaws to Require a Majority      Mgmt     Yes   For     For
                                                             Vote for the Election of Directors
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wm. Wrigley Jr. Co.       WWY    982526105   03/14/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 1    Accept Financial Statements and         Mgmt     Yes   For     For
                                                             Statutory Reports
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 2    Approve Remuneration Report             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 3    Approve Final Dividend of 19.55 Pence   Mgmt     Yes   For     For
                                                             Per Ordinary Share
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 4    Elect Frank Roach as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 5    Re-elect Gareth Davis as Director       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 6    Re-elect Fenton Hord as Director        Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 7    Re-elect Nigel Stein as Director        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 8    Reappoint PricewaterhouseCoopers LLP    Mgmt     Yes   For     For
                                                             as Auditors of the Company
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Board to Fix Remuneration
Wolseley Plc                     G97278108   11/29/2006 9    of Auditors                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 10   Authorise Issue of Equity or            Mgmt     Yes   For     For
                                                             Equity-Linked Securities with
                                                             Pre-emptive Rights up to Aggregate
                                                             Nominal Amount of GBP 35,697,279
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Authorise Issue of Equity or
                                                             Equity-Linked Securities without
                                                             Pre-emptive Rights up to Aggregate
Wolseley Plc                     G97278108   11/29/2006 11   Nominal Amount of GBP 8,215,136         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 12   Authorise 65,721,088 Ordinary Shares    Mgmt     Yes   For     For
                                                             for Market Purchase
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wolseley Plc                     G97278108   11/29/2006 13   Authorise the Company to Make EU        Mgmt     Yes   For     For
                                                             Political Organisation Donations and
                                                             Incur EU Political Expenditure up to
                                                             GBP 125,000
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 1    Elect Director Robert Essner            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 2    Elect Director John D. Feerick          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 3    Elect Director Frances D. Fergusson     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 4    Elect Director Victor F. Ganzi          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 5    Elect Director Robert Langer            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 6    Elect Director John P. Mascotte         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 7    Elect Director Raymond J. McGuire       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 8    Elect Director Mary Lake Polan          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 9    Elect Director Bernard Poussot          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 10   Elect Director Gary L. Rogers           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 11   Elect Director Ivan G. Seidenberg       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 12   Elect Director Walter V. Shipley        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 13   Elect Director John R. Torell III       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 14   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 15   Reduce Supermajority Vote Requirement   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 16   Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 17   Adopt Animal Welfare Policy             ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 18   Report on Policy to Limit Drug Supply   ShrHoldr Yes   Against For
                                                             to Canada
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 19   Report on Political Contributions       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 20   Claw-back of Payments under             ShrHoldr Yes   For     Against
                                                             Restatements
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Company-Specific - Interlocking
Wyeth                     WYE    983024100   04/26/2007 21   Directorship                            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Disclose Information-Proposal
Wyeth                     WYE    983024100   04/26/2007 22   Withdrawn. No Vote Required             ShrHoldr Yes   Abstain Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 23   Separate Chairman and CEO Positions     ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyeth                     WYE    983024100   04/26/2007 24   Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyndham Worldwide Corp    WYN    98310W108   04/26/2007 1.1  Elect Director Rt. Hon Brian Mulroney   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyndham Worldwide Corp    WYN    98310W108   04/26/2007 1.2  Elect Director Michael H. Wargotz       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Wyndham Worldwide Corp    WYN    98310W108   04/26/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.1  Elect Director C. Coney Burgess         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.2  Elect Director Fredric W. Corrigan      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.3  Elect Director Richard K. Davis         Mgmt     Yes   WithholdAgainst
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.4  Elect Director Roger R. Hemminghaus     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.5  Elect Director A. Barry Hirschfeld      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.6  Elect Director Richard C. Kelly         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.7  Elect Director Douglas W. Leatherdale   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.8  Elect Director Albert F. Moreno         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.9  Elect Director Margaret R. Preska       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.1  Elect Director A. Patricia Sampson      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.11 Elect Director Richard H. Truly         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.12 Elect Director David A. Westerlund      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 1.13 Elect Director Timothy V. Wolf          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 3    Separate Chairman and CEO Positions     ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xcel Energy Inc.          XEL    98389B100   05/23/2007 4    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.1  Elect Director Glenn A. Britt           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.2  Elect Director Ursula M. Burns          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.3  Elect Director Richard J. Harrington    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.4  Elect Director William Curt Hunter      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.5  Elect Director Vernon E. Jordan, Jr.    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.6  Elect Director Ralph S. Larsen          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.7  Elect Director Robert A. McDonald       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.8  Elect Director Anne M. Mulcahy          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.9  Elect Director N. J. Nicholas, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.1  Elect Director Ann N. Reese             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 1.11 Elect Director Mary Agnes Wilderotter   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 3    Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xerox Corp.               XRX    984121103   05/24/2007 4    Adopt ILO Based Vendor Standards        ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.1  Elect Director Willem P. Roelandts      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.2  Elect Director John L. Doyle            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.3  Elect Director Jerald G. Fishman        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.4  Elect Director Philip T. Gianos         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.5  Elect Director William G. Howard, Jr.   Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.6  Elect Director J. Michael Patterson     Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Elect Director Elizabeth W.
Xilinx, Inc.              XLNX   983919101   07/26/2006 1.7  Vanderslice                             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 2    Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 3    Approve Omnibus Stock Plan              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xilinx, Inc.              XLNX   983919101   07/26/2006 4    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xl Capital Ltd (Formerly  XL     G98255105   04/27/2007      Meeting for Holders of ADRs                      Yes
Exel Ltd. )
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xl Capital Ltd (Formerly
Exel Ltd. )               XL     G98255105   04/27/2007 1.1  Elect  Director Joseph Mauriello        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xl Capital Ltd (Formerly
Exel Ltd. )               XL     G98255105   04/27/2007 1.2  Elect  Director Eugene M. Mcquade       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xl Capital Ltd (Formerly
Exel Ltd. )               XL     G98255105   04/27/2007 1.3  Elect  Director Robert S. Parker        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xl Capital Ltd (Formerly
Exel Ltd. )               XL     G98255105   04/27/2007 1.4  Elect  Director Alan Z. Senter          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Xl Capital Ltd (Formerly  XL     G98255105   04/27/2007 2    TO RATIFY THE APPOINTMENT OF            Mgmt     Yes   For     For
                                                             PRICEWATERHOUSECOOPERS LLP, NEW YORK,
                                                             NEW YORK TO ACT AS THE INDEPENDENT
                                                             REGISTERED PUBLIC ACCOUNTING FIRM OF
                                                             THE COMPANY FOR THE FISCAL YEAR
Exel Ltd. )                                                  ENDING DECEMBER 31, 2007.
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
XTO Energy Inc            XTO    98385X106   05/15/2007 1.1  Elect Director Lane G. Collins          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
XTO Energy Inc            XTO    98385X106   05/15/2007 1.2  Elect Director Scott G. Sherman         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
XTO Energy Inc            XTO    98385X106   05/15/2007 1.3  Elect Director Bob R. Simpson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
XTO Energy Inc            XTO    98385X106   05/15/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 1    Elect Director Terry S. Semel           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 2    Elect Director Jerry Yang               Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 3    Elect Director Roy J. Bostock           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 4    Elect Director Ronald W. Burkle         Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 5    Elect Director Eric Hippeau             Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 6    Elect Director Vyomesh Joshi            Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 7    Elect Director Arthur H. Kern           Mgmt     Yes   Against Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 8    Elect Director Robert A. Kotick         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 9    Elect Director Edward R. Kozel          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 10   Elect Director Gary L. Wilson           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 11   Amend Omnibus Stock Plan                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 12   Amend Qualified Employee Stock          Mgmt     Yes   For     For
                                                             Purchase Plan
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 13   Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 14   Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yahoo!, Inc.              YHOO   984332106   06/12/2007 15   Adopt Policies to Protect Freedom of    ShrHoldr Yes   Against For
                                                             Access to the Internet
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Amend Bylaws to Establish a Board
Yahoo!, Inc.              YHOO   984332106   06/12/2007 16   Committee on Human Rights               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.1  Elect Director David W. Dorman          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.2  Elect Director Massimo Ferragamo        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.3  Elect Director J. David Grissom         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.4  Elect Director Bonnie G. Hill           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.5  Elect Director Robert Holland, Jr.      Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.6  Elect Director Kenneth G. Langone       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.7  Elect Director Jonathan S. Linen        Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.8  Elect Director Thomas C. Nelson         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.9  Elect Director David C. Novak           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.1  Elect Director Thomas M. Ryan           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 1.11 Elect Director Jackie Trujillo          Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 2    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 3    Adopt MacBride Principles               ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 4    Advisory Vote to Ratify Named           ShrHoldr Yes   For     Against
                                                             Executive Officers' Compensation
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 5    Pay For Superior Performance            ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 6    Submit Severance Agreement (Change in   ShrHoldr Yes   Against For
                                                             Control) to shareholder Vote
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Report on Sustainable Fish/Seafood
Yum Brands, Inc.          YUM    988498101   05/17/2007 7    Sourcing Policies                       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Yum Brands, Inc.          YUM    988498101   05/17/2007 8    Report on Animal Welfare Policies       ShrHoldr Yes   Against For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zimmer Holdings Inc       ZMH    98956P102   05/07/2007 1    Elect Director Larry C. Glasscock       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zimmer Holdings Inc       ZMH    98956P102   05/07/2007 2    Elect Director John L. McGoldrick       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zimmer Holdings Inc       ZMH    98956P102   05/07/2007 3    Ratify Auditors                         Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zimmer Holdings Inc       ZMH    98956P102   05/07/2007 4    Declassify the Board of Directors       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zimmer Holdings Inc       ZMH    98956P102   05/07/2007 5    Adopt Simple Majority Vote              ShrHoldr Yes   For     Against
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services        H9870Y105   04/03/2007 1    Share Re-registration Consent           Mgmt     Yes   For     For
AG
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services                                    Accept Financial Statements and
AG                               H9870Y105   04/03/2007 1    Statutory Reports                       Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services                                    Approve Allocation of Income and
AG                               H9870Y105   04/03/2007 2    Dividends of CHF 11 per Share           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services                                    Approve Discharge of Board and Senior
AG                               H9870Y105   04/03/2007 3    Management                              Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
                                                             Approve CHF 324,244 Increase in Pool
Zurich Financial Services                                    of Capital Reserved for Stock Option
AG                               H9870Y105   04/03/2007 4    Plan                                    Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services
AG                               H9870Y105   04/03/2007 5.1.1Elect Armin Meyer as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services
AG                               H9870Y105   04/03/2007 5.1.2Elect Rolf Watter as Director           Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------
Zurich Financial Services                                    Ratify PricewaterhouseCoopers AG as
AG                               H9870Y105   04/03/2007 5.2  Auditors                                Mgmt     Yes   For     For
- ------------------------- ------------------ ---------- -------------------------------------------- -------------- ----------------




Fund:  Principal Variable Contracts Fund, Inc. - Balanced Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC- Balanced Account - 501

Mtg                 Company/                                              Mgmt         Vote    Record                    Shares
Date/Type           Ballot Issues                           Security      Rec          Cast    Date        Prpnent        Voted
- ------------------- --------------------------------------- ------------- ------------ ------------------- ---------- ----------
- --------------------------------------------------------------------------------------------------------------------------------

                                                                                                         
05/08/07 - A        3M CO *MMM*                             88579Y101                          03/09/07                   1,097
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    4       Rescind Fair Price Provision                  For          For                 Mgmt
                               Given the similar  protection  provided by Delaware General
                               Corporation  Law, we believe  that the  elimination  of the
                               fair  price  provision  does not  significantly  reduce the
                               company's  ability to discourage  two-tiered tender offers.
                               Rescinding  the fair  price  provision  would  provide  the
                               company   with    flexibility    in   pursuing    strategic
                               transactions  without compromising the company's ability to
                               protect itself from potential hostile takeovers.
                    5       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               ISS has concerns with an individual  award limit  expressed
                               as a percentage of a financial  line item as it can produce
                               astronomical  payouts.          Given  the  tax  advantages
                               that the 162(m)  plan  provides  we  recommend  support for
                               this proposal.  However,  ISS will monitor the  performance
                               bonus payouts provided to named executive  officers and may
                               recommend  a  vote  to  WITHHOLD   from  the   compensation
                               committee  members if the company does reach the individual
                               award  limit  without  providing  sufficient  and  complete
                               disclosure in the proxy statement.
                    6       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    7       Pay For Superior Performance                  Against      For                 ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate   disclosure   concerning   the  specific   target
                               payments  for the  disclosed  financial  metric,  nor is it
                               clear how payouts  are  determined  with  respect to target
                               performance.  Further,  the long-term  compensation program
                               is largely time-based.  Accordingly,  ISS believes that the
                               company    has    not     sufficiently     established    a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.


04/27/07 - A        Abbott Laboratories *ABT*               002824100                          02/28/07                   9,496
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director R.S. Austin --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider  Samuel C. Scott III. We recommend
                               that shareholders  WITHHOLD votes from independent outsider
                               Samuel C. Scott III for  sitting on more than three  boards
                               and serving as CEO.
                    1.2     Elect Director W.M. Daley --- For
                    1.3     Elect Director W.J. Farrell --- For
                    1.4     Elect Director H.L. Fuller --- For
                    1.5     Elect Director R.A. Gonzalez --- For
                    1.6     Elect Director D.A.L. Owen --- For
                    1.7     Elect Director B. Powell Jr. --- For
                    1.8     Elect Director W.A. Reynolds --- For
                    1.9     Elect Director R.S. Roberts --- For
                    1.10    Elect Director S.C. Scott III --- Withhold
                    1.11    Elect Director W.D. Smithburg --- For
                    1.12    Elect Director G.F. Tilton --- For
                    1.13    Elect Director M.D. White --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    4       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               Conclusion        In  this case,  the company  meets all of
                               the criteria in the  counterbalancing  structure  described
                               above. We believe that the company's  governance  structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


04/26/07 - A        Abn Amro Holding Nv                     000937102                          04/04/07                   3,913
                            Meeting for Holders of ADRs
                    1       ADOPTION OF THE 2006 FINANCIAL STATEMENTS.    For          For                 Mgmt
                    2       ADOPTION OF THE PROPOSED DIVIDEND 2006.       For          For                 Mgmt
                    3       DISCHARGE OF THE MEMBERS OF THE MANAGING      For          For                 Mgmt
                            BOARD IN RESPECT OF THEIR MANAGEMENT DURING
                            THE PAST FINANCIAL YEAR, AS DESCRIBED BY
                            THE 2006 ANNUAL REPORT AND THE INFORMATION
                            PROVIDED DURING THIS MEETING.
                    4       DISCHARGE OF THE MEMBERS OF THE SUPERVISORY   For          For                 Mgmt
                            BOARD IN RESPECT OF THEIR SUPERVISION
                            DURING THE PAST FINANCIAL YEAR, AS
                            DESCRIBED BY THE 2006 ANNUAL REPORT AND THE
                            INFORMATION PROVIDED DURING THIS MEETING.
                    5       APPROVAL OF THE PROPOSAL BY THE SUPERVISORY   For          For                 Mgmt
                            BOARD WITH RESPECT TO THE MANAGING BOARD
                            COMPENSATION POLICY.
                    6       NOMINATION FOR THE APPOINTMENT OF MRS. A.M.   For          For                 Mgmt
                            LLOPIS RIVAS.
                    7       NOMINATION FOR THE REAPPOINTMENT OF D.R.J.    For          For                 Mgmt
                            BARON DE ROTHSCHILD.
                    8       NOMINATION FOR THE REAPPOINTMENT OF MR P.     For          For                 Mgmt
                            SCARONI.
                    9       NOMINATION FOR THE REAPPOINTMENT OF LORD C.   For          For                 Mgmt
                            SHARMAN OF REDLYNCH.
                    10      NOMINATION FOR THE REAPPOINTMENT OF MR M.V.   For          For                 Mgmt
                            PRATINI DE MORAES.
                    11      AUTHORISATION OF THE MANAGING BOARD TO LET    For          For                 Mgmt
                            THE COMPANY ACQUIRE SHARES IN THE COMPANY S
                            CAPITAL, SUBJECT TO THE APPROVAL OF THE
                            SUPERVISORY BOARD.
                    12      AUTHORISATION OF THE MANAGING BOARD TO        For          For                 Mgmt
                            ISSUE ORDINARY SHARES, CONVERTIBLE
                            PREFERENCE SHARES AND PREFERENCE FINANCING
                            SHARES, INCLUDING THE GRANT OF RIGHTS TO
                            SUBSCRIBE FOR SUCH CLASSES OF SHARES FOR A
                            PERIOD OF 18 MONTHS FROM 27 APRIL 2007.
                    13      AUTHORISATION OF THE MANAGING BOARD TO        For          For                 Mgmt
                            RESTRICT OR EXCLUDE SHAREHOLDERS
                            PRE-EMPTIVE RIGHTS FOR A PERIOD OF 18
                            MONTHS FROM 27 APRIL 2007.
                    14      A SHAREHOLDER VOTE ON THE PRINCIPLE THAT IT   Against      Against             ShrHoldr
                            IS IN THE BEST INTERESTS OF ALL
                            SHAREHOLDERS, OTHER STAKEHOLDERS AND THE
                            COMPANY FOR THE MANAGING BOARD OF ABN AMRO
                            TO ACTIVELY PURSUE ANY POSSIBILITIES TO
                            SELL, SPIN-OFF OR MERGE SOME OR ALL OF THE
                            MAJOR BUSIN
                               ISS  Analysis        TCI's  initiative  has  received  some
                               positive  echoes  in  both  the  Netherlands  as well as in
                               international  markets,   leading  to  believe  that  TCI's
                               discontent  with ABN  AMRO's  underperformance  is based on
                               legitimate  concerns  regarding the company's  strategy and
                               the way the management board implements this strategy.  The
                               TSR  performance  of ABN AMRO has been below  average  from
                               2003. As shown by the information  published for the period
                               2003-2006,   the  company  achieved  a  sixteenth  position
                               against 20 peer  companies  (consisting  of the  following:
                               Hypovereinsbank,   Societe  Generale,  Credit  Suisse,  BNP
                               Paribas,  Nordea,  BSCH, JP Morgan Chase, ING, UBS, Merrill
                               Lynch,  Deutsche Bank,  BBVA, Fleet  Boston/National  City,
                               Morgan Stanley,  Barclays,  Bank One/KeyCorp,  Wells Fargo,
                               HSBC,  Citigroup,  and Lloyds TSB). In fact the company has
                               been  underperforming  as of 2001  (ninth  position),  with
                               slightly  above  median for the period  2002-2005  (seventh
                               position).  For the coming period (2004-2007),  the company
                               is projected to be at the thirteenth  position.          In
                               this  context it seems  reasonable  to assume that a change
                               in  strategy  and/or its  implementation  is  necessary  in
                               order to  increase  shareholder  value.  TCI argues  that a
                               break-up,  partial or complete  sale, or merger is the best
                               way to achieve this.  Although ISS does not challenge  that
                               such  a  scenario   has  its  merits,   the   argumentation
                               presented  by TCI  does  not  include  how  exactly  such a
                               dramatic  change in  strategic  course  should be executed.
                               ISS  is  of  the  opinion  that  any  major   restructuring
                               operation  should be done after  careful  planning and with
                               the  full  support  of  the   management.   Cornering   the
                               management  board  could lead to rash  decision  making and
                               further increase risk of failing  performance.          The
                               merit of the TCI  proposals  is that they have  pointed out
                               certain  sore  points  and  thereby  put  pressure  on  the
                               management  board to  intensify  its  efforts  to  increase
                               performance and shareholder  value.  Whether that should be
                               done by selling  the whole or parts of the  company is much
                               less  obvious,  and a forced  break-up  without  management
                               support  significantly  increases  risk  for  shareholders.
                               However,  to ensure  effective  follow-up by the management
                               board,  especially  in  light of the  ongoing  negotiations
                               with  Barclays,  an intensified  disclosure  policy (as put
                               forward by TCI under item 11.4)  seems more  beneficial  at
                               this time than a mandatory sale or merger.
                    15      A SHAREHOLDER VOTE ON THE PRINCIPLE THAT IT   Against      Against             ShrHoldr
                            IS IN THE BEST INTERESTS OF ALL
                            SHAREHOLDERS, OTHER STAKEHOLDERS AND THE
                            COMPANY FOR THE MANAGING BOARD OF ABN AMRO
                            TO RETURN THE CASH PROCEEDS OF ANY MAJOR
                            BUSINESS DISPOSALS TO ALL SHAREHOLDERS BY
                            WAY OF A SH
                               In  line   with  our   recommendation   for  the   previous
                               resolution, we do not recommend support for this item.
                    16      A SHAREHOLDER VOTE ON THE PRINCIPLE THAT IT   Against      Against             ShrHoldr
                            IS IN THE BEST INTERESTS OF ALL
                            SHAREHOLDERS, OTHER STAKEHOLDERS AND THE
                            COMPANY FOR THE MANAGING BOARD OF ABN AMRO
                            TO ACTIVELY PURSUE ANY POSSIBILITIES TO
                            SELL OR MERGE THE WHOLE COMPANY TO MAXIMIZE
                            SHAREHOLDE
                               In absence  of a final  outcome  of the  negotiations  on a
                               potential   merger  with  Barclays  as  well  as  potential
                               counterbids,  and  although  we favor the  maximization  of
                               shareholder  value,  we think it is not in the  interest of
                               shareholders to support this shareholder proposal.
                    17      A SHAREHOLDER VOTE ON THE PRINCIPLE THAT IT   Against      For                 ShrHoldr
                            IS IN THE BEST INTERESTS OF ALL
                            SHAREHOLDERS, OTHER STAKEHOLDERS AND THE
                            COMPANY FOR THE MANAGING BOARD OF ABN AMRO
                            TO REPORT TO SHAREHOLDERS UPON THE OUTCOME
                            OF SUCH ACTIVE INVESTIGATIONS REFERRED TO
                            IN THE AB
                    18      A SHAREHOLDER VOTE ON THE PRINCIPLE THAT IT   Against      Against             ShrHoldr
                            IS IN THE BEST INTERESTS OF ALL
                            SHAREHOLDERS, OTHER STAKEHOLDERS AND THE
                            COMPANY FOR THE MANAGING BOARD OF ABN AMRO
                            TO CEASE THE PURSUIT, FOR A PERIOD OF SIX
                            MONTHS FROM THE DATE OF THE AGM, OF ANY
                            MAJOR BUSINE
                               The  management  board has made a commitment  to not pursue
                               any  major   acquisitions  in  2007  as  it  would  not  be
                               consistent  with its EPS  target.  At this time,  we accept
                               this   management    commitment   and   therefore    advise
                               shareholders not to support this shareholder resolution.


05/17/07 - A        Ace Ltd. *ACE*                          G0070K103                          03/30/07                   2,561
                            Meeting for Holders of ADRs
                    1       ELECTION OF DIRECTOR: BRIAN DUPERREAULT       For          For                 Mgmt
                    2       ELECTION OF DIRECTOR: ROBERT M. HERNANDEZ     For          For                 Mgmt
                    3       ELECTION OF DIRECTOR: PETER MENIKOFF          For          For                 Mgmt
                    4       ELECTION OF DIRECTOR: ROBERT RIPP             For          For                 Mgmt
                    5       ELECTION OF DIRECTOR: DERMOT F. SMURFIT       For          For                 Mgmt
                    6       RATIFICATION OF THE APPOINTMENT OF            For          For                 Mgmt
                            PRICEWATERHOUSECOOPERS LLP AS THE
                            INDEPENDENT REGISTERED PUBLIC ACCOUNTING
                            FIRM OF ACE LIMITED FOR THE FISCAL YEAR
                            ENDING DECEMBER 31, 2007


06/20/07 - A        Aeropostale, Inc *ARO*                  007865108                          05/04/07                      80
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 9 percent is less than
                               the   allowable   cap  for  this  company  of  13  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


04/27/07 - A        Aetna Inc. *AET*                        00817Y108                          02/23/07                   4,412
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Company Specific-Majority Vote Standard for   For          For                 Mgmt
                            the Election of Directors in Uncontested
                            Election
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    4       Restore or Provide for Cumulative Voting      Against      Against             ShrHoldr
                               In this case,  the company meets all of the  aforementioned
                               corporate  governance  criteria and  performance  measures.
                               ISS  commends  the  company for  implementing  confidential
                               voting in uncontested  solicitations,  amending the by-laws
                               to provide  that the board does not have the right to alter
                               the  size  of the  board  beyond  a  range  established  by
                               shareholders and seeking shareholder  approval to amend the
                               articles to adopt  majority  voting for director  elections
                               with  a  plurality   carve-out  for  contested   elections.
                               Accordingly,  shareholder  support for this proposal is not
                               warranted.
                    5       Require Director Nominee Qualifications       Against      Against             ShrHoldr
                               ISS does  not  advocate  that no  inside  directors  sit on
                               boards.  The  CEO  and  other  senior  officers  have  more
                               company  knowledge and experience than anyone on the board.
                               Without their  presence,  boards could not fulfill  another
                               primary  obligation:   to  establish   long-term,   overall
                               business  strategy.  However,  shareholders  clearly need a
                               different  kind  of  director  to  act as a  watchdog  over
                               management,   inside  directors  included.   Further,   ISS
                               believes  that  directors  should  be  accountable  to  all
                               shareholders,  and not potentially beholden to one specific
                               group.  As such,  shareholder  support is not warranted for
                               this proposal.


05/02/07 - A        AGL Resources Inc. *ATG*                001204106                          02/23/07                     970
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


01/25/07 - A        Air Products & Chemicals, Inc. *APD*    009158106                          11/30/06                   2,675
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director William L. Davis III --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Margaret G. McGlynn.  We recommend
                               that  shareholders  WITHHOLD votes from Margaret G. McGlynn
                               for poor attendance.
                    1.2     Elect Director W. Douglas Ford --- For
                    1.3     Elect Director Evert Henkes --- For
                    1.4     Elect Director Margaret G. Mcglynn ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt


06/12/07 - A        Alaska Air Group, Inc. *ALK*            011659109                          04/20/07                     620
                    1       Elect Directors                               For          For                 Mgmt
                    2       Reimbursement For Short-Slate Proxy Contests  Against      Against             ShrHoldr
                               ISS believes that adoption of this binding  proposal  would
                               pose  several  problems.  The  formula by which the company
                               would  provide   reimbursement  would  require  substantial
                               payment  even if a  number  of  dissident  nominees  do not
                               receive significant votes. Additionally,  the proposal does
                               not  include an overall  cap on expense  reimbursement  and
                               could   encourage   frivolous   spending   by   shareholder
                               nominees.  ISS would prefer that dissident nominees include
                               a reimbursement proposal on their proxy cards to be voted.
                    3       Provide for Cumulative Voting                 Against      Against             ShrHoldr
                               In this case,  the company meets all of the  aforementioned
                               corporate    governance    and    performance     criteria.
                               Accordingly,  the  proposal  does not  warrant  shareholder
                               support.
                    4       Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               In this  case,  the  company  does not meet  certain of the
                               criteria  in  the   counterbalancing   structure  described
                               above.  Specifically,  the lead  director  does not perform
                               all of the duties  listed.  We believe  that the  company's
                               governance   structure  does  not  provide  a  satisfactory
                               balance   to  a   unified   chairman   and  CEO   position.
                               Accordingly, the proposal warrants shareholder support.
                    5       Amend Bylaws/Governance Documents -- Call     Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.
                    6       Submit Shareholder Rights Plan (Poison        Against      Against             ShrHoldr
                            Pill) to Shareholder Vote
                               In this  case,  the  company  has a poison  pill  policy in
                               place  which  includes  a  fiduciary  out  with a  one-year
                               sunset  provision.  ISS believes that the company's current
                               policy adequately addresses the proponent's concerns.


07/24/06 - A        Alaska Communications Systems Group,    01167P101                          06/07/06                     280
                    Inc. *ALSK*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/11/07 - A        Albemarle Corp. *ALB*                   012653101                          02/01/07                   1,700
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


12/14/06 - S        Aleris International Inc                014477103                          11/01/06                     738
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given   that   ISS  is   supportive   of   the   underlying
                               transaction,  we support the narrowly  crafted  proposal to
                               adjourn  the   meeting   for  the  purpose  of   soliciting
                               additional votes.


05/17/07 - A        Allegheny Energy, Inc. *AYE*            017361106                          03/12/07                   3,302
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Claw-back of Payments under Restatements      Against      Against             ShrHoldr
                               ISS believes that the company has  fundamentally  addressed
                               the  proponent's  key concerns.  ISS believes this proposal
                               does not warrant shareholder support.
                    4       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing   structure  described  above.          We
                               believe that the company's  governance structure provides a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    5       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               ISS  believes  that  this  proposal  warrants   shareholder
                               support.
                    6       Amend Articles/Bylaws/Charter -- Call         Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to enhance  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.
                    7       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               The proposal requests that a significant  portion of future
                               stock  option   grants  to  senior   executives   shall  be
                               performance-based.  ISS  believes  that this is not  unduly
                               restrictive.  Based on the available public disclosure,  we
                               could not directly  link any of the stock option  grants or
                               other equity  grants to  performance  metrics.  As such, we
                               support this proposal.
                    8       Report on Impact of Utilizing the National    Against      Against             ShrHoldr
                            Interest Electric Transmission Corridor
                               Therefore,   based  on  the  current  level  of  disclosure
                               provided  by the company on this topic and  questions  over
                               the utility of the requested  information,  ISS  recommends
                               that shareholders oppose this resolution.
                    9       Report on Power Plant Emissions               Against      For                 ShrHoldr
                               Therefore,  based  on  the  lack  of  detailed  information
                               available  on the  company's  approach  to  sustaining  its
                               operations  and  profits   despite   shifting   legislation
                               related to climate change and  heightening  public concerns
                               on  these  issues,   the  limited  cost   associated   with
                               expanding such  information  within the company's  existing
                               disclosure,  and the  potential  benefit that  shareholders
                               may derive from such  transparency,  ISS  recommends a vote
                               for this resolution.


05/02/07 - A        Allegheny Technologies, Inc. *ATI*      01741R102                          03/05/07                     500
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Prepare a Sustainability Report               Against      For                 ShrHoldr


09/20/06 - S        Allergan, Inc. *AGN*                    018490102                          08/14/06                     625
                    1       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 200,000,000  shares is below the
                               allowable threshold of 330,000,000 shares.


05/08/07 - A        Allete Inc. *ALE*                       018522300                          03/09/07                   1,130
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        ALLTEL Corp. *AT*                       020039103                          04/11/07                   1,685
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/04/07 - S        Altiris, Inc                            02148M100                          02/28/07                     360
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given   that   ISS  is   supportive   of   the   underlying
                               transaction,  we support the narrowly  crafted  proposal to
                               adjourn  the   meeting   for  the  purpose  of   soliciting
                               additional  votes.        Note:  As noted in the  company's
                               proxy,  Technology  Crossover  Ventures  is the  beneficial
                               owner of 10.29% of the  company's  stock and has executed a
                               Voting  Agreement  pursuant  to which it has agreed to vote
                               in favor  of the  merger  which  is  being  voted on at the
                               company's special meeting. In addition,  one of the members
                               of the  company's  Board of Directors is a Managing  Member
                               of Technology  Crossover  Ventures.  Please see the note at
                               the end of this  analysis  regarding  Technology  Crossover
                               Ventures' ownership interest in ISS.  Technology  Crossover
                               Ventures   played  no  role  in  the  preparation  of  this
                               analysis or ISS' vote recommendation on this matter.


04/26/07 - A        Altria Group, Inc. *MO*                 02209S103                          03/05/07                  10,641
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Provide for Cumulative Voting                 Against      For                 ShrHoldr
                               In this  case,  the  company  fails to meet  certain of the
                               aforementioned      corporate      governance     criteria.
                               Specifically,  shareholders  may not call special  meetings
                               and  may  not  act by  written  consent.  Accordingly,  the
                               proposal warrants shareholder support.
                    4       Disclose Information on Secondhand Smoke      Against      Against             ShrHoldr
                               Considering  the  level  of  discussion  on  SHS  that  the
                               company  provides on its website and through  other  public
                               venues,  including specific  information on health risks to
                               children  with  exposure  to SHS  and  language  advocating
                               increased  regulation  on  labeling  and  smoking in public
                               places;  as well as  concerns  over the  structure  of this
                               resolution, ISS does not recommend shareholder support.
                    5       Cease Add Campaigns Oriented to Prevent       Against      Against             ShrHoldr
                            Youth Smoking
                               Although we believe  that Altria  should be taking steps to
                               explore avenues to improve the  effectiveness  of its youth
                               anti-smoking  advertising  campaign,  ISS  is  particularly
                               concerned  by the  scope  and  nature  of  the  proponent's
                               requests.  We do not think that it is either  practical  or
                               in  the  best   interest   of  the   company  to  halt  all
                               advertisements  within one week of the 2007 annual meeting.
                               Such a  response  may not allow the  company  to  develop a
                               strategic  solution to these concerns by further  reviewing
                               the  effectiveness  of  its  youth  advertising  campaigns.
                               Furthermore,  ISS questions the benefit to  shareholders of
                               annually   transferring  funds  from  company  YSP  ads  to
                               advertising  campaigns  which  are  purported  to have been
                               more  effective,  absent a coherent and  effective  process
                               and/or  methodology  for the  evaluation  of these  outside
                               campaigns.  As such,  we believe that  shareholders  should
                               not support this request.
                    6       Cease Production, Promotion, and Marketing    Against      Against             ShrHoldr
                            of Tobacco Products
                               ISS notes the company's  new strategic  direction is likely
                               to represent a portfolio-mix  well in excess of its current
                               73 percent tobacco holdings,  following its divestment from
                               Kraft,  As such,  requesting a full divestment by 2010 from
                               its  tobacco  may  be   unfeasible   from  an   operational
                               perspective.  ISS believes that  requesting  the company to
                               fully  change its  primary  line  business,  when  balanced
                               against  the  company's  historical  financial  performance
                               would significantly  disrupt strategic  operations,  weaken
                               market   penetration   and  represent  the  abandonment  of
                               established  brand  recognition.   Ultimately,  it  is  our
                               opinion  that  this  request  would  benefit   neither  the
                               company nor its  shareholders.  Based on these  facts,  ISS
                               does  not  believe  this  proposal   warrants   shareholder
                               support.
                    7       Adopt Animal Welfare Policy                   Against      Against             ShrHoldr
                               In this  case,  ISS notes  that  Altria  has  committed  to
                               compliance  with  applicable  guidelines on animal welfare,
                               and   that  the   company's   position   does  not   appear
                               inconsistent  with  industry   standards.   Moreover,   the
                               company has  received  accreditation  from the  Association
                               for Assessment and  Accreditation of Laboratory Animal Care
                               (AAALAC)  for the testing  conducted  by its  laboratories.
                               Finally,  establishing  new  policies  on  animal  welfare,
                               monitoring  the  compliance  of  external   animal  testing
                               facilities,  and reporting this information to shareholders
                               may not provide benefits to shareholders  commensurate with
                               cost and burden of complying  with this  request.  As such,
                               we do not recommend shareholder support for the resolution.


05/10/07 - A        AMB Property Corp. *AMB*                00163T109                          03/06/07                   2,059
                    1       Elect Director Afsaneh M. Beshloss            For          For                 Mgmt
                    2       Elect Director T. Robert Burke                For          For                 Mgmt
                    3       Elect Director David A. Cole                  For          For                 Mgmt
                    4       Elect Director Lydia H. Kennard               For          For                 Mgmt
                    5       Elect Director J. Michael Losh                For          For                 Mgmt
                    6       Elect Director Hamid R. Moghadam              For          For                 Mgmt
                    7       Elect Director Frederick W. Reid              For          For                 Mgmt
                    8       Elect Director Jeffrey L. Skelton             For          For                 Mgmt
                    9       Elect Director Thomas W. Tusher               For          For                 Mgmt
                    10      Ratify Auditors                               For          For                 Mgmt
                    11      Amend Omnibus Stock Plan                      For          For                 Mgmt
                               VI.  Vote   Recommendation   We  commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the company's  plans of 14 percent is above the
                               allowable cap for this company of 5 percent.  Additionally,
                               the company's  three year average burn rate of 2.69 percent
                               is  higher  than its  four-digit  GICS  peer  group of 2.23
                               percent.   Therefore,   the   company   has  failed   ISS's
                               three-year average burn rate policy.
                    12      Pay For Superior Performance                  Against      Against             ShrHoldr
                               In this case,  while the  company's  annual  and  long-term
                               compensation    programs   for   senior    executives   are
                               substantially  performance-based,   the  company  does  not
                               disclose  level of payout if the target TSR is  attained or
                               exceeded,  or limits on bonuses for award  grants to senior
                               executives  under the long-term  incentive  program,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes shareholders should support this proposal.


05/08/07 - A        Ambac Financial Group, Inc. *ABK*       023139108                          03/09/07                     525
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


01/18/07 - A        Amdocs Limited *DOX*                    G02602103                          11/20/06                   2,975
                            Meeting for ADR Holders
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Bruce K. Anderson --- For
                               A  vote  in  favor  of  all of  the  director  nominees  is
                               recommended,   with  the   exception  of  Segal  who  is  a
                               non-independent   non-executive  director  serving  on  the
                               Nominating Committee.
                    1.2     Elect Director Adrian Gardner --- For
                    1.3     Elect Director Charles E. Foster --- For
                    1.4     Elect Director James S. Kahan --- For
                    1.5     Elect Director Dov Baharav --- For
                    1.6     Elect Director Julian A. Brodsky --- For
                    1.7     Elect Director Eli Gelman --- For
                    1.8     Elect Director Nehemia Lemelbaum --- For
                    1.9     Elect Director John T. Mclennan --- For
                    1.10    Elect Director Robert A. Minicucci --- For
                    1.11    Elect Director Simon Olswang --- For
                    1.12    Elect Director Mario Segal --- Withhold
                    1.13    Elect Director Joseph Vardi --- For
                    2       APPROVAL OF CONSOLIDATED FINANCIAL            For          For                 Mgmt
                            STATEMENTS FOR FISCAL YEAR 2006.
                    3       RATIFICATION AND APPROVAL OF ERNST & YOUNG    For          For                 Mgmt
                            LLP AND AUTHORIZATION OF AUDIT COMMITTEE OF
                            BOARD TO FIX REMUNERATION.


06/07/07 - A        Amedisys, Inc. *AMED*                   023436108                          04/09/07                     864
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director William F. Borne --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider David R. Pitts.  We recommend that
                               shareholders  WITHHOLD  votes  from David R. Pitts for poor
                               attendance.
                    1.2     Elect Director Ronald A. Laborde --- For
                    1.3     Elect Director Jake L. Netterville --- For
                    1.4     Elect Director David R. Pitts --- Withhold
                    1.5     Elect Director Peter F. Ricchiuti --- For
                    1.6     Elect Director Donald A. Washburn --- For
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of  30,000,000  shares is below the
                               allowable threshold of 46,500,000 shares.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                 Mgmt
                               ISS  approves of this item because 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.


06/12/07 - A        American Eagle Outfitters, Inc. *AEO*   02553E106                          04/16/07                   4,297
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 350,000,000  shares is below the
                               allowable threshold of 462,500,000 shares.
                    3       Ratify Auditors                               For          For                 Mgmt


04/23/07 - A        American Express Co. *AXP*              025816109                          02/28/07                   3,652
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Provide for Cumulative Voting                 Against      For                 ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.  Specifically,   shareholders  do  not  have  the
                               ability to call special  meetings or act by written consent
                               with 90 days' notice.  Accordingly,  the proposal  warrants
                               shareholder support.


05/17/07 - A        American Financial Group, Inc. *AFG*    025932104                          03/30/07                     885
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/16/07 - A        American International Group, Inc.      026874107                          03/23/07                   7,834
                    *AIG*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Given that: 1) the company's  long-term equity compensation
                               program  for  senior   executives   is  not   significantly
                               performance-based  according  to  ISS'  guidelines;  and 2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.


04/25/07 - A        Ameriprise Financial, Inc. *AMP*        03076C106                          02/28/07                   1,840
                    1       Elect Director James M. Cracchiolo            For          For                 Mgmt
                    2       Elect Director Warren D. Knowlton             For          For                 Mgmt
                    3       Elect Director H. Jay Sarles                  For          For                 Mgmt
                    4       Elect Director Robert F. Sharpe, Jr.          For          For                 Mgmt
                    5       Amend Omnibus Stock Plan                      For          For                 Mgmt
                               The proposed  amendments  do not affect  shareholder  value
                               transfer in a negative  manner.  Moreover,  preservation of
                               the full  deductibility  of all  compensation  paid reduces
                               the  company's   corporate  tax  obligation,   pursuant  to
                               Section   162(m)  under  the  Internal   Revenue  Code  for
                               performance-based  compensation.  Shareholder  support  for
                               this proposal is warranted.
                    6       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        AMETEK, Inc. *AME*                      031100100                          03/09/07                   2,087
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 200,000,000  shares is below the
                               allowable threshold of 290,000,000 shares.
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Ratify Auditors                               For          For                 Mgmt


05/09/07 - A        Amgen, Inc. *AMGN*                      031162100                          03/12/07                   2,235
                    1       Elect Director Frank J. Biondi, Jr.           For          For                 Mgmt
                    2       Elect Director Jerry D. Choate                For          For                 Mgmt
                    3       Elect Director Frank C. Herringer             For          For                 Mgmt
                    4       Elect Director Gilbert S. Omenn               For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       Declassify the Board of Directors             For          For                 Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important use of the  shareholder  franchise.  ISS believes
                               that all  directors  should  be  accountable  on an  annual
                               basis.  A  classified  board can  entrench  management  and
                               effectively  preclude most takeover bids or proxy contests.
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    7       Declassify the Board of Directors             For          For                 Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important use of the  shareholder  franchise.  ISS believes
                               that all  directors  should  be  accountable  on an  annual
                               basis.  A  classified  board can  entrench  management  and
                               effectively  preclude most takeover bids or proxy contests.
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    8       Develop an Animal Welfare Policy              Against      Against             ShrHoldr
                               ISS notes  that  Amgen has  committed  to  compliance  with
                               applicable  guidelines  on  animal  welfare,  and  that the
                               company's  position  does  not  appear   inconsistent  with
                               industry  standards.  Moreover,  the company  has  received
                               accreditation  from the AAALAC for the testing conducted by
                               its  laboratories.  Finally,  establishing  new policies on
                               animal  welfare,  monitoring  the  compliance  of  external
                               animal testing  facilities,  and reporting this information
                               to  shareholders  may not provide  benefits to shareholders
                               commensurate  with cost and burden of  complying  with this
                               request.  As such, we do not recommend  shareholder support
                               for the resolution.
                    9       Prepare a Sustainability Report               Against      Against             ShrHoldr
                               ISS encourages  Amgen to increase its level of transparency
                               related to  certain  social  and  environmental  management
                               strategies  and  performance   metrics.  By  continuing  to
                               expand on its existing sustainability-related  information,
                               management  may gain a better  understanding  of how  these
                               issues affect the company's strategic position.  That said,
                               we  believe  that  Amgen's  existing   disclosure  provides
                               sufficient  insight for shareholders  into its policies and
                               practices  and  demonstrates  a  commitment  to  addressing
                               numerous   issues  related  to  creating  and   maintaining
                               sustainable  operations.  As such,  we do not believe  this
                               proposal warrants shareholder support.


04/18/07 - A        AMN Healthcare Services Inc. *AHS*      001744101                          02/19/07                     614
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 11 percent is less than
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/23/07 - A        Amphenol Corp. *APH*                    032095101                          04/02/07                     700
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 300,000,000  shares is below the
                               allowable threshold of 430,000,000 shares.


10/03/06 - S        AmSouth Bancorporation                  032165102                          08/14/06                   5,008
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Although we have some concerns  about the MOE structure and
                               lack of  market  check,  based  on the  sensible  strategic
                               rationale,  attractive and reasonable  potential synergies,
                               increased  dividend  payout and  takeover  speculation,  we
                               believe  that  the  proposed  merger  warrants  shareholder
                               support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for  this  transaction,   we  recommend  that  shareholders
                               support this proposal.


04/25/07 - A        Anheuser-Busch Companies, Inc. *BUD*    035229103                          02/28/07                   4,815
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 6
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Approve Nonqualified Employee Stock           For          For                 Mgmt
                            Purchase Plan
                                                                                   VI.
                               Vote  Recommendation        The  plan has a employer  match
                               rate  in  the  range  of 10 to 50  percent  of  all  shares
                               purchased  by  participant.  If  the  employer  match  were
                               greater  than 25  percent  of  employ's  contribution,  the
                               non-qualified  employee  stock purchase plan acts more like
                               an incentive  award.  Hence the shareholder  value transfer
                               becomes one of  concerns.        The  estimated shareholder
                               value  transfer  of the  company's  plans of 3  percent  is
                               equal to or less than the  allowable  cap for this  company
                               of 6 percent.
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       Report on Charitable Contributions            Against      Against             ShrHoldr


09/06/06 - A        Ansoft Corp. *ANST*                     036384105                          07/27/06                     410
                    1       Elect Directors                               For          For                 Mgmt


05/22/07 - A        Anthracite Capital, Inc. *AHR*          037023108                          03/30/07                     490
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/27/07 - A        Apogee Enterprises, Inc. *APOG*         037598109                          05/04/07                     294
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt


05/10/07 - A        Apple, Inc. *AAPL*                      037833100                          03/20/07                   5,800
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director William V. Campbell ---
                            Withhold
                               In 2003, ISS recommended  withholds from almost all members
                               of the  board,  including  Steve  Jobs  for  conducting  an
                               option   exchange   program   without   prior   shareholder
                               approval.  Once  again,  Apple is  displaying  a pattern of
                               poor pay practice and disregard for shareholders'  input on
                               compensation  issues  at the  company.  The  Apple  board's
                               handling of the entire  options  imbroglio does not inspire
                               investor  confidence.  The  window  into  current  and past
                               compensation  practices  at  the  company  provided  by the
                               board is best described as opaque.  Instead of candor,  the
                               directors  have parsed  their words with such  deliberation
                               that  they have at times  tortured  the  English  language.
                               Handcuffed   by  its  own   spin,   the   board  has  taken
                               insufficient  steps to assure  investors that insiders will
                               not  profit  from the  favorable  timing of equity  grants.
                               Such  behavior sets an  unacceptably  low bar for corporate
                               conduct  at  Apple.  In this  age of  heightened  corporate
                               scrutiny,  it is  critical  that the  board  sets the tone.
                               Unfortunately,  the Apple board with respect to these grant
                               timing  issues  has  proven  to be  tone-deaf  at the  top.
                               Strong   financial   performance   does  not  excuse   such
                               shortcomings   in  oversight.   CEO  Steve  Jobs  has  been
                               instrumental  in creating  significant  shareholder  value;
                               however,  a  cult-like  devotion  to any  CEO can be a huge
                               downside risk to shareholders.  The entire board, including
                               Steve  Jobs,  needs to ensure that even  superstar  CEOs do
                               not  rule  the  empire.   At  this  time,   ISS  recommends
                               withholding  from  all  members  of the  past  and  present
                               compensation  committee  (Millard  S.  Drexler,  William V.
                               Campbell,  Albert  Gore Jr.  and Arthur  Levinson)  and the
                               special  committee  (Jerome B. York,  Albert Gore Jr.,  and
                               Eric E.  Schmidt).  As for Steve Jobs, ISS will continue to
                               monitor  the  situation  as it unfolds  and update our vote
                               recommendation,  if necessary. We note that the company has
                               a plurality  vote  standard for the election of  directors.
                               Therefore,  the  withhold  vote  would  serve  as a  strong
                               signal to the board  but  would  not cause  removal  of the
                               directors.
                    1.2     Elect Director Millard S. Drexler ---
                            Withhold
                    1.3     Elect Director Albert A. Gore, Jr. ---
                            Withhold
                    1.4     Elect Director Steven P. Jobs --- For
                    1.5     Elect Director Arthur D. Levinson, Ph.D.
                            --- Withhold
                    1.6     Elect Director Eric E. Schmidt, Ph.D. ---
                            Withhold
                    1.7     Elect Director Jerome B. York --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                 Mgmt
                               ISS  approves of this item because 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 Non-Employee Director Stock Option      For          For                 Mgmt
                            Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       Compensation Specific--Option Dating Policy   Against      For                 ShrHoldr
                               ISS notes that many  companies,  including  those that have
                               not been alleged with options backdating,  have adopted and
                               disclosed  fixed  equity  grant  schedule  with  respect to
                               annual  equity  grants  as well as new hire  grants.  Other
                               companies  publicly  disclose that they have adopted window
                               period  policy on equity grants and do not  coordinate  the
                               issuance of equity  compensation in  coordination  with the
                               release of material  non-public  information.  ISS supports
                               this proposal in light of the company's  past  misdating of
                               options and the lack of  disclosure  of its current  option
                               grant practices.
                    7       Pay For Superior Performance                  Against      For                 ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation   programs  for  senior   executives  are  not
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   the  company   does  not  disclose
                               specific hurdles rates for its annual incentive  program to
                               senior executives,  which denies shareholder the ability to
                               monitor  the   correlation   between   executive   pay  and
                               performance.  Accordingly, ISS believes shareholders should
                               support this proposal.
                    8       Report on Feasibility of Adopting a Toxic     Against      Against             ShrHoldr
                            Chemical Elimination Policy
                               Therefore,  based on our concern with the structure of this
                               resolution,  as  well  as  the  management's  policies  and
                               commitments  to  actively   assess  and  manage  its  toxic
                               chemical   related   risks,   and  the  existing  level  of
                               disclosure  related  to its  toxic  chemical  policies  and
                               initiatives,  ISS recommends that shareholders  oppose this
                               resolution.
                    9       Stock Retention/Holding Period                Against      For                 ShrHoldr
                               ISS supports this  shareholder  proposal as the company has
                               not adopted any  executive  stock  ownership  guidelines or
                               retention guidelines.
                    10      Report on Computer Recycling Policy           Against      Against             ShrHoldr
                               ISS  agrees  with the  proponent  that the  company  should
                               continuously  evaluate its  recycling  programs,  including
                               publicly   stated   recovery  goals,  to  ensure  that  its
                               policies  do not appear to lag behind  industry  standards.
                               In this case,  we note that the company  does not appear to
                               disclose   product  take  back  goals  and  its   recycling
                               programs  may not be in all cases be as  flexible  relative
                               to industry peers.  That said, we note that the company has
                               taken  significant  strides in the last year to upgrade its
                               recycling   initiatives  by  offering  free  recycling  and
                               shipping  of any old  computer to  purchasers  of new Apple
                               MacintoshAE;  computers or  flat-panel  displays.  Further,
                               ISS   notes   that   the   company    offers    substantial
                               country-specific  information  to assist  customers  in the
                               recycling  of its  products.  Regarding  its  environmental
                               management  systems,  Apple provides  significant  publicly
                               available    information     discussing    the    company's
                               environmental  policies and  commitments  to minimize waste
                               and toxic  chemicals  over the course of its products' life
                               cycle.  While  we  agree  that  this  disclosure  does  not
                               address   each  issue   recommended   by  the   proponent's
                               resolution,  it does provide  shareholders with substantial
                               insight  into the  company's  environmental  and  recycling
                               policies,  and it demonstrates an active  commitment on the
                               part of the company to  continue  to improve  its  existing
                               environmental,  product life cycle, and  recycling-specific
                               initiatives.  Additionally,  the  company  has not been the
                               subject  of  recent  fines or  litigation  related  to this
                               issue  suggesting that the company has systematic  problems
                               with its environmental  management  systems. As such, we do
                               not believe this proposal warrants shareholder support.
                    11      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


10/19/06 - A        Applera Corp                            038020103                          08/30/06                   1,220
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Richard H. Ayers --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of James R.  Tobin and  Jean-Luc  Belingard.  We  recommend
                               shareholders   WITHHOLD  votes  from  James  R.  Tobin  for
                               standing as an affiliated  outsider on the Audit Committee.
                               We also  recommend  that  shareholders  WITHHOLD votes from
                               Jean-Luc Belingard for sitting on more than three boards.
                    1.2     Elect Director Jean-Luc Belingard ---
                            Withhold
                    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
                    1.9     Elect Director James R. Tobin --- Withhold
                    1.10    Elect Director Tony L. White --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Change Company Name                           For          For                 Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    4       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 8.53 percent is within the  allowable cap for this
                               company   of  12.36   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    5       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.41 percent is within the  allowable cap for this
                               company   of  13.12   percent.   Additionally,   this  plan
                               expressly forbids repricing.


05/30/07 - A        Arbor Realty Trust, Inc. *ABR*          038923108                          04/13/07                     471
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Stock Ownership Limitations           For          For                 Mgmt
                               This  proposal  makes  a  minor  change  to  the  company's
                               current  ownership  limits,  which are  intended to protect
                               the REIT  status  of the  company.  ISS  believes  that the
                               proposed 7.0-percent  ownership limit is reasonable.  Given
                               that  the  proposal  is not  detrimental  to  shareholders'
                               rights,  and may allow the company to  preserve  capital by
                               paying  stock-based  incentive fees, we believe it warrants
                               shareholder support.


04/26/07 - A        Arch Chemicals, Inc. *ARJ*              03937R102                          03/02/07                   1,000
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/16/07 - A        Archstone Smith Trust *ASN*             039583109                          03/26/07                     510
                    1       Elect Directors                               For          For                 Mgmt
                    2       Pay For Superior Performance                  Against      Against             ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   a   substantial   portion  of  the
                               executives;   short-term   and   long-term   incentives  is
                               benchmarked  to  the  company's   performance  against  the
                               NAREIT  Apartment  Index.  Further,  the  company  provides
                               disclosure   regarding  the  achievement  levels  at  which
                               certain  awards  were  paid  in  the  past.  While  we  are
                               concerned  by the fact that the same  performance  criteria
                               are  used  for  both the  cash  bonus  and RSU  grants,  we
                               believe  that the company has  sufficiently  fulfilled  the
                               objective of the proposal.  As such, we do not believe that
                               this item warrants shareholder support.
                    3       Ratify Auditors                               For          For                 Mgmt


05/08/07 - A        Argonaut Group, Inc. *AGII*             040157109                          03/22/07                     570
                    1       Elect Directors                               For          For                 Mgmt


05/24/07 - A        Arris Group Inc *ARRS*                  04269Q100                          03/30/07                   2,995
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 11 percent is less than
                               the   allowable   cap  for  this  company  of  15  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/04/07 - A        Asbury Automotive Group. Inc. *ABG*     043436104                          03/15/07                     490
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/17/07 - A        Assurant Inc *AIZ*                      04621X108                          03/30/07                   1,950
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Michel Baise --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Howard L. Carver --- For
                    1.3     Elect Director Juan N. Cento --- For
                    1.4     Elect Director Allen R. Freedman --- For
                    2       Ratify Auditors                               For          For                 Mgmt


05/01/07 - A        Astec Industries, Inc. *ASTE*           046224101                          02/23/07                     660
                    1       Elect Directors                               For          For                 Mgmt
                    2       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


04/26/07 - A        Astrazeneca plc                         046353108                          03/16/07                   1,289
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE COMPANY S ACCOUNTS AND THE     For          For                 Mgmt
                            REPORTS OF THE DIRECTORS AND AUDITOR FOR
                            THE YEAR ENDED DECEMBER 31, 2006
                    2       TO CONFIRM DIVIDENDS                          For          For                 Mgmt
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       TO AUTHORISE THE DIRECTORS TO AGREE THE       For          For                 Mgmt
                            REMUNERATION OF THE AUDITOR
                    5(a)    Elect Director Louis Schweitzer               For          For                 Mgmt
                    5(b)    Elect Director Hakan Mogren                   For          For                 Mgmt
                    5(c)    Elect Director David R Brennan                For          For                 Mgmt
                    5(d)    Elect Director John Patterson                 For          For                 Mgmt
                    5(e)    Elect Director Jonathan Symonds               For          For                 Mgmt
                    5(f)    Elect Director John Buchanan                  For          For                 Mgmt
                    5(g)    Elect Director Jane Henney                    For          For                 Mgmt
                    5(h)    Elect Director Michele Hooper                 For          For                 Mgmt
                    5(i)    Elect Director Joe Jimenez                    For          For                 Mgmt
                    5(j)    Elect Director Dame Nancy Rothwell            For          For                 Mgmt
                    5(k)    Elect Director John Varley                    For          For                 Mgmt
                    5(l)    Elect Director Marcus Wallenberg              For          For                 Mgmt
                    6       TO APPROVE THE DIRECTORS REMUNERATION         For          For                 Mgmt
                            REPORT FOR THE YEAR ENDED DECEMBER 31, 2006
                    7       TO AUTHORISE LIMITED EU POLITICAL DONATIONS   For          For                 Mgmt
                    8       TO AUTHORISE THE DIRECTORS TO ALLOT           For          For                 Mgmt
                            UNISSUED SHARES
                    9       TO AUTHORISE THE DIRECTORS TO DISAPPLY        For          For                 Mgmt
                            PRE-EMPTION RIGHTS
                    10      TO AUTHORISE THE COMPANY TO PURCHASE ITS      For          For                 Mgmt
                            OWN SHARES
                    11      TO AUTHORISE ELECTRONIC COMMUNICATION WITH    For          For                 Mgmt
                            SHAREHOLDERS


07/21/06 - S        AT&T Inc *T*                            00206R102                          06/01/06                  18,999
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               We  believe  that  the  merger  has  a  sensible  strategic
                               rationale,  and that the market has had a positive  initial
                               to date  reaction  to the deal.  Based on our review of the
                               terms of the transaction and the factors  described  above,
                               we believe that the share  issuance in connection  with the
                               merger with BellSouth warrants shareholder support.


04/27/07 - A        AT&T Inc *T*                            00206R102                          02/28/07                  31,075
                    1       Elect Director William F. Aldinger III        For          For                 Mgmt
                               At this time, ISS will monitor the company's  executive pay
                               practices and may recommend  withholding from  compensation
                               committees in the future.
                    2       Elect Director Gilbert F. Amelio              For          For                 Mgmt
                    3       Elect Director Reuben V. Anderson             For          For                 Mgmt
                    4       Elect Director James H. Blanchard             For          For                 Mgmt
                    5       Elect Director August A. Busch III            For          For                 Mgmt
                    6       Elect Director James P. Kelly                 For          For                 Mgmt
                    7       Elect Director Charles F. Knight              For          For                 Mgmt
                    8       Elect Director Jon C. Madonna                 For          For                 Mgmt
                    9       Elect Director Lynn M. Martin                 For          For                 Mgmt
                    10      Elect Director John B. McCoy                  For          For                 Mgmt
                    11      Elect Director Mary S. Metz                   For          For                 Mgmt
                    12      Elect Director Toni Rembe                     For          For                 Mgmt
                    13      Elect Director Joyce M. Roche                 For          For                 Mgmt
                    14      Elect Director Randall L. Stephenson          For          For                 Mgmt
                    15      Elect Director Laura D' Andrea Tyson          For          For                 Mgmt
                    16      Elect Director Patricia P. Upton              For          For                 Mgmt
                    17      Elect Director Edward E. Whitacre, Jr.        For          For                 Mgmt
                    18      Ratify Auditors                               For          For                 Mgmt
                    19      Compensation Specific-Severance Payments to   For          For                 Mgmt
                            Executives
                               ISS commends the company for  adopting  such a policy,  and
                               recommends that shareholder vote FOR this proposal.
                    20      Report on Political Contributions             Against      Against             ShrHoldr
                               Based on existing  disclosure that AT&T provides  regarding
                               its  rationale,  policies,  and  oversight  mechanisms  for
                               corporate  political  contributions  and trade  association
                               activities,  and a lack of recent,  significant controversy
                               or  litigation  related to such public  policy  activities,
                               ISS  does  not  recommend   shareholder  support  for  this
                               resolution.
                    21      Amend Articles/Bylaws/Charter - Call          Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    22      Pay For Superior Performance                  Against      For                 ShrHoldr
                    23      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    24      Establish SERP Policy                         Against      For                 ShrHoldr
                               The  company's  plan uses the average base salary and bonus
                               for calculation of the retirement benefits,  which can have
                               the  effect  of  converting   short-term   incentives  into
                               guaranteed  future  benefits  and  creating  a  substantial
                               lifetime  cost to the  company  and its  shareholders.  ISS
                               recommends shareholders vote FOR this proposal.


05/18/07 - PC       Atmel Corp. *ATML*                      049513104                          04/05/07                  27,738
                            Management Proxy (White Card)
                    1       Remove Directors Pierre Fougere, T. Peter     Against      DoNotVot            ShrHoldr
                            Thomas, Chaiho Kim, David Sugishita and
                            Steven Laub
                            Dissident Proxy (Green Card)
                    1       Remove Existing Director Pierre Fougere       For          Against             ShrHoldr
                    2       Remove Existing Director Chaiho Kim           For          For                 ShrHoldr
                    3       Remove Existing Steven Laub                   For          Against             ShrHoldr
                    4       Remove Existing David Sugishita               For          Against             ShrHoldr
                    5       Remove Existing T. Peter Thomas               For          Against             ShrHoldr
                    6       Elect Directors (Opposition Slate)            For          Split               Mgmt
                    6.1     Elect Director Brian S. Bean --- For
                    6.2     Elect Director Joseph F. Berardino ---
                            Against
                    6.3     Elect Director Bernd U Braune --- Against
                    6.4     Elect Director John D Kubiatowicz ---
                            Against
                    6.5     Elect Director George A. Vandeman ---
                            Against


02/07/07 - A        Atmos Energy Corp. *ATO*                049560105                          12/11/06                   1,237
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Robert W. Best --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of insider Robert W. Best and affiliated  outsider  Charles
                               K. Vaughan.  We recommend that shareholders  WITHHOLD votes
                               from  Robert  W. Best for  standing  as an  insider  on the
                               Audit,  Compensation,  and Nominating  committees.  We also
                               recommend that shareholders  WITHHOLD votes from Charles K.
                               Vaughan  for  standing  as an  affiliated  outsider  on the
                               Audit, Compensation, and Nominating committees.
                    1.2     Elect Director Thomas J. Garland --- For
                    1.3     Elect Director Phillip E. Nichol --- For
                    1.4     Elect Director Charles K. Vaughan ---
                            Withhold
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the allowable cap for this company of 5 percent.
                    3       Approve/Amend Executive Incentive Bonus Plan  For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures for assessing  market  competitiveness.  Moreover,
                               preservation of the full  deductibility of all compensation
                               paid  reduces  the  company's   corporate  tax  obligation.
                               However,  ISS  believes  that  the  compensation  committee
                               should  compose  of solely  independent  directors  and may
                               recommend  a vote  AGAINST  the  proposal  in the future if
                               affiliated directors continue to sit on the committee.


04/26/07 - A        Avery Dennison Corp. *AVY*              053611109                          02/26/07                   2,180
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


11/09/06 - A        Avnet, Inc. *AVT*                       053807103                          09/12/06                   1,659
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 5.62 percent is within the  allowable cap for this
                               company   of  12.47   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               We believe that  Avnet's  governance  structure  provides a
                               satisfactory   balance  to  a  unified   Chairman  and  CEO
                               position.


05/24/07 - A        BancFirst Corp. *BANF*                  05945F103                          04/12/07                     164
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        Bank of America Corp. *BAC*             060505104                          03/02/07                  22,322
                    1       Elect Director William Barnet, III            For          For                 Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Frank P. Bramble, Sr.          For          For                 Mgmt
                    3       Elect Director John T. Collins                For          For                 Mgmt
                    4       Elect Director Gary L. Countryman             For          For                 Mgmt
                    5       Elect Director Tommy R. Franks                For          For                 Mgmt
                    6       Elect Director Charles K. Gifford             For          For                 Mgmt
                    7       Elect Director W. Steven Jones                For          For                 Mgmt
                    8       Elect Director Kenneth D. Lewis               For          For                 Mgmt
                    9       Elect Director Monica C. Lozano               For          For                 Mgmt
                    10      Elect Director Walter E. Massey               For          For                 Mgmt
                    11      Elect Director Thomas J. May                  For          For                 Mgmt
                    12      Elect Director Patricia E. Mitchell           For          For                 Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                 Mgmt
                    14      Elect Director O. Temple Sloan, Jr.           For          For                 Mgmt
                    15      Elect Director Meredith R. Spangler           For          For                 Mgmt
                    16      Elect Director Robert L. Tillman              For          For                 Mgmt
                    17      Elect Director Jackie M. Ward                 For          For                 Mgmt
                    18      Ratify Auditors                               For          For                 Mgmt
                    19      Prohibit Executive Stock-Based Awards         Against      Against             ShrHoldr
                               According   to  ISS  policy,   stock  option  plans  should
                               explicitly  prohibit  repricing  underwater options without
                               shareholder  consent. We do, however,  believe that issuers
                               should have some latitude in  determining  the mix of award
                               types  granted to  executives  and  employees.  The company
                               currently  uses a mix of  award  types  including  options,
                               restricted   stock,  and  restricted  stock  units  in  its
                               compensation  of senior  executives.  Prohibiting the award
                               of any  future  stock  options  to  anyone  can  constitute
                               micromanagement  and  put  the  company  at  a  competitive
                               disadvantage.  Because this proposal is overly restrictive,
                               we do not believe this item warrants shareholder support.
                    20      Change Size of Board of Directors             Against      Against             ShrHoldr
                               ISS  believes  that the company  should have the ability to
                               determine  the  number  of  directors  within a  reasonable
                               range.  ISS  feels  that  this  decrease  in board  size is
                               arbitrary.  Further,  ISS agrees with  management  that the
                               proponent has not proven that imposing arbitrary  restraint
                               on the company would have  additional  cost benefits to the
                               company.   Accordingly,   the  proposal  does  not  warrant
                               shareholder support.
                    21      Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In  this  case,   Bank  of   America   has  more  than  2/3
                               independent  outsiders  on its board,  all-independent  key
                               committees,    and   established    corporate    governance
                               guidelines.  Additionally,  we note that the board  amended
                               the  corporate  governance  guidelines  in  April  2006  to
                               provide for an independent lead director,  who performs all
                               the duties listed above. At the time, O. Temple Sloan,  Jr.
                               was elected by the  independent  directors to serve as lead
                               director  for a  one-year  term        With  regard  to the
                               company's total  shareholder  return  performance,  Bank of
                               America  outperformed  the S&P 500 index on both a one-year
                               and  three-year  TSR  basis.        In  this case,  Bank of
                               America  meets  all  of  the  governance  and   performance
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


04/27/07 - A        Bank of Hawaii Corp. *BOH*              062540109                          02/28/07                     858
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


07/21/06 - A        Bank of Ireland Group                   46267Q103                          06/14/06                   1,510
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE REPORT AND ACCOUNTS.           For          For                 Mgmt
                    2       TO DECLARE A DIVIDEND.                        For          For                 Mgmt
                    3       Elect Directors                               For          For                 Mgmt
                    4       TO AUTHORISE THE DIRECTORS TO DETERMINE THE   For          For                 Mgmt
                            REMUNERATION OF THE AUDITORS.
                    5       TO RENEW THE BANK S AUTHORITY TO PURCHASE     For          For                 Mgmt
                            ITS OWN STOCK.*
                    6       TO DETERMINE THE RE-ISSUE PRICE RANGE FOR     For          For                 Mgmt
                            TREASURY STOCK.*
                    7       TO RENEW THE DIRECTORS AUTHORITY TO ISSUE     For          For                 Mgmt
                            ORDINARY STOCK ON A NON-PREEMPTIVE BASIS
                            FOR CASH.*
                    8       TO RENEW THE DIRECTORS AUTHORITY TO ISSUE     For          For                 Mgmt
                            ORDINARY STOCK ON A NON-PRE-EMPTIVE BASIS
                            OTHER THAN FOR CASH.*
                    9       TO RENEW THE AUTHORITY TO OPERATE A STOCK     For          For                 Mgmt
                            ALTERNATIVE SCHEME.*
                    10      TO APPROVE THE RESOLUTION ON NON-EXECUTIVE    For          For                 Mgmt
                            DIRECTORS FEES.*
                    11      TO ESTABLISH A NEW ALL-EMPLOYEE STAFF STOCK   For          For                 Mgmt
                            ISSUE SCHEME (ROL ONLY).*
                    12      TO ESTABLISH A NEW ALL-EMPLOYEE RESTRICTED    For          For                 Mgmt
                            STOCK PLAN AND US EMPLOYEE TRUST (US ONLY).*


03/06/07 - A/S      Bank Of Nova Scotia *BNS*               064149107                          01/15/07                   3,140
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify KPMG LLP as Auditors                   For          For                 Mgmt
                    3       Amend Section 3.14 of Bylaw No. 1 Re:         For          For                 Mgmt
                            Definition of Indemnity
                    4       Amend Stock Option Plan                       For          For                 Mgmt
                    5       Disclose Information on Compensation          Against      Against             ShrHoldr
                            Consultant
                               ISS  recommends   that   shareholders   vote  against  this
                               proposal  because  the bank has  disclosed  the name of its
                               compensation  consultant along with a narrative description
                               of its mandate  and total fees it  received  for the fiscal
                               years   2005  and  2006  and  in  so  doing  has   exceeded
                               regulatory reporting requirements.
                    6       Senior Executive Compensation Be Relative     Against      Against             ShrHoldr
                            to Employees' Average Salary and the Bank's
                            Expenses and Financial Success
                               ISS  recommends   that   shareholders   vote  against  this
                               proposal  because  of  it  advocates  limits  to  executive
                               compensation  which could be  inconsistent  with  rewarding
                               high-performing   executives.   Central   to   the   bank's
                               compensation  philosophy  is the  goal to  align  pay  with
                               performance and with the  competitive  market for executive
                               talent.   Furthermore,   the  independent  Human  Resources
                               Committee  has  indicated  that  metrics  aimed at  linking
                               executive pay with shareholder  value are not only in place
                               but are  reviewed  regularly to ensure  metrics  adequately
                               link pay with  performance  and the  market  for  executive
                               talent.
                    7       Align Senior Executive Stock Option           Against      Against             ShrHoldr
                            Allocations to the Bank's Economic Value
                            Added
                               ISS  recommends   that   shareholders   vote  against  this
                               proposal  because  performance  drivers  currently in place
                               are equally valid and more  understandable  to shareholders
                               than  EVA.  Performance  metrics  evolve  over time and the
                               board had indicated it reviews its  compensation  practices
                               to ensure its metrics reflect industry best practice.
                    8       Increase Number of Women Directors on the     Against      Against             ShrHoldr
                            Board
                               While  ISS  Canada   recognizes   the  lack  of  meaningful
                               progress at Canadian  companies in  promoting  women in the
                               boardroom,  we have found that the largest of the  Canadian
                               banks are among the leaders  where this issue is  concerned
                               and therefore  believe that there are many more appropriate
                               targets  for this type of  proposal.  On balance we believe
                               that Bank of Nova Scotia's  commitment to gender  diversity
                               from the executive  level on up to the board is at the very
                               least adequate if not laudable.  Bank of Nova Scotia has an
                               entirely   independent    nominating   committee   and   an
                               established   process   for   board   selection   based  on
                               predetermined  criteria  intended to fill needed  expertise
                               or skills to promote overall board effectiveness.  Based on
                               our  assessment  of  these  factors,  ISS  Canada  does not
                               support this proposal.
                    9       Disclose Financial Statements of the Bank     Against      Against             ShrHoldr
                            Subsidiaries in the Annual Report
                               ISS  recommends   that   shareholders   vote  against  this
                               proposal  because the  disclosure  requested  would incur a
                               cost  the  company  without  guaranteeing  either  improved
                               shareholder  understanding  of  the  company  nor  enhanced
                               shareholder returns.
                    10      Disclose Bank Participation in Hedge Funds    Against      Against             ShrHoldr
                               The Board states that the Bank's  rigorous risk  management
                               process  is  applied  for any  investment  or  counterparty
                               relationship  and  that the Bank  deals  with a  relatively
                               small  number  of  hedge  funds.  The  Bank  has  disclosed
                               comprehensive  risk  management   processes   supported  by
                               qualified  risk  professionals.  On  a  larger  scale,  the
                               concerns  expressed  by the  proponents  and  the  examples
                               referred  to  point to a  broader  regulatory  issue  which
                               regulators in both Canada and the U.S. are addressing.  ISS
                               therefore does not support this proposal.
                    11      Reinstate Pensioners' Benefits Which Were     Against      Against             ShrHoldr
                            Downgraded, Eliminated and Skirted During
                            Recent Years
                               Scotiabank   has  indicated  that  it  has  a  process  for
                               reviewing its pension plan to consider  increases  based on
                               a number of  factors  including:  inflation,  the length of
                               time since retirement,  competitive market practice and the
                               cost of the  improvement.  The  Bank  states  further  that
                               objectives   of  fairness  to  all   stakeholders,   market
                               competitiveness,  and the long term  sustainability  of the
                               plan,  are the basis for managing all of the Bank's benefit
                               plans.  ISS believes  that the proposal  addresses an issue
                               that is best dealt with by the Bank's board and  management
                               working   together  with  pension  plan   experts,   as  is
                               currently  the  case.  We  therefore  do not  support  this
                               proposal.
                    12      Update Definition of Director Independence    Against      Against             ShrHoldr
                               ISS  agrees  with  the  proponent  that the  definition  of
                               director   independence  should  continue  to  evolve.  ISS
                               believes  that  boards or  designated  committees  have the
                               responsibility  to  review  annually  the board as a whole,
                               including its independence  from management.  The Corporate
                               Governance  and Pension  Committee  is  comprised  of seven
                               independent directors.  Their mandate includes, among other
                               things,  an annual review of each  director's  independence
                               and the  bank's  Independence  Standard.  In  addition,  we
                               believe  that  the  bank's  standards,   policies  and  due
                               diligence  procedures  are  designed  to address  the issue
                               raised  by the  proponent,  while  giving  the  board  some
                               discretion.   ISS  does  not  feel  that  this  shareholder
                               proposal warrants support.


04/24/07 - A        Banner Corp *BANR*                      06652V109                          03/01/07                     170
                    1       Elect Directors                               For          For                 Mgmt


11/09/06 - A        Barr Pharmaceuticals Inc *BRL*          068306109                          09/15/06                   2,470
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Bruce L. Downey --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated outsider James S. Gilmore,  III. We recommend
                               that  shareholders  WITHHOLD  votes from James S.  Gilmore,
                               III  for  standing  as  an   affiliated   outsider  on  the
                               Compensation and Nominating committees.
                    1.2     Elect Director Paul M. Bisaro --- For
                    1.3     Elect Director George P. Stephan --- For
                    1.4     Elect Director Harold N. Chefitz --- For
                    1.5     Elect Director Richard R. Frankovic --- For
                    1.6     Elect Director Peter R. Seaver --- For
                    1.7     Elect Director James S. Gilmore, III ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        BASF AG                                 055262505                          03/14/07                     787
                            Meeting for Holders of ADRs
                    1       ADOPTION OF A RESOLUTION ON THE               For          For                 Mgmt
                            APPROPRIATION OF PROFIT
                    2       ADOPTION OF A RESOLUTION GIVING FORMAL        For          For                 Mgmt
                            APPROVAL TO THE ACTIONS OF THE SUPERVISORY
                            BOARD
                    3       ADOPTION OF A RESOLUTION GIVING FORMAL        For          For                 Mgmt
                            APPROVAL TO THE ACTIONS OF THE BOARD OF
                            EXECUTIVE DIRECTORS
                    4       ELECTION OF AN AUDITOR FOR THE FINANCIAL      For          For                 Mgmt
                            YEAR 2007
                    5       AUTHORIZATION TO BUY BACK SHARES AND TO PUT   For          For                 Mgmt
                            THEM TO FURTHER USE INCLUDING THE
                            AUTHORIZATION TO REDEEM BOUGHT-BACK SHARES
                            AND REDUCE CAPITAL
                    6       CONVERSION OF BASF AKTIENGESELLSCHAFT INTO    For          For                 Mgmt
                            A EUROPEAN COMPANY (SOCIETAS EUROPAEA, SE)


05/01/07 - A        Baxter International Inc. *BAX*         071813109                          03/02/07                   5,551
                    1       Elect Director Blake E. Devitt                For          For                 Mgmt
                    2       Elect Director John D. Forsyth                For          For                 Mgmt
                    3       Elect Director Gail D. Fosler                 For          For                 Mgmt
                    4       Elect Director Carole J. Shapazian            For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.


07/19/06 - A        BEA Systems, Inc. *BEAS*                073325102                          05/26/06                   4,000
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 11.82  percent  is within  the  allowable  cap for
                               this  company  of 12.43  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable  performance  goals  before  cash or
                               stock   awards   are   paid  to   participants.   Moreover,
                               preservation of the full  deductibility of all compensation
                               paid reduces the company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       Act on Shareholder Resolutions that Receive   Against      For                 ShrHoldr
                            Majority Support
                               Currently,  the company does not have a formal  process for
                               stockholders  to send  communications  to the  board but it
                               believes that  informal  communications  are  sufficient to
                               communicate  questions,   comments  and  observations  that
                               could  be  useful  to  the  board.  Further,  there  is  no
                               discussion   of  how  the   board   evaluates   shareholder
                               proposals    and   why   it    chooses    not   to    adopt
                               majority-supported   shareholder  proposals.  As  such,  we
                               recommend  in favor of this  proposal  as we  believe it is
                               best practice to establish an  engagement  process with the
                               proponents of  shareholder  proposals that are supported by
                               majority of the votes cast.
                    6       Declassify the Board of Directors             Against      For                 ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


01/30/07 - A        Becton, Dickinson and Company *BDX*     075887109                          12/06/06                   2,740
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.61 percent is within the  allowable cap for this
                               company of 8.03 percent. Additionally,  this plan expressly
                               forbids repricing.
                    4       Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               Although  the  company  substantially  meets  the  required
                               corporate  governance and performance  guidelines,  it does
                               not  have  an  annually-elected  board.  Accordingly,   ISS
                               believes  that this  cumulative  voting  proposal  warrants
                               shareholder support.


07/21/06 - S        BellSouth Corp.                         079860102                          06/01/06                  10,847
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               We  believe  that  based  on: 1) the 17.9  percent  one-day
                               premium;   2)  the  sensible  strategic  rationale  of  the
                               merger; and 3) the improvement in shareholders  rights, the
                               merger agreement warrants shareholder support.


05/09/07 - A        Benchmark Electronics, Inc. *BHE*       08160H101                          03/27/07                     650
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/27/07 - A        Best Buy Co., Inc. *BBY*                086516101                          04/30/07                   4,275
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.


05/31/07 - A        Big Lots Inc. *BIG*                     089302103                          04/02/07                     650
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        Bio-Rad Laboratories, Inc. *BIO*        090572207                          02/26/07                     410
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 10 percent is less than
                               the   allowable   cap  for  this  company  of  13  percent.
                               Additionally, this plan expressly forbids repricing.


05/16/07 - A        BIOMED REALTY TRUST INC *BMR*           09063H107                          03/30/07                   1,332
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


08/08/06 - A        Black Box Corp. *BBOX*                  091826107                          06/09/06                     624
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Stock Option Plan                       For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 15.27  percent  is within  the  allowable  cap for
                               this  company  of 17.33  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    3       Amend Non-Employee Director Stock Option      For          For                 Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 13.01  percent  is within  the  allowable  cap for
                               this  company  of 17.33  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    4       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        BNP Paribas SA (Fm. Banque Nationale    05565A202                          04/02/07                   2,600
                    De Paris)
                            Meeting for Holders of ADRs
                    1       APPROVAL OF THE CONSOLIDATED BALANCE SHEET    For          For                 Mgmt
                            AND THE CONSOLIDATED PROFIT AND LOSS
                            ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006
                    2       APPROVAL OF THE BANK S BALANCE SHEET AND      For          For                 Mgmt
                            PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
                            31 DECEMBER 2006
                    3       APPROPRIATION OF NET INCOME FOR THE YEAR      For          For                 Mgmt
                            ENDED 31 DECEMBER 2006 AND APPROVAL OF
                            DIVIDEND PAYOUT
                    4       AUDITORS SPECIAL REPORT ON THE TRANSACTIONS   For          For                 Mgmt
                            AND AGREEMENTS GOVERNED BY ARTICLE L.
                            225-38 OF THE FRENCH COMMERCIAL CODE
                            APPROVED IN ADVANCE, INCLUDING THOSE
                            BETWEEN THE BANK AND ITS DIRECTORS AND
                            OFFICERS, AND BETWEEN GROUP COMPANIES WITH
                            COMMON CORPORAT
                    5       AUTHORISATION FOR BNP PARIBAS TO BUY BACK     For          For                 Mgmt
                            ITS OWN SHARES
                    6       RATIFICATION OF THE APPOINTMENT OF A          For          For                 Mgmt
                            DIRECTOR: APPOINTMENT OF SUZANNE BERGER
                            KENISTON AS A DIRECTOR
                    7       RENEWAL OF THE TERM OF OFFICE OF A            For          For                 Mgmt
                            DIRECTOR: RENEW LOUIS SCHWEITZER S TERM OF
                            OFFICE AS A DIRECTOR
                    8       POWERS TO CARRY OUT FORMALITIES               For          For                 Mgmt
                    9       AMENDMENT TO THE AUTHORISATION GIVEN IN THE   For          For                 Mgmt
                            FIFTEENTH RESOLUTION OF THE EXTRAORDINARY
                            GENERAL MEETING OF 18 MAY 2005 TO GRANT
                            SHARE AWARDS TO EMPLOYEES AND CORPORATE
                            OFFICERS OF BNP PARIBAS AND RELATED
                            COMPANIES - IN ACCORDANCE WITH THE FRENCH
                            ACT OF 30
                    10      AMENDMENT TO THE AUTHORISATION GIVEN TO THE   For          For                 Mgmt
                            BOARD OF DIRECTORS IN THE TWENTY-SECOND
                            RESOLUTION OF THE EXTRAORDINARY GENERAL
                            MEETING OF 23 MAY 2006 TO INCREASE THE BANK
                            S CAPITAL VIA THE ISSUE OF SHARES RESERVED
                            FOR MEMBERS OF THE BNP PARIBAS CORPORATE SA
                    11      AUTHORISATION TO BE GIVEN TO THE BOARD OF     For          For                 Mgmt
                            DIRECTORS TO REDUCE THE BANK S CAPITAL BY
                            CANCELLATION OF SHARES
                    12      APPROVAL OF THE PROPOSED MERGER OF BNL INTO   For          For                 Mgmt
                            PARIBAS
                    13      APPROVAL OF THE CORRESPONDING INCREASE IN     For          For                 Mgmt
                            THE BANK S SHARE CAPITAL
                    14      APPROVAL OF BNP PARIBAS TAKING OVER           For          For                 Mgmt
                            COMMITMENTS RELATED TO STOCK OPTIONS
                            GRANTED BY BNL
                    15      APPROVAL OF AN AUTHORISATION TO SELL ALL      For          For                 Mgmt
                            SHARES CORRESPONDING TO FRACTIONS OF SHARES
                    16      APPROVAL OF THE MERGER OF COMPAGNIE           For          For                 Mgmt
                            IMMOBILIERE DE FRANCE INTO BNP PARIBAS
                    17      APPROVAL OF THE MERGER OF SOCIETE             For          For                 Mgmt
                            IMMOBILIERE DU 36 AVENUE DE L OPERA INTO
                            BNP PARIBAS
                    18      APPROVAL OF THE MERGER OF CAPEFI INTO BNP     For          For                 Mgmt
                            PARIBAS
                    19      AMENDMENT OF THE BANK S ARTICLES OF           For          For                 Mgmt
                            ASSOCIATION IN ACCORDANCE WITH THE FRENCH
                            GOVERNMENT DECREE OF 11 DECEMBER 2006 WHICH
                            AMENDS THE TERMS AND CONDITIONS RELATING TO
                            ATTENDANCE AT SHAREHOLDERS MEETINGS
                            PROVIDED FOR IN THE DECREE OF 23 MARCH 1967
                            CONCERN
                    20      POWERS TO CARRY OUT FORMALITIES               For          For                 Mgmt


04/24/07 - A        BOK Financial Corp. *BOKF*              05561Q201                          03/01/07                      66
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Gregory S. Allen --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of insiders  Robert G. Greer,  V. Burns  Hargis,  George B.
                               Kaiser,   Stanley  A.   Lybarger  and  C.  Fred  Ball  Jr.,
                               affiliated  outsiders E. Carey Joullian IV, Chester Cadieux
                               III and Thomas L. Kivisto,  and independent  outsider Paula
                               Marshall.  We recommend  that  shareholders  WITHHOLD votes
                               from Paula Marshall for poor attendance.  We also recommend
                               that  shareholders  WITHHOLD votes from Robert G. Greer, V.
                               Burns  Hargis,  Stanley A.  Lybarger,  C. Fred Ball Jr. and
                               Thomas L. Kivitso for failure to  establish an  independent
                               nominating  committee.  We also recommend that shareholders
                               WITHHOLD  votes  from  George  B.  Kaiser  for  failure  to
                               establish  an  independent  nominating  committee  and  for
                               standing as insider on the Compensation  Committee. We also
                               recommend  that  shareholders  WITHHOLD votes from E. Carey
                               Joullian  IV  for  failure  to  establish  an   independent
                               nominating  committee  and for  standing  as an  affiliated
                               outsider on the Audit Committee.  Lastly, we recommend that
                               shareholders  WITHHOLD  votes from Chester  Cadieux III for
                               failure to establish an  independent  nominating  committee
                               and for  standing  as an  affiliated  outsider on the Audit
                               and Compensation committees.
                    1.2     Elect Director C. Fred Ball, Jr. ---
                            Withhold
                    1.3     Elect Director Sharon J. Bell --- For
                    1.4     Elect Director Peter C. Boylan, III --- For
                    1.5     Elect Director Chester Cadieux, III ---
                            Withhold
                    1.6     Elect Director Joseph W. Craft, III --- For
                    1.7     Elect Director William E. Durrett --- For
                    1.8     Elect Director Robert G. Greer --- Withhold
                    1.9     Elect Director David F. Griffin --- For
                    1.10    Elect Director V. Burns Hargis --- Withhold
                    1.11    Elect Director E. Carey Joullian, IV ---
                            Withhold
                    1.12    Elect Director George B. Kaiser --- Withhold
                    1.13    Elect Director Judith Z. Kishner --- For
                    1.14    Elect Director Thomas L. Kivisto ---
                            Withhold
                    1.15    Elect Director David L. Kyle --- For
                    1.16    Elect Director Robert J. LaFortune --- For
                    1.17    Elect Director Stanley A. Lybarger ---
                            Withhold
                    1.18    Elect Director Steven J. Malcolm --- For
                    1.19    Elect Director Paula Marshall --- Withhold
                    2       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/15/07 - A        Boston Properties Inc. *BXP*            101121101                          03/26/07                   1,725
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Mortimer B. Zuckerman --- For
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend  shareholders  WITHHOLD  votes from  Mortimer  B.
                               Zuckerman,  Carol B.  Einiger  and  Richard E.  Salomon for
                               failure  to   implement   the   shareholder   proposal   to
                               declassify the board of directors.
                    1.2     Elect Director Carol B. Einiger --- For
                    1.3     Elect Director Richard E. Salomon --- For
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                               VI. Vote  Recommendation  The estimated  shareholder  value
                               transfer  of the  company's  plans of 4 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally,  this plan expressly forbids repricing.  Note
                               that ISS has  adjusted  the common  shares  outstanding  to
                               include    outstanding    operating    partnership   units.
                               Typically,  ISS would have excluded  operating  partnership
                               units from the common  shares  outstanding  as we deem them
                               to  be  convertible  equity  and  are  not  included  in  a
                               company's  market  value,  as  noted  in  our  2007  policy
                               updates.  In this case,  operating  partnership  units have
                               been  granted  to  employees  as  part  of  LTIPs.  ISS  is
                               interested to capture the portion of  shareholders'  equity
                               that  is  attributed  to  employee   equity   compensation.
                               Therefore,   it   is   necessary   to   include   operating
                               partnership units in the analysis.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Declassify the Board of Directors             Against      Against             ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    5       Report on Energy Efficiency                   Against      Against             ShrHoldr
                               In  this  case,  ISS  notes  that  Boston   Properties  has
                               responded   to  this   shareholder   request  by   recently
                               providing  general  information   relating  to  its  energy
                               conservation    initiatives   and   environmentally   sound
                               development  practices through its 2007 proxy statement and
                               its 2006 fiscal year annual report.  This  information does
                               provide some insight to shareholders  about its commitments
                               to energy efficiency.  However, management does not provide
                               the processes and strategies  used to implement its various
                               stated energy efficiency improvement  initiatives,  and the
                               company   does  not   appear  to  set   goals  or   provide
                               performance  metrics to assist in the  monitoring of stated
                               initiatives.  Considering increasing energy costs, shifting
                               consumer demands, and a changing regulatory landscape,  ISS
                               believes  that the  potential  impact  that this  issue may
                               have on the  company's  long  term  performance  may  merit
                               consideration.  As such, we believe that Boston  Properties
                               and its  shareholders can derive  substantial  benefit from
                               developing a more detailed,  strategic  system of reporting
                               and disclosure to assess energy  efficiency  opportunities,
                               reduce  current and future energy costs,  and mitigate risk
                               exposure  related  to  carbon  constraints  that may  apply
                               across the  company's  operations.  Based on the  potential
                               benefits and limited cost  associated  with  preparing  the
                               requested report, ISS recommends that shareholders  support
                               this resolution.


04/12/07 - A        BP plc                                  055622104                          02/09/07                     677
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE DIRECTORS ANNUAL REPORT AND    For          For                 Mgmt
                            ACCOUNTS
                    2       TO APPROVE THE DIRECTORS REMUNERATION REPORT  For          For                 Mgmt
                    3       Elect Directors                               For          For                 Mgmt
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       TO GIVE LIMITED AUTHORITY TO MAKE POLITICAL   For          For                 Mgmt
                            DONATIONS AND INCUR POLITICAL EXPENDITURE
                    6       TO AUTHORIZE THE USE OF ELECTRONIC            For          For                 Mgmt
                            COMMUNICATIONS
                    7       SPECIAL RESOLUTION: TO GIVE LIMITED           For          For                 Mgmt
                            AUTHORITY FOR THE PURCHASE OF ITS OWN
                            SHARES BY THE COMPANY
                    8       TO GIVE AUTHORITY TO ALLOT SHARES UP TO A     For          For                 Mgmt
                            SPECIFIED AMOUNT
                    9       SPECIAL RESOLUTION: TO GIVE AUTHORITY TO      For          For                 Mgmt
                            ALLOT A LIMITED NUMBER OF SHARES FOR CASH
                            FREE OF PRE-EMPTION RIGHTS


01/25/07 - S        Brocade Communications Systems *BRCD*   111621108                          11/30/06                   5,275
                    1       Issue Shares in Connection with an            For          For                 Mgmt
                            Acquisition
                               Based  on our  review  of  the  terms  of  the  transaction
                               particularly  the strategic  rationale and the 42.8 percent
                               increase  in stock  price  since  the  announcement  of the
                               acquisition   transaction,   we  believe   that  the  share
                               issuance  warrants  shareholder  support.  Nonetheless,  we
                               note  that the  company  is  under  SEC  investigation  for
                               options backdating issues.


04/19/07 - A        Brocade Communications Systems *BRCD*   111621108                          02/21/07                   5,275
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Renato A. Dipentima --- For
                               We recommend a vote FOR Renato A.  DiPentima,  but WITHHOLD
                               votes  from   independent   outsider  Sanjay  Vaswani.   We
                               recommend  that  shareholders  WITHHOLD  votes from  Sanjay
                               Vaswani for not  responding to the desires of  shareholders
                               by not  deleting the  supermajority  vote  requirements  in
                               Article  VII  and  Article  VIII  of  its   certificate  of
                               incorporation and for not adopting and disclosing  internal
                               controls  and  procedures  to  prevent  a  reoccurrence  of
                               options backdating.
                    1.2     Elect Director Sanjay Vaswani --- Withhold
                    2       Approve Reverse/Forward Stock Split           For          For                 Mgmt
                               Given  that  the  proposed   transaction  would  allow  the
                               company  to  realize   significant   cost  savings  without
                               adversely  affecting  shareholders,  we  believe  this item
                               warrants shareholder support.
                    3       Ratify Auditors                               For          For                 Mgmt


05/02/07 - A/S      Brookfield Asset Management Inc.        112585104                          03/21/07                   3,950
                    *BAM.A*
                            Meeting for Class A Limited Voting Shares
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Stock Option Plan                       For          Against             Mgmt
                               Conclusion        Where  companies are proposing changes to
                               the   amendment   or  black-out   provisions   of  existing
                               equity-based   compensation  plans  are  not  contemplating
                               increasing  the size of such plans,  ISS will base our vote
                               recommendation  solely  on the  merits  of  the  provisions
                               being  proposed.  For  clarification,  where  companies are
                               also   proposing   any   other    amendments    that   will
                               substantially   affect   the   cost   of  an   equity-based
                               compensation   plan,   ISS   will   continue   to  run  our
                               proprietary  compensation  model and  review  all  relevant
                               provisions  and  usage of the plan  when  determining  vote
                               recommendations.           The   terms  of  the   black-out
                               provision  are  reasonable.  ISS  feels  that the  proposed
                               amendment  provision  provides  the board with overly broad
                               discretionary  powers to amend the  company's  equity-based
                               compensation  plans as currently  approved by shareholders.
                               In addition  to the  amendments  included  in the  proposed
                               provision,   ISS  also   prefers  to  see  any   amendments
                               regarding  the  transferability  or  assignability,  (other
                               than   for   estate   planning   purposes)   also   require
                               shareholder  approval  as well as any  amendment  extending
                               the expiry  date or term of an option  held by anyone,  not
                               just insiders.
                    3       Approve 2007 Stock Option Plan                For          Against             Mgmt
                                                                                   VI.
                               Vote   Recommendation        In    Canada,   ISS   recently
                               implemented a pay-for-performance  assessment,  looking for
                               correlation  between  CEO's  pay  and the  company's  total
                               shareholder return.  Specifically if a company has negative
                               one- and three-year fiscal total shareholder  returns,  and
                               its CEO also had an increase in total  direct  compensation
                               from the prior year, it would require closer  scrutiny.  If
                               more   than   half  of  the   increase   in  total   direct
                               compensation is attributable  to equity  compensation,  ISS
                               may recommend a vote against an  equity-based  compensation
                               plan in which the CEO participates.  The assessment applies
                               to TSX Composite  Index  companies that have at least three
                               fiscal  years of stock price  history and have had the same
                               CEO in  place  for the past two  fiscal  years.  Brookfield
                               Assets'  one-  and  three-year  TSR are 46 and 50  percent,
                               respectively.  Flatt's  total direct  compensation  in 2006
                               was $1,258,755,  down 30 percent from his 2005 figure. More
                               specifically,  his equity-based compensation,  decreased by
                               40  percent  from the  previous  year.  While the number of
                               deferred  share  units  granted  decreased  from  9,159  to
                               6,832,  the value of the 2006 award increased from $331,858
                               to $353,982.  Flatt was also granted only 50,000 options in
                               2006 with a value of $529,000 (2005 - 225,000  options with
                               a value of  $1,128,319).  The 2005 option award  included a
                               special   grant  of   150,000   options   recognizing   his
                               contribution  to reposition the  corporation  over the past
                               three years in addition to 75,000 options  allocated on the
                               same    basis    as    the    other     Named     Executive
                               Officers.        The  estimated  shareholder value transfer
                               of the company's  plans of 4 percent is above the allowable
                               cap for this company of 3 percent.          The  plan could
                               permit the  repricing of insider  underwater  stock options
                               with shareholder approval,  while non-insider options could
                               have  their  terms  or  expiry   dates   extended   without
                               shareholder  approval.          Non-employee  directors are
                               not   eligible   participants   in  this   plan.        ISS
                               believes the plan amendment  provision will grant the board
                               overreaching  authority to amend the plan without requiring
                               further  shareholders   approval.  ISS  believes  the  plan
                               amendment  provision  has  adequately  limited  the board's
                               unilateral authority to amend the plan going forward.
                    4       Approve Deloitte & Touche LLP as Auditors     For          For                 Mgmt
                            and Authorize Board to Fix Remuneration of
                            Auditors


05/24/07 - A        Brown Shoe Company, Inc. *BWS*          115736100                          04/09/07                     324
                    1       Elect Directors                               For          For                 Mgmt
                    2       Adjust Par Value of Common Stock              For          For                 Mgmt
                               Adjusting  par value is a routine  financing  decision that
                               warrants shareholder support.
                    3       Ratify Auditors                               For          For                 Mgmt


05/01/07 - A        Brush Engineered Materials Inc. *BW*    117421107                          03/02/07                     161
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        Bucyrus International, Inc. *BUCY*      118759109                          03/13/07                     580
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   VI.
                               Vote  Recommendation        We   commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the company's  plans of 10 percent is above the
                               allowable cap for this company of 9 percent.


04/19/07 - A        Burlington Northern Santa Fe Corp.      12189T104                          02/28/07                   2,970
                    *BNI*
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Alan L. Boeckmann --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Donald G. Cook --- For
                    1.3     Elect Director Vilma S. Martinez --- For
                    1.4     Elect Director Marc F. Racicot --- For
                    1.5     Elect Director Roy S. Roberts --- For
                    1.6     Elect Director Matthew K. Rose --- For
                    1.7     Elect Director Marc J. Shapiro --- For
                    1.8     Elect Director J.C. Watts, Jr. --- For
                    1.9     Elect Director Robert H. West --- For
                    1.10    Elect Director J. Steven Whisler --- For
                    1.11    Elect Director Edward E. Whitacre, Jr. ---
                            For
                    2       Ratify Auditors                               For          For                 Mgmt


11/08/06 - A        Cache, Inc. *CACH*                      127150308                          09/25/06                     230
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/09/07 - A        Cameron International Corp *CAM*        13342B105                          03/12/07                     500
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


11/16/06 - A        Campbell Soup Co. *CPB*                 134429109                          09/19/06                     920
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Sustainability Report                         Against      For                 ShrHoldr
                               While  Campbell's  does have a code of conduct  and certain
                               information  on  community  involvement  and  environmental
                               policies  available  in its publicly  available  documents,
                               detailed  disclosure  of  its  environmental   performance,
                               workplace  health  and  safety,   and  sustainable   growth
                               initiatives  was generally not available in a comprehensive
                               report. Additionally,  while we commend the company for the
                               steps it has taken to address  certain  labor rights topics
                               both  internally  and at  its  suppliers'  operations,  ISS
                               notes that  broader  sustainability  reporting  is becoming
                               the  norm at many  large  companies  and  could  aid in the
                               development  of company  policies and  potentially  improve
                               performance  on certain key issues  while not  presenting a
                               significant  administrative  or  financial  burden  to  the
                               company.  As  such,  we  believe  that  more  comprehensive
                               reporting  on  sustainability  issues will help the company
                               to better assess issues of importance to  stakeholders as a
                               function   of   reviewing   its   operations.    Therefore,
                               considering  the  current  lack of  detailed,  consolidated
                               disclosure  and  the  potential   benefits  that  could  be
                               derived from  increased  reporting,  ISS  recommends a vote
                               FOR this proposal.


03/29/07 - A        Canon Inc. *7751*                       138006309                          12/28/06                   3,106
                            Meeting for ADR Holders
                    1       DIVIDEND FROM SURPLUS                         For          For                 Mgmt
                    2       PARTIAL AMENDMENT TO THE ARTICLES OF          For          For                 Mgmt
                            INCORPORATION
                    3       ELECTION OF TWENTY-SEVEN DIRECTORS            For          For                 Mgmt
                    4       ELECTION OF ONE CORPORATE AUDITOR             For          For                 Mgmt
                    5       GRANT OF RETIREMENT ALLOWANCE TO DIRECTORS    For          For                 Mgmt
                            TO BE RETIRED
                    6       GRANT OF BONUS TO DIRECTORS                   For          For                 Mgmt


08/22/06 - S        Capital One Financial Corp. *COF*       14040H105                          07/07/06                   2,341
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  particularly  the strategic
                               rationale,  we believe that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


03/16/07 - PC       Caremark Rx, Inc.                       141705103                          01/15/07                   1,707
                            Management Proxy (White Card)
                    1       Approve Merger Agreement                      For          For                 Mgmt
                    2       Adjourn Meeting                               For          For                 Mgmt
                            Dissident Proxy (Gold Card)
                    1       Approve Merger Agreement                      Against      None                Mgmt
                    2       Adjourn Meeting                               For          None                Mgmt


10/16/06 - A        Carpenter Technology Corp. *CRS*        144285103                          08/18/06                     920
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Non-Employee Director Omnibus Stock   For          For                 Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.26 percent is within the  allowable cap for this
                               company   of  12.86   percent.   Additionally,   this  plan
                               expressly   forbids   repricing.            The    combined
                               shareholder  value  transfer and voting power  dilution for
                               all the plans is 11.79 percent.  The aggregate value of all
                               the proposals is below the company's allowable  shareholder
                               value transfer cap of 12.86 percent.
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 10.15  percent  is within  the  allowable  cap for
                               this  company  of 12.86  percent.  Additionally,  this plan
                               expressly   forbids   repricing.            The    combined
                               shareholder  value  transfer and voting power  dilution for
                               all the plans is 11.79 percent.  The aggregate value of all
                               the proposals is below the company's allowable  shareholder
                               value transfer cap of 12.86 percent.
                    4       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,   the  plan  is  to  be   administered  by  a
                               committee  of   independent   outsiders  who  must  certify
                               attainment  of  these  objective,   measurable  performance
                               goals   before  cash  awards  are  paid  to   participants.
                               Moreover,  preservation  of the full  deductibility  of all
                               compensation  paid  reduces  the  company's  corporate  tax
                               obligation.
                    5       Ratify Auditors                               For          For                 Mgmt


05/11/07 - A        Carter's, Inc. *CRI*                    146229109                          03/16/07                     540
                    1       Elect Directors                               For          For                 Mgmt


06/13/07 - A        Caterpillar Inc. *CAT*                  149123101                          04/16/07                     375
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director John T. Dillon --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  Juan  Gallardo,  from  whom we  recommend  shareholders
                               WITHHOLD  votes  for  sitting  on more  than  three  public
                               boards while serving as a CEO.
                    1.2     Elect Director Juan Gallardo --- Withhold
                    1.3     Elect Director William A. Osborn --- For
                    1.4     Elect Director Edward B. Rust, Jr. --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    4       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates that a majority vote standard  coupled with a
                               director  resignation  policy would give full effect to the
                               shareholder franchise.


06/27/07 - A        CEC Entertainment, Inc. *CEC*           125137109                          04/30/07                     320
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Michael H. Magusiak --- For
                               Based on the above  disclosure  and  remedies  taken by the
                               company,  ISS believes that the misdating of options is not
                               severe enough to warrant withhold vote  recommendations  on
                               past and current compensation committee members.
                    1.2     Elect Director Larry T. McDowell --- For
                    1.3     Elect Director Walter Tyree --- For
                    2       Amend Restricted Stock Plan                   For          For                 Mgmt
                               ISS  supports  this  amendment  due  to the  favorable  tax
                               deductions    that   the   company    will    receive   for
                               performance-based compensation under Section 162(m).
                    3       Amend Restricted Stock Plan                   For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Amend Non-Employee Director Restricted        For          For                 Mgmt
                            Stock Plan
                               Please  refer to Item 5 for the  actual  shareholder  value
                               transfer costs. ISS has utilized the compensation  model to
                               determine  the cost of the  increased  number of restricted
                               stock award granted to each non-employee director.
                    5       Amend Non-Employee Director Restricted        For          For                 Mgmt
                            Stock Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.
                    6       Ratify Auditors                               For          For                 Mgmt


08/14/06 - S        Celanese Corp. *CE*                     150870103                          07/10/06                   1,230
                    1       Elect Directors                               For          For                 Mgmt


04/26/07 - A        Celanese Corp. *CE*                     150870103                          03/01/07                   3,730
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/24/07 - A        Centerpoint Energy Inc. *CNP*           15189T107                          03/26/07                   6,319
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director Michael E. Shannon ---
                            Withhold
                               We recommend that shareholders  WITHHOLD votes from Michael
                               E. Shannon,  Donald R. Campbell,  Milton Carroll, and Peter
                               S.  Wareing  for  failure  to  implement  the   shareholder
                               proposal to declassify the board of directors
                    1.2     Elect Director Donald R. Campbell ---
                            Withhold
                    1.3     Elect Director Milton Carroll --- Withhold
                    1.4     Elect Director Peter S. Wareing --- Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             Against      For                 ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Other Business                                None         Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


09/28/06 - S        Central Garden & Pet Co. *CENT*         153527106                          08/21/06                     910
                    1       Authorize a New Class of Common Stock         For          For                 Mgmt
                               In  this  case,  however,  the  company  has  a  dual-class
                               capital   structure  with  unequal   voting   rights.   The
                               supervoting  shares  are  closely  held  by  the  company's
                               largest  shareholder,  are not  publicly  traded,  and have
                               restrictive  ownership   provisions.   By  authorizing  the
                               issuance of a newly-created  class of nonvoting  stock, the
                               proposed   amendment  would  preserve  the  effect  of  the
                               supervoting Class B shares,  which ISS believes is contrary
                               to the interests of holders of common  stock.  Accordingly,
                               we do not  believe  that  this  item  warrants  shareholder
                               support.


02/12/07 - A        Central Garden & Pet Co. *CENT*         153527106                          12/15/06                     910
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director William E. Brown --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of insiders William E. Brown, Glenn W. Novotny,  and Brooks
                               M. Pennington III. We recommend that shareholders  WITHHOLD
                               votes from William E. Brown,  Glenn W. Novotny,  and Brooks
                               M.  Pennington  III for failure to establish an independent
                               nominating committee.
                    1.2     Elect Director Glenn W. Novotny --- Withhold
                    1.3     Elect Director Brooks M. Pennington, III
                            --- Withhold
                    1.4     Elect Director John B. Balousek --- For
                    1.5     Elect Director David N. Chichester --- For
                    1.6     Elect Director Alfred A. Piergallini --- For
                    1.7     Elect Director Bruce A. Westphal --- For


05/22/07 - A        Central Pacific Financial Corp. *CPF*   154760102                          03/15/07                     851
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 8 percent is less than
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.


05/10/07 - A        CenturyTel, Inc. *CTL*                  156700106                          03/23/07                   1,090
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Report of the Compensation Committee  Against      Against             ShrHoldr
                               As such, ISS recommends that  shareholder vote AGAINST this
                               proposal.


08/29/06 - A        Chaparral Steel Co *CHAP*               159423102                          07/13/06                     300
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Eugenio Clariond --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Eugenio  Clariond.  We recommend
                               that shareholders  WITHHOLD votes from Eugenio Clariond for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director Joseph D. Mahaffey --- For
                    1.3     Elect Director Elizabeth C. Williams --- For
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                               Approval  of  this   proposal   would   preserve  the  full
                               deductibility  of all  compensation  paid  by the  company,
                               which would reduce the company's  corporate tax obligation.
                               As such, we recommend a vote FOR this proposal.
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                                                                                   V.
                               Vote  RecommendationThe  total cost of the company's  plans
                               of 13.22  percent  is  within  the  allowable  cap for this
                               company of 14.12 percent.


04/25/07 - A        Chevron Corporation *CVX*               166764100                          03/12/07                   7,555
                    1       Elect Director Samuel H. Armacost             For          For                 Mgmt
                    2       Elect Director Linnet F. Deily                For          For                 Mgmt
                    3       Elect Director Robert E. Denham               For          For                 Mgmt
                    4       Elect Director Robert J. Eaton                For          For                 Mgmt
                    5       Elect Director Sam Ginn                       For          For                 Mgmt
                    6       Elect Director Franklyn G. Jenifer            For          For                 Mgmt
                    7       Elect Director Sam Nunn                       For          For                 Mgmt
                    8       Elect Director David J. O'Reilly              For          For                 Mgmt
                    9       Elect Director Donald B. Rice                 For          For                 Mgmt
                    10      Elect Director Peter J. Robertson             For          For                 Mgmt
                    11      Elect Director Kevin W. Sharer                For          For                 Mgmt
                    12      Elect Director Charles R. Shoemate            For          For                 Mgmt
                    13      Elect Director Ronald D. Sugar                For          For                 Mgmt
                    14      Elect Director Carl Ware                      For          For                 Mgmt
                    15      Ratify Auditors                               For          For                 Mgmt
                    16      Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    17      Adopt Human Rights Policy                     Against      For                 ShrHoldr
                               Conclusion        In  this case,  Chevron does have a Human
                               Rights  Statement and a code of business  ethics  available
                               on the  company  website  to convey its  policies  on human
                               rights,  as well as  additional  discussion on these topics
                               in its Corporate  Responsibility  Report.  The Human Rights
                               Statement  underscores  Chevron's support for the Universal
                               Declaration   of  Human  Rights  and  ILO   Declaration  of
                               Fundamental  Principles and Rights at Work;  however, we do
                               not believe that this information  substantially  addresses
                               certain key issues  related to workplace  human rights.  Of
                               note,  we are  concerned  that  this  disclosure  does  not
                               provide    significant    insight   into    implementation,
                               performance  metrics,  or  monitoring  associated  with the
                               company's human rights policies.  Such disclosure is common
                               at companies  operating in  industries  or markets that are
                               exposed to higher  levels of risk  because of human  rights
                               violations,  controversy,  and/or  litigation.  As such, we
                               recommend shareholder support for this resolution.
                    18      Adopt Greenhouse Gas Emission Reduction       Against      Against             ShrHoldr
                            Goals
                               Conclusion        Therefore,  based on our concern with the
                               structure  of this  resolution,  as  well as the  company's
                               existing level of disclosure  related to climate change and
                               GHG  emissions  policies and  initiatives,  ISS  recommends
                               that shareholders oppose this resolution.
                    19      Adopt Animal Welfare Policy                   Against      Against             ShrHoldr
                               Conclusion        Therefore,  ISS  questions  the  value of
                               the proposed  report to  shareholders  based on the limited
                               involvement  that  the  company  has with  animal  testing.
                               Establishing  new  policies on animal  welfare,  monitoring
                               the compliance of external animal testing  facilities,  and
                               reporting this  information to shareholders may not provide
                               enough  meaningful  information to  shareholders  to offset
                               the cost and burden to the company of  complying  with this
                               proposal.  As such, we do not recommend shareholder support
                               for the resolution.
                    20      Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               Conclusion        Absent     an    offsetting    governance
                               structure,  including a designated lead director performing
                               all of the duties listed  above,  we believe that a company
                               of  this  size   should   be  able  to  find  a   qualified
                               independent chairman.
                    21      Approve/Amend Terms of Existing Poison Pill   Against      Against             ShrHoldr
                               Conclusion        Given    that   the    company   has   an
                               established policy with respect to shareholder  approval of
                               a rights plan in the future,  which was previously approved
                               by  Chevron   shareholders,   we  do  not  recommend   that
                               shareholders support this bylaw amendment.
                    22      Report on Market Specific Environmental Laws  Against      Against             ShrHoldr
                               Conclusion        Based  on ISS' concern with the structure
                               of  this  resolution  and  Chevron's   existing   policies,
                               programs,    initiatives,   and   disclosure   related   to
                               operational  risks  associated  with  human  health and the
                               environmental   issues,   we  recommend  that  shareholders
                               oppose this resolution.


04/25/07 - A        CIGNA Corp. *CI*                        125509109                          02/27/07                   1,340
                    1       Elect Director Robert H. Campbell             For          For                 Mgmt
                    2       Elect Director Isaiah Harris, Jr.             For          For                 Mgmt
                    3       Elect Director Jane E. Henney, M.D.           For          For                 Mgmt
                    4       Elect Director Donna F. Zarcone               For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


07/28/06 - A        Cirrus Logic, Inc. *CRUS*               172755100                          05/31/06                     750
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 16.21  percent  is within  the  allowable  cap for
                               this  company  of 17.13  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


11/15/06 - A        Cisco Systems, Inc. *CSCO*              17275R102                          09/18/06                  35,584
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.
                    4       Report on Pay Disparity                       Against      Against             ShrHoldr
                               Although  ISS  generally  recommends  votes  for  proposals
                               which  increase  the  level  of  disclosure  on  topics  of
                               importance to  shareholders  and support  performance-based
                               compensation  for executives,  the system suggested in this
                               shareholder   proposal   suggests   reporting   on   salary
                               comparisons and evaluating overall compensation  thresholds
                               that may have limited utility for shareholders.  Therefore,
                               based on the  limited  utility or  arbitrary  nature of the
                               detailed  information  requested  by the report,  we do not
                               recommend shareholder support for this resolution.
                    5       Report on Internet Fragmentation              Against      For                 ShrHoldr
                               Therefore,  while we commend  Cisco for its broad  approach
                               to  international  human  rights  issues,  we believe  that
                               including  additional  information  in its existing  public
                               documents  on  policies  and  practices  related  to  doing
                               business  with  governments  that  restrict  certain  human
                               rights  could  be   beneficial  to   shareholders   without
                               significant  expense or burden on the company.  As such, we
                               recommend shareholder support for this resolution.


04/17/07 - A        Citigroup Inc. *C*                      172967101                          02/21/07                  17,645
                    1       Elect Director C. Michael Armstrong           For          For                 Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Alain J.P. Belda               For          For                 Mgmt
                    3       Elect Director George David                   For          For                 Mgmt
                    4       Elect Director Kenneth T. Derr                For          For                 Mgmt
                    5       Elect Director John M. Deutch                 For          For                 Mgmt
                    6       Elect Director Roberto Hernandez Ramirez      For          For                 Mgmt
                    7       Elect Director Klaus Kleinfeld                For          For                 Mgmt
                    8       Elect Director Andrew N. Liveris              For          For                 Mgmt
                    9       Elect Director Anne Mulcahy                   For          For                 Mgmt
                    10      Elect Director Richard D. Parsons             For          For                 Mgmt
                    11      Elect Director Charles Prince                 For          For                 Mgmt
                    12      Elect Director Judith Rodin                   For          For                 Mgmt
                    13      Elect Director Robert E. Rubin                For          For                 Mgmt
                    14      Elect Director Franklin A. Thomas             For          For                 Mgmt
                    15      Ratify Auditors                               For          For                 Mgmt
                    16      Report on Government Service of Employees     Against      Against             ShrHoldr
                               ISS   recognizes   that  companies  can  benefit  from  the
                               knowledge  and  expertise  of  former  government  workers.
                               These  employees  may  be  intimately   familiar  with  the
                               internal   processes   of   government    procurement   and
                               decision-making.  The  knowledge of such  employees can add
                               real  value  to a  company's  operations.  ISS  shares  the
                               proponent's  concern for potential conflicts of interest at
                               such  companies;  but in this case, the company states that
                               it has specific  policies in place to avoid such  conflicts
                               of  interest.  Moreover,  the  production  of such a report
                               annually  could be  costly  without  providing  substantial
                               benefit to  shareholders.  Given these  factors,  we see no
                               reason to support this request.
                    17      Report on Political Contributions             Against      For                 ShrHoldr
                               Therefore,  while ISS commends the company for its level of
                               disclosure  on political  contributions,  we are  concerned
                               about  the  lack  of  policy  or  transparency  related  to
                               Citigroup's  trade  association  activities.  As  such,  we
                               recommend shareholder support for this resolution.
                    18      Report on Charitable Contributions            Against      Against             ShrHoldr
                               In  this  case,   we  note  that   Citigroup   discloses  a
                               significant  amount  of the  information  requested  by the
                               proponent  it its  Corporate  Responsibility  Report and in
                               the Citigroup  Foundation's Annual Report.  Moreover,  some
                               aspects  of  the  resolution,   including  determining  the
                               estimated   or   actual   benefits   of   each   charitable
                               contribution   may  be   difficult   to   produce   without
                               significant  speculation,  and  could  place a  significant
                               burden on the company without providing  commensurate value
                               to   shareholders.   Therefore,   ISS  does  not  recommend
                               shareholder support for the resolution at this time
                    19      Approve Report of the Compensation Committee  Against      For                 ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    20      Report on Pay Disparity                       Against      Against             ShrHoldr
                               Although  ISS  generally  recommends  in favor of proposals
                               that    support    performance-based    compensation    for
                               executives,   the  system  suggested  in  this  shareholder
                               proposal  instead seeks to establish a cap on executive pay
                               at  100  times  the  average  salary  of  other   Citigroup
                               employees.  Based on the  arbitrary  nature of this  salary
                               cap,  and the fact that it does not appear to  encourage  a
                               strong  link   between  the   company's   performance   and
                               executive pay, we do not recommend  shareholder support for
                               this resolution.
                    21      Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.
                    22      Stock Retention/Holding Period                Against      Against             ShrHoldr
                               In  this  case,   Citigroup's   current   stock   ownership
                               requirements  serve as an  effective  tool  for  increasing
                               executive  ownership of and  accountability to the company.
                               The  proponent's  recommendation  of  a  five-year  holding
                               period  for all  options  is  arbitrary  and  should not be
                               applied as a blanket  policy  for all option  grants at the
                               company.
                    23      Restore or Provide for Cumulative Voting      Against      Against             ShrHoldr
                               Because  the  company  meets  all  of the  criteria  listed
                               above,  ISS does not believe  that this  proposal  warrants
                               shareholder support at this time.
                    24      Amend Bylaws to Permit Shareholders to Call   Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.


04/25/07 - A        City Bank *CTBK*                        17770A109                          03/09/07                     261
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        CNA Surety Corp. *SUR*                  12612L108                          03/01/07                     410
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Philip H. Britt --- For
                               We recommend a vote FOR the directors  with the  exceptions
                               of James R. Lewis, John F. Welch, David B. Edelson,  and D.
                               Craig Mense. We recommend that shareholders  WITHHOLD votes
                               from D.  Craig  Mense for  standing  as an  insider  on the
                               Audit  committee  and for  failure to  establish a majority
                               independent  board.  We also  recommend  that  shareholders
                               WITHHOLD  votes from James R. Lewis,  John F. Welch,  David
                               B. Edelson,  and D. Craig Mense for failure to establish an
                               independent   nominating   committee  and  for  failure  to
                               establish a majority independent board.
                    1.2     Elect Director James R. Lewis --- Withhold
                    1.3     Elect Director Robert Tinstman --- For
                    1.4     Elect Director John F. Welch --- Withhold
                    1.5     Elect Director David B. Edelson --- Withhold
                    1.6     Elect Director D. Craig Mense --- Withhold
                    1.7     Elect Director Anthony S. Cleberg --- For
                    2       Ratify Auditors                               For          For                 Mgmt


12/19/06 - S        CNS, Inc.                               126136100                          11/09/06                     390
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review of the terms of the  transaction,  the
                               factors  described  above,  and a 31.3 percent premium over
                               the closing price of the day prior to the  announcement  of
                               the  merger,   ISS  believes  that  the  merger   agreement
                               warrants shareholder support.
                    2       Other Business                                For          For                 Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


11/02/06 - A        Coach, Inc. *COH*                       189754104                          09/14/06                   6,299
                    1       Elect Directors                               For          For                 Mgmt


06/07/07 - A        Cognizant Technology Solutions Corp.    192446102                          04/17/07                   2,033
                    *CTSH*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 11 percent is less than
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/03/07 - A        Colgate-Palmolive Co.                   194162103                          03/07/07                   5,420
                    1       Elect Director John T. Cahill                 For          For                 Mgmt
                    2       Elect Director Jill K. Conway                 For          For                 Mgmt
                    3       Elect Director Ellen M. Hancock               For          For                 Mgmt
                    4       Elect Director David W. Johnson               For          For                 Mgmt
                    5       Elect Director Richard J. Kogan               For          For                 Mgmt
                    6       Elect Director Delano E. Lewis                For          For                 Mgmt
                    7       Elect Director Reuben Mark                    For          For                 Mgmt
                    8       Elect Director J. Pedro Reinhard              For          For                 Mgmt
                    9       Ratify Auditors                               For          For                 Mgmt
                    10      Amend Articles/Bylaws/Charter -- Call         Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.
                    11      Pay for Superior Performance                  Against      For                 ShrHoldr
                               Conclusion        While  we commend  Colgate-Palmolive  for
                               disclosing  the specific  performance  measures and hurdles
                               under its  annual  bonus  program,  we  recommend  that the
                               specific  weightings  for the  measures  applicable  to the
                               executives   with  divisional   responsibilities   also  be
                               disclosed.  We do not believe that the company's  long-term
                               incentive program is substantially  performance-based.  Per
                               ISS'  valuation  of the  performance  mix, we compared  the
                               actual  number  of  shares  (performance-based   restricted
                               stock vs. options and time-vested  restricted stock awards)
                               granted in the past  fiscal year and only 18 percent of the
                               equity awards granted to named  executive  officers  during
                               that  period  were   performance-based   according  to  our
                               guidelines.  Therefore,  given that the company's long-term
                               program for  executives is not  performance-based  per ISS'
                               guidelines and does not  sufficiently  meet the proponent's
                               requirements,  we believe  this item  warrants  shareholder
                               support.


05/15/07 - A        Comerica Inc. *CMA*                     200340107                          03/16/07                   1,120
                    1       Elect Director Ralph W. Babb, Jr.             For          For                 Mgmt
                    2       Elect Director James F. Cordes                For          For                 Mgmt
                    3       Elect Director Peter D. Cummings              For          For                 Mgmt
                    4       Elect Director William P. Vititoe             For          For                 Mgmt
                    5       Elect Director Kenneth L. Way                 For          For                 Mgmt
                    6       Ratify Auditors                               For          For                 Mgmt
                    7       Prepare Sustainability Report                 Against      For                 ShrHoldr
                               ISS  typically  supports  shareholder  proposals  that seek
                               additional  disclosure,  as shareholders should be provided
                               with sufficient  information in key business areas to fully
                               assess the risks  associated  with their  investment.  When
                               evaluating   resolutions   calling  for  a   sustainability
                               report,  ISS reviews the current reporting  policies of the
                               company   as  they   relate   to   sustainability   issues.
                               Specifically,  we examine the existence and substance of an
                               EHS or  similar  report,  code of  corporate  conduct,  and
                               diversity  or equal  opportunity  data,  or a  consolidated
                               sustainability  report based on a widely accepted  standard
                               such  as  the  GRI.        ISS   notes  that  Comerica  has
                               limited   information   relating  to  its  social  policies
                               through  its  corporate  website;   however,   the  current
                               reporting does not appear to disclose  information relating
                               to   the   processes   and   procedures   related   to  its
                               environmental  risk management  systems for certain project
                               finance  initiatives,  as  described by  management  in its
                               response  to the  proponent's  request.  Further,  Comerica
                               does not  appear to  provide  information  relating  to its
                               internal   environmental   management   practices  and  the
                               company  does not appear to provide  sustainability-related
                               performance   metrics   typically   found   in  an  EHS  or
                               sustainability  report.  ISS  believes  that  the  benefits
                               realized  by the  company  by  evaluating,  monitoring  and
                               reporting potential risks,  liabilities,  and opportunities
                               associated   with   sustainability   issues   outweigh  the
                               potential cost and burden of producing such a report.  This
                               disclosure  would  allow   shareholders  to  better  assess
                               Comerica's policies,  practices and performance relating to
                               a  broader  set of issues  that may  impact  the  company's
                               operations.        In   light  of  the   current   lack  of
                               publicly  available  information  provided  by the  company
                               relating  to   sustainability   issues  and  the  potential
                               benefits that could be derived from increased  reporting on
                               sustainability   initiatives  pertinent  to  the  company's
                               operations,  ISS recommends that shareholders vote for this
                               proposal.


01/25/07 - A        Commercial Metals Co. *CMC*             201723103                          11/27/06                   1,134
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Non-Employee Director Omnibus Stock     For          For                 Mgmt
                            Plan
                               As the original plan permits the grant of restricted  stock
                               to  non-employee   directors,   ISS  did  not  utilize  the
                               compensation  model to determine the cost of the amendment.
                               Restricted  stock and restricted stock unit are essentially
                               similar  equity  tools of  compensation.  ISS  recommends a
                               vote FOR this proposal.
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 10.89  percent  is within  the  allowable  cap for
                               this  company  of 12.66  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       Amend EEO Policy to Prohibit Discrimination   Against      For                 ShrHoldr
                            based on Sexual Orientation
                               Given   the    company's    stated    commitment   to   not
                               discriminating  on any  basis,  we  believe  that  such  an
                               amendment  to its existing EEO policy would not result in a
                               significant  compliance  cost for the company.  As such, we
                               believe this resolution warrants shareholders support.


10/09/06 - S        Community Bancorp *CBON*                20343T100                          09/05/06                      83
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  specifically  the  sensible
                               strategic  rationale and the positive  year-to-date  market
                               reaction,  we  believe  that the  share  issuance  warrants
                               shareholder support.
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of  20,000,000  shares is 1,000,000
                               shares below the allowable threshold of 21,000,000 shares.


12/05/06 - A        Comtech Telecommunications Corp.        205826209                          10/06/06                     149
                    *CMTL*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   Vote
                               RecommendationGiven  that the company will be entitled to a
                               business  expense   deduction  due  to  the  favorable  tax
                               treatment  attributable to Section  162(m),  we believe the
                               proposed amendment warrants shareholder approval.
                    3       Ratify Auditors                               For          For                 Mgmt


05/09/07 - A        ConocoPhillips *COP*                    20825C104                          03/12/07                   4,817
                    1       Elect Director James E. Copeland, Jr.         For          For                 Mgmt
                    2       Elect Director Kenneth M. Duberstein          For          For                 Mgmt
                    3       Elect Director Ruth R. Harkin                 For          For                 Mgmt
                    4       Elect Director William R. Rhodes              For          For                 Mgmt
                    5       Elect Director J. Stapleton Roy               For          For                 Mgmt
                    6       Elect Director William E. Wade, Jr.           For          For                 Mgmt
                    7       Ratify Auditors                               For          For                 Mgmt
                    8       Report on Political Contributions             Against      Against             ShrHoldr
                               Based on existing disclosure that  ConocoPhillips  provides
                               regarding   its   rationale,    policies,   and   oversight
                               mechanisms for corporate political  contributions and trade
                               association activities,  and a lack of recent,  significant
                               litigation  related to such public policy  activities,  ISS
                               does not recommend shareholder support for this resolution.
                    9       Report on Renewable Energy Sources            Against      Against             ShrHoldr
                               ISS believes that the company does sufficiently  explain to
                               its shareholders  its rationale for its strategic  business
                               decision relating to alternative energy.  Specifically,  we
                               believe  that  operational   decisions  involving  specific
                               research  policies,   procedures,  and  capital  investment
                               decisions should be the  responsibility  of management,  so
                               long  as  these   decisions   are   guided  by   applicable
                               legislation and appropriate internal policies.  In light of
                               ConocoPhillip's  efforts to  elucidate  stakeholders  about
                               its  renewable  energy  policy and its  business  rationale
                               behind such  policies;  and,  given its extensive  publicly
                               available  discussions on alternative energy, CO2 reduction
                               initiative,   and,   more  broadly,   on  its   initiatives
                               surrounding  climate  change,  ISS believes that developing
                               such a report  would be  largely  duplicative  of  existing
                               disclosure.  While  the  company  may not be  investing  in
                               renewable  energy  commitments to the extent the proponents
                               would choose to see, the company has recently  demonstrated
                               a  commitment  to  evaluating  the  impact  of the risks of
                               operating  in a  carbon-constrained  world and the  company
                               appears to be taking  steps to  mitigate  its  exposure  to
                               such  risks.  As  such,  ISS  does not  believe  that  this
                               proposal warrants shareholder support.
                    10      Require Director Nominee Qualifications       Against      Against             ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus  on  fiduciary  duty  among  Conoco   Phillips  board
                               members,   ISS  does  not  believe  that  adoption  of  the
                               proposed   guidelines   would  add   additional   value  to
                               shareholders at this time.
                    11      Report on Environmental Damage from           Against      For                 ShrHoldr
                            Drilling in the National Petroleum Reserve
                               In  this  case,  we  note  that  the  resolution  asks  for
                               disclosure  on the impact of the  company's  operations  in
                               the  NPR-A  originally  protected  by  the  ROD,  including
                               discussion on refraining from drilling in this region.  ISS
                               agrees with  management  that it may be  inappropriate  for
                               the company to commit to refrain from  operating in certain
                               areas.  Such actions could limit the  company's  ability to
                               take  advantage  of  opportunities  that would  benefit the
                               company and its  shareholders.  That said,  we believe that
                               increased   reporting   on   operations   in  sensitive  or
                               protected   ecosystems   is   warranted,    especially   in
                               circumstances  where there has been some  controversy  over
                               the use of regions  recently opened for oil and gas leases.
                               As much of the  information  requested in these  reports is
                               already    evaluated   under   the   permitting    process,
                               consolidation  of a report should not be overly  burdensome
                               or  costly  to the  company.  Conversely,  such  disclosure
                               could  be   beneficial   for  the  company  by   mitigating
                               reputational risk,  improving  stakeholder  relations,  and
                               communicating the company's  proactive efforts to implement
                               its policies to develop  protected  areas in a  responsible
                               manner.  Therefore,  based on the limited cost of providing
                               the report and potential value that such  disclosure  could
                               provide for shareholders,  ISS recommends  support for this
                               resolution.
                    12      Report on Indigenous Peoples Rights Policies  Against      Against             ShrHoldr
                               Considering  that the company  demonstrated  commitment  to
                               work in concert  with,  and  continue to improve  relations
                               with   stakeholders   within  the   communities   where  it
                               operates,  and  given  its  policies,  the  development  of
                               stakeholder   engagement   strategies,   and  its  existing
                               information  relating to certain activities related to this
                               issue;  and,  considering  our  concerns  over  the  scope,
                               timeline,  and value of additional  disclosure  beyond that
                               which is included in the company's filings and website,  we
                               do not recommend shareholder support for this resolution.
                    13      Report on Community Impact of Operations      Against      Against             ShrHoldr
                               ISS notes that the company provides  significant,  detailed
                               reporting on its social and environmental  impact including
                               emissions,  spills,  and  policies  to promote  sustainable
                               development.  Moreover,  the company is involved in certain
                               stakeholder  initiatives  that  seek  to  include  external
                               stakeholders  in the  company's  evaluation  of social  and
                               environmental  impact.  Finally,  the company has committed
                               to expand and develop its  reporting  and  operations as it
                               produces  future  sustainability  reports.  Considering the
                               existing  disclosure and  initiatives  at the company,  ISS
                               does not believe that the  additional  reporting  requested
                               by  this  proposal  would  provide  significant  value  for
                               shareholders.   Therefore,   based  on  current  discussion
                               related  to  social  and   environmental   performance  and
                               initiatives  the  company  has  taken to  involve  external
                               stakeholders  in its  evaluation  processes,  ISS  does not
                               believe that  shareholder  support for this  resolution  is
                               warranted.


08/03/06 - A        Consolidated Graphics, Inc. *CGX*       209341106                          06/15/06                     587
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director Larry J. Alexander ---
                            Withhold
                               We recommend  withholding  votes from all of the  nominees.
                               We  recommend   that   shareholders   WITHHOLD  votes  from
                               independent   outsiders  Brady  F.  Carruth  and  Larry  J.
                               Alexander for failing to remove a dead-hand,  slow-hand, or
                               similar feature in the company's poison pill.
                    1.2     Elect Director Brady F. Carruth --- Withhold


04/24/07 - A        Continental AG                          210771200                          03/09/07                   1,062
                            Meeting for Holders of ADRs
                    1       ALLOCATION OF NET INCOME.                     For          For                 Mgmt
                    2       RATIFICATION OF THE EXECUTIVE BOARD S         For          For                 Mgmt
                            ACTIONS FOR FISCAL 2006.
                    3       RATIFICATION OF THE SUPERVISORY BOARD S       For          For                 Mgmt
                            ACTIONS FOR FISCAL 2006.
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       AUTHORIZATION TO ACQUIRE AND TO DISPOSE OF    For          For                 Mgmt
                            TREASURY STOCK.
                    6       RESCISSION OF AUTHORIZED CAPITAL.             For          For                 Mgmt
                    7       ESTABLISHMENT OF AUTHORIZED CAPITAL.          For          For                 Mgmt
                    8       MODIFICATION OF ARTICLES.                     For          For                 Mgmt
                    9       MODIFICATION OF ARTICLES.                     For          For                 Mgmt


04/17/07 - A        Convergys Corp. *CVG*                   212485106                          02/28/07                   6,720
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Reincorporate in Another State [ Ohio to      Against      For                 ShrHoldr
                            Delaware ]
                               Although  the  company   believes  that  the  Ohio  General
                               Corporation  Law provides  shareholder  rights that are not
                               provided in Delaware,  ISS notes that Ohio has adopted very
                               protective   antitakeover   legislation,    including   six
                               provisions as shown under state  takeover  statutes  above.
                               In contrast,  Delaware has only two antitakeover provisions
                               in place,  resulting  in a more  positive  environment  for
                               shareholders.  Additionally,  Delaware  has  a  substantial
                               body  of  developed   case  law,   which   provides   great
                               predictability  with respect to legal  affairs.  Though the
                               company  currently has great  familiarity with Ohio law and
                               procedural  rules,  it is not  unreasonable to believe that
                               the  same   familiarity  can  be  gained  with  respect  to
                               Delaware.  Further,  the company noted that the very strong
                               non-disclosure  and non-compete  language as governed under
                               Ohio  law are not  necessarily  lost  under  Delaware  law.
                               Although  the  company  describes  the  potential  to  lose
                               millions  of  dollars  in  tax   incentives,   among  other
                               benefits,  ISS notes that the  incentives  and benefits are
                               largely  based upon the  physical  presence  of the company
                               and  its  employees  in  Ohio/Cincinnati  rather  than  the
                               jurisdiction of  incorporation.  This proposal will have no
                               effect on the  physical  location  of the  company  and its
                               employees in Ohio.          On  balance,  ISS believes that
                               the  proposed  reincorporation  from Ohio to Delaware  will
                               have a  positive  impact  to  shareholders.  As  such,  ISS
                               believes  that  shareholder  support  for this  proposal is
                               warranted.


04/24/07 - A        COOPER INDUSTRIES LTD *CBE*             G24182100                          02/28/07                   1,215
                            Meeting for Holders of ADRs
                    1a      Elect Director S.G. Butler                    For          For                 Mgmt
                    1b      Elect Director D.F. Smith                     For          For                 Mgmt
                    1c      Elect Director G.B. Smith                     For          For                 Mgmt
                    1d      Elect Director M.S. Thompson                  For          For                 Mgmt
                    1e      Elect Director L.D. Kingsley                  For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       AMENDMENT TO COOPER S BYE-LAWS TO INCREASE    For          For                 Mgmt
                            AUTHORIZED SHARES.
                    4       ILO Standards                                 Against      Against             ShrHoldr
                               Given  that the  company  already  has a policy in place to
                               address  workplace  human rights,  support of this proposal
                               is not warranted at this time.


04/26/07 - A        Corning Inc. *GLW*                      219350105                          02/26/07                   1,850
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Robert F. Cummings, Jr. ---
                            For
                               Notwithstanding the company's recent financial  performance
                               and board  changes,  we  recommend  a vote FOR new  nominee
                               Robert F.  Cummings,  Jr., but  WITHHOLD  votes from all of
                               the  other   nominees.   We  recommend  that   shareholders
                               WITHHOLD   votes   from   insider   Wendell  P.  Weeks  and
                               independent  outsiders  William  D.  Smithburg,  Hansel  E.
                               Tookes II, and Eugene C. Sit for failure to  implement  the
                               proposal to declassify the board.
                    1.2     Elect Director Eugene C. Sit --- Withhold
                    1.3     Elect Director William D. Smithburg ---
                            Withhold
                    1.4     Elect Director Hansel E. Tookes Ii ---
                            Withhold
                    1.5     Elect Director Wendell P. Weeks --- Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             Against      For                 ShrHoldr
                               Conclusion        The  ability  to elect  directors  is the
                               single most  important  use of the  shareholder  franchise,
                               and  all  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.


05/04/07 - A        Credit Suisse Group (formerly CS        225401108                          03/27/07                   3,315
                    Holding)
                            Meeting for Holders of ADRs
                    1       PRESENTATION AND APPROVAL OF THE ANNUAL       For          For                 Mgmt
                            REPORT, THE PARENT COMPANY S 2006 FINANCIAL
                            STATEMENTS AND THE GROUP S 2006
                            CONSOLIDATED FINANCIAL STATEMENTS
                    2       DISCHARGE OF THE ACTS OF THE MEMBERS OF THE   For          For                 Mgmt
                            BOARD OF DIRECTORS AND EXECUTIVE BOARD
                    3       CAPITAL REDUCTION OWING TO COMPLETION OF      For          For                 Mgmt
                            THE SHARE BUY BACK PROGRAM
                    4.1     RESOLUTION ON THE APPROPRIATION OF RETAINED   For          For                 Mgmt
                            EARNINGS
                    4.2     REDUCTION OF SHARE CAPITAL BY REPAYMENT OF    For          For                 Mgmt
                            PAR VALUE TO SHAREHOLDERS
                    5       APPROVAL OF A FURTHER SHARE BUY BACK PROGRAM  For          For                 Mgmt
                    6.1     ADDITIONAL AMENDMENTS TO THE ARTICLES OF      For          For                 Mgmt
                            ASSOCIATION: RENEWAL OF AUTHORIZED CAPITAL
                    6.2     ADDITIONAL AMENDMENTS TO THE ARTICLES OF      For          For                 Mgmt
                            ASSOCIATION: AMENDMENT OF ART. 7 PARAS. 4
                            AND 5 (RIGHT TO ADD AN ITEM TO THE AGENDA)
                    6.3     ADDITIONAL AMENDMENTS TO THE ARTICLES OF      For          For                 Mgmt
                            ASSOCIATION: AMENDMENTS AS A RESULT OF ITEM
                            4.2
                    7.1a    RE-ELECTION TO THE BOARD OF DIRECTORS:        For          For                 Mgmt
                            NOREEN DOYLE
                    7.1b    RE-ELECTION TO THE BOARD OF DIRECTORS: AZIZ   For          For                 Mgmt
                            R.D. SYRIANI
                    7.1c    RE-ELECTION TO THE BOARD OF DIRECTORS:        For          For                 Mgmt
                            DAVID W. SYZ
                    7.1d    RE-ELECTION TO THE BOARD OF DIRECTORS:        For          For                 Mgmt
                            PETER F. WEIBEL
                    7.2     ELECTION OF THE PARENT COMPANY S              For          For                 Mgmt
                            INDEPENDENT AUDITORS AND THE GROUP S
                            INDEPENDENT AUDITORS
                    7.3     ELECTION OF SPECIAL AUDITORS                  For          For                 Mgmt
                    8       IF VOTING TAKES PLACE ON PROPOSALS THAT       None         Against             Mgmt
                            HAVE NOT BEEN SUBMITTED UNTIL THE ANNUAL
                            GENERAL MEETING ITSELF AS DEFINED IN ART.
                            700 PARAS. 3 AND 4 OF THE SWISS CODE OF
                            OBLIGATIONS, OR IN THE CASE OF CONSULTATIVE
                            VOTES, I HEREBY AUTHORIZE THE INDEPENDENT
                            PROXY
                               Because  it is  not  known  what  issues  will  be  raised,
                               support for this request cannot be recommended.


05/09/07 - A        CRH Plc                                 12626K203                          04/02/07                   3,641
                            Meeting for Holders of ADRs
                    1       CONSIDERATION OF FINANCIAL STATEMENTS AND     For          For                 Mgmt
                            REPORTS OF DIRECTORS AND AUDITORS
                    2       DECLARATION OF A DIVIDEND                     For          For                 Mgmt
                    3       RE-ELECTION OF DIRECTOR: D.M. KENNEDY         For          For                 Mgmt
                    4       RE-ELECTION OF DIRECTOR: T.V. NEILL           For          For                 Mgmt
                    5       RE-ELECTION OF DIRECTOR: W.I. O MAHONY        For          For                 Mgmt
                    6       RE-ELECTION OF DIRECTOR: W.P. EGAN            For          For                 Mgmt
                    7       RE-ELECTION OF DIRECTOR: D.N. O CONNOR        For          For                 Mgmt
                    8       REMUNERATION OF AUDITORS                      For          For                 Mgmt
                    9       DISAPPLICATION OF PRE-EMPTION RIGHTS          For          For                 Mgmt
                    10      AUTHORITY TO PURCHASE OWN ORDINARY SHARES     For          For                 Mgmt
                    11      AUTHORITY IN RELATION TO RE-ISSUE PRICE       For          For                 Mgmt
                            RANGE OF TREASURY SHARES
                    12      AMENDMENT TO ARTICLES OF ASSOCIATION          For          For                 Mgmt
                    13      AUTHORITY TO RE-ISSUE TREASURY SHARES         For          For                 Mgmt


04/26/07 - A        Cullen/Frost Bankers, Inc. *CFR*        229899109                          03/09/07                     678
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Non-Employee Director Omnibus Stock   For          For                 Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/09/07 - A        CVS Caremark Corp *CVS*                 126650100                          03/30/07                     670
                    1       Elect Director Edwin M. Banks                 For          For                 Mgmt
                               We recommend a vote FOR the nominees  with the exception of
                               Mr.   Headrick  and  Mr.   Piccolo.   We   recommend   that
                               shareholders vote AGAINST Messrs.  Headrick and Piccolo for
                               conducting  and/or  participating  in a flawed  process for
                               Caremark shareholders in the CVS transaction.
                    2       Elect Director C. David Brown II              For          For                 Mgmt
                    3       Elect Director Edwin Mac Crawford             For          For                 Mgmt
                    4       Elect Director David W. Dorman                For          For                 Mgmt
                    5       Elect Director Kristen E. Gibney Williams     For          For                 Mgmt
                    6       Elect Director Roger L. Headrick              For          Against             Mgmt
                    7       Elect Director Marian L. Heard                For          For                 Mgmt
                    8       Elect Director William H. Joyce               For          For                 Mgmt
                    9       Elect Director Jean-Pierre Million            For          For                 Mgmt
                    10      Elect Director Terrence Murray                For          For                 Mgmt
                    11      Elect Director C.A. Lance Piccolo             For          Against             Mgmt
                    12      Elect Director Sheli Z. Rosenberg             For          For                 Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                 Mgmt
                    14      Elect Director Richard J. Swift               For          For                 Mgmt
                    15      Ratify Auditors                               For          For                 Mgmt
                    16      Approve Qualified Employee Stock Purchase     For          For                 Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    17      Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    18      Limit Executive Compensation                  Against      Against             ShrHoldr
                               Conclusion        We  oppose  this  item  because  it could
                               place  the  company  at  a  competitive   disadvantage   in
                               attempting to attract a qualified CEO.
                    19      Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               Conclusion        We  believe that the company's governance
                               structure  does not  provide a  satisfactory  balance  to a
                               non-independent   chairman.   Accordingly,   the   proposal
                               warrants shareholder support.
                    20      Prepare Sustainability Report                 Against      For                 ShrHoldr
                               Conclusion        ISS  encourages CVS to increase its level
                               of  transparency   related  to  social  and   environmental
                               performance   and  consider  the   potential   benefits  of
                               structuring its reporting along  established best practices
                               guidelines.   Detailed  information  on  how  these  issues
                               affect the company's  strategic  position,  how the company
                               is overseeing the  implementation  of these  policies,  and
                               how the company is  performing  relative to industry  peers
                               and/or   internally   established   goals,   provides  both
                               management   and  its   shareholders   insight   into   the
                               effectiveness  of its  established  guidelines  relating to
                               sustainability.   We   believe   that  more   comprehensive
                               reporting  on  sustainability  issues  will  benefit CVS by
                               helping the company and its shareholders  better assess the
                               financial    risks   and    opportunities    that   certain
                               sustainability  issues  pose  to  its  business  model  and
                               future  development.  As such,  ISS believes  this proposal
                               warrants shareholder support.
                    21      Disclose Information on Compensation          Against      For                 ShrHoldr
                            Consultant
                               Conclusion        Based   on  the  above  disclosure,   ISS
                               believes  that  the  company  has  not  adequately  met the
                               proponent's request.
                    22      Compensation Specific- Policy on Stock        Against      For                 ShrHoldr
                            Option Grants/Option Backdating
                               Conclusion        While  we do not  agree  with  all of the
                               points  in the  proponent's  proposed  policy,  we  believe
                               support for a proposal  advocating a more robust  policy is
                               warranted given the circumstances  surrounding the company.
                               Further,  this proposal is non-binding and thus serves as a
                               recommendation to the board. As such, we support this item.


05/17/07 - A        Cymer, Inc. *CYMI*                      232572107                          03/30/07                      10
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 9 percent is less than
                               the   allowable   cap  for  this  company  of  18  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        Danaher Corp. *DHR*                     235851102                          03/19/07                   2,039
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 500,000,000  shares is below the
                               allowable threshold of 750,000,000 shares.
                    4       Approve Omnibus Stock Plan                    For          Against             Mgmt
                                                                                   VI.
                               Vote   Recommendation        The   company  has   submitted
                               multiple  equity plan proposals for  shareholder  approval.
                               The aggregate  shareholder  value transfer for all plans is
                               8 percent,  which is above the company's allowable cap of 5
                               percent.          We  commend  the  company  for  expressly
                               forbidding  the  repricing of stock options under the plan.
                               However,  the estimated  shareholder  value transfer of the
                               company's  plans of 8 percent  is above the  allowable  cap
                               for this company of 5 percent.
                    5       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    6       Amend Deferred Compensation Plan              For          For                 Mgmt
                                                                                   VII.
                               Vote   Recommendation        The   company  has   submitted
                               multiple  equity plan proposals for  shareholder  approval.
                               The aggregate  shareholder  value transfer for all plans is
                               8 percent,  which is above the company's allowable cap of 5
                               percent.        However,  the estimated  shareholder  value
                               transfer of the EDIP and the company's  existing plans of 5
                               percent is equal to the  allowable  cap for this company of
                               5  percent.   ISS  will  recommend  a  vote  for  the  most
                               exensiexpensivethat  is equal to or less than the allowable
                               cap.  As  such,   shareholder  support  for  this  plan  is
                               warranted.
                    7       Stock Retention/Holding Period                Against      For                 ShrHoldr
                               ISS   recognizes   that  Danaher  has   implemented   stock
                               ownership  guidelines.   However,  we  believe  that  these
                               guidelines  are not  rigorous  enough  and should go beyond
                               the standard 5x salary for CEOs.  In addition,  the company
                               does  not  have a  retention  ratio  nor a  holding  period
                               requirement.   As  such,  ISS  believes  that   shareholder
                               support for this proposal is warranted.


09/15/06 - A        Darden Restaurants, Inc. *DRI*          237194105                          07/24/06                   5,888
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Leonard L. Berry --- Withhold
                               We  recommend  withholding  votes  from  Andrew  H.  (Drew)
                               Madsen,   Clarence  Otis,  Jr.,  and  Blaine  Sweatt,  III,
                               Leonard L. Berry, Odie C. Donald, David H. Hughes,  Senator
                               Connie Mack, III,  Michael D. Rose,  Maria A. Sastre,  Jack
                               A.  Smith,  and Rita P.  Wilson  for  failure to submit the
                               company's poison pill to a shareholder vote.
                    1.2     Elect Director Odie C. Donald --- Withhold
                    1.3     Elect Director David H. Hughes --- Withhold
                    1.4     Elect Director Charles A. Ledsinger, Jr.
                            --- For
                    1.5     Elect Director William M. Lewis, Jr. --- For
                    1.6     Elect Director Connie Mack, III --- Withhold
                    1.7     Elect Director Andrew H. Madsen --- Withhold
                    1.8     Elect Director Clarence Otis, Jr. ---
                            Withhold
                    1.9     Elect Director Michael D. Rose --- Withhold
                    1.10    Elect Director Maria A. Sastre --- Withhold
                    1.11    Elect Director Jack A. Smith --- Withhold
                    1.12    Elect Director Blaine Sweatt, III ---
                            Withhold
                    1.13    Elect Director Rita P. Wilson --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.64 percent is within the  allowable cap for this
                               company of 9.87 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace  advances the debate.  We feel that support for
                               this proposal,  coupled with  continued  debate on election
                               reforms,  will allow the director election system to evolve
                               to the next level.


07/21/06 - A        Dell Inc. *DELL*                        24702R101                          05/26/06                   5,343
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Adopt ILO-Based Code of Conduct               Against      Against             ShrHoldr
                               ISS believes that the  information  provided by the company
                               regarding its policies and procedures  related to workplace
                               labor rights standards  substantially addresses many of the
                               key concerns  noted by the  proponents.  Additionally,  the
                               company  does not appear to have been the subject of recent
                               significant  controversy  related  to its  workplace  labor
                               rights  standards.   Therefore,  we  do  not  believe  that
                               support for this resolution is warranted at this time
                    4       Compensation Company Specific--Declaration    Against      Against             ShrHoldr
                            of Dividend
                               ISS  believes  that the  company's  financial  policies are
                               best  left  to  the  board  and  management,  as  decisions
                               regarding  a company's  funds are the essence of  corporate
                               philosophy.  ISS believes that  management  should have the
                               flexibility  to determine the  company's  dividend or stock
                               repurchase  policies so that future  growth is  unhindered.
                               Therefore,   we  believe  that  shareholders   should  vote
                               against the proposal.


05/08/07 - A        Delphi Financial Group, Inc. *DFG*      247131105                          03/30/07                   1,085
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 31 percent is above the
                               allowable cap for this company of 8 percent.  Additionally,
                               the plan allows  repricing of underwater  stock options via
                               cancellation   and  re-grant  and  substitution  of  awards
                               without shareholder approval,  which we believe reduces the
                               incentive  value  of the  plan.  Lastly,  the  company  has
                               failed  ISS'   three-year   burn  rate  policy,   with  its
                               three-year  average burn rate of 2.36  percent  higher than
                               its four-digit GICS peer group of 2.22 percent.
                    3       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


10/17/06 - A        Diageo Plc (Formerly Guinness Plc)      25243Q205                          08/31/06                     846
                            Meeting for Holders of ADRs
                    1       REPORTS AND ACCOUNTS 2006                     For          For                 Mgmt
                    2       DIRECTORS REMUNERATION REPORT 2006            For          For                 Mgmt
                    3       DECLARATION OF FINAL DIVIDEND                 For          For                 Mgmt
                    4       RE-ELECTION OF LORD HOLLICK OF NOTTING HILL   For          For                 Mgmt
                            (MEMBER OF AUDIT, NOMINATION, REMUNERATION
                            COMMITTEE AND CHAIRMAN OF BOARD)
                    5       RE-ELECTION OF MR HT STITZER (MEMBER OF       For          For                 Mgmt
                            AUDIT, NOMINATION, AND REMUNERATION
                            COMMITTEE)
                    6       RE-ELECTION OF MR PS WALSH (MEMBER OF         For          For                 Mgmt
                            EXECUTIVE COMMITTEE AND CHAIRMAN OF BOARD)
                    7       ELECTION OF MS LM DANON (MEMBER OF AUDIT,     For          For                 Mgmt
                            NOMINATION, AND REMUNERATION COMMITTEE)
                    8       Ratify Auditors                               For          For                 Mgmt
                    9       AUTHORITY TO ALLOT RELEVANT SECURITIES        For          For                 Mgmt
                    10      DISAPPLICATION OF PRE-EMPTION RIGHTS          For          For                 Mgmt
                    11      AUTHORITY TO PURCHASE OWN ORDINARY SHARES     For          For                 Mgmt
                    12      AUTHORITY TO MAKE EU POLITICAL                For          For                 Mgmt
                            DONATIONS/EXPENDITURE
                    13      ADOPTION OF DIAGEO PLC 2006 IRISH PROFIT      For          For                 Mgmt
                            SHARING SCHEME
                    14      AMENDMENTS TO DIAGEO EXECUTIVE SHARE OPTION   For          For                 Mgmt
                            PLAN


04/26/07 - A        Diamondrock Hospitality Company *DRH*   252784301                          03/23/07                   1,350
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plan of 8 percent is less than
                               the   allowable   cap  for  this  company  of  13  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


02/06/07 - S        Digital Insight Corp.                   25385P106                          12/19/06                     973
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given   that   ISS  is   supportive   of   the   underlying
                               transaction,  we support the narrowly  crafted  proposal to
                               adjourn  the   meeting   for  the  purpose  of   soliciting
                               additional votes.


06/08/07 - A        Directed Electronics Inc *DEIX*         254575103                          04/20/07                     133
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   Vote
                               RecommendationEven   though  the  plan  expressly   permits
                               repricing,   the  plan  has   already   been   approved  by
                               shareholders.  In the future,  ISS would  recommend  voting
                               AGAINST  the  plan  proposal  if there  were any new  share
                               requests    or    amendments    that   have    quantitative
                               implications.  At this time, given that the company will be
                               entitled  to  a  business  expense  deduction  due  to  the
                               favorable tax treatment  attributable to Section 162(m), we
                               believe  the  proposed   amendment   warrants   shareholder
                               approval.
                    3       Ratify Auditors                               For          For                 Mgmt


05/17/07 - A        Dollar Thrifty Automotive Group, Inc.   256743105                          03/23/07                     682
                    *DTG*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/21/07 - A        Dollar Tree Stores, Inc. *DLTR*         256747106                          04/20/07                     840
                    1       Elect Directors                               For          For                 Mgmt
                    2       Company Specific - Adopt Simple Majority      Against      For                 ShrHoldr
                            Vote
                               ISS Analysis  and  Conclusion        ISS  maintains  that a
                               simple  majority of voting  shares  should be sufficient to
                               effect  changes  in  a  company's   corporate   governance.
                               Requiring   more  than  a  simple   majority   may   permit
                               management to entrench  itself by blocking  amendments that
                               are in  shareholders'  best  interests        ISS  supports
                               any reduction of a company's voting  requirements,  even if
                               the change is simply a lower supermajority.


04/24/07 - A        Dominos Pizza Inc. *DPZ*                25754A201                          03/15/07                     439
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Adopt MacBride Principles                     Against      Against             ShrHoldr
                               Based  on  the  fact  that   Domino's   existing   policies
                               addresses  non-discrimination on the basis of religion, the
                               lack of litigation or controversy  suggesting that systemic
                               discrimination  takes place at the company's  operations in
                               Northern  Ireland,  and  given the  potential  difficulties
                               that may be  associated  with  full  implementation  of the
                               Principles,  we  recommend  that  shareholders  oppose this
                               request.


05/08/07 - A        Double-Take Software Inc. *DBTK*        258598101                          03/28/07                     500
                    1       Elect Director Dean Goodermote                For          For                 Mgmt
                    2       Elect Director Paul Birch                     For          For                 Mgmt
                    3       Elect Director Ashoke (Bobby) Goswami         For          For                 Mgmt
                    4       Elect Director John B. Landry                 For          For                 Mgmt
                    5       Elect Director Laura L. Witt                  For          For                 Mgmt
                    6       Elect Director John W. Young                  For          For                 Mgmt
                    7       Ratify Auditors                               For          For                 Mgmt


04/17/07 - A        Dover Corporation *DOV*                 260003108                          02/28/07                   3,135
                    1       Elect Directors                               For          For                 Mgmt
                    2       Sustainability Report                         Against      For                 ShrHoldr
                               In light of the  current  lack of  information  provided by
                               the  company  and the  potential  benefits  that  could  be
                               derived  from  increased  reporting,  ISS  recommends  that
                               shareholders vote for this proposal.
                    3       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/09/07 - A        Dril-Quip, Inc. *DRQ*                   262037104                          03/20/07                   1,181
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


08/03/06 - A        DRS Technologies, Inc. *DRS*            23330X100                          06/23/06                     579
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote  Recommendation        Although  the total cost of the
                               company's  plans of 8.16  percent is within  the  allowable
                               cap  for  this  company  of  11.09  percent  and  the  plan
                               expressly  forbids  repricing,   the  company's  three-year
                               average  burn  rate of 3.54  percent  is  higher  than  its
                               four-digit  GICS peer group of 2.93 percent.  However,  the
                               company has made a three-year  burn rate  commitment  equal
                               to its GICS peer group of 2.93  percent.  ISS will continue
                               to  monitor  the  company's  burn rate over the next  three
                               years  to  see  if  it  is  honoring  its   commitment   to
                               shareholders.


10/24/06 - A        Duke Energy Corp. *DUK*                 26441C105                          08/25/06                   1,650
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Roger Agnelli --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Michael E.J. Phelps and independent
                               outsider  Roger  Agnelli.  We recommend  that  shareholders
                               WITHHOLD votes from Michael E.J.  Phelps for standing as an
                               affiliated  outsider on the  Nominating  Committee and from
                               Roger Agnelli for sitting on more than three boards.
                    1.2     Elect Director Paul M. Anderson --- For
                    1.3     Elect Director William Barnet, III --- For
                    1.4     Elect Director G. Alex Bernhardt, Sr. ---
                            For
                    1.5     Elect Director Michael G. Browning --- For
                    1.6     Elect Director Phillip R. Cox --- For
                    1.7     Elect Director William T. Esrey --- For
                    1.8     Elect Director Ann Maynard Gray --- For
                    1.9     Elect Director James H. Hance, Jr. --- For
                    1.10    Elect Director Dennis R. Hendrix --- For
                    1.11    Elect Director Michael E.J. Phelps ---
                            Withhold
                    1.12    Elect Director James T. Rhodes --- For
                    1.13    Elect Director James E. Rogers --- For
                    1.14    Elect Director Mary L. Schapiro --- For
                    1.15    Elect Director Dudley S. Taft --- For
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 1.57 percent is within the  allowable cap for this
                               company of 5.00 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


06/06/07 - A        Dynamic Materials Corp. *BOOM*          267888105                          04/20/07                   1,227
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of  10,000,000  shares is below the
                               allowable threshold of 18,000,000 shares.
                    3       Ratify Auditors                               For          For                 Mgmt


05/03/07 - A        E.ON AG (formerly Veba AG)              268780103                          04/12/07                   3,147
                            Meeting for Holders of ADRs
                    1       APPROPRIATION OF THE BALANCE SHEET INCOME     For          For                 Mgmt
                            FROM THE 2006 FINANCIAL YEAR
                    2       DISCHARGE OF THE BOARD OF MANAGEMENT FOR      For          For                 Mgmt
                            THE 2006 FINANCIAL YEAR
                    3       DISCHARGE OF THE SUPERVISORY BOARD FOR THE    For          For                 Mgmt
                            2006 FINANCIAL YEAR
                    4       AUTHORIZATION TO ACQUIRE AND USE OWN SHARES   For          For                 Mgmt
                    5       ELECTION OF THE AUDITORS FOR THE 2007         For          For                 Mgmt
                            FINANCIAL YEAR


07/27/06 - A        Eagle Materials Inc. *EXP*              26969P108                          06/02/06                   1,276
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director F. William Barnett --- For
                               We  recommend a vote FOR F.  William  Barnett but  WITHHOLD
                               votes  from  all the  other  nominees.  We  recommend  that
                               shareholders  WITHHOLD votes from O.G.  Dagnan for standing
                               as an affiliated  outsider on the Nominating  Committee and
                               for failure to establish a majority  independent  board and
                               from  affiliated  outsider  David W.  Quinn for  failure to
                               establish a majority independent board.
                    1.2     Elect Director O.G. Dagnan --- Withhold
                    1.3     Elect Director David W. Quinn --- Withhold
                    2       Ratify Auditors                               For          For                 Mgmt


06/14/07 - A        eBay Inc. *EBAY*                        278642103                          04/16/07                   5,287
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the company given its line of business and
                               long-term   objectives.    Additionally,    the   plan   is
                               administered   by  a  committee  of   independent   outside
                               directors who must certify  attainment of these objectives.
                               Moreover,  attainment  of  the  full  deductibility  of all
                               compensation  paid  reduces  the  company's  corporate  tax
                               obligation.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                 Mgmt
                               ISS  approves of this item because the plan  complies  with
                               Section 423 of the  Internal  Revenue  Code,  the  offering
                               period  is  reasonable,   and  there  are   limitations  on
                               participation.
                    4       Ratify Auditors                               For          For                 Mgmt


06/22/07 - A        Eisai Co. Ltd. *4523*                   282579309                          03/30/07                   2,912
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Haruo Naito --- For
                               Because  outside   director   nominee   Norihiko   Tanikawa
                               (candidate  11) spent the  majority of his career at one of
                               Eisai's  traditional  main  lenders,  he does  not meet ISS
                               criteria   for   independence,   and  we   recommend   that
                               shareholders   oppose  his  nomination  to  the  board.  We
                               recommend support for the other nominees.
                    1.2     Elect Director Tadashi Temmyo --- For
                    1.3     Elect Director Shintaro Kataoka --- For
                    1.4     Elect Director Tetsushi Ogawa --- For
                    1.5     Elect Director Tadashi Kurachi --- For
                    1.6     Elect Director Ikujiro Nonaka --- For
                    1.7     Elect Director Tadahiro Yoshida --- For
                    1.8     Elect Director Yoshiyuki Kishimoto --- For
                    1.9     Elect Director Ko-Yung Tung --- For
                    1.10    Elect Director Shinji Hatta --- For
                    1.11    Elect Director Norihiko Tanikawa ---
                            Withhold
                    2       ISSUANCE OF STOCK ACQUISITION RIGHTS AS       For          For                 Mgmt
                            STOCK OPTIONS


04/16/07 - A        Eli Lilly and Co. *LLY*                 532457108                          02/15/07                   1,290
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Sir Winfried Bischoff --- For
                               Pay  for  Performance  Analysis:        ISS  has a pay  for
                               performance  policy that calls for the  examination  of CEO
                               compensation   relative  to  his  or  her  company's  stock
                               performance.  Companies  with negative one- and  three-year
                               total  shareholder  returns coupled with an increase in CEO
                               compensation  generally warrant further scrutiny.  ISS also
                               examines the returns of the  company's  GICS peer group and
                               the  broader   market  to   determine  if  the  company  is
                               underperforming on a relative  basis.        The  company's
                               one and three  fiscal year total  shareholder  returns were
                               -5.18 percent and -7.11  percent,  versus 10.49 percent and
                               6.45 percent for the company's  4-digit GICS peer group and
                               15.78  percent  and  10.43  percent  for the S&P  500.  The
                               company also  underperformed  relative to its 6-digits GICS
                               peer   group   (pharmaceuticals),   which   had   one-  and
                               three-year total  shareholder  returns of 16.62 percent and
                               3.14  percent,  respectively.           In  2006,  the  SEC
                               updated  disclosure  requirements on executive and director
                               compensation  and called for more  information  on pension,
                               deferred  compensation  and  severance  agreements.  A year
                               over year comparison in CEO total  compensation will not be
                               meaningful  because of the change in disclosure rules, such
                               as the inclusion of pension,  above-market  interest  rates
                               and  lower  threshold  on perks  disclosure.  However,  pay
                               elements,  such as  salary,  bonus and equity  awards,  are
                               disclosed.  Therefore,  in applying the pay-for-performance
                               policy,  ISS will sum the following pay  components for the
                               previous  fiscal  year  (under the former SEC  regulation):
                               base  salary,   bonus,  present  value  of  stock  options,
                               restricted  stock and LTIP payouts and compare  against the
                               following  pay  components  for the most  recent  completed
                               fiscal year (under the new SEC  regulation):  base  salary,
                               bonus,   stock  awards  (as  disclosed  in  the  Grants  of
                               Plan-Based  Awards table),  option awards (as calculated by
                               Equilar)      and      non-equity       incentive      plan
                               compensation.        In  this  case,  between  fiscal  year
                               2005 and 2006,  CEO Taurel's total  compensation  decreased
                               by 5.69  percent  from  $11.986  million in fiscal  2005 to
                               $11.304  million in fiscal year 2006. At this time, the pay
                               for  performance  policy  does not  apply at this  company.
                               However,  ISS will  continue  to monitor the actions of the
                               compensation committee
                    1.2     Elect Director J. Michael Cook --- For
                    1.3     Elect Director Franklyn G. Prendergast,
                            M.D., Ph.D. --- For
                    1.4     Elect Director Kathi P. Seifert --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Amend Omnibus Stock Plan                      For          For                 Mgmt
                    5       Report on Animal Welfare                      Against      Against             ShrHoldr
                    6       Report on Animal Testing Policies             Against      Against             ShrHoldr
                    7       Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               In this case,  the  company  has an 83 percent  independent
                               board,  all-independent  key  committees,  and  established
                               governance  guidelines.  ISS  notes  that  the  independent
                               chair  of  the   Compensation   Committee   serves  as  the
                               presiding director of the board.  However, the company does
                               not have a  designated  lead  director  who performs all of
                               the  duties   listed  above.   In  addition,   the  company
                               underperformed   its  peers  and  index   based  on  fiscal
                               one-year     and     three-year      total      shareholder
                               returns.        Absent  an offsetting  governance structure
                               and  in  view  of  the  company's  stock   underperformance
                               relative to its peers and index,  we believe that a company
                               of this size  should be able to find two  qualified  people
                               willing to serve in the separate  positions of chairman and
                               CEO.
                    8       Amend Vote Requirements to Amend              Against      For                 ShrHoldr
                            Articles/Bylaws/Charter
                               ISS   commends  the  company  for  making   commitment   to
                               declassify  the board at this year's annual  meeting and to
                               adopt a majority  voting standard for directors at the next
                               year's   annual   meeting.   However,   we  maintain   that
                               shareholder  should  be  entitled  to amend  the  company's
                               bylaws and that simple  majority of voting shares should be
                               sufficient  to effect major  transactions  and changes in a
                               company's  corporate  governance.  Requiring  more  than  a
                               simple  majority may permit  management to entrench  itself
                               by  blocking  initiatives  that are in  shareholders'  best
                               interests.
                    9       Adopt Simple Majority Vote                    Against      For                 ShrHoldr
                               ISS  believes  that  supermajority  provisions  violate the
                               principle  that a simple  majority of voting  shares should
                               be all that is  necessary  to  effect  change  regarding  a
                               company and its corporate governance provisions.  Requiring
                               more  than  this  may  permit   managements   to   entrench
                               themselves  by  blocking  amendments  that  are in the best
                               interests of  shareholders.  As such,  we believe that this
                               precatory proposal warrants shareholder support.


04/26/07 - A        Embarq Corp *EQ*                        29078E105                          03/05/07                   2,490
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


02/06/07 - A        Emerson Electric Co. *EMR*              291011104                          11/28/06                   1,750
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director C. Fernandez G --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of   Carlos   Fernandez   Gonzales.   We   recommend   that
                               shareholders  WITHHOLD votes from Carlos Fernandez Gonzales
                               for sitting on more than three  boards  while  serving as a
                               CEO.
                    1.2     Elect Director W. J. Galvin --- For
                    1.3     Elect Director R. L. Ridgway --- For
                    1.4     Elect Director R. L. Stephenson --- For
                    2       Ratify Auditors                               For          For                 Mgmt


05/18/07 - A        EMS Technologies, Inc. *ELMG*           26873N108                          03/29/07                     580
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Hermann Buerger --- Withhold
                               We  recommend  a vote FOR Paul B.  Domorski,  but  WITHHOLD
                               votes  from  all the  other  nominees.  We  recommend  that
                               shareholders  WITHHOLD  votes  from  independent  outsiders
                               Bradford W. Parkinson,  John B. Mowell,  Norman E. Thagard,
                               Hermann Buerger,  John L. Woodward Jr., John R. Kreick, and
                               Francis J.  Erbrick  for  failure to remove the  dead-hand,
                               slow-hand, or similar feature in the company's poison pill.
                    1.2     Elect Director Paul B. Domorski --- For
                    1.3     Elect Director Francis J. Erbrick ---
                            Withhold
                    1.4     Elect Director John R. Kreick, Ph.D. ---
                            Withhold
                    1.5     Elect Director John B. Mowell --- Withhold
                    1.6     Elect Director Bradford W. Parkinson, Ph.D.
                            --- Withhold
                    1.7     Elect Director Norman E. Thagard, M.D. ---
                            Withhold
                    1.8     Elect Director John L. Woodward, Jr. ---
                            Withhold
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 14 percent is less than
                               the   allowable   cap  for  this  company  of  16  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


11/30/06 - A        Emulex Corp. *ELX*                      292475209                          10/09/06                   1,570
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Fred B. Cox --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Michael P. Downey --- For
                    1.3     Elect Director Bruce C. Edwards --- For
                    1.4     Elect Director Paul F. Folino --- For
                    1.5     Elect Director Robert H. Goon --- For
                    1.6     Elect Director Don M. Lyle --- For
                    1.7     Elect Director James M. Mccluney --- For
                    1.8     Elect Director Dean A. Yoost --- For
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 10.19  percent  is within  the  allowable  cap for
                               this  company  of 16.38  percent.  Additionally,  this plan
                               expressly  forbids  repricing.           The   company  has
                               submitted  a  multiple  pay  plan  proposal.  The  combined
                               shareholder  value  transfer  for all the  plans  is  10.33
                               percent,   which   is   below   the   company's   allowable
                               shareholder value transfer cap of 16.38 percent.
                    3       Amend Non-Employee Director Stock Option      For          For                 Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 8.96 percent is within the  allowable cap for this
                               company  of  16.38   percent.           The   company   has
                               submitted  a  multiple  pay  plan  proposal.  The  combined
                               shareholder  value  transfer  for all the  plans  is  10.33
                               percent,   which   is   below   the   company's   allowable
                               shareholder value transfer cap of 16.38 percent.
                    4       Ratify Auditors                               For          For                 Mgmt


05/23/07 - A        ENEL SpA                                29265W108                          04/30/07                   1,780
                            Meeting for Holders of ADRs
                    1       FINANCIAL STATEMENTS OF ENEL FOR THE YEAR     For          For                 Mgmt
                            ENDED DECEMBER 31, 2006. REPORTS OF THE
                            BOARD OF DIRECTORS, THE BOARD OF STATUTORY
                            AUDITORS, AND THE EXTERNAL AUDITORS.
                            RELATED RESOLUTIONS, PRESENTATION OF THE
                            CONSOLIDATED FINANCIAL STATEMENTS FOR THE
                            YEAR ENDE
                    2       ALLOCATION OF NET INCOME FOR THE YEAR.        For          For                 Mgmt
                    3       ELECTION OF THE BOARD OF STATUTORY AUDITORS.  For          For                 Mgmt
                    4       DETERMINATION OF THE COMPENSATION OF THE      For          For                 Mgmt
                            REGULAR MEMBERS OF THE BOARD OF STATUTORY
                            AUDITORS.
                    5       EXTENSION OF THE EXTERNAL AUDITORS MANDATE    For          For                 Mgmt
                            TO THE YEARS 2008, 2009, AND 2010.
                    6       2007 STOCK - OPTION PLAN FOR THE EXECUTIVES   For          Against             Mgmt
                            OF ENEL AND/OR SUBSIDIARIES THEREOF
                            PURSUANT TO ARTICLE 2359 OF THE CIVIL CODE.
                               Therefore, we recommend a vote against this resolution.
                    7       HARMONIZATION OF THE BYLAWS WITH THE          For          For                 Mgmt
                            PROVISIONS OF LAW N. 262 OF DECEMBER 28,
                            2005 AND LEGISLATIVE DECREE N. 303 OF
                            DECEMBER 29, 2006. AMENDMENT OF ARTICLES
                            14.3, 14.5, AND 20.4 OF THE BYLAWS.
                    8       DELEGATION TO THE BOARD OF DIRECTORS OF THE   For          Against             Mgmt
                            POWER TO INCREASE THE SHARE CAPITAL IN
                            CONNECTION WITH THE 2007 STOCK-OPTION PLAN.
                               Since the capital  increase  authorization  is requested to
                               service the 2007 stock  option  plan,  in keeping  with our
                               voting recommendation against this plan


04/25/07 - A        Energen Corp. *EGN*                     29265N108                          03/02/07                     891
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   IV.
                               Vote  Recommendation        The  proposed amendment changes
                               the  company's  definition  of change in control to conform
                               to the  definition to that used in the company's  Severance
                               Compensation   Agreement.   This  amendment  represents  an
                               effective improvement to the plan.  Additionally,  the plan
                               is being  amended  in order  for the  plan to  continue  to
                               qualify  as  "performance-based"  for  purposes  of Section
                               162(m) of the Internal  Revenue Code.  This would allow the
                               company  to  meet  tax  deductions  allowed  under  Section
                               162(m)  of  the  code.   ISS  believes  that  the  proposed
                               amendments warrant shareholder approval.
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                 Mgmt


06/28/07 - A        Ennis Inc. *EBF*                        293389102                          04/30/07                     252
                    1       Elect Directors                               For          For                 Mgmt
                    2       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/04/07 - A        Entergy Corp. *ETR*                     29364G103                          03/06/07                   2,487
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Report on Political Contributions             Against      For                 ShrHoldr
                               ISS  is  concerned  that   shareholders   lack  information
                               relating   to  the   company's   policies   and   oversight
                               mechanisms  related to  political  contributions  and trade
                               association   spending.   Such   information   could   help
                               shareholders  assess the risks and benefits associated with
                               its public policy  initiatives  without  significant  cost,
                               burden,  or strategic risk for the company.  Therefore,  we
                               believe this resolution warrants shareholder support.
                    4       Limit Executive Compensation                  Against      Against             ShrHoldr
                               We oppose  this item  because it could place the company at
                               a  competitive   disadvantage  in  attempting  to  attract,
                               retain, motivate and reward executives.


05/23/07 - A        Express Scripts, Inc. *ESRX*            302182100                          03/30/07                   1,773
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/30/07 - A        Exxon Mobil Corp. *XOM*                 30231G102                          04/05/07                  25,726
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Michael J. Boskin --- For
                               That  said;  it does not  appear  to ISS that  Boskin as an
                               individual  has acted in a manner that is  unresponsive  or
                               inconsistent  with  ExxonMobil's  guidelines  for  director
                               communications   with  shareholders.   His  responses,   by
                               directing   investors  to  existing   company  reports  and
                               offering dialogue with ExxonMobil's  senior management,  do
                               provide substantial  disclosure into the company's policies
                               and positions related to climate change.  However,  in ISS'
                               opinion  the  issue at hand is a  broader  concern  for the
                               entire  board,   specifically   related  to  the  company's
                               governance  procedures.  ISS urges the  company to consider
                               amending   its   guidelines   or   adopting  a   consistent
                               interpretation  of its policies that encourages more active
                               dialogue between  shareholders and the independent  members
                               of the board.  We will  continue  to  monitor  ExxonMobil's
                               actions to improve  shareholder access to the board and may
                               consider  future  proposals  that  call  for  a  review  of
                               ExxonMobil's   governance   guidelines   or  procedures  if
                               investors   continue  to  lack  access  to  the   company's
                               independent  directors.  That said,  we do not believe that
                               withholding votes from Boskin as an individual  director is
                               warranted at this time.
                    1.2     Elect Director William W. George --- For
                    1.3     Elect Director James R. Houghton --- For
                    1.4     Elect Director William R. Howell --- For
                    1.5     Elect Director Reatha Clark King --- For
                    1.6     Elect Director Philip E. Lippincott --- For
                    1.7     Elect Director Marilyn Carlson Nelson ---
                            For
                    1.8     Elect Director Samuel J. Palmisano --- For
                    1.9     Elect Director Steven S Reinemund --- For
                    1.10    Elect Director Walter V. Shipley --- For
                    1.11    Elect Director J. Stephen Simon --- For
                    1.12    Elect Director Rex W. Tillerson --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               In this case,  the  company  does not have a majority  vote
                               standard  in  director  elections.  Further,  the number of
                               directors  at any time may be increased  or  diminished  by
                               the  vote  of the  board  of  directors  as  stated  in the
                               company's  certificate  of  incorporation.  With respect to
                               the stock  performance,  the company has  outperformed  the
                               index on the  one-year  and three  year  total  shareholder
                               requirements.  In  addition,  there was a change in the CEO
                               position in 2006.          The company fails to meet two of
                               the   aforementioned    corporate    governance   criteria.
                               Accordingly, the proposal warrants shareholder support.
                    4       Amend Articles/Bylaws/Charter -- Call         Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants   shareholder  support.   Further,   according  to
                               Exxon's bylaws,  special  meetings of the  shareholders may
                               be called by the board of  directors,  the  chairman of the
                               board or the president.
                    5       Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               Overall,  having  an  independent  director  serve as board
                               chair is a matter  of best  governance  practice.  Adopting
                               this proposal would strengthen  management  accountability,
                               build  investor  confidence,  and ensure that the board has
                               strong independent leadership.
                    6       Initiate Payment of Cash Dividend             Against      Against             ShrHoldr
                               In  general,  ISS  believes  that the  decision  to  return
                               excess  cash to  shareholders  should  be be  best  left to
                               management.   While  there  are  pros  and  cons  for  both
                               dividends payments and share repurchase,  the preference of
                               one over the  other is  largely  a  function  of  company's
                               needs   and   an   individual   investor's   circumstances.
                               Therefore,  to mandate a policy on how the  company  should
                               return   its   excess   cash   would   limit   management's
                               flexibility  that is not warranted in this case and may not
                               be in shareholders best interest.  Therefore,  ISS does not
                               support this proposal.
                    7       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    8       Company-Specific- Amend Article IX of the     Against      Against             ShrHoldr
                            Corporation's by-laws
                               In evaluating  the merits of this  proposal,  ISS considers
                               how shareholders would benefit from this process.  At Exxon
                               Mobil, the  Compensation  Committee  oversees  compensation
                               for the senior executives,  including their salary,  bonus,
                               and incentive  awards,  as well as succession plans for key
                               executive positions.  The Committee  subsequently makes its
                               recommendation  to the  board.  One of  the  merits  of the
                               proposal  is  to  ensure  that  the  board  is   completely
                               responsible  for  CEO  compensation  decisions  and  is not
                               rubber-stamping  the  recommendations  of the  compensation
                               committee.  However,  ISS views the binding  proposal being
                               restrictive,  and it micromanages the process undertaken by
                               the  compensation  committee.  Requiring  a  super-majority
                               voting  standard  and  approval  by the  board  would  also
                               undermine   the   authority   and   effectiveness   of  the
                               compensation  committee.  Further,  ISS  is  not  sure  how
                               shareholders  would be informed if less than  two-thirds of
                               the board support the  recommendations  of the compensation
                               committee.  Therefore,  ISS does not believe  this  binding
                               proposal warrants shareholder support.
                    9       Review Executive Compensation                 Against      Against             ShrHoldr
                               ISS  questions  the utility to  shareholders  of a detailed
                               report   disclosing  and  analyzing  the  balance   between
                               executive  compensation and the pay of Exxon Mobil's lowest
                               paid  employees  over the last  ten  years.  While we agree
                               that  shareholders  could benefit from continued,  detailed
                               review of the compensation  committee's policies to control
                               excessive  CEO pay, the specific  information  requested by
                               this  resolution  focuses more directly on the issue of pay
                               disparity  within the  company,  and may result in a report
                               that  is   arbitrary   in  nature,   or  provides   limited
                               meaningful information to shareholders.  As such, we do not
                               recommend shareholder support for this resolution.
                    10      Limit Executive Compensation                  Against      Against             ShrHoldr
                               ISS believes  that top five  compensation  should be linked
                               to the  company's  performance.  If the  company has met or
                               exceeded the target  performance  level,  executives should
                               be remunerated  for their  efforts.  Although we agree with
                               the principle of  pay-for-performance  in setting executive
                               pay, we believe that limiting  remuneration to $500,000 per
                               year:  (1) is  arbitrary,  (2) does not  resolve  potential
                               disconnects  between pay and performance,  and (3) would be
                               unduly   restrictive   with   respect   to  the   company's
                               compensation  strategies.  As  such,  we  recommend  a vote
                               AGAINST.
                    11      Claw-back of Payments under Restatements      Against      For                 ShrHoldr
                               ISS  recommends  a  vote  FOR  this  proposal  because  the
                               company  has not  adopted a formal  claw-back  policy  that
                               outlines  the  necessary   actions  that  the  compensation
                               committee  will  take  to  recoup  all  bonuses  to  senior
                               executives.
                    12      Report on Political Contributions             Against      For                 ShrHoldr
                               ISS notes that Exxon Mobil has provided  shareholders  with
                               significant  information  to assess the  company's  general
                               policies   and   oversight   mechanisms   relating  to  its
                               political  activities.  While ISS  commends the company for
                               this  level  of  transparency  into its  corporate  and PAC
                               contributions,  we are  concerned  that  shareholders  lack
                               similar  information  relating  to  its  trade  association
                               spending.  Such  disclosure  could assist  shareholders  in
                               their assessment of the risks and benefits  associated with
                               public policy activities  through  politically active trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.
                    13      Amend Equal Employment Opportunity Policy     Against      For                 ShrHoldr
                            to Prohibit Discrimination Based on Sexual
                            Orientation
                               Given the fact that company's  competitors reference sexual
                               orientation  discrimination in their EEO statements and the
                               fact   that   Mobil  did   explicitly   bar  this  type  of
                               discrimination  in its EEO  statement  prior to the  merger
                               with Exxon,  we believe  that the company  should amend its
                               EEO to explicitly prohibit  discrimination  based on sexual
                               orientation.  As such, we recommend that  shareholders vote
                               for this resolution.
                    14      Report on Environmental Accountability        Against      Against             ShrHoldr
                               In this case,  the  proponents  are asking  Exxon  Mobil to
                               disclose  information  on how  it is  accountable  for  the
                               environmental  impacts  that its  operations  have on local
                               communities.  Specifically,  the shareholder is asking that
                               the  company  discuss not only the  negative  impact of its
                               operations,  but also details on how the company integrates
                               community  awareness into its policies and  reporting.  ISS
                               notes that the  company is  involved  in several  community
                               initiatives to improve social welfare or encourage  ongoing
                               dialogue  with the  company  on  issues  of  importance  to
                               stakeholders,  and provides information on these engagement
                               policies  and  activities  on  the  corporate  website  and
                               through  its  reports.  Moreover,  the  company  provides a
                               substantial  amount  of  disclosure  on  its  environmental
                               performance and social  initiatives.  While this disclosure
                               may not discuss each issue  recommended  by the  proponent,
                               it does allow  investors  to clearly  evaluate the policies
                               and  management  controls that the company has  established
                               to measure and evaluate  environmental  performance and the
                               impact of company  operations  on  community  stakeholders.
                               Therefore,  ISS does not believe that  shareholder  support
                               for this resolution is warranted.
                    15      Report on Emission Reduction Goals            Against      For                 ShrHoldr
                               In this  case,  we  note  that  the  company  has  provided
                               shareholders with a significant  amount of insight into its
                               evaluation  of the future of  worldwide  energy  demand and
                               the   company's   policies   and   activities   to   remain
                               competitive in the global  marketplace.  Additionally,  the
                               company   has  made  some   significant   improvements   in
                               increasing energy efficiency and decreasing  emissions from
                               its  operations.  That said,  ISS notes that the  company's
                               policies do not appear to  establish  goals  related to the
                               reduction   of  GHG   emissions   from  its   products  and
                               operations in the future.  Considering Exxon Mobil's global
                               operations  and the impact that proposed or enacted  state,
                               national,   and   international   legislation   related  to
                               reducing  GHG  emissions  might  have on the  company,  ISS
                               believes  that such  metrics  may be useful for the company
                               and  its   shareholders   as  a  means  of  evaluating  the
                               company's  ability to  effectively  respond  to  increasing
                               public concern,  shifting  consumer demands and legislative
                               activity  on  this  matter.   We  further  note  that  this
                               resolution  does not prescribe  specific goals or timelines
                               for the  company to meet;  rather it allows the  company to
                               flexibility  to establish  targets  that are  appropriately
                               balanced  with the company's  need to meet consumer  demand
                               and maintain operational efficiency.  Finally,  considering
                               the  level of  research  and  disclosure  that the  company
                               already  provides   related  to  its  current   operational
                               emissions  and the future  demand for  energy  sources,  it
                               does  not   appear   that   establishing   such  goals  and
                               disclosing  them as a part of its existing  reporting would
                               be overly costly or burdensome,  or would place the company
                               at a competitive disadvantage.  Therefore, while we commend
                               the company for its current level of disclosure  related to
                               its  policies  and   strategies,   ISS  believes  that  the
                               adoption of GHG emission  goals for Exxon Mobil's  products
                               and  operations  would be  beneficial  for both the company
                               and  its   shareholders  by  providing   insight  into  the
                               company's  ability to maintain its  leadership  position in
                               the   market  by   ensuring   continued   compliance   with
                               developing  legislation related to GHG emissions.  As such,
                               we recommend that shareholders support this resolution.
                    16      Report on Carbon Dioxide Emissions            Against      Against             ShrHoldr
                            Information at Gas Stations
                               In this case, the proponent is requesting  that the company
                               disclose  information  on CO2 emissions  from  conventional
                               gasoline  and  diesel  fuels on the fuel  pumps.  While ISS
                               believes  it  is   beneficial   for  companies  to  provide
                               thorough  disclosure on issues that may impact  shareholder
                               value, we question the scope of this particular  resolution
                               as well as the utility that such  information  may have for
                               consumers   and   Exxon   Mobil   shareholders.    Detailed
                               information   about  the  carbon   content  and   emissions
                               associated   with  fuel  for  motor   vehicles  is  readily
                               available on the US Environmental  Protection  Agency (EPA)
                               website in  segment of their  overview  of  pollutants  and
                               programs entitled:  Emission Facts:  Average Carbon Dioxide
                               Emissions  Resulting from Gasoline and Diesel Fuel, as well
                               as through other publicly available sources.  Additionally,
                               complex   variables  in  establishing   the  lifecycle  CO2
                               emissions of individual fuels,  including the source of the
                               original  fossil  fuel and the method of  refining  the raw
                               materials   into   diesel  or   gasoline   fuels  all  have
                               significant  impact on the total  CO2  emissions  of a fuel
                               product and may make  accurately  evaluating and disclosing
                               such  information  in a manner that is useful for consumers
                               unfeasible.   Therefore,   based  on  questions   over  the
                               feasibility and utility of the information  requested,  ISS
                               does not  believe  that this  proposal  merits  shareholder
                               support.
                    17      Adopt Policy to Increase Renewable Energy     Against      Against             ShrHoldr
                            Portfolio
                               Exxon  Mobil has long  contended  that it is an oil and gas
                               company,  and that it is best positioned for future success
                               in  the   marketplace  by  increasing  its  efficiency  and
                               reducing  the  emissions  from   traditional   fossil  fuel
                               sources while  continuing to evaluate  alternative  sources
                               that fit within the company's  parameters  for feasible and
                               profitable   operations.   As  such,   the  fact  that  the
                               company's  investment in renewable energy sources is not as
                               significant  as  those  seen  at  its  competitors  appears
                               consistent  with the  company's  forecasts  for the  energy
                               market   and   stated   policy   positions.    While   some
                               shareholders  may not agree  with Exxon  Mobil's  strategy,
                               ISS believes that the company has been  transparent  on its
                               position  related  to  renewable  energy  sources  and  has
                               substantially  explained  the  rationale  that it  believes
                               supports its policies and activities.  Therefore,  based on
                               the company's  existing  level of  disclosure  and concerns
                               over the  prescriptive  nature of the proposed  targets and
                               timelines,  ISS does not recommend  shareholder support for
                               this resolution.


09/25/06 - A        FedEx Corporation *FDX*                 31428X106                          07/31/06                     925
                    1       Elect Directors                               For          For                 Mgmt
                    2       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Report on Environmental Policy                Against      Against             ShrHoldr
                               Therefore,   while  ISS  would  encourage  the  company  to
                               continue  to  evaluate  and  disclose  information  on  its
                               policies and strategic  directions,  we do not believe that
                               shareholder support for this resolution is warranted.
                    5       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace  advances the debate.  We feel that support for
                               this proposal,  coupled with  continued  debate on election
                               reforms,  will allow the director election system to evolve
                               to the next level.


12/06/06 - A        Financial Federal Corp. *FIF*           317492106                          10/20/06                     820
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Lawrence B. Fisher --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider  Michael C.  Palitz.  We recommend
                               that  shareholders  WITHHOLD  votes from  Michael C. Palitz
                               for  standing  as  an  affiliated  outsider  on  the  Audit
                               Committee.
                    1.2     Elect Director Michael C. Palitz ---
                            Withhold
                    1.3     Elect Director Paul R. Sinsheimer --- For
                    1.4     Elect Director Leopold Swergold --- For
                    1.5     Elect Director H.E. Timanus, Jr. --- For
                    1.6     Elect Director Michael J. Zimmerman --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                                                                                   V.
                               Vote  Recommendation        ISS  recognizes that cash bonus
                               plans  such as  this  one  can be an  important  part of an
                               executive's  overall pay  package,  along with  stock-based
                               plans tied to long-term  total  shareholder  returns.  Over
                               the long term,  stock prices are an excellent  indicator of
                               management  performance.  However,  other factors,  such as
                               economic  conditions  and  investor  reaction  to the stock
                               market in general,  and certain  industries in  particular,
                               can greatly impact the company's  stock price. As a result,
                               a  cash  bonus  plan  can  effectively   reward  individual
                               performance   and  the   achievement   of   business   unit
                               objectives that are independent of short-term  market share
                               price    fluctuations.        The    performance   measures
                               included  under the plan are  appropriate  for the  company
                               given   its   line   of   business,   long-term   strategic
                               objectives,  and  industry-specific  measures for assessing
                               market   competitiveness.   Additionally,   the   plan   is
                               administered  by a committee of  independent  outsiders who
                               must  certify  attainment  of these  objective,  measurable
                               performance   goals   before   cash   awards  are  paid  to
                               participants.    Moreover,   preservation   of   the   full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax  obligation.        The  total cost
                               of the  company's  plans  of 7.82  percent  is  within  the
                               allowable cap for this company of 17.00 percent.
                    4       Approve Omnibus Stock Plan                    For          Against             Mgmt
                                                                                   VI.
                               Vote  Recommendation        Though  the  total  cost of the
                               company's  plans of 14.95  percent is within the  allowable
                               cap for this  company of 17.00  percent,  this plan permits
                               repricing in the form of the buyout of awards for cash.  As
                               a result, ISS recommends a vote AGAINST.


09/27/06 - S        First Community Bancorp *FCBP*          31983B101                          08/16/06                     740
                    1       Establish Range For Board Size                For          For                 Mgmt
                               ISS believes that the proposed  change is relatively  minor
                               and  that  it is not  motivated  by a  desire  to  entrench
                               management.
                    2       Adjourn Meeting                               For          Against             Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


05/16/07 - A        First Community Bancorp *FCBP*          31983B101                          04/02/07                     750
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


10/26/06 - A        First Place Financial Corp. *FPFC*      33610T109                          09/14/06                     270
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/01/07 - A        First State Bancorporation *FSNM*       336453105                          04/25/07                     300
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        FirstEnergy Corporation *FE*            337932107                          03/21/07                   3,090
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Paul T. Addison --- Withhold
                               We recommend a vote FOR Michael J.  Anderson,  but WITHHOLD
                               votes from all of the other  nominees.  We  recommend  that
                               shareholders   WITHHOLD  votes  from  insider   Anthony  J.
                               Alexander  and  independent   outsiders  George  M.  Smart,
                               Catherine A. Rein, Carol A.  Cartwright,  Jesse T. Williams
                               Sr.,  Robert B.  Heisler Jr.,  William T.  Cottle,  Paul T.
                               Addison,  Ernest  J.  Novak  Jr.,  and  Wes M.  Taylor  for
                               failure to implement the proposal to adopt simple  majority
                               vote requirement.
                    1.2     Elect Director Anthony J. Alexander ---
                            Withhold
                    1.3     Elect Director Michael J. Anderson --- For
                    1.4     Elect Director Carol A. Cartwright ---
                            Withhold
                    1.5     Elect Director William T. Cottle ---
                            Withhold
                    1.6     Elect Director Robert B. Heisler, Jr. ---
                            Withhold
                    1.7     Elect Director Ernest J. Novak, Jr. ---
                            Withhold
                    1.8     Elect Director Catherine A. Rein ---
                            Withhold
                    1.9     Elect Director George M. Smart --- Withhold
                    1.10    Elect Director Wes M. Taylor --- Withhold
                    1.11    Elect Director Jesse T. Williams, Sr. ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Reincorporate in Another State [Ohio to       Against      For                 ShrHoldr
                            Delaware ]
                               On balance, ISS believes that the proposed  reincorporation
                               from  Ohio to  Delaware  will  have a  positive  impact  to
                               shareholders.   As  such,  ISS  believes  that  shareholder
                               support for this proposal is warranted.
                    5       Adopt a Policy Establishing an Engagement     Against      For                 ShrHoldr
                            Process to Shareholder Proposals
                               ISS    notes    that     FirstEnergy    has    ignored    a
                               majority-supported  shareholder  proposal  in the past.  We
                               also note that the  company  has not taken  action in spite
                               of last  year's  simple  majority  proposal  receiving  the
                               support of a majority  of shares  outstanding  and of votes
                               cast.  As such,  ISS believes it is best practice to ensure
                               direct  communication  with shareholder  proponent(s),  and
                               notes  that  shareholder   support  for  this  proposal  is
                               warranted.
                    6       Adopt Simple Majority Vote                    Against      For                 ShrHoldr
                               ISS  maintains  that a simple  majority  of  voting  shares
                               should be  sufficient  to  effect  changes  in a  company's
                               corporate   governance.   Requiring   more  than  a  simple
                               majority  may  permit  management  to  entrench  itself  by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.  As such, ISS believes that shareholder  support
                               for this proposal is warranted.


04/24/07 - A        FMC Corp. *FMC*                         302491303                          03/01/07                     384
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


01/25/07 - A        Franklin Resources, Inc. *BEN*          354613101                          11/30/06                   1,938
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                 Mgmt
                               ISS  approves of this item because 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.


09/08/06 - A        Freddie Mac *FRE*                       313400301                          06/30/06                     470
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Report on Charitable Contributions            Against      Against             ShrHoldr
                               In  this  case,  we  note  that  Freddie  Mac  discloses  a
                               significant  amount  of the  information  requested  by the
                               proponent  in the Freddie Mac  Foundation's  Annual  Report
                               and other segments of the company website.  Moreover,  some
                               aspects of the resolution,  including detailed  information
                               on the personal  involvement  of any  executive  officer or
                               director  with any  charitable  organization  could place a
                               significant   burden  on  the  company  without   providing
                               commensurate value to shareholders.  Finally,  while recent
                               controversy at Freddie Mac raises certain  questions  about
                               the company's internal controls and accounting  procedures,
                               these  issues do not appear to have any  relationship  with
                               either   the   company   or  the   foundations   charitable
                               contributions.  Therefore,  based on Freddie Mac's existing
                               disclosure on charitable  contributions  and questions over
                               the utility of certain  aspects of this proposal,  ISS does
                               not  recommend  shareholder  support for the  resolution at
                               this time.


06/08/07 - A        Freddie Mac *FRE*                       313400301                          03/30/07                   1,050
                    1       Elect Director Barbara T. Alexander           For          For                 Mgmt
                    2       Elect Director Geoffrey T. Boisi              For          For                 Mgmt
                    3       Elect Director Michelle Engler                For          For                 Mgmt
                    4       Elect Director Robert R. Glauber              For          For                 Mgmt
                    5       Elect Director Richard Karl Goeltz            For          For                 Mgmt
                    6       Elect Director Thomas S. Johnson              For          For                 Mgmt
                    7       Elect Director William M. Lewis, Jr           For          For                 Mgmt
                    8       Elect Director Eugene M. McQuade              For          For                 Mgmt
                    9       Elect Director Shaud F. O Malley              For          For                 Mgmt
                    10      Elect Director Jeffrey M. Peek                For          For                 Mgmt
                    11      Elect Director Nicolas P. Retsinas            For          For                 Mgmt
                    12      Elect Director Stephen A. Ross                For          For                 Mgmt
                    13      Elect Director Richard F. Syron               For          For                 Mgmt
                    14      Ratify Auditors                               For          For                 Mgmt
                    15      Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 3 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


11/13/06 - S        Freescale Semiconductor, Inc.           35687M206                          10/18/06                   5,380
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               We  believe   that  the   company  was  able  to  secure  a
                               significant premium,  aided by KKR/SLP's last minute offer.
                               Additionally,  we think that the board's decision to accept
                               the firm offer from  Blackstone was  reasonable,  given the
                               preliminary   nature   of   KKR/SLP's   offer,   the   time
                               constraints  set by  Blackstone,  and the "go shop"  period
                               included  in  the   agreement.   As  such,   we   recommend
                               shareholders support the merger agreement.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/15/07 - A        Fresenius Medical Care AG & Co. KGaA    358029106                          04/04/07                   1,000
                            Meeting for Holders of ADRs
                    1       RESOLUTION ON THE APPROVAL OF THE ANNUAL      For          For                 Mgmt
                            FINANCIAL STATEMENTS OF FRESENIUS MEDICAL
                            CARE AG & CO. KGAA FOR THE FINANCIAL YEAR
                            2006
                    2       RESOLUTION ON THE APPLICATION OF PROFIT       For          For                 Mgmt
                    3       DISCHARGE OF THE THEN MANAGEMENT BOARD OF     For          For                 Mgmt
                            FRESENIUS MEDICAL CARE AG FROM 1 JANUARY
                            2006 TO 10 FEBRUARY 2006
                    4       RESOLUTION ON THE DISCHARGE OF THE COMPANY    For          For                 Mgmt
                            S GENERAL PARTNER
                    5       RESOLUTION ON THE DISCHARGE OF THE            For          For                 Mgmt
                            SUPERVISORY BOARD OF FRESENIUS MEDICAL CARE
                            AG & CO. KGAA
                    6       ELECTION OF THE AUDITORS AND GROUP AUDITORS   For          For                 Mgmt
                            FOR THE FINANCIAL YEAR 2007
                    7       RESOLUTION REGARDING A CAPITAL INCREASE       For          For                 Mgmt
                            FROM THE COMPANY S OWN RESOURCES WITHOUT
                            ISSUANCE OF NEW SHARES AND THE SUBSEQUENT
                            NEW DIVISION OF THE SHARE CAPITAL (SHARE
                            SPLIT) AND THE CONDITIONAL CAPITALS AS WELL
                            AS THE RESPECTIVE AMENDMENTS TO THE
                            ARTICLES O


04/24/07 - A        Frontier Oil Corp. *FTO*                35914P105                          03/09/07                     830
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/16/07 - A        FTI Consulting, Inc. *FCN*              302941109                          03/16/07                     190
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Brenda J. Bacon --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  George  P.  Stamas.   We  recommend  that  shareholders
                               WITHHOLD  votes from  George P.  Stamas for  standing as an
                               affiliated outsider on the Nominating Committee.
                    1.2     Elect Director James W. Crownover --- For
                    1.3     Elect Director Dennis J. Shaughnessy --- For
                    1.4     Elect Director George P. Stamas --- For
                    2       Ratify Auditors                               For          For                 Mgmt


05/01/07 - A        Gardner Denver, Inc. *GDI*              365558105                          03/02/07                   1,136
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 8 percent is less than
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.


05/02/07 - A        General Dynamics Corp. *GD*             369550108                          03/09/07                   4,124
                    1       Elect Director Nicholas D. Chabraja           For          For                 Mgmt
                    2       Elect Director James S. Crown                 For          For                 Mgmt
                    3       Elect Director William P. Fricks              For          For                 Mgmt
                    4       Elect Director Charles H. Goodman             For          For                 Mgmt
                    5       Elect Director Jay L. Johnson                 For          For                 Mgmt
                    6       Elect Director George A. Joulwan              For          For                 Mgmt
                    7       Elect Director Paul G. Kaminski               For          For                 Mgmt
                    8       Elect Director John M. Keane                  For          For                 Mgmt
                    9       Elect Director Deborah J. Lucas               For          For                 Mgmt
                    10      Elect Director Lester L. Lyles                For          For                 Mgmt
                    11      Elect Director Carl E. Mundy, Jr.             For          For                 Mgmt
                    12      Elect Director Robert Walmsley                For          For                 Mgmt
                    13      Ratify Auditors                               For          For                 Mgmt
                    14      Pay For Superior Performance                  Against      For                 ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation   programs  for  senior   executives  are  not
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   the  company   does  not  disclose
                               specific   performance   measures  and  hurdles  rates  for
                               performance-based award grants to senior executives,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes shareholders should support this proposal.
                    15      Performance-Based and/or Equity Based Awards  Against      For                 ShrHoldr
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines;   and  (2)   this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/25/07 - A        General Electric Co. *GE*               369604103                          02/26/07                  42,255
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director James I. Cash, Jr. --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Claudio X. Gonzalez.  We recommend
                               shareholders  WITHHOLD  votes from Claudio X.  Gonzalez for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director William M. Castell --- For
                    1.3     Elect Director Ann M. Fudge --- For
                    1.4     Elect Director Claudio X. Gonzalez ---
                            Withhold
                    1.5     Elect Director Susan Hockfield --- For
                    1.6     Elect Director Jerry R. Immelt --- For
                    1.7     Elect Director Andrea Jung --- For
                    1.8     Elect Director Alan G. Lafley --- For
                    1.9     Elect Director Robert W. Lane --- For
                    1.10    Elect Director Ralph S. Larsen --- For
                    1.11    Elect Director Rochelle B. Lazarus --- For
                    1.12    Elect Director Sam Nunn --- For
                    1.13    Elect Director Roger S. Penske --- For
                    1.14    Elect Director Robert J. Swieringa --- For
                    1.15    Elect Director Douglas A. Warner III --- For
                    1.16    Elect Director Robert C. Wright --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Adopt Majority Vote Standard in Director      For          For                 Mgmt
                            Elections
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    4       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    5       Company-Specific-Approve Material Terms of    For          For                 Mgmt
                            Senior Officer Performance Goals
                               The performance  measures disclosed are appropriate for the
                               company  given its line of  business,  long-term  strategic
                               objectives,  and  industry-specific  measures for assessing
                               market  competitiveness.   Additionally,   the  performance
                               awards  are  administered  by a  committee  of  independent
                               outsiders who must certify  attainment of these  objective,
                               measurable  performance  goals  before  awards  are paid to
                               participants.    Moreover,   preservation   of   the   full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    6       Provide for Cumulative Voting                 Against      For                 ShrHoldr
                               In this  case,  while  GE  meets  the  governance  criteria
                               specified,  the  company  does  not  meet  the  performance
                               criteria.  The  company  underperforms  both the  index and
                               peers  in both  one-year  and  three-year  TSR as  detailed
                               above.  Accordingly,   the  proposal  warrants  shareholder
                               support.
                    7       Company-Specific -- Adopt Policy on           Against      For                 ShrHoldr
                            Overboarded Directors
                               Although   the  company   maintains   a  policy   regarding
                               overboarded  directors,  the policy permits the maintenance
                               of current  directors  who exceed these limits if the board
                               determines that such director's  service on the board would
                               not be impaired.  In fact,  the company has already made an
                               exception  with regard to director  Claudio  Gonzalez,  who
                               sits on a total  of ten  boards.  The  proponent's  request
                               would  not  allow the  company  to  bypass  or alter  these
                               limits without shareholder approval.  Therefore, we believe
                               that  the  proponent's   request  represents  a  preferable
                               policy  framework  from  a  shareholder's  perspective.  As
                               such, we believe this item warrants shareholder support.
                    8       Company-Specific -- One Director from the     Against      Against             ShrHoldr
                            Ranks of Retirees
                               ISS believes that director  nominees who are best qualified
                               and who  have  the  relevant  experience  should  serve  as
                               directors  for  the  interests  of  all  shareholders.  The
                               director  selection  process  should  not be  limited  to a
                               certain type of  director.  This  proposal  would limit the
                               board's  independent  nominating  committee  from selecting
                               the best director candidates.  As such, we do not recommend
                               shareholder support this item.
                    9       Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               In this  case,  while  GE  meets  the  governance  criteria
                               specified,  the  company  does  not  meet  the  performance
                               criteria.  The  company  underperforms  both the  index and
                               peers  in both  one-year  and  three-year  TSR as  detailed
                               above.  Accordingly,   the  proposal  warrants  shareholder
                               support.
                    10      Limit Dividend and Dividend Equivalent        Against      For                 ShrHoldr
                            Payments to Executives
                               While  ISS  notes  that  dividends  paid to  executives  on
                               unvested  shares  may  not  necessarily  represent  a large
                               percentage  of their total  compensation,  we are concerned
                               that,  over  time,  such  dividend  payments  can result in
                               large   payouts.   Such   payouts   are  not  tied  to  the
                               performance  of the award  recipient  or the  company  as a
                               whole.  ISS believes  that  adoption of a policy  providing
                               that shares must be  fully-vested  prior to dividends being
                               paid minimizes costs to the company and its shareholders.
                    11      Report on Charitable Contributions            Against      Against             ShrHoldr
                               In this  case,  we note  that GE  discloses  a  significant
                               amount of the  information  requested  by the  proponent on
                               its foundation  website, in its 2006 Citizenship Report and
                               through other public sources.  Included in this information
                               is  disclosure  of  total  funds  contributed,  as  well as
                               charts  showing  the  percentage  of funds  contributed  by
                               focus  area  and   domestically   versus   internationally.
                               Further  discussion on the foundation's  website  describes
                               the initiatives  that the company is involved in as well as
                               its   broad   rationale   for   charitable   contributions.
                               Therefore,  based on the existing level of disclosure,  ISS
                               does not recommend  shareholder  support for the resolution
                               at this time.
                    12      Report on Global Warming                      Against      Against             ShrHoldr
                               Therefore,   while  ISS  would  encourage  the  company  to
                               continue  to  evaluate  and  disclose  information  on  its
                               policies and strategic  directions,  we do not believe that
                               shareholder support for this resolution is warranted.
                    13      Adopt Ethical Criteria for Military           Against      Against             ShrHoldr
                            Contracts
                               ISS  generally  agrees that  detailed  disclosure  from the
                               company on the risks  associated  with certain  markets and
                               operations can be beneficial to  shareholders  by providing
                               them with more  information  to  consider  when  evaluating
                               their investments.  However, we also believe that it may be
                               inappropriate to disclose  detailed  information  about the
                               contract  evaluation and bidding  process,  as provision of
                               this data may give  insight  into  contractual  agreements,
                               thereby  providing  competition  with  bidding  advantages.
                               Additionally,  while ISS supports a sustainable approach to
                               business   operations,   we  also  note  that  the  federal
                               government  has stringent  regulations  regarding  military
                               and  weapons   production,   weapons  exportation  and  the
                               associated  contract bidding  process.  We believe that the
                               combination of existing federal  regulation,  the necessity
                               to limit  disclosure  where it could  affect the  company's
                               competitive  advantage,  and the company's current policies
                               and  oversight  systems for military and  government  sales
                               outweigh the  potential  benefits  that may be derived from
                               this proposal.
                    14      Report on Pay Disparity                       Against      Against             ShrHoldr
                               Although  ISS  generally  recommends  votes  for  proposals
                               which  increase  the  level  of  disclosure  on  topics  of
                               importance to  shareholders  and support  performance-based
                               compensation  for executives,  the system suggested in this
                               shareholder   proposal   suggests   reporting   on   salary
                               comparisons and evaluating overall compensation  thresholds
                               that may have limited utility for shareholders.  Therefore,
                               based on the  limited  utility  and  potentially  arbitrary
                               nature  of  the  detailed  information   requested  by  the
                               report,  we do not recommend  shareholder  support for this
                               resolution.


09/25/06 - A        General Mills, Inc. *GIS*               370334104                          07/27/06                   1,080
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Paul Danos --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Michael D. Rose. We recommend that
                               shareholders  WITHHOLD  votes from Michael D. Rose for poor
                               attendance.
                    1.2     Elect Director William T. Esrey --- For
                    1.3     Elect Director Raymond V. Gilmartin --- For
                    1.4     Elect Director Judith Richards Hope --- For
                    1.5     Elect Director Heidi G. Miller --- For
                    1.6     Elect Director H. Ochoa-Brillembourg --- For
                    1.7     Elect Director Steve Odland --- For
                    1.8     Elect Director Kendall J. Powell --- For
                    1.9     Elect Director Michael D. Rose --- For
                    1.10    Elect Director Robert L. Ryan --- For
                    1.11    Elect Director Stephen W. Sanger --- For
                    1.12    Elect Director A. Michael Spence --- For
                    1.13    Elect Director Dorothy A. Terrell --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Non-Employee Director Stock Option    For          For                 Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.23 percent is within the  allowable cap for this
                               company of 6.73 percent. Additionally,  this plan expressly
                               forbids repricing.
                    4       Label Genetically Modified Ingredients        Against      Against             ShrHoldr
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task,  particularly  for companies that opt as end users or
                               retailers  for  products   that  may  contain   genetically
                               modified  ingredients.  Given the  widespread  existence of
                               these products,  we question whether such an initiative can
                               be successfully and economically  implemented.  Conversely,
                               a broad  approach of labeling all products as  "potentially
                               containing  GE  ingredients"  would  be of  limited  use to
                               consumers and  shareholders.  Therefore,  based on concerns
                               with the  associated  costs and  feasibility of effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.


05/15/07 - A        Genworth Financial, Inc. *GNW*          37247D106                          03/20/07                   1,730
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        Getty Realty Corp. *GTY*                374297109                          03/30/07                     408
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/09/07 - A        Gilead Sciences, Inc. *GILD*            375558103                          03/22/07                   4,030
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Paul Berg --- For
                               ISS  recommends  that  shareholders  vote FOR all  director
                               nominees  with the  exception of Etienne F.  Davignon.  ISS
                               recommends  that  shareholders  votes  against  Etienne  F.
                               Davignon for sitting on more than six public boards.
                    1.2     Elect Director John F. Cogan --- For
                    1.3     Elect Director Etienne F. Davignon ---
                            Withhold
                    1.4     Elect Director James M. Denny --- For
                    1.5     Elect Director Carla A. Hills --- For
                    1.6     Elect Director John W. Madigan --- For
                    1.7     Elect Director John C. Martin --- For
                    1.8     Elect Director Gordon E. Moore --- For
                    1.9     Elect Director Nicholas Moore --- For
                    1.10    Elect Director Gayle E. Wilson --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 9 percent is equal to
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                 Mgmt
                               ISS  approves of this item because the plan  complies  with
                               Section 423 of the  Internal  Revenue  Code,  the number of
                               shares  being  added is  relatively  conservative,  and the
                               offering period is reasonable.


05/23/07 - A        GlaxoSmithKline plc                     37733W105                          03/16/07                   1,418
                            Meeting for Holders of ADRs
                    1       TO RECEIVE AND ADOPT THE DIRECTORS REPORT     For          For                 Mgmt
                            AND THE FINANCIAL STATEMENTS
                    2       TO APPROVE THE REMUNERATION REPORT            For          For                 Mgmt
                    3       TO ELECT DR DANIEL PODOLSKY AS A DIRECTOR     For          For                 Mgmt
                    4       TO ELECT DR STEPHANIE BURNS AS A DIRECTOR     For          For                 Mgmt
                    5       TO RE-ELECT MR JULIAN HESLOP AS A DIRECTOR    For          For                 Mgmt
                    6       TO RE-ELECT SIR DERYCK MAUGHAN AS A DIRECTOR  For          For                 Mgmt
                    7       TO RE-ELECT DR RONALDO SCHMITZ AS A DIRECTOR  For          For                 Mgmt
                    8       TO RE-ELECT SIR ROBERT WILSON AS A DIRECTOR   For          For                 Mgmt
                    9       Ratify Auditors                               For          For                 Mgmt
                    10      REMUNERATION OF AUDITORS                      For          For                 Mgmt
                    11      TO AUTHORISE THE COMPANY TO MAKE DONATIONS    For          For                 Mgmt
                            TO EU POLITICAL ORGANISATIONS AND INCUR EU
                            POLITICAL EXPENDITURE
                    12      AUTHORITY TO ALLOT SHARES                     For          For                 Mgmt
                    13      DISAPPLICATION OF PRE-EMPTION RIGHTS          For          For                 Mgmt
                            (SPECIAL RESOLUTION)
                    14      AUTHORITY FOR THE COMPANY TO PURCHASE ITS     For          For                 Mgmt
                            OWN SHARES (SPECIAL RESOLUTION)
                    15      AMENDMENT OF THE ARTICLES OF ASSOCIATION      For          For                 Mgmt
                            (SPECIAL RESOLUTION)


05/16/07 - A        Global Industries, Ltd. *GLBL*          379336100                          03/30/07                   2,220
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


09/27/06 - A        Global Payments, Inc. *GPN*             37940X102                          08/11/06                   3,540
                    1       Elect Directors                               For          For                 Mgmt


05/10/07 - A        Google Inc *GOOG*                       38259P508                          03/22/07                     807
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   VI.
                               Vote     Recommendation        Although    the    estimated
                               shareholder  value  transfer  of the  company's  plans of 7
                               percent  is equal to or less  than  the  allowable  cap for
                               this  company of 8 percent,  the plan allows  repricing  of
                               underwater  stock options in a variety of methods (see Plan
                               Features) without  shareholder  approval,  which we believe
                               reduces the incentive  value of the plan.  Please note that
                               the  Plan  permits  transfer  of  awards  to a  third-party
                               financial institutional.
                    4       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Adopt Policies to Protect Freedom of Access   Against      For                 ShrHoldr
                            to the Internet
                               Therefore,  based on  Google's  lack of  disclosure  on its
                               policies related to Internet monitoring and censorship,  as
                               well  as the  impact  that  these  issues  may  have on the
                               company,   we  recommend   shareholder   support  for  this
                               resolution.


05/24/07 - A        Gramercy Capital Corp *GKK*             384871109                          03/20/07                     990
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/17/07 - A        Grant Prideco Inc *GRP*                 38821G101                          03/28/07                   3,175
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director David J. Butters --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider David A. Trice.  We recommend that
                               shareholders   WITHHOLD  votes  from  David  A.  Trice  for
                               sitting on more than three boards.
                    1.2     Elect Director Eliot M. Fried --- For
                    1.3     Elect Director Dennis R. Hendrix --- For
                    1.4     Elect Director Harold E. Layman --- For
                    1.5     Elect Director Michael McShane --- For
                    1.6     Elect Director Robert K. Moses, Jr. --- For
                    1.7     Elect Director Joseph E. Reid --- For
                    1.8     Elect Director David A. Trice --- Withhold


05/16/07 - A        Greene Bancshares, Inc. *GRNB*          394361208                          03/16/07                     228
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in particular the strategic
                               rational  and  potential  synergies,  we  believe  that the
                               merger agreement warrants shareholder support.
                    2       Elect Directors                               For          For                 Mgmt
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Increase Authorized Common Stock              For          For                 Mgmt
                               The  requested  increase of  5,000,000  shares is below the
                               allowable threshold of 13,500,000 shares.
                    5       Change Company Name                           For          For                 Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    6       Adjourn Meeting                               For          Against             Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


06/18/07 - A        Guess?, Inc. *GES*                      401617105                          04/23/07                   1,858
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


08/09/06 - A        Haemonetics Corp. *HAE*                 405024100                          06/12/06                     336
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of  70,000,000  shares is below the
                               allowable threshold of 128,000,000 shares.
                    3       Ratify Auditors                               For          For                 Mgmt


10/27/06 - A        Harris Corp. *HRS*                      413875105                          09/01/06                   1,870
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        Harte-Hanks, Inc. *HHS*                 416196103                          03/30/07                   1,530
                    1       Elect Directors                               For          For                 Mgmt


05/24/07 - A        Hasbro, Inc. *HAS*                      418056107                          04/06/07                   2,660
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Prepare Sustainability Report                 Against      For                 ShrHoldr
                               ISS  commends  the company for  providing  transparency  on
                               certain  sustainability  related  policies and initiatives,
                               however we  encourage  Hasbro to  increase  its  disclosure
                               related  to  social  and  environmental  performance,   and
                               consider  the  potential   benefits  of   structuring   its
                               reporting  along  established  best  practices  guidelines.
                               Providing   more   comprehensive   sustainability   related
                               information,    including    comprehensive    social    and
                               environmental  performance  metrics and goals, would assist
                               management  in better  understanding  how it is  performing
                               relative  to  industry  peers,  how its  products  may face
                               sustainability  related  challenges,  and  it  may  provide
                               management  as well as  shareholders  with insight into the
                               effectiveness    of    its    established    sustainability
                               commitments  and  guidelines.  Further,  in  light  of  the
                               disclosure  provided  by the  company,  it does not  appear
                               that  consolidating the existing  information and providing
                               additional details in a more comprehensive  report would be
                               overly  burdensome or costly.  As such, ISS recommends that
                               shareholders support this resolution.


04/25/07 - A        HBOS plc                                42205M106                          03/23/07                   2,994
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE REPORT AND ACCOUNTS            For          For                 Mgmt
                    2       TO DECLARE A FINAL DIVIDEND                   For          For                 Mgmt
                    3       TO ELECT JO DAWSON                            For          For                 Mgmt
                    4       TO ELECT BENNY HIGGINS                        For          For                 Mgmt
                    5       TO ELECT RICHARD COUSINS                      For          For                 Mgmt
                    6       TO RE-ELECT ANTHONY HOBSON                    For          For                 Mgmt
                    7       TO RE-ELECT KATE NEALON                       For          For                 Mgmt
                    8       TO APPROVE THE REPORT ON REMUNERATION         For          For                 Mgmt
                            POLICY AND PRACTICE
                    9       Ratify Auditors                               For          For                 Mgmt
                    10      TO APPROVE THE AMENDMENT TO THE RULES OF      For          For                 Mgmt
                            THE HBOS PLC LONG TERM EXECUTIVE BONUS PLAN
                    11      TO APPROVE POLITICAL DONATIONS AND            For          For                 Mgmt
                            EXPENDITURE
                    12      TO AUTHORISE POWER OF THE DIRECTORS TO        For          For                 Mgmt
                            ALLOT SHARES
                    13      TO AUTHORISE THE ALLOTMENT OF SHARES FOR      For          For                 Mgmt
                            CASH
                    14      TO AUTHORISE THE REPURCHASE OF ORDINARY       For          For                 Mgmt
                            SHARES


05/01/07 - A        Health Net, Inc. *HNT*                  42222G108                          03/21/07                     440
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/31/07 - A        Heelys, Inc. *HLYS*                     42279M107                          04/19/07                     200
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Michael G. Staffaroni ---
                            Withhold
                               We recommend a vote FOR the directors  with the  exceptions
                               of insiders Patrick F. Hamner,  Roger R. Adams, and Michael
                               G.  Staffaroni.  We recommend  that  shareholders  WITHHOLD
                               votes from insiders Patrick F. Hamner,  Roger R. Adams, and
                               Michael  G.   Staffaroni   for  failure  to   establish  an
                               independent nominating committee.
                    1.2     Elect Director Roger R. Adams --- Withhold
                    1.3     Elect Director Patrick F. Hamner ---
                            Withhold
                    1.4     Elect Director Samuel B. Ligon --- For
                    1.5     Elect Director Richard E. Middlekauff ---
                            For
                    1.6     Elect Director Jeffrey G. Peterson --- For
                    1.7     Elect Director James T. Kindley --- For
                    2       Ratify Auditors                               For          For                 Mgmt


04/19/07 - A        Hercules Inc. *HPC*                     427056106                          03/05/07                   3,640
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.


03/14/07 - A        Hewlett-Packard Co. *HPQ*               428236103                          01/16/07                  16,830
                    1       Elect Director L.T. Babbio, Jr.               For          For                 Mgmt
                    2       Elect Director S.M. Baldauf                   For          For                 Mgmt
                    3       Elect Director R.A. Hackborn                  For          For                 Mgmt
                    4       Elect Director J.H. Hammergren                For          For                 Mgmt
                    5       Elect Director M.V. Hurd                      For          For                 Mgmt
                    6       Elect Director R.L. Ryan                      For          For                 Mgmt
                    7       Elect Director L.S. Salhany                   For          For                 Mgmt
                    8       Elect Director G.K.Thompson                   For          For                 Mgmt
                    9       Ratify Auditors                               For          For                 Mgmt
                    10      Require Director Nominee Qualifications       Against      For                 ShrHoldr
                               Proxy  access  is a tool  that  will  enable  investors  to
                               fulfill their  ownership  responsibilities  while improving
                               board  accountability.  We believe  that this proxy  access
                               proposal allows significant  shareholders an opportunity to
                               participate in the nomination  process,  while safeguarding
                               the  process,   the  board,   and  the   interests  of  all
                               shareholders.  ISS  believes  that  support for this ballot
                               access proposal  represents a significant and positive step
                               in the director election  process.  The reform is needed to
                               right a steeply  tilted  playing field on which  management
                               and board incumbents  dominate the election  process.  This
                               proposal  affords  shareholders  an  opportunity  to effect
                               reforms   on  the   nomination   process.   Based   on  the
                               fundamental  need  for  a  more  effective  and  meaningful
                               director   election   process   and  given   the   adequate
                               provisions  of this  proposal,  we believe that support for
                               this resolution is warranted.
                    11      Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   Chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    12      Submit Shareholder Rights Plan (Poison        Against      For                 ShrHoldr
                            Pill) to Shareholder Vote
                               In this case,  H-P has not included in their  fiduciary out
                               policy the  stipulation  that the plan must be submitted to
                               a shareholder vote within 12 months of adoption.  While the
                               board   believes   this   policy   responds   directly   to
                               stockholders'  concerns,  ISS believes that it still leaves
                               to the board the  decision to proceed  with the adoption of
                               a pill  without  shareholder  approval  and does not have a
                               sunset  provision  in case  the pill  was not  approved  by
                               shareholders.  Therefore,  we do  not  believe  that  H-P's
                               policy  substantially  addresses  the issues  raised by the
                               shareholder proposal. We recommend a vote FOR this item.
                    13      Performance-Based Equity Awards               Against      For                 ShrHoldr
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.


05/24/07 - A        Holly Corp. *HOC*                       435758305                          03/28/07                     584
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Buford P. Berry --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Marcus R.  Hickerson.  We recommend
                               that  shareholders  WITHHOLD votes from Marcus R. Hickerson
                               for standing as an  affiliated  outsider on the  Nominating
                               Committee.
                    1.2     Elect Director Matthew P. Clifton --- For
                    1.3     Elect Director W. John Glancy --- For
                    1.4     Elect Director William J. Gray --- For
                    1.5     Elect Director Marcus R. Hickerson ---
                            Withhold
                    1.6     Elect Director Thomas K. Matthews, II ---
                            For
                    1.7     Elect Director Robert G. McKenzie --- For
                    1.8     Elect Director Jack P. Reid --- For
                    1.9     Elect Director Paul T. Stoffel --- For
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of  60,000,000  shares is below the
                               allowable threshold of 110,000,000 shares.
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   IV.
                               Vote  RecommendationGiven  that  the  amendment  would  not
                               increase  the  potential  cost of the  plan  and  that  the
                               company would be entitled to a business  expense  deduction
                               due to the favorable tax treatment  attributable to Section
                               162(m),   we  believe  the  proposed   amendment   warrants
                               shareholder approval.


05/24/07 - A        Home Depot, Inc. *HD*                   437076102                          03/26/07                   3,263
                    1       Elect Director David H. Batchelder            For          For                 Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Claudio X. Gonzalez and Kenneth G.
                               Langone.   We  recommend  that  shareholders  vote  AGAINST
                               Claudio  X.  Gonzalez  for  sitting on more than six boards
                               and  Kenneth  Langone  for  the  lack of  oversight  on the
                               option grant process from 1994 - 2000.
                    2       Elect Director Francis S. Blake               For          For                 Mgmt
                    3       Elect Director Gregory D. Brenneman           For          For                 Mgmt
                    4       Elect Director John L. Clendenin              For          For                 Mgmt
                    5       Elect Director Claudio X. Gonzalez            For          Against             Mgmt
                    6       Elect Director Milledge A. Hart, III          For          For                 Mgmt
                    7       Elect Director Bonnie G. Hill                 For          For                 Mgmt
                    8       Elect Director Laban P. Jackson, Jr.          For          For                 Mgmt
                    9       Elect Director Helen Johnson-Leipold          For          For                 Mgmt
                    10      Elect Director Lawrence R. Johnston           For          For                 Mgmt
                    11      Elect Director Kenneth G. Langone             For          Against             Mgmt
                    12      Ratify Auditors                               For          For                 Mgmt
                    13      Submit Shareholder Rights Plan (Poison        Against      Against             ShrHoldr
                            Pill) to Shareholder Vote
                               In  this  case,   we  believe  that  Home  Depot's   policy
                               addresses  the issue  raised by this  proposal by requiring
                               the rights to be  redeemed,  caused to expire or  submitted
                               to a vote of the shareholders within one year.
                    14      Prepare Employment Diversity Report           Against      For                 ShrHoldr
                               As  such we  recommend  that  shareholders  vote  for  this
                               resolution.
                    15      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    16      Claw-back of Payments under Restatements      Against      Against             ShrHoldr
                               Because:  1) the  board has  adopted a formal  compensation
                               recoupment   policy  that   substantially   addresses   the
                               provisions set forth by the proponent;  2) the company does
                               not appear to be the  subject of any  material  restatement
                               nor does it have a chronic  restatement  history, we do not
                               believe that  shareholder  support for this  resolution  is
                               warranted.
                    17      Submit Supplemental Executive Retirement      Against      For                 ShrHoldr
                            Plans to Shareholder vote
                               ISS generally  votes FOR shareholder  proposals  requesting
                               to put extraordinary  benefits contained in SERP agreements
                               to  a  shareholder  vote  unless  the  company's  executive
                               pension plans contain no excessive  benefits beyond what is
                               offered under  employee-wide  plans.  However,  in light of
                               the lucrative SERP that was provided to former CEO,  Robert
                               Nardelli,  ISS believes  that  support of this  proposal is
                               warranted.
                    18      Performance-Based Equity Awards               Against      For                 ShrHoldr
                               Based on the  above  analysis,  ISS  recommends  a vote FOR
                               this shareholder proposal.
                    19      Pay for Superior Performance                  Against      For                 ShrHoldr
                               In  this  case,   the  company's   long-term   compensation
                               programs   for   named    executive    officers   are   not
                               substantially    performance-based    under   current   ISS
                               guidelines.  Further, the company did not disclose specific
                               performance   hurdles   rates  for  the  annual   incentive
                               program,  which denies  shareholder  the ability to monitor
                               the  correlation  between  executive  pay and  performance.
                               Accordingly,  ISS believes shareholders should support this
                               proposal.
                    20      Affirm Political Non-partisanship             Against      Against             ShrHoldr
                               Since it appears  that the company  has  already  addressed
                               this  issue   through  its  own   internal   policies   and
                               observance  of federal  law, we do not believe that support
                               of this proposal is warranted.
                    21      Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               In this case,  the board is at least 2/3  independent,  all
                               key  committees  are  comprised   entirely  of  independent
                               directors,  and  the  company  has  established  governance
                               guidelines.  As  stated  from the  company's  website,  the
                               independent  directors  serving on the company's board will
                               select a lead director annually.  The lead director, who is
                               required  to be  independent,  will  (i)  act as a  liaison
                               between  the  non-management  directors  and the  company's
                               management,   (ii)   chair  the   executive   sessions   of
                               non-management  directors,  (iii) chair board meetings when
                               the  chairman  is  not  present,   (iv)  consult  with  the
                               chairman   and   approve   the   schedules,   agendas   and
                               information  provided to the board for each meeting and (v)
                               consult with the chairman on such other  matters  pertinent
                               to the company and the board.  The lead  director  may call
                               meetings   of   non-management   directors   by   providing
                               appropriate  notice of such meetings in accordance with the
                               Bylaws.  The lead  director  shall  also be  available  for
                               consultation   and   direct    communication   with   major
                               shareholders  upon  request.  Therefore,  the company meets
                               all the  duties of lead  director.  While the  company  has
                               underperformed  the S&P 500 index,  there has been a change
                               in the  chairman  & CEO  position  within  the  past  year.
                                       We  note that the lead  director has all the duties
                               that ISS considers  necessary to act as a counterbalance to
                               combined Chair/CEO position.  However,  the company has had
                               problematic  governance  issues  specially  relating to its
                               compensation  practices  and  ignoring  majority  supported
                               shareholder  proposal (see discussion under Company Insight
                               and Elect  Directors  section).  Further,  the current lead
                               director,  Kenneth  Langone,  was part of the Stock  Option
                               Committee,  that failed to provide  adequate  oversight  to
                               the  stock  option  grant   practices  from  1994  -  2000.
                               Therefore,   ISS  believes  that  the   separation  of  the
                               combined roles will provide for an independent  Chairman to
                               monitor the performance of the CEO.


04/23/07 - A        Honeywell International, Inc. *HON*     438516106                          02/23/07                     509
                    1       Elect Director Gordon M. Bethune              For          For                 Mgmt
                    2       Elect Director Jaime Chico Pardo              For          For                 Mgmt
                    3       Elect Director David M. Cote                  For          For                 Mgmt
                    4       Elect Director D. Scott Davis                 For          For                 Mgmt
                    5       Elect Director Linnet F. Deily                For          For                 Mgmt
                    6       Elect Director Clive R. Hollick               For          For                 Mgmt
                    7       Elect Director James J. Howard                For          For                 Mgmt
                    8       Elect Director Ivan G. Seidenberg             For          For                 Mgmt
                    9       Elect Director Bradley T. Sheares             For          For                 Mgmt
                    10      Elect Director Eric K. Shinseki               For          For                 Mgmt
                    11      Elect Director John R. Stafford               For          For                 Mgmt
                    12      Elect Director Michael W. Wright              For          For                 Mgmt
                    13      Ratify Auditors                               For          For                 Mgmt
                    14      Approve Nonqualified Employee Stock           For          For                 Mgmt
                            Purchase Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective,  the limit
                               on the company's  matching  contribution  is reasonable and
                               there  are  caps  placed  on  the  employee's  contribution
                               (expressed as a percent of  compensation  which may exclude
                               bonus,  commissions  or  special  compensation).  There  is
                               minimum  dilution  associated with the plan since shares of
                               company  stock are purchased on the open market with mainly
                               employee contributions.
                    15      Claw-back of Payments under Restatements      Against      Against             ShrHoldr
                               Because:  1) the  board  has  adopted  a  formal  Claw-Back
                               policy that  substantially  addresses  the  provisions  set
                               forth by the  proponent;  2) the company does not appear to
                               be the  subject  of any  material  restatement  nor does it
                               have a chronic restatement  history, we do not believe that
                               shareholder support for this resolution is warranted.
                    16      Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive,  we believe this
                               item warrants shareholder support.
                    17      Amend Articles/Bylaws/Charter -- Call         Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests   of   shareholders.   Accordingly,   shareholder
                               support of this proposal is warranted.
                    18      Remove Six Sigma Terminology                  Against      Against             ShrHoldr
                               We believe that these  decisions are  operational in nature
                               and are best left to the company's  management.  Therefore,
                               we  believe  shareholder  support of this  proposal  is not
                               warranted.


05/23/07 - A        Horace Mann Educators Corp. *HMN*       440327104                          03/26/07                     312
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        Hospitality Properties Trust *HPT*      44106M102                          03/20/07                     670
                    1       Elect Director William A. Lamkin              For          For                 Mgmt
                    2       Amend Declaration of Trust--Election of       For          Against             Mgmt
                            Trustees
                               We  believe  the  current   proposal  is   detrimental   to
                               shareholder's   rights,   as  the   board  is   "filtering"
                               proposals  and  requiring  a  supermajority  vote of shares
                               outstanding  to  approve  some  of  them,  which  currently
                               require only a majority support.  Additionally, the company
                               will  have the  right to change  the  voting  requirements.
                               Regarding  the issue  raised by the company of the inherent
                               the   difficulty  of  obtaining  a  majority  vote  of  the
                               outstanding  shares  for  routine  items,  we note  that 57
                               percent  of the  company's  stock in held by  institutional
                               investors.  Furthermore,  in last  year's  annual  meeting,
                               non-routine  items  were  voted by more than 90  percent of
                               the shares outstanding.  As such, we believe this item does
                               not warrant shareholder support.
                    3       Amend Declaration of Trust--Amend             For          Against             Mgmt
                            Declaration of Trust-(a)Amend
                            Trust(i)Qualification of
                            Trustees,(ii)Policies(iii)Restrictions,
                            (iv)Special voting rights,business
                            combinations(v)Provisions governing
                            amendments to trust(b)Termination of Trust
                               We believe  some of the  elements of the  current  proposal
                               are detrimental to  shareholder's  rights,  as the board is
                               "filtering"  proposals  and  requiring a 75 percent vote to
                               approve  some of  them,  which  currently  only  require  a
                               two-thirds vote. Therefore,  the supermajority  requirement
                               is  increased  in  8  percentage   points.   However,   the
                               requirement  is  lowed  to a  majority  of  votes  cast  (a
                               decrease  of  more  than 17  percentage  points)  when  the
                               proposal is approved by a  supermajority  of the board.  On
                               balance, we believe the proposal will benefit  shareholders
                               and recommend support for this item.
                    4       Amend Declaration of Trust--Authorize Board   For          Against             Mgmt
                            to divide or combine the oustanding shares,
                            any class or series without shareholder
                            vote.
                               Many  companies  reduce  the number of  outstanding  shares
                               through  a  reverse  split,  but  fail  to  proportionately
                               reduce  the  number  of  shares  authorized  for  issuance.
                               Therefore,  ISS prefers that  reverse  splits be subject to
                               shareholder approval.
                    5       Amend Declaration of Trust--Any shareholder   For          For                 Mgmt
                            violating Declaration of Trust will
                            indemnify and hold us harmless from all
                            costs, expense, penalties and fines,
                            together with interest on such amounts.
                               As  such,   this   item   would  not  be   detrimental   to
                               shareholders' rights.
                    6       Adjourn Meeting                               For          Against             Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


05/07/07 - A        Hub Group, Inc. *HUBG*                  443320106                          03/12/07                   1,200
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Phillip C. Yeager ---
                            Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of insiders Phillip C. Yeager,  David P. Yeager and Mark A.
                               Yeager. We recommend that shareholders  WITHHOLD votes from
                               Phillip C.  Yeager,  David P. Yeager and Mark A. Yeager for
                               failure to establish a majority independent board.
                    1.2     Elect Director David P. Yeager --- Withhold
                    1.3     Elect Director Mark A. Yeager --- Withhold
                    1.4     Elect Director Gary D. Eppen --- For
                    1.5     Elect Director Charles R. Reaves --- For
                    1.6     Elect Director Martin P. Slark --- For
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of  50,000,000  shares is below the
                               allowable threshold of 75,740,320 shares.
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 8 percent is less than
                               the allowable cap for this company of 10 percent.
                    4       Amend Omnibus Stock Plan                      For          For                 Mgmt
                               Given  that the  company  will be  entitled  to a  business
                               expense  deduction  due  to  the  favorable  tax  treatment
                               attributable  to Section  162(m),  we believe the  proposed
                               amendment warrants shareholder approval.


05/30/07 - A        Huntington Bancshares Inc. *HBAN*       446150104                          03/15/07                   1,370
                    1       Organization-Related-Approve Issuance of      For          For                 Mgmt
                            Common Stock without Par Value in
                            Connection with the Merger
                               We believe  that the  company is  benefiting  from a merger
                               that makes  strategic  sense and that has the  potential of
                               being  immediately  accretive  to  earnings.  As  such,  we
                               recommend shareholders support the merger agreement.
                    2       Elect Directors                               For          For                 Mgmt
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    5       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    6       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 500,000,000  shares is below the
                               allowable threshold of 850,000,000 shares.
                    7       Other Business                                For          Against             Mgmt


05/08/07 - A        Huron Consulting Group, Inc. *HURN*     447462102                          03/12/07                     139
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


11/15/06 - A        Hyperion Solutions Corp.                44914M104                          09/21/06                     919
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 10.80  percent  is within  the  allowable  cap for
                               this  company  of 20.04  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/02/07 - A        IBERIABANK Corp. *IBKC*                 450828108                          03/21/07                     125
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


09/29/06 - S        Icon Plc                                45103T107                          08/08/06                     450
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE ACCOUNTS AND REPORTS.          For          For                 Mgmt
                    2       TO INCREASE THE AUTHORISED SHARE CAPITAL.     For          For                 Mgmt
                    3       TO APPROVE THE CAPITALISATION AND BONUS       For          For                 Mgmt
                            ISSUE.
                    4       TO AUTHORISE THE COMPANY TO ALLOT SHARES.     For          For                 Mgmt
                               The  authority  requested  represents  182.2 percent of the
                               issued  share  capital  with  preemptive  rights.   Without
                               additional  justification for such a large issuance, a vote
                               against   this  is   recommended   since  it  exceeds   the
                               recommended guideline of 100 percent.
                    5       TO DISAPPLY THE STATUTORY PRE-EMPTION         For          For                 Mgmt
                            RIGHTS.
                               With  respect  to  issuances  of  shares  for cash  without
                               preemptive rights,  there was no information given for such
                               request.  Because details of the issuance  request were not
                               fully   disclosed,   a  vote   against   this   request  is
                               recommended.


05/02/07 - A        Imation Corp. *IMN*                     45245A107                          03/12/07                     710
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Charles A. Haggerty --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Glen A. Taylor.  We recommend that
                               shareholders  WITHHOLD  votes from Glen A.  Taylor for poor
                               attendance.
                    1.2     Elect Director Glen A. Taylor --- For
                    1.3     Elect Director Daryl J. White --- For
                    2       Ratify Auditors                               For          For                 Mgmt


11/15/06 - A        Immucor, Inc. *BLUD*                    452526106                          09/08/06                   1,640
                    1       Elect Directors                               For          For                 Mgmt
                    2       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


01/30/07 - A        Imperial Tobacco Group plc              453142101                          01/08/07                   1,297
                            Meeting for ADR Holders
                    1       TO RECEIVE THE REPORTS OF THE DIRECTORS AND   For          For                 Mgmt
                            AUDITORS AND THE ACCOUNTS FOR THE FINANCIAL
                            YEAR ENDED SEPTEMBER 30, 2006.
                    2       TO RECEIVE AND APPROVE THE DIRECTORS          For          For                 Mgmt
                            REMUNERATION REPORT AND THE AUDITOR S
                            REPORT.
                    3       TO DECLARE A FINAL DIVIDEND FOR THE           For          For                 Mgmt
                            FINANCIAL YEAR ENDED SEPTEMBER 30, 2006.
                    4       Elect Directors                               For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       TO AUTHORIZE THE DIRECTORS TO SET THE         For          For                 Mgmt
                            REMUNERATION OF THE AUDITORS.
                    7       APPROVAL FOR IMPERIAL TOBACCO GROUP PLC TO    For          For                 Mgmt
                            MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    8       APPROVAL FOR IMPERIAL TOBACCO LIMITED TO      For          For                 Mgmt
                            MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    9       APPROVAL FOR IMPERIAL TOBACCO INTERNATIONAL   For          For                 Mgmt
                            LIMITED TO MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    10      APPROVAL FOR VAN NELLE TABAK NEDERLAND B.V.   For          For                 Mgmt
                            TO MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    11      APPROVAL FOR IMPERIAL TOBACCO POLSKA S.A.     For          For                 Mgmt
                            TO MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    12      APPROVAL FOR REEMTSMA CIGARETTENFABRIKEN      For          For                 Mgmt
                            GMBH TO MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    13      APPROVAL FOR ETS L. LACROIX FILS NV/SA TO     For          For                 Mgmt
                            MAKE DONATIONS TO EU POLITICAL
                            ORGANIZATIONS.
                    14      THAT THE DIRECTORS BE AUTHORIZED TO ALLOT     For          For                 Mgmt
                            RELEVANT SECURITIES.
                    15      THAT THE DIRECTORS BE EMPOWERED TO ALLOT      For          For                 Mgmt
                            EQUITY SECURITIES.
                    16      THAT THE COMPANY BE AUTHORIZED TO MAKE        For          For                 Mgmt
                            MARKET PURCHASES OF ORDINARY SHARES OF 10
                            PENCE EACH OF THE COMPANY.


04/24/07 - A        ING Groep NV                            456837103                          03/26/07                   3,489
                            Meeting for Holders of ADRs
                    1       ANNUAL ACCOUNTS FOR 2006.                     For          For                 Mgmt
                    2       DIVIDEND FOR 2006.                            For          For                 Mgmt
                    3       MAXIMUM NUMBER OF STOCK OPTIONS AND           For          For                 Mgmt
                            PERFORMANCE SHARES TO BE GRANTED TO MEMBERS
                            OF THE EXECUTIVE BOARD FOR 2006.
                    4       AMENDMENT OF THE ARTICLES OF ASSOCIATION.     For          For                 Mgmt
                    5       DISCHARGE OF THE EXECUTIVE BOARD IN RESPECT   For          For                 Mgmt
                            OF THE DUTIES PERFORMED DURING THE YEAR
                            2006.
                    6       DISCHARGE OF THE SUPERVISORY BOARD IN         For          For                 Mgmt
                            RESPECT OF THE DUTIES PERFORMED DURING THE
                            YEAR 2006.
                    7       COMPOSITION OF THE EXECUTIVE BOARD:           For          For                 Mgmt
                            APPOINTMENT OF MR. JOHN HELE.
                    8       COMPOSITION OF THE EXECUTIVE BOARD:           For          For                 Mgmt
                            APPOINTMENT OF MR. KOOS TIMMERMANS.
                    9       COMPOSITION OF THE SUPERVISORY BOARD:         For          For                 Mgmt
                            REAPPOINTMENT OF MR. CLAUS DIETER HOFFMANN.
                    10      COMPOSITION OF THE SUPERVISORY BOARD:         For          For                 Mgmt
                            REAPPOINTMENT OF MR. WIM KOK.
                    11      COMPOSITION OF THE SUPERVISORY BOARD:         For          For                 Mgmt
                            APPOINTMENT OF MR. HENK BREUKINK.
                    12      COMPOSITION OF THE SUPERVISORY BOARD:         For          For                 Mgmt
                            APPOINTMENT OF MR. PETER ELVERDING.
                    13      COMPOSITION OF THE SUPERVISORY BOARD:         For          For                 Mgmt
                            APPOINTMENT OF MR. PIET HOOGENDOORN.
                    14      AUTHORISATION TO ISSUE ORDINARY SHARES WITH   For          For                 Mgmt
                            OR WITHOUT PREFERENTIAL RIGHTS.
                    15      AUTHORISATION TO ISSUE PREFERENCE B SHARES    For          For                 Mgmt
                            WITH OR WITHOUT PREFERENTIAL RIGHTS.
                    16      AUTHORISATION TO ACQUIRE ORDINARY SHARES OR   For          For                 Mgmt
                            DEPOSITARY RECEIPTS FOR ORDINARY SHARES IN
                            THE COMPANY S OWN CAPITAL.
                    17      AUTHORISATION TO ACQUIRE PREFERENCE A         For          For                 Mgmt
                            SHARES OR DEPOSITARY RECEIPTS FOR
                            PREFERENCE A SHARES IN THE COMPANY S OWN
                            CAPITAL.
                    18      CANCELLATION OF (DEPOSITARY RECEIPTS OF)      For          For                 Mgmt
                            PREFERENCE A SHARES WHICH ARE HELD BY ING
                            GROEP N.V.


06/26/07 - S        Innkeepers USA Trust *KPA*              4576J0104                          05/24/07                     224
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors   described   above,   in  particular  a  fair
                               valuation  multiple and the strategic  process,  we believe
                               that the merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given that the  merger  agreement  with  Apollo is the only
                               item in the agenda and our  support  of the  agreement,  we
                               recommend shareholders support this adjournment proposal.


02/13/07 - A        Insteel Industries, Inc. *IIIN*         45774W108                          12/11/06                   1,320
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Howard O. Woltz, Jr. ---
                            Withhold
                               We recommend a vote FOR Louis E. Hannen but WITHHOLD  votes
                               from   all  the   other   nominees.   We   recommend   that
                               shareholders  WITHHOLD  votes  from C.  Richard  Vaughn for
                               standing  as an  affiliated  outsider  on the  Compensation
                               Committee  and for  failure  to  establish  an  independent
                               nominating  committee.  We also recommend that shareholders
                               WITHHOLD  votes  from  insider  Howard O.  Woltz,  Jr.  for
                               failure to establish an independent nominating committee.
                    1.2     Elect Director C. Richard Vaughn ---
                            Withhold
                    1.3     Elect Director Louis E. Hannen --- For


05/16/07 - A        Intel Corp. *INTC*                      458140100                          03/19/07                  16,496
                    1       Elect Director Craig R. Barrett               For          For                 Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Charlene  Barshefsky.  We recommend
                               that  shareholders  vote AGAINST  Charlene  Barshefsky  for
                               standing  as  an  affiliated  outsider  on  the  Nominating
                               Committee.
                    2       Elect Director Charlene Barshefsky            For          Against             Mgmt
                    3       Elect Director Susan L. Decker                For          For                 Mgmt
                    4       Elect Director D. James Guzy                  For          For                 Mgmt
                    5       Elect Director Reed E. Hundt                  For          For                 Mgmt
                    6       Elect Director Paul S. Otellini               For          For                 Mgmt
                    7       Elect Director James D. Plummer               For          For                 Mgmt
                    8       Elect Director David S. Pottruck              For          For                 Mgmt
                    9       Elect Director Jane E. Shaw                   For          For                 Mgmt
                    10      Elect Director John L. Thornton               For          For                 Mgmt
                    11      Elect Director David B. Yoffie                For          For                 Mgmt
                    12      Ratify Auditors                               For          For                 Mgmt
                    13      Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 12
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    14      Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               While ISS prefers that the 2007  Incentive  Plan  qualifies
                               for favorable tax deduction  under Section  162(m)  limits,
                               ISS  notes  that  the   flexibility  of  increasing   named
                               executive  officers'  bonus payouts will be limited to only
                               10% of target payout.  Therefore,  the upward potential has
                               been capped and  disclosed to  shareholders.  At this time,
                               ISS recommends a vote FOR this proposal.
                    15      Limit Executive Compensation                  Against      Against             ShrHoldr
                               ISS believes  that top five  compensation  should be linked
                               to the  company's  performance.  If the  company has met or
                               exceeded the target  performance  level,  executives should
                               be remunerated  for their  efforts.  Although we agree with
                               the principle of  pay-for-performance  in setting executive
                               pay, we believe that the cessation of all rights,  options,
                               SARs,   and  possible   severance   payments  to  top  five
                               management:  (1) does  not  resolve  potential  disconnects
                               between  pay  and  performance  and  (2)  would  be  unduly
                               restrictive  with  respect  to the  company's  compensation
                               strategies. As such, we recommend a vote AGAINST.


06/29/07 - S        Inter-Tel, Inc. *INTL*                  458372109                          05/29/07                     510
                    1       Approve Merger Agreement                      For          Against             Mgmt
                               Conclusion        Based  on our  review of the terms of the
                               transaction,  in particular, the relatively low 7.6 percent
                               1-day offer  premium,  the flawed sale process,  lack of an
                               imminent  reason to sell the company  without  conducting a
                               proper sale  process,  and  valuation,  we believe that the
                               merger agreement does not warrant shareholder support.
                    2       Adjourn Meeting                               For          Against             Mgmt
                               Given  that we do not  support  the  merger  agreement,  we
                               recommend   shareholders   vote  AGAINST  the   adjournment
                               proposal.


11/20/06 - S        Intergraph Corp.                        458683109                          10/11/06                     676
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review of the terms of the  transaction,  the
                               one-day  premium  of   approximately   17.8  percent,   the
                               apparently  fair  and  reasonable   auction  process,   ISS
                               believes  that the merger  agreement  warrants  shareholder
                               support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/10/07 - A        Interline Brands, Inc. *IBI*            458743101                          03/23/07                   1,000
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Gideon Argov --- Withhold
                               We recommend  that  shareholders  vote FOR Michael J. Grebe
                               but  recommend  WITHHOLD  votes from  independent  outsider
                               Gideon  Argov.  We  recommend  that  shareholders  WITHHOLD
                               votes  from  Gideon  Argov for  sitting  on more than three
                               boards
                    1.2     Elect Director Michael J. Grebe --- For
                    2       Ratify Auditors                               For          For                 Mgmt


06/21/07 - A        Internap Network Services Corporation   45885A300                          04/20/07                   2,250
                    *INAP*
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director James DeBlasio --- Withhold
                               We recommend  withholding  votes from all of the  nominees.
                               We recommend  that  shareholders  WITHHOLD votes from James
                               P.  DeBlasio and Kevin L. Ober for failure to implement the
                               proposal  to  submit  the   company's   poison  pill  to  a
                               shareholder vote.
                    1.2     Elect Director Kevin L. Ober --- Withhold
                    2       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        International Business Machines Corp.   459200101                          02/23/07                   8,439
                    *IBM*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    5       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    6       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    7       Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               Although  IBM  does  not  fail  the  performance   criteria
                               specified,  it  does  not  meet  all of the  aforementioned
                               corporate  governance criteria.  Accordingly,  the proposal
                               warrants shareholder support.
                    8       Evaluate Age Discrimination in Retirement     Against      Against             ShrHoldr
                            Plans
                               ISS  believes  the  scope of the  proponent's  proposal  is
                               overly  broad since it asks that all  employees  be allowed
                               to choose  participation in the plan, which could be costly
                               to shareholders.  Accordingly,  we recommend a vote AGAINST
                               this proposal.
                    9       Review Executive Compensation                 Against      For                 ShrHoldr
                               ISS  believes  that  pension  fund income can distort  true
                               operating   performance,   which   may  be  the  basis  for
                               determining executive bonuses and  performance-related  pay
                               rather than gains from defined benefit plans.  Shareholders
                               should  therefore  support  proposals  that  would  exclude
                               pension    credits   from    calculations    of   executive
                               compensation   as  this  provides  a  cleaner  measure  for
                               assessing actual performance.  Furthermore,  the company is
                               not  precluded   from   including   pension   credits  from
                               calculations of executive pay in the future.  Adopting this
                               practice is a matter of good corporate governance practice.
                    10      Report on Outsourcing                         Against      Against             ShrHoldr
                               Conclusion        In  this  case,  we note  that  IBM  does
                               outsource and continues to seek  opportunities to outsource
                               some  positions  to foreign  markets  where the company has
                               determined that such actions would  ultimately  benefit the
                               company and increase  shareholder value.  Further,  we note
                               that due to increasing global demand for IT outsourcing,  a
                               number of the company's peers and  competitors  also pursue
                               similar  outsourcing  opportunities.  Finally,  we question
                               whether  or  not  detailed   disclosure  on  the  company's
                               policies  regarding job outsourcing  will provide  benefits
                               to  shareholders  commensurate  with the cost of  preparing
                               this report.  Therefore, ISS does not recommend support for
                               this proposal at this time.
                    11      Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority  vote under a  majority  vote  standard.
                               Further,  the proposal allow for plurality vote standard in
                               contested  elections where the number of director  nominees
                               exceeds  the  available  board  seats.  We concur  with the
                               proponent  that a majority vote standard  (with a carve out
                               for  plurality in  contested  election)  combined  with the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process.   As  such,  we  believe  this  proposal  warrants
                               shareholder support.


03/06/07 - A        International Game Technology *IGT*     459902102                          01/08/07                   1,350
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/24/07 - A        Intervest Bancshares Corp. *IBCA*       460927106                          03/30/07                     124
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Michael A. Callen --- For
                               For the holders of Class A common stock,  we recommend that
                               shareholders  vote FOR the directors  with the exception of
                               affiliated  outsider  Wayne F.  Holly.  We  recommend  that
                               shareholders   WITHHOLD  votes  from  Wayne  F.  Holly  for
                               failure   to    establish   an    independent    nominating
                               committee.        For  the holders of Class B common stock,
                               we recommend that  shareholders vote FOR the directors with
                               the exception of insiders  Lowell S. Dansker and Stephen A.
                               Helman,  and  affiliated  outsider  Thomas E.  Willett.  We
                               recommend that  shareholders  WITHHOLD votes from Lowell S.
                               Dansker,  Stephen  A.  Helman,  and Thomas E.  Willett  for
                               failure to establish an independent nominating committee.
                    1.2     Elect Director Wayne F. Holly --- Withhold
                    1.3     Elect Director Lawton Swan, III --- For
                    2       Ratify Auditors                               For          For                 Mgmt


06/12/07 - A        Inventiv Health, Inc. *VTIV*            46122E105                          04/26/07                     676
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/08/07 - A        Investment Technology Group, Inc.       46145F105                          03/15/07                     461
                    *ITG*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                               The proposed  amendment to approve  additional  performance
                               criteria  is  being  sought  so that the  restricted  stock
                               grants  will  qualify  as  performance-based  compensation.
                               Given  that the  company  will be  entitled  to a  business
                               expense  deduction  due  to  the  favorable  tax  treatment
                               attributable  to Section  162(m),  we believe the  proposed
                               amendment warrants shareholder approval.
                    4       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 11 percent is equal to
                               the   allowable   cap  for  this  company  of  11  percent.
                               Additionally, this plan expressly forbids repricing.


08/04/06 - A        Iris International, Inc. *IRIS*         46270W105                          06/15/06                   1,210
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/08/07 - A        ITT Corp. *ITT*                         450911102                          03/12/07                     798
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/18/07 - A        J. C. Penney Co., Inc (HLDG CO) *JCP*   708160106                          03/19/07                   3,449
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Submit Severance Agreement (Change in         Against      For                 ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.
                    4       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               While the company  has taken  steps in the right  direction
                               with the addition of the director  resignation  policy, the
                               company  currently has a plurality voting standard with the
                               director  resignation policy (in an uncontested  election).
                               We  believe  that  the  majority  vote  standard  with  the
                               director  resignation  along with a plurality  standard for
                               contested  elections is the benchmark that companies should
                               transition  to. As such,  we  recommend  that  shareholders
                               vote FOR this proposal.


11/16/06 - A        JLG Industries, Inc.                    466210101                          09/29/06                   2,438
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


12/04/06 - S        JLG Industries, Inc.                    466210101                          11/03/06                   1,508
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based  on our  review  of  the  terms  of the  transaction,
                               particularly  the 35 percent 1-day  initial  premium and an
                               even higher 52 percent  premium to the 5 day average  price
                               60 days  prior to the  announcement,  we  believe  that the
                               merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given  that  we  support  the  merger  proposal,   and  the
                               narrow-scope  of this proposal,  we recommend  shareholders
                               support Item 2.
                    3       Other Business                                For          Against             Mgmt
                               Given that  details of such other items are not  available,
                               we recommend shareholders vote against this proposal.


09/21/06 - A        John Wiley & Sons, Inc. *JW.A*          968223206                          07/24/06                   1,475
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        Johnson & Johnson *JNJ*                 478160104                          02/27/07                  11,442
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates that a majority vote standard  coupled with a
                               director  resignation  policy and a  plurality  carveout in
                               contested   elections   would  give  full   effect  to  the
                               shareholder franchise.
                    4       Submit Supplemental Executive Retirement      Against      For                 ShrHoldr
                            Plans to Shareholder vote
                               ISS  recommends  shareholders  support this  proposal as we
                               believe that base salary is a  sufficient  basis upon which
                               to base pension benefits to executives.


05/03/07 - A        Journal Communications, Inc. *JRN*      481130102                          02/28/07                   1,605
                    1       Elect Director Don H. Davis, Jr.              For          For                 Mgmt
                    2       Elect Director David G. Meissner              For          For                 Mgmt
                    3       Elect Director Ellen F. Siminoff              For          For                 Mgmt
                    4       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this  company  of  15  percent.
                               Additionally, this plan expressly forbids repricing.


05/15/07 - A        JPMorgan Chase & Co. *JPM*              46625H100                          03/16/07                  16,438
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Put Repricing of Stock Options to             Against      Against             ShrHoldr
                            Shareholder Vote
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               under the company's  corporate  governance  guidelines  and
                               existing  equity  plans,  the  company is  prohibited  from
                               repricing options without  shareholder  proposal.  As such,
                               ISS  does  not  feel  that  shareholder   support  of  this
                               proposal is warranted.
                    4       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               In this case,  ISS does not believe the  proposal is overly
                               restrictive  nor does it appear that a substantial  portion
                               of the company's equity awards are truly  performance-based
                               with  some  inherent  risk  of  forfeiture.  Therefore,  we
                               believe this proposal merits shareholder support.
                    5       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    7       Provide for Cumulative Voting                 Against      For                 ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.   Specifically,  the  company  does  not  have  a
                               majority vote standard in place. Accordingly,  the proposal
                               warrants shareholder support.
                    8       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               In this case,  the company  employs  plurality  standard in
                               the election of  directors  with a  post-election  director
                               resignation  policy in its Bylaws,  which we do not believe
                               it has substantially  implemented this shareholder proposal
                               on  majority  voting.   ISS  advocates  that  the  director
                               election   system  give  full  effect  to  the  shareholder
                               franchise.  A majority  vote  standard  (with carve out for
                               plurality   in  contested   elections)   coupled  with  the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process and would  afford the board a structure  to address
                               failed  elections.   Accordingly,  this  proposal  warrants
                               shareholder support.
                    9       Report on Political Contributions             Against      Against             ShrHoldr
                               In the case of JP Morgan Chase,  ISS notes that the company
                               provides a policy  statement on political  contributions on
                               its  corporate   website.   This  document  provides  broad
                               discussion  on the  company's  rationale  and  strategy for
                               political  contributions and public policy  activities,  as
                               well  as   information   on  JP  Morgan's   compliance  and
                               oversight  procedures.  Additionally,  the company has also
                               publicly  disclosed  a list of PAC  contributions  for 2006
                               and has  committed  to  continue  to update  the  reporting
                               annually.  While this  reporting does not meet the level of
                               transparency  requested by the  proponent,  we believe that
                               it does provide  shareholders  with sufficient  information
                               to  evaluate  the  company's  policies,   activities,   and
                               oversight  mechanisms  related to  political  contributions
                               and assess potential risks to their  investment  related to
                               such  actions.  As such,  we do not  recommend  shareholder
                               support for this resolution.
                    10      Report on Management Initiatives to Address   Against      Against             ShrHoldr
                            Links to Slavery and Human Rights Abuse
                               ISS is concerned with the broad nature of this  resolution.
                               We  believe   that  the  company   has  clearly   disclosed
                               information  in this filing and in other  public  documents
                               regarding   its   public   apology   for  its   predecessor
                               companies'  association  with  slavery and the  scholarship
                               fund  that  was  established  in  Louisiana.   Beyond  this
                               specific  issue,  ISS is not aware of other  initiatives by
                               JP Morgan to broadly or  specifically  address human rights
                               abuses  and  questions   the  utility  of  including   this
                               information   in  a  separate   report  on  this   subject.
                               Therefore,  based  on  concerns  over  the  scope  of  this
                               resolution  and the  existing  disclosure  provided  by the
                               company,  we do not  believe  that  shareholder  support is
                               warranted for this resolution.


05/10/07 - A        K2 Inc. *KTO*                           482732104                          03/23/07                     710
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Pay For Superior Performance                  Against      Against             ShrHoldr
                               ISS  believes  that  the  use of  performance-based  equity
                               awards  emphasize  the  linkage  between  compensation  and
                               performance.    The   company's    annual   and   long-term
                               compensation   programs  for  senior   executives  are  not
                               substantially    performance-based    under   current   ISS
                               guidelines.  However,  the  company  intends  to revise its
                               annual and  long-term  incentive  programs to further align
                               executive compensation with superior performance,  which we
                               believe   would   substantially   address   the   proponent
                               requirements.   Accordingly,   ISS  believes   shareholders
                               support for this proposal is not warranted.


04/27/07 - A        Kellogg Co. *K*                         487836108                          03/01/07                   1,951
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Prepare a Sustainability Report               Against      Against             ShrHoldr
                               ISS   encourages   Kellogg's   to  increase  its  level  of
                               transparency  related to social and  environmental  metrics
                               and  performance,  and consider the  potential  benefits of
                               structuring its reporting along established guidelines.  We
                               believe  that  by  continuing  to  expand  on its  existing
                               sustainability   related   information,    management   and
                               shareholders   will  better  understand  how  these  issues
                               affect  the  company's   strategic  position  and  how  the
                               company  is  responding  to  the   implementation   of  its
                               sustainability   policies.   That  said,  we  believe  that
                               Kellogg's existing  disclosure  provides sufficient insight
                               for shareholders into Kellogg's  policies and practices and
                               demonstrates  its  commitment  to  addressing  many  issues
                               related  to  developing   sustainable   operations  at  the
                               company.  As such, we do not believe this proposal warrants
                               shareholder support.
                    4       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               Conclusion        While  the company has taken steps in the
                               right   direction   with  the   addition  of  the  director
                               resignation  policy,  the company currently has a plurality
                               voting  standard with the director  resignation  policy (in
                               an  uncontested  election).  We believe  that the  majority
                               vote  standard with the director  resignation  along with a
                               plurality   standard   for   contested   elections  is  the
                               benchmark that companies should  transition to. As such, we
                               recommend that shareholders vote FOR this proposal.


10/24/06 - A        Kennametal, Inc. *KMT*                  489170100                          09/05/06                     520
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 50,000,000  shares is 44,500,000
                               shares below the allowable threshold of 94,500,000 shares
                    3       Ratify Auditors                               For          For                 Mgmt


05/10/07 - A        KeyCorp *KEY*                           493267108                          03/13/07                   6,050
                    1       Elect Directors                               For          For                 Mgmt
                    2       Establish Range For Board Size                For          For                 Mgmt
                               ISS believes that the proposed  change is relatively  minor
                               and  that  it is not  motivated  by a  desire  to  entrench
                               management.
                    3       Declassify the Board of Directors             Against      For                 ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Ratify Auditors                               For          For                 Mgmt


05/16/07 - A        King Pharmaceuticals Inc. *KG*          495582108                          03/30/07                   1,640
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Philip A. Incarnati --- For
                               Members of the  compensation  committee  in 2001 consist of
                               the entire board of directors:  John M. Gregory,  Jefferson
                               J. Gregory,  Ernest C. Bourne,  Frank W. DeFriece,  Jr., R.
                               Charles Moyer,  Joseph R. Gregory,  Earnest W.  Deavenport,
                               Jr.,  Gregory D. Jordan and D. Greg Rooker.  Members of the
                               compensation  committee  in 2000 also consist of the entire
                               board of  directors:  John M.  Gregory,  Joseph R. Gregory,
                               Jefferson  J.  Gregory,   Ernest  C.  Bourne,   Earnest  W.
                               Deavenport,  Jr., Frank W. DeFriece, Jr., R. Charles Moyer,
                               D. Greg  Rooker,  and  Richard  C.  Williams.  The  current
                               compensation   committee  members  consist  of  Gregory  D.
                               Jordan,  Earnest  W.  Deavenport  Jr.,  and  Ted  G.  Wood.
                               Gregory  Jordan  joined  the board in June 2001 and was not
                               present  for the option  grants made in late 2000 and early
                               2001.  Because this is a classified board, ISS recommends a
                               vote to WITHHOLD  from  Gregory  Jordan for not  disclosing
                               robust internal controls  surrounding  future option grants
                               and ensuring that  "favorable  dates" would not be selected
                               for option grants going forward.
                    1.2     Elect Director Gregory D. Jordan ---
                            Withhold
                    1.3     Elect Director Brian A. Markison --- For
                    2       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Ratify Auditors                               For          For                 Mgmt


05/07/07 - A        Kite Realty Group Trust *KRG*           49803T102                          03/23/07                     380
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/02/07 - A        Kohl's Corp. *KSS*                      500255104                          03/07/07                   3,825
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Company Specific-Adopt Majority Vote for      For          For                 Mgmt
                            Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    6       Require a Majority Vote for the Election of   Against      Against             ShrHoldr
                            Directors
                               ISS  notes  that the board has  submitted  a  substantially
                               similar  amendment for  shareholder  approval,  as detailed
                               above in Item 5.


03/23/07 - A        Kookmin Bank                            50049M109                          12/29/06                     101
                            Meeting for ADR Holders
                    1       APPROVAL OF NON-CONSOLIDATED FINANCIAL        For          For                 Mgmt
                            STATEMENTS (BALANCE SHEET, INCOME STATEMENT
                            AND STATEMENT OF APPROPRIATION OF RETAINED
                            EARNINGS) FOR THE FISCAL YEAR 2006, AS SET
                            FORTH IN THE COMPANY S NOTICE OF MEETING
                            ENCLOSED HEREWITH.
                    2       APPROVAL OF THE APPOINTMENT OF DIRECTORS,     For          For                 Mgmt
                            AS SET FORTH IN THE COMPANY S NOTICE OF
                            MEETING ENCLOSED HEREWITH.
                    3       APPROVAL OF APPOINTMENT OF CANDIDATES FOR     For          For                 Mgmt
                            THE MEMBERS OF THE AUDIT COMMITTEE, WHO ARE
                            NON-EXECUTIVE DIRECTORS, AS SET FORTH IN
                            THE COMPANY S NOTICE OF MEETING ENCLOSED
                            HEREWITH.
                    4       APPROVAL OF PREVIOUSLY GRANTED STOCK          For          For                 Mgmt
                            OPTION, AS SET FORTH IN THE COMPANY S
                            NOTICE OF MEETING ENCLOSED HEREWITH.
                    5       APPROVAL OF THE GRANT OF STOCK OPTION, AS     For          For                 Mgmt
                            SET FORTH IN THE COMPANY S NOTICE OF
                            MEETING ENCLOSED HEREWITH.


05/16/07 - A        Laboratory Corporation of America       50540R409                          03/30/07                   2,080
                    Holdings *LH*
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Thomas P. Mac Mahon --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Jean-Luc  Belingard.  We recommend
                               that  shareholders  WITHHOLD votes from Jean-Luc  Belingard
                               for sitting on more than three boards.
                    1.2     Elect Director Kerrii B. Anderson --- For
                    1.3     Elect Director Jean-Luc Belingard ---
                            Withhold
                    1.4     Elect Director David P. King --- For
                    1.5     Elect Director Wendy E. Lane --- For
                    1.6     Elect Director Robert E. Mittelstaedt, Jr.
                            --- For
                    1.7     Elect Director Arthur H. Rubenstein --- For
                    1.8     Elect Director Bradford T. Smith --- For
                    1.9     Elect Director M. Smith Weikel --- For
                    1.10    Elect Director R. Sanders Williams --- For
                    2       Ratify Auditors                               For          For                 Mgmt


05/02/07 - A        Ladish Co., Inc. *LDSH*                 505754200                          03/21/07                     847
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


11/02/06 - A        Lam Research Corp. *LRCX*               512807108                          09/15/06                   2,545
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve/Amend Executive Incentive Bonus Plan  For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 11.40  percent  is within  the  allowable  cap for
                               this  company  of 12.60  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    4       Ratify Auditors                               For          For                 Mgmt


07/18/06 - A        Legg Mason, Inc. *LM*                   524901105                          05/19/06                     884
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               This proposal seeks to increase  authorized common stock by
                               250,000,000  shares which is  125,000,000  shares below the
                               allowable increase of 375,000,000 shares.
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   Vote
                               Recommendation        Shareholder  re-approval  of the plan
                               will  allow the  company  to  benefit  from  favorable  tax
                               treatment    under   Section    162(m)   with   regard   to
                               performance-based compensation.
                    4       Ratify Auditors                               For          For                 Mgmt


04/12/07 - A        Lehman Brothers Holdings Inc. *LEH*     524908100                          02/12/07                   5,192
                    1       Elect Director Michael L. Ainslie             For          For                 Mgmt
                    2       Elect Director John F. Akers                  For          For                 Mgmt
                    3       Elect Director Roger S. Berlind               For          For                 Mgmt
                    4       Elect Director Thomas H. Cruikshank           For          For                 Mgmt
                    5       Elect Director Marsha Johnson Evans           For          For                 Mgmt
                    6       Elect Director Richard S. Fuld, Jr.           For          For                 Mgmt
                    7       Elect Director Christopher Gent               For          For                 Mgmt
                    8       Elect Director Roland A. Hernandez            For          For                 Mgmt
                    9       Elect Director Henry Kaufman                  For          For                 Mgmt
                    10      Elect Director John D. Macomber               For          For                 Mgmt
                    11      Ratify Auditors                               For          For                 Mgmt
                    12      Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 50 percent is above the
                               allowable cap for this company of 10 percent.  In addition,
                               the company's  three-year average burn rate of 9.40 percent
                               exceeds  the  company's  industry  burn  rate  cap of  3.75
                               percent.          For  institutional clients who accept the
                               premise  that  investment  banks have a  distinctly  unique
                               compensation  standard,  with  respect to its peers  Lehman
                               Brothers'  equity  compensation   practices  appear  to  be
                               reasonable.  However,  ISS believes  that  compensation  at
                               investment  banks remains to be the  exception  rather than
                               the  rule,  and  should  be  benchmarked  against a broader
                               financial  services peer group.  In  conclusion,  given the
                               excessive  economic  and  dilutive  costs of the  company's
                               stock-based   compensation   plans  coupled  with  mediocre
                               corporate  performance  vis-a-vis  its peers,  ISS does not
                               believe  that  shareholders  should  support the  company's
                               request for an additional 75 million shares.
                    13      Publish Political Contributions               Against      Against             ShrHoldr
                               When   reviewing   requests  for   proposals  on  political
                               contributions,  ISS takes into account the scope and nature
                               of  the  request,  the  company's  adherence  to  laws  and
                               regulations governing political contributions,  and company
                               policies and additional  disclosure on such  contributions.
                               In this case, the company notes that its  contributions  to
                               political  entities and the related  disclosure comply with
                               all applicable  laws on this topic.  The proposal asks that
                               this report  should be published  within five business days
                               of the annual meeting,  disclosing the recipient and amount
                               of each  political  contribution  be made  in a  series  of
                               local and  national  newspapers.  While ISS  believes  that
                               increased disclosure is generally  beneficial,  it does not
                               appear  that the cost of  preparing  and  publicizing  such
                               reports in the manner  requested by the proponent  would be
                               the most effective use of shareholder funds.


04/25/07 - A        Lexicon Pharmaceuticals, Inc. *LXRX*    528872104                          03/06/07                   1,545
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Robert J. Lefkowitz, M.D.
                            --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Robert J.  Lefkowitz.  We recommend
                               that  shareholders  WITHHOLD votes from Robert J. Lefkowitz
                               for standing as an  affiliated  outsider on the  Nominating
                               Committee.
                    1.2     Elect Director Alan S. Nies, M.D. --- For
                    1.3     Elect Director Clayton S. Rose --- For
                    2       Change Company Name                           For          For                 Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    3       Ratify Auditors                               For          For                 Mgmt


05/10/07 - A        Lincoln National Corp. *LNC*            534187109                          03/05/07                   2,820
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Approve Non-Employee Director Stock Option    For          For                 Mgmt
                            Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


04/26/07 - A        Lockheed Martin Corp. *LMT*             539830109                          03/01/07                   3,590
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director E. C. Aldridge, Jr. ---
                            Withhold
                               We recommend  shareholders WITHHOLD votes from all nominees
                               for  failure  to  adopt  all  provisions  of a  shareholder
                               proposal  that  received  the  approval of the  majority of
                               shares cast for the previous two consecutive years.
                    1.2     Elect Director Nolan D. Archibald ---
                            Withhold
                    1.3     Elect Director Marcus C. Bennett ---
                            Withhold
                    1.4     Elect Director James O. Ellis, Jr. ---
                            Withhold
                    1.5     Elect Director Gwendolyn S. King ---
                            Withhold
                    1.6     Elect Director James M. Loy --- Withhold
                    1.7     Elect Director Douglas H. McCorkindale ---
                            Withhold
                    1.8     Elect Director Eugene F. Murphy --- Withhold
                    1.9     Elect Director Joseph W. Ralston ---
                            Withhold
                    1.10    Elect Director Frank Savage --- Withhold
                    1.11    Elect Director James M. Schneider ---
                            Withhold
                    1.12    Elect Director Anne Stevens --- Withhold
                    1.13    Elect Director Robert J. Stevens ---
                            Withhold
                    1.14    Elect Director James R. Ukropina ---
                            Withhold
                    1.15    Elect Director Douglas C. Yearley ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Increase Disclosure of Executive              Against      Against             ShrHoldr
                            Compensation
                               ISS believes that the  proponent's  argument for additional
                               disclosure  is not  compelling  and  the  benefits  of such
                               disclosures  are  unclear.  In  addition,   the  additional
                               disclosures  are not required by the SEC and could  provide
                               competitors  with sensitive  compensation  information that
                               could  place  the  company  at  a  potential   disadvantage
                               regarding hiring and retaining executive talent.
                    4       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Report on Nuclear Weapons                     Against      Against             ShrHoldr
                               ISS notes that  Lockheed  Martin does not appear to provide
                               any detailed  information about its policies and procedures
                               related to DU and nuclear components.  However, the company
                               does  provide  detailed  EHS  information  demonstrating  a
                               commitment  to  manage  its  operations   with  an  eye  on
                               sustainability   issues   pertinent  to  the  company.   In
                               particular,  this  information  includes  company goals and
                               performance  targets aimed at improving its efficiencies in
                               areas of  employee  safety and the  environment.  Moreover,
                               the  company  does  not  appear  to be the  subject  of any
                               recent,  significant  litigation  or  fines  related  to it
                               management of DU or nuclear  materials.  As such,  ISS does
                               not  believe  that  the   potential   cost  and  burden  of
                               providing  this report will produce  commensurate  benefits
                               to shareholders.  As such, we do not recommend  support for
                               this resolution.


08/03/06 - S        Loews Corp.                             540424207                          06/22/06                     640
                    1       Increase Authorized Common Stock              For          For                 Mgmt
                               This proposal seeks to increase  authorized common stock by
                               1,200,000,000  shares which is 30,000,000  shares below the
                               allowable increase of 1,230,000,000 shares.
                    2       Adjust Par Value of Common Stock              For          For                 Mgmt
                               Adjusting  par value is a routine  financing  decision that
                               warrants shareholder support.


05/08/07 - A        Loews Corp.                             540424207                          03/15/07                   1,585
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Provide for Cumulative Voting                 Against      Against             ShrHoldr
                               In this  case,  the  company  has  met  the  aforementioned
                               corporate governance criteria,  or management has expressed
                               its  intention  to  recommend  that the  board  adopt  such
                               provisions.  As such,  we do not believe  that the proposal
                               warrants shareholder support at this time.
                    5       Social Proposal                               Against      Against             ShrHoldr
                               ISS notes the company's  strategic  position in the tobacco
                               business, through Lorillard,  represents over 22 percent of
                               Loews'  consolidated  revenues.  ISS believes  that certain
                               financial and  reputational  risks are associated  with the
                               Loews'  tobacco   segment,   however,   requesting  a  full
                               divestment by 2010 from its tobacco may be unfeasible  from
                               an operational  perspective.  ISS believes that  requesting
                               the  company to fully  change a primary  line of  business,
                               when balanced  against the company's  historical  financial
                               performance,    could   substantially   disrupt   strategic
                               operations,  weaken  market  penetration  and represent the
                               abandonment of established brand  recognition.  Ultimately,
                               it is our opinion that this request would  benefit  neither
                               the company  nor its  shareholders.  Based on these  facts,
                               ISS does not believe  this  proposal  warrants  shareholder
                               support.


05/03/07 - A        Lyondell Chemical Co. *LYO*             552078107                          03/05/07                   1,060
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Report on Political Contributions             Against      Against             ShrHoldr
                               In the case of  Lyondell  Chemical,  the  company  provides
                               publicly    available    information   on   its   political
                               contributions  policies,  the criteria  used by the company
                               to evaluate its political contributions to candidates,  and
                               provides a general  framework  of its  oversight  mechanism
                               for   both   its   lobbying    activities   and   its   PAC
                               contributions.  These  policies do not appear  inconsistent
                               with    industry    standards   or   existing    regulatory
                               requirements on this issue.  Further,  the company does not
                               appear  to  be  the  subject  of  any  recent,  significant
                               controversy,  fines, or litigation resulting from political
                               action or contributions  from it or its employee  sponsored
                               PACs.  Therefore,  while we agree with the proponents  that
                               data on every  type of  political  contribution  may not be
                               easily  accessed,   it  is  our  opinion  that  information
                               provided  by  the  company   provides   shareholders   with
                               sufficient   insight  into  the   company's   policies  and
                               controls.   Therefore,  ISS  does  not  believe  that  this
                               resolution warrants shareholder support.


05/02/07 - A        Manpower Inc. *MAN*                     56418H100                          02/21/07                   2,350
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       MacBride Principles                           Against      Against             ShrHoldr
                               ISS  encourages  Manpower to implement  and disclose a code
                               of  conduct  that  discusses  the  company's   policies  on
                               workplace  labor  rights.  However,  based on the fact that
                               existing reporting  requirements are substantially  similar
                               to the  MacBride  Principles,  the  potential  difficulties
                               associated with full implementation of the Principles,  and
                               the  lack  of  any  recent   controversies   regarding  the
                               company's  operations  in Northern  Ireland,  we  recommend
                               that shareholders oppose this request.


04/25/07 - A        Marathon Oil Corp *MRO*                 565849106                          02/26/07                   3,724
                    1       Elect Director Charles F. Bolden, Jr.         For          For                 Mgmt
                    2       Elect Director Charles R. Lee                 For          For                 Mgmt
                    3       Elect Director Dennis H. Reilley              For          For                 Mgmt
                    4       Elect Director John W. Snow                   For          For                 Mgmt
                    5       Elect Director Thomas J. Usher                For          For                 Mgmt
                    6       Ratify Auditors                               For          For                 Mgmt
                    7       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    8       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    9       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 550,000,000  shares is below the
                               allowable threshold of 825,000,000 shares.


04/24/07 - A        Marshall & Ilsley Corp. *MI*            571834100                          03/01/07                   3,321
                    1       Elect Directors                               For          For                 Mgmt
                    2       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                 Mgmt


06/27/07 - A        Matsushita Electric Industrial Co.      576879209                          03/30/07                   5,700
                    Ltd. *6752*
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For          For                 Mgmt
                    2       TO ELECT YASUO YOSHINO AS A CORPORATE         For          Against             Mgmt
                            AUDITOR
                               Given the  realities  of Japanese  business  and the strong
                               loyalties  to  companies  held by those with  long-standing
                               ties to those companies and their  affiliates,  the nominee
                               for  independent  auditor  (Candidate 1) cannot be expected
                               to  fulfill  the  role  of   independent   monitor  of  the
                               company's activities on behalf of all shareholders.
                    3       TO ELECT KENICHI HAMADA AS A CORPORATE        For          For                 Mgmt
                            AUDITOR
                    4       TO APPROVE CHANGES TO REMUNERATION FOR        For          For                 Mgmt
                            DIRECTORS AND CORPORATE AUDITORS


05/18/07 - A        Mattel, Inc. *MAT*                      577081102                          03/30/07                   7,300
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Company Specific- Approve Majority Vote and   For          For                 Mgmt
                            Eliminate Cumulative Voting
                               In  such  cases,   ISS   believes   that  the  benefits  to
                               shareholders  of a majority  vote  standard in  uncontested
                               elections,   with  a  plurality   carve-out  for  contested
                               elections,  outweigh  the costs of  eliminating  cumulative
                               voting. As such,  shareholder  support for this proposal is
                               warranted.
                    4       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Limit Executive Compensation                  Against      Against             ShrHoldr
                               We oppose  this item  because it could place the company at
                               a  competitive  disadvantage  in  attempting  to  attract a
                               qualified CEO.
                    6       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.
                    7       Report Progress on Improving Work and         Against      Against             ShrHoldr
                            Living Conditions
                               We believe that,  despite  shortcomings  in certain  areas,
                               Mattel's GMP program,  the  associated  public  disclosure,
                               and  remediation as needed  represents a positive  approach
                               toward  proactively  addressing issues related to workplace
                               labor  rights.  Therefore,  we believe that the  additional
                               reporting requested by this resolution is unnecessary,  and
                               may be  contrary  to the  company's  existing  approach  of
                               forthright disclosure and timely remediation.
                    8       Pay for Superior Performance                  Against      For                 ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               any disclosure  concerning the specific target hurdle rates
                               for  the  disclosed   financial   metrics.   Further,   the
                               long-term   compensation  program  is  largely  time-based.
                               Accordingly,   ISS  believes   that  the  company  has  not
                               sufficiently  established  a   pay-for-superior-performance
                               standard in its executive  compensation  programs. As such,
                               ISS believes that shareholder  support for this proposal is
                               warranted.


05/24/07 - A        McDonald's Corp. *MCD*                  580135101                          03/26/07                  10,475
                    1       Elect Director Edward A. Brennan              For          For                 Mgmt
                    2       Elect Director Walter E. Massey               For          For                 Mgmt
                    3       Elect Director John W. Rogers, Jr.            For          For                 Mgmt
                    4       Elect Director Roger W. Stone                 For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       Label Genetically Modified Organisms          Against      Against             ShrHoldr
                    7       Adopt and Implement ILO Based Code of         Against      Against             ShrHoldr
                            Conduct


05/24/07 - A        MEDCO Health Solutions Inc *MHS*        58405U102                          03/29/07                   4,320
                    1       Elect Directors                               For          For                 Mgmt
                    2       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Qualified Employee Stock Purchase     For          For                 Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code (if the company opts to
                               structure  awards  for  such  tax-favored  treatment),  the
                               number   of   shares   being    reserved   is    relatively
                               conservative,   the  offering  period  is  reasonable,  the
                               dollar limit on the  contribution is reasonable,  there are
                               caps placed on the employee's  contribution (expressed as a
                               percent   of   compensation),   and  there  are  limits  on
                               participation.
                    4       Ratify Auditors                               For          For                 Mgmt


08/24/06 - A        Medtronic, Inc. *MDT*                   585055106                          06/26/06                   2,272
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Richard H. Anderson --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider  Gordon M.  Sprenger.  We recommend
                               that  shareholders  WITHHOLD  votes from Gordon M. Sprenger
                               for standing as an affiliated  outsider on the Compensation
                               Committee.
                    1.2     Elect Director Michael R. Bonsignore --- For
                    1.3     Elect Director Robert C. Pozen --- For
                    1.4     Elect Director Gordon M. Sprenger ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect to the  shareholder  franchise.  ISS views  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace   advances   the  debate.   We  feel  that  the
                               company's  current  policy  that  directors  who  receive a
                               majority of withhold  votes tender their  resignation  is a
                               move toward a more democratic voting process.  However,  we
                               do  not  believe   that  this   resignation   policy  is  a
                               sufficient  alternative  to the  proposed  majority  voting
                               standard.   ISS  feels  that  support  for  this  proposal,
                               coupled with  continued  debate on election  reforms,  will
                               allow the  director  election  system to evolve to the next
                               level.


10/25/06 - A        MEMC Electronic Materials, Inc. *WFR*   552715104                          09/13/06                   2,626
                    1       Elect Directors                               For          For                 Mgmt


04/25/07 - A        MEMC Electronic Materials, Inc. *WFR*   552715104                          03/01/07                   3,546
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director John Marren --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of insider John  Marren.  We  recommend  that  shareholders
                               WITHHOLD  votes from John Marren for standing as an insider
                               on the Nominating Committee.
                    1.2     Elect Director William E. Stevens --- For
                    1.3     Elect Director James B. Williams --- For
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 9 percent is less than
                               the   allowable   cap  for  this  company  of  13  percent.
                               Additionally, this plan expressly forbids repricing.


04/24/07 - A        Merck & Co., Inc. *MRK*                 589331107                          02/23/07                  13,865
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    5       Establish Range For Board Size                For          For                 Mgmt
                               Given  the  proposed  change  will  impose  a limit  on the
                               ability  of  the  board  to  increase   its  size   without
                               stockholder  approval,  we recommend  shareholders  support
                               this item.
                    6       Replace Cumulative Voting to Majority Vote    For          For                 Mgmt
                            Standard for the Election of Directors
                               ISS  believes   that  a  majority  vote  standard  for  the
                               election of directors in  uncontested  elections  increases
                               directors'  accountability  to  stockholders.  As such,  we
                               recommend shareholders support this proposal.
                    7       Publish Political Contributions               Against      Against             ShrHoldr
                               When   reviewing   requests  for   proposals  on  political
                               contributions,  ISS takes into account the scope and nature
                               of  the  request,  the  company's  adherence  to  laws  and
                               regulations governing political contributions,  and company
                               policies and additional  disclosure on such  contributions.
                               In this case, the company notes that its  contributions  to
                               political  entities and the related  disclosure comply with
                               all applicable  laws on this topic.  The proposal asks that
                               this report  should be published  within five business days
                               of the annual meeting,  disclosing the recipient and amount
                               of each  political  contribution  be made  in a  series  of
                               local and  national  newspapers.  While ISS  believes  that
                               increased disclosure is generally  beneficial,  it does not
                               appear  that the cost of  preparing  and  publicizing  such
                               reports in the manner  requested by the proponent  would be
                               the most effective use of shareholder funds.
                    8       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


01/18/07 - A        Meridian Bioscience, Inc. *VIVO*        589584101                          12/01/06                     970
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director James A. Buzard --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider  Gary  P.  Kreider,  and  insiders
                               William J. Motto and John A.  Kraeutler.  We recommend that
                               shareholders  WITHHOLD  votes  from  Gary  P.  Kreider  for
                               standing  as an  affiliated  outsider  on the  Compensation
                               Committee   and  for   failure  to   establish  a  majority
                               independent  board.  We also  recommend  that  shareholders
                               WITHHOLD  votes from William J. Motto and John A. Kraeutler
                               for failure to establish a majority independent board.
                    1.2     Elect Director John A. Kraeutler ---
                            Withhold
                    1.3     Elect Director Gary P. Kreider --- Withhold
                    1.4     Elect Director William J. Motto --- Withhold
                    1.5     Elect Director David C. Phillips --- For
                    1.6     Elect Director Robert J. Ready --- For
                    2       Approve/Amend Executive Incentive Bonus Plan  For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the  plan  is  administered  by a  committee
                               comprised of a majority of  independent  outsiders who must
                               certify   attainment   of   these   objective,   measurable
                               performance   goals   before   cash   awards  are  paid  to
                               participants.    Moreover,   preservation   of   the   full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt


04/27/07 - A        Merrill Lynch & Co., Inc.               590188108                          02/28/07                   4,480
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.   Specifically,  the  company  does  not  have  a
                               majority   vote   standard   in  place  with  a   plurality
                               carve-out.  Accordingly,  the proposal warrants shareholder
                               support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               In   determining   the   vote   recommendation   for   this
                               shareholder  proposal,  ISS  looks  for  disclosure  of the
                               performance measures,  hurdle rates,  weightings and payout
                               levels (minimum,  target and maximum) as a prerequisite for
                               granting  these  restricted  stock  awards  in lieu of cash
                               bonus  compensation.   Because  of  the  high  compensation
                               levels,  additional  long-term  incentives are not awarded.
                               As mentioned  above,  the committee has a list of financial
                               objectives,  strategic objectives and leadership objectives
                               for the CEO. The  committee  also focused in  particular on
                               growth in net revenues,  after-tax  earnings,  earnings per
                               share and ROE. However,  no disclosure on the complete list
                               of  performance  measures,  their hurdle rates,  weightings
                               and payout levels have been made.  Without this disclosure,
                               ISS cannot  determine that these grants of restricted stock
                               awards   in   lieu   of   cash   bonus    compensation   is
                               performance-vesting  shares.  As such,  ISS  supports  this
                               shareholder proposal.


04/24/07 - A        MetLife, Inc *MET*                      59156R108                          03/01/07                   4,350
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        Mettler-Toledo International Inc.       592688105                          02/28/07                   1,056
                    *MTD*
                    1       Elect Director Robert F. Spoerry              For          For                 Mgmt
                    2       Elect Director Wah-Hui Chu                    For          For                 Mgmt
                    3       Elect Director Francis A. Contino             For          For                 Mgmt
                    4       Elect Director John T. Dickson                For          For                 Mgmt
                    5       Elect Director Philip H. Geier                For          For                 Mgmt
                    6       Elect Director Hans Ulrich Maerki             For          For                 Mgmt
                    7       Elect Director George M. Milne                For          For                 Mgmt
                    8       Elect Director Thomas P. Salice               For          For                 Mgmt
                    9       Ratify Auditors                               For          For                 Mgmt


11/14/06 - A        Microsoft Corp. *MSFT*                  594918104                          09/08/06                  35,972
                    1       Elect Director William H. Gates, III          For          For                 Mgmt
                    2       Elect Director Steven A. Ballmer              For          For                 Mgmt
                    3       Elect Director James I. Cash, Jr., Ph.D.      For          For                 Mgmt
                    4       Elect Director Dina Dublon                    For          For                 Mgmt
                    5       Elect Director Raymond V. Gilmartin           For          For                 Mgmt
                    6       Elect Director David F. Marquardt             For          For                 Mgmt
                    7       Elect Director Charles H. Noski               For          For                 Mgmt
                    8       Elect Director Helmut Panke                   For          For                 Mgmt
                    9       Elect Director Jon A. Shirley                 For          For                 Mgmt
                    10      Ratify Auditors                               For          For                 Mgmt
                    11      Cease Product Sales that Can Be Used to       Against      Against             ShrHoldr
                            Violate Human Rights
                               In this case, the proponent is requesting  that the company
                               cease providing  products that can be used to violate human
                               or labor  rights to foreign  governments,  departments,  or
                               agencies.  ISS is  concerned  with the  potential  negative
                               impact  that  such  actions   could  have  on   Microsoft's
                               competitive  position and,  ultimately,  shareholder value.
                               Moreover,  the company has  publicly  outlined the issue in
                               general,  potential options that the company is evaluating,
                               and its current policies related to government  regulations
                               on free expression.  This information  provides  disclosure
                               to  shareholders  on the potential  impact of this issue on
                               the company's  operations and informs interested parties of
                               Microsoft's  general  approach to  providing  products  and
                               services in such markets.  Considering Microsoft's level of
                               transparency  on this  issue as well as the  nature  of the
                               requested  actions,   ISS  does  not  believe   shareholder
                               support for this resolution is warranted.
                    12      Amend EEO Statement to Not Reference Sexual   Against      Against             ShrHoldr
                            Orientation
                               Therefore,  considering  potential  benefits  that  may  be
                               associated  with  Microsoft's   existing  policy,  and  the
                               absence   of   information   suggesting   that   there  are
                               significant  costs  or  negative  impacts  associated  with
                               including  reference  to  sexual  orientation  in  the  EEO
                               statement,  we do not believe  shareholder support for this
                               resolution is warranted.
                    13      Establish Shareholder Advisory Committee      Against      Against             ShrHoldr
                               While we agree  with the  proponent  that all  shareholders
                               are   entitled  to   third-party   proxy  advice  which  is
                               independent  from  management,  we are concerned  that this
                               proposal  includes  an inherent  conflict  of interest  and
                               creates a potential  legal  liability  to the  corporation.
                               Microsoft  would be  paying a proxy  advisor  directly  for
                               analysis of its own proxy matters.  The company may also be
                               responsible for any errors or omissions  contained in proxy
                               analysis.  ISS is also concerned that this resolution could
                               be expensive and  bureaucratic to administer.  The proposal
                               offers no details on how the bidding  process and  advisory
                               firm selection  would be handled or what hidden costs might
                               be  associated  with  these   processes.   Such  additional
                               corporate   expenditures   would   be   hard   to   justify
                               considering  analysis of proxy voting matters are currently
                               readily  available to the public from a variety of vendors,
                               and barriers to entry are low.


05/08/07 - A        Mirant Corp *MIR.XA*                    60467R100                          03/16/07                   5,030
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/10/07 - A        Morgan Stanley                          617446448                          02/09/07                   6,116
                    1       Elect Director Roy J. Bostock                 For          For                 Mgmt
                               Vote  Recommendations        We  recommend  a vote  FOR the
                               directors  with  the  exceptions  of  Klaus  Zumwinkel.  We
                               recommend  that   shareholders   vote  AGAINST  from  Klaus
                               Zumwinkel for sitting on more than three boards.
                    2       Elect Director Erskine B. Bowles              For          For                 Mgmt
                    3       Elect Director Howard J. Davies               For          For                 Mgmt
                    4       Elect Director C. Robert Kidder               For          For                 Mgmt
                    5       Elect Director John J. Mack                   For          For                 Mgmt
                    6       Elect Director Donald T. Nicolaisen           For          For                 Mgmt
                    7       Elect Director Charles H. Noski               For          For                 Mgmt
                    8       Elect Director Hutham S. Olayan               For          For                 Mgmt
                    9       Elect Director Charles E. Phillips, Jr.       For          For                 Mgmt
                    10      Elect Director Griffith Sexton                For          For                 Mgmt
                    11      Elect Director Laura D. Tyson                 For          For                 Mgmt
                    12      Elect Director Klaus Zumwinkel                For          Against             Mgmt
                    13      Ratify Auditors                               For          For                 Mgmt
                    14      Approve Omnibus Stock Plan                    For          Against             Mgmt
                                                                                   VI.
                               Vote  Recommendation        For  institutional  clients who
                               accept the premise that investment  banking  companies have
                               a  distinctly   different  pay  philosophy  and  standards,
                               Morgan  Stanley's  equity pay  practices  against  the four
                               peer  companies  appear  to  be  reasonable.  However,  ISS
                               continues  to  believe  that  the  investment  banking  pay
                               strategy  remains to be the exception rather than the rule,
                               and  should  be  benchmarked  against  a  larger  financial
                               services   peer   group.   ISS  also   questions   if  high
                               compensation  structures are achieving  higher  shareholder
                               returns for these  companies  compared  to other  financial
                               services companies.          ISS  recommends a vote AGAINST
                               for the 2007 Equity Incentive Compensation Plan.
                    15      Amend Vote Requirements to Amend              Against      For                 ShrHoldr
                            Articles/Bylaws/Charter
                               ISS  supports  a  simple  majority  vote  requirement.   We
                               recommend a vote FOR the proposal.
                    16      Approve Report of the Compensation Committee  Against      For                 ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/22/07 - A        Morningstar, Inc. *MORN*                617700109                          03/30/07                     195
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/10/07 - A        Morton's Restaurant Group, Inc. *MRT*   619430101                          03/22/07                     410
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director John J. Connolly --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsiders and Audit Committee  members Alan
                               A.  Teran and  Robert A.  Goldschmidt.  We  recommend  that
                               shareholders  WITHHOLD  votes from Alan A. Teran and Robert
                               A. Goldschmidt for paying excessive non-audit fees.
                    1.2     Elect Director Robert A. Goldschmidt ---
                            Withhold
                    1.3     Elect Director Alan A. Teran --- Withhold
                    1.4     Elect Director Justin B. Wender --- For
                    2       Ratify Auditors                               For          Against             Mgmt


05/07/07 - PC       Motorola, Inc. *MOT*                    620076109                          03/08/07                   1,755
                            Management Proxy (White Card)
                    1       Elect Directors                               For          DoNotVot            Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  For          DoNotVot            Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      DoNotVot            ShrHoldr
                            Officers' Compensation
                    4       Claw-back of Payments under Restatements      Against      DoNotVot            ShrHoldr
                            Dissident Proxy (Gold Card)
                    1       Elect Directors (Opposition Slate)            For          For                 Mgmt
                    1.1     Elect Director Carl C. Icahn --- For
                               ISS  Conclusion  and Vote  Recommendation  We find that MOT
                               has  significantly  underperformed  its peers  over  recent
                               quarters  and by most  accounts is expected to struggle the
                               remainder of the year.  Although the  long-term  historical
                               picture  is  more  favorable,   the  significant  near-term
                               deterioration  argues for a new  perspective  on the board.
                               MOT  has an  enviable  position  as the  #2  player  in the
                               handset  business.  Some  argue,  however,  the company has
                               fumbled  execution  during one of the most  robust  markets
                               for  handsets  in  history.  Since this is a contest  for a
                               minority  position  on the board,  we do not have to decide
                               whether or not the  dissident  has a  superior  plan to the
                               current  plan  of  the   incumbents.   We  need  merely  to
                               determine  if the  dissidents  could  bring an  alternative
                               viewpoint  to  the  board  that  is  likely  to  result  in
                               increased  shareholder  value.  Because the company appears
                               to be at an  important  inflection  point with  significant
                               uncertainty  about the  company's  current plan, we believe
                               the  presence  of a new  viewpoint  may help to ensure that
                               shareholder  value is preserved.  The company  argues Icahn
                               is not a  technology  expert  and  knows  little  about the
                               company's  business,  having just bought shares in January.
                               We note, however,  that many of the incumbent board members
                               have no  technology  experience,  and we  presume  most had
                               little  knowledge  of the  company  prior  to  joining  the
                               board.  We conclude that Icahn has a positive  track record
                               for creating  shareholder  value across a diverse  universe
                               of  industries,  whether as a board member or as an outside
                               shareholder  activist.  In our  opinion,  it's more  likely
                               than not  Icahn  will act as a  positive  influence  on the
                               board   by   providing   a   fresh   perspective   from   a
                               shareholder's  perspective.  Based on the factors discussed
                               above,  on balance we  conclude  that the  presence of Carl
                               Icahn on the MOT board would  likely  prove  beneficial  to
                               long-term  shareholder value. The financial and operational
                               performance  of the company and the  dissident's  skill set
                               and track  record  establish  both the need for  change and
                               the  dissident's  ability to effect  change.  The  specific
                               details of the  dissident  plan are of less  importance  in
                               this short-slate contest.
                    1.2     Elect Director E. Zander --- For
                    1.3     Elect Director D. Dorman --- For
                    1.4     Elect Director J. Lewent --- For
                    1.5     Elect Director T. Meredith --- For
                    1.6     Elect Director N. Negroponte --- For
                    1.7     Elect Director S. Scott, III --- For
                    1.8     Elect Director R. Sommer --- For
                    1.9     Elect Director J. Stengel --- For
                    1.10    Elect Director D. Warner, III --- For
                    1.11    Elect Director M. White --- For
                    2       Amend Qualified Employee Stock Purchase Plan  None         For                 Mgmt
                               ISS  approves of this item because 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       Advisory Vote to Ratify Named Executive       For          For                 ShrHoldr
                            Officers' Compensation
                               Conclusion  ISS believes that the advisory vote would allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability
                    4       Claw-back of Payments under Restatements      None         For                 ShrHoldr
                               Conclusion   ISS   believes   that  the   company  has  not
                               fundamentally   addressed  the  proponent's  key  concerns.
                               Therefore,  ISS believes this proposal warrants shareholder
                               vote and we recommend a vote FOR.


05/22/07 - A        MSC.Software Corporation *MSCS*         553531104                          04/02/07                     520
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/27/07 - A        Myers Industries, Inc. *MYE*            628464109                          03/09/07                   3,252
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/25/07 - A        National Bank of Greece                 633643408                          05/10/07                   8,548
                            Meeting for Holders of ADR's
                    1       Accept Financial Statements and Statutory     For          For                 Mgmt
                            Reports
                               We note that Deloitte,  represented by Hadjipavlou Sofianos
                               & Cambanis  Assurance  and Advisory  Services,  has audited
                               the  financial   statements.   The   auditors'   report  is
                               unqualified,  meaning that in the opinion of the  auditors,
                               the financial  statements  give a true and fair view of the
                               financial  position  of  the  company  in  accordance  with
                               International  Financial  Reporting Standards as adopted by
                               the European Union.
                    2       Approve Allocation of Income and Dividends    For          For                 Mgmt
                               Reported  basic  earnings per share for the group  amounted
                               to EUR 2.20  ($2.98).  The board has proposed a dividend of
                               EUR 1.00 ($1.36),  which is the same  dividend  distributed
                               following  the  2005  fiscal  year  as  well.  This  year's
                               dividend  distribution  represents  a payout ratio of 44.62
                               percent.  ISS notes that disclosure on allocation of income
                               is normally not available in the Greek market.  Because the
                               company  has  exceeded  disclosure   expectations  and  the
                               dividend   distribution   is   reasonable,   we   recommend
                               shareholders vote for this item.
                    3       Approve Discharge of Board and Auditors       For          For                 Mgmt
                    4       Approve Director Remuneration                 For          For                 Mgmt
                               No  details  are   normally   disclosed   with  respect  to
                               directors'   remuneration   levels  in  the  Greek  market.
                               Because the company has  exceeded  disclosure  expectations
                               and the  level of  directors'  fees in the  company  is not
                               problematic, we see no reason to oppose this item.
                    5       Grant Permission to Board Members and         For          For                 Mgmt
                            Management to Participate in Boards and
                            Management of Similar Companies
                    6       Authorize Share Repurchase Program            For          For                 Mgmt
                               Some shareholders  object to share buybacks,  preferring to
                               see extra cash  invested in new  businesses  or paid out as
                               dividends.   We   believe   that  when   timed   correctly,
                               repurchases  are a legitimate  use of  corporate  funds and
                               can enhance long-term shareholder returns.
                    7       Amend Articles Re: Capital Increase           For          For                 Mgmt
                            Pursuant to Stock Options
                               Following  disclosure of this additional  information,  ISS
                               is able to conclude  that these  amendments  are strictly a
                               formality  and  will not  affect  shareholder  value.  As a
                               result, we recommend that shareholders vote for this item.
                    8       Approve Stock Option Plan Grants              For          Against             Mgmt
                    9       Approve Restricted Stock Plan                 For          For                 Mgmt
                    10      Approve Spin-Off Agreement                    For          For                 Mgmt
                    11      Ratify Appointment of Directors in            For          For                 Mgmt
                            Replacement of Outgoing Members
                    12      Elect New Board and Determine Independent     For          For                 Mgmt
                            Members
                    13      Approve Auditors and Authorize Board to Fix   For          For                 Mgmt
                            Their Remuneration
                    14      Other Business                                For          Against             Mgmt


04/24/07 - A        National City Corp. *NCC*               635405103                          03/02/07                      60
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Pay For Superior Performance                  Against      For                 ShrHoldr
                               ISS notes that the company's  annual  compensation  program
                               for named executives does not provide  adequate  disclosure
                               concerning   the   specific   targets   payments  for  each
                               financial  metric,  nor  the  weights  for  the  individual
                               metrics.  Further,  the long-term  compensation  program is
                               largely  time-based.  Accordingly,  ISS  believes  that the
                               company    has    not     sufficiently     established    a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.


07/31/06 - A        National Grid PLC(frmrly. National      636274300                          06/12/06                   2,198
                    Grid Transco PLC)
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE ANNUAL REPORT AND ACCOUNTS     For          For                 Mgmt
                    2       TO DECLARE A FINAL DIVIDEND                   For          For                 Mgmt
                    3       TO RE-ELECT SIR JOHN PARKER                   For          For                 Mgmt
                    4       TO RE-ELECT STEVE LUCAS                       For          For                 Mgmt
                    5       TO RE-ELECT NICK WINSER                       For          For                 Mgmt
                    6       TO RE-ELECT KEN HARVEY                        For          For                 Mgmt
                    7       TO RE-ELECT STEPHEN PETTIT                    For          For                 Mgmt
                    8       TO RE-ELECT GEORGE ROSE                       For          For                 Mgmt
                    9       TO RE-ELECT STEVE HOLLIDAY                    For          For                 Mgmt
                    10      TO REAPPOINT PRICEWATERHOUSECOOPERS LLP AS    For          For                 Mgmt
                            AUDITORS AND SET THEIR REMUNERATION
                    11      TO APPROVE THE DIRECTORS REMUNERATION REPORT  For          For                 Mgmt
                    12      TO AUTHORISE THE DIRECTORS TO ISSUE           For          For                 Mgmt
                            ORDINARY SHARES
                    13      TO DISAPPLY PRE-EMPTION RIGHTS                For          For                 Mgmt
                    14      TO AUTHORISE THE DIRECTORS TO PURCHASE THE    For          For                 Mgmt
                            COMPANY S ORDINARY SHARES
                    15      TO AUTHORISE THE DIRECTORS TO PURCHASE THE    For          For                 Mgmt
                            COMPANY S B SHARES
                    16      TO AUTHORISE THE DIRECTORS TO APPROVE THE     For          For                 Mgmt
                            BROKER CONTRACT FOR THE REPURCHASE OF B
                            SHARES
                    17      TO AMEND THE ARTICLES OF ASSOCIATION          For          For                 Mgmt


07/31/06 - S        National Grid PLC(frmrly. National      636274300                          07/07/06                   2,198
                    Grid Transco PLC)
                            Meeting for Holders of ADRs
                    1       TO APPROVE THE ACQUISITION                    For          For                 Mgmt


06/05/07 - A        National Oilwell Varco, Inc. *NOV*      637071101                          04/13/07                     760
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        NCR Corporation *NCR*                   62886E108                          02/12/07                   2,740
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/13/07 - A        Ness Technologies, Inc. *NSTC*          64104X108                          04/19/07                   1,350
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Stock Option Plan                     For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 8 percent is less than
                               the   allowable   cap  for  this  company  of  14  percent.
                               Additionally, this plan expressly forbids repricing.


04/19/07 - A        Nestle SA                               641069406                          03/05/07                   1,220
                            Meeting for ADR Holders
                    1       APPROVAL OF THE 2006 ANNUAL REPORT, OF THE    For          For                 Mgmt
                            ACCOUNTS OF NESTLE S.A. AND OF THE
                            CONSOLIDATED ACCOUNTS OF THE NESTLE GROUP.
                    2       RELEASE OF THE MEMBERS OF THE BOARD OF        For          For                 Mgmt
                            DIRECTORS AND OF THE MANAGEMENT.
                    3       APPROVAL OF THE APPROPRIATION OF PROFITS      For          For                 Mgmt
                            RESULTING FROM THE BALANCE SHEET OF NESTLE
                            S.A., AS SET FORTH IN THE INVITATION
                    4       CAPITAL REDUCTION AND CONSEQUENT AMENDMENT    For          For                 Mgmt
                            TO ARTICLE 5 OF THE ARTICLES OF
                            ASSOCIATION, AS SET FORTH IN THE INVITATION.
                    5       RE-ELECTION OF MR. PETER BRABECK-LETMATHE,    For          For                 Mgmt
                            TO THE BOARD OF DIRECTORS FOR A TERM OF
                            FIVE (5) YEARS.
                    6       RE-ELECTION MR. EDWARD GEORGE (LORD           For          For                 Mgmt
                            GEORGE), TO THE BOARD OF DIRECTORS FOR A
                            TERM OF FOUR (4) YEARS.
                    7       MARK THE FOR BOX AT RIGHT IF YOU WISH TO      None         Against             Mgmt
                            GIVE A PROXY TO THE INDEPENDENT
                            REPRESENTATIVE, MR. JEAN-LUDOVIC HARTMANN
                            (AS FURTHER DISCUSSED IN THE COMPANY S
                            INVITATION).
                               Please  note that this is a  non-voting  item.  However ADP
                               view  this as a  voting  item so we have no  choice  but to
                               vote against this proposal.


09/18/06 - A        Nike, Inc. *NKE*                        654106103                          07/25/06                   2,743
                    1       Elect Directors                               For          For                 Mgmt
                    2       Report on Charitable Contributions            Against      Against             ShrHoldr
                               In this case,  we note that Nike  discloses  a  significant
                               amount of the  information  requested  by the  proponent on
                               its  corporate  website,   in  its  corporate   citizenship
                               report,  and through other public sources.  Moreover,  some
                               aspects  of  the  resolution,   including  determining  the
                               estimated   or   actual   benefits   of   each   charitable
                               contribution   may  be   difficult   to   produce   without
                               significant  speculation,  and  could  place a  significant
                               burden on the company without providing  commensurate value
                               to   shareholders.   Therefore,   ISS  does  not  recommend
                               shareholder support for the resolution at this time.
                    3       Ratify Auditors                               For          For                 Mgmt


06/28/07 - A        Nippon Telegraph & Telephone Corp.      654624105                          03/30/07                   2,270
                    *9432*
                            Meeting for Holders of ADR's
                    1       DISTRIBUTION OF RETAINED EARNINGS AS          For          For                 Mgmt
                            DIVIDENDS
                    2       ELECTION OF DIRECTOR: TSUTOMU EBE             For          For                 Mgmt
                    3       ELECTION OF DIRECTOR: NORITAKA UJI            For          For                 Mgmt
                    4       ELECTION OF DIRECTOR: KAORU KANAZAWA          For          For                 Mgmt
                    5       ELECTION OF DIRECTOR: TAKASHI HANAZAWA        For          For                 Mgmt
                    6       ELECTION OF DIRECTOR: TOSHIO KOBAYASHI        For          For                 Mgmt
                    7       ELECTION OF CORPORATE AUDITOR: JOHJI FUKADA   For          For                 Mgmt
                               Given the  realities  of Japanese  business  and the strong
                               loyalties  to  companies  held by those with  long-standing
                               ties to those  companies and their  affiliates,  one of the
                               nominees for  independent  auditor  (Candidate 5) cannot be
                               expected to fulfill the role of independent  monitor of the
                               company's activities on behalf of all shareholders.
                    8       ELECTION OF CORPORATE AUDITOR: SUSUMU         For          For                 Mgmt
                            FUKUZAWA
                    9       ELECTION OF CORPORATE AUDITOR: YASUCHIKA      For          For                 Mgmt
                            NEGORO
                    10      ELECTION OF CORPORATE AUDITOR: MASAMICHI      For          For                 Mgmt
                            TANABE
                    11      ELECTION OF CORPORATE AUDITOR: SHIGERU        For          Against             Mgmt
                            IWAMOTO


06/27/07 - A        Nomura Holdings Inc. *8604*             65535H208                          03/30/07                   6,255
                            Meeting for ADR Holders
                    1       Amend Articles to Update Terminology to       For          For                 Mgmt
                            Match that of Financial Instruments and
                            Exchange Law
                    2       Elect Director Junichi Ujiie                  For          For                 Mgmt
                    3       Elect Director Nobuyuki Koga                  For          For                 Mgmt
                    4       Elect Director Hiroshi Toda                   For          For                 Mgmt
                    5       Elect Director Kazutoshi Inano                For          For                 Mgmt
                    6       Elect Director Yukio Suzuki                   For          For                 Mgmt
                    7       Elect Director Masaharu Shibata               For          For                 Mgmt
                    8       Elect Director Hideaki Kubori                 For          For                 Mgmt
                    9       Elect Director Haruo Tsuji                    For          For                 Mgmt
                    10      Elect Director Fumihide Nomura                For          For                 Mgmt
                    11      Elect Director Koji Tajika                    For          For                 Mgmt
                    12      Elect Director Masanori Itatani               For          For                 Mgmt
                    13      Approve Executive Stock Option Plan and       For          For                 Mgmt
                            Deep Discount Stock Option Plan


05/22/07 - A        Nordstrom, Inc. *JWN*                   655664100                          03/14/07                   4,702
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/08/07 - A        Northeast Utilities *NU*                664397106                          03/09/07                   2,070
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.


03/06/07 - A        Novartis AG                             66987V109                          01/19/07                   2,661
                            Meeting for ADR Holders
                    1       APPROVAL OF THE ANNUAL REPORT, THE            For          For                 Mgmt
                            FINANCIAL STATEMENTS OF NOVARTIS AG AND THE
                            GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR
                            THE YEAR 2006.
                    2       APPROVAL OF THE ACTIVITIES OF THE BOARD OF    For          For                 Mgmt
                            DIRECTORS
                    3       APPROPRIATION OF AVAILABLE EARNINGS OF        For          For                 Mgmt
                            NOVARTIS AG AS PER BALANCE SHEET AND
                            DECLARATION OF DIVIDEND
                    4       ELECTION TO THE BOARD OF DIRECTORS:           For          For                 Mgmt
                            RE-ELECTION OF HANS-JOERG RUDLOFF FOR A
                            THREE-YEAR TERM
                    5       ELECTION TO THE BOARD OF DIRECTORS:           For          For                 Mgmt
                            RE-ELECTION OF DR. DANIEL VASELLA FOR A
                            THREE-YEAR TERM
                    6       ELECTION TO THE BOARD OF DIRECTORS:           For          For                 Mgmt
                            ELECTION OF NEW MEMBER MARJORIE M. YANG FOR
                            A TERM OF OFFICE BEGINNING ON 1 JANUARY
                            2008 AND ENDING ON THE DAY OF THE AGM IN
                            2010
                    7       Ratify Auditors                               For          For                 Mgmt
                    8       VOTES REGARDING ADDITIONAL AND/OR             For          Against             Mgmt
                            COUNTER-PROPOSALS AT THE AGM OF NOVARTIS AG
                            IF YOU GIVE NO INSTRUCTIONS ON AGENDA ITEM
                            6, YOUR VOTES WILL BE CAST IN ACCORDANCE
                            WITH THE PROPOSALS OF THE BOARD OF
                            DIRECTORS. MARKING THE BOX FOR IS A VOTE
                            FOR THE PROPOS
                               Please  note that this is a  non-voting  item.  However ADP
                               view  this as a  voting  item so we have no  choice  but to
                               vote against the proposal.


05/10/07 - A        Nucor Corp. *NUE*                       670346105                          03/12/07                   2,770
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates  that a majority vote standard in uncontested
                               elections coupled with a director  resignation policy would
                               give full effect to the shareholder franchise.


05/04/07 - A        Occidental Petroleum Corp. *OXY*        674599105                          03/15/07                   6,920
                    1       Elect Director Spencer Abraham                For          Against             Mgmt
                               While  the   compensation   committee   has  shifted   from
                               time-based  restricted  stock  units  to  performance-based
                               equity  awards  with  disclosed   performance  measure  and
                               hurdle  rates,  the  sheer  magnitude  of Dr.  Irani's  pay
                               package  continues  to be a sticker  shock and  overshadows
                               the positive  steps that the committee has taken.  As such,
                               ISS   recommends   a  vote   AGAINST  all  members  of  the
                               compensation  committee:  R. Chad Dreier,  Rosemary Tomich,
                               Irvin W.  Maloney,  Rodolfo  Segovia,  John S.  Chalsty and
                               Spencer  Abraham.  New members who can provide a rethinking
                               and  prudence  on  compensation  payouts are needed on this
                               compensation  committee.  We also  recommend a vote AGAINST
                               Spencer  Abraham for standing as an affiliated  outsider on
                               the  Compensation  Committee.  Other  compensation  related
                               items  include a  management  proposal to  increase  shares
                               under  the  2005  Plan   (Item  14)  and  two   shareholder
                               proposals  (Items 16 and 17).  Please note that the company
                               has  a  plurality   vote   standard  for  the  election  of
                               directors,  and has a  director  resignation  policy in its
                               bylaws/charter.
                    2       Elect Director Ronald W. Burkle               For          For                 Mgmt
                    3       Elect Director John S. Chalsty                For          Against             Mgmt
                    4       Elect Director Edward P. Djerejian            For          For                 Mgmt
                    5       Elect Director R. Chad Dreier                 For          Against             Mgmt
                    6       Elect Director John E. Feick                  For          For                 Mgmt
                    7       Elect Director Ray R. Irani                   For          For                 Mgmt
                    8       Elect Director Irvin W. Maloney               For          Against             Mgmt
                    9       Elect Director Rodolfo Segovia                For          Against             Mgmt
                    10      Elect Director Aziz D. Syriani                For          For                 Mgmt
                    11      Elect Director Rosemary Tomich                For          Against             Mgmt
                    12      Elect Director Walter L. Weisman              For          For                 Mgmt
                    13      Ratify Auditors                               For          For                 Mgmt
                    14      Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   VI.
                               Vote Recommendation        Please  refer to the Election of
                               Directors   for  a  complete   analysis  of  the  company's
                               executive  compensation  review.  In  determining  the vote
                               recommendation for the 2005 Plan,  besides  considering the
                               total  shareholder value transfer and the burn rate policy,
                               ISS also  considered the perennial pay issue at Occidental.
                               While the company's total  shareholder value transfer costs
                               is within the  allowable  cap and the  company's  burn rate
                               meets the threshold of the peer group,  equity compensation
                               has been fueling Dr.  Irani's  outsized  pay  package.  ISS
                               analyzed   the  portion  of  Dr.   Irani's   total   equity
                               compensation  as a percent of total  equity  grants made to
                               the  entire  company  (i.e.,  on a share  basis,  how  much
                               equity is  concentrated  on Dr.  Irani's annual grants as a
                               percent of total grants made to all  employees?)  Dr. Irani
                               received  35%, 34% and 18% of total  equity  grants made to
                               all  employees  for  fiscal  years  2006,  2005,  and 2004,
                               respectively.  Almost a third of the  total  equity  grants
                               has been granted to Dr.  Irani for the past two years.  For
                               the  PRSUs,  which  was  implemented  in  2006,  Dr.  Irani
                               received  66%  of  the  total  PRSUs  granted  to  all  key
                               employees.  While  this  is  a  broad-based  plan,  ISS  is
                               concerned  that an approval  of this plan will  continue to
                               perpetuate the pay issue at Occidental.  Further, ISS notes
                               that the  company has  approximately  20.4  million  shares
                               remaining,  which  should be  sufficient  for grants to the
                               rank-and-file employees.  Therefore, ISS recommends to vote
                               AGAINST  the  proposed  amendment  to  increase  32 million
                               under the 2005 Plan.
                    15      Publish a Scientific Global Warming Report    Against      Against             ShrHoldr
                               While  Occidental's  reporting does not address some issues
                               of concern  related to climate  change,  we believe that it
                               effectively    presents    shareholders   with   sufficient
                               information to understand  the company's  broad position on
                               this issue and provides some  discussion that speaks to the
                               company's   rationale  for  certain   strategic   decisions
                               related to climate  change.  While we encourage the company
                               to  continue  to evaluate  initiatives  to address  climate
                               change and increase its disclosure,  we do not believe that
                               the  information  requested  in the  proposed  report  will
                               benefit  shareholders  from  an  economic  perspective.  As
                               such, we recommend a vote against this resolution.
                    16      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    17      Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines   and;   (2)  this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


05/04/07 - A        Oceaneering International, Inc. *OII*   675232102                          03/12/07                   2,230
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        OfficeMax Incorporated *OMX*            67622P101                          03/07/07                     580
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Establish an Engagement Process with          Against      For                 ShrHoldr
                            Proponents of a Shareholder Proposal
                               Conclusion        Although    Officemax    acted    on    a
                               majority-supported  shareholder  proposal to declassify the
                               board last year,  the company has ignored that  proposal in
                               prior  years.  We also note that the  company has not taken
                               action  towards  the  proponent's  request in spite of last
                               year's proposal  receiving the support of a majority of the
                               votes cast.  In light of a  majority-supported  shareholder
                               proposal,  which  has been  ignored  by  management  in the
                               past,  we  believe  it is best  practice  to ensure  direct
                               communication     with    the    respective     shareholder
                               proponent(s). We recommend in favor of this proposal.


05/17/07 - A        OGE Energy Corp. *OGE*                  670837103                          03/20/07                   3,647
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/22/07 - A        Omnicom Group Inc. *OMC*                681919106                          04/06/07                   2,676
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.


10/10/06 - A        Oxford Industries, Inc. *OXM*           691497309                          08/22/06                     511
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.72 percent is within the  allowable cap for this
                               company   of  10.51   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/03/07 - A        Pacer International, Inc. *PACR*        69373H106                          02/23/07                   1,280
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 9 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.


03/07/07 - A        Parametric Technology Corp. *PMTC*      699173209                          01/08/07                   1,344
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 12 percent is less than
                               the   allowable   cap  for  this  company  of  16  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


12/14/06 - A        Parexel International Corp. *PRXL*      699462107                          10/17/06                     830
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               This proposal seeks to increase  authorized common stock by
                               25,000,000  shares,  which is  25,000,000  shares below the
                               allowable increase of 50,000,000 shares.
                    3       Ratify Auditors                               For          For                 Mgmt


10/25/06 - A        Parker-Hannifin Corp. *PH*              701094104                          08/31/06                   2,284
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director Robert J. Kohlhepp ---
                            Withhold
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend   shareholders  WITHHOLD  votes  from  Markos  I.
                               Tambakeras,  Klaus-Peter  M  ller,  Giulio  Mazzalupi,  and
                               Robert  J.   Kohlhepp   for   failure  to   implement   the
                               shareholder proposal to declassify the board.
                    1.2     Elect Director Giulio Mazzalupi --- Withhold
                    1.3     Elect Director Klaus-Peter Mueller ---
                            Withhold
                    1.4     Elect Director Markos I. Tambakeras ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             Against      For                 ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


10/05/06 - A        Paychex, Inc. *PAYX*                    704326107                          08/07/06                   1,775
                    1       Election of Director: B. Thomas Golisano      For          For                 Mgmt
                    2       Election of Director: David J.S. Flaschen     For          For                 Mgmt
                    3       Election of Director: Phillip Horsley         For          For                 Mgmt
                    4       Election of Director: Grant M. Inman          For          For                 Mgmt
                    5       Election of Director: Pamela A. Joseph        For          For                 Mgmt
                    6       Election of Director: Jonathan J. Judge       For          For                 Mgmt
                    7       Election of Director: Jospeh M. Tucci         For          For                 Mgmt


05/08/07 - A        Penn Virginia Corp. *PVA*               707882106                          03/13/07                     506
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director Edward B. Cloues, II ---
                            Withhold
                               We recommend  withholding  votes from all the nominees.  We
                               recommend  that  shareholders  WITHHOLD votes from insiders
                               A.  James   Dearlove   and  Keith  D.   Horton,   and  from
                               independent  outsiders Robert Garrett,  Marsha R. Perelman,
                               Edward B. Cloues II, Gary K. Wright,  Steven W. Krablin and
                               Philippe  van  Marcke de  Lummen  for  failure  to remove a
                               dead-hand,  slow-hand,  or similar feature in the company's
                               poison pill.
                    1.2     Elect Director A. James Dearlove ---
                            Withhold
                    1.3     Elect Director Robert Garrett --- Withhold
                    1.4     Elect Director Keith D. Horton --- Withhold
                    1.5     Elect Director Steven W. Krablin ---
                            Withhold
                    1.6     Elect Director Marsha R. Perelman ---
                            Withhold
                    1.7     Elect Director Philippe van Marcke de
                            Lummen --- Withhold
                    1.8     Elect Director Gary K. Wright --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the allowable cap for this company of 8 percent.


05/02/07 - A        PepsiCo, Inc. *PEP*                     713448108                          03/09/07                   7,199
                    1       Elect Director Dina Dublon                    For          For                 Mgmt
                    2       Elect Director Victor J. Dzau, M.D.           For          For                 Mgmt
                    3       Elect Director Ray L. Hunt                    For          For                 Mgmt
                    4       Elect Director Alberto Ibarguen               For          For                 Mgmt
                    5       Elect Director Arthur C. Martinez             For          For                 Mgmt
                    6       Elect Director Indra K. Nooyi                 For          For                 Mgmt
                    7       Elect Director Sharon Percy Rockefeller       For          For                 Mgmt
                    8       Elect Director James J. Schiro                For          For                 Mgmt
                    9       Elect Director Daniel Vasella                 For          For                 Mgmt
                    10      Elect Director Michael D. White               For          For                 Mgmt
                    11      Ratify Auditors                               For          For                 Mgmt
                    12      Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    13      Report on Charitable Contributions            Against      Against             ShrHoldr
                               Conclusion        In   this  case,  we  note  that  PepsiCo
                               discloses   a   significant   amount  of  the   information
                               requested  by  the  proponent  on  its  corporate  website.
                               Included  in this  information  is  disclosure  of both the
                               company's     contributions     and    its     Foundation's
                               contributions,  as  well  as  a  broad  discussion  of  the
                               company's  charitable  contribution  policies and programs.
                               Further,   discussion   on  the   website   describes   the
                               initiatives  that the company is involved in as well as its
                               broad  rationale for charitable  contributions.  Therefore,
                               based on the  existing  level of  disclosure,  ISS does not
                               recommend shareholder support for the resolution.


07/28/06 - A        PetMed Express, Inc. *PETS*             716382106                          06/06/06                     244
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Restricted Stock Plan                 For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.88 percent is within the  allowable cap for this
                               company of 18.81 percent.
                    4       Approve Non-Employee Director Restricted      For          For                 Mgmt
                            Stock Plan
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.94 percent is within the  allowable cap for this
                               company of 18.81 percent.


09/12/06 - A        PFF Bancorp, Inc. *PFB*                 69331W104                          07/17/06                     364
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.70 percent is within the  allowable cap for this
                               company of 9.08 percent. Additionally,  this plan expressly
                               forbids repricing.


04/26/07 - A        Pfizer Inc. *PFE*                       717081103                          03/01/07                  28,475
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               With  regards  to  performance,  Pfizer's  one-year  TSR of
                               15.20% was below the  one-year TSR for the S&P 500 Index of
                               15.78%  but above  that of the GICS peer  group of  10.49%.
                               The company's three-year TSR of -7.16%  underperformed both
                               the S&P 500  Index's  and the GICS peer TSR  totals for the
                               same   period  of  10.43%  and  6.45%,   respectively.   As
                               mentioned  above,  Pfizer  experienced  a change in the CEO
                               position  in  2006.        In  this case,  however,  Pfizer
                               fails  to  meet  some  of  the   aforementioned   corporate
                               governance  criteria.  Specifically,  shareholders  may not
                               act by written  consent and call special  meetings.  Pfizer
                               also does not  provide  for a  majority  vote  standard  in
                               director  elections,  including a carve-out  for  plurality
                               voting  in  contested   situations.        Although  Pfizer
                               does not fail the performance  criteria specified,  it does
                               not meet  all of the  aforementioned  corporate  governance
                               criteria.  Accordingly,  the proposal warrants  shareholder
                               support.
                    4       Report on Animal Testing Policies             Against      Against             ShrHoldr
                               Conclusion        Given  the company's current policies and
                               level of  disclosure  on animal  welfare and  testing,  the
                               lack  of  recent,  significant  litigation  related  to the
                               company's  international  testing  programs,  and questions
                               over the scope and value to  shareholders  of the requested
                               report, ISS does not believe  shareholder  support for this
                               resolution is warranted.
                    5       Amend Animal Welfare Policy                   Against      Against             ShrHoldr
                               Conclusion        In  this case,  we note that  Pfizer does
                               provide   stakeholders  with  publicly  available  policies
                               addressing   issues  of  animal  welfare.   These  policies
                               include  commitment  to  treating  animals  with  care  and
                               respect,  strict  compliance with  applicable  legislation,
                               training programs for employees  involved in animal testing
                               and   a   discussion   of   oversight   mechanism   through
                               third-party  audits.  Further,  ISS notes that the  company
                               expects all independent  contractors conducting research on
                               the  company's  behalf to adhere  to the  company's  animal
                               welfare  principles.  While  these  policies do not address
                               certain  issues to the degree  requested by the  proponent,
                               they do  appear  to be  comparable  to  policies  at  other
                               companies in the same  industry.  Moreover,  there does not
                               appear to be any recent,  significant  fines or  litigation
                               on the issue of animal  welfare  at  Pfizer  that  indicate
                               systematic  problems  with  the  company's  animal  welfare
                               policies,  or that  suggest  that the  company  lags behind
                               industry  peers on the matter of animal  welfare.  Finally,
                               ISS is concerned  with the  structure  of this  resolution.
                               Beyond  asking  for  a  feasibility  study  evaluating  the
                               merits of amending  the  company's  guidelines,  compliance
                               with this  resolution  also  implies  that the company must
                               apply this  policy to its  contract  laboratories,  oversee
                               adherence  to the  policy,  and  publish  an annual  report
                               outlining contractor compliance.  These additional measures
                               could  place  a  significant   burden  on  the  company  or
                               complicate the company's  contractual  agreements  with the
                               external  laboratories  that it retains for certain  animal
                               testing   programs.   As  such,   ISS  does  not  recommend
                               stockholder support for this proposal.
                    6       Require Director Nominee Qualifications       Against      Against             ShrHoldr
                               Given that the company has  governance  standards  in place
                               which   provide   for   independence,   including  a  stock
                               ownership  policy for directors,  ISS does not believe that
                               adoption of the proposed  guidelines  would add  additional
                               value to shareholders at this time.


04/18/07 - A        PG&E Corp. *PCG*                        69331C108                          02/20/07                     100
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Performance-Based and/or Time-Based Equity    Against      Against             ShrHoldr
                            Awards
                               Given that the company's long-term  incentive  compensation
                               program is  substantially  performance  based  according to
                               ISS' guidelines,  and considering the fact that the company
                               attaches  payment to specific  pre-established  performance
                               targets,   we   believe   that  the   company's   long-term
                               compensation  program  sufficiently  meets the  proponent's
                               requirements.  As such, we believe  shareholder  support of
                               this proposal is not warranted.
                    4       Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               The  company  does  not  meet  all  of  the  aforementioned
                               corporate    governance    and    performance     criteria.
                               Specifically,  the  company  does not have a majority  vote
                               standard in place with a plurality carve-out.  Accordingly,
                               the proposal warrants shareholder support.


03/14/07 - S        Phelps Dodge Corp.                      717265102                          02/12/07                     249
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium  and  strategic  rationale,  we  believe  that  the
                               merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               When ISS is supportive of the  underlying  transaction,  we
                               may  support a  narrowly-crafted  proposal  to adjourn  the
                               meeting for the purpose of soliciting  additional  votes to
                               approve the transaction.


05/08/07 - A        Pinnacle Entertainment, Inc. *PNK*      723456109                          03/12/07                   1,230
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Daniel R. Lee --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider  Lynn P.  Reitnouer.  We recommend
                               that  shareholders  WITHHOLD  votes from Lynn P.  Reitnouer
                               for standing as an affiliated  outsider on the Compensation
                               Committee.
                    1.2     Elect Director John V. Giovenco --- For
                    1.3     Elect Director Richard J. Goeglein --- For
                    1.4     Elect Director Ellis Landau --- For
                    1.5     Elect Director Bruce A. Leslie --- For
                    1.6     Elect Director James L. Martineau --- For
                    1.7     Elect Director Michael Ornest --- For
                    1.8     Elect Director Lynn P. Reitnouer ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt


04/17/07 - A        Pinnacle Financial Partners, Inc        72346Q104                          03/01/07                     311
                    *PNFP*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/31/07 - A        Placer Sierra Bancshares                726079106                          04/05/07                     267
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given our  support of the merger  agreement,  we  recommend
                               shareholders support this adjournment proposal.
                    3       Elect Directors                               For          For                 Mgmt
                    4       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        PNC Financial Services Group, Inc.      693475105                          02/28/07                   2,680
                    *PNC*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt


05/22/07 - A        PNM Resources Inc *PNM*                 69349H107                          04/02/07                   1,068
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


08/10/06 - A        Polo Ralph Lauren Corp. *RL*            731572103                          06/26/06                   1,400
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   V.
                               Vote  Recommendation        We   commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the plan.  However,  the total cost of the company's  plans
                               of  11.90  percent  is  above  the  allowable  cap for this
                               company of 10.74 percent.
                    3       Ratify Auditors                               For          For                 Mgmt


05/30/07 - A        Polycom, Inc. *PLCM*                    73172K104                          04/10/07                   1,473
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Robert C. Hagerty --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  John Seely  Brown.  We recommend
                               that shareholders  WITHHOLD votes from John Seely Brown for
                               poor attendance.
                    1.2     Elect Director Michael R. Kourey --- For
                    1.3     Elect Director Betsy S. Atkins --- For
                    1.4     Elect Director John Seely Brown --- Withhold
                    1.5     Elect Director David G. DeWalt --- For
                    1.6     Elect Director Durk I. Jager --- For
                    1.7     Elect Director John A. Kelley, Jr. --- For
                    1.8     Elect Director William A. Owens --- For
                    1.9     Elect Director Kevin T. Parker --- For
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        Praxair, Inc. *PX*                      74005P104                          03/01/07                   4,415
                    1       Elect Directors                               For          For                 Mgmt
                    2       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               ISS Analysis and Conclusion        Director  accountability
                               is the  hallmark  of good  governance.  The board  election
                               process  must  ensure  that  shareholders'  expressions  of
                               dissatisfaction  with the  performance  of  directors  have
                               meaningful   consequences.   A   majority   vote   standard
                               transforms  the director  election  process from a symbolic
                               gesture  to  a  meaningful  voice  for  shareholders.   ISS
                               believes that proposals  seeking majority vote requirements
                               in  boardroom   elections   warrant   shareholder   support
                               provided  a majority  vote  requirement  does not  conflict
                               with the  state  law where  the  company  is  incorporated.
                               Further,  ISS will not support any resolutions  that do not
                               allow for a carveout  for  plurality  elections  when there
                               are more  nominees that board seats.  ISS advocates  that a
                               majority vote standard coupled with a director  resignation
                               policy   would   give  full   effect  to  the   shareholder
                               franchise.        In  this case,  Praxair  has a  plurality
                               voting  system in place  and the  board  has not  adopted a
                               meaningful   alternative  to  the  proposed  majority  vote
                               standard.  As such, we recommend that shareholders vote FOR
                               this proposal.
                    3       Submit Shareholder Rights Plan (Poison        Against      Against             ShrHoldr
                            Pill) to Shareholder Vote
                               In  this  case,  Praxair's  rights  plan  was  approved  by
                               shareholders  in 2004.  ISS believes it is a good  practice
                               to  adopt a policy  to  submit  the  pill to a  shareholder
                               vote,  which Praxair did. While the company's pill does not
                               mirror all the features that ISS advocates,  it does have a
                               meaningful  flip  in  trigger,  a  shareholder   redemption
                               feature  in  case  of a  qualifying  offer,  and an  annual
                               evaluation   of  the   pill   by   independent   directors.
                               Therefore,  we do not recommend that  shareholders  support
                               this proposal.
                    4       Ratify Auditors                               For          For                 Mgmt


08/16/06 - A        Precision Castparts Corp. *PCP*         740189105                          06/23/06                   2,480
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 150,000,000  shares is below the
                               allowable threshold of 285,000,000 shares.
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                               ISS   supports   the   proposal   because  the  company  is
                               fulfilling its requirements for Section 162(m).


05/15/07 - A        Preferred Bank *PFBC*                   740367107                          03/30/07                     576
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Chih-Wei Wu --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Chih-Wei  Wu and  Albert  Yu. We
                               recommend  that  shareholders  WITHHOLD votes from Chih-Wei
                               Wu and Albert Yu for poor attendance.
                    1.2     Elect Director William C.Y. Cheng --- For
                    1.3     Elect Director J. Richard Belliston --- For
                    1.4     Elect Director Dr. Albert Yu --- Withhold
                    2       Ratify Auditors                               For          For                 Mgmt


12/13/06 - S        Prosperity Bancshares, Inc. *PRSP*      743606105                          10/30/06                     515
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in particular the strategic
                               benefits,  we believe  that the merger  agreement  warrants
                               shareholder support.


05/08/07 - A        Prudential Financial Inc *PRU*          744320102                          03/09/07                   2,535
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


08/24/06 - A        QLogic Corp. *QLGC*                     747277101                          07/07/06                   2,770
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.69 percent is within the  allowable cap for this
                               company   of  12.52   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


03/13/07 - A        QUALCOMM Inc. *QCOM*                    747525103                          01/12/07                   5,112
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


02/08/07 - A        Ralcorp Holdings, Inc. *RAH*            751028101                          12/01/06                     760
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 11
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/04/07 - A        RC2 CORP *RCRC*                         749388104                          03/19/07                     677
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Robert E. Dods --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsiders  Robert E. Dods and Boyd L. Meyer.
                               We recommend that  shareholders  WITHHOLD votes from Robert
                               E.  Dods for  standing  as an  affiliated  outsider  on the
                               Compensation  and  Nominating  commitees,  and from Boyd L.
                               Meyer  for  standing  as  an  affiliated  outsider  on  the
                               Nominating Committee.
                    1.2     Elect Director Boyd L. Meyer --- Withhold
                    1.3     Elect Director Peter K.K. Chung --- For
                    1.4     Elect Director Curtis W. Stoelting --- For
                    1.5     Elect Director John S. Bakalar --- For
                    1.6     Elect Director John J. Vosicky --- For
                    1.7     Elect Director Paul E. Purcell --- For
                    1.8     Elect Director Daniel M. Wright --- For
                    1.9     Elect Director Thomas M. Collinger --- For
                    1.10    Elect Director Linda A. Huett --- For
                    1.11    Elect Director M.J. Merriman, Jr. --- For
                    1.12    Elect Director Peter J. Henseler --- For


10/03/06 - S        Regions Financial Corp. *RF*            7591EP100                          08/14/06                   1,840
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in particular the strategic
                               and   economic   benefits,   we  believe  that  the  merger
                               agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for  this  transaction,   we  recommend  that  shareholders
                               support this proposal.


04/19/07 - A        Regions Financial Corp. *RF*            7591EP100                          02/20/07                   6,440
                    1       Elect Director Samuel W. Bartholomew, Jr.     For          For                 Mgmt
                    2       Elect Director Susan W. Matlock               For          For                 Mgmt
                    3       Elect Director Jackson W. Moore               For          For                 Mgmt
                    4       Elect Director Allen B. Morgan, Jr.           For          For                 Mgmt
                    5       Elect Director John R. Roberts                For          For                 Mgmt
                    6       Elect Director Lee J. Styslinger, III         For          For                 Mgmt
                    7       Ratify Auditors                               For          For                 Mgmt
                    8       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.


05/16/07 - A        Reliance Steel & Aluminum Co. *RS*      759509102                          04/05/07                     496
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/09/07 - A        Repsol Ypf SA (Formerly Repsol, S.A.)   76026T205                          04/09/07                   2,640
                            Meeting for Holders of ADRs
                    1       APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS   For          For                 Mgmt
                            AND THE MANAGEMENT REPORT OF REPSOL YPF,
                            S.A.
                    2       AMENDMENT OF THE ARTICLES OF ASSOCIATION.     For          Against             Mgmt
                               Because  of the  potential  wider-reaching  mandate  in the
                               articles  of  association  granted  to the  board  for  the
                               issuance of shares without preemptive  rights,  shareholder
                               approval  of this  resolution  is not  recommended  at this
                               time.
                    3       AMENDMENT OF THE REGULATIONS OF THE GENERAL   For          For                 Mgmt
                            SHAREHOLDERS MEETING.
                    4       Fix Number of and Elect Directors             For          For                 Mgmt
                    4       Elect Directors                               For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       AUTHORISATION TO THE BOARD OF DIRECTORS FOR   For          For                 Mgmt
                            THE DERIVATIVE ACQUISITION OF SHARES OF
                            REPSOL YPF, S.A.
                    7       DELEGATION OF POWERS TO SUPPLEMENT,           For          For                 Mgmt
                            DEVELOP, EXECUTE, RECTIFY AND FORMALIZE THE
                            RESOLUTIONS.


11/14/06 - A        Respironics, Inc. *RESP*                761230101                          09/29/06                   1,284
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Qualified Employee Stock Purchase     For          For                 Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.


02/07/07 - A        Rockwell Automation Inc *ROK*           773903109                          12/11/06                     850
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


02/13/07 - A        Rockwell Collins, Inc. *COL*            774341101                          12/15/06                   1,940
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/27/07 - A        RTI International Metals, Inc. *RTI*    74973W107                          03/01/07                     580
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/18/07 - A        RWE AG                                  74975E303                          03/28/07                     901
                            Meeting for Holders of ADRs
                    1       APPROPRIATION OF DISTRIBUTABLE PROFIT         For          For                 Mgmt
                    2       APPROVAL OF THE ACTS OF THE EXECUTIVE BOARD   For          For                 Mgmt
                            FOR FISCAL 2006
                    3       APPROVAL OF THE ACTS OF THE SUPERVISORY       For          For                 Mgmt
                            BOARD FOR FISCAL 2006
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       AUTHORIZATION TO IMPLEMENT SHARE BUYBACKS     For          For                 Mgmt
                    6       AUTHORIZATION TO IMPLEMENT SHARE BUYBACKS     For          For                 Mgmt
                            BY MEANS OF DERIVATIVES
                    7       AMENDMENT OF ARTICLE 3 OF THE ARTICLES OF     For          For                 Mgmt
                            INCORPORATION (FISCAL YEAR, ANNOUNCEMENTS,
                            VENUE)


07/28/06 - A        SABMILLER PLC (formerly South African   78572M105                          06/30/06                   2,005
                    Breweries Ltd.)
                            Meeting for Holders of ADRs
                    1       TO RECEIVE AND ADOPT THE FINANCIAL            For          For                 Mgmt
                            STATEMENTS FOR THE YEAR ENDED 31 MARCH
                            2006, TOGETHER WITH REPORTS OF DIRECTORS
                            AND AUDITORS.
                    2       TO APPROVE THE DIRECTORS REMUNERATION         For          For                 Mgmt
                            REPORT CONTAINED IN THE ANNUAL REPORT FOR
                            THE YEAR ENDED 31 MARCH 2006.
                    3       Elect Directors                               For          Split               Mgmt
                    3.1     Elect Director Mr Ca Perez Davila --- For
                    3.2     Elect Director Mr A.S. Domingo Davila ---
                            For
                    3.3     Elect Director Ms Me Doherty --- For
                    3.4     Elect Director Mr Gc Bible --- For
                    3.5     Elect Director Ms Nj De Lisi --- Withhold
                    3.6     Elect Director Lord Fellowes --- For
                    3.7     Elect Director Lord Renwick --- For
                    4       TO DECLARE A FINAL DIVIDEND OF 31 US CENTS    For          For                 Mgmt
                            PER SHARE.
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       TO AUTHORISE THE DIRECTORS TO FIX THE         For          For                 Mgmt
                            REMUNERATION OF THE AUDITORS.
                    7       TO GIVE A GENERAL POWER AND AUTHORITY TO      For          For                 Mgmt
                            DIRECTORS UNDER SECTION 80 OF THE COMPANIES
                            ACT 1985 TO ALLOT RELEVANT SECURITIES.
                    8       TO GIVE A GENERAL POWER AND AUTHORITY TO      For          For                 Mgmt
                            THE DIRECTORS UNDER SECTION 89 OF THE
                            COMPANIES ACT 1985 TO ALLOT ORDINARY SHARES
                            FOR CASH OTHERWISE THAN PRO RATA TO ALL
                            SHAREHOLDERS.
                    9       TO GIVE A GENERAL AUTHORITY TO THE            For          For                 Mgmt
                            DIRECTORS TO MAKE MARKET PURCHASES OF
                            ORDINARY SHARES OF US$0.10 EACH IN THE
                            CAPITAL OF THE COMPANY.
                    10      TO APPROVE THE CONTINGENT PURCHASE CONTRACT.  For          For                 Mgmt


05/18/07 - A        Safety Insurance Group, Inc. *SAFT*     78648T100                          04/03/07                     550
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/10/07 - A        SAP AG                                  803054204                          03/23/07                     757
                            Meeting for Holders of ADRs
                    1       RESOLUTION ON THE APPROPRIATION OF THE        For          For                 Mgmt
                            RETAINED EARNINGS OF THE FISCAL YEAR 2006
                    2       RESOLUTION ON THE FORMAL APPROVAL OF THE      For          For                 Mgmt
                            ACTS OF THE EXECUTIVE BOARD IN THE FISCAL
                            YEAR 2006
                    3       RESOLUTION ON THE FORMAL APPROVAL OF THE      For          For                 Mgmt
                            ACTS OF THE SUPERVISORY BOARD IN THE FISCAL
                            YEAR 2006
                    4       Ratify Auditors                               For          For                 Mgmt
                    5a      ELECTION TO THE SUPERVISORY BOARD: PEKKA      For          For                 Mgmt
                            ALA-PIETILAE
                    5b      ELECTION TO THE SUPERVISORY BOARD: PROF.      For          Against             Mgmt
                            DR. WILHELM HAARMANN
                    5c      ELECTION TO THE SUPERVISORY BOARD: DR. H.C.   For          For                 Mgmt
                            HARTMUT MEHDORN
                    5d      ELECTION TO THE SUPERVISORY BOARD: PROF.      For          For                 Mgmt
                            DR-ING. DR H.C. DR.-ING. E.H. JOACHIM
                            MILBERG
                    5e      ELECTION TO THE SUPERVISORY BOARD: PROF.      For          Against             Mgmt
                            DR. H.C. MULT. HASSO PLATTNER
                    5f      ELECTION TO THE SUPERVISORY BOARD: PROF.      For          Against             Mgmt
                            DR. DR. H.C. MULT. AUGUST-WILHELM SCHEER
                    5g      ELECTION TO THE SUPERVISORY BOARD: DR.        For          For                 Mgmt
                            ERHART SCHIPPOREIT
                    5h      ELECTION TO THE SUPERVISORY BOARD: PROF.      For          For                 Mgmt
                            DR-ING. DR-ING. E.H. KLAUS WUCHERER
                    6       RESOLUTION ON THE AUTHORIZATION TO ACQUIRE    For          For                 Mgmt
                            AND USE TREASURY SHARES
                    7       RESOLUTION ON THE AUTHORIZATION TO USE        For          Against             Mgmt
                            EQUITY DERIVATIVES IN CONNECTION WITH THE
                            ACQUISITION OF TREASURY SHARES
                               Due to  the  absence  of a  5-percent  cap  on  the  use of
                               derivatives  and the fact that the  company  would  conduct
                               the trading with  derivatives  itself,  we believe that the
                               potential  risks of this  request  outweigh  the  potential
                               benefits.  Since this  authorization  would allow the board
                               to  use  a   speculative   financial   instrument   without
                               sufficient  safeguards,  we  recommend a vote  against this
                               resolution.
                    8       APPROVAL OF MAKING INFORMATION AVAILABLE TO   For          For                 Mgmt
                            SHAREHOLDERS BY MEANS OF TELECOMMUNICATION
                            AND AMENDING CLAUSE 3 OF THE ARTICLES


05/18/07 - A        Schering-Plough Corp. *SGP*             806605101                          03/28/07                  13,805
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    4       Company Specific--Adopt Majority Voting       For          Against             Mgmt
                               ISS  commends  the  company for seeking to adopt a majority
                               vote standard for the election of directors.  However,  the
                               company's  proposed  majority  vote standard does not allow
                               for a  carve-out  for  plurality  elections  when there are
                               more nominees than board seats.  As such, we do not support
                               this item.
                    5       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Conclusion        Per  ISS'  valuation  of the  performance
                               mix, we compared the actual  number of shares  (performance
                               awards vs. options and  time-vested  deferred stock awards)
                               granted in the past  fiscal year and only 31 percent of the
                               equity awards granted to named  executive  officers  during
                               that  period  were   performance-based   according  to  our
                               guidelines.   Therefore,  given  that:  (1)  the  company's
                               long-term  program for executives is not  performance-based
                               per ISS'  guidelines  and (3) this  proposal  is not overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/11/07 - A        Schlumberger Ltd. *SLB*                 806857108                          02/21/07                   5,807
                            Meeting for ADR Holders
                    1       Elect Directors                               For          For                 Mgmt
                    2       ADOPTION AND APPROVAL OF FINANCIALS AND       For          For                 Mgmt
                            DIVIDENDS.
                               The board also  reports a dividend  of $0.50 per share,  up
                               approximately  19  percent  from last  year's  dividend  of
                               $0.42 per share.  The payout  ratio for the year ended Dec.
                               31, 2006,  is 16.6  percent,  compared to 23.1 percent last
                               year.          Netherlands  Antilles law requires companies
                               to seek shareholder approval for such resolutions.  This is
                               a routine request.
                    3       APPROVAL OF INDEPENDENT REGISTERED PUBLIC     For          For                 Mgmt
                            ACCOUNTING FIRM.
                               This is a routine item.


05/10/07 - A        Security Bank Corp. *SBKC*              814047106                          03/28/07                     460
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               This proposal seeks to increase  authorized common stock by
                               25,000,000  shares  which is  13,750,000  shares  below the
                               allowable threshold of 38,750,000 shares.
                    3       Approve Omnibus Stock Plan                    For          Against             Mgmt
                                                                                   VI.
                               Vote  Recommendation        We   commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the  company's  plans of 9 percent is above the
                               allowable cap for this company of 8 percent.
                    4       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        Sempra Energy *SRE*                     816851109                          03/02/07                   3,630
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Vote Requirements to Amend              Against      For                 ShrHoldr
                            Articles/Bylaws/Charter
                               ISS  support  a  simple  majority  vote  requirement,   and
                               recommends   that   shareholders   support  this  precatory
                               proposal.
                    4       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions   that  do  not  allow  for  a  carve-out   for
                               plurality  elections  when  there  are more  nominees  than
                               board seats.  ISS believes  that the majority vote standard
                               in uncontested  elections,  with a plurality vote carve-out
                               for contested elections,  is a preferable voting structure.
                               As  such,   shareholder   support  for  this   proposal  is
                               warranted.
                    5       Establish SERP Policy                         Against      For                 ShrHoldr
                               ISS  supports  this  proposal   because  the  inclusion  of
                               variable  compensation  drives  up the cost of SERPs to the
                               company and its shareholders.


06/12/07 - A        Shoe Carnival, Inc. *SCVL*              824889109                          04/20/07                     342
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/22/07 - A        SI Intl Inc *SINT*                      78427V102                          05/08/07                     510
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/01/07 - A        Sigma-Aldrich Corp. *SIAL*              826552101                          03/02/07                   3,970
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


12/12/06 - S        Signet Group plc                        82668L872                          11/07/06                   2,271
                            Meeting for ADR Holders
                    1       TO AMEND THE RIGHTS OF ORDINARY SHARES ON A   For          For                 Mgmt
                            WINDING UP IN THE ARTICLES OF ASSOCIATION
                    2       TO APPROVE THE SHARE CAPITAL REDUCTION,       For          For                 Mgmt
                            INCREASE AND REDENOMINATION
                    3       TO AMEND THE ARTICLES OF ASSOCIATION          For          For                 Mgmt
                            PURSUANT TO THE REDENOMINATION
                    4       TO AUTHORISE THE DIRECTORS TO ALLOT SHARES    For          For                 Mgmt
                    5       TO DISAPPLY STATUTORY PRE-EMPTION RIGHTS ON   For          For                 Mgmt
                            SHARE ALLOTMENTS
                    6       TO AUTHORISE THE COMPANY TO MAKE MARKET       For          For                 Mgmt
                            PURCHASES OF ITS OWN SHARES


05/10/07 - A        Simon Property Group, Inc. *SPG*        828806109                          03/09/07                   1,777
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Birch Bayh --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider J. Albert  Smith,  Jr. We recommend
                               that shareholders  WITHHOLD votes from J. Albert Smith, Jr.
                               for  standing  as an  affiliated  outsider on the Audit and
                               Nominating committees.
                    1.2     Elect Director Melvyn E. Bergstein --- For
                    1.3     Elect Director Linda Walker Bynoe --- For
                    1.4     Elect Director Karen N. Horn, Ph.D. --- For
                    1.5     Elect Director Reuben S. Leibowitz --- For
                    1.6     Elect Director J. Albert Smith, Jr. --- For
                    1.7     Elect Director Pieter S. van den Berg ---
                            For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Pay for Superior Performance                  Against      For                 ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate  disclosure  concerning  the specific  performance
                               metrics or respective hurdle rates for performance,  nor is
                               it clear how payouts are determined  with respect to target
                               performance.  Further,  though the  long-term  compensation
                               program is  performance-based,  there is no  disclosure  of
                               the  specific  hurdle  rates and the  corresponding  payout
                               levels for meeting  minimum,  target and maximum levels for
                               each  performance  metric.  Accordingly,  ISS believes that
                               the   company   has   not   sufficiently    established   a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.
                    4       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Submit Severance Agreement (Change in         Against      For                 ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.


02/27/07 - A        Sirona Dental Systems Inc *SIRO*        82966C103                          01/04/07                     260
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director Simone Blank --- Withhold
                               We recommend  withholding  votes from all of the  nominees.
                               We recommend that shareholders  WITHHOLD votes from Timothy
                               P. Sullivan for standing as an insider on the  Compensation
                               and Nominating  committees,  and for failure to establish a
                               majority   independent   board.   We  also  recommend  that
                               shareholders  WITHHOLD  votes from  Timothy D.  Sheehan for
                               standing  as  an  affiliated  outsider  on  the  Nominating
                               Committee   and  for   failure  to   establish  a  majority
                               independent  board.  Lastly, we recommend that shareholders
                               WITHHOLD  votes from  insider  Simone  Blank for failure to
                               establish a majority independent board.
                    1.2     Elect Director Timothy D. Sheehan ---
                            Withhold
                    1.3     Elect Director Timothy P. Sullivan ---
                            Withhold
                    2       Approve Omnibus Stock Plan                    For          Against             Mgmt
                                                                                   VI.
                               Vote     Recommendation        Although    the    estimated
                               shareholder  value  transfer  of the  company's  plans of 8
                               percent is less than the  allowable cap for this company of
                               11 percent,  the plan allows  repricing of underwater stock
                               options  without  shareholder  approval,  which we  believe
                               reduces the incentive value of the plan.
                    3       Ratify Auditors                               For          For                 Mgmt


05/24/07 - A        SL Green Realty Corp. *SLG*             78440X101                          03/20/07                     390
                    1       Elect Director Edwin Thomas Burton, III       For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote    Recommendation        The    company's   three-year
                               average  burn  rate of 2.96  percent  is  higher  than  the
                               allowable cap for this company of 2.23 percent.  Therefore,
                               the company has failed ISS'  three-year  average  burn rate
                               policy.  However,  the company has committed to a burn rate
                               equal to the de minimus of 2.23  percent for the next three
                               fiscal   years.        The   estimated   shareholder  value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the allowable cap for this company of 5 percent.
                    4       Increase Authorized Common Stock              For          For                 Mgmt


04/26/07 - A        Snap-on Incorporated *SNA*              833034101                          02/26/07                   2,360
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/18/07 - A        Sonoco Products Co. *SON*               835495102                          02/23/07                     850
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        Southwest Bancorp, Inc. *OKSB*          844767103                          03/02/07                     262
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote     Recommendation        Although    the    estimated
                               shareholder  value  transfer  of the  company's  plans of 7
                               percent is less than the  allowable cap for this company of
                               8 percent,  the plan allows  repricing of underwater  stock
                               options via  cancellation  and regrant without  shareholder
                               approval,  which we believe  reduces the incentive value of
                               the plan.


05/21/07 - A        Sovran Self Storage, Inc. *SSS*         84610H108                          03/30/07                     203
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/08/07 - A        Sprint Nextel Corp *S*                  852061100                          03/20/07                     585
                    1       Elect Director Keith J. Bane                  For          For                 Mgmt
                    2       Elect Director Robert R. Bennett              For          For                 Mgmt
                    3       Elect Director Gordon M. Bethune              For          For                 Mgmt
                    4       Elect Director Frank M. Drendel               For          For                 Mgmt
                    5       Elect Director Gary D. Forsee                 For          For                 Mgmt
                    6       Elect Director James H. Hance, Jr.            For          For                 Mgmt
                    7       Elect Director V. Janet Hill                  For          For                 Mgmt
                    8       Elect Director Irvine O. Hockaday, Jr.        For          For                 Mgmt
                    9       Elect Director Linda Koch Lorimer             For          For                 Mgmt
                    10      Elect Director William H. Swanson             For          For                 Mgmt
                    11      Ratify Auditors                               For          For                 Mgmt
                    12      Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               our allowable cap for this company of 5 percent.
                    13      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/15/07 - A        St. Mary Land & Exploration Co. *SM*    792228108                          03/30/07                     900
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/11/07 - A        Staples, Inc. *SPLS*                    855030102                          04/17/07                   7,345
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Basil L. Anderson --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Arthur M. Blank. We recommend that
                               shareholders  WITHHOLD  votes from Arthur M. Blank for poor
                               attendance.
                    1.2     Elect Director Arthur M. Blank --- Withhold
                    1.3     Elect Director Mary Elizabeth Burton --- For
                    1.4     Elect Director Gary L. Crittenden --- For
                    1.5     Elect Director Rowland T. Moriarty --- For
                    1.6     Elect Director Robert C. Nakasone --- For
                    1.7     Elect Director Ronald L. Sargent --- For
                    1.8     Elect Director Martin Trust --- For
                    1.9     Elect Director Vijay Vishwanath --- For
                    1.10    Elect Director Paul F. Walsh --- For
                    2       Company Specific- Majority Vote for the       For          For                 Mgmt
                            Uncontested Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Company Specific- Adopt Simple Majority Vote  Against      For                 ShrHoldr
                               ISS Analysis  and  Conclusion        ISS  maintains  that a
                               simple  majority of voting  shares  should be sufficient to
                               effect  changes  in  a  company's   corporate   governance.
                               Requiring   more  than  a  simple   majority   may   permit
                               management to entrench  itself by blocking  amendments that
                               are in  shareholders'  best  interests        ISS  supports
                               any reduction of a company's voting  requirements,  even if
                               the change is simply a lower supermajority.


05/24/07 - A        Starwood Hotels & Resorts Worldwide,    85590A401                          03/21/07                   1,555
                    Inc. *HOT*
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Bruce W. Duncan --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Jean-Marc  Chapus.  We recommend
                               that shareholders  WITHHOLD votes from Jean-Marc Chapus for
                               poor attendance.
                    1.2     Elect Director Adam Aron --- For
                    1.3     Elect Director Charlene Barshefsky --- For
                    1.4     Elect Director Jean-Marc Chapus --- Withhold
                    1.5     Elect Director Lizanne Galbreath --- For
                    1.6     Elect Director Eric Hippeau --- For
                    1.7     Elect Director Stephen R. Quazzo --- For
                    1.8     Elect Director Thomas O. Ryder --- For
                    1.9     Elect Director Kneeland C. Youngblood ---
                            For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend and Restatement of Charter              For          For                 Mgmt
                               ISS  notes  that  the  amendment  and  restatement  of  the
                               company's  charter  is not  material  in  nature.  As such,
                               shareholder  value  is  not  affected.  ISS  believes  that
                               shareholder support for this proposal is warranted.


04/18/07 - A        State Street Corp. (Boston) *STT*       857477103                          02/23/07                   1,100
                    1       Elect Directors                               For          For                 Mgmt
                    2       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 250,000,000  shares is below the
                               allowable threshold of 525,000,000 shares.
                    3       Ratify Auditors                               For          For                 Mgmt


06/13/07 - A        Steiner Leisure Ltd. *STNR*             P8744Y102                          04/20/07                     390
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/07/07 - A        Sterling Construction Company, Inc      859241101                          03/09/07                     430
                    *STRL*
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Maarten D. Hemsley --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent   outsider   Christopher   H.B.  Mills.  We
                               recommend   that    shareholders    WITHHOLD   votes   from
                               Christopher  H.B. Mills for poor attendance and for sitting
                               on more than three boards.
                    1.2     Elect Director Christopher H.B. Mills ---
                            Withhold
                    1.3     Elect Director Donald P. Fusilli, Jr. ---
                            For
                    2       Ratify Auditors                               For          For                 Mgmt


05/25/07 - A        Steven Madden, Ltd. *SHOO*              556269108                          04/05/07                   1,100
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 11 percent is less than
                               the allowable cap for this company of 12 percent.
                    3       Ratify Auditors                               For          For                 Mgmt


05/23/07 - A        Superior Energy Services, Inc. *SPN*    868157108                          03/30/07                   2,817
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Qualified Employee Stock Purchase     For          For                 Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    3       Ratify Auditors                               For          For                 Mgmt


05/23/07 - A        Sykes Enterprises, Inc. *SYKE*          871237103                          04/04/07                   1,667
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Paul L. Whiting --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Paul L. Whiting.  We recommend that
                               shareholders  WITHHOLD  votes  from  Paul  L.  Whiting  for
                               standing as an affiliated outsider on the Audit Committee.
                    1.2     Elect Director Mark C. Bozek --- For
                    1.3     Elect Director Michael P. DeLong --- For
                    1.4     Elect Director Iain A. MacDonald --- For
                    2       Ratify Auditors                               For          For                 Mgmt


05/24/07 - A        Target Corporation *TGT*                87612E106                          03/26/07                     510
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Company Specific- Require Majority Vote for   For          For                 Mgmt
                            the Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    5       Report on Political Contributions             Against      For                 ShrHoldr
                               ISS notes that Target has provided  shareholders  with some
                               information  to assess the company's  general  policies and
                               oversight    mechanisms    relating   to   its    political
                               contributions.    We   are,    however,    concerned   that
                               shareholders  lack  information  relating  to the  type  of
                               organizations  or  candidates  that the company may support
                               and information about its trade association spending.  Such
                               disclosure  could assist  shareholders in their  assessment
                               of the risks and  benefits  associated  with public  policy
                               activities    through   political    activity   and   trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.


05/09/07 - A        Taubman Centers, Inc. *TCO*             876664103                          03/22/07                     660
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             Against      For                 ShrHoldr


09/21/06 - A        Tektronix, Inc. *TEK*                   879131100                          07/17/06                     586
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Pauline Lo Alker --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director A. Gary Ames --- For
                    1.3     Elect Director Gerry B. Cameron --- For
                    1.4     Elect Director David N. Campbell --- For
                    1.5     Elect Director Frank C. Gill --- For
                    1.6     Elect Director Robin L. Washington --- For
                    1.7     Elect Director Richard H. Wills --- For
                    1.8     Elect Director Cyril J. Yansouni --- For
                    2       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        Teledyne Technologies, Inc. *TDY*       879360105                          03/05/07                     975
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/17/07 - A        Terex Corp. *TEX*                       880779103                          03/23/07                   3,668
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Increase Authorized Common Stock              For          Against             Mgmt
                               The requested  increase of 450,000,000  shares is above the
                               allowable threshold of 232,500,000 shares.
                    4       Approve Nonqualified Employee Stock           For          For                 Mgmt
                            Purchase Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective,  the limit
                               on the company's  matching  contribution  is reasonable and
                               there  are  caps  placed  on  the  employee's  contribution
                               (expressed as a percent of  compensation  which may exclude
                               bonus,  commissions  or  special  compensation).  There  is
                               minimum  dilution  associated with the plan since shares of
                               company  stock are purchased on the open market with mainly
                               employee contributions.


06/29/07 - A        Tesco plc                               881575302                          05/31/07                   3,238
                            Meeting for Holders of ADR's
                    1       TO RECEIVE THE DIRECTORS REPORT AND ACCOUNTS  For          For                 Mgmt
                    2       TO APPROVE THE DIRECTORS REMUNERATION REPORT  For          For                 Mgmt
                    3       TO DECLARE A FINAL DIVIDEND                   For          For                 Mgmt
                    4       TO RE-ELECT THE DIRECTOR: MR. E M DAVIES      For          For                 Mgmt
                    5       TO RE-ELECT THE DIRECTOR: DR. H EINSMANN      For          For                 Mgmt
                    6       TO RE-ELECT THE DIRECTOR: MR. K HYDON         For          For                 Mgmt
                    7       TO RE-ELECT THE DIRECTOR: MR. D POTTS         For          For                 Mgmt
                    8       TO RE-ELECT THE DIRECTOR: MR. D REID          For          For                 Mgmt
                    9       TO ELECT THE DIRECTOR: MS. L NEVILLE-ROLFE    For          For                 Mgmt
                    10      Ratify Auditors                               For          For                 Mgmt
                    11      TO SET THE AUDITORS REMUNERATION              For          For                 Mgmt
                    12      TO AUTHORISE THE DIRECTORS TO ALLOT           For          For                 Mgmt
                            RELEVANT SECURITIES
                    13      TO DISAPPLY PRE-EMPTION RIGHTS                For          For                 Mgmt
                    14      TO AUTHORISE THE COMPANY TO PURCHASE ITS      For          For                 Mgmt
                            OWN SHARES
                    15      TO AUTHORISE POLITICAL DONATIONS BY THE       For          For                 Mgmt
                            COMPANY
                    16      TO AUTHORISE POLITICAL DONATIONS BY TESCO     For          For                 Mgmt
                            STORES LIMITED
                    17      TO AUTHORISE THE ADOPTION OF NEW ARTICLES     For          For                 Mgmt
                            OF ASSOCIATION
                    18      TO ADOPT THE GROUP NEW BUSINESS INCENTIVE     For          For                 Mgmt
                            PLAN 2007
                    19      TO ADOPT THE US LONG-TERM INCENTIVE PLAN      For          For                 Mgmt
                            2007
                    20      TO AMEND THE PERFORMANCE SHARE PLAN 2004      For          For                 Mgmt
                    21      TO ADOPT THE EXECUTIVE INCENTIVE PLAN 2004    For          For                 Mgmt
                    22      TO ADOPT THE INTERNATIONAL BONUS PLAN         For          For                 Mgmt
                    23      REQUISITIONISTS RESOLUTION                    Against      Against             ShrHoldr
                               Analysis  and Vote  Recommendation        The  Company  has
                               published a Corporate  Responsibility  Review that includes
                               a section on ethical trading and developing countries.  The
                               Company  states  that in  2006/07  it  conducted  more than
                               3,000 risk assessments (up from 1,500 in 2004/05)  covering
                               over one million  workers.  The  Company  adds that it uses
                               experienced independent  organisations to undertake audits,
                               with 1,038  being  conducted  in the past  year.  Following
                               identification  of  non-compliance  during an audit, if the
                               issue is not  resolved  within an  acceptable  period,  the
                               Company  would cease to trade with the  supplier.        We
                               consider  that  the  Company  is  demonstrating  that it is
                               improving its  performance as regards  ethical  trading and
                               therefore we are  recommending  that  shareholders  support
                               management by voting AGAINST the requisitioned resolution.


05/01/07 - A        Tesoro Corp. *TSO*                      881609101                          03/13/07                   1,379
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


10/17/06 - A        Texas Industries, Inc. *TXI*            882491103                          08/21/06                     653
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


04/25/07 - A        Textron Inc. *TXT*                      883203101                          03/02/07                     700
                    1       Elect Director Kathleen M. Bader              For          For                 Mgmt
                               In  conclusion,  ISS recommends  voting against  members of
                               the  compensation  committee for making  concessions  for a
                               poor pay practice.  Ivor J. Evans, Charles D. Powell and R.
                               Kerry  Clark  are  current  members  of  the   compensation
                               committee  who were also  present in 2005 when the  company
                               amended Mr. Campbell's  employment  contract.  In addition,
                               the  company  has  adopted a  majority  vote  standard  (of
                               shares  cast)  for  the   election  of  directors   with  a
                               plurality  carve-out  for  contested  elections,  and has a
                               director resignation policy in its bylaws/charter.
                    2       Elect Director R. Kerry Clark                 For          Against             Mgmt
                    3       Elect Director Ivor J. Evans                  For          Against             Mgmt
                    4       Elect Director Lord Powell                    For          Against             Mgmt
                    5       Elect Director James L. Ziemer                For          For                 Mgmt
                    6       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    7       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this   company  of  6  percent.
                               Additionally, this plan expressly forbids repricing.
                    8       Ratify Auditors                               For          For                 Mgmt
                    9       Social Proposal                               Against      Against             ShrHoldr
                               ISS notes that Textron  discloses some limited  information
                               on  these  matters  and  appears  to  actively  demonstrate
                               compliance with export regulations  through the development
                               of an internal export  management  system and the company's
                               participation  in defense  trade  controls  best  practices
                               forums.   Additionally,    Textron   provides   appropriate
                               financial  information  on its military or weapons  related
                               programs.  Further,  ISS notes that the federal  government
                               agencies tasked with evaluating  these transfer  agreements
                               already  provide  substantial   regulatory   oversight  and
                               enforcement  regarding the foreign sale of  weapons-related
                               products  and  services.  Finally,  while we note  that the
                               proponents   have  stated  that  the  company  should  omit
                               proprietary or classified  information from the report,  we
                               believe  that  detailed   disclosure   into  the  company's
                               contract  bidding  and  market  promotion   strategies  may
                               negatively  impact  the  company  by  providing  insight to
                               industry    competitors   without   providing    additional
                               meaningful   information  to  shareholders.   In  light  of
                               management's   existing   disclosure,   coupled   with  the
                               necessity   to  limit   disclosure   where  it  may  affect
                               Textron's  competitiveness  and the  existence of extensive
                               federal  foreign weapons export  regulations,  ISS does not
                               believe  that this  shareholder  proposal is  warranted  at
                               this time.


04/30/07 - A        The Boeing Co. *BA*                     097023105                          03/01/07                   3,417
                    1       Elect Director John H. Biggs                  For          For                 Mgmt
                               ISS   recognizes   that   attracting    executive   talent,
                               particularly  at the CEO position,  can be  challenging  in
                               today's  environment.  Golden  hello"  payments  are  being
                               increasingly   used  by  boards  to  lure  executives  from
                               outside  companies into the CEO suite.  Often, pay problems
                               emerge  when a crisis in the corner  office,  coupled  with
                               poor  succession  planning,   places  a  board  in  a  weak
                               negotiating  position.        At Boeing, two successive CEO
                               departures  set the stage for outside  talent to be brought
                               in at a  hefty  price  tag  to  shareholders.  It is a fair
                               question  for  shareholders  to ask whether Mr.  McNerney's
                               benefits from his former  employment  should be made whole,
                               and  whether  the  board   could  have   exercised   better
                               oversight  and  planning  in  light  of the  scandal-driven
                               departures  of Mr.  Stonecipher  in 2005 and Mr.  Condit in
                               2003.   While  we  do  not   recommend   withholding   from
                               compensation  committee  members  at this  time,  ISS  will
                               closely  monitor the pay practices and succession  planning
                               at  Boeing.  Shareholders  would be well  served  to do the
                               same.
                    2       Elect Director John E. Bryson                 For          For                 Mgmt
                    3       Elect Director Arthur D. Collins, Jr.         For          For                 Mgmt
                    4       Elect Director Linda Z. Cook                  For          For                 Mgmt
                    5       Elect Director William M. Daley               For          For                 Mgmt
                    6       Elect Director Kenneth M. Duberstein          For          For                 Mgmt
                    7       Elect Director John F. McDonnell              For          For                 Mgmt
                    8       Elect Director W. James McNerney, Jr.         For          For                 Mgmt
                    9       Elect Director Richard D. Nanula              For          For                 Mgmt
                    10      Elect Director Rozanne L. Ridgway             For          For                 Mgmt
                    11      Elect Director Mike S. Zafirovski             For          For                 Mgmt
                    12      Ratify Auditors                               For          For                 Mgmt
                    13      Report on Foreign Arms Sales                  Against      Against             ShrHoldr
                               ISS believes that the  combination  of federal  regulation,
                               the  current  level  of  disclosure  by  Boeing,   and  the
                               necessity  to limit  disclosure  where it could  affect the
                               company's  competitive  advantage  outweigh  the  potential
                               benefits that may be derived from this  proposal.  As such,
                               we believe that this resolution does not merit  shareholder
                               support.
                    14      Adopt Human Rights Policy                     Against      For                 ShrHoldr
                               In light of the serious  human rights  concerns in a number
                               of the  countries  where the company  operates and the fact
                               that   the   company    does   not    currently    have   a
                               publicly-available   code  of   conduct   that   references
                               international  labor  standards,  we believe that this step
                               of publicly endorsing these  international  labor standards
                               will benefit the company and its shareholders.
                    15      Report on Charitable Contributions            Against      Against             ShrHoldr
                               In this  instance,  ISS notes that Boeing  describes in its
                               response  to this  proposal  its  oversight  mechanism  for
                               charitable  giving and also provides  through its corporate
                               website a  substantial  overview of its  charitable  giving
                               initiatives,   including   providing   its  most   recently
                               available  total  cash  budget,  recent  fiscal  year  cash
                               contributions  by focus area,  geography,  and by employee,
                               retiree  and  board  member.   The  company  also  provides
                               specific   selected   programs   details   within   various
                               geographic  regions  around  the world.  Additionally,  the
                               company's Global Corporate  Citizenship  corporate  website
                               discusses  focus areas,  grant  guidelines,  exclusions and
                               evaluation  criteria,  and contact information for regional
                               community  relations  offices.   Therefore,  based  on  the
                               existing  level  of  disclosure,  ISS  does  not  recommend
                               shareholder support for the resolution at this time.
                    16      Report on Political Contributions             Against      For                 ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to  assess  the  company's  current
                               public policy  activities.  In particular,  Boeing provides
                               an overview of its political  contribution policies and its
                               commitment  to the  oversight  process.  We  are,  however,
                               concerned that  shareholders  lack information  relating to
                               the company's trade association spending.  Such information
                               could  help  shareholders  assess  the risks  and  benefits
                               associated   with   public   policy   activities    through
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.
                    17      Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this  case,  Boeing  meets  all of the  criteria  in the
                               counterbalancing  structure  described  above. The board is
                               90  percent  independent,  with  all key  board  committees
                               including no  affiliated  directors.  Corporate  governance
                               guidelines  are  established  and publicly  available.  The
                               current lead  director  performs  all of the duties  listed
                               above.  With  regard  to the  company's  total  shareholder
                               return  performance,  Boeing  outperformed  its  peers  and
                               index  both  on  both  a  one-year  and  three-year   total
                               shareholder  returns          We believe that the company's
                               governance  structure provides a satisfactory  balance to a
                               unified  chairman  and  CEO  position.   Accordingly,   the
                               proposal does not warrant shareholder support.
                    18      Submit Shareholder Rights Plan (Poison        Against      Against             ShrHoldr
                            Pill) to Shareholder Vote
                               We believe that Boeing's policy  addresses the issue raised
                               by this  proposal by  requiring  the rights to be redeemed,
                               caused   to  expire   or   submitted   to  a  vote  of  the
                               shareholders within one year.
                    19      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    20      Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Conclusion        Per  ISS'  valuation  of the  performance
                               mix, we compared the actual  number of shares  (performance
                               awards  vs.  options  and  time-vested  restricted/deferred
                               stock  awards)  granted in the past fiscal year and only 20
                               percent of the  equity  awards  granted to named  executive
                               officers   during  that   period   were   performance-based
                               according to our  guidelines.  Therefore,  given that:  (1)
                               the  company's  long-term  program  for  executives  is not
                               performance-based  per  ISS'  guidelines;  (2) the  program
                               fails  to  provide   shareholders  with  clearly  disclosed
                               hurdle   rates;   and  (3)  this  proposal  is  not  overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.
                    21      Claw-back of Payments under Restatements      Against      Against             ShrHoldr
                               ISS believes that the company has  fundamentally  addressed
                               the  proponent's  key concerns.  ISS believes this proposal
                               does not warrant shareholder support.


04/24/07 - A        The Chubb Corp. *CB*                    171232101                          03/05/07                   4,660
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Articles/Bylaws/Charter General         For          For                 Mgmt
                            Matters--Adopt Majority Vote Standard for
                            the Election of Directors
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    4       Report on Political Contributions             Against      For                 ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to assess  Chubb's  current  public
                               policy  activities.   Specifically,  the  company  provides
                               broad  discussion  on  its  involvement  in  public  policy
                               initiatives  through political  contributions.  However, we
                               are  concerned  with the lack of  information  available to
                               shareholders  related to the  company's  trade  association
                               spending.  Such information could help shareholders  assess
                               the  risks  and  benefits  associated  with  public  policy
                               activities through  associations  without significant cost,
                               burden,  or strategic  risk for the company.  As such,  ISS
                               recommends that shareholders support this resolution.


04/18/07 - A        The Coca-Cola Company *KO*              191216100                          02/20/07                  12,008
                    1       Elect Director Herbert A. Allen               For          For                 Mgmt
                               We recommend that  shareholders vote FOR the directors with
                               the exception of  independent  outsider  Barry  Diller.  We
                               recommend that  shareholders  vote AGAINST Barry Diller for
                               sitting on more than three boards.
                    2       Elect Director Ronald W. Allen                For          For                 Mgmt
                    3       Elect Director Cathleen P. Black              For          For                 Mgmt
                    4       Elect Director Barry Diller                   For          Against             Mgmt
                    5       Elect Director E. Neville Isdell              For          For                 Mgmt
                    6       Elect Director Donald R. Keough               For          For                 Mgmt
                    7       Elect Director Donald F. McHenry              For          For                 Mgmt
                    8       Elect Director Sam Nunn                       For          For                 Mgmt
                    9       Elect Director James D. Robinson, III         For          For                 Mgmt
                    10      Elect Director Peter V. Ueberroth             For          For                 Mgmt
                    11      Elect Director James B. Williams              For          For                 Mgmt
                    12      Ratify Auditors                               For          For                 Mgmt
                    13      Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    14      Limit Executive Compensation                  Against      Against             ShrHoldr
                               In  conclusion,  ISS  does  not  support  this  shareholder
                               proposal due to the  arbitrary  and  restrictive  nature of
                               the limiting executive compensation.
                    15      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    16      Report on Chemical and Biological Testing     Against      Against             ShrHoldr
                            Data
                               Therefore,  considering  the  company's  existing  level of
                               disclosure  on this  topic  as well as  concerns  over  the
                               cost,  burden,  and utility of the  information  requested,
                               ISS  does  not  recommend   shareholder  support  for  this
                               resolution.
                    17      Report on Environmental Liabilities in India  Against      Against             ShrHoldr
                               In this case, the proponent is requesting  that the company
                               evaluate  the  potential  environmental  and public  health
                               damage  associated  with utilizing  ground water in regions
                               that  suffer  from  a  water  shortage.  Specifically,  the
                               resolution   is  asking  that  the  company   evaluate  the
                               feasibility  of refraining  from the use of ground water in
                               India.   ISS  believes  that  the  proponent   raises  some
                               significant   issues   regarding   the  impact  that  local
                               protests and associated pressure from government  officials
                               may  have on the  company's  operations.  However,  we also
                               note that the company has provided  significant  discussion
                               on issues  related to water  quality  and  scarcity  in its
                               public  filings  and on the  corporate  website.  Moreover,
                               Coca-Cola,  its  subsidiaries,  and affiliates are involved
                               in numerous  initiatives  in India to improve water quality
                               and  the   availability  of  fresh  water  in  water-scarce
                               regions,  and have committed to  collaborative  programs to
                               seek improved  methods of  addressing  these  concerns.  As
                               such,  while  ISS  agrees  with the  proponent  that  water
                               scarcity  in India  and  other  global  markets  may have a
                               significant  impact on the  company,  we also  believe that
                               Coca-Cola has provided a substantial  amount of information
                               for  shareholders to review when  considering  these risks.
                               Therefore,  we do not believe that the additional reporting
                               requested by this resolution is warranted at this time.
                    18      Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               ISS supports  the  shareholder  proposal  since the company
                               does   not    provide    for    significant    portion   of
                               performance-based   awards.   Further,   in  light  of  the
                               company's  history of  accelerating  the  vesting of awards
                               for   departing   executives   coupled   with  the  board's
                               continued  ability to modify or waive vesting  requirements
                               without  shareholder  approval  under  the  company's  1989
                               plan, ISS believes  shareholder support of this proposal is
                               warranted.


06/05/07 - A        The DirecTV Group, Inc *DTV*            25459L106                          04/09/07                   4,710
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/10/07 - A        The Dow Chemical Company *DOW*          260543103                          03/12/07                     280
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Arnold A. Allemang --- For
                               Vote  Recommendation  While we recognize that Mr.  Reinhard
                               categorically  denies  being "part of any secret  effort to
                               take  over or  acquire  Dow  Chemical",  we note  that  the
                               company  conducted  an  internal   investigation  and  were
                               convinced   based  on  its   findings   that  he  (and  Mr.
                               Kreinberg) was at the center of the news leaks  regarding a
                               possible   acquisition   of  the   company.   Dow  Chemical
                               maintains  that the recent moves show a "commitment  to the
                               highest   standards  of  integrity,   ethical  conduct  and
                               corporate  governance".  As such, ISS will recommend a vote
                               FOR all of the  board-supported  director nominees shown on
                               Dow Chemical's  amended voting ballot.  With regards to Mr.
                               Reihard's  WITHDRAWN position on the revised ballot,  ISS's
                               recommendation  is NONE since the company indicates that no
                               votes will be cast for Mr. Reinhard.
                    1.2     Elect Director Jacqueline K. Barton --- For
                    1.3     Elect Director James A. Bell --- For
                    1.4     Elect Director Jeff M. Fettig --- For
                    1.5     Elect Director Barbara H. Franklin --- For
                    1.6     Elect Director John B. Hess --- For
                    1.7     Elect Director Andrew N. Liveris --- For
                    1.8     Elect Director Geoffery E. Merszei --- For
                    1.9     WITHDRAWN                                     None         Withhold            Mgmt
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.  ISS commends the company for submitting the
                               proposed  changes,   which  demonstrates  a  commitment  to
                               shareholders' interests.
                    4       Report on Remediation Policies in Bhopal      Against      Against             ShrHoldr
                               Conclusion  ISS  believes  that  this   resolution   merits
                               consideration  based on the impact of the  tragic  accident
                               in Bhopal on thousands of people,  and the potential affect
                               that   reputational   damage  may  have  on  the  company's
                               operations in Asia.  That said,  ISS notes that the company
                               has  disclosed  certain  information  on Bhopal both on the
                               Dow  Chemical  website  and on  www.bhopal.com,  a  website
                               sponsored   by  Union   Carbide   specifically   discussing
                               information on the tragedy.  Further, while we believe that
                               the  company  could  improve  its  transparency  on certain
                               issues,  ISS notes that the company  has clearly  stated in
                               its  filings  that it does not  believe  that it  maintains
                               liability  for  future  remediation,  nor does it intend to
                               invest in new  initiatives to address  concerns  related to
                               this issue.  As such,  we question  the value of the report
                               specified in this resolution.  The company's  discussion of
                               the tragedy in Bhopal not only provides  information on the
                               specific   incident  and  associated   legal   proceedings,
                               remediation efforts, and business developments;  it clearly
                               outlines Dow  Chemical's  position on this  matter.  As the
                               company  has  stated  that it does not  intend to  initiate
                               further actions related to Bhopal,  it does not appear that
                               a  report  to  specifically   discuss  such  actions  would
                               provide  significant,  meaningful  benefit to shareholders.
                               As such,  ISS  does not  believe  this  shareholder  merits
                               shareholder support.
                    5       Report on Genetically Modified Organisms      Against      Against             ShrHoldr
                               Conclusion   Given   the   existing   publicly    available
                               information  relating  to Dow's GE  products,  the  current
                               oversight  of  GE  ingredients  by  public  agencies,   the
                               disclosure   of   existing   internal   controls   and  its
                               commitment  to  perform a Risk  Review  Process  at various
                               stages of a product's  life cycle,  ISS does not  recommend
                               shareholder support for this proposal.
                    6       Report on Environmental Remediation           Against      For                 ShrHoldr
                               Conclusion    Considering   Dow's   continued   significant
                               financial   obligations,   including   its  total   accrued
                               obligation  of $347 million as of Dec.  31,  2006,  and the
                               potential  for  future   litigation   costs  which  may  be
                               associated with its Midland-related  remediation and, given
                               the  past,   present  and  future   financial,   legal  and
                               reputational  risks  associated  with  its  Midland-related
                               remediation   activities;   and,   providing  the  existing
                               availability    of   estimated    timelines   for   various
                               remediation   projects   which   would  limit  the  expense
                               associated with  summarizing the pace and  effectiveness of
                               these  environmental  remediation  processes,  ISS believes
                               that this resolution warrants shareholder support.
                    7       Evaluate Potential Links Between Company      Against      Against             ShrHoldr
                            Products and Asthma
                               Conclusion In light of the  demonstrated  commitment on the
                               part of Dow to  provide  transparency  on  health  concerns
                               associated with certain  product  ingredients and given the
                               current  oversight  processes for Dow's  products by public
                               agencies,   we  do  not  believe  this  proposal   warrants
                               shareholder support.


05/01/07 - A        The GEO Group, Inc. *GEO*               36159R103                          03/12/07                     693
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


04/11/07 - A        The Goldman Sachs Group, Inc.           38141G104                          01/26/07                   2,555
                    1       Elect Director Lloyd C. Blankfein             For          For                 Mgmt
                    2       Elect Director Lord Browne of Madingley       For          For                 Mgmt
                    3       Elect Director John H. Bryan                  For          For                 Mgmt
                    4       Elect Director Gary D. Cohn                   For          For                 Mgmt
                    5       Elect Director Claes Dahlback                 For          For                 Mgmt
                    6       Elect Director Stephen Friedman               For          For                 Mgmt
                    7       Elect Director William W. George              For          For                 Mgmt
                    8       Elect Director Rajat K. Gupta                 For          For                 Mgmt
                    9       Elect Director James A. Johnson               For          For                 Mgmt
                    10      Elect Director Lois D. Juliber                For          For                 Mgmt
                    11      Elect Director Edward M. Liddy                For          For                 Mgmt
                    12      Elect Director Ruth J. Simmons                For          For                 Mgmt
                    13      Elect Director Jon Winkelried                 For          For                 Mgmt
                    14      Ratify Auditors                               For          For                 Mgmt
                    15      Report on Charitable Contributions            Against      Against             ShrHoldr
                               Conclusion        In  this case, we note that Goldman Sachs
                               discloses  some  of  the   information   requested  by  the
                               proponent  on  its  corporate   website,   in  the  segment
                               dedicated to its Charitable  Services Group.  Additionally,
                               while details of the transaction  are minimal,  the company
                               does  briefly  discuss its donation of the Tierra del Fuego
                               property on its website,  including  broad  information  on
                               the  company's   rationale  for  purchasing  the  land  for
                               conservation purposes.  Therefore,  while we agree with the
                               proponents  that  companies  should  provide  disclosure to
                               shareholders on its charitable  contributions,  we question
                               whether the detailed  information  requested in addition to
                               Goldman Sachs' existing  report would provide  shareholders
                               with  significant  benefit.          Based on the company's
                               existing  disclosure of its  charitable  contributions  and
                               policies,  ISS does not believe  that  shareholder  support
                               for this resolution is warranted at this time.
                    16      Sustainability Report                         Against      Against             ShrHoldr
                               Conclusion        In  this  case,  ISS notes  that  Goldman
                               Sachs  provides   discussion  on  some  issues  related  to
                               sustainability  on  the  company  website,  covering  broad
                               topics   related  to  social  and   economic   development,
                               environmental  policies  and  performance,   and  corporate
                               ethics.  ISS believes  that the company  could benefit from
                               creating a more structured  sustainability  report, similar
                               to  those  produced  by  many  other  large   multinational
                               corporations;  however,  Goldman Sachs' existing disclosure
                               does provide  shareholders with some transparency into some
                               key issues evaluated in basic sustainability  reporting and
                               addresses   certain   concerns   noted  by  the   proponent
                               including  information on its policies and projects related
                               to  social,  environmental,  and  economic  sustainability.
                               Therefore,  ISS does not recommend  shareholder support for
                               the resolution at this time.
                    17      Prohibit Executive Stock-Based Awards         Against      Against             ShrHoldr
                               According   to  ISS  policy,   stock  option  plans  should
                               explicitly  prohibit  repricing  underwater options without
                               shareholder  consent. We do, however,  believe that issuers
                               should have some latitude in  determining  the mix of award
                               types  granted to  executives  and  employees.  The company
                               currently  uses a mix of  award  types  including  options,
                               restricted   stock,   and  restricted  stock  unit  in  its
                               compensation  of senior  executives.  Prohibiting the award
                               of any  future  stock  options  to  anyone  can  constitute
                               micromanagement  and  put  the  company  at  a  competitive
                               disadvantage.  Because this proposal is overly restrictive,
                               we do not believe this item warrants shareholder support.


05/16/07 - A        The Hartford Financial Services         416515104                          03/20/07                   2,900
                    Group, Inc. *HIG*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


06/28/07 - A        The Kroger Co. *KR*                     501044101                          04/30/07                   5,507
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Amend Articles/Regulations--i)Rules of        For          For                 Mgmt
                            Conduct in Connection with Shareholder
                            Meetings and (ii) Meetings Outside
                            Cincinnati
                               ISS believes the 45 days advance notice is  reasonable.  We
                               recommend shareholders vote FOR Item 3.
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       Report on Climate Change                      Against      For                 ShrHoldr


05/01/07 - A        The Manitowoc Company, Inc. *MTW*       563571108                          02/21/07                     650
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        The McGraw-Hill Companies, Inc. *MHP*   580645109                          03/12/07                   5,121
                    1       Elect Directors                               For          Withhold            Mgmt
                    1.1     Elect Director Pedro Aspe --- Withhold
                               ISS  recommends   shareholders   WITHHOLD  votes  from  all
                               director  nominees,  for  failure to  implement  a majority
                               supported shareholder proposal.
                    1.2     Elect Director Robert P. Mcgraw --- Withhold
                    1.3     Elect Director H. Ochoa-Brillembourg ---
                            Withhold
                    1.4     Elect Director Edward B. Rust, Jr. ---
                            Withhold
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             Against      For                 ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Amend Vote Requirements to Amend              Against      For                 ShrHoldr
                            Articles/Bylaws/Charter
                               Based on principle,  ISS maintains  that a simple  majority
                               of voting shares should be sufficient to effect  changes in
                               a company's  corporate  governance.  Requiring  more than a
                               simple  majority may permit the board to entrench itself by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.        ISS   supports  a  simple  majority  vote
                               requirement. We recommend a vote FOR the proposal.
                    5       Political Contributions/Activities            Against      For                 ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to  assess  the  company's  current
                               public policy  activities.  McGraw Hill provides an overall
                               business  rationale for  participating in the public policy
                               process,  an overview of its policies and its commitment to
                               the oversight  process.  We are,  however,  concerned  that
                               shareholders  lack  information  relating to the  company's
                               trade  association  spending.  Such information  could help
                               shareholders  assess the risks and benefits associated with
                               public  policy  activities  through   associations  without
                               significant  cost,   burden,  or  strategic  risk  for  the
                               company.  Therefore,  we believe this  resolution  warrants
                               shareholder support.


06/13/07 - A        The Mens Wearhouse, Inc. *MW*           587118100                          04/25/07                   2,100
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director George Zimmer --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider  Deepak Chopra.  We recommend that
                               shareholders  WITHHOLD  votes from  Deepak  Chopra for poor
                               attendance.
                    1.2     Elect Director David H. Edwab --- For
                    1.3     Elect Director Rinaldo S. Brutoco --- For
                    1.4     Elect Director Michael L. Ray --- For
                    1.5     Elect Director Sheldon I. Stein --- For
                    1.6     Elect Director Deepak Chopra --- Withhold
                    1.7     Elect Director William B. Sechrest --- For
                    1.8     Elect Director Larry R. Katzen --- For


06/07/07 - A        The Navigators Group, Inc. *NAVG*       638904102                          04/09/07                     180
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director H.J. Mervyn Blakeney ---
                            Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of insiders  Stanley A. Galanski and Terence N. Deeks,  and
                               affiliated  outsiders Marc M. Tract, John F. Kirby and H.J.
                               Mervyn Blakeney.  We recommend that  shareholders  WITHHOLD
                               votes from Stanley A. Galanski,  Terence N. Deeks, and Marc
                               M. Tract for failure to  establish  a majority  independent
                               board. We also recommend that  shareholders  WITHHOLD votes
                               from John F. Kirby and H.J.  Mervyn  Blakeney  for standing
                               as affiliated  outsiders on the Compensation  Committee and
                               for failure to establish a majority independent board.
                    1.2     Elect Director Peter A. Cheney --- For
                    1.3     Elect Director Terence N. Deeks --- Withhold
                    1.4     Elect Director Robert W. Eager, Jr. --- For
                    1.5     Elect Director W. Thomas Forrester --- For
                    1.6     Elect Director Stanley A. Galanski ---
                            Withhold
                    1.7     Elect Director Leandro S. Galban, Jr. ---
                            For
                    1.8     Elect Director John F. Kirby --- Withhold
                    1.9     Elect Director Marc M. Tract --- Withhold
                    1.10    Elect Director Robert F. Wright --- For
                    2       Ratify Auditors                               For          For                 Mgmt


05/17/07 - A        The PMI Group, Inc. *PMI*               69344M101                          03/30/07                   2,620
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


10/10/06 - A        The Procter & Gamble Company *PG*       742718109                          08/11/06                  16,277
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Decrease in Size of Board             For          For                 Mgmt
                               Empirical  evidence  has shown  that  board  size is not an
                               indicator of performance.  Proposals  concerning board size
                               should be evaluated  based on  management's  stated  motive
                               for the  change.  In this case,  the  proposal is not being
                               put forth to force a  dissident  member off the  board.  It
                               would preclude an arbitrary  increase in board size, and it
                               may enable the board to operate more efficiently.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   III.
                               Vote    Recommendation        The    performance   measures
                               included  under the plan are  appropriate  for the  company
                               given   its   line   of   business,   long-term   strategic
                               objectives,  and  industry-specific  measures for assessing
                               market competitiveness.  Moreover, preservation of the full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    5       Put Repricing of Stock Options to             Against      Against             ShrHoldr
                            Shareholder Vote
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               under the company's  existing equity plans,  the company is
                               prohibited  from  repricing  options  without   shareholder
                               proposal.  As such,  ISS does  not  feel  that  shareholder
                               support of this proposal is warranted.


04/18/07 - A        The Sherwin-Williams Co. *SHW*          824348106                          03/02/07                   3,580
                    1       Elect Directors                               For          For                 Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt


06/05/07 - A        The TJX Companies, Inc. *TJX*           872540109                          04/16/07                   1,675
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director David A. Brandon --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  David A.  Brandon for sitting on
                               more than three boards.
                    1.2     Elect Director Bernard Cammarata --- For
                    1.3     Elect Director David T. Ching --- For
                    1.4     Elect Director Michael F. Hines --- For
                    1.5     Elect Director Amy B. Lane --- For
                    1.6     Elect Director Carol Meyrowitz --- For
                    1.7     Elect Director John F. O'Brien --- For
                    1.8     Elect Director Robert F. Shapiro --- For
                    1.9     Elect Director Willow B. Shire --- For
                    1.10    Elect Director Fletcher H. Wiley --- For
                    2       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors


05/01/07 - A        The Travelers Companies, Inc. *TRV*     89417E109                          03/05/07                   5,424
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Alan L. Beller --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John H. Dasburg --- For
                    1.3     Elect Director Janet M. Dolan --- For
                    1.4     Elect Director Kenneth M. Duberstein --- For
                    1.5     Elect Director Jay S. Fishman --- For
                    1.6     Elect Director Lawrence G. Graev --- For
                    1.7     Elect Director Patricia L. Higgins --- For
                    1.8     Elect Director Thomas R. Hodgson --- For
                    1.9     Elect Director Cleve L. Killingsworth, Jr.
                            --- For
                    1.10    Elect Director Robert I. Lipp --- For
                    1.11    Elect Director Blythe J. McGarvie --- For
                    1.12    Elect Director Glen D. Nelson, M.D. --- For
                    1.13    Elect Director Laurie J. Thomsen --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Company Specific- Majority Vote for the       For          For                 Mgmt
                            Election of Directors
                               ISS  believes   that  a  majority  vote  standard  for  the
                               election of directors in  uncontested  elections  increases
                               directors'  accountability  to  shareholders.  As such,  we
                               recommend shareholders support this proposal.


03/08/07 - A        The Walt Disney Company *DIS*           254687106                          01/08/07                  15,155
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director John E. Bryson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John S. Chen --- For
                    1.3     Elect Director Judith L. Estrin --- For
                    1.4     Elect Director Robert A. Iger --- For
                    1.5     Elect Director Steven P. Jobs --- For
                    1.6     Elect Director Fred H. Langhammer --- For
                    1.7     Elect Director Aylwin B. Lewis --- For
                    1.8     Elect Director Monica C. Lozano --- For
                    1.9     Elect Director Robert W. Matschullat --- For
                    1.10    Elect Director John E. Pepper, Jr. --- For
                    1.11    Elect Director Orin C. Smith --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable  performance goals before awards are
                               paid to  participants.  Moreover,  preservation of the full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    5       Company-Specific--Governance-Related - No     Against      Against             ShrHoldr
                            Greenmail payments
                               ISS  recommends  that  shareholders  vote for  proposals to
                               adopt   anti-greenmail   charter  or  bylaw  amendments  or
                               otherwise  restrict a company's  ability to make  greenmail
                               payments.  Greenmail is a form of payment that economically
                               disenfranchises  all other  shareholders.  In this case, we
                               believe  that the  company's  recent bylaw  amendment  with
                               regard  to  greenmail  has   substantially   addressed  the
                               requests of this shareholder proposal.
                    6       Approve/Amend Terms of Existing Poison Pill   Against      For                 ShrHoldr
                               Overall,    the   benefits   of    requiring    shareholder
                               ratification  of a pill  outweigh  the  potential  negative
                               effects  of a  supermajority  board  requirement  for  pill
                               adoption.  Given that the  company  has not  established  a
                               policy  with  respect to  shareholder  approval of a rights
                               plan  in  the  future  and  the   proposed   bylaw  is  not
                               inconsistent  with good  governance  practice  of putting a
                               pill to a  shareholder  vote  within 12 months,  this bylaw
                               proposal warrants shareholder vote.


05/22/07 - A        The Wet Seal, Inc. *WTSLA*              961840105                          04/16/07                   2,766
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/25/07 - A        Theravance, Inc. *THRX*                 88338T104                          03/01/07                     680
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director P. Roy Vagelos, M.D. --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsiders Robert V. Gunderson Jr. and George
                               M.  Whitesides.  We recommend  that  shareholders  WITHHOLD
                               votes  from   Robert  V.   Gunderson   Jr.  and  George  M.
                               Whitesides  for  standing as  affiliated  outsiders  on the
                               Nominating    Committee   and    Compensation    Committee,
                               respectively.
                    1.2     Elect Director Rick E. Winningham --- For
                    1.3     Elect Director Jeffrey M. Drazan --- For
                    1.4     Elect Director Robert V. Gunderson, Jr. ---
                            Withhold
                    1.5     Elect Director Arnold J. Levine, Ph.D. ---
                            For
                    1.6     Elect Director Eve E. Slater, M.D. --- For
                    1.7     Elect Director William H. Waltrip --- For
                    1.8     Elect Director George M. Whitesides, Ph.D.
                            --- Withhold
                    1.9     Elect Director William D. Young --- For
                    2       Amend Omnibus Stock Plan                      For          Against             Mgmt
                                                                                   VI.
                               Vote  Recommendation        We   commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the company's  plans of 23 percent is above the
                               allowable cap for this company of 13 percent.
                    3       Amend Articles/Bylaws/Charter-Non-Routine     For          For                 Mgmt
                                       Conclusion        We  believe  that  the  company's
                               current  strategic  alliance  with GSK has provided it with
                               the necessary funding to maintain operations.  Such funding
                               is  critical  as the  company  does  not  have  significant
                               revenues and has increasing  operating  losses and negative
                               operating cash flow. Since FY2004, the company's  operating
                               loss has  increased  from $106  million to $176  million in
                               FY2006.  More  importantly,  its cash flow from  operations
                               jumped  from a  negative  ($47.8)  million  in  FY2004 to a
                               negative  ($104.8)  million in FY2006 - suggesting a steady
                               need for external  financing.  Milestone  payments from GSK
                               seem to have  partially  funded  the high  cash  burn-rate.
                               According  to the proxy  statement,  through Dec. 31, 2006,
                               the company  received a total of $50 million in development
                               milestones   and  has  up  to  $445  million  in  remaining
                               milestones  payments  from GSK from its 2002 Beyond  Advair
                               collaboration   with   GSK.   Meanwhile,   under  the  2004
                               strategic  alliance  with GSK, the company has received $36
                               million in upfront and  milestone  payments as of Dec.  31,
                               2006.          Moreover,  we believe  that the put  options
                               are  unlikely  to be  exercised  given  that the  company's
                               current  stock price of $30.0 per share is greater than the
                               put price of $19.375 per share.  Even if the call option is
                               exercised,  shareholders  would  receive  premium  of  80.8
                               percent   (redemption   price  of  $54.25  per  share)  for
                               tendering the shares.  As such, given that GSK is obligated
                               to provide  financing  for the call and put  options,  that
                               the  proposed  amendment is necessary to enable the company
                               to issue  the  required  number  of shares to GSK under its
                               strategic  alliance  agreement,  and that the company needs
                               financing to fund  operations,  we  recommend  shareholders
                               vote FOR item 3.
                    4       Ratify Auditors                               For          For                 Mgmt


05/15/07 - A        Thermo Fisher Scientific Inc. *TMO*     883556102                          03/29/07                     900
                    1       Elect Director Marijn E. Dekkers              For          For                 Mgmt
                    2       Approve Qualified Employee Stock Purchase     For          For                 Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    3       Ratify Auditors                               For          For                 Mgmt


05/02/07 - A        Thomas & Betts Corp. *TNB*              884315102                          03/05/07                     900
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


12/05/06 - A        Thor Industries, Inc. *THO*             885160101                          10/18/06                     366
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Neil D. Chrisman --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider  Alan Siegel.  We  recommend  that
                               shareholders  WITHHOLD  votes from Alan Siegel for standing
                               as  an  affiliated   outsider  on  the   Compensation   and
                               Nominating  committees,  and for  failure  to  establish  a
                               majority independent board.
                    1.2     Elect Director Alan Siegel --- Withhold
                    1.3     Elect Director Geoffrey A. Thompson --- For
                    2       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 2.44 percent is within the  allowable cap for this
                               company of 7.83 percent. Additionally,  this plan expressly
                               forbids repricing without prior shareholder approval.


07/20/06 - A        Tidewater Inc. *TDW*                    886423102                          05/24/06                     480
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Arthur R. Carlson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jon C. Madonna --- For
                    1.3     Elect Director William C. O'Malley --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.83 percent is within the  allowable cap for this
                               company of 5.49 percent. Additionally,  this plan expressly
                               forbids repricing.


05/15/07 - A        TierOne Corp. *TONE*                    88650R108                          03/08/07                     200
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/18/07 - A        Time Warner Inc *TWX*                   887317105                          03/30/07                   6,180
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements.  As  such,  we  believe  that  this  proposal
                               warrants shareholder support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers'Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.
                    6       Company Specific- Adopt Simple Majority Vote  Against      For                 ShrHoldr
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority. As such, we support this proposal
                    7       Amend Articles/Bylaws/Charter -- Call         Against      For                 ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    8       Company-Specific- Stockholder Ratification    Against      Against             ShrHoldr
                            of Director Compensation, When a
                            Stockholder Rights Plan Has Been Adopted
                               As such,  ISS believes  that this proposal does not warrant
                               shareholder support.


06/13/07 - A        Tomkins plc                             890030208                          04/30/07                     217
                            Meeting for Holders of ADRs
                    1       RECEIVE THE DIRECTORS REPORT AND FINANCIAL    For          For                 Mgmt
                            STATEMENTS
                    2       APPROVE THE REMUNERATION COMMITTEE REPORT     For          For                 Mgmt
                    3       DECLARE A DIVIDEND                            For          For                 Mgmt
                    4       REAPPOINT MR. DAVID NEWLANDS                  For          For                 Mgmt
                    5       Ratify Auditors                               For          For                 Mgmt
                    6       AUTHORISE THE DIRECTORS TO DETERMINE THE      For          For                 Mgmt
                            INDEPENDENT AUDITORS REMUNERATION
                    7       AUTHORISE ALLOTMENT OF RELEVANT SECURITIES    For          For                 Mgmt
                    8       AUTHORISE DISAPPLICATION OF PRE-EMPTION       For          For                 Mgmt
                            RIGHTS
                    9       AUTHORISE PURCHASE OF OWN SHARES              For          For                 Mgmt
                    10      AUTHORISE ELECTRONIC COMMUNICATIONS WITH      For          For                 Mgmt
                            SHAREHOLDERS


03/29/07 - A/S      Toronto Dominion Bank *TD*              891160509                          02/13/07                      33
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Ernst & Young LLP as Auditors          For          For                 Mgmt
                    3       Amend Bylaw No. 1 Re: Aggregate               For          For                 Mgmt
                            Remuneration of Directors
                    4       Amend Bylaw No. 1 Re: Indemnity Provision     For          For                 Mgmt
                    5       Amend Stock Option Plans Re: Amendment        For          For                 Mgmt
                            Provision
                    6       Amend Stock Option Plans Re: Black-Out        For          For                 Mgmt
                            Provision
                    7       SP-Update Definition of Independent Director  Against      Against             ShrHoldr
                               Conclusion        ISS  agrees with the  proponent  that the
                               definition  of  director  independence  should  continue to
                               evolve. ISS believes that boards, or designated  committees
                               have the  responsibility  to review annually the board as a
                               whole,  including its  independence  from  management.  The
                               bank's Corporate  Governance Committee is comprised of five
                               independent directors.  Their mandate includes, among other
                               things,  an annual  review  of  director  independence.  In
                               addition,  we believe that the bank's  standards,  policies
                               and due  diligence  procedures  are designed to address the
                               issue raised by the proponent,  while giving the board some
                               discretion.   ISS  does  not  feel  that  this  shareholder
                               proposal warrants support.
                    8       SP-Report on Integration of Sustainability    Against      Against             ShrHoldr
                            Criteria in the Performance Assessment
                            Process
                               Conclusion        Given  the bank's  current  commitment to
                               sustainability  criteria and executive  performance and the
                               limits  to  existing  use of  sustainability  criteria,  we
                               recommend voting against this proposal.
                    9       SP-Disclose Information on Compensation       Against      Against             ShrHoldr
                            Consultant
                               Conclusion        ISS  recommends  that  shareholders  vote
                               against  this  proposal  because  the  bank in its 2005 and
                               2006  circulars has disclosed the name of its  compensation
                               consultant  along  with  a  narrative  description  of  its
                               mandate  and total  fees it  received  for the most  recent
                               fiscal  year  and  in  so  doing  has  exceeded  regulatory
                               reporting requirements.
                    10      SP-Senior Executive Compensation Be           Against      Against             ShrHoldr
                            Relative to Employees' Average Salary and
                            the Bank's Expenses and Financial Success
                               Conclusion        ISS  recommends  that  shareholders  vote
                               against  this  proposal  because of it  advocates  limiting
                               executive  compensation  which could be  inconsistent  with
                               rewarding    high-performing    executives.    The   bank's
                               compensation  philosophy  of aligning pay with  performance
                               contains  the implicit  understanding  that  executive  pay
                               must  also be  aligned  with  the  competitive  market  for
                               executive talent.
                    11      SP-Align Senior Executive Stock Option        Against      Against             ShrHoldr
                            Allocations to the Bank's Economic Value
                            Added
                               Conclusion        ISS  recommends  that  shareholders  vote
                               against   this   proposal   because   performance   drivers
                               currently   in   place   are   equally   valid   and   more
                               understandable  to  shareholders   than  EVA.   Performance
                               metrics  evolve  over time and the  independent  Management
                               Resources   Committee   is   best   able  to   review   its
                               compensation   practices  to  ensure  its  metrics  reflect
                               industry best practice.
                    12      SP-Increase the Number of Women Directors     Against      Against             ShrHoldr
                               Conclusion        While  ISS Canada  recognizes the lack of
                               meaningful  progress at  Canadian  companies  in  promoting
                               women in the  boardroom,  we have found that the largest of
                               the Canadian  banks are among the leaders  where this issue
                               is  concerned  and  therefore  believe  that there are many
                               more  appropriate  targets  for this type of  proposal.  On
                               balance  we  believe   that  TD's   commitment   to  gender
                               diversity  from the  executive  level on up to the board is
                               at the  very  least  adequate  if not  laudable.  TD has an
                               entirely   independent    nominating   committee   and   an
                               established   process   for   board   selection   based  on
                               predetermined  criteria  intended to fill needed  expertise
                               or skills to promote overall board effectiveness.  Based on
                               our  assessment  of  these  factors,  ISS  Canada  does not
                               support this proposal.
                    13      SP-Disclose Financial Statements of the       Against      Against             ShrHoldr
                            Bank Subsidiaries in the Annual Report
                               Conclusion        ISS  recommends  that  shareholders  vote
                               against  this  proposal  because the  disclosure  requested
                               would  incur a cost  to the  company  without  guaranteeing
                               either improved  shareholder  understanding  of the company
                               nor enhanced shareholder returns.
                    14      SP-Disclose Bank Participation in Hedge       Against      Against             ShrHoldr
                            Funds
                               Conclusion        Given   the  many  and  varied  types  of
                               transactions  entered into by the Bank in its normal day to
                               day business  activities,  ISS believes it would be onerous
                               to the point of unreasonable  for the Bank to disclose each
                               and  every  transaction  that may  directly  or  indirectly
                               involve  what might be defined  as a hedge  fund.  The Bank
                               has disclosed  comprehensive risk management  processes and
                               models  supported by  qualified  risk  professionals.  On a
                               larger scale, the concerns  expressed by the proponents and
                               the  examples  referred  to point to a  broader  regulatory
                               issue  which  regulators  in both  Canada and the U.S.  are
                               addressing. ISS therefore does not support this proposal.


06/22/07 - A        Toyota Motor Corp. *7203*               892331307                          03/30/07                   1,615
                            Meeting for Holders of ADR's
                    1       DISTRIBUTION OF DIVIDENDS FROM SURPLUS        For          For                 Mgmt
                    2       ELECTION OF 30 DIRECTORS                      For          For                 Mgmt
                    3       ELECTION OF 4 CORPORATE AUDITORS              For          For                 Mgmt
                    4       ELECTION OF ACCOUNTING AUDITOR                For          For                 Mgmt
                    5       ISSUE OF STOCK ACQUISITION RIGHTS WITHOUT     For          For                 Mgmt
                            CONSIDERATION TO DIRECTORS, MANAGING
                            OFFICERS AND EMPLOYEES, ETC. OF TOYOTA
                            MOTOR CORPORATION AND ITS AFFILIATES
                    6       ACQUISITION OF OWN SHARES                     For          For                 Mgmt
                    7       AWARD OF BONUS PAYMENTS TO RETIRING           For          Against             Mgmt
                            CORPORATE AUDITORS
                               As  we   believe   the   payment   of   such   bonuses   to
                               non-executives,  at the  discretion of the  insiders,  is a
                               highly   inappropriate   practice   anywhere,   we  see  no
                               alternative but to recommend opposing this item.
                    8       PAYMENT OF EXECUTIVE BONUSES                  For          For                 Mgmt


12/18/06 - S        Trammell Crow Co.                       89288R106                          11/10/06                      22
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                 Mgmt
                               Given   that   ISS  is   supportive   of   the   underlying
                               transaction,  we support the narrowly  crafted  proposal to
                               adjourn  the   meeting   for  the  purpose  of   soliciting
                               additional votes.


05/17/07 - A        Triad Guaranty Inc. *TGIC*              895925105                          03/30/07                     472
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/08/07 - A        Trustmark Corp. *TRMK*                  898402102                          03/12/07                     390
                    1       Elect Directors                               For          For                 Mgmt


04/18/07 - A        UBS AG                                  H89231338                          03/16/07                   4,038
                            Meeting for ADR Holders
                    1       ANNUAL REPORT, GROUP AND PARENT COMPANY       For          For                 Mgmt
                            ACCOUNTS FOR FINANCIAL YEAR 2006, REPORTS
                            OF THE GROUP AND STATUTORY AUDITORS
                    2       APPROPRIATION OF RETAINED EARNINGS DIVIDEND   For          For                 Mgmt
                            FOR FINANCIAL YEAR 2006
                    3       DISCHARGE OF THE MEMBERS OF THE BOARD OF      For          For                 Mgmt
                            DIRECTORS AND THE GROUP EXECUTIVE BOARD
                    4       RE-ELECTION OF BOARD MEMBER: STEPHAN          For          For                 Mgmt
                            HAERINGER
                    5       RE-ELECTION OF BOARD MEMBER: HELMUT PANKE     For          For                 Mgmt
                    6       RE-ELECTION OF BOARD MEMBER: PETER SPUHLER    For          For                 Mgmt
                    7       ELECTION OF NEW BOARD MEMBER: SERGIO          For          For                 Mgmt
                            MARCHIONNE
                    8       ELECTION OF THE GROUP AND STATUTORY AUDITORS  For          For                 Mgmt
                    9       CAPITAL REDUCTION: CANCELLATION OF SHARES     For          For                 Mgmt
                            REPURCHASED UNDER THE 2006/2007 SHARE
                            BUYBACK PROGRAM AND RESPECTIVE AMENDMENT OF
                            ARTICLE 4 PARA 1 OF THE ARTICLES OF
                            ASSOCIATION
                    10      CAPITAL REDUCTION: APPROVAL OF A NEW SHARE    For          For                 Mgmt
                            BUYBACK PROGRAM FOR 2007-2010
                    11      IN CASE OF AD-HOC SHAREHOLDERS MOTIONS        For          Against             Mgmt
                            DURING THE ANNUAL GENERAL MEETING, I/WE
                            AUTHORIZE MY/OUR PROXY TO ACT IN ACCORDANCE
                            WITH THE BOARD OF DIRECTORS
                               Please  note that this is a  non-voting  item.  However ADP
                               view this as a voting  item.  So we have no  choice  but to
                               vote against this proposal.


05/09/07 - A        United Stationers Inc. *USTR*           913004107                          03/12/07                     690
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/11/07 - A        United Technologies Corp. *UTX*         913017109                          02/13/07                   7,844
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Louis R. Chenevert --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director George David --- For
                    1.3     Elect Director John V. Faraci --- For
                    1.4     Elect Director Jean-Pierre Garnier --- For
                    1.5     Elect Director Jamie S. Gorelick --- For
                    1.6     Elect Director Charles R. Lee --- For
                    1.7     Elect Director Richard D. Mccormick --- For
                    1.8     Elect Director Harold Mcgraw III --- For
                    1.9     Elect Director Richard B. Myers --- For
                    1.10    Elect Director Frank P. Popoff --- For
                    1.11    Elect Director H. Patrick Swygert --- For
                    1.12    Elect Director Andre Villeneuve --- For
                    1.13    Elect Director H.A. Wagner --- For
                    1.14    Elect Director Christine Todd Whitman ---
                            For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Establish Term Limits for Directors           Against      Against             ShrHoldr
                               Under   an   effective    corporate    governance   system,
                               shareholders  have the right to express  their  preferences
                               each year by voting on  directors  at the  annual  meeting.
                               Thus,  shareholders can remove or reelect directors as they
                               see fit.
                    4       Report on Foreign Military Sales              Against      Against             ShrHoldr
                               Conclusion        ISS   notes  that   United   Technologies
                               already  discloses  some  information on these matters both
                               through  public  filings  and  on  the  company's  website.
                               Topics  addressed in these  forums  include  disclosure  on
                               certain   company   policies   related  to  export  control
                               compliance,  government  contract bidding,  and appropriate
                               financial   information  on  military  or  weapons  related
                               programs.  Additionally,  the federal  government  agencies
                               tasked with evaluating  these transfer  agreements  already
                               provide  substantial  regulatory  oversight and enforcement
                               regarding the foreign sale of weapons-related  products and
                               services.  Finally,  while we note that the proponents have
                               stated  that  the  company   should  omit   proprietary  or
                               classified  information  from the report,  we believe  that
                               detailed  disclosure  into the company's  contract  bidding
                               and market promotion  strategies may negatively  impact the
                               company  by  providing  insight  to  industry   competitors
                               without  providing  additional  meaningful  information  to
                               shareholders.  As such,  ISS believes that the  combination
                               of federal  regulation,  the current level of disclosure by
                               United Technologies,  and the necessity to limit disclosure
                               where it could affect the company's  competitive  advantage
                               outweigh the  potential  benefits  that may be derived from
                               this proposal.
                    5       Report on Political Contributions             Against      Against             ShrHoldr
                               Conclusion        ISS   agrees  with  the  proponent   that
                               companies should provide clear  information to shareholders
                               on their  public  policy  initiatives,  as these may impact
                               the  company's  ability  to  operate  effectively  in  some
                               highly  regulated  industries  and could expose the company
                               to  negative   publicity  or  costly   litigation  if  such
                               contributions  are  poorly  managed.  That  said,  based on
                               United  Technologies'  existing disclosure on public policy
                               activities  and  trade  association  costs,  as well as its
                               public  commitment to expand  disclosure on company and PAC
                               contributions  this year, ISS does not believe  shareholder
                               support for the resolution is necessary at this time.
                    6       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    7       Pay For Superior Performance                  Against      For                 ShrHoldr
                               Conclusion        While  the company's annual bonus program
                               is  performance-based  with clearly disclosed hurdle rates,
                               the  long-term   incentive  program  is  not  substantially
                               performance-based under current ISS guidelines.  We commend
                               the company for  disclosing  specific  target rates for EPS
                               and TSR for PSUs granted under the long-term  program.  The
                               company   maintains   that   it   has   increased   use  of
                               performance-based  compensation  to greater than 50 percent
                               of the value of annual  long-term  incentive  awards if the
                               total  value  of the PSUs to SARs is  taken  into  account.
                               However,  per ISS'  valuation  of the  performance  mix, we
                               compared  the  actual  number  of shares  (PSUs  vs.  SARs)
                               granted in the past fiscal  year and only13  percent of the
                               equity awards granted to named executive  officers over the
                               past  year  have been  performance-based  according  to our
                               guidelines.   ISS  calculates  the  performance  mix  using
                               shares  rather  than in dollars  because  values can change
                               over time and with different  modeling  assumptions,  among
                               other  things.  Therefore,  ISS believes  that  shareholder
                               support of the  proposal  is  warranted.  Accordingly,  ISS
                               believes  that  shareholder  support  for this  proposal is
                               warranted.


05/29/07 - A        UnitedHealth Group Incorporated *UNH*   91324P102                          04/09/07                   2,736
                    1       Elect Directors                               For          For                 Mgmt
                    2       Company Specific--Majority Vote for the       For          For                 Mgmt
                            Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               voting standard in uncontested elections,  with a carve out
                               for  plurality  in contested  election and a  post-election
                               director resignation policy.
                    3       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Reduce Supermajority Vote Requirement for     For          For                 Mgmt
                            Removal of Directors
                               ISS supports this proposal.
                    5       Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS supports this proposal.
                    6       Amend Articles-Make Stylistic, Clarifying     For          For                 Mgmt
                            and Conforming Changes
                               Given  that  approval  of this  item will  incorporate  the
                               amendments  in  Items  2-5  which  we  support,  this  item
                               warrants shareholder support.
                    7       Ratify Auditors                               For          For                 Mgmt
                    8       Performance-Based and/or Time-Based Equity    Against      For                 ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive,  we believe this
                               item warrants shareholder support.
                    9       Establish SERP Policy                         Against      For                 ShrHoldr
                               In this case,  the company  capped  supplemental  executive
                               retirement  plan benefits  payable to the CEO at the amount
                               vested and accrued as of May 1, 2006.  Other  current named
                               executive  officers  do  not  have  supplemental  executive
                               retirement   plan  benefits  and,  with  the  exception  of
                               pre-existing   supplemental   executive   retirement   plan
                               obligations  that the  company  may  assume  as a result of
                               acquisitions,   the   company  no  longer   provides   such
                               benefits.  However,  the  company  is  not  precluded  from
                               entering  into a new SERP  agreement  with a new  executive
                               hire that  includes  base  salary and bonus.  Further,  the
                               company  has  not  adopted  a  SERP  policy  that  excludes
                               variable   compensation.   As  such,   this  item  warrants
                               shareholder support.
                    10      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    11      Equal Access to the Proxy for Purpose of      Against      For                 ShrHoldr
                            Electing a Director
                               Conclusion and Vote  Recommendation        Proxy  access is
                               a  tool  that  will  enable   investors  to  fulfill  their
                               ownership    responsibilities    while    improving   board
                               accountability.  We believe that this proxy access proposal
                               allows   significant   shareholders   an   opportunity   to
                               participate in the nomination  process,  while safeguarding
                               the  process,   the  board,   and  the   interests  of  all
                               shareholders.  ISS  believes  that  support for this ballot
                               access proposal  represents a significant and positive step
                               in the director election  process.  The reform is needed to
                               right a steeply  tilted  playing field on which  management
                               and board incumbents  dominate the election  process.  This
                               proposal  affords  shareholders  an  opportunity  to effect
                               reforms   on  the   nomination   process.   Based   on  the
                               fundamental  need  for  a  more  effective  and  meaningful
                               director   election   process   and  given   the   adequate
                               provisions  of this  proposal,  we believe that support for
                               this resolution is warranted.


03/08/07 - A        Urstadt Biddle Properties Inc *UBP*     917286205                          01/23/07                     380
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


05/01/07 - A        UST Inc. *UST*                          902911106                          03/08/07                   2,343
                    1       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    2       Elect Directors                               For          For                 Mgmt
                    3       Ratify Auditors                               For          For                 Mgmt


01/04/07 - A        Vail Resorts, Inc. *MTN*                91879Q109                          11/06/06                     973
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.41 percent is within the  allowable cap for this
                               company   of  11.73   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt
                    4       Other Business                                For          Against             Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


04/26/07 - A        Valero Energy Corp. *VLO*               91913Y100                          03/01/07                   5,615
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Ruben M. Escobedo --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Bob Marbut.  We  recommend  that
                               shareholders  WITHHOLD votes from Bob Marbut for sitting on
                               more than three boards.
                    1.2     Elect Director Bob Marbut --- Withhold
                    1.3     Elect Director Robert A. Profusek --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                 ShrHoldr
                            Directors
                               While  the  company  has  adopted  a  director  resignation
                               policy,  we believe that the majority  vote  standard  with
                               the director  resignation  policy and a plurality  standard
                               for   contested   elections  is  the   benchmark  to  which
                               companies should strive.
                    4       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    5       Establish SERP Policy                         Against      For                 ShrHoldr
                               Conclusion        ISS  recommends shareholders support this
                               proposal  as the  inclusion  of  variable  compensation  or
                               other  enhancements  under  SERP  provisions  significantly
                               drives up the cost of such  plans,  a cost that is absorbed
                               by the company and its shareholders.


06/04/07 - A        VCA Antech, Inc. *WOOF*                 918194101                          04/16/07                   1,300
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/16/07 - A        Ventas, Inc. *VTR*                      92276F100                          03/19/07                   2,305
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Increase Authorized Common Stock              For          For                 Mgmt
                               The requested  increase of 120,000,000  shares is below the
                               allowable threshold of 207,000,000 shares.
                    4       Amend Stock Ownership Limitations             For          For                 Mgmt
                               We believe that some of the  clarifications  being included
                               in the  amendment  are  positive to protect  the  company's
                               REIT  status.   However,  we  believe  that  the  ownership
                               restrictions  should  allow a level  playing  field for all
                               shareholders,  and that  granting the power to the board to
                               grant  exceptions to the  constructive  ownership  limit is
                               not in the best interest of shareholders.


05/03/07 - A        Verizon Communications *VZ*             92343V104                          03/05/07                   8,823
                    1       Elect Director James R. Barker                For          For                 Mgmt
                               While ISS  recognizes  that  Verizon had some pay issues in
                               2005 and that it should do a better  job with the design of
                               the short-term and long-term incentive programs,  we do not
                               believe that AGAINST vote  recommendations are warranted at
                               this  time.   Particularly,   the  company's  one-year  and
                               three-year total shareholder  returns have outperformed the
                               S&P 500 index and that Mr.  Seidenberg's  2006 pay  package
                               is not  excessively  out of line  with the peer  companies.
                               Going  forward,   ISS  will  monitor  the  actions  of  the
                               compensation   committee.  At  this  time,  ISS  urges  the
                               compensation  committee  to redesign  the  programs so that
                               achieving  target  performance  level results in target and
                               not above  target  payouts.  Further,  if the  compensation
                               committee  were to exercise its  discretion to increase Mr.
                               Seidenberg's  actual PSUs payouts, it would need to provide
                               complete  disclosure and justification so that shareholders
                               are provided with  sufficient  insight to the high payouts.
                               The lack of a solid  rationale  may  result  in a  withhold
                               vote from  members  of the  compensation  committee  in the
                               future.   Included  in  this   annual   meeting  are  three
                               compensation-related  shareholder  proposals  sponsored  by
                               the unions which ISS will be supporting.
                    2       Elect Director Richard L. Carrion             For          For                 Mgmt
                    3       Elect Director M. Frances Keeth               For          For                 Mgmt
                    4       Elect Director Robert W. Lane                 For          For                 Mgmt
                    5       Elect Director Sandra O. Moose                For          For                 Mgmt
                    6       Elect Director Joseph Neubauer                For          For                 Mgmt
                    7       Elect Director Donald T. Nicolaisen           For          For                 Mgmt
                    8       Elect Director Thomas H. O'Brien              For          For                 Mgmt
                    9       Elect Director Clarence Otis, Jr.             For          For                 Mgmt
                    10      Elect Director Hugh B. Price                  For          For                 Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                 Mgmt
                    12      Elect Director Walter V. Shipley              For          For                 Mgmt
                    13      Elect Director John W. Snow                   For          For                 Mgmt
                    14      Elect Director John R. Stafford               For          For                 Mgmt
                    15      Elect Director Robert D. Storey               For          For                 Mgmt
                    16      Ratify Auditors                               For          For                 Mgmt
                    17      Limit Executive Compensation                  Against      Against             ShrHoldr
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               the company's  outstanding  plans forbids repricing without
                               shareholder  proposal.  As such,  ISS  does  not  recommend
                               shareholder support for the resolution.
                    18      Eliminate or Restrict Severance Agreements    Against      For                 ShrHoldr
                            (Change-in-Control)
                               ISS  believes   that  the   exclusion   of  tax   gross-ups
                               associated   with   severance   benefits,   the   value  of
                               accelerated  vesting  of  outstanding  equity  compensation
                               awards  and  others can  amount to  significant  value.  By
                               excluding   these  benefits  from  the  company's   policy,
                               shareholders   are  unable  to  voice   their   opinion  on
                               overly-generous   severance   benefits.    Therefore,   ISS
                               believes this proposal warrants support.
                    19      Disclose Information on Compensation          Against      For                 ShrHoldr
                            Consultant
                               Based  on the  above  disclosure,  ISS  believes  that  the
                               company has not adequately met the proponent's request.
                    20      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officer's Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    21      Adopt Policy on Overboarded Director          Against      Against             ShrHoldr
                               ISS  notes   that  the   company's   Corporate   Governance
                               Guidelines  with  respect to the  number of public  company
                               boards  that a  director  can  sit on  conforms  with  ISS'
                               standards.  The proposal is slightly  more  restrictive  in
                               which  directors  can only  serve  on the  board of no more
                               than two  other  for-profit  corporations,  if he or she is
                               employed  full-time.  At this  time,  ISS does not  support
                               this proposal due to its restrictive nature.
                    22      Approve Terms of Existing Poison Pill         Against      Against             ShrHoldr
                               In this  case,  we note  that the  company  has  adopted  a
                               formal   policy   regarding   the   adoption   of  a  pill.
                               Specifically,  the  board  will  not  adopt  a  shareholder
                               rights plan without prior  shareholder  approval or present
                               the plan to  shareholders  for their  approval  within  one
                               year of adopting  the plan.  If the plan is not approved by
                               shareholders,  it will  expire one year from the date it is
                               adopted  and  cannot  be  renewed  or  replaced.  Any  plan
                               adopted  by  the  board   must  also   contain  a  "sunset"
                               provision,   providing  that  shareholders  will  have  the
                               opportunity  to ratify or reject the plan every three years
                               following  the date of initial  shareholder  approval.  ISS
                               does not believe a bylaw  change is  necessary at this time
                               since the company has established a policy.  Therefore, ISS
                               does not support this proposal.
                    23      Report on Charitable Contributions            Against      Against             ShrHoldr
                               In this case, we note that Verizon  discloses a significant
                               amount of the  information  requested  by the  proponent on
                               its corporate  website.  Included in this  information  are
                               disclosure of the  Foundation's  contributions  and a broad
                               discussion   of  the  company's   charitable   contribution
                               policies and programs.  Further,  discussion on the website
                               describes the  initiatives  that the company is involved in
                               as   well   as   its   broad   rationale   for   charitable
                               contributions.  Therefore,  based on the existing  level of
                               disclosure,  ISS does not recommend shareholder support for
                               the resolution at this time.


07/25/06 - S        Vodafone Group plc                      92857W100                          06/13/06                   8,584
                            Meeting for Holders of ADRs
                    1       TO APPROVE THE RETURN OF CAPITAL BY WAY OF    For          For                 Mgmt
                            A B SHARE SCHEME AND SHARE CONSOLIDATION
                            AND THE CONSEQUENTIAL AMENDMENT TO THE
                            ARTICLES OF ASSOCIATION
                               Please note that this item is for the EGM agenda.
                    2       TO RECEIVE THE REPORT OF THE DIRECTORS AND    For          For                 Mgmt
                            FINANCIAL STATEMENTS
                    3       Elect Directors                               For          For                 Mgmt
                    4       TO APPROVE A FINAL DIVIDEND OF 3.87P PER      For          For                 Mgmt
                            ORDINARY SHARE
                    5       TO APPROVE THE REMUNERATION REPORT            For          For                 Mgmt
                    6       Ratify Auditors                               For          For                 Mgmt
                    7       TO AUTHORISE THE AUDIT COMMITTEE TO           For          For                 Mgmt
                            DETERMINE THE REMUNERATION OF THE AUDITORS
                    8       TO ADOPT NEW ARTICLES OF ASSOCIATION +        For          For                 Mgmt
                    9       TO AUTHORISE DONATIONS UNDER THE POLITICAL    For          For                 Mgmt
                            PARTIES, ELECTIONS AND REFERENDUMS ACT 2000
                    10      TO RENEW AUTHORITY TO ALLOT SHARES UNDER      For          For                 Mgmt
                            ARTICLE 16.2 OF THE COMPANY S ARTICLES OF
                            ASSOCIATION
                    11      TO RENEW AUTHORITY TO DISAPPLY PRE-EMPTION    For          For                 Mgmt
                            RIGHTS UNDER ARTICLE 16.3 OF THE COMPANY S
                            ARTICLES OF ASSOCIATION +
                    12      TO AUTHORISE THE COMPANY S PURCHASE OF ITS    For          For                 Mgmt
                            OWN SHARES (SECTION 166, COMPANIES ACT
                            1985) +


05/15/07 - A        W & T OFFSHORE INC *WTI*                92922P106                          04/04/07                     918
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Tracy W. Krohn --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  insider  Tracy  W.  Krohn,  and  affiliated   outsiders
                               Virginia  Boulet and Jerome F.  Freel.  We  recommend  that
                               shareholders   WITHHOLD  votes  from  Tracy  W.  Krohn  for
                               standing as an insider on the Nominating  Committee and for
                               failure to establish a majority  independent board. We also
                               recommend  that  shareholders  WITHHOLD votes from Virginia
                               Boulet  and  Jerome F.  Freel for  standing  as  affiliated
                               outsiders on the  Nominating  Committee  and for failure to
                               establish a majority independent board.
                    1.2     Elect Director J.F. Freel --- Withhold
                    1.3     Elect Director Stuart B. Katz --- For
                    1.4     Elect Director Robert I. Israel --- For
                    1.5     Elect Director Virginia Boulet --- Withhold
                    1.6     Elect Director S. James Nelson, Jr. --- For


05/08/07 - A        W. R. Berkley Corp. *BER*               084423102                          03/19/07                   4,263
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


08/31/06 - S        Wachovia Corp. *WB*                     929903102                          07/11/06                   5,987
                    1       Issue Shares in Connection with an            For          For                 Mgmt
                            Acquisition
                               Based  on  our  review   and  terms  of  the   transaction,
                               particularly   the   strategic   fit,  we  recommend   that
                               shareholders support the proposed issuance of shares.
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.69 percent is within the  allowable cap for this
                               company of 5.79 percent. Additionally,  this plan expressly
                               forbids  repricing.  Although Wachovia failed the burn-rate
                               test,  the board commits that for fiscal years 2007 through
                               2009,  the average  run-rate for new grants will not exceed
                               2.46 percent of common shares outstanding.


08/31/06 - S        Wachovia Corp. *WB*                     929903RKH                          07/11/06                     320
                    1       Issue Shares in Connection with an            For          For                 Mgmt
                            Acquisition
                               Based  on  our  review   and  terms  of  the   transaction,
                               particularly   the   strategic   fit,  we  recommend   that
                               shareholders support the proposed issuance of shares.
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.69 percent is within the  allowable cap for this
                               company of 5.79 percent. Additionally,  this plan expressly
                               forbids  repricing.  Although Wachovia failed the burn-rate
                               test,  the board commits that for fiscal years 2007 through
                               2009,  the average  run-rate for new grants will not exceed
                               2.46 percent of common shares outstanding.


04/17/07 - A        Wachovia Corp. *WB*                     929903102                          02/12/07                   6,537
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Ernest S. Rady --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jerry Gitt --- For
                    1.3     Elect Director John T. Casteen, III --- For
                    1.4     Elect Director Maryellen C. Herringer ---
                            For
                    1.5     Elect Director Joseph Neubauer --- For
                    1.6     Elect Director Timothy D. Proctor --- For
                    1.7     Elect Director Van L. Richey --- For
                    1.8     Elect Director Dona Davis Young --- For
                    2       Declassify the Board of Directors             For          For                 Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Company Specific--Provide for Majority        For          For                 Mgmt
                            Voting
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               ISS commends  management for submitting  this proposal that
                               demonstrates   the  board's   commitment  to  shareholders'
                               interests.
                    4       Ratify Auditors                               For          For                 Mgmt
                    5       Approve Report of the Compensation Committee  Against      For                 ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Require Director Nominee Qualifications       Against      Against             ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus on fiduciary duty among  Wachovia board members,  ISS
                               does not believe that  adoption of the proposed  guidelines
                               would add additional value to shareholders at this time.
                    7       Report on Political Contributions             Against      Against             ShrHoldr
                               In the  case  of  Wachovia,  ISS  notes  that  the  company
                               discusses   political   contributions   both  in  a  policy
                               statement  and in the corporate  Code of Ethics  located on
                               the  company   website.   These   policies  do  not  appear
                               inconsistent   with   industry    standards   or   existing
                               regulatory  requirements on this issue.  Wachovia's  policy
                               statement  does not outline the criteria used in evaluating
                               political  contributions;  however,  it does clearly  state
                               that the company does not  contribute  any corporate  funds
                               to political  organizations  (including 527s), and that all
                               contributions   and  political   activities  are  conducted
                               through   voluntary,   employee-sponsored   PACs.   Further
                               disclosure  includes  information on the  departments  that
                               are  accountable  for overseeing  political  activity,  and
                               annual  director-level audit process.  Finally, the company
                               does  not  appear  to  be  the   subject  of  any   recent,
                               significant  controversy,  fines,  or litigation  resulting
                               from  political  action  or  contributions  from  it or its
                               employee  sponsored  PACs.  Therefore,  while we agree with
                               the  proponents  that  data  on  every  type  of  political
                               contribution may not be easily accessed,  it is our opinion
                               that    information    provided   by   Wachovia    provides
                               shareholders  with  sufficient  insight into the  company's
                               policies  and   controls.   Furthermore,   company   policy
                               prohibits   the  use  of  corporate   funds  for  political
                               contributions.   Therefore,   ISS  does  not  believe  that
                               additional  reporting  on this matter is  warranted at this
                               time.
                    8       Separate Chairman and CEO Positions           Against      Against             ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.


06/01/07 - A        Wal-Mart Stores, Inc. *WMT*             931142103                          04/05/07                   6,021
                    1       Elect Director Aida M. Alvarez                For          For                 Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider Jack C.  Shewmaker.  We recommend
                               shareholders   vote   AGAINST   Mr.   Shewmaker   for  poor
                               attendance.
                    2       Elect Director James W. Breyer                For          For                 Mgmt
                    3       Elect Director M. Michele Burns               For          For                 Mgmt
                    4       Elect Director James I. Cash, Jr.             For          For                 Mgmt
                    5       Elect Director Roger C. Corbett               For          For                 Mgmt
                    6       Elect Director Douglas N. Daft                For          For                 Mgmt
                    7       Elect Director David D. Glass                 For          For                 Mgmt
                    8       Elect Director Roland A. Hernandez            For          For                 Mgmt
                    9       Elect Director Allen I. Questrom              For          For                 Mgmt
                    10      Elect Director H. Lee Scott, Jr.              For          For                 Mgmt
                    11      Elect Director Jack C. Shewmaker              For          Against             Mgmt
                    12      Elect Director Jim C. Walton                  For          For                 Mgmt
                    13      Elect Director S. Robson Walton               For          For                 Mgmt
                    14      Elect Director Christopher J. Williams        For          For                 Mgmt
                    15      Elect Director Linda S. Wolf                  For          For                 Mgmt
                    16      Ratify Auditors                               For          For                 Mgmt
                    17      Report on Charitable Contributions            Against      Against             ShrHoldr
                               Based on the company's  existing level of disclosure on its
                               charitable contributions and related policy guidelines,  we
                               do not believe that shareholder  support for the resolution
                               is warranted at this time.
                    18      Report on Healthcare Policies                 Against      Against             ShrHoldr
                               We agree  with the  proponents  that  healthcare  costs can
                               have  a  significant   impact  on  a  company's   financial
                               stability,  productivity,  and  competitive  position,  and
                               that  shareholders   should  be  informed  of  a  company's
                               exposure  to these  costs and  policies to limit the impact
                               on  the  company's  success.  However,  in  this  case,  we
                               believe that  information  provided by the  company,  while
                               not   comprehensive,   does   provide   shareholders   with
                               substantial  disclosure  on  the  general  implications  of
                               rising  healthcare  costs, how it is positioning  itself to
                               address this policy issue,  and its aim to improve coverage
                               by  not   compromise   the   healthcare   benefits  of  its
                               employees.  Therefore,  ISS recommends  shareholders oppose
                               this resolution.
                    19      Pay For Superior Performance                  Against      For                 ShrHoldr
                               While  we  recognize  that a large  portion  of  Wal-Mart's
                               annual  and  long-term   programs  for  senior   executives
                               executive    is    contingent    upon     achievement    of
                               pre-established  performance criteria, the company fails to
                               provide rationale for the discretionary  increase in annual
                               bonus,  up to a doubled  amount.  This  lack of  disclosure
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes that this proposal warrants shareholder support.
                    20      Report on Equity Compensation by Race and     Against      For                 ShrHoldr
                            Gender
                               Given  the  nature  and  potentially  significant  cost  of
                               current  litigation  regarding  this issue at Wal-Mart,  we
                               believe that  shareholder  support for this  resolution  is
                               warranted.
                    21      Report on Pay Disparity                       Against      Against             ShrHoldr
                               Although ISS typically  supports  proposals  which increase
                               the  level  of   disclosure  on  topics  of  importance  to
                               shareholders  and  support  performance-based  compensation
                               for executives,  the system  suggested in this  shareholder
                               proposal  suggests  reporting  on  salary  comparisons  and
                               evaluating  overall  compensation  thresholds that may have
                               limited utility for shareholders.  Therefore,  based on the
                               limited  utility  or  arbitrary   nature  of  the  detailed
                               information  requested by the report,  we do not  recommend
                               shareholder support for this resolution.
                    22      Prepare Business Social Responsibility        Against      Against             ShrHoldr
                            Report
                               Therefore,  ISS urges the  company to  continue to evaluate
                               its  strategies  related to legal and public  policy issues
                               that  can   impact   the   company's   ability  to  operate
                               efficiently  and  profitably;  however,  based on the broad
                               nature of the  information  requested by the proponent,  we
                               question   the    feasibility   and   ultimate   value   to
                               shareholders  of complying with this proposal.  As such, we
                               recommend that shareholders oppose the resolution.
                    23      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    24      Report on Political Contributions             Against      For                 ShrHoldr
                               ISS notes that  Wal-Mart  has  provided  shareholders  with
                               some  information to assess the company's  general policies
                               and   approval   mechanisms   relating  to  its   political
                               contributions.  We are concerned  that there is no detailed
                               information  available about  Wal-Mart's  policy  processes
                               for its  accountability  for  corporate  contributions,  or
                               more  detailed   information  on  the  company's  rationale
                               behind  these  contributions.  We are also  concerned  that
                               shareholders  lack  information  relating  to the  type  of
                               organizations  or  candidates  that the company may support
                               and information about its trade association spending.  Such
                               disclosure  could assist  shareholders in their  assessment
                               of the risks and  benefits  associated  with public  policy
                               activities    through   political    activity   and   trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes that
                               this proposal warrants stockholder support.
                    25      Report on Social and Reputation Impact of     Against      Against             ShrHoldr
                            Failure to Comply with ILO Conventions
                               Therefore,  ISS believes that  Wal-Mart  could benefit from
                               developing  an  enhanced  compliance  monitoring  system to
                               safeguard the company against  workplace  violations of its
                               Statement of Ethics, and more complete  disclosure of these
                               policies  in a  manner  similar  to its  existing  Supplier
                               Standards monitoring and reporting system.  However, ISS is
                               concerned by the scope of this  resolution,  in  particular
                               at  it  relates  to  publicly   disclosing   the  perceived
                               reputational   impact  of  reported   and  known  cases  of
                               management non-compliance with ILO conventions.  We believe
                               that the disclosing  information relating to reported cases
                               of human rights  non-compliance  may be premature,  pending
                               internal  investigation  by the  company's  Ethics  Office.
                               Further,  disclosing such information  relating to on-going
                               workplace  related  litigation may not be appropriate given
                               the ongoing  status of legal  proceedings or may jeopardize
                               the company's  ability to effectively  represent itself. As
                               such,  ISS does not  believe  the  proposal  in its current
                               form warrants shareholder support.
                    26      Restore or Provide for Cumulative Voting      Against      For                 ShrHoldr
                               In this  case,  the  company  fails to meet  certain of the
                               aforementioned   corporate   governance   and   performance
                               criteria.  Specifically,  the board may unilaterally  alter
                               the size of the board  and the  company  underperforms  the
                               index  and  peers  in  both   one-  and   three-year   TSR.
                               Accordingly, the proposal warrants shareholder support.
                    27      Require Director Nominee Qualifications       Against      Against             ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus on fiduciary duty among  Wal-Mart board members,  ISS
                               does not believe that  adoption of the proposed  guidelines
                               would add additional value to shareholders at this time.


01/10/07 - A        Walgreen Co. *WAG*                      931422109                          11/13/06                   7,241
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   V.
                               Vote  RecommendationThe  total cost of the company's  plans
                               of 4.46  percent  is  within  the  allowable  cap for  this
                               company of 5.45 percent.


12/12/06 - S        Warrior Energy Services Corp            936258102                          10/31/06                     460
                    1       Approve Merger Agreement                      For          For                 Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.


05/17/07 - A        Washington Real Estate Investment       939653101                          03/14/07                     540
                    Trust *WRE*
                    1       Elect Directors                               For          For                 Mgmt
                    2       Authorize New Class of Preferred Stock        For          For                 Mgmt
                               The company states that  preferred  shares will not be used
                               for    anti-takeover    purposes,    unless   approved   by
                               shareholders.  As such,  ISS recommends  that  shareholders
                               vote FOR the proposal.
                    3       Approve Omnibus Stock Plan                    For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.


05/25/07 - A        Watsco, Inc. *WSO.B*                    942622200                          04/10/07                     270
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Robert L. Berner III --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Gary L. Tapella.  We recommend that
                               shareholders  WITHHOLD  votes  from  Gary  L.  Tapella  for
                               standing  as  an  affiliated  outsider  on  the  Nominating
                               Committee.
                    1.2     Elect Director Denise Dickins --- For
                    1.3     Elect Director Gary L. Tapella --- Withhold
                    2       Amend Qualified Employee Stock Purchase Plan  For          For                 Mgmt
                               ISS  approves of this item because 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.


12/12/06 - A        Wd-40 Company *WDFC*                    929236107                          10/17/06                     139
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        Webster Financial Corp. *WBS*           947890109                          02/22/07                   1,510
                    1       Elect Directors                               For          For                 Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this   company  of  6  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                 Mgmt


05/16/07 - A        Wellpoint Inc *WLP*                     94973V107                          03/15/07                   3,600
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Sheila P. Burke --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Victor S. Liss --- For
                    1.3     Elect Director Jane G. Pisano, Ph.D. --- For
                    1.4     Elect Director George A. Schaefer, Jr. ---
                            For
                    1.5     Elect Director Jackie M. Ward --- For
                    1.6     Elect Director John E. Zuccotti --- For
                    2       Company Specific--Approve Majority Voting     For          For                 Mgmt
                            for the Non- Contested Election of Directors
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    3       Ratify Auditors                               For          For                 Mgmt


04/24/07 - A        Wells Fargo & Company *WFC*             949746101                          03/06/07                  19,933
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director John S. Chen --- For
                               We recommend a vote FOR the directors  with the  exceptions
                               of Cynthia H. Milligan,  Philip J. Quigley, Donald B. Rice,
                               and Michael W. Wright. We recommend  shareholders  WITHHOLD
                               votes from  Cynthia H.  Milligan  and Philip J. Quigley for
                               standing as  affiliated  outsiders on the Audit  Committee;
                               Donald  B. Rice and  Michael  W.  Wright  for  standing  as
                               affiliated  outsiders on the  Compensation  Committee;  and
                               Cynthia H.  Milligan,  Philip J.  Quigley,  Donald B. Rice,
                               and Michael W. Wright for standing as affiliated  outsiders
                               on the Nominating Committee.
                    1.2     Elect Director Lloyd H. Dean --- For
                    1.3     Elect Director Susan E. Engel --- For
                    1.4     Elect Director Enrique Hernandez, Jr. ---
                            For
                    1.5     Elect Director Robert L. Joss --- For
                    1.6     Elect Director Richard M. Kovacevich --- For
                    1.7     Elect Director Richard D. McCormick --- For
                    1.8     Elect Director Cynthia H. Milligan ---
                            Against
                    1.9     Elect Director Nicholas G. Moore --- For
                    1.10    Elect Director Philip J. Quigley --- Against
                    1.11    Elect Director Donald B. Rice --- Against
                    1.12    Elect Director Judith M. Runstad --- For
                    1.13    Elect Director Stephen W. Sanger --- For
                    1.14    Elect Director Susan G. Swenson --- For
                    1.15    Elect Director John G. Stumpf --- For
                    1.16    Elect Director Michael W. Wright --- Against
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               Wells  Fargo  does  not  meet  all of the  criteria  in the
                               counterbalancing   structure  described  above.  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 separate  positions of chairman and
                               CEO.   Accordingly,   the  proposal  warrants   shareholder
                               support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Establish SERP Policy                         Against      For                 ShrHoldr
                               In this case,  the company  includes  more than only salary
                               in its SERP provisions.  ISS agrees with the proponent that
                               base  salary  is a  sufficient  basis  upon  which  to base
                               pension benefits to executives.
                    6       Report on Racial and Ethnic Disparities in    Against      Against             ShrHoldr
                            Loan Pricing
                               Therefore,  based  on  concerns  over the  utility  of this
                               information to shareholders,  and information  available on
                               the company's  website that  addresses some of the concerns
                               set  forth  in  the  proposal,   we  do  not  believe  that
                               shareholder support for this resolution is warranted.
                    7       Report on Emission Reduction Goals            Against      For                 ShrHoldr
                               Therefore,   based   on   the   potential   strategic   and
                               reputational    value   that   performing   the   requested
                               assessments  and  establishing   appropriate  policies  may
                               create for the  company and its  shareholders,  the limited
                               cost and burden of  compliance,  and the apparent  industry
                               trends towards  addressing this issue,  ISS recommends that
                               shareholders support this resolution.


05/23/07 - A        Wesco International, Inc. *WCC*         95082P105                          04/09/07                   1,210
                    1       Elect Directors                               For          For                 Mgmt
                    1.1     Elect Director Sandra Beach Lin --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Robert J. Tarr Jr. We  recommend
                               that  shareholders  WITHHOLD  votes from Robert J. Tarr Jr.
                               for poor attendance.
                    1.2     Elect Director Robert J. Tarr, Jr. --- For
                    1.3     Elect Director Kenneth L. Way --- For
                    2       Ratify Auditors                               For          For                 Mgmt


02/06/07 - A        Western Digital Corp. *WDC*             958102105                          12/14/06                   2,075
                    1       Elect Director Matthew E. Massengill          For          For                 Mgmt
                    2       Elect Director Peter D. Behrendt              For          For                 Mgmt
                    3       Elect Director Kathleen A. Cote               For          For                 Mgmt
                    4       Elect Director John F. Coyne                  For          For                 Mgmt
                    5       Elect Director Henry T. Denero                For          For                 Mgmt
                    6       Elect Director William L. Kimsey              For          For                 Mgmt
                    7       Elect Director Michael D. Lambert             For          For                 Mgmt
                    8       Elect Director Roger H. Moore                 For          For                 Mgmt
                    9       Elect Director Thomas E. Pardun               For          For                 Mgmt
                    10      Elect Director Arif Shakeel                   For          For                 Mgmt
                    11      Ratify Auditors                               For          For                 Mgmt


05/30/07 - A        Wilshire Bancorp Inc *WIBC*             97186T108                          04/16/07                     390
                    1       Elect Directors                               For          For                 Mgmt


04/19/07 - A        Wolverine World Wide, Inc. *WWW*        978097103                          03/01/07                   1,256
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director Jeffrey M. Boromisa --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider David P. Mehney.  We recommend that
                               shareholders  WITHHOLD  votes  from  David  P.  Mehney  for
                               standing as an affiliated  outsider on the Compensation and
                               Nominating committees.
                    1.2     Elect Director David T. Kollat --- For
                    1.3     Elect Director David P. Mehney --- Withhold
                    1.4     Elect Director Timothy J. O'Donovan --- For
                    2       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                            (1-year)
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Amend Executive Incentive Bonus Plan          For          For                 Mgmt
                            (3-year)
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                 Mgmt


04/26/07 - A        WSFS Financial Corp. *WSFS*             929328102                          03/07/07                     152
                    1       Elect Directors                               For          For                 Mgmt
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                 Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.


04/26/07 - A        Wyeth *WYE*                             983024100                          03/02/07                   6,750
                    1       Elect Director Robert Essner                  For          For                 Mgmt
                    2       Elect Director John D. Feerick                For          For                 Mgmt
                    3       Elect Director Frances D. Fergusson           For          For                 Mgmt
                    4       Elect Director Victor F. Ganzi                For          For                 Mgmt
                    5       Elect Director Robert Langer                  For          For                 Mgmt
                    6       Elect Director John P. Mascotte               For          For                 Mgmt
                    7       Elect Director Raymond J. McGuire             For          For                 Mgmt
                    8       Elect Director Mary Lake Polan                For          For                 Mgmt
                    9       Elect Director Bernard Poussot                For          For                 Mgmt
                    10      Elect Director Gary L. Rogers                 For          For                 Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                 Mgmt
                    12      Elect Director Walter V. Shipley              For          For                 Mgmt
                    13      Elect Director John R. Torell III             For          For                 Mgmt
                    14      Ratify Auditors                               For          For                 Mgmt
                    15      Reduce Supermajority Vote Requirement         For          For                 Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,  as we  believe a simple  majority  of voting
                               shares  should  be  sufficient  to  effect   changes  in  a
                               company's corporate governance
                    16      Amend Omnibus Stock Plan                      For          For                 Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    17      Adopt Animal Welfare Policy                   Against      Against             ShrHoldr
                               Beyond  asking  for  a  feasibility  study  evaluating  the
                               merits of amending  the  company's  Laboratory  Animal Care
                               and  Use  Policy,  compliance  with  this  resolution  also
                               implies  that the  company  must apply  this  policy to its
                               contract  labs,   oversee  adherence  to  the  policy,  and
                               publish an annual report outlining  contractor  compliance.
                               These additional  measures could place a significant burden
                               on the  company or  complicate  the  company's  contractual
                               agreements with the external  laboratories  that it retains
                               for certain animal testing programs.  Therefore,  we do not
                               recommend shareholders support for this resolution.
                    18      Report on Policy to Limit Drug Supply to      Against      For                 ShrHoldr
                            Canada
                               ISS notes that there are certain legal and safety  concerns
                               that  can  be   associated   with  the   reimportation   of
                               prescription   medications.   However,  public  action  and
                               litigation  on this matter  continues to become more common
                               and   contentious,   and  could   result  in  costly  legal
                               maneuvering,  damaging  publicity,  and onerous legislation
                               in the future.  Therefore,  considering  the widely  varied
                               stance on this issue, and the degree to which  legislation,
                               litigation,  and public  opinion  related  to  prescription
                               drug access will impact the industry as a whole,  and Wyeth
                               specifically,  ISS believes  that a report on impact of the
                               company's policies related to this topic is warranted.
                    19      Report on Political Contributions             Against      For                 ShrHoldr
                               ISS  believes  that the  company  should be  commended  for
                               increasing  the level of  information  that it has provided
                               to shareholders  related to its current corporate political
                               contributions  policy.  We  are,  however,  concerned  that
                               shareholders  lack  information  relating to the  company's
                               trade   association   spending,   including  the  types  of
                               associations  being  supported and the company's  rationale
                               for supporting these organizations.  Such information could
                               help shareholders  assess the risks and benefits associated
                               with public policy activities through  associations without
                               significant  cost,   burden,  or  strategic  risk  for  the
                               company.  Therefore,  we believe this  resolution  warrants
                               shareholder support.
                    20      Claw-back of Payments under Restatements      Against      For                 ShrHoldr
                               ISS  believes  that  the  company  has  not   fundamentally
                               addressed the proponent's  key concerns.  ISS believes this
                               proposal warrants  shareholder vote and we recommend a vote
                               FOR.
                    21      Company-Specific - Interlocking Directorship  Against      Against             ShrHoldr
                               We believe that given that the  company's  regulations  and
                               procedures  for  the  selection  of  directors   provide  a
                               safeguard for possible interlocking  directorships that may
                               jeopardize  a director's  independence,  this item does not
                               warrant shareholder support.
                    22      Disclose Information-Proposal Withdrawn. No   Against      Abstain             ShrHoldr
                            Vote Required
                               This item was withdrawn by the stockholder
                    23      Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               In this case,  Wyeth's  board is more than 2/3  independent
                               and has all the key board  committees  composed of entirely
                               independent  directors.  The company  has also  established
                               governance guidelines,  which are available on its website.
                               The company has a lead  director,  which  rotates among the
                               chairmen of the standing committee.  However,  ISS does not
                               feel  that  this  rotating  lead  director  is an  adequate
                               alternative   to  the  annually   elected   lead   director
                               appointed   by   the    independent    directors   of   the
                               board.        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 separate
                               positions of chairman and  CEO.        We  believe that the
                               company's   governance   structure   does  not   provide  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.  Accordingly,  the proposal warrants  shareholder
                               support.
                    24      Advisory Vote to Ratify Named Executive       Against      For                 ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  to have a  voice  in  executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  ISS believes
                               that such a process  will  provide  companies  with  useful
                               information  concerning  shareholders' view on compensation
                               practices and executive pay packages.


05/23/07 - A        Xcel Energy Inc. *XEL*                  98389B100                          03/29/07                   8,101
                    1       Elect Directors                               For          Split               Mgmt
                    1.1     Elect Director C. Coney Burgess --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Richard K. Davis. We recommend that
                               shareholders  WITHHOLD votes from Richard K. Davis for poor
                               attendance.
                    1.2     Elect Director Fredric W. Corrigan --- For
                    1.3     Elect Director Richard K. Davis --- Withhold
                    1.4     Elect Director Roger R. Hemminghaus --- For
                    1.5     Elect Director A. Barry Hirschfeld --- For
                    1.6     Elect Director Richard C. Kelly --- For
                    1.7     Elect Director Douglas W. Leatherdale ---
                            For
                    1.8     Elect Director Albert F. Moreno --- For
                    1.9     Elect Director Margaret R. Preska --- For
                    1.10    Elect Director A. Patricia Sampson --- For
                    1.11    Elect Director Richard H. Truly --- For
                    1.12    Elect Director David A. Westerlund --- For
                    1.13    Elect Director Timothy V. Wolf --- For
                    2       Ratify Auditors                               For          For                 Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                 ShrHoldr
                               In  this  case,  the  company  does  not  meet  all  of the
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               does  not  provide  a  satisfactory  balance  to a  unified
                               chairman  and  CEO  position.   Accordingly,  the  proposal
                               warrants shareholder support.
                    4       Pay For Superior Performance                  Against      Against             ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               performance-based  under current ISS  guidelines.  Further,
                               the company  discloses  specific  performance  measures and
                               hurdles rates for both  short-term and long-term  incentive
                               awards to senior executives,  which allows  shareholders to
                               monitor  the   correlation   between   executive   pay  and
                               performance.  Accordingly, ISS believes shareholders should
                               not support this proposal.


05/15/07 - A        XTO Energy Inc *XTO*                    98385X106                          03/30/07                   1,200
                    1       Elect Director Lane G. Collins                For          For                 Mgmt
                    2       Elect Director Scott G. Sherman               For          For                 Mgmt
                    3       Elect Director Bob R. Simpson                 For          For                 Mgmt
                    4       Ratify Auditors                               For          For                 Mgmt




Fund Name:  Principal Variable Contracts - Bond Account
Sub-Advisor:  Principal Global Investors

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.




Fund Name:  Principal Variable Contracts - Bond
Sub-sub Advisor:  Spectrum Asset Management, Inc.

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.




Fund Name:  Principal Variable Contracts - Bond
Sub-sub Advisor:  Post Advisor Group, LLC

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.




Fund:  Principal Variable Contracts Fund, Inc. - Capital Value Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC - Capital Value - 251

Mtg                 Company/                                              Mgmt         Vote            Record                 Shares
Date/Type           Ballot Issues                           Security      Rec          Cast            Date        Prpnent     Voted
- ------------------- --------------------------------------- ------------- ------------ --------------- ----------- ----------------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                               
04/27/07 - A        Abbott Laboratories *ABT*               002824100                                  02/28/07               31,400
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director R.S. Austin --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider  Samuel C. Scott III. We recommend
                               that shareholders  WITHHOLD votes from independent outsider
                               Samuel C. Scott III for  sitting on more than three  boards
                               and serving as CEO.
                    1.2     Elect Director W.M. Daley --- For
                    1.3     Elect Director W.J. Farrell --- For
                    1.4     Elect Director H.L. Fuller --- For
                    1.5     Elect Director R.A. Gonzalez --- For
                    1.6     Elect Director D.A.L. Owen --- For
                    1.7     Elect Director B. Powell Jr. --- For
                    1.8     Elect Director W.A. Reynolds --- For
                    1.9     Elect Director R.S. Roberts --- For
                    1.10    Elect Director S.C. Scott III --- Withhold
                    1.11    Elect Director W.D. Smithburg --- For
                    1.12    Elect Director G.F. Tilton --- For
                    1.13    Elect Director M.D. White --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    4       Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               Conclusion        In  this case,  the company  meets all of
                               the criteria in the  counterbalancing  structure  described
                               above. We believe that the company's  governance  structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


04/27/07 - A        Aetna Inc. *AET*                        00817Y108                                  02/23/07               30,297
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Company Specific-Majority Vote Standard for   For          For                         Mgmt
                            the Election of Directors in Uncontested
                            Election
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    4       Restore or Provide for Cumulative Voting      Against      Against                     ShrHoldr
                               In this case,  the company meets all of the  aforementioned
                               corporate  governance  criteria and  performance  measures.
                               ISS  commends  the  company for  implementing  confidential
                               voting in uncontested  solicitations,  amending the by-laws
                               to provide  that the board does not have the right to alter
                               the  size  of the  board  beyond  a  range  established  by
                               shareholders and seeking shareholder  approval to amend the
                               articles to adopt  majority  voting for director  elections
                               with  a  plurality   carve-out  for  contested   elections.
                               Accordingly,  shareholder  support for this proposal is not
                               warranted.
                    5       Require Director Nominee Qualifications       Against      Against                     ShrHoldr
                               ISS does  not  advocate  that no  inside  directors  sit on
                               boards.  The  CEO  and  other  senior  officers  have  more
                               company  knowledge and experience than anyone on the board.
                               Without their  presence,  boards could not fulfill  another
                               primary  obligation:   to  establish   long-term,   overall
                               business  strategy.  However,  shareholders  clearly need a
                               different  kind  of  director  to  act as a  watchdog  over
                               management,   inside  directors  included.   Further,   ISS
                               believes  that  directors  should  be  accountable  to  all
                               shareholders,  and not potentially beholden to one specific
                               group.  As such,  shareholder  support is not warranted for
                               this proposal.


05/02/07 - A        AGL Resources Inc. *ATG*                001204106                                  02/23/07               24,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                         Mgmt


01/25/07 - A        Air Products & Chemicals, Inc. *APD*    009158106                                  11/30/06               16,300
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director William L. Davis III --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Margaret G. McGlynn.  We recommend
                               that  shareholders  WITHHOLD votes from Margaret G. McGlynn
                               for poor attendance.
                    1.2     Elect Director W. Douglas Ford --- For
                    1.3     Elect Director Evert Henkes --- For
                    1.4     Elect Director Margaret G. Mcglynn ---
                            Withhold
                    2       Ratify Auditors                               For          For                         Mgmt


04/11/07 - A        Albemarle Corp. *ALB*                   012653101                                  02/01/07               14,844
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/15/07 - A        ALLTEL Corp. *AT*                       020039103                                  04/11/07               24,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


04/26/07 - A        Altria Group, Inc. *MO*                 02209S103                                  03/05/07               56,831
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Provide for Cumulative Voting                 Against      For                         ShrHoldr
                               In this  case,  the  company  fails to meet  certain of the
                               aforementioned      corporate      governance     criteria.
                               Specifically,  shareholders  may not call special  meetings
                               and  may  not  act by  written  consent.  Accordingly,  the
                               proposal warrants shareholder support.
                    4       Disclose Information on Secondhand Smoke      Against      Against                     ShrHoldr
                               Considering  the  level  of  discussion  on  SHS  that  the
                               company  provides on its website and through  other  public
                               venues,  including specific  information on health risks to
                               children  with  exposure  to SHS  and  language  advocating
                               increased  regulation  on  labeling  and  smoking in public
                               places;  as well as  concerns  over the  structure  of this
                               resolution, ISS does not recommend shareholder support.
                    5       Cease Add Campaigns Oriented to Prevent       Against      Against                     ShrHoldr
                            Youth Smoking
                               Although we believe  that Altria  should be taking steps to
                               explore avenues to improve the  effectiveness  of its youth
                               anti-smoking  advertising  campaign,  ISS  is  particularly
                               concerned  by the  scope  and  nature  of  the  proponent's
                               requests.  We do not think that it is either  practical  or
                               in  the  best   interest   of  the   company  to  halt  all
                               advertisements  within one week of the 2007 annual meeting.
                               Such a  response  may not allow the  company  to  develop a
                               strategic  solution to these concerns by further  reviewing
                               the  effectiveness  of  its  youth  advertising  campaigns.
                               Furthermore,  ISS questions the benefit to  shareholders of
                               annually   transferring  funds  from  company  YSP  ads  to
                               advertising  campaigns  which  are  purported  to have been
                               more  effective,  absent a coherent and  effective  process
                               and/or  methodology  for the  evaluation  of these  outside
                               campaigns.  As such,  we believe that  shareholders  should
                               not support this request.
                    6       Cease Production, Promotion, and Marketing    Against      Against                     ShrHoldr
                            of Tobacco Products
                               ISS notes the company's  new strategic  direction is likely
                               to represent a portfolio-mix  well in excess of its current
                               73 percent tobacco holdings,  following its divestment from
                               Kraft,  As such,  requesting a full divestment by 2010 from
                               its  tobacco  may  be   unfeasible   from  an   operational
                               perspective.  ISS believes that  requesting  the company to
                               fully  change its  primary  line  business,  when  balanced
                               against  the  company's  historical  financial  performance
                               would significantly  disrupt strategic  operations,  weaken
                               market   penetration   and  represent  the  abandonment  of
                               established  brand  recognition.   Ultimately,  it  is  our
                               opinion  that  this  request  would  benefit   neither  the
                               company nor its  shareholders.  Based on these  facts,  ISS
                               does  not  believe  this  proposal   warrants   shareholder
                               support.
                    7       Adopt Animal Welfare Policy                   Against      Against                     ShrHoldr
                               In this  case,  ISS notes  that  Altria  has  committed  to
                               compliance  with  applicable  guidelines on animal welfare,
                               and   that  the   company's   position   does  not   appear
                               inconsistent  with  industry   standards.   Moreover,   the
                               company has  received  accreditation  from the  Association
                               for Assessment and  Accreditation of Laboratory Animal Care
                               (AAALAC)  for the testing  conducted  by its  laboratories.
                               Finally,  establishing  new  policies  on  animal  welfare,
                               monitoring  the  compliance  of  external   animal  testing
                               facilities,  and reporting this information to shareholders
                               may not provide benefits to shareholders  commensurate with
                               cost and burden of complying  with this  request.  As such,
                               we do not recommend shareholder support for the resolution.


05/10/07 - A        AMB Property Corp. *AMB*                00163T109                                  03/06/07               18,500
                    1       Elect Director Afsaneh M. Beshloss            For          For                         Mgmt
                    2       Elect Director T. Robert Burke                For          For                         Mgmt
                    3       Elect Director David A. Cole                  For          For                         Mgmt
                    4       Elect Director Lydia H. Kennard               For          For                         Mgmt
                    5       Elect Director J. Michael Losh                For          For                         Mgmt
                    6       Elect Director Hamid R. Moghadam              For          For                         Mgmt
                    7       Elect Director Frederick W. Reid              For          For                         Mgmt
                    8       Elect Director Jeffrey L. Skelton             For          For                         Mgmt
                    9       Elect Director Thomas W. Tusher               For          For                         Mgmt
                    10      Ratify Auditors                               For          For                         Mgmt
                    11      Amend Omnibus Stock Plan                      For          For                         Mgmt
                               VI.  Vote   Recommendation   We  commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the company's  plans of 14 percent is above the
                               allowable cap for this company of 5 percent.  Additionally,
                               the company's  three year average burn rate of 2.69 percent
                               is  higher  than its  four-digit  GICS  peer  group of 2.23
                               percent.   Therefore,   the   company   has  failed   ISS's
                               three-year average burn rate policy.
                    12      Pay For Superior Performance                  Against      Against                     ShrHoldr
                               In this case,  while the  company's  annual  and  long-term
                               compensation    programs   for   senior    executives   are
                               substantially  performance-based,   the  company  does  not
                               disclose  level of payout if the target TSR is  attained or
                               exceeded,  or limits on bonuses for award  grants to senior
                               executives  under the long-term  incentive  program,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes shareholders should support this proposal.


05/17/07 - A        American Financial Group, Inc. *AFG*    025932104                                  03/30/07               20,613
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/16/07 - A        American International Group, Inc.      026874107                                  03/23/07               62,780
                    *AIG*
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Performance-Based and/or Time-Based Equity    Against      For                         ShrHoldr
                            Awards
                               Given that: 1) the company's  long-term equity compensation
                               program  for  senior   executives   is  not   significantly
                               performance-based  according  to  ISS'  guidelines;  and 2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.


04/25/07 - A        Anheuser-Busch Companies, Inc. *BUD*    035229103                                  02/28/07               37,240
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 6
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Approve Nonqualified Employee Stock           For          For                         Mgmt
                            Purchase Plan
                                                                                   VI.
                               Vote  Recommendation        The  plan has a employer  match
                               rate  in  the  range  of 10 to 50  percent  of  all  shares
                               purchased  by  participant.  If  the  employer  match  were
                               greater  than 25  percent  of  employ's  contribution,  the
                               non-qualified  employee  stock purchase plan acts more like
                               an incentive  award.  Hence the shareholder  value transfer
                               becomes one of  concerns.        The  estimated shareholder
                               value  transfer  of the  company's  plans of 3  percent  is
                               equal to or less than the  allowable  cap for this  company
                               of 6 percent.
                    4       Ratify Auditors                               For          For                         Mgmt
                    5       Report on Charitable Contributions            Against      Against                     ShrHoldr


10/19/06 - A        Applera Corp                            038020103                                  08/30/06               26,500
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Richard H. Ayers --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of James R.  Tobin and  Jean-Luc  Belingard.  We  recommend
                               shareholders   WITHHOLD  votes  from  James  R.  Tobin  for
                               standing as an affiliated  outsider on the Audit Committee.
                               We also  recommend  that  shareholders  WITHHOLD votes from
                               Jean-Luc Belingard for sitting on more than three boards.
                    1.2     Elect Director Jean-Luc Belingard ---
                            Withhold
                    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
                    1.9     Elect Director James R. Tobin --- Withhold
                    1.10    Elect Director Tony L. White --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Change Company Name                           For          For                         Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    4       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 8.53 percent is within the  allowable cap for this
                               company   of  12.36   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    5       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.41 percent is within the  allowable cap for this
                               company   of  13.12   percent.   Additionally,   this  plan
                               expressly forbids repricing.


11/02/06 - A        Archer-Daniels-Midland Company *ADM*    039483102                                  09/15/06               48,854
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director G.A. Andreas --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsiders  Mollie Hale Carter and O.G. Webb.
                               We recommend that  shareholders  WITHHOLD votes from Mollie
                               Hale Carter for standing as an  affiliated  outsider on the
                               Compensation  and Nominating  committees and from O.G. Webb
                               for standing as an affiliated  outsider on the Compensation
                               Committee.
                    1.2     Elect Director A.L. Boeckmann --- For
                    1.3     Elect Director M.H. Carter --- Withhold
                    1.4     Elect Director R.S. Joslin --- For
                    1.5     Elect Director A. Maciel --- For
                    1.6     Elect Director P.J. Moore --- For
                    1.7     Elect Director M.B. Mulroney --- For
                    1.8     Elect Director T.F. O'Neill --- For
                    1.9     Elect Director O.G. Webb --- Withhold
                    1.10    Elect Director K.R. Westbrook --- For
                    1.11    Elect Director P.A. Woertz --- For
                    2       Report on Genetically Modified Organisms      Against      Against                     ShrHoldr
                            (GMO)
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task. Given the widespread existence of these products,  we
                               question  whether such an  initiative  can be  successfully
                               and economically implemented.  Conversely, a broad approach
                               of labeling  all  products as  "potentially  containing  GE
                               ingredients"  would  be of  limited  use to  consumers  and
                               shareholders.   Therefore,   based  on  concerns  with  the
                               associated    costs   and    feasibility   of   effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.
                    3       Adopt ILO Standards                           Against      For                         ShrHoldr
                               In this  case,  Archer-Daniels  Midland's  code of  conduct
                               addresses  some of the  proponent's  concerns  for  company
                               employees;  however, it does not provide specific reference
                               to certain  workplace  labor rights,  including  freedom of
                               association   and  the  right  to   bargain   collectively.
                               Furthermore,  while this document does address the issue of
                               child  labor  with  ADM's  business  partners,  it does not
                               clearly  discuss  other key labor  rights  issues  that may
                               impact  vendor  and/or  supplier  relationships.  ISS notes
                               that many  multinational  companies have  established  such
                               codes or standards and have posted them on their  websites.
                               While  we  recognize  that  the  adoption  of  an  outside,
                               independent   monitoring   program   could  be   costly  or
                               inappropriate  for  some  companies,  we  do  believe  that
                               formal   workplace   labor   rights   policies   based   on
                               internationally   accepted  standards  can  help  companies
                               avoid high-profile  public issues, thus managing reputation
                               risk and  mitigating  the  potential for exposure to costly
                               fines or litigation.


05/16/07 - A        Archstone Smith Trust *ASN*             039583109                                  03/26/07               13,300
                    1       Elect Directors                               For          For                         Mgmt
                    2       Pay For Superior Performance                  Against      Against                     ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   a   substantial   portion  of  the
                               executives;   short-term   and   long-term   incentives  is
                               benchmarked  to  the  company's   performance  against  the
                               NAREIT  Apartment  Index.  Further,  the  company  provides
                               disclosure   regarding  the  achievement  levels  at  which
                               certain  awards  were  paid  in  the  past.  While  we  are
                               concerned  by the fact that the same  performance  criteria
                               are  used  for  both the  cash  bonus  and RSU  grants,  we
                               believe  that the company has  sufficiently  fulfilled  the
                               objective of the proposal.  As such, we do not believe that
                               this item warrants shareholder support.
                    3       Ratify Auditors                               For          For                         Mgmt


05/17/07 - A        Assurant Inc *AIZ*                      04621X108                                  03/30/07               21,810
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Michel Baise --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Howard L. Carver --- For
                    1.3     Elect Director Juan N. Cento --- For
                    1.4     Elect Director Allen R. Freedman --- For
                    2       Ratify Auditors                               For          For                         Mgmt


07/21/06 - S        AT&T Inc *T*                            00206R102                                  06/01/06              152,901
                    1       Approve Merger Agreement                      For          For                         Mgmt
                               We  believe  that  the  merger  has  a  sensible  strategic
                               rationale,  and that the market has had a positive  initial
                               to date  reaction  to the deal.  Based on our review of the
                               terms of the transaction and the factors  described  above,
                               we believe that the share  issuance in connection  with the
                               merger with BellSouth warrants shareholder support.


04/27/07 - A        AT&T Inc *T*                            00206R102                                  02/28/07              278,095
                    1       Elect Director William F. Aldinger III        For          For                         Mgmt
                               At this time, ISS will monitor the company's  executive pay
                               practices and may recommend  withholding from  compensation
                               committees in the future.
                    2       Elect Director Gilbert F. Amelio              For          For                         Mgmt
                    3       Elect Director Reuben V. Anderson             For          For                         Mgmt
                    4       Elect Director James H. Blanchard             For          For                         Mgmt
                    5       Elect Director August A. Busch III            For          For                         Mgmt
                    6       Elect Director James P. Kelly                 For          For                         Mgmt
                    7       Elect Director Charles F. Knight              For          For                         Mgmt
                    8       Elect Director Jon C. Madonna                 For          For                         Mgmt
                    9       Elect Director Lynn M. Martin                 For          For                         Mgmt
                    10      Elect Director John B. McCoy                  For          For                         Mgmt
                    11      Elect Director Mary S. Metz                   For          For                         Mgmt
                    12      Elect Director Toni Rembe                     For          For                         Mgmt
                    13      Elect Director Joyce M. Roche                 For          For                         Mgmt
                    14      Elect Director Randall L. Stephenson          For          For                         Mgmt
                    15      Elect Director Laura D' Andrea Tyson          For          For                         Mgmt
                    16      Elect Director Patricia P. Upton              For          For                         Mgmt
                    17      Elect Director Edward E. Whitacre, Jr.        For          For                         Mgmt
                    18      Ratify Auditors                               For          For                         Mgmt
                    19      Compensation Specific-Severance Payments to   For          For                         Mgmt
                            Executives
                               ISS commends the company for  adopting  such a policy,  and
                               recommends that shareholder vote FOR this proposal.
                    20      Report on Political Contributions             Against      Against                     ShrHoldr
                               Based on existing  disclosure that AT&T provides  regarding
                               its  rationale,  policies,  and  oversight  mechanisms  for
                               corporate  political  contributions  and trade  association
                               activities,  and a lack of recent,  significant controversy
                               or  litigation  related to such public  policy  activities,
                               ISS  does  not  recommend   shareholder  support  for  this
                               resolution.
                    21      Amend Articles/Bylaws/Charter - Call          Against      For                         ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    22      Pay For Superior Performance                  Against      For                         ShrHoldr
                    23      Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    24      Establish SERP Policy                         Against      For                         ShrHoldr
                               The  company's  plan uses the average base salary and bonus
                               for calculation of the retirement benefits,  which can have
                               the  effect  of  converting   short-term   incentives  into
                               guaranteed  future  benefits  and  creating  a  substantial
                               lifetime  cost to the  company  and its  shareholders.  ISS
                               recommends shareholders vote FOR this proposal.


05/18/07 - PC       Atmel Corp. *ATML*                      049513104                                  04/05/07              201,401
                            Management Proxy (White Card)
                    1       Remove Directors Pierre Fougere, T. Peter     Against      DoNotVote                   ShrHoldr
                            Thomas, Chaiho Kim, David Sugishita and
                            Steven Laub
                            Dissident Proxy (Green Card)
                    1       Remove Existing Director Pierre Fougere       For          Against                     ShrHoldr
                    2       Remove Existing Director Chaiho Kim           For          For                         ShrHoldr
                    3       Remove Existing Steven Laub                   For          Against                     ShrHoldr
                    4       Remove Existing David Sugishita               For          Against                     ShrHoldr
                    5       Remove Existing T. Peter Thomas               For          Against                     ShrHoldr
                    6       Elect Directors (Opposition Slate)            For          Split                       Mgmt
                    6.1     Elect Director Brian S. Bean --- For
                    6.2     Elect Director Joseph F. Berardino ---
                            Against
                    6.3     Elect Director Bernd U Braune --- Against
                    6.4     Elect Director John D Kubiatowicz ---
                            Against
                    6.5     Elect Director George A. Vandeman ---
                            Against


02/07/07 - A        Atmos Energy Corp. *ATO*                049560105                                  12/11/06               30,628
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Robert W. Best --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of insider Robert W. Best and affiliated  outsider  Charles
                               K. Vaughan.  We recommend that shareholders  WITHHOLD votes
                               from  Robert  W. Best for  standing  as an  insider  on the
                               Audit,  Compensation,  and Nominating  committees.  We also
                               recommend that shareholders  WITHHOLD votes from Charles K.
                               Vaughan  for  standing  as an  affiliated  outsider  on the
                               Audit, Compensation, and Nominating committees.
                    1.2     Elect Director Thomas J. Garland --- For
                    1.3     Elect Director Phillip E. Nichol --- For
                    1.4     Elect Director Charles K. Vaughan ---
                            Withhold
                    2       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the allowable cap for this company of 5 percent.
                    3       Approve/Amend Executive Incentive Bonus Plan  For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures for assessing  market  competitiveness.  Moreover,
                               preservation of the full  deductibility of all compensation
                               paid  reduces  the  company's   corporate  tax  obligation.
                               However,  ISS  believes  that  the  compensation  committee
                               should  compose  of solely  independent  directors  and may
                               recommend  a vote  AGAINST  the  proposal  in the future if
                               affiliated directors continue to sit on the committee.


04/25/07 - A        Bank of America Corp. *BAC*             060505104                                  03/02/07              105,260
                    1       Elect Director William Barnet, III            For          For                         Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Frank P. Bramble, Sr.          For          For                         Mgmt
                    3       Elect Director John T. Collins                For          For                         Mgmt
                    4       Elect Director Gary L. Countryman             For          For                         Mgmt
                    5       Elect Director Tommy R. Franks                For          For                         Mgmt
                    6       Elect Director Charles K. Gifford             For          For                         Mgmt
                    7       Elect Director W. Steven Jones                For          For                         Mgmt
                    8       Elect Director Kenneth D. Lewis               For          For                         Mgmt
                    9       Elect Director Monica C. Lozano               For          For                         Mgmt
                    10      Elect Director Walter E. Massey               For          For                         Mgmt
                    11      Elect Director Thomas J. May                  For          For                         Mgmt
                    12      Elect Director Patricia E. Mitchell           For          For                         Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                         Mgmt
                    14      Elect Director O. Temple Sloan, Jr.           For          For                         Mgmt
                    15      Elect Director Meredith R. Spangler           For          For                         Mgmt
                    16      Elect Director Robert L. Tillman              For          For                         Mgmt
                    17      Elect Director Jackie M. Ward                 For          For                         Mgmt
                    18      Ratify Auditors                               For          For                         Mgmt
                    19      Prohibit Executive Stock-Based Awards         Against      Against                     ShrHoldr
                               According   to  ISS  policy,   stock  option  plans  should
                               explicitly  prohibit  repricing  underwater options without
                               shareholder  consent. We do, however,  believe that issuers
                               should have some latitude in  determining  the mix of award
                               types  granted to  executives  and  employees.  The company
                               currently  uses a mix of  award  types  including  options,
                               restricted   stock,  and  restricted  stock  units  in  its
                               compensation  of senior  executives.  Prohibiting the award
                               of any  future  stock  options  to  anyone  can  constitute
                               micromanagement  and  put  the  company  at  a  competitive
                               disadvantage.  Because this proposal is overly restrictive,
                               we do not believe this item warrants shareholder support.
                    20      Change Size of Board of Directors             Against      Against                     ShrHoldr
                               ISS  believes  that the company  should have the ability to
                               determine  the  number  of  directors  within a  reasonable
                               range.  ISS  feels  that  this  decrease  in board  size is
                               arbitrary.  Further,  ISS agrees with  management  that the
                               proponent has not proven that imposing arbitrary  restraint
                               on the company would have  additional  cost benefits to the
                               company.   Accordingly,   the  proposal  does  not  warrant
                               shareholder support.
                    21      Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               In  this  case,   Bank  of   America   has  more  than  2/3
                               independent  outsiders  on its board,  all-independent  key
                               committees,    and   established    corporate    governance
                               guidelines.  Additionally,  we note that the board  amended
                               the  corporate  governance  guidelines  in  April  2006  to
                               provide for an independent lead director,  who performs all
                               the duties listed above. At the time, O. Temple Sloan,  Jr.
                               was elected by the  independent  directors to serve as lead
                               director  for a  one-year  term        With  regard  to the
                               company's total  shareholder  return  performance,  Bank of
                               America  outperformed  the S&P 500 index on both a one-year
                               and  three-year  TSR  basis.        In  this case,  Bank of
                               America  meets  all  of  the  governance  and   performance
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


07/21/06 - S        BellSouth Corp.                         079860102                                  06/01/06               97,300
                    1       Approve Merger Agreement                      For          For                         Mgmt
                               We  believe  that  based  on: 1) the 17.9  percent  one-day
                               premium;   2)  the  sensible  strategic  rationale  of  the
                               merger; and 3) the improvement in shareholders  rights, the
                               merger agreement warrants shareholder support.


05/15/07 - A        Boston Properties Inc. *BXP*            101121101                                  03/26/07               14,257
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Mortimer B. Zuckerman --- For
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend  shareholders  WITHHOLD  votes from  Mortimer  B.
                               Zuckerman,  Carol B.  Einiger  and  Richard E.  Salomon for
                               failure  to   implement   the   shareholder   proposal   to
                               declassify the board of directors.
                    1.2     Elect Director Carol B. Einiger --- For
                    1.3     Elect Director Richard E. Salomon --- For
                    2       Approve Omnibus Stock Plan                    For          For                         Mgmt
                               VI. Vote  Recommendation  The estimated  shareholder  value
                               transfer  of the  company's  plans of 4 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally,  this plan expressly forbids repricing.  Note
                               that ISS has  adjusted  the common  shares  outstanding  to
                               include    outstanding    operating    partnership   units.
                               Typically,  ISS would have excluded  operating  partnership
                               units from the common  shares  outstanding  as we deem them
                               to  be  convertible  equity  and  are  not  included  in  a
                               company's  market  value,  as  noted  in  our  2007  policy
                               updates.  In this case,  operating  partnership  units have
                               been  granted  to  employees  as  part  of  LTIPs.  ISS  is
                               interested to capture the portion of  shareholders'  equity
                               that  is  attributed  to  employee   equity   compensation.
                               Therefore,   it   is   necessary   to   include   operating
                               partnership units in the analysis.
                    3       Ratify Auditors                               For          For                         Mgmt
                    4       Declassify the Board of Directors             Against      Against                     ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    5       Report on Energy Efficiency                   Against      Against                     ShrHoldr
                               In  this  case,  ISS  notes  that  Boston   Properties  has
                               responded   to  this   shareholder   request  by   recently
                               providing  general  information   relating  to  its  energy
                               conservation    initiatives   and   environmentally   sound
                               development  practices through its 2007 proxy statement and
                               its 2006 fiscal year annual report.  This  information does
                               provide some insight to shareholders  about its commitments
                               to energy efficiency.  However, management does not provide
                               the processes and strategies  used to implement its various
                               stated energy efficiency improvement  initiatives,  and the
                               company   does  not   appear  to  set   goals  or   provide
                               performance  metrics to assist in the  monitoring of stated
                               initiatives.  Considering increasing energy costs, shifting
                               consumer demands, and a changing regulatory landscape,  ISS
                               believes  that the  potential  impact  that this  issue may
                               have on the  company's  long  term  performance  may  merit
                               consideration.  As such, we believe that Boston  Properties
                               and its  shareholders can derive  substantial  benefit from
                               developing a more detailed,  strategic  system of reporting
                               and disclosure to assess energy  efficiency  opportunities,
                               reduce  current and future energy costs,  and mitigate risk
                               exposure  related  to  carbon  constraints  that may  apply
                               across the  company's  operations.  Based on the  potential
                               benefits and limited cost  associated  with  preparing  the
                               requested report, ISS recommends that shareholders  support
                               this resolution.


11/16/06 - A        Campbell Soup Co. *CPB*                 134429109                                  09/19/06               20,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Sustainability Report                         Against      For                         ShrHoldr
                               While  Campbell's  does have a code of conduct  and certain
                               information  on  community  involvement  and  environmental
                               policies  available  in its publicly  available  documents,
                               detailed  disclosure  of  its  environmental   performance,
                               workplace  health  and  safety,   and  sustainable   growth
                               initiatives  was generally not available in a comprehensive
                               report. Additionally,  while we commend the company for the
                               steps it has taken to address  certain  labor rights topics
                               both  internally  and at  its  suppliers'  operations,  ISS
                               notes that  broader  sustainability  reporting  is becoming
                               the  norm at many  large  companies  and  could  aid in the
                               development  of company  policies and  potentially  improve
                               performance  on certain key issues  while not  presenting a
                               significant  administrative  or  financial  burden  to  the
                               company.  As  such,  we  believe  that  more  comprehensive
                               reporting  on  sustainability  issues will help the company
                               to better assess issues of importance to  stakeholders as a
                               function   of   reviewing   its   operations.    Therefore,
                               considering  the  current  lack of  detailed,  consolidated
                               disclosure  and  the  potential   benefits  that  could  be
                               derived from  increased  reporting,  ISS  recommends a vote
                               FOR this proposal.


10/16/06 - A        Carpenter Technology Corp. *CRS*        144285103                                  08/18/06                4,900
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Non-Employee Director Omnibus Stock   For          For                         Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.26 percent is within the  allowable cap for this
                               company   of  12.86   percent.   Additionally,   this  plan
                               expressly   forbids   repricing.            The    combined
                               shareholder  value  transfer and voting power  dilution for
                               all the plans is 11.79 percent.  The aggregate value of all
                               the proposals is below the company's allowable  shareholder
                               value transfer cap of 12.86 percent.
                    3       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 10.15  percent  is within  the  allowable  cap for
                               this  company  of 12.86  percent.  Additionally,  this plan
                               expressly   forbids   repricing.            The    combined
                               shareholder  value  transfer and voting power  dilution for
                               all the plans is 11.79 percent.  The aggregate value of all
                               the proposals is below the company's allowable  shareholder
                               value transfer cap of 12.86 percent.
                    4       Amend Executive Incentive Bonus Plan          For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,   the  plan  is  to  be   administered  by  a
                               committee  of   independent   outsiders  who  must  certify
                               attainment  of  these  objective,   measurable  performance
                               goals   before  cash  awards  are  paid  to   participants.
                               Moreover,  preservation  of the full  deductibility  of all
                               compensation  paid  reduces  the  company's  corporate  tax
                               obligation.
                    5       Ratify Auditors                               For          For                         Mgmt


08/14/06 - S        Celanese Corp. *CE*                     150870103                                  07/10/06               29,200
                    1       Elect Directors                               For          For                         Mgmt


05/10/07 - A        CenturyTel, Inc. *CTL*                  156700106                                  03/23/07               28,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Report of the Compensation Committee  Against      Against                     ShrHoldr
                               As such, ISS recommends that  shareholder vote AGAINST this
                               proposal.


04/25/07 - A        Chevron Corporation *CVX*               166764100                                  03/12/07               79,108
                    1       Elect Director Samuel H. Armacost             For          For                         Mgmt
                    2       Elect Director Linnet F. Deily                For          For                         Mgmt
                    3       Elect Director Robert E. Denham               For          For                         Mgmt
                    4       Elect Director Robert J. Eaton                For          For                         Mgmt
                    5       Elect Director Sam Ginn                       For          For                         Mgmt
                    6       Elect Director Franklyn G. Jenifer            For          For                         Mgmt
                    7       Elect Director Sam Nunn                       For          For                         Mgmt
                    8       Elect Director David J. O'Reilly              For          For                         Mgmt
                    9       Elect Director Donald B. Rice                 For          For                         Mgmt
                    10      Elect Director Peter J. Robertson             For          For                         Mgmt
                    11      Elect Director Kevin W. Sharer                For          For                         Mgmt
                    12      Elect Director Charles R. Shoemate            For          For                         Mgmt
                    13      Elect Director Ronald D. Sugar                For          For                         Mgmt
                    14      Elect Director Carl Ware                      For          For                         Mgmt
                    15      Ratify Auditors                               For          For                         Mgmt
                    16      Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    17      Adopt Human Rights Policy                     Against      For                         ShrHoldr
                               Conclusion        In  this case,  Chevron does have a Human
                               Rights  Statement and a code of business  ethics  available
                               on the  company  website  to convey its  policies  on human
                               rights,  as well as  additional  discussion on these topics
                               in its Corporate  Responsibility  Report.  The Human Rights
                               Statement  underscores  Chevron's support for the Universal
                               Declaration   of  Human  Rights  and  ILO   Declaration  of
                               Fundamental  Principles and Rights at Work;  however, we do
                               not believe that this information  substantially  addresses
                               certain key issues  related to workplace  human rights.  Of
                               note,  we are  concerned  that  this  disclosure  does  not
                               provide    significant    insight   into    implementation,
                               performance  metrics,  or  monitoring  associated  with the
                               company's human rights policies.  Such disclosure is common
                               at companies  operating in  industries  or markets that are
                               exposed to higher  levels of risk  because of human  rights
                               violations,  controversy,  and/or  litigation.  As such, we
                               recommend shareholder support for this resolution.
                    18      Adopt Greenhouse Gas Emission Reduction       Against      Against                     ShrHoldr
                            Goals
                               Conclusion        Therefore,  based on our concern with the
                               structure  of this  resolution,  as  well as the  company's
                               existing level of disclosure  related to climate change and
                               GHG  emissions  policies and  initiatives,  ISS  recommends
                               that shareholders oppose this resolution.
                    19      Adopt Animal Welfare Policy                   Against      Against                     ShrHoldr
                               Conclusion        Therefore,  ISS  questions  the  value of
                               the proposed  report to  shareholders  based on the limited
                               involvement  that  the  company  has with  animal  testing.
                               Establishing  new  policies on animal  welfare,  monitoring
                               the compliance of external animal testing  facilities,  and
                               reporting this  information to shareholders may not provide
                               enough  meaningful  information to  shareholders  to offset
                               the cost and burden to the company of  complying  with this
                               proposal.  As such, we do not recommend shareholder support
                               for the resolution.
                    20      Separate Chairman and CEO Positions           Against      For                         ShrHoldr
                               Conclusion        Absent     an    offsetting    governance
                               structure,  including a designated lead director performing
                               all of the duties listed  above,  we believe that a company
                               of  this  size   should   be  able  to  find  a   qualified
                               independent chairman.
                    21      Approve/Amend Terms of Existing Poison Pill   Against      Against                     ShrHoldr
                               Conclusion        Given    that   the    company   has   an
                               established policy with respect to shareholder  approval of
                               a rights plan in the future,  which was previously approved
                               by  Chevron   shareholders,   we  do  not  recommend   that
                               shareholders support this bylaw amendment.
                    22      Report on Market Specific Environmental Laws  Against      Against                     ShrHoldr
                               Conclusion        Based  on ISS' concern with the structure
                               of  this  resolution  and  Chevron's   existing   policies,
                               programs,    initiatives,   and   disclosure   related   to
                               operational  risks  associated  with  human  health and the
                               environmental   issues,   we  recommend  that  shareholders
                               oppose this resolution.


04/25/07 - A        CIGNA Corp. *CI*                        125509109                                  02/27/07                9,330
                    1       Elect Director Robert H. Campbell             For          For                         Mgmt
                    2       Elect Director Isaiah Harris, Jr.             For          For                         Mgmt
                    3       Elect Director Jane E. Henney, M.D.           For          For                         Mgmt
                    4       Elect Director Donna F. Zarcone               For          For                         Mgmt
                    5       Ratify Auditors                               For          For                         Mgmt
                    6       Amend Executive Incentive Bonus Plan          For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


04/17/07 - A        Citigroup Inc. *C*                      172967101                                  02/21/07               35,174
                    1       Elect Director C. Michael Armstrong           For          For                         Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Alain J.P. Belda               For          For                         Mgmt
                    3       Elect Director George David                   For          For                         Mgmt
                    4       Elect Director Kenneth T. Derr                For          For                         Mgmt
                    5       Elect Director John M. Deutch                 For          For                         Mgmt
                    6       Elect Director Roberto Hernandez Ramirez      For          For                         Mgmt
                    7       Elect Director Klaus Kleinfeld                For          For                         Mgmt
                    8       Elect Director Andrew N. Liveris              For          For                         Mgmt
                    9       Elect Director Anne Mulcahy                   For          For                         Mgmt
                    10      Elect Director Richard D. Parsons             For          For                         Mgmt
                    11      Elect Director Charles Prince                 For          For                         Mgmt
                    12      Elect Director Judith Rodin                   For          For                         Mgmt
                    13      Elect Director Robert E. Rubin                For          For                         Mgmt
                    14      Elect Director Franklin A. Thomas             For          For                         Mgmt
                    15      Ratify Auditors                               For          For                         Mgmt
                    16      Report on Government Service of Employees     Against      Against                     ShrHoldr
                               ISS   recognizes   that  companies  can  benefit  from  the
                               knowledge  and  expertise  of  former  government  workers.
                               These  employees  may  be  intimately   familiar  with  the
                               internal   processes   of   government    procurement   and
                               decision-making.  The  knowledge of such  employees can add
                               real  value  to a  company's  operations.  ISS  shares  the
                               proponent's  concern for potential conflicts of interest at
                               such  companies;  but in this case, the company states that
                               it has specific  policies in place to avoid such  conflicts
                               of  interest.  Moreover,  the  production  of such a report
                               annually  could be  costly  without  providing  substantial
                               benefit to  shareholders.  Given these  factors,  we see no
                               reason to support this request.
                    17      Report on Political Contributions             Against      For                         ShrHoldr
                               Therefore,  while ISS commends the company for its level of
                               disclosure  on political  contributions,  we are  concerned
                               about  the  lack  of  policy  or  transparency  related  to
                               Citigroup's  trade  association  activities.  As  such,  we
                               recommend shareholder support for this resolution.
                    18      Report on Charitable Contributions            Against      Against                     ShrHoldr
                               In  this  case,   we  note  that   Citigroup   discloses  a
                               significant  amount  of the  information  requested  by the
                               proponent  it its  Corporate  Responsibility  Report and in
                               the Citigroup  Foundation's Annual Report.  Moreover,  some
                               aspects  of  the  resolution,   including  determining  the
                               estimated   or   actual   benefits   of   each   charitable
                               contribution   may  be   difficult   to   produce   without
                               significant  speculation,  and  could  place a  significant
                               burden on the company without providing  commensurate value
                               to   shareholders.   Therefore,   ISS  does  not  recommend
                               shareholder support for the resolution at this time
                    19      Approve Report of the Compensation Committee  Against      For                         ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    20      Report on Pay Disparity                       Against      Against                     ShrHoldr
                               Although  ISS  generally  recommends  in favor of proposals
                               that    support    performance-based    compensation    for
                               executives,   the  system  suggested  in  this  shareholder
                               proposal  instead seeks to establish a cap on executive pay
                               at  100  times  the  average  salary  of  other   Citigroup
                               employees.  Based on the  arbitrary  nature of this  salary
                               cap,  and the fact that it does not appear to  encourage  a
                               strong  link   between  the   company's   performance   and
                               executive pay, we do not recommend  shareholder support for
                               this resolution.
                    21      Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.
                    22      Stock Retention/Holding Period                Against      Against                     ShrHoldr
                               In  this  case,   Citigroup's   current   stock   ownership
                               requirements  serve as an  effective  tool  for  increasing
                               executive  ownership of and  accountability to the company.
                               The  proponent's  recommendation  of  a  five-year  holding
                               period  for all  options  is  arbitrary  and  should not be
                               applied as a blanket  policy  for all option  grants at the
                               company.
                    23      Restore or Provide for Cumulative Voting      Against      Against                     ShrHoldr
                               Because  the  company  meets  all  of the  criteria  listed
                               above,  ISS does not believe  that this  proposal  warrants
                               shareholder support at this time.
                    24      Amend Bylaws to Permit Shareholders to Call   Against      For                         ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.


05/03/07 - A        Colgate-Palmolive Co.                   194162103                                  03/07/07               16,340
                    1       Elect Director John T. Cahill                 For          For                         Mgmt
                    2       Elect Director Jill K. Conway                 For          For                         Mgmt
                    3       Elect Director Ellen M. Hancock               For          For                         Mgmt
                    4       Elect Director David W. Johnson               For          For                         Mgmt
                    5       Elect Director Richard J. Kogan               For          For                         Mgmt
                    6       Elect Director Delano E. Lewis                For          For                         Mgmt
                    7       Elect Director Reuben Mark                    For          For                         Mgmt
                    8       Elect Director J. Pedro Reinhard              For          For                         Mgmt
                    9       Ratify Auditors                               For          For                         Mgmt
                    10      Amend Articles/Bylaws/Charter -- Call         Against      For                         ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.
                    11      Pay for Superior Performance                  Against      For                         ShrHoldr
                               Conclusion        While  we commend  Colgate-Palmolive  for
                               disclosing  the specific  performance  measures and hurdles
                               under its  annual  bonus  program,  we  recommend  that the
                               specific  weightings  for the  measures  applicable  to the
                               executives   with  divisional   responsibilities   also  be
                               disclosed.  We do not believe that the company's  long-term
                               incentive program is substantially  performance-based.  Per
                               ISS'  valuation  of the  performance  mix, we compared  the
                               actual  number  of  shares  (performance-based   restricted
                               stock vs. options and time-vested  restricted stock awards)
                               granted in the past  fiscal year and only 18 percent of the
                               equity awards granted to named  executive  officers  during
                               that  period  were   performance-based   according  to  our
                               guidelines.  Therefore,  given that the company's long-term
                               program for  executives is not  performance-based  per ISS'
                               guidelines and does not  sufficiently  meet the proponent's
                               requirements,  we believe  this item  warrants  shareholder
                               support.


05/15/07 - A        Comerica Inc. *CMA*                     200340107                                  03/16/07               28,500
                    1       Elect Director Ralph W. Babb, Jr.             For          For                         Mgmt
                    2       Elect Director James F. Cordes                For          For                         Mgmt
                    3       Elect Director Peter D. Cummings              For          For                         Mgmt
                    4       Elect Director William P. Vititoe             For          For                         Mgmt
                    5       Elect Director Kenneth L. Way                 For          For                         Mgmt
                    6       Ratify Auditors                               For          For                         Mgmt
                    7       Prepare Sustainability Report                 Against      For                         ShrHoldr
                               ISS  typically  supports  shareholder  proposals  that seek
                               additional  disclosure,  as shareholders should be provided
                               with sufficient  information in key business areas to fully
                               assess the risks  associated  with their  investment.  When
                               evaluating   resolutions   calling  for  a   sustainability
                               report,  ISS reviews the current reporting  policies of the
                               company   as  they   relate   to   sustainability   issues.
                               Specifically,  we examine the existence and substance of an
                               EHS or  similar  report,  code of  corporate  conduct,  and
                               diversity  or equal  opportunity  data,  or a  consolidated
                               sustainability  report based on a widely accepted  standard
                               such  as  the  GRI.        ISS   notes  that  Comerica  has
                               limited   information   relating  to  its  social  policies
                               through  its  corporate  website;   however,   the  current
                               reporting does not appear to disclose  information relating
                               to   the   processes   and   procedures   related   to  its
                               environmental  risk management  systems for certain project
                               finance  initiatives,  as  described by  management  in its
                               response  to the  proponent's  request.  Further,  Comerica
                               does not  appear to  provide  information  relating  to its
                               internal   environmental   management   practices  and  the
                               company  does not appear to provide  sustainability-related
                               performance   metrics   typically   found   in  an  EHS  or
                               sustainability  report.  ISS  believes  that  the  benefits
                               realized  by the  company  by  evaluating,  monitoring  and
                               reporting potential risks,  liabilities,  and opportunities
                               associated   with   sustainability   issues   outweigh  the
                               potential cost and burden of producing such a report.  This
                               disclosure  would  allow   shareholders  to  better  assess
                               Comerica's policies,  practices and performance relating to
                               a  broader  set of issues  that may  impact  the  company's
                               operations.        In   light  of  the   current   lack  of
                               publicly  available  information  provided  by the  company
                               relating  to   sustainability   issues  and  the  potential
                               benefits that could be derived from increased  reporting on
                               sustainability   initiatives  pertinent  to  the  company's
                               operations,  ISS recommends that shareholders vote for this
                               proposal.


05/09/07 - A        ConocoPhillips *COP*                    20825C104                                  03/12/07               51,386
                    1       Elect Director James E. Copeland, Jr.         For          For                         Mgmt
                    2       Elect Director Kenneth M. Duberstein          For          For                         Mgmt
                    3       Elect Director Ruth R. Harkin                 For          For                         Mgmt
                    4       Elect Director William R. Rhodes              For          For                         Mgmt
                    5       Elect Director J. Stapleton Roy               For          For                         Mgmt
                    6       Elect Director William E. Wade, Jr.           For          For                         Mgmt
                    7       Ratify Auditors                               For          For                         Mgmt
                    8       Report on Political Contributions             Against      Against                     ShrHoldr
                               Based on existing disclosure that  ConocoPhillips  provides
                               regarding   its   rationale,    policies,   and   oversight
                               mechanisms for corporate political  contributions and trade
                               association activities,  and a lack of recent,  significant
                               litigation  related to such public policy  activities,  ISS
                               does not recommend shareholder support for this resolution.
                    9       Report on Renewable Energy Sources            Against      Against                     ShrHoldr
                               ISS believes that the company does sufficiently  explain to
                               its shareholders  its rationale for its strategic  business
                               decision relating to alternative energy.  Specifically,  we
                               believe  that  operational   decisions  involving  specific
                               research  policies,   procedures,  and  capital  investment
                               decisions should be the  responsibility  of management,  so
                               long  as  these   decisions   are   guided  by   applicable
                               legislation and appropriate internal policies.  In light of
                               ConocoPhillip's  efforts to  elucidate  stakeholders  about
                               its  renewable  energy  policy and its  business  rationale
                               behind such  policies;  and,  given its extensive  publicly
                               available  discussions on alternative energy, CO2 reduction
                               initiative,   and,   more  broadly,   on  its   initiatives
                               surrounding  climate  change,  ISS believes that developing
                               such a report  would be  largely  duplicative  of  existing
                               disclosure.  While  the  company  may not be  investing  in
                               renewable  energy  commitments to the extent the proponents
                               would choose to see, the company has recently  demonstrated
                               a  commitment  to  evaluating  the  impact  of the risks of
                               operating  in a  carbon-constrained  world and the  company
                               appears to be taking  steps to  mitigate  its  exposure  to
                               such  risks.  As  such,  ISS  does not  believe  that  this
                               proposal warrants shareholder support.
                    10      Require Director Nominee Qualifications       Against      Against                     ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus  on  fiduciary  duty  among  Conoco   Phillips  board
                               members,   ISS  does  not  believe  that  adoption  of  the
                               proposed   guidelines   would  add   additional   value  to
                               shareholders at this time.
                    11      Report on Environmental Damage from           Against      For                         ShrHoldr
                            Drilling in the National Petroleum Reserve
                               In  this  case,  we  note  that  the  resolution  asks  for
                               disclosure  on the impact of the  company's  operations  in
                               the  NPR-A  originally  protected  by  the  ROD,  including
                               discussion on refraining from drilling in this region.  ISS
                               agrees with  management  that it may be  inappropriate  for
                               the company to commit to refrain from  operating in certain
                               areas.  Such actions could limit the  company's  ability to
                               take  advantage  of  opportunities  that would  benefit the
                               company and its  shareholders.  That said,  we believe that
                               increased   reporting   on   operations   in  sensitive  or
                               protected   ecosystems   is   warranted,    especially   in
                               circumstances  where there has been some  controversy  over
                               the use of regions  recently opened for oil and gas leases.
                               As much of the  information  requested in these  reports is
                               already    evaluated   under   the   permitting    process,
                               consolidation  of a report should not be overly  burdensome
                               or  costly  to the  company.  Conversely,  such  disclosure
                               could  be   beneficial   for  the  company  by   mitigating
                               reputational risk,  improving  stakeholder  relations,  and
                               communicating the company's  proactive efforts to implement
                               its policies to develop  protected  areas in a  responsible
                               manner.  Therefore,  based on the limited cost of providing
                               the report and potential value that such  disclosure  could
                               provide for shareholders,  ISS recommends  support for this
                               resolution.
                    12      Report on Indigenous Peoples Rights Policies  Against      Against                     ShrHoldr
                               Considering  that the company  demonstrated  commitment  to
                               work in concert  with,  and  continue to improve  relations
                               with   stakeholders   within  the   communities   where  it
                               operates,  and  given  its  policies,  the  development  of
                               stakeholder   engagement   strategies,   and  its  existing
                               information  relating to certain activities related to this
                               issue;  and,  considering  our  concerns  over  the  scope,
                               timeline,  and value of additional  disclosure  beyond that
                               which is included in the company's filings and website,  we
                               do not recommend shareholder support for this resolution.
                    13      Report on Community Impact of Operations      Against      Against                     ShrHoldr
                               ISS notes that the company provides  significant,  detailed
                               reporting on its social and environmental  impact including
                               emissions,  spills,  and  policies  to promote  sustainable
                               development.  Moreover,  the company is involved in certain
                               stakeholder  initiatives  that  seek  to  include  external
                               stakeholders  in the  company's  evaluation  of social  and
                               environmental  impact.  Finally,  the company has committed
                               to expand and develop its  reporting  and  operations as it
                               produces  future  sustainability  reports.  Considering the
                               existing  disclosure and  initiatives  at the company,  ISS
                               does not believe that the  additional  reporting  requested
                               by  this  proposal  would  provide  significant  value  for
                               shareholders.   Therefore,   based  on  current  discussion
                               related  to  social  and   environmental   performance  and
                               initiatives  the  company  has  taken to  involve  external
                               stakeholders  in its  evaluation  processes,  ISS  does not
                               believe that  shareholder  support for this  resolution  is
                               warranted.


04/17/07 - A        Convergys Corp. *CVG*                   212485106                                  02/28/07               43,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Reincorporate in Another State [ Ohio to      Against      For                         ShrHoldr
                            Delaware ]
                               Although  the  company   believes  that  the  Ohio  General
                               Corporation  Law provides  shareholder  rights that are not
                               provided in Delaware,  ISS notes that Ohio has adopted very
                               protective   antitakeover   legislation,    including   six
                               provisions as shown under state  takeover  statutes  above.
                               In contrast,  Delaware has only two antitakeover provisions
                               in place,  resulting  in a more  positive  environment  for
                               shareholders.  Additionally,  Delaware  has  a  substantial
                               body  of  developed   case  law,   which   provides   great
                               predictability  with respect to legal  affairs.  Though the
                               company  currently has great  familiarity with Ohio law and
                               procedural  rules,  it is not  unreasonable to believe that
                               the  same   familiarity  can  be  gained  with  respect  to
                               Delaware.  Further,  the company noted that the very strong
                               non-disclosure  and non-compete  language as governed under
                               Ohio  law are not  necessarily  lost  under  Delaware  law.
                               Although  the  company  describes  the  potential  to  lose
                               millions  of  dollars  in  tax   incentives,   among  other
                               benefits,  ISS notes that the  incentives  and benefits are
                               largely  based upon the  physical  presence  of the company
                               and  its  employees  in  Ohio/Cincinnati  rather  than  the
                               jurisdiction of  incorporation.  This proposal will have no
                               effect on the  physical  location  of the  company  and its
                               employees in Ohio.          On  balance,  ISS believes that
                               the  proposed  reincorporation  from Ohio to Delaware  will
                               have a  positive  impact  to  shareholders.  As  such,  ISS
                               believes  that  shareholder  support  for this  proposal is
                               warranted.


09/15/06 - A        Darden Restaurants, Inc. *DRI*          237194105                                  07/24/06               20,000
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Leonard L. Berry --- Withhold
                               We  recommend  withholding  votes  from  Andrew  H.  (Drew)
                               Madsen,   Clarence  Otis,  Jr.,  and  Blaine  Sweatt,  III,
                               Leonard L. Berry, Odie C. Donald, David H. Hughes,  Senator
                               Connie Mack, III,  Michael D. Rose,  Maria A. Sastre,  Jack
                               A.  Smith,  and Rita P.  Wilson  for  failure to submit the
                               company's poison pill to a shareholder vote.
                    1.2     Elect Director Odie C. Donald --- Withhold
                    1.3     Elect Director David H. Hughes --- Withhold
                    1.4     Elect Director Charles A. Ledsinger, Jr.
                            --- For
                    1.5     Elect Director William M. Lewis, Jr. --- For
                    1.6     Elect Director Connie Mack, III --- Withhold
                    1.7     Elect Director Andrew H. Madsen --- Withhold
                    1.8     Elect Director Clarence Otis, Jr. ---
                            Withhold
                    1.9     Elect Director Michael D. Rose --- Withhold
                    1.10    Elect Director Maria A. Sastre --- Withhold
                    1.11    Elect Director Jack A. Smith --- Withhold
                    1.12    Elect Director Blaine Sweatt, III ---
                            Withhold
                    1.13    Elect Director Rita P. Wilson --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.64 percent is within the  allowable cap for this
                               company of 9.87 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                         Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace  advances the debate.  We feel that support for
                               this proposal,  coupled with  continued  debate on election
                               reforms,  will allow the director election system to evolve
                               to the next level.


06/21/07 - A        Dollar Tree Stores, Inc. *DLTR*         256747106                                  04/20/07               21,600
                    1       Elect Directors                               For          For                         Mgmt
                    2       Company Specific - Adopt Simple Majority      Against      For                         ShrHoldr
                            Vote
                               ISS Analysis  and  Conclusion        ISS  maintains  that a
                               simple  majority of voting  shares  should be sufficient to
                               effect  changes  in  a  company's   corporate   governance.
                               Requiring   more  than  a  simple   majority   may   permit
                               management to entrench  itself by blocking  amendments that
                               are in  shareholders'  best  interests        ISS  supports
                               any reduction of a company's voting  requirements,  even if
                               the change is simply a lower supermajority.


10/24/06 - A        Duke Energy Corp. *DUK*                 26441C105                                  08/25/06               31,953
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Roger Agnelli --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Michael E.J. Phelps and independent
                               outsider  Roger  Agnelli.  We recommend  that  shareholders
                               WITHHOLD votes from Michael E.J.  Phelps for standing as an
                               affiliated  outsider on the  Nominating  Committee and from
                               Roger Agnelli for sitting on more than three boards.
                    1.2     Elect Director Paul M. Anderson --- For
                    1.3     Elect Director William Barnet, III --- For
                    1.4     Elect Director G. Alex Bernhardt, Sr. ---
                            For
                    1.5     Elect Director Michael G. Browning --- For
                    1.6     Elect Director Phillip R. Cox --- For
                    1.7     Elect Director William T. Esrey --- For
                    1.8     Elect Director Ann Maynard Gray --- For
                    1.9     Elect Director James H. Hance, Jr. --- For
                    1.10    Elect Director Dennis R. Hendrix --- For
                    1.11    Elect Director Michael E.J. Phelps ---
                            Withhold
                    1.12    Elect Director James T. Rhodes --- For
                    1.13    Elect Director James E. Rogers --- For
                    1.14    Elect Director Mary L. Schapiro --- For
                    1.15    Elect Director Dudley S. Taft --- For
                    2       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 1.57 percent is within the  allowable cap for this
                               company of 5.00 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                         Mgmt


04/26/07 - A        Embarq Corp *EQ*                        29078E105                                  03/05/07               23,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/04/07 - A        Entergy Corp. *ETR*                     29364G103                                  03/06/07               21,220
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Report on Political Contributions             Against      For                         ShrHoldr
                               ISS  is  concerned  that   shareholders   lack  information
                               relating   to  the   company's   policies   and   oversight
                               mechanisms  related to  political  contributions  and trade
                               association   spending.   Such   information   could   help
                               shareholders  assess the risks and benefits associated with
                               its public policy  initiatives  without  significant  cost,
                               burden,  or strategic risk for the company.  Therefore,  we
                               believe this resolution warrants shareholder support.
                    4       Limit Executive Compensation                  Against      Against                     ShrHoldr
                               We oppose  this item  because it could place the company at
                               a  competitive   disadvantage  in  attempting  to  attract,
                               retain, motivate and reward executives.


05/04/07 - A        Equifax Inc. *EFX*                      294429105                                  03/06/07                   25
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/08/07 - A        Essex Property Trust, Inc. *ESS*        297178105                                  02/28/07                6,080
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/30/07 - A        Exxon Mobil Corp. *XOM*                 30231G102                                  04/05/07               84,389
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Michael J. Boskin --- For
                               That  said;  it does not  appear  to ISS that  Boskin as an
                               individual  has acted in a manner that is  unresponsive  or
                               inconsistent  with  ExxonMobil's  guidelines  for  director
                               communications   with  shareholders.   His  responses,   by
                               directing   investors  to  existing   company  reports  and
                               offering dialogue with ExxonMobil's  senior management,  do
                               provide substantial  disclosure into the company's policies
                               and positions related to climate change.  However,  in ISS'
                               opinion  the  issue at hand is a  broader  concern  for the
                               entire  board,   specifically   related  to  the  company's
                               governance  procedures.  ISS urges the  company to consider
                               amending   its   guidelines   or   adopting  a   consistent
                               interpretation  of its policies that encourages more active
                               dialogue between  shareholders and the independent  members
                               of the board.  We will  continue  to  monitor  ExxonMobil's
                               actions to improve  shareholder access to the board and may
                               consider  future  proposals  that  call  for  a  review  of
                               ExxonMobil's   governance   guidelines   or  procedures  if
                               investors   continue  to  lack  access  to  the   company's
                               independent  directors.  That said,  we do not believe that
                               withholding votes from Boskin as an individual  director is
                               warranted at this time.
                    1.2     Elect Director William W. George --- For
                    1.3     Elect Director James R. Houghton --- For
                    1.4     Elect Director William R. Howell --- For
                    1.5     Elect Director Reatha Clark King --- For
                    1.6     Elect Director Philip E. Lippincott --- For
                    1.7     Elect Director Marilyn Carlson Nelson ---
                            For
                    1.8     Elect Director Samuel J. Palmisano --- For
                    1.9     Elect Director Steven S Reinemund --- For
                    1.10    Elect Director Walter V. Shipley --- For
                    1.11    Elect Director J. Stephen Simon --- For
                    1.12    Elect Director Rex W. Tillerson --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                         ShrHoldr
                               In this case,  the  company  does not have a majority  vote
                               standard  in  director  elections.  Further,  the number of
                               directors  at any time may be increased  or  diminished  by
                               the  vote  of the  board  of  directors  as  stated  in the
                               company's  certificate  of  incorporation.  With respect to
                               the stock  performance,  the company has  outperformed  the
                               index on the  one-year  and three  year  total  shareholder
                               requirements.  In  addition,  there was a change in the CEO
                               position in 2006.          The company fails to meet two of
                               the   aforementioned    corporate    governance   criteria.
                               Accordingly, the proposal warrants shareholder support.
                    4       Amend Articles/Bylaws/Charter -- Call         Against      For                         ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants   shareholder  support.   Further,   according  to
                               Exxon's bylaws,  special  meetings of the  shareholders may
                               be called by the board of  directors,  the  chairman of the
                               board or the president.
                    5       Separate Chairman and CEO Positions           Against      For                         ShrHoldr
                               Overall,  having  an  independent  director  serve as board
                               chair is a matter  of best  governance  practice.  Adopting
                               this proposal would strengthen  management  accountability,
                               build  investor  confidence,  and ensure that the board has
                               strong independent leadership.
                    6       Initiate Payment of Cash Dividend             Against      Against                     ShrHoldr
                               In  general,  ISS  believes  that the  decision  to  return
                               excess  cash to  shareholders  should  be be  best  left to
                               management.   While  there  are  pros  and  cons  for  both
                               dividends payments and share repurchase,  the preference of
                               one over the  other is  largely  a  function  of  company's
                               needs   and   an   individual   investor's   circumstances.
                               Therefore,  to mandate a policy on how the  company  should
                               return   its   excess   cash   would   limit   management's
                               flexibility  that is not warranted in this case and may not
                               be in shareholders best interest.  Therefore,  ISS does not
                               support this proposal.
                    7       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    8       Company-Specific- Amend Article IX of the     Against      Against                     ShrHoldr
                            Corporation's by-laws
                               In evaluating  the merits of this  proposal,  ISS considers
                               how shareholders would benefit from this process.  At Exxon
                               Mobil, the  Compensation  Committee  oversees  compensation
                               for the senior executives,  including their salary,  bonus,
                               and incentive  awards,  as well as succession plans for key
                               executive positions.  The Committee  subsequently makes its
                               recommendation  to the  board.  One of  the  merits  of the
                               proposal  is  to  ensure  that  the  board  is   completely
                               responsible  for  CEO  compensation  decisions  and  is not
                               rubber-stamping  the  recommendations  of the  compensation
                               committee.  However,  ISS views the binding  proposal being
                               restrictive,  and it micromanages the process undertaken by
                               the  compensation  committee.  Requiring  a  super-majority
                               voting  standard  and  approval  by the  board  would  also
                               undermine   the   authority   and   effectiveness   of  the
                               compensation  committee.  Further,  ISS  is  not  sure  how
                               shareholders  would be informed if less than  two-thirds of
                               the board support the  recommendations  of the compensation
                               committee.  Therefore,  ISS does not believe  this  binding
                               proposal warrants shareholder support.
                    9       Review Executive Compensation                 Against      Against                     ShrHoldr
                               ISS  questions  the utility to  shareholders  of a detailed
                               report   disclosing  and  analyzing  the  balance   between
                               executive  compensation and the pay of Exxon Mobil's lowest
                               paid  employees  over the last  ten  years.  While we agree
                               that  shareholders  could benefit from continued,  detailed
                               review of the compensation  committee's policies to control
                               excessive  CEO pay, the specific  information  requested by
                               this  resolution  focuses more directly on the issue of pay
                               disparity  within the  company,  and may result in a report
                               that  is   arbitrary   in  nature,   or  provides   limited
                               meaningful information to shareholders.  As such, we do not
                               recommend shareholder support for this resolution.
                    10      Limit Executive Compensation                  Against      Against                     ShrHoldr
                               ISS believes  that top five  compensation  should be linked
                               to the  company's  performance.  If the  company has met or
                               exceeded the target  performance  level,  executives should
                               be remunerated  for their  efforts.  Although we agree with
                               the principle of  pay-for-performance  in setting executive
                               pay, we believe that limiting  remuneration to $500,000 per
                               year:  (1) is  arbitrary,  (2) does not  resolve  potential
                               disconnects  between pay and performance,  and (3) would be
                               unduly   restrictive   with   respect   to  the   company's
                               compensation  strategies.  As  such,  we  recommend  a vote
                               AGAINST.
                    11      Claw-back of Payments under Restatements      Against      For                         ShrHoldr
                               ISS  recommends  a  vote  FOR  this  proposal  because  the
                               company  has not  adopted a formal  claw-back  policy  that
                               outlines  the  necessary   actions  that  the  compensation
                               committee  will  take  to  recoup  all  bonuses  to  senior
                               executives.
                    12      Report on Political Contributions             Against      For                         ShrHoldr
                               ISS notes that Exxon Mobil has provided  shareholders  with
                               significant  information  to assess the  company's  general
                               policies   and   oversight   mechanisms   relating  to  its
                               political  activities.  While ISS  commends the company for
                               this  level  of  transparency  into its  corporate  and PAC
                               contributions,  we are  concerned  that  shareholders  lack
                               similar  information  relating  to  its  trade  association
                               spending.  Such  disclosure  could assist  shareholders  in
                               their assessment of the risks and benefits  associated with
                               public policy activities  through  politically active trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.
                    13      Amend Equal Employment Opportunity Policy     Against      For                         ShrHoldr
                            to Prohibit Discrimination Based on Sexual
                            Orientation
                               Given the fact that company's  competitors reference sexual
                               orientation  discrimination in their EEO statements and the
                               fact   that   Mobil  did   explicitly   bar  this  type  of
                               discrimination  in its EEO  statement  prior to the  merger
                               with Exxon,  we believe  that the company  should amend its
                               EEO to explicitly prohibit  discrimination  based on sexual
                               orientation.  As such, we recommend that  shareholders vote
                               for this resolution.
                    14      Report on Environmental Accountability        Against      Against                     ShrHoldr
                               In this case,  the  proponents  are asking  Exxon  Mobil to
                               disclose  information  on how  it is  accountable  for  the
                               environmental  impacts  that its  operations  have on local
                               communities.  Specifically,  the shareholder is asking that
                               the  company  discuss not only the  negative  impact of its
                               operations,  but also details on how the company integrates
                               community  awareness into its policies and  reporting.  ISS
                               notes that the  company is  involved  in several  community
                               initiatives to improve social welfare or encourage  ongoing
                               dialogue  with the  company  on  issues  of  importance  to
                               stakeholders,  and provides information on these engagement
                               policies  and  activities  on  the  corporate  website  and
                               through  its  reports.  Moreover,  the  company  provides a
                               substantial  amount  of  disclosure  on  its  environmental
                               performance and social  initiatives.  While this disclosure
                               may not discuss each issue  recommended  by the  proponent,
                               it does allow  investors  to clearly  evaluate the policies
                               and  management  controls that the company has  established
                               to measure and evaluate  environmental  performance and the
                               impact of company  operations  on  community  stakeholders.
                               Therefore,  ISS does not believe that  shareholder  support
                               for this resolution is warranted.
                    15      Report on Emission Reduction Goals            Against      For                         ShrHoldr
                               In this  case,  we  note  that  the  company  has  provided
                               shareholders with a significant  amount of insight into its
                               evaluation  of the future of  worldwide  energy  demand and
                               the   company's   policies   and   activities   to   remain
                               competitive in the global  marketplace.  Additionally,  the
                               company   has  made  some   significant   improvements   in
                               increasing energy efficiency and decreasing  emissions from
                               its  operations.  That said,  ISS notes that the  company's
                               policies do not appear to  establish  goals  related to the
                               reduction   of  GHG   emissions   from  its   products  and
                               operations in the future.  Considering Exxon Mobil's global
                               operations  and the impact that proposed or enacted  state,
                               national,   and   international   legislation   related  to
                               reducing  GHG  emissions  might  have on the  company,  ISS
                               believes  that such  metrics  may be useful for the company
                               and  its   shareholders   as  a  means  of  evaluating  the
                               company's  ability to  effectively  respond  to  increasing
                               public concern,  shifting  consumer demands and legislative
                               activity  on  this  matter.   We  further  note  that  this
                               resolution  does not prescribe  specific goals or timelines
                               for the  company to meet;  rather it allows the  company to
                               flexibility  to establish  targets  that are  appropriately
                               balanced  with the company's  need to meet consumer  demand
                               and maintain operational efficiency.  Finally,  considering
                               the  level of  research  and  disclosure  that the  company
                               already  provides   related  to  its  current   operational
                               emissions  and the future  demand for  energy  sources,  it
                               does  not   appear   that   establishing   such  goals  and
                               disclosing  them as a part of its existing  reporting would
                               be overly costly or burdensome,  or would place the company
                               at a competitive disadvantage.  Therefore, while we commend
                               the company for its current level of disclosure  related to
                               its  policies  and   strategies,   ISS  believes  that  the
                               adoption of GHG emission  goals for Exxon Mobil's  products
                               and  operations  would be  beneficial  for both the company
                               and  its   shareholders  by  providing   insight  into  the
                               company's  ability to maintain its  leadership  position in
                               the   market  by   ensuring   continued   compliance   with
                               developing  legislation related to GHG emissions.  As such,
                               we recommend that shareholders support this resolution.
                    16      Report on Carbon Dioxide Emissions            Against      Against                     ShrHoldr
                            Information at Gas Stations
                               In this case, the proponent is requesting  that the company
                               disclose  information  on CO2 emissions  from  conventional
                               gasoline  and  diesel  fuels on the fuel  pumps.  While ISS
                               believes  it  is   beneficial   for  companies  to  provide
                               thorough  disclosure on issues that may impact  shareholder
                               value, we question the scope of this particular  resolution
                               as well as the utility that such  information  may have for
                               consumers   and   Exxon   Mobil   shareholders.    Detailed
                               information   about  the  carbon   content  and   emissions
                               associated   with  fuel  for  motor   vehicles  is  readily
                               available on the US Environmental  Protection  Agency (EPA)
                               website in  segment of their  overview  of  pollutants  and
                               programs entitled:  Emission Facts:  Average Carbon Dioxide
                               Emissions  Resulting from Gasoline and Diesel Fuel, as well
                               as through other publicly available sources.  Additionally,
                               complex   variables  in  establishing   the  lifecycle  CO2
                               emissions of individual fuels,  including the source of the
                               original  fossil  fuel and the method of  refining  the raw
                               materials   into   diesel  or   gasoline   fuels  all  have
                               significant  impact on the total  CO2  emissions  of a fuel
                               product and may make  accurately  evaluating and disclosing
                               such  information  in a manner that is useful for consumers
                               unfeasible.   Therefore,   based  on  questions   over  the
                               feasibility and utility of the information  requested,  ISS
                               does not  believe  that this  proposal  merits  shareholder
                               support.
                    17      Adopt Policy to Increase Renewable Energy     Against      Against                     ShrHoldr
                            Portfolio
                               Exxon  Mobil has long  contended  that it is an oil and gas
                               company,  and that it is best positioned for future success
                               in  the   marketplace  by  increasing  its  efficiency  and
                               reducing  the  emissions  from   traditional   fossil  fuel
                               sources while  continuing to evaluate  alternative  sources
                               that fit within the company's  parameters  for feasible and
                               profitable   operations.   As  such,   the  fact  that  the
                               company's  investment in renewable energy sources is not as
                               significant  as  those  seen  at  its  competitors  appears
                               consistent  with the  company's  forecasts  for the  energy
                               market   and   stated   policy   positions.    While   some
                               shareholders  may not agree  with Exxon  Mobil's  strategy,
                               ISS believes that the company has been  transparent  on its
                               position  related  to  renewable  energy  sources  and  has
                               substantially  explained  the  rationale  that it  believes
                               supports its policies and activities.  Therefore,  based on
                               the company's  existing  level of  disclosure  and concerns
                               over the  prescriptive  nature of the proposed  targets and
                               timelines,  ISS does not recommend  shareholder support for
                               this resolution.


05/15/07 - A        FirstEnergy Corporation *FE*            337932107                                  03/21/07               21,180
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Paul T. Addison --- Withhold
                               We recommend a vote FOR Michael J.  Anderson,  but WITHHOLD
                               votes from all of the other  nominees.  We  recommend  that
                               shareholders   WITHHOLD  votes  from  insider   Anthony  J.
                               Alexander  and  independent   outsiders  George  M.  Smart,
                               Catherine A. Rein, Carol A.  Cartwright,  Jesse T. Williams
                               Sr.,  Robert B.  Heisler Jr.,  William T.  Cottle,  Paul T.
                               Addison,  Ernest  J.  Novak  Jr.,  and  Wes M.  Taylor  for
                               failure to implement the proposal to adopt simple  majority
                               vote requirement.
                    1.2     Elect Director Anthony J. Alexander ---
                            Withhold
                    1.3     Elect Director Michael J. Anderson --- For
                    1.4     Elect Director Carol A. Cartwright ---
                            Withhold
                    1.5     Elect Director William T. Cottle ---
                            Withhold
                    1.6     Elect Director Robert B. Heisler, Jr. ---
                            Withhold
                    1.7     Elect Director Ernest J. Novak, Jr. ---
                            Withhold
                    1.8     Elect Director Catherine A. Rein ---
                            Withhold
                    1.9     Elect Director George M. Smart --- Withhold
                    1.10    Elect Director Wes M. Taylor --- Withhold
                    1.11    Elect Director Jesse T. Williams, Sr. ---
                            Withhold
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Reincorporate in Another State [Ohio to       Against      For                         ShrHoldr
                            Delaware ]
                               On balance, ISS believes that the proposed  reincorporation
                               from  Ohio to  Delaware  will  have a  positive  impact  to
                               shareholders.   As  such,  ISS  believes  that  shareholder
                               support for this proposal is warranted.
                    5       Adopt a Policy Establishing an Engagement     Against      For                         ShrHoldr
                            Process to Shareholder Proposals
                               ISS    notes    that     FirstEnergy    has    ignored    a
                               majority-supported  shareholder  proposal  in the past.  We
                               also note that the  company  has not taken  action in spite
                               of last  year's  simple  majority  proposal  receiving  the
                               support of a majority  of shares  outstanding  and of votes
                               cast.  As such,  ISS believes it is best practice to ensure
                               direct  communication  with shareholder  proponent(s),  and
                               notes  that  shareholder   support  for  this  proposal  is
                               warranted.
                    6       Adopt Simple Majority Vote                    Against      For                         ShrHoldr
                               ISS  maintains  that a simple  majority  of  voting  shares
                               should be  sufficient  to  effect  changes  in a  company's
                               corporate   governance.   Requiring   more  than  a  simple
                               majority  may  permit  management  to  entrench  itself  by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.  As such, ISS believes that shareholder  support
                               for this proposal is warranted.


09/08/06 - A        Freddie Mac *FRE*                       313400301                                  06/30/06               10,700
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Report on Charitable Contributions            Against      Against                     ShrHoldr
                               In  this  case,  we  note  that  Freddie  Mac  discloses  a
                               significant  amount  of the  information  requested  by the
                               proponent  in the Freddie Mac  Foundation's  Annual  Report
                               and other segments of the company website.  Moreover,  some
                               aspects of the resolution,  including detailed  information
                               on the personal  involvement  of any  executive  officer or
                               director  with any  charitable  organization  could place a
                               significant   burden  on  the  company  without   providing
                               commensurate value to shareholders.  Finally,  while recent
                               controversy at Freddie Mac raises certain  questions  about
                               the company's internal controls and accounting  procedures,
                               these  issues do not appear to have any  relationship  with
                               either   the   company   or  the   foundations   charitable
                               contributions.  Therefore,  based on Freddie Mac's existing
                               disclosure on charitable  contributions  and questions over
                               the utility of certain  aspects of this proposal,  ISS does
                               not  recommend  shareholder  support for the  resolution at
                               this time.


06/08/07 - A        Freddie Mac *FRE*                       313400301                                  03/30/07               26,500
                    1       Elect Director Barbara T. Alexander           For          For                         Mgmt
                    2       Elect Director Geoffrey T. Boisi              For          For                         Mgmt
                    3       Elect Director Michelle Engler                For          For                         Mgmt
                    4       Elect Director Robert R. Glauber              For          For                         Mgmt
                    5       Elect Director Richard Karl Goeltz            For          For                         Mgmt
                    6       Elect Director Thomas S. Johnson              For          For                         Mgmt
                    7       Elect Director William M. Lewis, Jr           For          For                         Mgmt
                    8       Elect Director Eugene M. McQuade              For          For                         Mgmt
                    9       Elect Director Shaud F. O Malley              For          For                         Mgmt
                    10      Elect Director Jeffrey M. Peek                For          For                         Mgmt
                    11      Elect Director Nicolas P. Retsinas            For          For                         Mgmt
                    12      Elect Director Stephen A. Ross                For          For                         Mgmt
                    13      Elect Director Richard F. Syron               For          For                         Mgmt
                    14      Ratify Auditors                               For          For                         Mgmt
                    15      Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 3 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


04/24/07 - A        Frontier Oil Corp. *FTO*                35914P105                                  03/09/07               21,200
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/02/07 - A        General Dynamics Corp. *GD*             369550108                                  03/09/07               27,460
                    1       Elect Director Nicholas D. Chabraja           For          For                         Mgmt
                    2       Elect Director James S. Crown                 For          For                         Mgmt
                    3       Elect Director William P. Fricks              For          For                         Mgmt
                    4       Elect Director Charles H. Goodman             For          For                         Mgmt
                    5       Elect Director Jay L. Johnson                 For          For                         Mgmt
                    6       Elect Director George A. Joulwan              For          For                         Mgmt
                    7       Elect Director Paul G. Kaminski               For          For                         Mgmt
                    8       Elect Director John M. Keane                  For          For                         Mgmt
                    9       Elect Director Deborah J. Lucas               For          For                         Mgmt
                    10      Elect Director Lester L. Lyles                For          For                         Mgmt
                    11      Elect Director Carl E. Mundy, Jr.             For          For                         Mgmt
                    12      Elect Director Robert Walmsley                For          For                         Mgmt
                    13      Ratify Auditors                               For          For                         Mgmt
                    14      Pay For Superior Performance                  Against      For                         ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation   programs  for  senior   executives  are  not
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   the  company   does  not  disclose
                               specific   performance   measures  and  hurdles  rates  for
                               performance-based award grants to senior executives,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes shareholders should support this proposal.
                    15      Performance-Based and/or Equity Based Awards  Against      For                         ShrHoldr
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines;   and  (2)   this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/25/07 - A        General Electric Co. *GE*               369604103                                  02/26/07              248,079
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director James I. Cash, Jr. --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Claudio X. Gonzalez.  We recommend
                               shareholders  WITHHOLD  votes from Claudio X.  Gonzalez for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director William M. Castell --- For
                    1.3     Elect Director Ann M. Fudge --- For
                    1.4     Elect Director Claudio X. Gonzalez ---
                            Withhold
                    1.5     Elect Director Susan Hockfield --- For
                    1.6     Elect Director Jerry R. Immelt --- For
                    1.7     Elect Director Andrea Jung --- For
                    1.8     Elect Director Alan G. Lafley --- For
                    1.9     Elect Director Robert W. Lane --- For
                    1.10    Elect Director Ralph S. Larsen --- For
                    1.11    Elect Director Rochelle B. Lazarus --- For
                    1.12    Elect Director Sam Nunn --- For
                    1.13    Elect Director Roger S. Penske --- For
                    1.14    Elect Director Robert J. Swieringa --- For
                    1.15    Elect Director Douglas A. Warner III --- For
                    1.16    Elect Director Robert C. Wright --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Adopt Majority Vote Standard in Director      For          For                         Mgmt
                            Elections
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    4       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    5       Company-Specific-Approve Material Terms of    For          For                         Mgmt
                            Senior Officer Performance Goals
                               The performance  measures disclosed are appropriate for the
                               company  given its line of  business,  long-term  strategic
                               objectives,  and  industry-specific  measures for assessing
                               market  competitiveness.   Additionally,   the  performance
                               awards  are  administered  by a  committee  of  independent
                               outsiders who must certify  attainment of these  objective,
                               measurable  performance  goals  before  awards  are paid to
                               participants.    Moreover,   preservation   of   the   full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    6       Provide for Cumulative Voting                 Against      For                         ShrHoldr
                               In this  case,  while  GE  meets  the  governance  criteria
                               specified,  the  company  does  not  meet  the  performance
                               criteria.  The  company  underperforms  both the  index and
                               peers  in both  one-year  and  three-year  TSR as  detailed
                               above.  Accordingly,   the  proposal  warrants  shareholder
                               support.
                    7       Company-Specific -- Adopt Policy on           Against      For                         ShrHoldr
                            Overboarded Directors
                               Although   the  company   maintains   a  policy   regarding
                               overboarded  directors,  the policy permits the maintenance
                               of current  directors  who exceed these limits if the board
                               determines that such director's  service on the board would
                               not be impaired.  In fact,  the company has already made an
                               exception  with regard to director  Claudio  Gonzalez,  who
                               sits on a total  of ten  boards.  The  proponent's  request
                               would  not  allow the  company  to  bypass  or alter  these
                               limits without shareholder approval.  Therefore, we believe
                               that  the  proponent's   request  represents  a  preferable
                               policy  framework  from  a  shareholder's  perspective.  As
                               such, we believe this item warrants shareholder support.
                    8       Company-Specific -- One Director from the     Against      Against                     ShrHoldr
                            Ranks of Retirees
                               ISS believes that director  nominees who are best qualified
                               and who  have  the  relevant  experience  should  serve  as
                               directors  for  the  interests  of  all  shareholders.  The
                               director  selection  process  should  not be  limited  to a
                               certain type of  director.  This  proposal  would limit the
                               board's  independent  nominating  committee  from selecting
                               the best director candidates.  As such, we do not recommend
                               shareholder support this item.
                    9       Separate Chairman and CEO Positions           Against      For                         ShrHoldr
                               In this  case,  while  GE  meets  the  governance  criteria
                               specified,  the  company  does  not  meet  the  performance
                               criteria.  The  company  underperforms  both the  index and
                               peers  in both  one-year  and  three-year  TSR as  detailed
                               above.  Accordingly,   the  proposal  warrants  shareholder
                               support.
                    10      Limit Dividend and Dividend Equivalent        Against      For                         ShrHoldr
                            Payments to Executives
                               While  ISS  notes  that  dividends  paid to  executives  on
                               unvested  shares  may  not  necessarily  represent  a large
                               percentage  of their total  compensation,  we are concerned
                               that,  over  time,  such  dividend  payments  can result in
                               large   payouts.   Such   payouts   are  not  tied  to  the
                               performance  of the award  recipient  or the  company  as a
                               whole.  ISS believes  that  adoption of a policy  providing
                               that shares must be  fully-vested  prior to dividends being
                               paid minimizes costs to the company and its shareholders.
                    11      Report on Charitable Contributions            Against      Against                     ShrHoldr
                               In this  case,  we note  that GE  discloses  a  significant
                               amount of the  information  requested  by the  proponent on
                               its foundation  website, in its 2006 Citizenship Report and
                               through other public sources.  Included in this information
                               is  disclosure  of  total  funds  contributed,  as  well as
                               charts  showing  the  percentage  of funds  contributed  by
                               focus  area  and   domestically   versus   internationally.
                               Further  discussion on the foundation's  website  describes
                               the initiatives  that the company is involved in as well as
                               its   broad   rationale   for   charitable   contributions.
                               Therefore,  based on the existing level of disclosure,  ISS
                               does not recommend  shareholder  support for the resolution
                               at this time.
                    12      Report on Global Warming                      Against      Against                     ShrHoldr
                               Therefore,   while  ISS  would  encourage  the  company  to
                               continue  to  evaluate  and  disclose  information  on  its
                               policies and strategic  directions,  we do not believe that
                               shareholder support for this resolution is warranted.
                    13      Adopt Ethical Criteria for Military           Against      Against                     ShrHoldr
                            Contracts
                               ISS  generally  agrees that  detailed  disclosure  from the
                               company on the risks  associated  with certain  markets and
                               operations can be beneficial to  shareholders  by providing
                               them with more  information  to  consider  when  evaluating
                               their investments.  However, we also believe that it may be
                               inappropriate to disclose  detailed  information  about the
                               contract  evaluation and bidding  process,  as provision of
                               this data may give  insight  into  contractual  agreements,
                               thereby  providing  competition  with  bidding  advantages.
                               Additionally,  while ISS supports a sustainable approach to
                               business   operations,   we  also  note  that  the  federal
                               government  has stringent  regulations  regarding  military
                               and  weapons   production,   weapons  exportation  and  the
                               associated  contract bidding  process.  We believe that the
                               combination of existing federal  regulation,  the necessity
                               to limit  disclosure  where it could  affect the  company's
                               competitive  advantage,  and the company's current policies
                               and  oversight  systems for military and  government  sales
                               outweigh the  potential  benefits  that may be derived from
                               this proposal.
                    14      Report on Pay Disparity                       Against      Against                     ShrHoldr
                               Although  ISS  generally  recommends  votes  for  proposals
                               which  increase  the  level  of  disclosure  on  topics  of
                               importance to  shareholders  and support  performance-based
                               compensation  for executives,  the system suggested in this
                               shareholder   proposal   suggests   reporting   on   salary
                               comparisons and evaluating overall compensation  thresholds
                               that may have limited utility for shareholders.  Therefore,
                               based on the  limited  utility  and  potentially  arbitrary
                               nature  of  the  detailed  information   requested  by  the
                               report,  we do not recommend  shareholder  support for this
                               resolution.


09/25/06 - A        General Mills, Inc. *GIS*               370334104                                  07/27/06               24,440
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Paul Danos --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Michael D. Rose. We recommend that
                               shareholders  WITHHOLD  votes from Michael D. Rose for poor
                               attendance.
                    1.2     Elect Director William T. Esrey --- For
                    1.3     Elect Director Raymond V. Gilmartin --- For
                    1.4     Elect Director Judith Richards Hope --- For
                    1.5     Elect Director Heidi G. Miller --- For
                    1.6     Elect Director H. Ochoa-Brillembourg --- For
                    1.7     Elect Director Steve Odland --- For
                    1.8     Elect Director Kendall J. Powell --- For
                    1.9     Elect Director Michael D. Rose --- For
                    1.10    Elect Director Robert L. Ryan --- For
                    1.11    Elect Director Stephen W. Sanger --- For
                    1.12    Elect Director A. Michael Spence --- For
                    1.13    Elect Director Dorothy A. Terrell --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Non-Employee Director Stock Option    For          For                         Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.23 percent is within the  allowable cap for this
                               company of 6.73 percent. Additionally,  this plan expressly
                               forbids repricing.
                    4       Label Genetically Modified Ingredients        Against      Against                     ShrHoldr
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task,  particularly  for companies that opt as end users or
                               retailers  for  products   that  may  contain   genetically
                               modified  ingredients.  Given the  widespread  existence of
                               these products,  we question whether such an initiative can
                               be successfully and economically  implemented.  Conversely,
                               a broad  approach of labeling all products as  "potentially
                               containing  GE  ingredients"  would  be of  limited  use to
                               consumers and  shareholders.  Therefore,  based on concerns
                               with the  associated  costs and  feasibility of effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.


05/15/07 - A        Genworth Financial, Inc. *GNW*          37247D106                                  03/20/07               44,890
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


09/27/06 - A        Global Payments, Inc. *GPN*             37940X102                                  08/11/06               11,300
                    1       Elect Directors                               For          For                         Mgmt


10/27/06 - A        Harris Corp. *HRS*                      413875105                                  09/01/06               11,900
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/10/07 - A        HCC Insurance Holdings, Inc. *HCC*      404132102                                  04/02/07               29,800
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance   measure   included  under  the  plan  is
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                         Mgmt
                    4       Amend EEO Statement to Include Reference to   Against      For                         ShrHoldr
                            Sexual Orientation
                               ISS notes that HCC  Insurance  Holdings  does not appear to
                               have an  equal  opportunity  statement  or  other  publicly
                               available     policy    that     specifically     addresses
                               discrimination   based  on  sexual  orientation  or  gender
                               identity.   Such   language   is  included  in  many  large
                               companies'  EEO  language  and  can  serve  to  increase  a
                               company's  access to markets and potential  employees while
                               mitigating  exposure to  litigation  or negative  publicity
                               stemming  from  this  issue.   As  such,   ISS   recommends
                               shareholder support for this resolution.


05/01/07 - A        Health Net, Inc. *HNT*                  42222G108                                  03/21/07               11,100
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


03/14/07 - A        Hewlett-Packard Co. *HPQ*               428236103                                  01/16/07               69,730
                    1       Elect Director L.T. Babbio, Jr.               For          For                         Mgmt
                    2       Elect Director S.M. Baldauf                   For          For                         Mgmt
                    3       Elect Director R.A. Hackborn                  For          For                         Mgmt
                    4       Elect Director J.H. Hammergren                For          For                         Mgmt
                    5       Elect Director M.V. Hurd                      For          For                         Mgmt
                    6       Elect Director R.L. Ryan                      For          For                         Mgmt
                    7       Elect Director L.S. Salhany                   For          For                         Mgmt
                    8       Elect Director G.K.Thompson                   For          For                         Mgmt
                    9       Ratify Auditors                               For          For                         Mgmt
                    10      Require Director Nominee Qualifications       Against      For                         ShrHoldr
                               Proxy  access  is a tool  that  will  enable  investors  to
                               fulfill their  ownership  responsibilities  while improving
                               board  accountability.  We believe  that this proxy  access
                               proposal allows significant  shareholders an opportunity to
                               participate in the nomination  process,  while safeguarding
                               the  process,   the  board,   and  the   interests  of  all
                               shareholders.  ISS  believes  that  support for this ballot
                               access proposal  represents a significant and positive step
                               in the director election  process.  The reform is needed to
                               right a steeply  tilted  playing field on which  management
                               and board incumbents  dominate the election  process.  This
                               proposal  affords  shareholders  an  opportunity  to effect
                               reforms   on  the   nomination   process.   Based   on  the
                               fundamental  need  for  a  more  effective  and  meaningful
                               director   election   process   and  given   the   adequate
                               provisions  of this  proposal,  we believe that support for
                               this resolution is warranted.
                    11      Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   Chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    12      Submit Shareholder Rights Plan (Poison        Against      For                         ShrHoldr
                            Pill) to Shareholder Vote
                               In this case,  H-P has not included in their  fiduciary out
                               policy the  stipulation  that the plan must be submitted to
                               a shareholder vote within 12 months of adoption.  While the
                               board   believes   this   policy   responds   directly   to
                               stockholders'  concerns,  ISS believes that it still leaves
                               to the board the  decision to proceed  with the adoption of
                               a pill  without  shareholder  approval  and does not have a
                               sunset  provision  in case  the pill  was not  approved  by
                               shareholders.  Therefore,  we do  not  believe  that  H-P's
                               policy  substantially  addresses  the issues  raised by the
                               shareholder proposal. We recommend a vote FOR this item.
                    13      Performance-Based Equity Awards               Against      For                         ShrHoldr
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.


05/15/07 - A        Hospitality Properties Trust *HPT*      44106M102                                  03/20/07                6,915
                    1       Elect Director William A. Lamkin              For          For                         Mgmt
                    2       Amend Declaration of Trust--Election of       For          Against                     Mgmt
                            Trustees
                               We  believe  the  current   proposal  is   detrimental   to
                               shareholder's   rights,   as  the   board  is   "filtering"
                               proposals  and  requiring  a  supermajority  vote of shares
                               outstanding  to  approve  some  of  them,  which  currently
                               require only a majority support.  Additionally, the company
                               will  have the  right to change  the  voting  requirements.
                               Regarding  the issue  raised by the company of the inherent
                               the   difficulty  of  obtaining  a  majority  vote  of  the
                               outstanding  shares  for  routine  items,  we note  that 57
                               percent  of the  company's  stock in held by  institutional
                               investors.  Furthermore,  in last  year's  annual  meeting,
                               non-routine  items  were  voted by more than 90  percent of
                               the shares outstanding.  As such, we believe this item does
                               not warrant shareholder support.
                    3       Amend Declaration of Trust--Amend             For          Against                     Mgmt
                            Declaration of Trust-(a)Amend
                            Trust(i)Qualification of
                            Trustees,(ii)Policies(iii)Restrictions,
                            (iv)Special voting rights,business
                            combinations(v)Provisions governing
                            amendments to trust(b)Termination of Trust
                               We believe  some of the  elements of the  current  proposal
                               are detrimental to  shareholder's  rights,  as the board is
                               "filtering"  proposals  and  requiring a 75 percent vote to
                               approve  some of  them,  which  currently  only  require  a
                               two-thirds vote. Therefore,  the supermajority  requirement
                               is  increased  in  8  percentage   points.   However,   the
                               requirement  is  lowed  to a  majority  of  votes  cast  (a
                               decrease  of  more  than 17  percentage  points)  when  the
                               proposal is approved by a  supermajority  of the board.  On
                               balance, we believe the proposal will benefit  shareholders
                               and recommend support for this item.
                    4       Amend Declaration of Trust--Authorize Board   For          Against                     Mgmt
                            to divide or combine the oustanding shares,
                            any class or series without shareholder
                            vote.
                               Many  companies  reduce  the number of  outstanding  shares
                               through  a  reverse  split,  but  fail  to  proportionately
                               reduce  the  number  of  shares  authorized  for  issuance.
                               Therefore,  ISS prefers that  reverse  splits be subject to
                               shareholder approval.
                    5       Amend Declaration of Trust--Any shareholder   For          For                         Mgmt
                            violating Declaration of Trust will
                            indemnify and hold us harmless from all
                            costs, expense, penalties and fines,
                            together with interest on such amounts.
                               As  such,   this   item   would  not  be   detrimental   to
                               shareholders' rights.
                    6       Adjourn Meeting                               For          Against                     Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


05/30/07 - A        Huntington Bancshares Inc. *HBAN*       446150104                                  03/15/07               35,400
                    1       Organization-Related-Approve Issuance of      For          For                         Mgmt
                            Common Stock without Par Value in
                            Connection with the Merger
                               We believe  that the  company is  benefiting  from a merger
                               that makes  strategic  sense and that has the  potential of
                               being  immediately  accretive  to  earnings.  As  such,  we
                               recommend shareholders support the merger agreement.
                    2       Elect Directors                               For          For                         Mgmt
                    3       Ratify Auditors                               For          For                         Mgmt
                    4       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    5       Amend Executive Incentive Bonus Plan          For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    6       Increase Authorized Common Stock              For          For                         Mgmt
                               The requested  increase of 500,000,000  shares is below the
                               allowable threshold of 850,000,000 shares.
                    7       Other Business                                For          Against                     Mgmt


04/24/07 - A        International Business Machines Corp.   459200101                                  02/23/07               18,200
                    *IBM*
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    5       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    6       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    7       Restore or Provide for Cumulative Voting      Against      For                         ShrHoldr
                               Although  IBM  does  not  fail  the  performance   criteria
                               specified,  it  does  not  meet  all of the  aforementioned
                               corporate  governance criteria.  Accordingly,  the proposal
                               warrants shareholder support.
                    8       Evaluate Age Discrimination in Retirement     Against      Against                     ShrHoldr
                            Plans
                               ISS  believes  the  scope of the  proponent's  proposal  is
                               overly  broad since it asks that all  employees  be allowed
                               to choose  participation in the plan, which could be costly
                               to shareholders.  Accordingly,  we recommend a vote AGAINST
                               this proposal.
                    9       Review Executive Compensation                 Against      For                         ShrHoldr
                               ISS  believes  that  pension  fund income can distort  true
                               operating   performance,   which   may  be  the  basis  for
                               determining executive bonuses and  performance-related  pay
                               rather than gains from defined benefit plans.  Shareholders
                               should  therefore  support  proposals  that  would  exclude
                               pension    credits   from    calculations    of   executive
                               compensation   as  this  provides  a  cleaner  measure  for
                               assessing actual performance.  Furthermore,  the company is
                               not  precluded   from   including   pension   credits  from
                               calculations of executive pay in the future.  Adopting this
                               practice is a matter of good corporate governance practice.
                    10      Report on Outsourcing                         Against      Against                     ShrHoldr
                               Conclusion        In  this  case,  we note  that  IBM  does
                               outsource and continues to seek  opportunities to outsource
                               some  positions  to foreign  markets  where the company has
                               determined that such actions would  ultimately  benefit the
                               company and increase  shareholder value.  Further,  we note
                               that due to increasing global demand for IT outsourcing,  a
                               number of the company's peers and  competitors  also pursue
                               similar  outsourcing  opportunities.  Finally,  we question
                               whether  or  not  detailed   disclosure  on  the  company's
                               policies  regarding job outsourcing  will provide  benefits
                               to  shareholders  commensurate  with the cost of  preparing
                               this report.  Therefore, ISS does not recommend support for
                               this proposal at this time.
                    11      Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority  vote under a  majority  vote  standard.
                               Further,  the proposal allow for plurality vote standard in
                               contested  elections where the number of director  nominees
                               exceeds  the  available  board  seats.  We concur  with the
                               proponent  that a majority vote standard  (with a carve out
                               for  plurality in  contested  election)  combined  with the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process.   As  such,  we  believe  this  proposal  warrants
                               shareholder support.


05/18/07 - A        J. C. Penney Co., Inc (HLDG CO) *JCP*   708160106                                  03/19/07                3,070
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Submit Severance Agreement (Change in         Against      For                         ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.
                    4       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               While the company  has taken  steps in the right  direction
                               with the addition of the director  resignation  policy, the
                               company  currently has a plurality voting standard with the
                               director  resignation policy (in an uncontested  election).
                               We  believe  that  the  majority  vote  standard  with  the
                               director  resignation  along with a plurality  standard for
                               contested  elections is the benchmark that companies should
                               transition  to. As such,  we  recommend  that  shareholders
                               vote FOR this proposal.


05/15/07 - A        JPMorgan Chase & Co. *JPM*              46625H100                                  03/16/07              160,140
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Put Repricing of Stock Options to             Against      Against                     ShrHoldr
                            Shareholder Vote
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               under the company's  corporate  governance  guidelines  and
                               existing  equity  plans,  the  company is  prohibited  from
                               repricing options without  shareholder  proposal.  As such,
                               ISS  does  not  feel  that  shareholder   support  of  this
                               proposal is warranted.
                    4       Performance-Based and/or Time-Based Equity    Against      For                         ShrHoldr
                            Awards
                               In this case,  ISS does not believe the  proposal is overly
                               restrictive  nor does it appear that a substantial  portion
                               of the company's equity awards are truly  performance-based
                               with  some  inherent  risk  of  forfeiture.  Therefore,  we
                               believe this proposal merits shareholder support.
                    5       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    7       Provide for Cumulative Voting                 Against      For                         ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.   Specifically,  the  company  does  not  have  a
                               majority vote standard in place. Accordingly,  the proposal
                               warrants shareholder support.
                    8       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               In this case,  the company  employs  plurality  standard in
                               the election of  directors  with a  post-election  director
                               resignation  policy in its Bylaws,  which we do not believe
                               it has substantially  implemented this shareholder proposal
                               on  majority  voting.   ISS  advocates  that  the  director
                               election   system  give  full  effect  to  the  shareholder
                               franchise.  A majority  vote  standard  (with carve out for
                               plurality   in  contested   elections)   coupled  with  the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process and would  afford the board a structure  to address
                               failed  elections.   Accordingly,  this  proposal  warrants
                               shareholder support.
                    9       Report on Political Contributions             Against      Against                     ShrHoldr
                               In the case of JP Morgan Chase,  ISS notes that the company
                               provides a policy  statement on political  contributions on
                               its  corporate   website.   This  document  provides  broad
                               discussion  on the  company's  rationale  and  strategy for
                               political  contributions and public policy  activities,  as
                               well  as   information   on  JP  Morgan's   compliance  and
                               oversight  procedures.  Additionally,  the company has also
                               publicly  disclosed  a list of PAC  contributions  for 2006
                               and has  committed  to  continue  to update  the  reporting
                               annually.  While this  reporting does not meet the level of
                               transparency  requested by the  proponent,  we believe that
                               it does provide  shareholders  with sufficient  information
                               to  evaluate  the  company's  policies,   activities,   and
                               oversight  mechanisms  related to  political  contributions
                               and assess potential risks to their  investment  related to
                               such  actions.  As such,  we do not  recommend  shareholder
                               support for this resolution.
                    10      Report on Management Initiatives to Address   Against      Against                     ShrHoldr
                            Links to Slavery and Human Rights Abuse
                               ISS is concerned with the broad nature of this  resolution.
                               We  believe   that  the  company   has  clearly   disclosed
                               information  in this filing and in other  public  documents
                               regarding   its   public   apology   for  its   predecessor
                               companies'  association  with  slavery and the  scholarship
                               fund  that  was  established  in  Louisiana.   Beyond  this
                               specific  issue,  ISS is not aware of other  initiatives by
                               JP Morgan to broadly or  specifically  address human rights
                               abuses  and  questions   the  utility  of  including   this
                               information   in  a  separate   report  on  this   subject.
                               Therefore,  based  on  concerns  over  the  scope  of  this
                               resolution  and the  existing  disclosure  provided  by the
                               company,  we do not  believe  that  shareholder  support is
                               warranted for this resolution.


04/27/07 - A        Kellogg Co. *K*                         487836108                                  03/01/07               18,149
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Prepare a Sustainability Report               Against      Against                     ShrHoldr
                               ISS   encourages   Kellogg's   to  increase  its  level  of
                               transparency  related to social and  environmental  metrics
                               and  performance,  and consider the  potential  benefits of
                               structuring its reporting along established guidelines.  We
                               believe  that  by  continuing  to  expand  on its  existing
                               sustainability   related   information,    management   and
                               shareholders   will  better  understand  how  these  issues
                               affect  the  company's   strategic  position  and  how  the
                               company  is  responding  to  the   implementation   of  its
                               sustainability   policies.   That  said,  we  believe  that
                               Kellogg's existing  disclosure  provides sufficient insight
                               for shareholders into Kellogg's  policies and practices and
                               demonstrates  its  commitment  to  addressing  many  issues
                               related  to  developing   sustainable   operations  at  the
                               company.  As such, we do not believe this proposal warrants
                               shareholder support.
                    4       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               Conclusion        While  the company has taken steps in the
                               right   direction   with  the   addition  of  the  director
                               resignation  policy,  the company currently has a plurality
                               voting  standard with the director  resignation  policy (in
                               an  uncontested  election).  We believe  that the  majority
                               vote  standard with the director  resignation  along with a
                               plurality   standard   for   contested   elections  is  the
                               benchmark that companies should  transition to. As such, we
                               recommend that shareholders vote FOR this proposal.


05/10/07 - A        KeyCorp *KEY*                           493267108                                  03/13/07               50,960
                    1       Elect Directors                               For          For                         Mgmt
                    2       Establish Range For Board Size                For          For                         Mgmt
                               ISS believes that the proposed  change is relatively  minor
                               and  that  it is not  motivated  by a  desire  to  entrench
                               management.
                    3       Declassify the Board of Directors             Against      For                         ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Ratify Auditors                               For          For                         Mgmt


04/12/07 - A        Lehman Brothers Holdings Inc. *LEH*     524908100                                  02/12/07               32,014
                    1       Elect Director Michael L. Ainslie             For          For                         Mgmt
                    2       Elect Director John F. Akers                  For          For                         Mgmt
                    3       Elect Director Roger S. Berlind               For          For                         Mgmt
                    4       Elect Director Thomas H. Cruikshank           For          For                         Mgmt
                    5       Elect Director Marsha Johnson Evans           For          For                         Mgmt
                    6       Elect Director Richard S. Fuld, Jr.           For          For                         Mgmt
                    7       Elect Director Christopher Gent               For          For                         Mgmt
                    8       Elect Director Roland A. Hernandez            For          For                         Mgmt
                    9       Elect Director Henry Kaufman                  For          For                         Mgmt
                    10      Elect Director John D. Macomber               For          For                         Mgmt
                    11      Ratify Auditors                               For          For                         Mgmt
                    12      Amend Omnibus Stock Plan                      For          Against                     Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 50 percent is above the
                               allowable cap for this company of 10 percent.  In addition,
                               the company's  three-year average burn rate of 9.40 percent
                               exceeds  the  company's  industry  burn  rate  cap of  3.75
                               percent.          For  institutional clients who accept the
                               premise  that  investment  banks have a  distinctly  unique
                               compensation  standard,  with  respect to its peers  Lehman
                               Brothers'  equity  compensation   practices  appear  to  be
                               reasonable.  However,  ISS believes  that  compensation  at
                               investment  banks remains to be the  exception  rather than
                               the  rule,  and  should  be  benchmarked  against a broader
                               financial  services peer group.  In  conclusion,  given the
                               excessive  economic  and  dilutive  costs of the  company's
                               stock-based   compensation   plans  coupled  with  mediocre
                               corporate  performance  vis-a-vis  its peers,  ISS does not
                               believe  that  shareholders  should  support the  company's
                               request for an additional 75 million shares.
                    13      Publish Political Contributions               Against      Against                     ShrHoldr
                               When   reviewing   requests  for   proposals  on  political
                               contributions,  ISS takes into account the scope and nature
                               of  the  request,  the  company's  adherence  to  laws  and
                               regulations governing political contributions,  and company
                               policies and additional  disclosure on such  contributions.
                               In this case, the company notes that its  contributions  to
                               political  entities and the related  disclosure comply with
                               all applicable  laws on this topic.  The proposal asks that
                               this report  should be published  within five business days
                               of the annual meeting,  disclosing the recipient and amount
                               of each  political  contribution  be made  in a  series  of
                               local and  national  newspapers.  While ISS  believes  that
                               increased disclosure is generally  beneficial,  it does not
                               appear  that the cost of  preparing  and  publicizing  such
                               reports in the manner  requested by the proponent  would be
                               the most effective use of shareholder funds.


05/10/07 - A        Lincoln National Corp. *LNC*            534187109                                  03/05/07               28,310
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Approve Non-Employee Director Stock Option    For          For                         Mgmt
                            Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


04/26/07 - A        Lockheed Martin Corp. *LMT*             539830109                                  03/01/07               11,230
                    1       Elect Directors                               For          Withhold                    Mgmt
                    1.1     Elect Director E. C. Aldridge, Jr. ---
                            Withhold
                               We recommend  shareholders WITHHOLD votes from all nominees
                               for  failure  to  adopt  all  provisions  of a  shareholder
                               proposal  that  received  the  approval of the  majority of
                               shares cast for the previous two consecutive years.
                    1.2     Elect Director Nolan D. Archibald ---
                            Withhold
                    1.3     Elect Director Marcus C. Bennett ---
                            Withhold
                    1.4     Elect Director James O. Ellis, Jr. ---
                            Withhold
                    1.5     Elect Director Gwendolyn S. King ---
                            Withhold
                    1.6     Elect Director James M. Loy --- Withhold
                    1.7     Elect Director Douglas H. McCorkindale ---
                            Withhold
                    1.8     Elect Director Eugene F. Murphy --- Withhold
                    1.9     Elect Director Joseph W. Ralston ---
                            Withhold
                    1.10    Elect Director Frank Savage --- Withhold
                    1.11    Elect Director James M. Schneider ---
                            Withhold
                    1.12    Elect Director Anne Stevens --- Withhold
                    1.13    Elect Director Robert J. Stevens ---
                            Withhold
                    1.14    Elect Director James R. Ukropina ---
                            Withhold
                    1.15    Elect Director Douglas C. Yearley ---
                            Withhold
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Increase Disclosure of Executive              Against      Against                     ShrHoldr
                            Compensation
                               ISS believes that the  proponent's  argument for additional
                               disclosure  is not  compelling  and  the  benefits  of such
                               disclosures  are  unclear.  In  addition,   the  additional
                               disclosures  are not required by the SEC and could  provide
                               competitors  with sensitive  compensation  information that
                               could  place  the  company  at  a  potential   disadvantage
                               regarding hiring and retaining executive talent.
                    4       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Report on Nuclear Weapons                     Against      Against                     ShrHoldr
                               ISS notes that  Lockheed  Martin does not appear to provide
                               any detailed  information about its policies and procedures
                               related to DU and nuclear components.  However, the company
                               does  provide  detailed  EHS  information  demonstrating  a
                               commitment  to  manage  its  operations   with  an  eye  on
                               sustainability   issues   pertinent  to  the  company.   In
                               particular,  this  information  includes  company goals and
                               performance  targets aimed at improving its efficiencies in
                               areas of  employee  safety and the  environment.  Moreover,
                               the  company  does  not  appear  to be the  subject  of any
                               recent,  significant  litigation  or  fines  related  to it
                               management of DU or nuclear  materials.  As such,  ISS does
                               not  believe  that  the   potential   cost  and  burden  of
                               providing  this report will produce  commensurate  benefits
                               to shareholders.  As such, we do not recommend  support for
                               this resolution.


08/03/06 - S        Loews Corp.                             540424207                                  06/22/06               14,600
                    1       Increase Authorized Common Stock              For          For                         Mgmt
                               This proposal seeks to increase  authorized common stock by
                               1,200,000,000  shares which is 30,000,000  shares below the
                               allowable increase of 1,230,000,000 shares.
                    2       Adjust Par Value of Common Stock              For          For                         Mgmt
                               Adjusting  par value is a routine  financing  decision that
                               warrants shareholder support.


05/08/07 - A        Loews Corp.                             540424207                                  03/15/07               18,300
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Provide for Cumulative Voting                 Against      Against                     ShrHoldr
                               In this  case,  the  company  has  met  the  aforementioned
                               corporate governance criteria,  or management has expressed
                               its  intention  to  recommend  that the  board  adopt  such
                               provisions.  As such,  we do not believe  that the proposal
                               warrants shareholder support at this time.
                    5       Social Proposal                               Against      Against                     ShrHoldr
                               ISS notes the company's  strategic  position in the tobacco
                               business, through Lorillard,  represents over 22 percent of
                               Loews'  consolidated  revenues.  ISS believes  that certain
                               financial and  reputational  risks are associated  with the
                               Loews'  tobacco   segment,   however,   requesting  a  full
                               divestment by 2010 from its tobacco may be unfeasible  from
                               an operational  perspective.  ISS believes that  requesting
                               the  company to fully  change a primary  line of  business,
                               when balanced  against the company's  historical  financial
                               performance,    could   substantially   disrupt   strategic
                               operations,  weaken  market  penetration  and represent the
                               abandonment of established brand  recognition.  Ultimately,
                               it is our opinion that this request would  benefit  neither
                               the company  nor its  shareholders.  Based on these  facts,
                               ISS does not believe  this  proposal  warrants  shareholder
                               support.


05/03/07 - A        Lyondell Chemical Co. *LYO*             552078107                                  03/05/07               27,500
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Report on Political Contributions             Against      Against                     ShrHoldr
                               In the case of  Lyondell  Chemical,  the  company  provides
                               publicly    available    information   on   its   political
                               contributions  policies,  the criteria  used by the company
                               to evaluate its political contributions to candidates,  and
                               provides a general  framework  of its  oversight  mechanism
                               for   both   its   lobbying    activities   and   its   PAC
                               contributions.  These  policies do not appear  inconsistent
                               with    industry    standards   or   existing    regulatory
                               requirements on this issue.  Further,  the company does not
                               appear  to  be  the  subject  of  any  recent,  significant
                               controversy,  fines, or litigation resulting from political
                               action or contributions  from it or its employee  sponsored
                               PACs.  Therefore,  while we agree with the proponents  that
                               data on every  type of  political  contribution  may not be
                               easily  accessed,   it  is  our  opinion  that  information
                               provided  by  the  company   provides   shareholders   with
                               sufficient   insight  into  the   company's   policies  and
                               controls.   Therefore,  ISS  does  not  believe  that  this
                               resolution warrants shareholder support.


05/02/07 - A        Manpower Inc. *MAN*                     56418H100                                  02/21/07                9,700
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       MacBride Principles                           Against      Against                     ShrHoldr
                               ISS  encourages  Manpower to implement  and disclose a code
                               of  conduct  that  discusses  the  company's   policies  on
                               workplace  labor  rights.  However,  based on the fact that
                               existing reporting  requirements are substantially  similar
                               to the  MacBride  Principles,  the  potential  difficulties
                               associated with full implementation of the Principles,  and
                               the  lack  of  any  recent   controversies   regarding  the
                               company's  operations  in Northern  Ireland,  we  recommend
                               that shareholders oppose this request.


04/25/07 - A        Marathon Oil Corp *MRO*                 565849106                                  02/26/07               28,870
                    1       Elect Director Charles F. Bolden, Jr.         For          For                         Mgmt
                    2       Elect Director Charles R. Lee                 For          For                         Mgmt
                    3       Elect Director Dennis H. Reilley              For          For                         Mgmt
                    4       Elect Director John W. Snow                   For          For                         Mgmt
                    5       Elect Director Thomas J. Usher                For          For                         Mgmt
                    6       Ratify Auditors                               For          For                         Mgmt
                    7       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    8       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    9       Increase Authorized Common Stock              For          For                         Mgmt
                               The requested  increase of 550,000,000  shares is below the
                               allowable threshold of 825,000,000 shares.


04/24/07 - A        Marshall & Ilsley Corp. *MI*            571834100                                  03/01/07               34,700
                    1       Elect Directors                               For          For                         Mgmt
                    2       Declassify the Board of Directors             For          For                         Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                         Mgmt


05/18/07 - A        Mattel, Inc. *MAT*                      577081102                                  03/30/07               63,100
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Company Specific- Approve Majority Vote and   For          For                         Mgmt
                            Eliminate Cumulative Voting
                               In  such  cases,   ISS   believes   that  the  benefits  to
                               shareholders  of a majority  vote  standard in  uncontested
                               elections,   with  a  plurality   carve-out  for  contested
                               elections,  outweigh  the costs of  eliminating  cumulative
                               voting. As such,  shareholder  support for this proposal is
                               warranted.
                    4       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Limit Executive Compensation                  Against      Against                     ShrHoldr
                               We oppose  this item  because it could place the company at
                               a  competitive  disadvantage  in  attempting  to  attract a
                               qualified CEO.
                    6       Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.
                    7       Report Progress on Improving Work and         Against      Against                     ShrHoldr
                            Living Conditions
                               We believe that,  despite  shortcomings  in certain  areas,
                               Mattel's GMP program,  the  associated  public  disclosure,
                               and  remediation as needed  represents a positive  approach
                               toward  proactively  addressing issues related to workplace
                               labor  rights.  Therefore,  we believe that the  additional
                               reporting requested by this resolution is unnecessary,  and
                               may be  contrary  to the  company's  existing  approach  of
                               forthright disclosure and timely remediation.
                    8       Pay for Superior Performance                  Against      For                         ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               any disclosure  concerning the specific target hurdle rates
                               for  the  disclosed   financial   metrics.   Further,   the
                               long-term   compensation  program  is  largely  time-based.
                               Accordingly,   ISS  believes   that  the  company  has  not
                               sufficiently  established  a   pay-for-superior-performance
                               standard in its executive  compensation  programs. As such,
                               ISS believes that shareholder  support for this proposal is
                               warranted.


05/24/07 - A        McDonald's Corp. *MCD*                  580135101                                  03/26/07               79,229
                    1       Elect Director Edward A. Brennan              For          For                         Mgmt
                    2       Elect Director Walter E. Massey               For          For                         Mgmt
                    3       Elect Director John W. Rogers, Jr.            For          For                         Mgmt
                    4       Elect Director Roger W. Stone                 For          For                         Mgmt
                    5       Ratify Auditors                               For          For                         Mgmt
                    6       Label Genetically Modified Organisms          Against      Against                     ShrHoldr
                    7       Adopt and Implement ILO Based Code of         Against      Against                     ShrHoldr
                            Conduct


05/24/07 - A        MEDCO Health Solutions Inc *MHS*        58405U102                                  03/29/07               12,800
                    1       Elect Directors                               For          For                         Mgmt
                    2       Declassify the Board of Directors             For          For                         Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Qualified Employee Stock Purchase     For          For                         Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code (if the company opts to
                               structure  awards  for  such  tax-favored  treatment),  the
                               number   of   shares   being    reserved   is    relatively
                               conservative,   the  offering  period  is  reasonable,  the
                               dollar limit on the  contribution is reasonable,  there are
                               caps placed on the employee's  contribution (expressed as a
                               percent   of   compensation),   and  there  are  limits  on
                               participation.
                    4       Ratify Auditors                               For          For                         Mgmt


04/24/07 - A        Merck & Co., Inc. *MRK*                 589331107                                  02/23/07               89,820
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    5       Establish Range For Board Size                For          For                         Mgmt
                               Given  the  proposed  change  will  impose  a limit  on the
                               ability  of  the  board  to  increase   its  size   without
                               stockholder  approval,  we recommend  shareholders  support
                               this item.
                    6       Replace Cumulative Voting to Majority Vote    For          For                         Mgmt
                            Standard for the Election of Directors
                               ISS  believes   that  a  majority  vote  standard  for  the
                               election of directors in  uncontested  elections  increases
                               directors'  accountability  to  stockholders.  As such,  we
                               recommend shareholders support this proposal.
                    7       Publish Political Contributions               Against      Against                     ShrHoldr
                               When   reviewing   requests  for   proposals  on  political
                               contributions,  ISS takes into account the scope and nature
                               of  the  request,  the  company's  adherence  to  laws  and
                               regulations governing political contributions,  and company
                               policies and additional  disclosure on such  contributions.
                               In this case, the company notes that its  contributions  to
                               political  entities and the related  disclosure comply with
                               all applicable  laws on this topic.  The proposal asks that
                               this report  should be published  within five business days
                               of the annual meeting,  disclosing the recipient and amount
                               of each  political  contribution  be made  in a  series  of
                               local and  national  newspapers.  While ISS  believes  that
                               increased disclosure is generally  beneficial,  it does not
                               appear  that the cost of  preparing  and  publicizing  such
                               reports in the manner  requested by the proponent  would be
                               the most effective use of shareholder funds.
                    8       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


04/27/07 - A        Merrill Lynch & Co., Inc.               590188108                                  02/28/07               38,950
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                         ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.   Specifically,  the  company  does  not  have  a
                               majority   vote   standard   in  place  with  a   plurality
                               carve-out.  Accordingly,  the proposal warrants shareholder
                               support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Performance-Based and/or Time-Based Equity    Against      For                         ShrHoldr
                            Awards
                               In   determining   the   vote   recommendation   for   this
                               shareholder  proposal,  ISS  looks  for  disclosure  of the
                               performance measures,  hurdle rates,  weightings and payout
                               levels (minimum,  target and maximum) as a prerequisite for
                               granting  these  restricted  stock  awards  in lieu of cash
                               bonus  compensation.   Because  of  the  high  compensation
                               levels,  additional  long-term  incentives are not awarded.
                               As mentioned  above,  the committee has a list of financial
                               objectives,  strategic objectives and leadership objectives
                               for the CEO. The  committee  also focused in  particular on
                               growth in net revenues,  after-tax  earnings,  earnings per
                               share and ROE. However,  no disclosure on the complete list
                               of  performance  measures,  their hurdle rates,  weightings
                               and payout levels have been made.  Without this disclosure,
                               ISS cannot  determine that these grants of restricted stock
                               awards   in   lieu   of   cash   bonus    compensation   is
                               performance-vesting  shares.  As such,  ISS  supports  this
                               shareholder proposal.


04/24/07 - A        MetLife, Inc *MET*                      59156R108                                  03/01/07               40,000
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/08/07 - A        Mirant Corp *MIR.XA*                    60467R100                                  03/16/07               40,800
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


04/10/07 - A        Morgan Stanley                          617446448                                  02/09/07               53,500
                    1       Elect Director Roy J. Bostock                 For          For                         Mgmt
                               Vote  Recommendations        We  recommend  a vote  FOR the
                               directors  with  the  exceptions  of  Klaus  Zumwinkel.  We
                               recommend  that   shareholders   vote  AGAINST  from  Klaus
                               Zumwinkel for sitting on more than three boards.
                    2       Elect Director Erskine B. Bowles              For          For                         Mgmt
                    3       Elect Director Howard J. Davies               For          For                         Mgmt
                    4       Elect Director C. Robert Kidder               For          For                         Mgmt
                    5       Elect Director John J. Mack                   For          For                         Mgmt
                    6       Elect Director Donald T. Nicolaisen           For          For                         Mgmt
                    7       Elect Director Charles H. Noski               For          For                         Mgmt
                    8       Elect Director Hutham S. Olayan               For          For                         Mgmt
                    9       Elect Director Charles E. Phillips, Jr.       For          For                         Mgmt
                    10      Elect Director Griffith Sexton                For          For                         Mgmt
                    11      Elect Director Laura D. Tyson                 For          For                         Mgmt
                    12      Elect Director Klaus Zumwinkel                For          Against                     Mgmt
                    13      Ratify Auditors                               For          For                         Mgmt
                    14      Approve Omnibus Stock Plan                    For          Against                     Mgmt
                                                                                   VI.
                               Vote  Recommendation        For  institutional  clients who
                               accept the premise that investment  banking  companies have
                               a  distinctly   different  pay  philosophy  and  standards,
                               Morgan  Stanley's  equity pay  practices  against  the four
                               peer  companies  appear  to  be  reasonable.  However,  ISS
                               continues  to  believe  that  the  investment  banking  pay
                               strategy  remains to be the exception rather than the rule,
                               and  should  be  benchmarked  against  a  larger  financial
                               services   peer   group.   ISS  also   questions   if  high
                               compensation  structures are achieving  higher  shareholder
                               returns for these  companies  compared  to other  financial
                               services companies.          ISS  recommends a vote AGAINST
                               for the 2007 Equity Incentive Compensation Plan.
                    15      Amend Vote Requirements to Amend              Against      For                         ShrHoldr
                            Articles/Bylaws/Charter
                               ISS  supports  a  simple  majority  vote  requirement.   We
                               recommend a vote FOR the proposal.
                    16      Approve Report of the Compensation Committee  Against      For                         ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


04/25/07 - A        NCR Corporation *NCR*                   62886E108                                  02/12/07               19,400
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/08/07 - A        Northeast Utilities *NU*                664397106                                  03/09/07               52,500
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.


05/10/07 - A        Nucor Corp. *NUE*                       670346105                                  03/12/07               32,360
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates  that a majority vote standard in uncontested
                               elections coupled with a director  resignation policy would
                               give full effect to the shareholder franchise.


05/04/07 - A        Occidental Petroleum Corp. *OXY*        674599105                                  03/15/07               55,452
                    1       Elect Director Spencer Abraham                For          Against                     Mgmt
                               While  the   compensation   committee   has  shifted   from
                               time-based  restricted  stock  units  to  performance-based
                               equity  awards  with  disclosed   performance  measure  and
                               hurdle  rates,  the  sheer  magnitude  of Dr.  Irani's  pay
                               package  continues  to be a sticker  shock and  overshadows
                               the positive  steps that the committee has taken.  As such,
                               ISS   recommends   a  vote   AGAINST  all  members  of  the
                               compensation  committee:  R. Chad Dreier,  Rosemary Tomich,
                               Irvin W.  Maloney,  Rodolfo  Segovia,  John S.  Chalsty and
                               Spencer  Abraham.  New members who can provide a rethinking
                               and  prudence  on  compensation  payouts are needed on this
                               compensation  committee.  We also  recommend a vote AGAINST
                               Spencer  Abraham for standing as an affiliated  outsider on
                               the  Compensation  Committee.  Other  compensation  related
                               items  include a  management  proposal to  increase  shares
                               under  the  2005  Plan   (Item  14)  and  two   shareholder
                               proposals  (Items 16 and 17).  Please note that the company
                               has  a  plurality   vote   standard  for  the  election  of
                               directors,  and has a  director  resignation  policy in its
                               bylaws/charter.
                    2       Elect Director Ronald W. Burkle               For          For                         Mgmt
                    3       Elect Director John S. Chalsty                For          Against                     Mgmt
                    4       Elect Director Edward P. Djerejian            For          For                         Mgmt
                    5       Elect Director R. Chad Dreier                 For          Against                     Mgmt
                    6       Elect Director John E. Feick                  For          For                         Mgmt
                    7       Elect Director Ray R. Irani                   For          For                         Mgmt
                    8       Elect Director Irvin W. Maloney               For          Against                     Mgmt
                    9       Elect Director Rodolfo Segovia                For          Against                     Mgmt
                    10      Elect Director Aziz D. Syriani                For          For                         Mgmt
                    11      Elect Director Rosemary Tomich                For          Against                     Mgmt
                    12      Elect Director Walter L. Weisman              For          For                         Mgmt
                    13      Ratify Auditors                               For          For                         Mgmt
                    14      Amend Omnibus Stock Plan                      For          Against                     Mgmt
                                                                                   VI.
                               Vote Recommendation        Please  refer to the Election of
                               Directors   for  a  complete   analysis  of  the  company's
                               executive  compensation  review.  In  determining  the vote
                               recommendation for the 2005 Plan,  besides  considering the
                               total  shareholder value transfer and the burn rate policy,
                               ISS also  considered the perennial pay issue at Occidental.
                               While the company's total  shareholder value transfer costs
                               is within the  allowable  cap and the  company's  burn rate
                               meets the threshold of the peer group,  equity compensation
                               has been fueling Dr.  Irani's  outsized  pay  package.  ISS
                               analyzed   the  portion  of  Dr.   Irani's   total   equity
                               compensation  as a percent of total  equity  grants made to
                               the  entire  company  (i.e.,  on a share  basis,  how  much
                               equity is  concentrated  on Dr.  Irani's annual grants as a
                               percent of total grants made to all  employees?)  Dr. Irani
                               received  35%, 34% and 18% of total  equity  grants made to
                               all  employees  for  fiscal  years  2006,  2005,  and 2004,
                               respectively.  Almost a third of the  total  equity  grants
                               has been granted to Dr.  Irani for the past two years.  For
                               the  PRSUs,  which  was  implemented  in  2006,  Dr.  Irani
                               received  66%  of  the  total  PRSUs  granted  to  all  key
                               employees.  While  this  is  a  broad-based  plan,  ISS  is
                               concerned  that an approval  of this plan will  continue to
                               perpetuate the pay issue at Occidental.  Further, ISS notes
                               that the  company has  approximately  20.4  million  shares
                               remaining,  which  should be  sufficient  for grants to the
                               rank-and-file employees.  Therefore, ISS recommends to vote
                               AGAINST  the  proposed  amendment  to  increase  32 million
                               under the 2005 Plan.
                    15      Publish a Scientific Global Warming Report    Against      Against                     ShrHoldr
                               While  Occidental's  reporting does not address some issues
                               of concern  related to climate  change,  we believe that it
                               effectively    presents    shareholders   with   sufficient
                               information to understand  the company's  broad position on
                               this issue and provides some  discussion that speaks to the
                               company's   rationale  for  certain   strategic   decisions
                               related to climate  change.  While we encourage the company
                               to  continue  to evaluate  initiatives  to address  climate
                               change and increase its disclosure,  we do not believe that
                               the  information  requested  in the  proposed  report  will
                               benefit  shareholders  from  an  economic  perspective.  As
                               such, we recommend a vote against this resolution.
                    16      Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    17      Performance-Based and/or Time-Based Equity    Against      For                         ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines   and;   (2)  this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/25/07 - A        OfficeMax Incorporated *OMX*            67622P101                                  03/07/07               14,719
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Establish an Engagement Process with          Against      For                         ShrHoldr
                            Proponents of a Shareholder Proposal
                               Conclusion        Although    Officemax    acted    on    a
                               majority-supported  shareholder  proposal to declassify the
                               board last year,  the company has ignored that  proposal in
                               prior  years.  We also note that the  company has not taken
                               action  towards  the  proponent's  request in spite of last
                               year's proposal  receiving the support of a majority of the
                               votes cast.  In light of a  majority-supported  shareholder
                               proposal,  which  has been  ignored  by  management  in the
                               past,  we  believe  it is best  practice  to ensure  direct
                               communication     with    the    respective     shareholder
                               proponent(s). We recommend in favor of this proposal.


05/17/07 - A        OGE Energy Corp. *OGE*                  670837103                                  03/20/07               28,230
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/22/07 - A        Omnicom Group Inc. *OMC*                681919106                                  04/06/07                8,720
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.


10/25/06 - A        Parker-Hannifin Corp. *PH*              701094104                                  08/31/06                9,200
                    1       Elect Directors                               For          Withhold                    Mgmt
                    1.1     Elect Director Robert J. Kohlhepp ---
                            Withhold
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend   shareholders  WITHHOLD  votes  from  Markos  I.
                               Tambakeras,  Klaus-Peter  M  ller,  Giulio  Mazzalupi,  and
                               Robert  J.   Kohlhepp   for   failure  to   implement   the
                               shareholder proposal to declassify the board.
                    1.2     Elect Director Giulio Mazzalupi --- Withhold
                    1.3     Elect Director Klaus-Peter Mueller ---
                            Withhold
                    1.4     Elect Director Markos I. Tambakeras ---
                            Withhold
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Declassify the Board of Directors             Against      For                         ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


04/26/07 - A        Pfizer Inc. *PFE*                       717081103                                  03/01/07              329,460
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                         ShrHoldr
                               With  regards  to  performance,  Pfizer's  one-year  TSR of
                               15.20% was below the  one-year TSR for the S&P 500 Index of
                               15.78%  but above  that of the GICS peer  group of  10.49%.
                               The company's three-year TSR of -7.16%  underperformed both
                               the S&P 500  Index's  and the GICS peer TSR  totals for the
                               same   period  of  10.43%  and  6.45%,   respectively.   As
                               mentioned  above,  Pfizer  experienced  a change in the CEO
                               position  in  2006.        In  this case,  however,  Pfizer
                               fails  to  meet  some  of  the   aforementioned   corporate
                               governance  criteria.  Specifically,  shareholders  may not
                               act by written  consent and call special  meetings.  Pfizer
                               also does not  provide  for a  majority  vote  standard  in
                               director  elections,  including a carve-out  for  plurality
                               voting  in  contested   situations.        Although  Pfizer
                               does not fail the performance  criteria specified,  it does
                               not meet  all of the  aforementioned  corporate  governance
                               criteria.  Accordingly,  the proposal warrants  shareholder
                               support.
                    4       Report on Animal Testing Policies             Against      Against                     ShrHoldr
                               Conclusion        Given  the company's current policies and
                               level of  disclosure  on animal  welfare and  testing,  the
                               lack  of  recent,  significant  litigation  related  to the
                               company's  international  testing  programs,  and questions
                               over the scope and value to  shareholders  of the requested
                               report, ISS does not believe  shareholder  support for this
                               resolution is warranted.
                    5       Amend Animal Welfare Policy                   Against      Against                     ShrHoldr
                               Conclusion        In  this case,  we note that  Pfizer does
                               provide   stakeholders  with  publicly  available  policies
                               addressing   issues  of  animal  welfare.   These  policies
                               include  commitment  to  treating  animals  with  care  and
                               respect,  strict  compliance with  applicable  legislation,
                               training programs for employees  involved in animal testing
                               and   a   discussion   of   oversight   mechanism   through
                               third-party  audits.  Further,  ISS notes that the  company
                               expects all independent  contractors conducting research on
                               the  company's  behalf to adhere  to the  company's  animal
                               welfare  principles.  While  these  policies do not address
                               certain  issues to the degree  requested by the  proponent,
                               they do  appear  to be  comparable  to  policies  at  other
                               companies in the same  industry.  Moreover,  there does not
                               appear to be any recent,  significant  fines or  litigation
                               on the issue of animal  welfare  at  Pfizer  that  indicate
                               systematic  problems  with  the  company's  animal  welfare
                               policies,  or that  suggest  that the  company  lags behind
                               industry  peers on the matter of animal  welfare.  Finally,
                               ISS is concerned  with the  structure  of this  resolution.
                               Beyond  asking  for  a  feasibility  study  evaluating  the
                               merits of amending  the  company's  guidelines,  compliance
                               with this  resolution  also  implies  that the company must
                               apply this  policy to its  contract  laboratories,  oversee
                               adherence  to the  policy,  and  publish  an annual  report
                               outlining contractor compliance.  These additional measures
                               could  place  a  significant   burden  on  the  company  or
                               complicate the company's  contractual  agreements  with the
                               external  laboratories  that it retains for certain  animal
                               testing   programs.   As  such,   ISS  does  not  recommend
                               stockholder support for this proposal.
                    6       Require Director Nominee Qualifications       Against      Against                     ShrHoldr
                               Given that the company has  governance  standards  in place
                               which   provide   for   independence,   including  a  stock
                               ownership  policy for directors,  ISS does not believe that
                               adoption of the proposed  guidelines  would add  additional
                               value to shareholders at this time.


04/18/07 - A        PG&E Corp. *PCG*                        69331C108                                  02/20/07               37,530
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Performance-Based and/or Time-Based Equity    Against      Against                     ShrHoldr
                            Awards
                               Given that the company's long-term  incentive  compensation
                               program is  substantially  performance  based  according to
                               ISS' guidelines,  and considering the fact that the company
                               attaches  payment to specific  pre-established  performance
                               targets,   we   believe   that  the   company's   long-term
                               compensation  program  sufficiently  meets the  proponent's
                               requirements.  As such, we believe  shareholder  support of
                               this proposal is not warranted.
                    4       Restore or Provide for Cumulative Voting      Against      For                         ShrHoldr
                               The  company  does  not  meet  all  of  the  aforementioned
                               corporate    governance    and    performance     criteria.
                               Specifically,  the  company  does not have a majority  vote
                               standard in place with a plurality carve-out.  Accordingly,
                               the proposal warrants shareholder support.


04/24/07 - A        PNC Financial Services Group, Inc.      693475105                                  02/28/07               26,100
                    *PNC*
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                         Mgmt


08/16/06 - A        Precision Castparts Corp. *PCP*         740189105                                  06/23/06               12,800
                    1       Elect Directors                               For          For                         Mgmt
                    2       Increase Authorized Common Stock              For          For                         Mgmt
                               The requested  increase of 150,000,000  shares is below the
                               allowable threshold of 285,000,000 shares.
                    3       Approve Omnibus Stock Plan                    For          For                         Mgmt
                               ISS   supports   the   proposal   because  the  company  is
                               fulfilling its requirements for Section 162(m).


10/03/06 - S        Regions Financial Corp. *RF*            7591EP100                                  08/14/06               40,600
                    1       Approve Merger Agreement                      For          For                         Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in particular the strategic
                               and   economic   benefits,   we  believe  that  the  merger
                               agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                         Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for  this  transaction,   we  recommend  that  shareholders
                               support this proposal.


04/19/07 - A        Regions Financial Corp. *RF*            7591EP100                                  02/20/07               62,230
                    1       Elect Director Samuel W. Bartholomew, Jr.     For          For                         Mgmt
                    2       Elect Director Susan W. Matlock               For          For                         Mgmt
                    3       Elect Director Jackson W. Moore               For          For                         Mgmt
                    4       Elect Director Allen B. Morgan, Jr.           For          For                         Mgmt
                    5       Elect Director John R. Roberts                For          For                         Mgmt
                    6       Elect Director Lee J. Styslinger, III         For          For                         Mgmt
                    7       Ratify Auditors                               For          For                         Mgmt
                    8       Declassify the Board of Directors             For          For                         Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.


05/11/07 - A        Reynolds American Inc *RAI*             761713106                                  03/14/07               20,760
                    1       Elect Directors                               For          For                         Mgmt
                    2       Increase Authorized Common Stock              For          For                         Mgmt
                               The requested  increase of 400,000,000  shares is below the
                               allowable threshold of 620,000,000 shares.
                    3       Ratify Auditors                               For          For                         Mgmt


04/26/07 - A        Sempra Energy *SRE*                     816851109                                  03/02/07               32,100
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Vote Requirements to Amend              Against      For                         ShrHoldr
                            Articles/Bylaws/Charter
                               ISS  support  a  simple  majority  vote  requirement,   and
                               recommends   that   shareholders   support  this  precatory
                               proposal.
                    4       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions   that  do  not  allow  for  a  carve-out   for
                               plurality  elections  when  there  are more  nominees  than
                               board seats.  ISS believes  that the majority vote standard
                               in uncontested  elections,  with a plurality vote carve-out
                               for contested elections,  is a preferable voting structure.
                               As  such,   shareholder   support  for  this   proposal  is
                               warranted.
                    5       Establish SERP Policy                         Against      For                         ShrHoldr
                               ISS  supports  this  proposal   because  the  inclusion  of
                               variable  compensation  drives  up the cost of SERPs to the
                               company and its shareholders.


05/01/07 - A        Sigma-Aldrich Corp. *SIAL*              826552101                                  03/02/07               26,700
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/10/07 - A        Simon Property Group, Inc. *SPG*        828806109                                  03/09/07               13,712
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Birch Bayh --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider J. Albert  Smith,  Jr. We recommend
                               that shareholders  WITHHOLD votes from J. Albert Smith, Jr.
                               for  standing  as an  affiliated  outsider on the Audit and
                               Nominating committees.
                    1.2     Elect Director Melvyn E. Bergstein --- For
                    1.3     Elect Director Linda Walker Bynoe --- For
                    1.4     Elect Director Karen N. Horn, Ph.D. --- For
                    1.5     Elect Director Reuben S. Leibowitz --- For
                    1.6     Elect Director J. Albert Smith, Jr. --- For
                    1.7     Elect Director Pieter S. van den Berg ---
                            For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Pay for Superior Performance                  Against      For                         ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate  disclosure  concerning  the specific  performance
                               metrics or respective hurdle rates for performance,  nor is
                               it clear how payouts are determined  with respect to target
                               performance.  Further,  though the  long-term  compensation
                               program is  performance-based,  there is no  disclosure  of
                               the  specific  hurdle  rates and the  corresponding  payout
                               levels for meeting  minimum,  target and maximum levels for
                               each  performance  metric.  Accordingly,  ISS believes that
                               the   company   has   not   sufficiently    established   a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.
                    4       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Submit Severance Agreement (Change in         Against      For                         ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.


05/24/07 - A        SL Green Realty Corp. *SLG*             78440X101                                  03/20/07                  992
                    1       Elect Director Edwin Thomas Burton, III       For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote    Recommendation        The    company's   three-year
                               average  burn  rate of 2.96  percent  is  higher  than  the
                               allowable cap for this company of 2.23 percent.  Therefore,
                               the company has failed ISS'  three-year  average  burn rate
                               policy.  However,  the company has committed to a burn rate
                               equal to the de minimus of 2.23  percent for the next three
                               fiscal   years.        The   estimated   shareholder  value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the allowable cap for this company of 5 percent.
                    4       Increase Authorized Common Stock              For          For                         Mgmt


04/26/07 - A        Snap-on Incorporated *SNA*              833034101                                  02/26/07               22,900
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


04/18/07 - A        Sonoco Products Co. *SON*               835495102                                  02/23/07               20,900
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


05/08/07 - A        Sprint Nextel Corp *S*                  852061100                                  03/20/07               15,391
                    1       Elect Director Keith J. Bane                  For          For                         Mgmt
                    2       Elect Director Robert R. Bennett              For          For                         Mgmt
                    3       Elect Director Gordon M. Bethune              For          For                         Mgmt
                    4       Elect Director Frank M. Drendel               For          For                         Mgmt
                    5       Elect Director Gary D. Forsee                 For          For                         Mgmt
                    6       Elect Director James H. Hance, Jr.            For          For                         Mgmt
                    7       Elect Director V. Janet Hill                  For          For                         Mgmt
                    8       Elect Director Irvine O. Hockaday, Jr.        For          For                         Mgmt
                    9       Elect Director Linda Koch Lorimer             For          For                         Mgmt
                    10      Elect Director William H. Swanson             For          For                         Mgmt
                    11      Ratify Auditors                               For          For                         Mgmt
                    12      Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               our allowable cap for this company of 5 percent.
                    13      Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/24/07 - A        Starwood Hotels & Resorts Worldwide,    85590A401                                  03/21/07               17,100
                    Inc. *HOT*
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Bruce W. Duncan --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Jean-Marc  Chapus.  We recommend
                               that shareholders  WITHHOLD votes from Jean-Marc Chapus for
                               poor attendance.
                    1.2     Elect Director Adam Aron --- For
                    1.3     Elect Director Charlene Barshefsky --- For
                    1.4     Elect Director Jean-Marc Chapus --- Withhold
                    1.5     Elect Director Lizanne Galbreath --- For
                    1.6     Elect Director Eric Hippeau --- For
                    1.7     Elect Director Stephen R. Quazzo --- For
                    1.8     Elect Director Thomas O. Ryder --- For
                    1.9     Elect Director Kneeland C. Youngblood ---
                            For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend and Restatement of Charter              For          For                         Mgmt
                               ISS  notes  that  the  amendment  and  restatement  of  the
                               company's  charter  is not  material  in  nature.  As such,
                               shareholder  value  is  not  affected.  ISS  believes  that
                               shareholder support for this proposal is warranted.


05/09/07 - A        Taubman Centers, Inc. *TCO*             876664103                                  03/22/07               17,000
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Declassify the Board of Directors             Against      For                         ShrHoldr


05/17/07 - A        Terex Corp. *TEX*                       880779103                                  03/23/07               19,040
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Increase Authorized Common Stock              For          Against                     Mgmt
                               The requested  increase of 450,000,000  shares is above the
                               allowable threshold of 232,500,000 shares.
                    4       Approve Nonqualified Employee Stock           For          For                         Mgmt
                            Purchase Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective,  the limit
                               on the company's  matching  contribution  is reasonable and
                               there  are  caps  placed  on  the  employee's  contribution
                               (expressed as a percent of  compensation  which may exclude
                               bonus,  commissions  or  special  compensation).  There  is
                               minimum  dilution  associated with the plan since shares of
                               company  stock are purchased on the open market with mainly
                               employee contributions.


05/01/07 - A        Tesoro Corp. *TSO*                      881609101                                  03/13/07               15,510
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


04/24/07 - A        The Chubb Corp. *CB*                    171232101                                  03/05/07               36,630
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Articles/Bylaws/Charter General         For          For                         Mgmt
                            Matters--Adopt Majority Vote Standard for
                            the Election of Directors
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    4       Report on Political Contributions             Against      For                         ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to assess  Chubb's  current  public
                               policy  activities.   Specifically,  the  company  provides
                               broad  discussion  on  its  involvement  in  public  policy
                               initiatives  through political  contributions.  However, we
                               are  concerned  with the lack of  information  available to
                               shareholders  related to the  company's  trade  association
                               spending.  Such information could help shareholders  assess
                               the  risks  and  benefits  associated  with  public  policy
                               activities through  associations  without significant cost,
                               burden,  or strategic  risk for the company.  As such,  ISS
                               recommends that shareholders support this resolution.


04/18/07 - A        The Coca-Cola Company *KO*              191216100                                  02/20/07               39,310
                    1       Elect Director Herbert A. Allen               For          For                         Mgmt
                               We recommend that  shareholders vote FOR the directors with
                               the exception of  independent  outsider  Barry  Diller.  We
                               recommend that  shareholders  vote AGAINST Barry Diller for
                               sitting on more than three boards.
                    2       Elect Director Ronald W. Allen                For          For                         Mgmt
                    3       Elect Director Cathleen P. Black              For          For                         Mgmt
                    4       Elect Director Barry Diller                   For          Against                     Mgmt
                    5       Elect Director E. Neville Isdell              For          For                         Mgmt
                    6       Elect Director Donald R. Keough               For          For                         Mgmt
                    7       Elect Director Donald F. McHenry              For          For                         Mgmt
                    8       Elect Director Sam Nunn                       For          For                         Mgmt
                    9       Elect Director James D. Robinson, III         For          For                         Mgmt
                    10      Elect Director Peter V. Ueberroth             For          For                         Mgmt
                    11      Elect Director James B. Williams              For          For                         Mgmt
                    12      Ratify Auditors                               For          For                         Mgmt
                    13      Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    14      Limit Executive Compensation                  Against      Against                     ShrHoldr
                               In  conclusion,  ISS  does  not  support  this  shareholder
                               proposal due to the  arbitrary  and  restrictive  nature of
                               the limiting executive compensation.
                    15      Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    16      Report on Chemical and Biological Testing     Against      Against                     ShrHoldr
                            Data
                               Therefore,  considering  the  company's  existing  level of
                               disclosure  on this  topic  as well as  concerns  over  the
                               cost,  burden,  and utility of the  information  requested,
                               ISS  does  not  recommend   shareholder  support  for  this
                               resolution.
                    17      Report on Environmental Liabilities in India  Against      Against                     ShrHoldr
                               In this case, the proponent is requesting  that the company
                               evaluate  the  potential  environmental  and public  health
                               damage  associated  with utilizing  ground water in regions
                               that  suffer  from  a  water  shortage.  Specifically,  the
                               resolution   is  asking  that  the  company   evaluate  the
                               feasibility  of refraining  from the use of ground water in
                               India.   ISS  believes  that  the  proponent   raises  some
                               significant   issues   regarding   the  impact  that  local
                               protests and associated pressure from government  officials
                               may  have on the  company's  operations.  However,  we also
                               note that the company has provided  significant  discussion
                               on issues  related to water  quality  and  scarcity  in its
                               public  filings  and on the  corporate  website.  Moreover,
                               Coca-Cola,  its  subsidiaries,  and affiliates are involved
                               in numerous  initiatives  in India to improve water quality
                               and  the   availability  of  fresh  water  in  water-scarce
                               regions,  and have committed to  collaborative  programs to
                               seek improved  methods of  addressing  these  concerns.  As
                               such,  while  ISS  agrees  with the  proponent  that  water
                               scarcity  in India  and  other  global  markets  may have a
                               significant  impact on the  company,  we also  believe that
                               Coca-Cola has provided a substantial  amount of information
                               for  shareholders to review when  considering  these risks.
                               Therefore,  we do not believe that the additional reporting
                               requested by this resolution is warranted at this time.
                    18      Performance-Based and/or Time-Based Equity    Against      For                         ShrHoldr
                            Awards
                               ISS supports  the  shareholder  proposal  since the company
                               does   not    provide    for    significant    portion   of
                               performance-based   awards.   Further,   in  light  of  the
                               company's  history of  accelerating  the  vesting of awards
                               for   departing   executives   coupled   with  the  board's
                               continued  ability to modify or waive vesting  requirements
                               without  shareholder  approval  under  the  company's  1989
                               plan, ISS believes  shareholder support of this proposal is
                               warranted.


06/05/07 - A        The DirecTV Group, Inc *DTV*            25459L106                                  04/09/07               12,292
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Amend Executive Incentive Bonus Plan          For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/10/07 - A        The Dow Chemical Company *DOW*          260543103                                  03/12/07                7,200
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Arnold A. Allemang --- For
                               Vote  Recommendation  While we recognize that Mr.  Reinhard
                               categorically  denies  being "part of any secret  effort to
                               take  over or  acquire  Dow  Chemical",  we note  that  the
                               company  conducted  an  internal   investigation  and  were
                               convinced   based  on  its   findings   that  he  (and  Mr.
                               Kreinberg) was at the center of the news leaks  regarding a
                               possible   acquisition   of  the   company.   Dow  Chemical
                               maintains  that the recent moves show a "commitment  to the
                               highest   standards  of  integrity,   ethical  conduct  and
                               corporate  governance".  As such, ISS will recommend a vote
                               FOR all of the  board-supported  director nominees shown on
                               Dow Chemical's  amended voting ballot.  With regards to Mr.
                               Reihard's  WITHDRAWN position on the revised ballot,  ISS's
                               recommendation  is NONE since the company indicates that no
                               votes will be cast for Mr. Reinhard.
                    1.2     Elect Director Jacqueline K. Barton --- For
                    1.3     Elect Director James A. Bell --- For
                    1.4     Elect Director Jeff M. Fettig --- For
                    1.5     Elect Director Barbara H. Franklin --- For
                    1.6     Elect Director John B. Hess --- For
                    1.7     Elect Director Andrew N. Liveris --- For
                    1.8     Elect Director Geoffery E. Merszei --- For
                    1.9     WITHDRAWN                                     None         Withhold                    Mgmt
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.  ISS commends the company for submitting the
                               proposed  changes,   which  demonstrates  a  commitment  to
                               shareholders' interests.
                    4       Report on Remediation Policies in Bhopal      Against      Against                     ShrHoldr
                               Conclusion  ISS  believes  that  this   resolution   merits
                               consideration  based on the impact of the  tragic  accident
                               in Bhopal on thousands of people,  and the potential affect
                               that   reputational   damage  may  have  on  the  company's
                               operations in Asia.  That said,  ISS notes that the company
                               has  disclosed  certain  information  on Bhopal both on the
                               Dow  Chemical  website  and on  www.bhopal.com,  a  website
                               sponsored   by  Union   Carbide   specifically   discussing
                               information on the tragedy.  Further, while we believe that
                               the  company  could  improve  its  transparency  on certain
                               issues,  ISS notes that the company  has clearly  stated in
                               its  filings  that it does not  believe  that it  maintains
                               liability  for  future  remediation,  nor does it intend to
                               invest in new  initiatives to address  concerns  related to
                               this issue.  As such,  we question  the value of the report
                               specified in this resolution.  The company's  discussion of
                               the tragedy in Bhopal not only provides  information on the
                               specific   incident  and  associated   legal   proceedings,
                               remediation efforts, and business developments;  it clearly
                               outlines Dow  Chemical's  position on this  matter.  As the
                               company  has  stated  that it does not  intend to  initiate
                               further actions related to Bhopal,  it does not appear that
                               a  report  to  specifically   discuss  such  actions  would
                               provide  significant,  meaningful  benefit to shareholders.
                               As such,  ISS  does not  believe  this  shareholder  merits
                               shareholder support.
                    5       Report on Genetically Modified Organisms      Against      Against                     ShrHoldr
                               Conclusion   Given   the   existing   publicly    available
                               information  relating  to Dow's GE  products,  the  current
                               oversight  of  GE  ingredients  by  public  agencies,   the
                               disclosure   of   existing   internal   controls   and  its
                               commitment  to  perform a Risk  Review  Process  at various
                               stages of a product's  life cycle,  ISS does not  recommend
                               shareholder support for this proposal.
                    6       Report on Environmental Remediation           Against      For                         ShrHoldr
                               Conclusion    Considering   Dow's   continued   significant
                               financial   obligations,   including   its  total   accrued
                               obligation  of $347 million as of Dec.  31,  2006,  and the
                               potential  for  future   litigation   costs  which  may  be
                               associated with its Midland-related  remediation and, given
                               the  past,   present  and  future   financial,   legal  and
                               reputational  risks  associated  with  its  Midland-related
                               remediation   activities;   and,   providing  the  existing
                               availability    of   estimated    timelines   for   various
                               remediation   projects   which   would  limit  the  expense
                               associated with  summarizing the pace and  effectiveness of
                               these  environmental  remediation  processes,  ISS believes
                               that this resolution warrants shareholder support.
                    7       Evaluate Potential Links Between Company      Against      Against                     ShrHoldr
                            Products and Asthma
                               Conclusion In light of the  demonstrated  commitment on the
                               part of Dow to  provide  transparency  on  health  concerns
                               associated with certain  product  ingredients and given the
                               current  oversight  processes for Dow's  products by public
                               agencies,   we  do  not  believe  this  proposal   warrants
                               shareholder support.


04/11/07 - A        The Goldman Sachs Group, Inc.           38141G104                                  01/26/07                8,380
                    1       Elect Director Lloyd C. Blankfein             For          For                         Mgmt
                    2       Elect Director Lord Browne of Madingley       For          For                         Mgmt
                    3       Elect Director John H. Bryan                  For          For                         Mgmt
                    4       Elect Director Gary D. Cohn                   For          For                         Mgmt
                    5       Elect Director Claes Dahlback                 For          For                         Mgmt
                    6       Elect Director Stephen Friedman               For          For                         Mgmt
                    7       Elect Director William W. George              For          For                         Mgmt
                    8       Elect Director Rajat K. Gupta                 For          For                         Mgmt
                    9       Elect Director James A. Johnson               For          For                         Mgmt
                    10      Elect Director Lois D. Juliber                For          For                         Mgmt
                    11      Elect Director Edward M. Liddy                For          For                         Mgmt
                    12      Elect Director Ruth J. Simmons                For          For                         Mgmt
                    13      Elect Director Jon Winkelried                 For          For                         Mgmt
                    14      Ratify Auditors                               For          For                         Mgmt
                    15      Report on Charitable Contributions            Against      Against                     ShrHoldr
                               Conclusion        In  this case, we note that Goldman Sachs
                               discloses  some  of  the   information   requested  by  the
                               proponent  on  its  corporate   website,   in  the  segment
                               dedicated to its Charitable  Services Group.  Additionally,
                               while details of the transaction  are minimal,  the company
                               does  briefly  discuss its donation of the Tierra del Fuego
                               property on its website,  including  broad  information  on
                               the  company's   rationale  for  purchasing  the  land  for
                               conservation purposes.  Therefore,  while we agree with the
                               proponents  that  companies  should  provide  disclosure to
                               shareholders on its charitable  contributions,  we question
                               whether the detailed  information  requested in addition to
                               Goldman Sachs' existing  report would provide  shareholders
                               with  significant  benefit.          Based on the company's
                               existing  disclosure of its  charitable  contributions  and
                               policies,  ISS does not believe  that  shareholder  support
                               for this resolution is warranted at this time.
                    16      Sustainability Report                         Against      Against                     ShrHoldr
                               Conclusion        In  this  case,  ISS notes  that  Goldman
                               Sachs  provides   discussion  on  some  issues  related  to
                               sustainability  on  the  company  website,  covering  broad
                               topics   related  to  social  and   economic   development,
                               environmental  policies  and  performance,   and  corporate
                               ethics.  ISS believes  that the company  could benefit from
                               creating a more structured  sustainability  report, similar
                               to  those  produced  by  many  other  large   multinational
                               corporations;  however,  Goldman Sachs' existing disclosure
                               does provide  shareholders with some transparency into some
                               key issues evaluated in basic sustainability  reporting and
                               addresses   certain   concerns   noted  by  the   proponent
                               including  information on its policies and projects related
                               to  social,  environmental,  and  economic  sustainability.
                               Therefore,  ISS does not recommend  shareholder support for
                               the resolution at this time.
                    17      Prohibit Executive Stock-Based Awards         Against      Against                     ShrHoldr
                               According   to  ISS  policy,   stock  option  plans  should
                               explicitly  prohibit  repricing  underwater options without
                               shareholder  consent. We do, however,  believe that issuers
                               should have some latitude in  determining  the mix of award
                               types  granted to  executives  and  employees.  The company
                               currently  uses a mix of  award  types  including  options,
                               restricted   stock,   and  restricted  stock  unit  in  its
                               compensation  of senior  executives.  Prohibiting the award
                               of any  future  stock  options  to  anyone  can  constitute
                               micromanagement  and  put  the  company  at  a  competitive
                               disadvantage.  Because this proposal is overly restrictive,
                               we do not believe this item warrants shareholder support.


05/16/07 - A        The Hartford Financial Services         416515104                                  03/20/07               22,700
                    Group, Inc. *HIG*
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


06/28/07 - A        The Kroger Co. *KR*                     501044101                                  04/30/07               51,000
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Amend Articles/Regulations--i)Rules of        For          For                         Mgmt
                            Conduct in Connection with Shareholder
                            Meetings and (ii) Meetings Outside
                            Cincinnati
                               ISS believes the 45 days advance notice is  reasonable.  We
                               recommend shareholders vote FOR Item 3.
                    4       Ratify Auditors                               For          For                         Mgmt
                    5       Report on Climate Change                      Against      For                         ShrHoldr


04/25/07 - A        The McGraw-Hill Companies, Inc. *MHP*   580645109                                  03/12/07               13,500
                    1       Elect Directors                               For          Withhold                    Mgmt
                    1.1     Elect Director Pedro Aspe --- Withhold
                               ISS  recommends   shareholders   WITHHOLD  votes  from  all
                               director  nominees,  for  failure to  implement  a majority
                               supported shareholder proposal.
                    1.2     Elect Director Robert P. Mcgraw --- Withhold
                    1.3     Elect Director H. Ochoa-Brillembourg ---
                            Withhold
                    1.4     Elect Director Edward B. Rust, Jr. ---
                            Withhold
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Declassify the Board of Directors             Against      For                         ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Amend Vote Requirements to Amend              Against      For                         ShrHoldr
                            Articles/Bylaws/Charter
                               Based on principle,  ISS maintains  that a simple  majority
                               of voting shares should be sufficient to effect  changes in
                               a company's  corporate  governance.  Requiring  more than a
                               simple  majority may permit the board to entrench itself by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.        ISS   supports  a  simple  majority  vote
                               requirement. We recommend a vote FOR the proposal.
                    5       Political Contributions/Activities            Against      For                         ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to  assess  the  company's  current
                               public policy  activities.  McGraw Hill provides an overall
                               business  rationale for  participating in the public policy
                               process,  an overview of its policies and its commitment to
                               the oversight  process.  We are,  however,  concerned  that
                               shareholders  lack  information  relating to the  company's
                               trade  association  spending.  Such information  could help
                               shareholders  assess the risks and benefits associated with
                               public  policy  activities  through   associations  without
                               significant  cost,   burden,  or  strategic  risk  for  the
                               company.  Therefore,  we believe this  resolution  warrants
                               shareholder support.


05/17/07 - A        The PMI Group, Inc. *PMI*               69344M101                                  03/30/07               24,100
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


10/10/06 - A        The Procter & Gamble Company *PG*       742718109                                  08/11/06               92,900
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Decrease in Size of Board             For          For                         Mgmt
                               Empirical  evidence  has shown  that  board  size is not an
                               indicator of performance.  Proposals  concerning board size
                               should be evaluated  based on  management's  stated  motive
                               for the  change.  In this case,  the  proposal is not being
                               put forth to force a  dissident  member off the  board.  It
                               would preclude an arbitrary  increase in board size, and it
                               may enable the board to operate more efficiently.
                    3       Ratify Auditors                               For          For                         Mgmt
                    4       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   III.
                               Vote    Recommendation        The    performance   measures
                               included  under the plan are  appropriate  for the  company
                               given   its   line   of   business,   long-term   strategic
                               objectives,  and  industry-specific  measures for assessing
                               market competitiveness.  Moreover, preservation of the full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    5       Put Repricing of Stock Options to             Against      Against                     ShrHoldr
                            Shareholder Vote
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               under the company's  existing equity plans,  the company is
                               prohibited  from  repricing  options  without   shareholder
                               proposal.  As such,  ISS does  not  feel  that  shareholder
                               support of this proposal is warranted.


04/18/07 - A        The Sherwin-Williams Co. *SHW*          824348106                                  03/02/07               11,100
                    1       Elect Directors                               For          For                         Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                         Mgmt


05/01/07 - A        The Travelers Companies, Inc. *TRV*     89417E109                                  03/05/07               51,080
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Alan L. Beller --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John H. Dasburg --- For
                    1.3     Elect Director Janet M. Dolan --- For
                    1.4     Elect Director Kenneth M. Duberstein --- For
                    1.5     Elect Director Jay S. Fishman --- For
                    1.6     Elect Director Lawrence G. Graev --- For
                    1.7     Elect Director Patricia L. Higgins --- For
                    1.8     Elect Director Thomas R. Hodgson --- For
                    1.9     Elect Director Cleve L. Killingsworth, Jr.
                            --- For
                    1.10    Elect Director Robert I. Lipp --- For
                    1.11    Elect Director Blythe J. McGarvie --- For
                    1.12    Elect Director Glen D. Nelson, M.D. --- For
                    1.13    Elect Director Laurie J. Thomsen --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Company Specific- Majority Vote for the       For          For                         Mgmt
                            Election of Directors
                               ISS  believes   that  a  majority  vote  standard  for  the
                               election of directors in  uncontested  elections  increases
                               directors'  accountability  to  shareholders.  As such,  we
                               recommend shareholders support this proposal.


03/08/07 - A        The Walt Disney Company *DIS*           254687106                                  01/08/07               95,460
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director John E. Bryson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John S. Chen --- For
                    1.3     Elect Director Judith L. Estrin --- For
                    1.4     Elect Director Robert A. Iger --- For
                    1.5     Elect Director Steven P. Jobs --- For
                    1.6     Elect Director Fred H. Langhammer --- For
                    1.7     Elect Director Aylwin B. Lewis --- For
                    1.8     Elect Director Monica C. Lozano --- For
                    1.9     Elect Director Robert W. Matschullat --- For
                    1.10    Elect Director John E. Pepper, Jr. --- For
                    1.11    Elect Director Orin C. Smith --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Amend Executive Incentive Bonus Plan          For          For                         Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable  performance goals before awards are
                               paid to  participants.  Moreover,  preservation of the full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    5       Company-Specific--Governance-Related - No     Against      Against                     ShrHoldr
                            Greenmail payments
                               ISS  recommends  that  shareholders  vote for  proposals to
                               adopt   anti-greenmail   charter  or  bylaw  amendments  or
                               otherwise  restrict a company's  ability to make  greenmail
                               payments.  Greenmail is a form of payment that economically
                               disenfranchises  all other  shareholders.  In this case, we
                               believe  that the  company's  recent bylaw  amendment  with
                               regard  to  greenmail  has   substantially   addressed  the
                               requests of this shareholder proposal.
                    6       Approve/Amend Terms of Existing Poison Pill   Against      For                         ShrHoldr
                               Overall,    the   benefits   of    requiring    shareholder
                               ratification  of a pill  outweigh  the  potential  negative
                               effects  of a  supermajority  board  requirement  for  pill
                               adoption.  Given that the  company  has not  established  a
                               policy  with  respect to  shareholder  approval of a rights
                               plan  in  the  future  and  the   proposed   bylaw  is  not
                               inconsistent  with good  governance  practice  of putting a
                               pill to a  shareholder  vote  within 12 months,  this bylaw
                               proposal warrants shareholder vote.


07/20/06 - A        Tidewater Inc. *TDW*                    886423102                                  05/24/06               10,800
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Arthur R. Carlson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jon C. Madonna --- For
                    1.3     Elect Director William C. O'Malley --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Declassify the Board of Directors             For          For                         Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Approve Omnibus Stock Plan                    For          For                         Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.83 percent is within the  allowable cap for this
                               company of 5.49 percent. Additionally,  this plan expressly
                               forbids repricing.


05/18/07 - A        Time Warner Inc *TWX*                   887317105                                  03/30/07               93,720
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                         Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements.  As  such,  we  believe  that  this  proposal
                               warrants shareholder support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers'Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.
                    6       Company Specific- Adopt Simple Majority Vote  Against      For                         ShrHoldr
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority. As such, we support this proposal
                    7       Amend Articles/Bylaws/Charter -- Call         Against      For                         ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    8       Company-Specific- Stockholder Ratification    Against      Against                     ShrHoldr
                            of Director Compensation, When a
                            Stockholder Rights Plan Has Been Adopted
                               As such,  ISS believes  that this proposal does not warrant
                               shareholder support.


04/11/07 - A        United Technologies Corp. *UTX*         913017109                                  02/13/07               16,700
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Louis R. Chenevert --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director George David --- For
                    1.3     Elect Director John V. Faraci --- For
                    1.4     Elect Director Jean-Pierre Garnier --- For
                    1.5     Elect Director Jamie S. Gorelick --- For
                    1.6     Elect Director Charles R. Lee --- For
                    1.7     Elect Director Richard D. Mccormick --- For
                    1.8     Elect Director Harold Mcgraw III --- For
                    1.9     Elect Director Richard B. Myers --- For
                    1.10    Elect Director Frank P. Popoff --- For
                    1.11    Elect Director H. Patrick Swygert --- For
                    1.12    Elect Director Andre Villeneuve --- For
                    1.13    Elect Director H.A. Wagner --- For
                    1.14    Elect Director Christine Todd Whitman ---
                            For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Establish Term Limits for Directors           Against      Against                     ShrHoldr
                               Under   an   effective    corporate    governance   system,
                               shareholders  have the right to express  their  preferences
                               each year by voting on  directors  at the  annual  meeting.
                               Thus,  shareholders can remove or reelect directors as they
                               see fit.
                    4       Report on Foreign Military Sales              Against      Against                     ShrHoldr
                               Conclusion        ISS   notes  that   United   Technologies
                               already  discloses  some  information on these matters both
                               through  public  filings  and  on  the  company's  website.
                               Topics  addressed in these  forums  include  disclosure  on
                               certain   company   policies   related  to  export  control
                               compliance,  government  contract bidding,  and appropriate
                               financial   information  on  military  or  weapons  related
                               programs.  Additionally,  the federal  government  agencies
                               tasked with evaluating  these transfer  agreements  already
                               provide  substantial  regulatory  oversight and enforcement
                               regarding the foreign sale of weapons-related  products and
                               services.  Finally,  while we note that the proponents have
                               stated  that  the  company   should  omit   proprietary  or
                               classified  information  from the report,  we believe  that
                               detailed  disclosure  into the company's  contract  bidding
                               and market promotion  strategies may negatively  impact the
                               company  by  providing  insight  to  industry   competitors
                               without  providing  additional  meaningful  information  to
                               shareholders.  As such,  ISS believes that the  combination
                               of federal  regulation,  the current level of disclosure by
                               United Technologies,  and the necessity to limit disclosure
                               where it could affect the company's  competitive  advantage
                               outweigh the  potential  benefits  that may be derived from
                               this proposal.
                    5       Report on Political Contributions             Against      Against                     ShrHoldr
                               Conclusion        ISS   agrees  with  the  proponent   that
                               companies should provide clear  information to shareholders
                               on their  public  policy  initiatives,  as these may impact
                               the  company's  ability  to  operate  effectively  in  some
                               highly  regulated  industries  and could expose the company
                               to  negative   publicity  or  costly   litigation  if  such
                               contributions  are  poorly  managed.  That  said,  based on
                               United  Technologies'  existing disclosure on public policy
                               activities  and  trade  association  costs,  as well as its
                               public  commitment to expand  disclosure on company and PAC
                               contributions  this year, ISS does not believe  shareholder
                               support for the resolution is necessary at this time.
                    6       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    7       Pay For Superior Performance                  Against      For                         ShrHoldr
                               Conclusion        While  the company's annual bonus program
                               is  performance-based  with clearly disclosed hurdle rates,
                               the  long-term   incentive  program  is  not  substantially
                               performance-based under current ISS guidelines.  We commend
                               the company for  disclosing  specific  target rates for EPS
                               and TSR for PSUs granted under the long-term  program.  The
                               company   maintains   that   it   has   increased   use  of
                               performance-based  compensation  to greater than 50 percent
                               of the value of annual  long-term  incentive  awards if the
                               total  value  of the PSUs to SARs is  taken  into  account.
                               However,  per ISS'  valuation  of the  performance  mix, we
                               compared  the  actual  number  of shares  (PSUs  vs.  SARs)
                               granted in the past fiscal  year and only13  percent of the
                               equity awards granted to named executive  officers over the
                               past  year  have been  performance-based  according  to our
                               guidelines.   ISS  calculates  the  performance  mix  using
                               shares  rather  than in dollars  because  values can change
                               over time and with different  modeling  assumptions,  among
                               other  things.  Therefore,  ISS believes  that  shareholder
                               support of the  proposal  is  warranted.  Accordingly,  ISS
                               believes  that  shareholder  support  for this  proposal is
                               warranted.


04/26/07 - A        Valero Energy Corp. *VLO*               91913Y100                                  03/01/07               46,749
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director Ruben M. Escobedo --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Bob Marbut.  We  recommend  that
                               shareholders  WITHHOLD votes from Bob Marbut for sitting on
                               more than three boards.
                    1.2     Elect Director Bob Marbut --- Withhold
                    1.3     Elect Director Robert A. Profusek --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                         ShrHoldr
                            Directors
                               While  the  company  has  adopted  a  director  resignation
                               policy,  we believe that the majority  vote  standard  with
                               the director  resignation  policy and a plurality  standard
                               for   contested   elections  is  the   benchmark  to  which
                               companies should strive.
                    4       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    5       Establish SERP Policy                         Against      For                         ShrHoldr
                               Conclusion        ISS  recommends shareholders support this
                               proposal  as the  inclusion  of  variable  compensation  or
                               other  enhancements  under  SERP  provisions  significantly
                               drives up the cost of such  plans,  a cost that is absorbed
                               by the company and its shareholders.


05/16/07 - A        Ventas, Inc. *VTR*                      92276F100                                  03/19/07               24,300
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Increase Authorized Common Stock              For          For                         Mgmt
                               The requested  increase of 120,000,000  shares is below the
                               allowable threshold of 207,000,000 shares.
                    4       Amend Stock Ownership Limitations             For          For                         Mgmt
                               We believe that some of the  clarifications  being included
                               in the  amendment  are  positive to protect  the  company's
                               REIT  status.   However,  we  believe  that  the  ownership
                               restrictions  should  allow a level  playing  field for all
                               shareholders,  and that  granting the power to the board to
                               grant  exceptions to the  constructive  ownership  limit is
                               not in the best interest of shareholders.


05/03/07 - A        Verizon Communications *VZ*             92343V104                                  03/05/07               99,782
                    1       Elect Director James R. Barker                For          For                         Mgmt
                               While ISS  recognizes  that  Verizon had some pay issues in
                               2005 and that it should do a better  job with the design of
                               the short-term and long-term incentive programs,  we do not
                               believe that AGAINST vote  recommendations are warranted at
                               this  time.   Particularly,   the  company's  one-year  and
                               three-year total shareholder  returns have outperformed the
                               S&P 500 index and that Mr.  Seidenberg's  2006 pay  package
                               is not  excessively  out of line  with the peer  companies.
                               Going  forward,   ISS  will  monitor  the  actions  of  the
                               compensation   committee.  At  this  time,  ISS  urges  the
                               compensation  committee  to redesign  the  programs so that
                               achieving  target  performance  level results in target and
                               not above  target  payouts.  Further,  if the  compensation
                               committee  were to exercise its  discretion to increase Mr.
                               Seidenberg's  actual PSUs payouts, it would need to provide
                               complete  disclosure and justification so that shareholders
                               are provided with  sufficient  insight to the high payouts.
                               The lack of a solid  rationale  may  result  in a  withhold
                               vote from  members  of the  compensation  committee  in the
                               future.   Included  in  this   annual   meeting  are  three
                               compensation-related  shareholder  proposals  sponsored  by
                               the unions which ISS will be supporting.
                    2       Elect Director Richard L. Carrion             For          For                         Mgmt
                    3       Elect Director M. Frances Keeth               For          For                         Mgmt
                    4       Elect Director Robert W. Lane                 For          For                         Mgmt
                    5       Elect Director Sandra O. Moose                For          For                         Mgmt
                    6       Elect Director Joseph Neubauer                For          For                         Mgmt
                    7       Elect Director Donald T. Nicolaisen           For          For                         Mgmt
                    8       Elect Director Thomas H. O'Brien              For          For                         Mgmt
                    9       Elect Director Clarence Otis, Jr.             For          For                         Mgmt
                    10      Elect Director Hugh B. Price                  For          For                         Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                         Mgmt
                    12      Elect Director Walter V. Shipley              For          For                         Mgmt
                    13      Elect Director John W. Snow                   For          For                         Mgmt
                    14      Elect Director John R. Stafford               For          For                         Mgmt
                    15      Elect Director Robert D. Storey               For          For                         Mgmt
                    16      Ratify Auditors                               For          For                         Mgmt
                    17      Limit Executive Compensation                  Against      Against                     ShrHoldr
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               the company's  outstanding  plans forbids repricing without
                               shareholder  proposal.  As such,  ISS  does  not  recommend
                               shareholder support for the resolution.
                    18      Eliminate or Restrict Severance Agreements    Against      For                         ShrHoldr
                            (Change-in-Control)
                               ISS  believes   that  the   exclusion   of  tax   gross-ups
                               associated   with   severance   benefits,   the   value  of
                               accelerated  vesting  of  outstanding  equity  compensation
                               awards  and  others can  amount to  significant  value.  By
                               excluding   these  benefits  from  the  company's   policy,
                               shareholders   are  unable  to  voice   their   opinion  on
                               overly-generous   severance   benefits.    Therefore,   ISS
                               believes this proposal warrants support.
                    19      Disclose Information on Compensation          Against      For                         ShrHoldr
                            Consultant
                               Based  on the  above  disclosure,  ISS  believes  that  the
                               company has not adequately met the proponent's request.
                    20      Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officer's Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    21      Adopt Policy on Overboarded Director          Against      Against                     ShrHoldr
                               ISS  notes   that  the   company's   Corporate   Governance
                               Guidelines  with  respect to the  number of public  company
                               boards  that a  director  can  sit on  conforms  with  ISS'
                               standards.  The proposal is slightly  more  restrictive  in
                               which  directors  can only  serve  on the  board of no more
                               than two  other  for-profit  corporations,  if he or she is
                               employed  full-time.  At this  time,  ISS does not  support
                               this proposal due to its restrictive nature.
                    22      Approve Terms of Existing Poison Pill         Against      Against                     ShrHoldr
                               In this  case,  we note  that the  company  has  adopted  a
                               formal   policy   regarding   the   adoption   of  a  pill.
                               Specifically,  the  board  will  not  adopt  a  shareholder
                               rights plan without prior  shareholder  approval or present
                               the plan to  shareholders  for their  approval  within  one
                               year of adopting  the plan.  If the plan is not approved by
                               shareholders,  it will  expire one year from the date it is
                               adopted  and  cannot  be  renewed  or  replaced.  Any  plan
                               adopted  by  the  board   must  also   contain  a  "sunset"
                               provision,   providing  that  shareholders  will  have  the
                               opportunity  to ratify or reject the plan every three years
                               following  the date of initial  shareholder  approval.  ISS
                               does not believe a bylaw  change is  necessary at this time
                               since the company has established a policy.  Therefore, ISS
                               does not support this proposal.
                    23      Report on Charitable Contributions            Against      Against                     ShrHoldr
                               In this case, we note that Verizon  discloses a significant
                               amount of the  information  requested  by the  proponent on
                               its corporate  website.  Included in this  information  are
                               disclosure of the  Foundation's  contributions  and a broad
                               discussion   of  the  company's   charitable   contribution
                               policies and programs.  Further,  discussion on the website
                               describes the  initiatives  that the company is involved in
                               as   well   as   its   broad   rationale   for   charitable
                               contributions.  Therefore,  based on the existing  level of
                               disclosure,  ISS does not recommend shareholder support for
                               the resolution at this time.


05/08/07 - A        W. R. Berkley Corp. *BER*               084423102                                  03/19/07               19,625
                    1       Elect Directors                               For          For                         Mgmt
                    2       Ratify Auditors                               For          For                         Mgmt


08/31/06 - S        Wachovia Corp. *WB*                     929903102                                  07/11/06               55,711
                    1       Issue Shares in Connection with an            For          For                         Mgmt
                            Acquisition
                               Based  on  our  review   and  terms  of  the   transaction,
                               particularly   the   strategic   fit,  we  recommend   that
                               shareholders support the proposed issuance of shares.
                    2       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.69 percent is within the  allowable cap for this
                               company of 5.79 percent. Additionally,  this plan expressly
                               forbids  repricing.  Although Wachovia failed the burn-rate
                               test,  the board commits that for fiscal years 2007 through
                               2009,  the average  run-rate for new grants will not exceed
                               2.46 percent of common shares outstanding.


04/17/07 - A        Wachovia Corp. *WB*                     929903102                                  02/12/07               87,231
                    1       Elect Directors                               For          For                         Mgmt
                    1.1     Elect Director Ernest S. Rady --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jerry Gitt --- For
                    1.3     Elect Director John T. Casteen, III --- For
                    1.4     Elect Director Maryellen C. Herringer ---
                            For
                    1.5     Elect Director Joseph Neubauer --- For
                    1.6     Elect Director Timothy D. Proctor --- For
                    1.7     Elect Director Van L. Richey --- For
                    1.8     Elect Director Dona Davis Young --- For
                    2       Declassify the Board of Directors             For          For                         Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Company Specific--Provide for Majority        For          For                         Mgmt
                            Voting
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               ISS commends  management for submitting  this proposal that
                               demonstrates   the  board's   commitment  to  shareholders'
                               interests.
                    4       Ratify Auditors                               For          For                         Mgmt
                    5       Approve Report of the Compensation Committee  Against      For                         ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Require Director Nominee Qualifications       Against      Against                     ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus on fiduciary duty among  Wachovia board members,  ISS
                               does not believe that  adoption of the proposed  guidelines
                               would add additional value to shareholders at this time.
                    7       Report on Political Contributions             Against      Against                     ShrHoldr
                               In the  case  of  Wachovia,  ISS  notes  that  the  company
                               discusses   political   contributions   both  in  a  policy
                               statement  and in the corporate  Code of Ethics  located on
                               the  company   website.   These   policies  do  not  appear
                               inconsistent   with   industry    standards   or   existing
                               regulatory  requirements on this issue.  Wachovia's  policy
                               statement  does not outline the criteria used in evaluating
                               political  contributions;  however,  it does clearly  state
                               that the company does not  contribute  any corporate  funds
                               to political  organizations  (including 527s), and that all
                               contributions   and  political   activities  are  conducted
                               through   voluntary,   employee-sponsored   PACs.   Further
                               disclosure  includes  information on the  departments  that
                               are  accountable  for overseeing  political  activity,  and
                               annual  director-level audit process.  Finally, the company
                               does  not  appear  to  be  the   subject  of  any   recent,
                               significant  controversy,  fines,  or litigation  resulting
                               from  political  action  or  contributions  from  it or its
                               employee  sponsored  PACs.  Therefore,  while we agree with
                               the  proponents  that  data  on  every  type  of  political
                               contribution may not be easily accessed,  it is our opinion
                               that    information    provided   by   Wachovia    provides
                               shareholders  with  sufficient  insight into the  company's
                               policies  and   controls.   Furthermore,   company   policy
                               prohibits   the  use  of  corporate   funds  for  political
                               contributions.   Therefore,   ISS  does  not  believe  that
                               additional  reporting  on this matter is  warranted at this
                               time.
                    8       Separate Chairman and CEO Positions           Against      Against                     ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.


04/26/07 - A        Webster Financial Corp. *WBS*           947890109                                  02/22/07               14,100
                    1       Elect Directors                               For          For                         Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                         Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this   company  of  6  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                         Mgmt


04/24/07 - A        Wells Fargo & Company *WFC*             949746101                                  03/06/07              141,780
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director John S. Chen --- For
                               We recommend a vote FOR the directors  with the  exceptions
                               of Cynthia H. Milligan,  Philip J. Quigley, Donald B. Rice,
                               and Michael W. Wright. We recommend  shareholders  WITHHOLD
                               votes from  Cynthia H.  Milligan  and Philip J. Quigley for
                               standing as  affiliated  outsiders on the Audit  Committee;
                               Donald  B. Rice and  Michael  W.  Wright  for  standing  as
                               affiliated  outsiders on the  Compensation  Committee;  and
                               Cynthia H.  Milligan,  Philip J.  Quigley,  Donald B. Rice,
                               and Michael W. Wright for standing as affiliated  outsiders
                               on the Nominating Committee.
                    1.2     Elect Director Lloyd H. Dean --- For
                    1.3     Elect Director Susan E. Engel --- For
                    1.4     Elect Director Enrique Hernandez, Jr. ---
                            For
                    1.5     Elect Director Robert L. Joss --- For
                    1.6     Elect Director Richard M. Kovacevich --- For
                    1.7     Elect Director Richard D. McCormick --- For
                    1.8     Elect Director Cynthia H. Milligan ---
                            Against
                    1.9     Elect Director Nicholas G. Moore --- For
                    1.10    Elect Director Philip J. Quigley --- Against
                    1.11    Elect Director Donald B. Rice --- Against
                    1.12    Elect Director Judith M. Runstad --- For
                    1.13    Elect Director Stephen W. Sanger --- For
                    1.14    Elect Director Susan G. Swenson --- For
                    1.15    Elect Director John G. Stumpf --- For
                    1.16    Elect Director Michael W. Wright --- Against
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                         ShrHoldr
                               Wells  Fargo  does  not  meet  all of the  criteria  in the
                               counterbalancing   structure  described  above.  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 separate  positions of chairman and
                               CEO.   Accordingly,   the  proposal  warrants   shareholder
                               support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                         ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Establish SERP Policy                         Against      For                         ShrHoldr
                               In this case,  the company  includes  more than only salary
                               in its SERP provisions.  ISS agrees with the proponent that
                               base  salary  is a  sufficient  basis  upon  which  to base
                               pension benefits to executives.
                    6       Report on Racial and Ethnic Disparities in    Against      Against                     ShrHoldr
                            Loan Pricing
                               Therefore,  based  on  concerns  over the  utility  of this
                               information to shareholders,  and information  available on
                               the company's  website that  addresses some of the concerns
                               set  forth  in  the  proposal,   we  do  not  believe  that
                               shareholder support for this resolution is warranted.
                    7       Report on Emission Reduction Goals            Against      For                         ShrHoldr
                               Therefore,   based   on   the   potential   strategic   and
                               reputational    value   that   performing   the   requested
                               assessments  and  establishing   appropriate  policies  may
                               create for the  company and its  shareholders,  the limited
                               cost and burden of  compliance,  and the apparent  industry
                               trends towards  addressing this issue,  ISS recommends that
                               shareholders support this resolution.


05/23/07 - A        Xcel Energy Inc. *XEL*                  98389B100                                  03/29/07               75,103
                    1       Elect Directors                               For          Split                       Mgmt
                    1.1     Elect Director C. Coney Burgess --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Richard K. Davis. We recommend that
                               shareholders  WITHHOLD votes from Richard K. Davis for poor
                               attendance.
                    1.2     Elect Director Fredric W. Corrigan --- For
                    1.3     Elect Director Richard K. Davis --- Withhold
                    1.4     Elect Director Roger R. Hemminghaus --- For
                    1.5     Elect Director A. Barry Hirschfeld --- For
                    1.6     Elect Director Richard C. Kelly --- For
                    1.7     Elect Director Douglas W. Leatherdale ---
                            For
                    1.8     Elect Director Albert F. Moreno --- For
                    1.9     Elect Director Margaret R. Preska --- For
                    1.10    Elect Director A. Patricia Sampson --- For
                    1.11    Elect Director Richard H. Truly --- For
                    1.12    Elect Director David A. Westerlund --- For
                    1.13    Elect Director Timothy V. Wolf --- For
                    2       Ratify Auditors                               For          For                         Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                         ShrHoldr
                               In  this  case,  the  company  does  not  meet  all  of the
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               does  not  provide  a  satisfactory  balance  to a  unified
                               chairman  and  CEO  position.   Accordingly,  the  proposal
                               warrants shareholder support.
                    4       Pay For Superior Performance                  Against      Against                     ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               performance-based  under current ISS  guidelines.  Further,
                               the company  discloses  specific  performance  measures and
                               hurdles rates for both  short-term and long-term  incentive
                               awards to senior executives,  which allows  shareholders to
                               monitor  the   correlation   between   executive   pay  and
                               performance.  Accordingly, ISS believes shareholders should
                               not support this proposal.




Fund:  Principal Variable Contracts Fund, Inc. - Diversified International Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

Diversified International - 651

Mtg                 Company/                                               Mgmt         Vote    Record                Shares
Date/Type           Ballot Issues                            Security      Rec          Cast    Date        Prpnent    Voted
- ------------------- ---------------------------------------- ------------- ------------ ------- ----------- -----------------
- -----------------------------------------------------------------------------------------------------------------------------

                                                                                                       
04/23/07 - A        Aalberts Industries                      N00089164                          04/19/07                 693
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    5        Approve Dividends of EUR 1.10 Per Share       For                              Mgmt
                    6        Approve Discharge of Management Board         For                              Mgmt
                    7        Approve Discharge of Supervisory Board        For                              Mgmt
                    8        Approve Remuneration of Supervisory Board     For                              Mgmt
                    9        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    10       Grant Board Authority to Issue Shares and     For                              Mgmt
                             Restricting/Excluding Preemptive Rights
                    11       Approve Reduction in Share Capital by         For                              Mgmt
                             Cancelling Issued Preference Shares
                    12       Amend Articles                                For                              Mgmt
                    13       Authorize Management Board to Request a       For                              Mgmt
                             Declaration of No Objection Related to the
                             Amendment of Articles (Item 12)
                    14a      Reelect C.J. Brakel to Supervisory Board      For                              Mgmt
                    14b      Reelect A.B. van Luyk to Supervisory Board    For                              Mgmt
                    14c      Elect H. Scheffers to Supervisory Board       For                              Mgmt
                    14d      Elect W. van de Vijver to Supervisory Board   For                              Mgmt
                    15       Ratify PricewaterhouseCoopers Accountants     For                              Mgmt
                             NV as Auditors
                    16       Announcements and Other Business              None                             Mgmt
                             (Non-Voting)
                    17       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/30/07 - A        Aareal Bank AG                           D00379111                          05/09/07               1,400
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Repurchase of Up to 5 Percent of    For                              Mgmt
                             Issued Share Capital for Trading Purposes
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Approve Affiliation Agreement with            For                              Mgmt
                             Subsidiary Aareal First Financial Solutions
                             AG
                    9        Elect Hans Lohneiss to the Supervisory Board  For                              Mgmt
                    10       Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A        ABB Ltd.                                 H0010V101                          None                 192,896
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A        ABB Ltd.                                 H0010V101                          None                 192,896
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports (Non-Voting)
                    2        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 0.24 per Share
                    5        Approve Creation of CHF 500 Million Pool of   For                              Mgmt
                             Capital without Preemptive Rights
                    6        Elect Directors                               For                              Mgmt
                    7        Ratify Ernst & Young AG as Auditors; Ratify   For                              Mgmt
                             OBT AG as Special Auditors
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/14/07 - A        Abengoa S.A.                             E0002V179                          None                     605
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements for Fiscal Year 2006;
                             Approve Discharge Directors
                    2        Approve Allocation of Income for Fiscal       For          For                 Mgmt
                             Year 2006
                    3        Elect Auditor for Company and Consolidated    For          For                 Mgmt
                             Group
                    4        Amend Articles 44 and 46 of the Company's     For          For                 Mgmt
                             Bylaws Re: Remove References to the
                             Supervisory Board
                    5        Amend Article 39 of the Company Bylaws Re:    For          For                 Mgmt
                             Fixing the Maximum Number of Directors to
                             Fifteen Members
                    6        Elect Directors                               For          For                 Mgmt
                    7        Amend Article 41 of the Company Bylaws Re:    For          For                 Mgmt
                             Designation of a Director as a Coordinator
                             of External Directors
                    8        Amend Article 24 of the Company Bylaws and    For          For                 Mgmt
                             Article 5 of the General Meeting Guidelines
                             Re: Notice Period for Shareholder Meetings
                    9        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    10       Authorize Issuance of Convertible and         For          For                 Mgmt
                             Non-convertible Bonds/Debentures and/or
                             Debt Securities
                    11       Authorize Repurchase of Shares                For          For                 Mgmt
                    12       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    13       Approve Minutes of Meeting                    For          For                 Mgmt


04/26/07 - A        ABG Sundal Collier ASA (frmly ASKIA      R00006107                          None                  11,419
                    INVEST)
                    1        Open Meeting; Registration of Shareholders    None         None                Mgmt
                    2        Elect Chairman of Meeting; Designate          For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    5        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of NOK 1.60 per Share
                    6        Approve Remuneration of Auditors              For          For                 Mgmt
                    7        Approve Remuneration of Directors             For          For                 Mgmt
                    8        Approve Remuneration Policy And Other Terms   For          Against             Mgmt
                             of Employment For Executive Management
                                We   have   concerns    with   the   long-term    variable
                                compensation,  however.  Under the terms of the  company's
                                share  purchase  (partner  share)  plan,  partners may buy
                                shares at a 15-percent  discount provided that they retain
                                the shares for at least three years.  It is the  intention
                                that  the  participants  in this  plan  will  continue  to
                                retain around 50 percent of shares  outstanding over time.
                                The company has not  provided a definition  of  "partner";
                                therefore,  it is unclear  whether the plan is directed at
                                employees   only,   or  whether  it  would  include  other
                                individuals,   such  as   consultants,   that   are   only
                                marginally  connected to the company and its business.  In
                                addition,  no details  have been  provided  regarding  the
                                scope of the plan in terms of  number  of  shares  issues.
                                Due  to   potential   excessive   dilution   and  lack  of
                                disclosure   regarding   the  share   purchase   plan,  we
                                recommend a vote against this item.
                    9        Amend Articles                                For          Against             Mgmt
                                Since  we do not know  what  amendments  will be  proposed
                                under this item, we recommend a vote against.
                    10       Elect Members of Nominating Committee         For          For                 Mgmt
                    11       Elect Directors                               For          Against             Mgmt
                                We strongly  believe that publicly listed companies should
                                disclose  details on  proposals  at least 30 days prior to
                                the meeting.  When this  information is not available well
                                in advance  of the  meeting,  investors  are not left with
                                sufficient  time to evaluate  the  candidates  and, in the
                                case  of  shareholders  who  will  not be  present  at the
                                meeting  themselves,  to submit voting  instructions via a
                                custodian bank. Most large  Norwegian  companies  disclose
                                at least  the  names of any  nominees  to the board in the
                                meeting notice. A company representative  informed us that
                                the names of the proposed  directors will not be published
                                until  the  week  prior  to the  AGM.  We  recommend  that
                                shareholders   contact  ABG  Sundal   Collier's   investor
                                relations  department directly and express their desire to
                                receive  details  of  proposals  well  in  advance  of the
                                meeting.        Because  the  names of the  nominees  were
                                not  available  at the time  this  analysis  was  written,
                                which  does not  allow  shareholders  to make an  informed
                                decision,  shareholders  are advised to vote  against this
                                item.
                    12       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                    13       Approve Creation of NOK 13.6 Million Pool     For          Against             Mgmt
                             of Capital without Preemptive Rights
                                Due to potential  excessive  dilution of 20.2 percent,  we
                                recommend a vote against this proposal.


05/25/07 - A        Acambis plc                              G0062N107                          None                   9,859
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Re-elect Ross Graham as Director              For          For                 Mgmt
                    4        Re-elect Randal Chase as Director             For          For                 Mgmt
                    5        Elect William Jenkins as Director             For          For                 Mgmt
                    6        Elect John Lambert as Director                For          For                 Mgmt
                    7        Elect Michael Watson as Director              For          For                 Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,232,866
                    10       Amend Articles of Association Re:             For          For                 Mgmt
                             Electronic Communications
                    11       Amend Articles of Association Re: Transfer    For          For                 Mgmt
                             of Ordinary Shares to Non-US Persons
                                Conclusion        From  the  information  provided  by the
                                Company,  it is evident  that if Acambis plc  continues to
                                have a US registration,  the reporting  obligations  under
                                the   Securities   Exchange   Act  (SEC   reporting)   and
                                Sarbanes-Oxley  Act,  will  result  in  increased  further
                                administrative  and compliance  costs. In view of this, we
                                are  aware   that:        (i)   It  becomes   increasingly
                                difficult  to  justify  the  higher  compliance  cost  and
                                management time required;  and        (ii)  The US listing
                                seems to be of limited  benefit to a significant  majority
                                of the shareholders.        However,  US Holders should be
                                aware that they could, if the amendments are approved,  be
                                forced into a compulsory  sale of their shares in order to
                                permit  the  Company to de-list in the US. In the event of
                                a compulsory  sale,  the best price  offered to them could
                                be  lower  or  higher  than  the  market  price  when  the
                                circular  was  issued  by  the   Company.        We   have
                                serious  corporate  governance  concerns  over  changes of
                                this   nature  as,   regardless   of  the  size  of  their
                                shareholding,  we would prefer that no shareholder  should
                                be forced into selling their investment.  In addition,  in
                                this case,  Acambis plc has  proposed a process  that does
                                not  provide  the  opportunity  to give  shareholders  any
                                premium or other  form of  compensation  or sale  expenses
                                for    the    compulsory     sale.        Despite    these
                                reservations,   after  a  careful   review  of   Acambis's
                                circumstances,  we recommend  that  shareholders  vote for
                                this proposal.  We are, however,  aware that this proposal
                                could  potentially have some disadvantage to the Company's
                                US  based  shareholders.   For  that  reason  we  strongly
                                encourage  shareholders to review this vote recommendation
                                carefully from their own specific investment perspective.
                    12       Authorise 10,767,134 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    13       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 538,357


05/25/07 - A        Acergy SA (frmely Stolt Offshores and    L00306107                          04/02/07              72,200
                    Stolt Comex Seaway S.A.)
                             Annual Meeting Agenda
                    1        Approve Reports of the Board of Directors     For                              Mgmt
                             and of the Auditors
                    2        Approve the Unconsolidated Balance Sheet      For                              Mgmt
                             and Statements of Profit and Loss of the
                             Company for the Fiscal Year Ended Nov. 30,
                             2006
                    3        Approve the Consolidated Balance Sheet and    For                              Mgmt
                             Statements of Operations of the Company for
                             the Fiscal Year Ended Nov. 30, 2006
                    4        Approve Dividends                             For                              Mgmt
                    5        Approve Discharge of Directors                For                              Mgmt
                    6        Approve Share Repurchase Program              For                              Mgmt
                    7.a      Elect Mark Woolveridge as Director            For                              Mgmt
                    7.b      Elect James B. Hurlock as Director            For                              Mgmt
                    7.c      Elect Trond O. Westlie as Director            For                              Mgmt
                    7.d      Elect J. Frithjof Skouveroe as Director       For                              Mgmt
                    7.e      Elect George H. Doremus as Director           For                              Mgmt
                    7.f      Elect Tom Ehret as Director                   For                              Mgmt
                    7.g      Elect Peter Mason as Director                 For                              Mgmt
                    8        Appoint Auditors                              For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Acs, Actividades de Construccion y       E7813W163                          None                  59,567
                    Servicios S.A (Formerly Gines Navarro
                    C
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements and Statutory Reports;
                             Approve Allocation of Income; Presentation
                             of Annual Corporate Governance Report and
                             Corporate Social Responsibility Report
                    2        Approve Discharge of Directors                For          For                 Mgmt
                    3        Elect Directors                               For          Against             Mgmt
                                On this item,  we  consider  there to be  several  factors
                                that warrant further consideration.  The lack of certainty
                                over  whether  there  will be  director  elections  at the
                                meeting and the  presentation of this proposal as a single
                                voting item virtually excludes  proxy-voting  shareholders
                                from  participating  in  the  director  election  process.
                                These are also  practices  which the  majority  of Spanish
                                companies no longer  follow.  In addition,  the  company's
                                choice  to adopt  six-year  director  terms,  we  believe,
                                moves counter to best practice  principles  which advocate
                                shorter   terms  to  increase   director   accountability.
                                Finally,  we  are  not  convinced  that  ACS  has a  board
                                structure in place that limits the  concentration of power
                                in the combined Chairman/ CEO position.  We consider these
                                to  be  significant  deficiencies  for  a  market  leading
                                MSCI-EAFE  index  company,  therefore we cannot  recommend
                                shareholder support for this item.
                    4        Amend Article 4 of By-Laws Re: Corporate      For          For                 Mgmt
                             Purpose
                    5        Authorize Repurchase of Shares                For          For                 Mgmt
                    6        Approve Auditors                              For          For                 Mgmt
                    7        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    8        Approve Minutes of Meeting                    For          For                 Mgmt


03/29/07 - A        ACTA HOLDING                             R0388P107                          None                  17,992
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of NOK 2.65 per Share
                    6        Approve Remuneration of Directors in the      For          For                 Mgmt
                             Amount of NOK 250,000 for Chairman and NOK
                             150,000 for Other Members
                    7        Approve Remuneration of Auditors Ernst &      For          For                 Mgmt
                             Young in the Amount of NOK 107,000
                    8        Reelect Alfred Ydsteboe (Chairman), Ellen     For          For                 Mgmt
                             Math Henrichsen, and Fred Ingebrigsten as
                             Board Members; Elect Marit Arnstad and
                             Ragnhild Kvaalshaugen as New Board Members
                    9        Reelect Ulf-Einar Staalesen (Chairman), Jan   For          For                 Mgmt
                             Petter Collier, and Fred Ingebrigsten as
                             Members of Nominating Committee
                    10       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    11       Approve Creation of NOK 4.5 Million Pool of   For          For                 Mgmt
                             Capital without Preemptive Rights
                    12       Authorize Repurchase of Up to 25 Million      For          For                 Mgmt
                             Shares


05/04/07 - A        Actelion Ltd.                            H0032X135                          None                   8,255
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Actelion Ltd.                            H0032X135                          None                   8,255
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Reelect Werner Henrich, Jean Malo, and        For                              Mgmt
                             Armin Kessler as Directors
                    5        Ratify Ernst & Young AG as Auditors           For                              Mgmt
                    6.1.1    Authorize Use of Existing CHF 839,963 Pool    For                              Mgmt
                             of Capital for Stock Option Plan
                    6.1.2    Approve CHF 4.2 Million Increase in Pool of   For                              Mgmt
                             Capital Reserved for Stock Option Plan
                    6.2.1    Approve CHF 9.3 Million Increase in Pool of   For                              Mgmt
                             Capital Reserved to Guarantee Conversion
                             Rights of Convertible Bonds
                    6.2.2    Approve Creation of CHF 17.5 Million Pool     For                              Mgmt
                             of Capital with Preemptive Rights
                    7        Approve 5:1 Stock Split                       For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Adelaide Brighton Ltd. *ABC*             Q0109N101                          05/08/07              15,223
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Year Ended Dec. 31, 2006
                    2        Elect C L Harris as Director                  For          For                 Mgmt
                    3        Elect M A Kinnaird as Director                For          For                 Mgmt
                    4        Approve Grant of 1.31 Million Awards to       For          For                 Mgmt
                             Mark Chellew, Managing Director, Under the
                             Adelaide Brighton Executive Performance
                             Share Plan
                    5        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec. 31, 2006


05/16/07 - A        Admiral Group plc                        G0110T106                          None                   7,931
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                The  Company  used  the  Unapproved  Free  Share  Plan  at
                                Executive  Director level for the first time.  Although it
                                has not been put  forward  for  shareholder  approval as a
                                stand alone item at any point,  it was approved as part of
                                the IPO  document in 2004,  which fully sets out the terms
                                and  conditions  relating to it.          Kevin  Chidwick,
                                the new  Finance  Director,  received  shares  with a face
                                value   equivalent   to   approximately   270%  of   basic
                                salary.        RREV   considers  that  the  terms  of  the
                                scheme  are  mostly in line with  best  practice.  Vesting
                                periods,  at three years,  dilution  limits,  at 5% of the
                                Group's  issued share capital over a 10-year  period,  and
                                individual  limits  (GBP  400,000  or, if  lower,  600% of
                                basic  salary) are all  acceptable.          However,  the
                                rules of the Plan  allow  early  exercise  in the event of
                                takeover,  reconstruction or winding-up of the Company. We
                                expect the  Company to review this with a view to amending
                                the Scheme and bring it fully in line with best  practice.
                                At this  point,  this will not lead to an  adverse  voting
                                recommendation.  However,  we will continue to monitor the
                                use of this scheme going forward.
                    3        Approve Final Dividend of 24.0 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Elect Kevin Chidwick as Director              For          For                 Mgmt
                    5        Re-elect Martin Jackson as Director           For          For                 Mgmt
                    6        Re-elect Keith James as Director              For          For                 Mgmt
                    7        Elect Margaret Johnson as Director            For          For                 Mgmt
                    8        Elect Lucy Kellaway as Director               For          For                 Mgmt
                    9        Reappoint KPMG Audit Plc as Auditors of the   For          For                 Mgmt
                             Company
                    10       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 86,000
                    12       Subject to the Passing of Resolution 11,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 13,000
                    13       Authorise 13,000,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    14       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications


04/24/07 - A        Aedes SpA                                T89843105                          None                   2,163
                             Annual Meeting Agenda - Ordinary Business
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Elect One Director Director                   For                              Mgmt
                    3        Extend External Auditors' Mandate for the     For                              Mgmt
                             Three-Year Term 2012-2014, in Compliance
                             with the Italian Law 58/1998 and the
                             Legislative Decree 303/2006
                    4        Revoke Deliberation Taken on April 24, 2006   For                              Mgmt
                             Concerning the Repurchase Program and
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/22/06 - S        Aegis Group plc                          G0105D108                          None                 458,215
                             Shareholder Proposals
                    1        Appoint Philippe Germond to the Board         Against      Against             ShrHoldr
                    2        Appoint Roger Hatchuel to the Board           Against      Against             ShrHoldr


04/04/07 - S        Aegis Group plc                          G0105D108                          None                  95,055
                             Shareholder Proposals
                    1        Appoint Philippe Germond to the Board         Against      Against             ShrHoldr
                    2        Appoint Roger Hatchuel to the Board           Against      Against             ShrHoldr


05/25/07 - A        Aegis Group plc                          G0105D108                          None                  95,055
                             Management Proposals
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 1.175 Pence Per     For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Robert Lerwill as Director           For          For                 Mgmt
                    4        Re-elect Charles Strauss as Director          For          For                 Mgmt
                    5        Re-elect Leslie Van de Walle as Director      For          For                 Mgmt
                    6        Elect Mainardo de Nardis as Director          For          For                 Mgmt
                    7        Elect Alicja Lesniak as Director              For          For                 Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Approve Remuneration Report                   For          For                 Mgmt
                                RREV is not  highlighting any issues that would lead us to
                                vote against the remuneration report.
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 17,778,495
                    12       Subject to the Passing of Resolution 11,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,854,462
                    13       Authorise 57,221,500 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                             Shareholder Proposals
                    14       Appoint Philippe Germond to the Board         Against      Against             ShrHoldr
                                RREV  Conclusion        As  in previous reports,  RREV has
                                again  considered  both  points of view and  continues  to
                                believe a vote  against the  election of Philippe  Germond
                                and Roger  Hatchuel to the Aegis Board to be  appropriate.
                                The   following   factors   have   been   significant   in
                                determining  our  decision:           -  we  consider  the
                                conflict of  interest  to be real given that the  nominees
                                represent a shareholder  with  significant  interests in a
                                competitor;        -  given that the Board is recommending
                                that shareholders  vote against the individuals'  election
                                to the  Board  we  believe  that a  divided  Board  is not
                                conducive   to   shareholders'   interests   in   general;
                                and        - under the current Board's stewardship,  Aegis
                                has  outperformed  the sector over the past five years and
                                has   positive    broker    forecasts   for   the   coming
                                year.        Having   previously   engaged   with   Groupe
                                Bollore  regarding  the  conflict  of interest we feel the
                                issue remains the crux of the argument for  recommending a
                                vote  against  the  individual's  election  to the  Board.
                                Whilst  we  recognise  that  shareholders  may  wish to be
                                represented  on the  Board  and  that  this is  common  in
                                situations  where  there is a large  shareholder,  in this
                                case RREV  considers  the conflict of interest that arises
                                due to  Vincent  Bollore's  interest  in  Havas SA to be a
                                decisive issue.
                    15       Appoint Roger Hatchuel                        Against      Against             ShrHoldr


04/20/07 - A        AFG Arbonia-Foster-Holdings AG           H00624173                          None                      69
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For          For                 Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For          Against             Mgmt
                             of CHF 10 per Bearer Share and CHF 2 per
                             Registered Share
                                Due    to    long-term     low    payout     ratios    and
                                shareholder-unfriendly    dividend   allocation   schemes,
                                shareholders  are advised to vote against this  allocation
                                of income proposal.
                    4        Approve Creation of CHF 1.9 Million Pool of   For          For                 Mgmt
                             Capital with Preemptive Rights
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For          For                 Mgmt
                    6        Transact Other Business (Non-Voting)          None         None                Mgmt


04/25/07 - A        Aggreko plc                              G0116S102                          None                  27,678
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 4.19 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Rupert Soames as Director            For          For                 Mgmt
                    5        Re-elect George Walker as Director            For          For                 Mgmt
                    6        Re-elect Andrew Salvesen as Director          For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Approve Aggreko UK Sharesave Plan 2007        For          For                 Mgmt
                    9        Approve Aggreko International Sharesave       For          For                 Mgmt
                             Plan 2007
                    10       Approve Aggreko U.S. Employee Stock Purchae   For          For                 Mgmt
                             Plan 2007
                    11       Approve Aggreko (Republic of Ireland)         For          For                 Mgmt
                             Sharesave Plan 2007
                    12       Adopt New Articles of Association             For          For                 Mgmt
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,695,000
                    14       Authorise 26,950,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/09/07 - A/S      Agrium Inc. *AGU*                        008916108                          03/13/07              53,300
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Amend Stock Option Plan Re Amendment          For          For                 Mgmt
                             Provisions
                    4        Amend Stock Option Plan Re Increase Size      For          For                 Mgmt
                                                                                    VI.
                                Vote   Recommendation        In   Canada,   ISS   recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns  (TSR),  and its CEO also had an increase in total
                                direct  compensation from the prior year, it would require
                                closer  scrutiny.  If more  than half of the  increase  in
                                total direct  compensation (TDC) is attributable to equity
                                compensation,   ISS  may   recommend  a  vote  against  an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the past two fiscal  years.  The TSR  compared  to TDC
                                for  one  year  (2005-2006)  is : 43% to  -2.3%;  and  for
                                three-years   (2004-2006)   is   74%   to   36%        The
                                estimated  shareholder  value  transfer  of the  company's
                                plans of 2 percent is equal to or less than the  allowable
                                cap  for  this  company  of 4  percent.          The  plan
                                expressly  prohibits repricing of underwater stock options
                                without   shareholder    approval.            Non-employee
                                directors   are   not   eligible   participants   in  this
                                plan.        ISS  believes  the plan  amendment  provision
                                has adequately  limited the board's  unilateral  authority
                                to amend the plan going forward.
                    5        Amend Shareholder Rights Plan                 For          For                 Mgmt


06/22/07 - A        Ahresty Corp. *5852*                     J16674103                          03/31/07               1,800
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominee     5        Background     of
                                non-executive  nominee(s):  The nominee is an executive of
                                Nippon     Light     Metal     Co.,      Ltd.        Board
                                Profile        Composition  of board after this meeting: 4
                                executives  and 1  non-executive.  The number of outsiders
                                is remaining the same.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria for  independence.  He is the president of YOROZU
                                Corporation.                Nominee  1 is  not  designated
                                by the  company as  independent,  and we have no reason to
                                oppose the nomination.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The company seeks to appoint  Deloitte  Touche  Tohmatsu &
                                Co. as its  external  audit firm in place of  Shin-Nihon &
                                Co. The company has provided no reason for the change.  We
                                note that the outgoing  auditors  submitted an unqualified
                                report for the year under review.


06/28/07 - A        Aichi Bank Ltd. *8527*                   J07686108                          03/31/07                 100
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 45
                                The payout  ratio for the full year is 9 percent  based on
                                consolidated    earnings,   or   10   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                12 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass  our  test for  independence.  Nominee  2 is a former
                                government  official.  Nominee 3 is the  president  of his
                                own certified tax accountant office.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that KPMG Azsa & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  KPMG Azsa &
                                Co.,  because in  recognition  of the severe damage to its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.


06/28/07 - A        Aichi Corp. *6345*                       J00284109                          03/31/07               8,946
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 10
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory   auditor:   Nominees  3  and   4        Neither
                                nominee meets our criteria for independence.  Nominee 3 is
                                a current  executive  of the  largest  shareholder  in the
                                company with a 51.0 percent stake.  Nominee 4 is a current
                                vice president of one of the largest  shareholders  in the
                                company  with  a  2.6  percent   stake.        Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies and their  affiliates,  both nominees for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 3.1
                    3.4      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 3.1
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends that  PricewaterhouseCoopers  Aarata
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed  PricewaterhouseCoopers  Aarata on a provisional
                                basis.   Here,  the  company  seeks  to  formally  appoint
                                PricewaterhouseCoopers  Aarata. We see no reason to oppose
                                this resolution.
                    5        Approve Retirement Bonus for Director         For          For                 Mgmt
                                The recipient is an insider.


06/28/07 - A        Air Water Inc. (formerly Daido Hoxoan    J00662114                          03/31/07               1,700
                    Inc.) *4088*
                    1        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    2        Elect Directors                               For          For                 Mgmt
                    3        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       4       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  16  continuing  directors  and  4
                                continuing  internal  statutory  auditor.   The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                  In this case, 2 of the continuing
                                directors  have been  designated by the company as outside
                                directors.  2 of the  continuing  statutory  auditors have
                                been  designated  by the  company  as  independent.  As we
                                believe the payment of such bonuses to  non-executives  is
                                a  highly  inappropriate  practice  anywhere,  not just in
                                Japan,  we see no  alternative  but to recommend  opposing
                                the whole item.
                    4        Approve Deep Discount Stock Option Plan       For          For                 Mgmt
                                Option Plan Summary        Eligibility:  The company seeks
                                approval for a  deep-discount  option plan for  directors.
                                        The  exercise price will be set at JY 1 per share.
                                        Potential   Dilution:   0.07   percent  of  issued
                                capital  from this plan;  7.5 percent when  combined  with
                                other option  grants.  ISS  guidelines  call for potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth company.          Exercise Period:
                                The exercise  period will be determined by the full board,
                                potentially  beginning  as soon as the day after the grant
                                date     and     running     for    as    long    as    20
                                years.        Performance    Hurdles:    None   disclosed.
                                        This    plan   is    intended   to   replace   the
                                seniority-based  retirement bonus system with compensation
                                based on share price  performance.          Because  total
                                dilution from this plan and the company's  previous option
                                plans  exceeds  ISS  guidelines,  and because the grant of
                                deeply   discounted   options   which  may  be   exercised
                                immediately   after  grant   carries  no  assurance   that
                                grantees    will   focus   on   long-term    share   price
                                appreciation,  rather than cashing in on short-term gains,
                                we recommend that shareholders oppose this option plan.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 60
                                million  per month (or JY 720  million per year) to JY 870
                                million per year. In addition,  the company wants to raise
                                the ceiling  for  statutory  auditors  from JY 6.5 million
                                per month  (or JY 78  million  per year) to JY 98  million
                                per year. After the meeting,  the company will continue to
                                have      20      directors      and      4      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.


04/25/07 - A        Akzo Nobel N.V.                          N01803100                          03/26/07              38,962
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3a       Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    3b       Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    3c       Approve Dividends                             For                              Mgmt
                    4a       Approve Discharge of Management Board         For                              Mgmt
                    4b       Approve Discharge of Supervisory Board        For                              Mgmt
                    5i       Elect Bruzelius to Supervisory Board          For                              Mgmt
                    5ii      Elect Bufe to Supervisory Board               For                              Mgmt
                    6        Approve Decrease in Size of Management Board  For                              Mgmt
                    7        Approve Decrease in Size of Supervisory       For                              Mgmt
                             Board
                    8a       Grant Board Authority to Issue Shares Up To   For                              Mgmt
                             10 Percent of Issued Capital Plus
                             Additional 10 Percent in Case of
                             Takeover/Merger
                    8b       Authorize Board to Exclude Preemptive         For                              Mgmt
                             Rights from Issuance Under Item 8b
                    9        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    10       Approve Cancellation of Common Shares         For                              Mgmt
                    11       Amend Articles                                For                              Mgmt
                    12       Other Business (Non-Voting)                   None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        ALFRESA HOLDINGS CORP. *2784*            J0109X107                          03/31/07               3,128
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  9  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    2        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.


09/06/06 - A        Alimentation Couche Tard Inc *ATD.A*     01626P403                          07/10/06              33,700
                             Meeting For Class A and Class B Shareholders
                    1        Elect Alan Bouchard, Jacques D'Amours,        For          For                 Mgmt
                             Roger Desrosiers, Jean Elie, Richard Forin,
                             Melanie Kau, Roger Longpre, Real Plourde,
                             Jean-Pierre Sauriol, Jean Turmel as
                             Directors
                    2        Approve Raymond Chabot Grant Thornton as      For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors


10/06/06 - C        Alinta Ltd (frmly ALINTAGAS) *AAN*       Q0197N104                          10/04/06               4,646
                             Court-Ordered Meeting for Shareholders
                    1        Approve the Alinta Scheme of Arrangement      For          For                 Mgmt


10/25/06 - A        Allco Finance Group Limited (formerly    Q0202W107                          10/23/06               6,743
                    Record Investments Lim
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    2        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended June 30, 2006
                    3a       Elect Bob Mansfield as Director               For          For                 Mgmt
                    3b       Elect Rod Eddington as Director               For          For                 Mgmt
                    3c       Elect Michael Stefanovski as Director         For          Against             Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution   3c        -   Stefanovski   is  an  executive
                                director  on  a  board  where  independent   non-executive
                                directors hold four of the eight board seats.
                    3d       Elect David Turnbull as Director              For          Against             Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  3d        -  Turnbull is an executive director
                                on a board where independent  non-executive directors hold
                                four of the eight board seats.
                    3e       Elect Neil Lewis as Director                  For          For                 Mgmt
                    4        Approve KPMG as Auditors and Authorize        For          For                 Mgmt
                             Board to Fix Their Remuneration


05/02/07 - A        Allianz SE (formerly Allianz AG)         D03080112                          None                  28,007
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3.80 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5a       Elect Wulf Bernotat to the Supervisory Board  For                              Mgmt
                    5b       Elect Gerhard Cromme to the Supervisory       For                              Mgmt
                             Board
                    5c       Elect Franz Humer to the Supervisory Board    For                              Mgmt
                    5d       Elect Renate Koecher to the Supervisory       For                              Mgmt
                             Board
                    5e       Elect Igor Landau to the Supervisory Board    For                              Mgmt
                    5f       Elect Henning Schulte-Noelle to the           For                              Mgmt
                             Supervisory Board
                    5g       Elect Juergen Than as Alternate Supervisory   For                              Mgmt
                             Board Member
                    5h       Elect Jean Jacques Cette as Employee          For                              Mgmt
                             Representative to the Supervisory Board
                    5i       Elect Claudia Eggert-Lehmann as Employee      For                              Mgmt
                             Representative to the Supervisory Board
                    5j       Elect Godfrey Hayward as Employee             For                              Mgmt
                             Representative to the Supervisory Board
                    5k       Elect Peter Kossubek as Employee              For                              Mgmt
                             Representative to the Supervisory Board
                    5l       Elect Joerg Reinbrecht as Employee            For                              Mgmt
                             Representative to the Supervisory Board
                    5m       Elect Rolf Zimmermann as Employee             For                              Mgmt
                             Representative to the Supervisory Board
                    5n       Elect Claudine Lutz as Alternate Employee     For                              Mgmt
                             Representative to the Supervisory Board
                    5o       Elect Christian Hoehn as Alternate Employee   For                              Mgmt
                             Representative to the Supervisory Board
                    5p       Elect Evan Hall as Alternate Employee         For                              Mgmt
                             Representative to the Supervisory Board
                    5q       Elect Marlene Wendler as Alternate Employee   For                              Mgmt
                             Representative to the Supervisory Board
                    5r       Elect Frank Lehmhagen as Alternate Employee   For                              Mgmt
                             Representative to the Supervisory Board
                    5s       Elect Heinz Koenig as Alternate Employee      For                              Mgmt
                             Representative to the Supervisory Board
                    6        Approve Remuneration of Supervisory Board     For                              Mgmt
                    7        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    8        Authorize Repurchase of Up to 5 Percent of    For                              Mgmt
                             Issued Share Capital for Trading Purposes
                    9        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital for Purposes Other
                             Than Trading; Authorize Use of Financial
                             Derivatives When Repurchasing Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/09/07 - A        Allied Irish Banks Plc                   G02072117                          None                  97,704
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Declare the Final Dividend                    For          For                 Mgmt
                    3a       Reelect Adrian Burke as a Director            For          For                 Mgmt
                    3b       Reelect Kieran Crowley as a Director          For          For                 Mgmt
                    3c       Reelect Colm Doherty as a Director            For          For                 Mgmt
                    3d       Reelect Donal Forde as a Director             For          For                 Mgmt
                    3e       Reelect Dermot Gleeson as a Director          For          For                 Mgmt
                    3f       Reelect Don Godson as a Director              For          For                 Mgmt
                    3g       Reelect Anne Maher as a Director              For          For                 Mgmt
                    3h       Reelect Daniel OConnor as a Director          For          For                 Mgmt
                    3i       Reelect John ODonnell as a Director           For          For                 Mgmt
                    3j       Reelect Sean ODriscoll as a Director          For          For                 Mgmt
                    3k       Reelect Jim OLeary as a Director              For          For                 Mgmt
                    3l       Reelect Eugene J Sheehy as a Director         For          For                 Mgmt
                    3m       Reelect Bernard Somers as a Director          For          For                 Mgmt
                    3n       Reelect Michael J Sullivan as a Director      For          For                 Mgmt
                    3o       Reelect Robert G Wilmers as a Director        For          For                 Mgmt
                    3p       Reelect Jennifer Winter as a Director         For          For                 Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    5        Authorize Share Repurchase                    For          For                 Mgmt
                    6        Authorize Reissuance of Repurchased Shares    For          For                 Mgmt
                    7        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights
                    8        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    9        Amend the rules of the AIB Group              For          For                 Mgmt
                             Performance Share Plan 2005
                                This item is not  contentious.  Thus, we have no reason to
                                oppose this proposal.
                    10       Remove KPMG as Auditors                       Against      Against             ShrHoldr
                                The company  maintains that Mr. Murphy was dismissed years
                                ago and that he has a history of attending  AGMs to heckle
                                the   board.           We   believe   in  the   right   of
                                shareholders to propose business at shareholder  meetings.
                                The   appointment  of  a  director  is  one  of  the  most
                                important rights a shareholder can exercise.  However, the
                                courts  are the  appropriate  forum for a dispute  of this
                                nature.  We do not believe this  warrants the  appointment
                                of Mr. Murphy,  who has  questionable  qualifications,  as
                                the sole member of the board.
                    11       Elect Niall Murphy, a Shareholder-Nominee,    Against      Against             ShrHoldr
                             as a Director
                                The company  maintains that Mr. Murphy was dismissed years
                                ago and  that  he has a  history  of  attending  AGM's  to
                                heckle  the  board.          We  believe  in the  right of
                                shareholders to propose business at shareholder  meetings.
                                The   appointment  of  a  director  is  one  of  the  most
                                important rights a shareholder can exercise.  However, the
                                courts  are the  appropriate  forum for a dispute  of this
                                nature.  It is  believed  that  this  resoultion  does not
                                warrant support.


06/26/07 - A        Alpine Electronics Inc. *6816*           J01134105                          03/31/07               3,600
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 15
                                The payout ratio for the full year is 30 percent  based on
                                consolidated    earnings,   or   54   percent   based   on
                                parent-company  earnings.          By law, funds available
                                for  dividends  in  Japan  are  based  on   parent-company
                                earnings only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  6  executives  and 0  non-executives.  The board
                                currently  includes six insiders and no outside directors.
                                Candidates  5 and 6 are new  appointees,  but they replace
                                two outgoing executives.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    3        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


06/27/07 - A/S      Alten                                    F02626103                          06/22/07               1,448
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividend
                    5        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    6        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15,507,000
                    7        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15,507,000
                    8        Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             Above
                    9        Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    10       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    11       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    12       Authorize up to 3 Percent of Issued Capital   For                              Mgmt
                             for Use in Restricted Stock Plan
                    13       Approve Issuance of Warrants Reserved to      For                              Mgmt
                             Employees and Directors
                    14       Amend Article 17 of Bylaws Re: Vote, Attend   For                              Mgmt
                             Board Meetings Through Videoconference and
                             Telecommunication
                    15       Amend Articles 8 and 21 of Bylaws Re:         For                              Mgmt
                             Record Date
                    16       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/29/07 - A        ALTRI SGPS SA                            X0142R103                          None                   6,055
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports for Fiscal Year 2006
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                    4        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    5        Authorization to Buy and Sell Company Stock   For                              Mgmt
                    6        Amend Article 6 to Reflect Changes in         For                              Mgmt
                             Corporate Law
                    7        Elect Members to the Supervisory Board,       For                              Mgmt
                             Elect the Statutory Auditor, and Elect the
                             Secretary of the General Meeting
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/13/06 - S        Aluminium of Greece SA                   X00944136                          None                   1,585
                             Special Meeting Agenda
                    1        Change Location of Registered Office; Amend   For                              Mgmt
                             Article 4 Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/03/07 - S        Aluminium of Greece SA                   X00944136                          None                   4,698
                    1        Approve Reduction in Share Capital Via        For                              Mgmt
                             Cancellation of On Shares
                    2        Amend Articles to Reflect Changes in Capital  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/14/07 - A        Aluminium of Greece SA                   X00944136                          None                   2,349
                    1        Accept Annual and Consolidated Financial      For                              Mgmt
                             Statements and Statutory Reports
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                              Mgmt
                    5        Approve Directors Remuneration                For                              Mgmt
                    6        Elect Directors                               For                              Mgmt
                    7        Amend Article 2 and Codification              For                              Mgmt
                    8        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/18/07 - A        ALUMINUM CORPORATION OF CHINA LTD        Y0094N109                          04/18/07             226,000
                    1        Accept Report of the Directors                For          For                 Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                 Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Profit Distribution Proposal and      For          For                 Mgmt
                             Final Dividend
                    5        Approve Remuneration of Directors and         For          For                 Mgmt
                             Supervisors
                    6        Elect Xiao Yaqing; Luo Jianchuan; Chen        For          Against             Mgmt
                             Jihua; Helmut Wieser; Shi Chungui; Poon Yiu
                             Kin, Samuel; Kang Yi; Zhang Zuoyuan; and
                             Liu Xiangmin as Directors
                                In this  case,  we note  that  the  proposed  election  of
                                directors  is bundled into one  resolution.  Consolidating
                                director   elections   into  one  voting  item   restricts
                                shareholders'   ability   to   block   the   election   of
                                individuals  unfit to hold  office and gives  shareholders
                                an all-or-nothing  choice.  Given that bundling  restricts
                                shareholders'  ability  to elect  directors  individually,
                                shareholders are advised to vote against this resolution.
                    7        Elect Ao Hong; Yuan Li; and Zhang Zhankui     For          Against             Mgmt
                             as Supervisors
                                In this  case,  we note  that  the  proposed  election  of
                                supervisors is bundled into one resolution.  Consolidating
                                supervisor   elections  into  one  voting  item  restricts
                                shareholders'   ability   to   block   the   election   of
                                individuals  unfit to hold  office and gives  shareholders
                                an all-or-nothing  choice.  Given that bundling  restricts
                                shareholders'  ability to elect supervisors  individually,
                                shareholders are advised to vote against this resolution.
                    8        Approve PricewaterhouseCoopers, Hong Kong     For          For                 Mgmt
                             Certified Public Accountants, and
                             PricewaterhouseCoopers Zhong Tian CPAs Ltd.
                             Co. as Independent Auditors and PRC
                             Auditors, Respectively, and Authorize Board
                             to Fix Their Remuneration
                    9        Other Business (Voting)                       For          Against             Mgmt
                                Although  this item is routine and only those  issues that
                                could   legally  be  discussed   could  be  presented  for
                                consideration,  its approval  would create an  opportunity
                                for those who attend the meeting to approve  changes  that
                                are not in the  best  interests  of all  shareholders.  We
                                recommend  that  shareholders  oppose this item unless the
                                company  has  provided  detailed   information  about  the
                                issues that will be discussed.
                    10       Approve Issuance of H Shares without          For          Against             Mgmt
                             Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    11       Authorize Issuance of Short-term Bonds with   For          Against             Mgmt
                             a Principal Amount of Up to RMB 5.0 Billion
                                We  note,  however,  that  the  company  did  not  provide
                                further  details  regarding  the  terms  and  the  use  of
                                proceeds for the Proposed  Short-Term Bond Issue, which is
                                not  usual  market  practice.  As such,  we are  unable to
                                ascertain  whether  approval  of this item  would have any
                                negative  impact on shareholder  rights or value.  In view
                                of this, we recommend a vote against this resolution.


08/22/06 - C        Ambuja Cements Ltd (Formerly Gujarat     Y2943F147                          None                  41,725
                    Ambuja Cements Ltd.)
                             Court-Ordered Meeting for Shareholders
                    1        Approve Scheme of Amalgamation of Ambuja      For                              Mgmt
                             Cement Eastern Ltd with Gujarat Ambuja
                             Cements Ltd
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - S        America Movil SAB de CV (formerly        02364W105                          04/16/07              26,667
                    America Movil SA de CV)
                             Meeting for Holders of ADR's
                    1        Elect Representatives of Class L Shares to    For          For                 Mgmt
                             the Board of Directors
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting


06/13/07 - A        Amper S.A.                               E04600198                          None                   2,875
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year Ended Dec. 31, 2006,
                             Approve Discharge Directors
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    3        Amend Article 20 of Bylaws to Set Minimum     For          For                 Mgmt
                             and Maximum Number of Directors
                    4        Fix Number of Directors; Elect Directors      For          Against             Mgmt
                                The  uncertainty  over the number of members being elected
                                and the  presentation  of this proposal as a single voting
                                item virtually  excludes  proxy-voting  shareholders  from
                                participating in the director election  process,  which is
                                a practice no longer  followed by the  majority of Spanish
                                companies.    Considering    these   to   be   significant
                                deficiencies,  we cannot recommend shareholder support for
                                this item.
                    5        Reelect Auditors for Company and              For          For                 Mgmt
                             Consolidated Group
                    6        Approve Incentive Plan for Managers           For          For                 Mgmt
                    7        Authorize Repurchase of Shares                For          For                 Mgmt
                    8        Delegate Powers to Board in Relation to       For          For                 Mgmt
                             Trading Company's Securities
                    9        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    10       Approve Minutes of Meeting                    For          For                 Mgmt


06/13/07 - A        AMTRAN TECHNOLOGY                        Y0124Y109                          04/14/07             264,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The board is proposing a cash  dividend of NTD 0.8 ($0.02)
                                per share  and a stock  dividend  of 80  shares  for every
                                1,000 shares  held,  or NTD 0.8 ($0.02)  each.  This gives
                                the  company  a  payout  ratio of 74.1  percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                dividend   payout   proposed  is  reasonable   and  easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Amend Articles of Association                 For          Against             Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    4        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                                Taiwanese  companies  routinely  capitalize  dividends and
                                distribute new fully paid shares to  shareholders  free of
                                charge;  there  is no cost  to  shareholders  to  maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.  This  item  is  pursuant  to  the  stock  dividends
                                discussed   in   Item    2.        Meanwhile,    Taiwanese
                                companies  usually state in their  articles of association
                                to allocate not more than 10 percent of the  company's net
                                profit  as  employee  profit  sharing  to  compensate  and
                                motivate  employees of the company.  In this case, a total
                                of NTD 102.6  million  ($3.15  million)  is  reserved  for
                                employee profit sharing,  out of which a total of NTD 51.3
                                million  ($1.57  million) will be  distributed in the form
                                of   shares.        ISS   has  no   objections   to   this
                                resolution.
                    5        Amend Procedures Governing the Acquisition    For          Against             Mgmt
                             or Disposal of Assets
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    6        Amend Trading Procedures Governing            For          For                 Mgmt
                             Derivative Products
                                This item seeks to require the company's  finance  officer
                                to record  all  details  of the  derivatives  transactions
                                entered  into by the  company in a  memorandum  book.  The
                                information  that must be recorded  shall be in accordance
                                with  those  stipulated  in the  Guidelines  for  Handling
                                Acquisition  or  Disposal  of Assets  by Public  Companies
                                issued by the Financial Supervisory Commission,  Executive
                                Yuan.  In addition,  all  transactions  must be subject to
                                the board's  approval.  These proposals shall be reflected
                                in   the   company's   procedures   governing   derivative
                                products.        If  approved, the company will be able to
                                comply with the prevailing  laws. ISS has no objections to
                                this resolution.
                    7        Amend Rules and Procedures Regarding          For          For                 Mgmt
                             Shareholder Meeting
                                Approval  of this item will  allow the  company  to revise
                                its rules and procedures regarding  shareholder  meetings.
                                Details of the  amendments  are as  follows:        1.  To
                                allow  shareholders  to cast  their  votes in  writing  or
                                through  electronic  form;  and        2.  To  add  a  new
                                article  specifying  that  shareholders  who casted  their
                                votes  in  writing  or  through  electronic  form  will be
                                treated as personally attending the meeting.  However, for
                                proposals  raised under  "Other  Business" or should there
                                be any  changes  to the  existing  shareholder  proposals,
                                their votes will be  considered  as  "Abstain."        The
                                amendments  are made to comply with the latest  changes to
                                the Company Law of Taiwan.  ISS has no  objections to this
                                item.
                    8        Other Business                                None         None                Mgmt
                                This is a non-voting item.


09/29/06 - S        Angang Steel Company Limited             Y0132D105                          08/30/06              71,000
                    1        Approve the Bayuquan Facility Proposal        For          For                 Mgmt


03/26/07 - S        Angang Steel Company Limited             Y0132D105                          02/23/07              86,000
                    1        Elect Zhang Xiaogang as Executive Director    For          For                 Mgmt


05/29/07 - S        Angang Steel Company Limited             Y0132D105                          04/27/07             164,000
                             Special Business
                    1a       Approve Class and Par Value of Shares to be   For          For                 Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    1b       Approve Ratio and Number of Shares to be      For          For                 Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    1c       Approve Pricing of Shares to be Issued        For          For                 Mgmt
                             Pursuant to the Proposed Rights Issue
                    1d       Approve Target Subscribers of Shares to be    For          For                 Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    1e       Approve Use of Proceeds from the Proposed     For          For                 Mgmt
                             Rights Issue
                    1f       Approve Validity of the Proposed Rights       For          For                 Mgmt
                             Issue
                    1g       Authorize Board to Take Any Action and        For          For                 Mgmt
                             Execute Any Document Necessary to Implement
                             the Proposed Rights Issue
                             Ordinary Business
                    2        Approve Use of Proceeds from the Proposed     For          For                 Mgmt
                             Rights Issue for the Bayuquan Project
                    3        Approve Distribution of Undistributed         For          For                 Mgmt
                             Retained Profits Accrued Before the
                             Completion of the Proposed Rights Issue
                    4        Approve the Previous Fund Use Report          For          For                 Mgmt


05/29/07 - S        Angang Steel Company Limited             Y0132D105                          04/27/07             164,000
                             Meeting for H Shareholders
                             Special Business
                    1        Approve Class and Par Value of Shares to be   For          For                 Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    2        Approve Ratio and Number of Shares to be      For          For                 Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    3        Approve Pricing of Shares to be Issued        For          For                 Mgmt
                             Pursuant to the Proposed Rights Issue
                    4        Approve Target Subscribers of Shares to be    For          For                 Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    5        Approve Use of Proceeds from the Proposed     For          For                 Mgmt
                             Rights Issue
                    6        Approve Validity of the Proposed Rights       For          For                 Mgmt
                             Issue
                    7        Authorize Board to Take Any Action and        For          For                 Mgmt
                             Execute Any Document Necessary to Implement
                             the Proposed Rights Issue


06/08/07 - A        Angang Steel Company Limited             Y0132D105                          04/27/07             164,000
                    1        Accept Report of the Board of Directors       For          For                 Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                 Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Proposed Distribution of Profits      For          For                 Mgmt
                    5        Approve Remuneration of Directors and         For          For                 Mgmt
                             Senior Management
                    6        Approve Remuneration of Supervisors           For          For                 Mgmt
                    7        Appoint KPMG and KPMG Huazhen as Overseas     For          For                 Mgmt
                             and Domestic Auditors, Respectively, and
                             Authorize Board to Fix Their Remuneration


03/30/07 - A        Anglo Platinum Ltd (frmly Anglo          S9122P108                          None                   4,304
                    American Platinum Corp. Ltd.)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended December 31, 2006
                    2        Elect Directors                               For          For                 Mgmt
                    3        Ratify Deloitte & Touche as Auditors          For          For                 Mgmt
                    4        Authorize Repurchase of Up to 20 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    5.1      Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    5.2      Approve Non-Executive Director Fees           For          For                 Mgmt
                    5.3      Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


12/12/06 - S        Anhui Conch Cement Company Ltd           Y01373102                          11/22/06              58,000
                    1        Approve Acquisition of the Three Target       For          For                 Mgmt
                             Assets from Anhui Conch Hldgs Co Ltd at an
                             Aggregate Consideration of RMB 302.6
                             Million (Conch Hldgs Consideration) and
                             Issuance of New A Shares as Payment for the
                             Conch Hldgs Consideration (Conch Hldgs
                             Transaction)
                    2        Approve Acquisition of the Four Target        For          For                 Mgmt
                             Assets from Anhui Conch Venture Investment
                             Co Ltd at an Aggregate Consideration of RMB
                             3.8 Billion (Venture Consideration) and
                             Issuance of New A Shares as Payment for the
                             Venture Consideration (Venture Transaction)
                    3        Authorize Board to Do Such Things or Make     For          For                 Mgmt
                             Arrangements Relating to the Conch Hldgs
                             Transaction and Venture Transaction
                    4        Allow Same Rights to Distributable Profits    For          For                 Mgmt
                             to Existing Shareholders of the Company and
                             A Shareholders as a Result of the A Share
                             Issue Under the Conch Hldgs Transaction and
                             Venture Transaction
                    5        Waive Requirement for Mandatory Offer to A    For          For                 Mgmt
                             Shareholders
                    6        Waive Requirement for Mandatory Offer to      For          For                 Mgmt
                             All Shareholders


12/12/06 - S        Anhui Conch Cement Company Ltd           Y01373102                          11/22/06              58,000
                             Meeting For H Shareholders
                             Special Business
                    1        Approve Acquisition of the Three Target       For          For                 Mgmt
                             Assets from Anhui Conch Hldgs Co Ltd at an
                             Aggregate Consideration of RMB 302.6
                             Million (Conch Hldgs Consideration) and
                             Issuance of New A Shares as Payment for the
                             Conch Hldgs Consideration
                    2        Approve Acquisition of the Four Target        For          For                 Mgmt
                             Assets from Anhui Conch Venture Investment
                             Co Ltd at an Aggregate Consideration of RMB
                             3.8 Billion (Venture Consideration) and
                             Issuance of New A Shares as Payment for the
                             Venture Consideration


12/15/06 - S        Anhui Conch Cement Company Ltd           Y01373102                          11/10/06              58,000
                    1        Approve Continuing Connected Transactions     For          For                 Mgmt
                             and Annual Caps


11/29/06 - S        ANITE Group plc                          G25088108                          None                   2,241
                    1        Approve Proposed Acquisition by the Company   For          For                 Mgmt
                             of the Entire Issued Share Capitals of Nemo
                             Technologies Ltd and Elektrobit Group Pte
                             Ltd and Certain Other Related Assets,
                             Subject to the Terms and Conditions
                             Contained in the Agreement Dated 2 November
                             2006


06/13/07 - A        Antofagasta plc                          G0398N128                          None                  23,979
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of USD 0.43 Per        For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Daniel Yarur as Director             For          For                 Mgmt
                                Considering  that  Daniel  Yarur  makes  up  part  of  the
                                independent influence on the Board and its Committees,  we
                                are  recommending  shareholders  to vote in  favour of his
                                re-election.  However,  we encourage the Company to ensure
                                his  attendance  at  Board  and  Committee  meetings  on a
                                regular basis for future years.
                    5        Re-elect Charles Bailey as Director           For          Against             Mgmt
                                Therefore,  the Board is  satisfied  that  Charles  Bailey
                                remains    independent   in   character   and   judgement,
                                notwithstanding  that he has  served on the Board for more
                                than nine years. We have carefully  reviewed the Company's
                                explanation,  but note that the Combined  Code states that
                                length  of   tenure   alone   may   effect   independence,
                                regardless  of  additional  remuneration  or other issues.
                                Therefore,    RREV   does   not   accept   the   Company's
                                explanation.  This is especially clear given the length of
                                time    involved,    which   is    currently   20   years.
                                        Charles  Bailey  is  a  member  of  the  Company's
                                Nomination,   Remuneration  and  Audit   Committees,   the
                                compositions  of  which  do not  comply  with  the  Code's
                                provisions.  Only  independent  NEDs  should be members of
                                these  Committees (a majority of  independent  NEDs in the
                                case of the  Nomination  Committee).  For that  reason  we
                                continue to recommend that  shareholders  vote against the
                                re-election of Charles Bailey.
                    6        Re-elect Gonzalo Menendez as Director         For          Against             Mgmt
                                We have reviewed the Company's explanation,  but note that
                                the  Combined  Code states that length of tenure alone may
                                effect    independence,     regardless    of    additional
                                remuneration  or other  issues.  Therefore,  RREV does not
                                accept  the  Company's  explanation.  This  is  especially
                                clear  given  the  length  of  time  involved,   which  is
                                currently  22  years.        Gonzalo  Menendez is a member
                                of  the  Company's  Nomination,   Remuneration  and  Audit
                                Committees,  the  composition  of which do not comply with
                                the Code's  provisions.  For that  reason we  continue  to
                                recommend that  shareholders  vote against the re-election
                                of Gonzalo Menendez.
                    7        Elect William Hayes as Director               For          For                 Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise 98,585,669 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/10/07 - A/S      Anvil Mining Limited *AVM*               03734N106                          04/06/07               1,778
                    1        Elect Directors                               For          For                 Mgmt
                    2        Ratify PriceWaterhouseCoopers LLP as          For          For                 Mgmt
                             Auditors
                    3        Approval of Non-Employee Directors' Fees      For          For                 Mgmt
                    4        Approve Stock Option Plan Grants to Peter     For          Against             Mgmt
                             J.L. Bradford, Thomas C. Dawson, John W.
                             Sabine and Kenneth L. Brown
                                Although  this  plan  has  been  previously   approved  by
                                shareholders,  on the  basis  that  the  cost of the  plan
                                itself is  unacceptable  according to the ISS  proprietary
                                compensation  cost assessment  model,  and that the amount
                                of options  proposed  to be granted  exceed that which ISS
                                Canada views as acceptable for non-employee  directors due
                                to   concerns  of  the   potential   for   compromise   of
                                independence,  particularly  given the board's  discretion
                                to grant  further  options  at any time,  we are unable to
                                support the proposed grants.
                    5        Approve Stock Option Plan Grants to William   For          Against             Mgmt
                             S. Turner


06/27/07 - A        Aozora Bank, Ltd. *8304*                 J0172K107                          03/31/07             342,780
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:    Nominees    2   to   8    and    11   to
                                13                Nominee  2 is the  current  chairman  of
                                Cerberus Global Investment  Advisors LLC. Nominee 3 is the
                                president  of Cerberus  Global  Investment  Advisors  LLC.
                                Nominee  4 is the  current  chairman  of  Cerberus  Global
                                Investment  Advisors LLC (NY).  Nominee 5 is the president
                                and CEO of the Lindsey  Group.  Nominee 6 is the president
                                of his own company,  Spring Mountain Capital, L.P. Nominee
                                7 is a senior  advisor to Lehman  Brothers Inc.  Nominee 8
                                is a current  executive  director of AerCap  Holdings N.V.
                                Nominee  11  is a  current  executive  director  of  Tokio
                                Marine & Nichido Fire Insurance Co., Ltd.  Nominee 12 is a
                                former vice president of ORIX  Corporation.  Nominee 13 is
                                a  current  executive  of  other  Cerberus  B.V.s'  in the
                                Netherlands.                Board
                                Profile        Composition  of board after this meeting: 3
                                executives and 10 non -executives.The  number of outsiders
                                is increasing from 9 to 10.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    2        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  executive  director  of KAO
                                Corporation.
                    3        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                                One of the retiring  directors has been  designated by the
                                company as an outsider.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing this item.


04/26/07 - A/S      APRIL GROUP                              F0346N106                          04/23/07                 626
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Management and Supervisory Board Members
                    2        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.40 per Share
                    4        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    5        Approve Remuneration of Supervisory Board     For                              Mgmt
                             Members in the Aggregate Amount of EUR
                             83,000
                    6        Authorize Repurchase of Up to 5 Percent of    For                              Mgmt
                             Issued Share Capital
                    7        Reelect Bruno Rousset as Supervisory Board    For                              Mgmt
                             Member
                    8        Reelect Vanessa Rousset as Supervisory        For                              Mgmt
                             Board Member
                    9        Reelect Xavier Coquard as Supervisory Board   For                              Mgmt
                             Member
                    10       Reelect Jean-Claude Augros as Supervisory     For                              Mgmt
                             Board Member
                    11       Reelect Bernard Belletante as Supervisory     For                              Mgmt
                             Board Member
                    12       Reelect Gilles Dupin as Supervisory Board     For                              Mgmt
                             Member
                    13       Reelect Philippe Marcel as Supervisory        For                              Mgmt
                             Board Member
                    14       Reelect Guy Rigaud as Supervisory Board       For                              Mgmt
                             Member
                    15       Elect Andre Arrago as Supervisory Board       For                              Mgmt
                             Member
                    16       Elect Jean-Yves Nouy as Supervisory Board     For                              Mgmt
                             Member
                    17       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                             Special Business
                    18       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - S        ARC Energy Limited(formerly ARC Energy   Q0493K101                          06/20/07              19,057
                    NL)
                    1        Ratify Past Issuance of 32.30 Million         For          For                 Mgmt
                             Shares at A$1.40 Each to Institutional,
                             Sophisticated and Professional Investors
                             Made on May 16, 2007
                    2        Approve Issuance of 32.30 Million Shares at   For          For                 Mgmt
                             A$1.40 Each to Institutional, Sophisticated
                             and Professional Investors
                    3        Approve Issuance of Surplus Shares at the     For          For                 Mgmt
                             Lower of A$1.30 and the Average Closing
                             Market Price of Shares Over the Five
                             Trading Days on Which Sales of Shares Are
                             Recorded Prior to Issuance to Macquarie
                             Equity Capital Markets Ltd
                             orSub-underwriters


06/12/07 - A        Arcelor Mittal N.V.                      N06610104                          06/05/07              47,909
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    5        Approve Dividends of EUR 0.246 Per Share      For                              Mgmt
                    6        Approve Discharge of Management Board         For                              Mgmt
                    7        Approve Discharge of Supervisory Board        For                              Mgmt
                    8        Reelect Lakshmi N. Mittal as CEO of the       For                              Mgmt
                             Company
                    9        Designate Usha Mittal to Be Temporarily       For                              Mgmt
                             Responsible for the Management of the
                             Company in Case All Members of the Board
                             Are Prevented from Acting or Are
                             Permanently Absent
                    10       Ratify Deloitte Accountants as Auditors       For                              Mgmt
                    11       Approve Remuneration of Directors C           For                              Mgmt
                    12       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    13       Grant Board Authority to Issue Class A        For                              Mgmt
                             Shares Up To 10 Percent of Issued Capital
                    14       Authorize Board to Exclude Preemptive         For                              Mgmt
                             Rights from Issuance Under Item 13
                    15       Allow Questions                               None                             Mgmt
                    16       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A/S      Arctic Glacier Income Fund *AG.U*        039675103                          03/07/07               1,600
                    1        Fix Number of Trustees of the Fund to not     For          For                 Mgmt
                             more than Four
                    2        Elect James E. Clark, Robert J. Nagy, Gary    For          For                 Mgmt
                             A. Filmon and David R. Swaine as Trustees
                             of the Fund
                    3        Direct Trustees to Fix Number of Directors    For          For                 Mgmt
                             of Arctic Glacier Inc. at not more than Five
                    4        Elect James E. Clark, Robert J. Nagy, Gary    For          For                 Mgmt
                             A. Filmon, David R. Swaine and Richard L.
                             Johnson as Directors of Arctic Glacier Inc.
                    5        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors
                    6        Amend Incentive Stock Option Plan             For          Against             Mgmt
                                Conclusion        Where  companies are  proposing  changes
                                to the  amendment  or  black-out  provisions  of  existing
                                equity-based  compensation  plans  are  not  contemplating
                                increasing the size of such plans,  ISS will base our vote
                                recommendation  solely  on the  merits  of the  provisions
                                being  proposed.  For  clarification,  where companies are
                                also   proposing   any   other    amendments   that   will
                                substantially   affect   the   cost  of  an   equity-based
                                compensation   plan,   ISS  will   continue   to  run  our
                                proprietary  compensation  model and review  all  relevant
                                provisions  and  usage of the plan when  determining  vote
                                recommendations.           The   terms  of  the  black-out
                                provision  are  reasonable.  ISS feels  that the  proposed
                                amendment  provision  provides the board with overly broad
                                discretionary  powers to amend the company's  equity-based
                                compensation plans. ISS prefers amendment  provisions that
                                require  shareholder  approval  for the  repricing  of any
                                options, including those held by non-Insiders.


10/29/06 - A        ARDEPRO CO. LTD. *8925*                  J01955103                          08/01/06                  26
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 250, Final
                             JY 1350, Special JY 0
                    2        Amend Articles to: Expand Business Lines -    For          Against             Mgmt
                             Update Terminology to Match that of New
                             Corporate Law - Limit Liability of
                             Directors, Statutory Auditors and Audit Firm
                                Because it is not in  shareholders'  interest to limit the
                                liability of the external  audit firm,  we recommend  that
                                shareholders oppose the whole resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors


06/05/07 - A/S      ARKEMA                                   F0392W125                          05/31/07               1,843
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Change Location of Registered Office          For                              Mgmt
                    6        Ratify Nomination of Tidjane Thiam as         For                              Mgmt
                             Director
                    7        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    8        Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    9        Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        ARNEST ONE CORP. *8895*                  J0197M104                          03/31/07               2,612
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  4  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass our test for independence.  Nominee 2 is an attorney.
                                Nominee 3 is a tax accountant.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.
                    4        Approve Retirement Bonus for Statutory        For          For                 Mgmt
                             Auditor
                                The recipient is an insider.


06/21/07 - A        Arques Industries AG (frmly AG Bad       D0405P127                          05/31/07               4,992
                    Salzschlirf)
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.51 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                    6        Elect Supervisory Board Member                For                              Mgmt
                    7        Approve Stock Option Plan for Key             For                              Mgmt
                             Employees; Approve Creation of EUR 1.2
                             million Pool of Capital for Stock Option
                             Plan
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    9        Amend Articles Re: Responsibilities of        For                              Mgmt
                             Supervisory Board
                    10       Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/15/07 - A        Asahi Pretec *5855*                      J0274J107                          03/31/07               5,178
                    1        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                25  million  to 5  directors.  Because  the  amount is not
                                excessive, we have no reason to oppose this resolution.
                    2        Appoint External Audit Firm                   For          For                 Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following   the   suspension,    the   company   appointed
                                Shin-Nihon  &  Co.  on  a  provisional  basis.  Here,  the
                                company seeks to formally appoint  Shin-Nihon & Co. We see
                                no reason to oppose this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 7
                                executives  and  0   non-executives.The   board  currently
                                includes five executives and no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Both nominees          Both  nominees
                                pass our test for independence.  Nominee 1 is an attorney,
                                and nominee 2 is a CPA.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt


04/20/07 - A        ASM SPA (Formerly ASM BRESCIA SPA)       T0452Q104                          04/18/07              16,297
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for The Fiscal Year 2006
                    2        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                    3        Elect Directors and the Chairman; Determine   For                              Mgmt
                             Directors' Remuneration
                    4        Appoint Internal Statutory Auditors and       For                              Mgmt
                             their Chairman; Approve Remuneration of
                             Auditors
                    5        Extend External Auditors' Mandate             For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Astrazeneca plc                          G0593M107                          None                  69,941
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve First Interim Dividend of USD 0.49    For          For                 Mgmt
                             (26.6 Pence, SEK 3.60) Per Ordinary Share
                             and Confirm as Final Dividend the Second
                             Interim Dividend of USD 1.23 (63 Pence, SEK
                             8.60) Per Ordinary Share
                    3        Reappoint KPMG Audit Plc as Auditors of the   For          For                 Mgmt
                             Company
                    4        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    5(a)     Re-elect Louis Schweitzer as Director         For          For                 Mgmt
                    5(b)     Re-elect Hakan Mogren as Director             For          For                 Mgmt
                    5(c)     Re-elect David Brennan as Director            For          For                 Mgmt
                    5(d)     Re-elect John Patterson as Director           For          For                 Mgmt
                    5(e)     Re-elect Jonathan Symonds as Director         For          For                 Mgmt
                    5(f)     Re-elect John Buchanan as Director            For          For                 Mgmt
                    5(g)     Re-elect Jane Henney as Director              For          For                 Mgmt
                    5(h)     Re-elect Michele Hooper as Director           For          For                 Mgmt
                    5(i)     Re-elect Joe Jimenez as Director              For          For                 Mgmt
                    5(j)     Re-elect Dame Rothwell as Director            For          For                 Mgmt
                    5(k)     Elect John Varley as Director                 For          For                 Mgmt
                    5(l)     Re-elect Marcus Wallenberg as Director        For          For                 Mgmt
                    6        Approve Remuneration Report                   For          For                 Mgmt
                    7        Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisations Donations and to Incur EU
                             Political Expenditure up to GBP 150,000
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 127,127,735
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 19,069,160
                    10       Authorise 152,553,282 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    11       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communication with Shareholders


05/29/07 - A        ATRIUM CO. LTD. *8993*                   J03519105                          02/28/07               1,369
                    1        Amend Articles To: Change Location of Head    For          For                 Mgmt
                             Office
                                In this item, the company seeks to change  location of the
                                head office within  Tokyo.  This is a routine item with no
                                tax or regulatory implications.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:     Nominee     6        Affiliation     of
                                non-executive  nominee(s):           The  nominee  is  the
                                president of Credit Saison  Corporation,  Atrium's  parent
                                company.        Board  Profile        Composition of board
                                after this  meeting:  12 executives  and 1  non-executive.
                                The number of insiders  and number of  outsiders  will not
                                change.        The  number of outsiders  is remaining  the
                                same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile        Nominees for independent statutory
                                auditor:  Nominee  2        The nominee meets our criteria
                                for  independence.  He is a current executive of NEC Corp.
                                        Nominee  1 is not  designated  by the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Appoint External Audit Firm                   For          Against             Mgmt
                                Atrium  seeks  to  reappoint  Misuzu  Audit  Corp.  as its
                                external auditor.  Misuzu,  then known as ChuoAoyama,  was
                                forced to suspend  operations for two months in 2006 after
                                its  auditors  were  implicated  in  accounting  fraud  at
                                Kanebo  Ltd.  More  recently,  the firm's  reputation  was
                                damaged  further  due to  malfeasance  at  another  client
                                company,  Nikko  Cordial.  In recognition of the damage to
                                its  reputation  and its bottom  line,  Misuzu  decided in
                                February to disband  this coming  July,  and  transfer its
                                remaining  clients and auditors to other  firms.  However,
                                despite  several  months'  notice,  Atrium  has  evidently
                                failed  to find a  successor  to take  over  from  Misuzu,
                                because no such  successor  firm is  designated.  Japanese
                                law  allows  a  company  to  appoint  an  audit  firm on a
                                provisional  basis,  subject to  ratification  at the next
                                annual  meeting  -- and in fact,  that is what  Atrium did
                                with Misuzu following the suspension  period last year. It
                                appears  that   shareholders   will  not  be  informed  of
                                Misuzu's  successor  until  after  this AGM,  and will not
                                have a vote on the  appointment of the successor until the
                                2008 AGM.  Because  we do not  believe  that  shareholders
                                will be well  served  by the  reappointment  of  Misuzu in
                                this situation,  we strongly  recommend that  shareholders
                                oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


12/15/06 - A        Australia and New Zealand Banking        Q09504137                          12/13/06             137,765
                    Group Ltd. (formerly Austr *ANZ*
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Year Ended Sept. 30, 2006
                    2a       Elect J.K. Ellis as Director                  For          For                 Mgmt
                    2b       Elect M.A. Jackson as Director                For          For                 Mgmt
                    3        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Sept. 30, 2006


05/24/07 - A        Australian Agricultural Company Ltd.     Q08448112                          05/22/07               3,406
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Year Ended Dec. 31, 2006
                    2        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec. 31, 2006
                    3a       Elect Chris Roberts as Director               For          For                 Mgmt
                    3b       Elect Les Wozniczka as Director               For          Against             Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Res.  3b        -  Wozniczka is a director associated with
                                major  shareholder  Futuris on a board  where  independent
                                non-executive  directors  hold two of the six board seats.
                                Wozniczka  is also one of two Futuris  representatives  on
                                the audit committee which is not majority-independent.
                    4        Approve the Increase in Maximum Aggregate     For          For                 Mgmt
                             Non-Executive Directors' Remuneration From
                             A$600,000 per Annum to A$875,000 per Annum


05/04/07 - A        Austrian Airlines Oesterreichische       A07126138                          None                   2,878
                    Luftverkehrs AG
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    3        Approve Remuneration of Supervisory Board     For                              Mgmt
                             Members
                    4        Ratify Auditors                               For                              Mgmt
                    5        Elect Supervisory Board Members               For                              Mgmt
                    6        Approve Stock Option Plan for Key Employees   For                              Mgmt
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Change Company Name to     For                              Mgmt
                             Austrian Airlines AG; Allow Electronic
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        Avenir Diversified Income Trust          05356Q200                          04/09/07               2,171
                    *AVF.U*
                    1        Fix Number of Directors at Seven              For          For                 Mgmt
                                This is a routine resolution.
                    2        Elect William M. Gallacher, Gary H. Dundas,   For          Against             Mgmt
                             David E. Butler, Stuart Y. Chow, Alan C.
                             Moon, Jeffery D. Kohn and William E.
                             Patterson as Directors of Avenir Operating
                             Corp.
                                Given  that  unitholders  may  wish to  express  differing
                                views as to the suitability of the director nominees,  ISS
                                takes the view that  unitholders  should  have the ability
                                to cast ballots with  respect to  individuals  rather than
                                the entire  slate.  If this is possible,  they will not be
                                forced  to  withhold  votes  from the  board as a whole as
                                their only  method of  registering  a negative  view of an
                                individual  or  individuals.  The board will be a majority
                                independent.  The slate is composed  of four  independent,
                                one affiliated (Kohn:  controls a company that manages the
                                real  estate  portfolio  of  the  Trust)  and  two  inside
                                (Gallacher:  president and CEO of Avenir  Operating Corp.,
                                the  manager of the Trust;  Dundas:  VP Finance and CFO of
                                Avenir   Operating   Corp.,  the  manager  of  the  Trust)
                                nominees.  The offices of  Chairman  and CEO have not been
                                separated.  The  board  has  appointed  Moon  as the  lead
                                director.   ISS  recommends  withholding  votes  from  the
                                entire slate  because  Gallacher is standing as an insider
                                on the Corporate  Governance and  Compensation  Committee,
                                which  also  acts  as the  nominating  committee  for  the
                                company.  ISS  advocates the  establishment  of a majority
                                independent  board of directors and  independent key board
                                committees.  The  presence  of an  insider  on the  Audit,
                                Compensation  or  Nominating  committees,  which  approves
                                financial    statements   or   compensation    agreements,
                                threatens the committee's  ability to provide  independent
                                oversight.
                    3        Approve Ernst & Young LLP as Auditors and     For          For                 Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                                Ernst & Young LLP have  been the  trust's  auditors  since
                                January 16, 2003.  Multilateral  Instrument 52-110 - Audit
                                Committees  requires all reporting issuers to disclose the
                                fees paid to external  auditors.  According  to the trust,
                                it paid  $388,500 for audit,  $203,140 for  audit-related,
                                $350,890  for tax, and $0 for other  services  provided by
                                the auditing  firm for the most recent  fiscal  year.  Tax
                                fees were for tax advisory services including M&A.


05/14/07 - A/S      Axa SA (Formerly Axa-Uap)                F06106102                          05/09/07              16,208
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.06 per Share
                    4        Approve Transaction with Groupe Schneider     For                              Mgmt
                    5        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    6        Reelect Jean-Rene Fourtou as Supervisory      For                              Mgmt
                             Board Member
                    7        Reelect Leo Apotheker as as Supervisory       For                              Mgmt
                             Board Member
                    8        Reelect Gerard Mestrallet as Supervisory      For                              Mgmt
                             Board Member
                    9        Reelect Ezra Suleiman as Supervisory Board    For                              Mgmt
                             Member
                    10       Elect Henri Jean-Martin Folz as Supervisory   For                              Mgmt
                             Board Member
                    11       Elect Giuseppe Mussari as Supervisory Board   For                              Mgmt
                             Member
                    12       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 1.1 Million
                    13       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    14       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 1 Billion for Bonus Issue or
                             Increase in Par Value
                    15       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.5 Billion
                    16       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1 Billion
                    17       Authorize Board to Set Issue Price for 10     For                              Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    18       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    19       Authorize Capital Increase of Up to EUR 1     For                              Mgmt
                             Billion for Future Exchange Offers
                    20       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    21       Authorize Issuance of Equity Upon             For                              Mgmt
                             Conversion of a Subsidiary's Equity-Linked
                             Securities
                    22       Approve Issuance of Securities Convertible    For                              Mgmt
                             into Debt
                    23       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    24       Authorize up to 0.7 Percent of Issued         For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    25       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    26       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    27       Amend Articles of Association Re:             For                              Mgmt
                             Shareholding Employee Representative
                             Supervisory Board Member
                    28       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/25/07 - A        Axon Group plc                           G0691M108                          None                   3,342
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 2.25 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Elect Royston Hoggarth as Director            For          For                 Mgmt
                    5        Elect Iain Mcintosh as Director               For          For                 Mgmt
                    6        Re-elect Stephen Cardell as Director          For          For                 Mgmt
                    7        Re-elect Roy Merritt as Director              For          For                 Mgmt
                    8        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 205,964
                    10       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 30,894
                    11       Approve Axon Group Plc Performance Share      For          Against             Mgmt
                             Plan
                                This item will not be voted upon at the AGM. Instead,  the
                                Company  is  proposing  to adopt  the new  PSP,  including
                                corrected  performance  targets,  by  way  of an  ordinary
                                resolution  proposed  at  the  EGM  following  immediately
                                after the AGM (EGM Item  1).        If  this item had been
                                votable,  we would have  recommended  a vote  against (see
                                EGM Item 1).


05/25/07 - S        Axon Group plc                           G0691M108                          None                   3,342
                    1        Approve Axon Group Plc Performance Share      For          Against             Mgmt
                             Plan; Authorise Directors at their
                             Discretion to Adopt Equivalent Plans in
                             Overseas Jurisdictions
                                We  consider  that  Executive   Directors  should  not  be
                                rewarded   for    underachieving    compared   to   market
                                expectations  of the  Company's  performance  in the  near
                                future.   The   proposed   EPS   target   over  the  whole
                                performance  period  appears  to be easily  achievable  if
                                only the consensus  forecasts  for 2007 comes in,  without
                                requiring any further growth in subsequent  years in order
                                to  receive  the  full  award.        Furthermore,  as the
                                awards  are over  conditional  shares  rather  than  share
                                options with a fixed exercise  price, we do not accept the
                                Company's  argument  regarding the increase in share price
                                being the real award  rather than the  performance  share;
                                especially  given  that the  plan  does  not  provide  for
                                further deferral of vested shares.  In any case, we do not
                                consider  absolute share price an  appropriate  measure of
                                management  performance,   given  the  influence  external
                                factors  may   have.        On   the  positive  side,  the
                                proposed PSP meets  current good  practice  regarding  the
                                absence of  retesting  and vesting for good  leavers and a
                                change-in-control or other corporate events.  Furthermore,
                                the scheme uses only existing  shares for the servicing of
                                awards,   and  therefore,   is  non-dilutive  to  existing
                                shareholders.        However,   we   consider   that   the
                                concerns  greatly  outweigh the  positive  aspects of this
                                plan, and we are therefore  recommending  shareholders  to
                                vote against the adoption of the PSP.


10/23/06 - A        Babcock & Brown Japan Property Trust     Q1243B102                          10/21/06              15,635
                    *BJT*
                    1        Ratify Past Issuance of 64.3 Million Units    For          For                 Mgmt
                             at an Issue Price of A$1.78 Each to
                             Institutional Investors Made on Aug. 23,
                             2006


05/25/07 - A        BABCOCK & BROWN LTD *BNB*                Q1243A104                          05/23/07              78,618
                    1        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec. 31, 2006
                    2        Elect Elizabeth Nosworthy as Director         For          For                 Mgmt
                    3        Elect Geoffrey (Ian) Martin as Director       For          For                 Mgmt
                    4        Elect Martin Rey as Director                  For          Against             Mgmt
                                Summary  of  Reason  for  Against  Recommendation  on Res.
                                4        Martin  Rey is an  executive  director on a board
                                where   executives   and   non-independent   non-executive
                                directors hold two thirds of the board seats.
                    5        Approve Grant of 79,365 Bonus Deferral        For          For                 Mgmt
                             Rights to James Babcock Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    6        Approve Grant of 265,278 Bonus Deferral       For          For                 Mgmt
                             Rights to Phillip Green Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    7        Approve Grant of 124,008 Bonus Deferral       For          For                 Mgmt
                             Rights to James Fantaci Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    8        Approve Grant of 121,820 Bonus Deferral       For          For                 Mgmt
                             Rights to Martin Rey Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    9        Approve Issuance of Securities Under the      For          For                 Mgmt
                             Babcock & Brown Equity Incentive Plan
                    10       Ratify Past Issuance of 15 Million Shares     For          For                 Mgmt
                    11       Ratify Past Issuance of 1.5 Million Babcock   For          For                 Mgmt
                             & Brown Subordinated Notes
                    12       Ratify Past Issuance of 189.03 Million        For          For                 Mgmt
                             Babcock & Brown Subordinated Notes 2
                    13       Ratify Past Issuance of 4.1 Million           For          For                 Mgmt
                             Mandatory Bonus Deferral Rights (BDRs) and
                             78,592 Voluntary BDRs, and 4.17 Million
                             Shares to the Trustees of Babcock & Brown
                             Ltd Equity Incentive Plan
                    14       Amend Articles Re: Electronic                 For          For                 Mgmt
                             Communications, Dividend Payment, and
                             Directors' Resolutions Without Meetings
                    15       Approve Section 195 of the Corporations Act   For          For                 Mgmt


07/14/06 - A        Babcock International Group plc          G0689Q152                          None                  15,959
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 4.25 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Sir Nigel Essenhigh as Director      For          For                 Mgmt
                    4        Elect Justin Crookenden as Director           For          For                 Mgmt
                    5        Re-elect Lord Alexander Hesketh as Director   For          For                 Mgmt
                    6        Approve Remuneration Report                   For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    9        Authorise 20,900,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


11/09/06 - S        Banca Italease S.p.A.                    T11845103                          11/07/06               2,640
                             Special Meeting Agenda
                             Ordinary Business
                    1        Approve Stock Option Plan                     For                              Mgmt
                             Special Business
                    1        Approve Plan of Merger by Incorporation of    For                              Mgmt
                             Leasimpresa SpA in Banca Italease SpA;
                             Approve Capital Increase of up to Maximum
                             EUR 37.8 Million, Through the Issuance of
                             n. 7,325,500 Million Shares with Par Value
                             EUR 5.16
                    2        Authorize Capital Increase in the Maximum     For                              Mgmt
                             Amount of EUR 300 Million With Preemptive
                             Rights, Within a One Year Term
                    3        Authorize Board of Directors to Increase      For                              Mgmt
                             Capital up to EUR 2.58 Million Through the
                             Issuance of up to 500,000 Ordinary Shares
                             Without Preemptive Rights and Within a
                             Five-Year Term, to Be Reserved to Managers
                             and/or Employees and/or Collaborators of
                             the Co
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/16/07 - A/S      Banca Italease S.p.A.                    T11845103                          04/12/07               2,398
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements, Consolidated     For                              Mgmt
                             Accounts, and Statutory Reports Relative to
                             the Fiscal Year 2006
                    2        Elect Directors                               For                              Mgmt
                    3        Extend External Auditors' Mandate             For                              Mgmt
                             Special Business
                    1        Amend Articles 7, 8, 10, 14, 16, 19, 21, 28   For                              Mgmt
                             of the Bylaws
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/03/07 - S        Banca Lombarda e Piemontese              T1707K108                          02/28/07               5,752
                    (Form.Credito Agrario Bresciano)
                             Special Meeting Agenda
                    1        Approve Merger by Absorption of 'Banca        For                              Mgmt
                             Lombarda e Piemontese SpA' into 'Banche
                             Popolari Unite ScpA'
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/30/07 - A        Banca Popolare Italiana (frmely Banca    T14616139                          04/26/07              15,718
                    Popolare di Lodi)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006
                    2        Set the Company's Shares' Book Value          For                              Mgmt
                             According to Article 6 of the Bylaws
                    3        Elect External Auditors for the Nine-Year     For                              Mgmt
                             Term 2007-2015; Fix Auditors' Remuneration
                    4        Approve Remuneration of Directors for         For                              Mgmt
                             Fiscal Year 2007
                    5        Elect Primary and Alternate Censors           For                              Mgmt
                             ('Collegio dei Probiviri') for the
                             Three-Year Term 2007-2009
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/08/07 - S        Banca Popolare Italiana (frmely Banca    T14616139                          06/06/07              15,718
                    Popolare di Lodi)
                             Special Meeting Agenda
                    1        Approve Decisions Inherent to Legal Action    For                              Mgmt
                             Against Former Officers and/or Directors
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/30/07 - A/S      BANCHE POPOLARI UNITE SCARL              T1681V104                          04/26/07                 880
                             Annual Meeting Agenda - Special and
                             Ordinary Business
                    1        Amend Articles 1, 2, 3, 6, 8, 10 of the       For                              Mgmt
                             Bylaws
                    2        Approve Financial Statements, Statutory       For                              Mgmt
                             Reports, and Allocation of Income for the
                             Fiscal year 2006
                    3        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                    4        Extend Mandate of the External Auditors       For                              Mgmt
                             KPMG until 2011
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - S        BANCHE POPOLARI UNITE SCARL              T1681V104                          05/02/07                 880
                             Special Meeting Agenda - Ordinary Business
                    1        Elect Two Supervisory Board Members           For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/16/07 - A        Banco Bilbao Vizcaya Argentaria          E11805103                          None                 200,849
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements for Fiscal Year Ended
                             12-31-06, Allocation of Income and
                             Distribution of Dividend, and Discharge
                             Directors
                    2        Elect Directors                               For          For                 Mgmt
                    3        Authorize Increase in Authority Granted to    For          For                 Mgmt
                             the Board at the AGM Held on 3-18-06 by up
                             to EUR 30 Billion Via Issuance of
                             Non-convertible and Exchangeable Securities
                    4        Authorize Repurchase of Shares; Grant         For          For                 Mgmt
                             Authority to Reduce Capital Via
                             Amortization of Treasury Shares
                    5        Reelect Auditors for Fiscal Year 2007         For          For                 Mgmt
                    6        Amend Article 36 of Bylaws Re: Lenght of      For          For                 Mgmt
                             Term and Reelection of Directors
                    7        Approve Creation of a Foundation for the      For          For                 Mgmt
                             Cooperation and Development of
                             Social-Economic Projects through
                             Micro-Financing Activities
                    8        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


06/20/07 - S        Banco Bilbao Vizcaya Argentaria          E11805103                          None                 190,280
                    1        Authorize Issuance of 196 Million Shares      For          For                 Mgmt
                             without Preemptive Rights Re: Acquisition
                             of Compass Bancshares Inc.
                    2        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


10/04/06 - S        Banco De Sabadell                        E15819118                          None                   3,161
                    1        Approve Merger Agreement and Subsequent       For          For                 Mgmt
                             Absorption of Banco Urquijo by Banco de
                             Sabadell; Approve Merger Balance Sheet as
                             of 6-30-06
                    2        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


08/24/06 - S        Banco do Brasil S.A.                     P11427112                          None                   6,938
                    1        Amend Article 7 of Bylaws Re: Capital         For          For                 Mgmt
                             Increase Resulting from the Subcription of
                             Series B
                    2        Amend Article 42 of Bylwas Re: Guarantee      For          For                 Mgmt
                             Flexibility for the Creation of Statutory
                             Reserves In Order to Preserve the
                             Maintenance of the Company's Operational
                             Marging
                    3        Amend Articles 50, 51, and 52 Re: Comply      For          For                 Mgmt
                             with Bovespa's Novo Mercado Regulations


04/25/07 - A/S      Banco do Brasil S.A.                     P11427112                          None                   9,000
                             Ordinary Business
                    1        Approve Capital Budget                        For          For                 Mgmt
                    2        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for 2006 Fiscal Year
                    3        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    4        Elect Supervisory Board Members               For          For                 Mgmt
                    5        Approve Remuneration of Supervisory Board     For          For                 Mgmt
                    6        Elect Board Members                           For          For                 Mgmt
                    7        Approve Global Annual Remuneration of Board   For          For                 Mgmt
                             Members and Executive Officer Board
                             Special Business
                    8        Approve 3:1 Stock Split                       For          For                 Mgmt
                    9        Authorize Capitalization of Expansion         For          For                 Mgmt
                             Reserves Account and Capital Reserves
                             Without Issuance of Shares
                    10       Amend Article 7 to Reflect Changes in         For          For                 Mgmt
                             Capital Presented in Items 8 and 9


12/18/06 - S        Banco Espirito Santo SA (frm. Banco      X0346X153                          None                  29,638
                    Espirito Santo e C)
                             Special Meeting Agenda
                    1        Appoint Members of the General Meeting        For                              Mgmt
                    2        Ratify Election of a Director in Light of     For                              Mgmt
                             Vacancy
                    3        Amend Bylaws                                  For                              Mgmt
                    4        Elect Audit Committee Members and its         For                              Mgmt
                             Chairman
                    5        Appoint Auditor and their Alternate           For                              Mgmt
                    6        Approve Affiliation Agreements with           For                              Mgmt
                             Subsidiaries
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/29/07 - A        Banco Espirito Santo SA (frm. Banco      X0346X153                          None                  52,818
                    Espirito Santo e C)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for 2006 Fiscal Year 2006
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports for Fiscal Year 2006
                    3        Approve Allocation of Income                  For                              Mgmt
                    4        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    5        Authorize Repurchase of Shares and            For                              Mgmt
                             Cancellation of Treasury Shares by Company
                             and Subsidiaries
                    6        Approve Remuneration Policy for Bank's        For                              Mgmt
                             Corporate Bodies
                    7        Elect One Member to the Remuneration          For                              Mgmt
                             Committee
                    8        Elect Jean Yves Hocher to the Board of        For                              Mgmt
                             Directors
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/01/06 - S        Banco Macro SA                           05961W105                          08/11/06               4,602
                             Meeting for Holders of ADRs
                    1        APPOINT TWO SHAREHOLDERS TO SIGN THE          For          For                 Mgmt
                             MINUTES OF THE SHAREHOLDERS MEETING.
                    2        EVALUATE THE CREATION OF A GLOBAL PROGRAM     For          Against             Mgmt
                             FOR THE ISSUANCE OF SIMPLE SHORT, MEDIUM OR
                             LONG-TERM NOTES, EITHER SUBORDINATED OR
                             NOT, SECURED OR UNSECURED, PURSUANT TO THE
                             PROVISIONS OF LAW 23,576, AS AMENDED BY LAW
                             23,962.
                                Items  2  through  6  concern   the   issuance  of  bonds/
                                debentures.   The  board  is  seeking   approval  for  the
                                issuance  of up to US$400  million  in bonds/  debentures.
                                While  the  maximum   amount  that  could  be  issued  was
                                disclosed by the  company,  other bond terms such as time,
                                form,  duration,  price,  terms  of  payment,   guarantee,
                                placement,   and  use  of  the  bond  proceeds,  were  not
                                disclosed.        The  maximum amount that could be issued
                                under this  authority is high and would have  considerable
                                impact on the company's  financial standing if the maximum
                                authority  were  used,  therefore  it is  imperative  with
                                requests  of this  size  that the  company  emit  detailed
                                information  so  shareholders  may  consider the merits of
                                such a proposal.  In  particular,  it is not clear whether
                                these bonds are convertible or not,  therefore there could
                                be a potential for dilution to current  shareholders.  The
                                ratio  for the  conversion  of  such  bonds  into  company
                                shares would not be determined  until the company  decides
                                to issue the bonds.  However,  based on the  company's ADR
                                share price of US$20.40 on Aug. 14, 2006,  the  conversion
                                of the bonds  would  result in the  issuance of up to 19.6
                                million new shares,  representing a potential  increase of
                                29 percent over currently  issued  capital.  This proposal
                                would give the board  flexibility  to act  throughout  the
                                year in the  event  that it  needs to  issue  such  bonds.
                                However,  the potential dilution to shareholders likely to
                                arise   from  this   particular   issuance   exceeds   the
                                20-percent   limit   established  by  our  guidelines  for
                                issuances  without  preemptive   rights.           Because
                                Banco Macro  Bansud,  S.A. has omitted  important  details
                                concerning this issuance  request and there is a potential
                                for  excessive  dilution  to  shareholders'  economic  and
                                voting  rights,  we  cannot  recommend  support  for  this
                                resolution.
                    3        EVALUATE HOW THE PROCEEDS RAISED AS A         For          Against             Mgmt
                             RESULT OF THE PLACEMENT OF THE NOTES TO BE
                             ISSUED UNDER THE PROGRAM SHALL BE APPLIED.
                    4        EVALUATE THE REQUEST OF AUTHORIZATION (I)     For          Against             Mgmt
                             FOR THE CREATION OF THE PROGRAM BEFORE THE
                             COMISION NACIONAL DE VALORES ( CNV ); AND
                             (II) OF THE PROGRAM FOR THE POSSIBLE
                             LISTING AND/OR NEGOTIATION OF THE NOTES
                             ISSUED UNDER THE PROGRAM.
                    5        DELEGATE THE NECESSARY POWERS TO THE BOARD    For          Against             Mgmt
                             SO THAT IT MAY (I) DETERMINE AND ESTABLISH
                             ALL TERMS AND CONDITIONS OF THE PROGRAM;
                             (II) CARRY OUT ALL THE NECESSARY ACTS
                             BEFORE THE CNV; (III) CARRY OUT ALL THE
                             NECESSARY ACTS BEFORE THE BCRA; (IV) CARRY
                             OUT TH
                    6        AUTHORIZE THE BOARD OF DIRECTORS TO           For          Against             Mgmt
                             SUB-DELEGATE TO ONE OR MORE OF ITS MEMBERS,
                             OR TO THE PERSON SUCH MEMBERS MAY DEEM
                             APPROPRIATE, THE EXERCISE OF THE POWERS
                             LISTED IN PARAGRAPH 5) ABOVE.
                    7        EVALUATE THE TRANSACTION WITH A RELATED       For          Against             Mgmt
                             PARTY, REGARDING THE SALE OF THE
                             CERTIFICATES REPRESENTING A PARTICIPATING
                             INTEREST IN PUERTO MADERO SIETE TRUST, IN
                             FAVOR OF THE DIRECTOR FERNANDO A. SANSUSTE.
                                Due to a lack of disclosure  regarding  this  transaction,
                                ISS  recommends  that   shareholders   vote  against  this
                                request.


11/09/06 - S        BANCO NOSSA CAIXA                        ADPV07972                          None                   4,200
                             Special Meeting Agenda
                    1        Approve Interest on Capital Payments          For          For                 Mgmt
                             Totalling BRL 91.5 Million
                    2        Elect Alternate Supervisory Board Member      For          For                 Mgmt
                             and Reinstatement of Said Board


03/09/07 - S        Banco Popolare di Verona e Novara Scrl   T1866D101                          03/07/07              18,916
                    (Frmly Banca Popolare
                             Special Meeting Agenda
                             Special Business
                    1        Approve Merger between 'Banco Popolare di     For                              Mgmt
                             Verona e Novara' and 'Banca Popolare
                             Italiana', and Creation ofthe New 'Banco
                             Popolare Societ  Cooperativa'
                    2        Extend Directors' Term until the              For                              Mgmt
                             Implementation of the Merger (see item 1)
                             Ordinary Business
                    1        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/22/06 - S        Banco Santander Central Hispano (frmly   E19790109                          None                 265,709
                    banco Santander)
                    1        Approve Merger Agreement with Riyal SL,       For          For                 Mgmt
                             Lodares Inversiones SL Sociedad
                             Unipersonal, Somaen Dos SL Sociedad
                             Unipersonal, Gessinest Consulting SA
                             Sociedad Unipersonal, and Carvasa
                             Inversiones SL Sociedad Unipersonal;
                             Approve Consolidated Tax Regime
                    2        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


06/22/07 - A        Banco Santander Central Hispano (frmly   E19790109                          None                 100,000
                    banco Santander)
                    1        Accept Individual and Consolidated            For          For                 Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income                  For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4        Reelect Deloitte SL as Auditors               For          For                 Mgmt
                    5        Authorize Repurchase of Shares                For          For                 Mgmt
                    6.1      Amend Pragraph 1 of Article 1 of Bylaws Re:   For          For                 Mgmt
                             Company's Name
                    6.2      Amend Article 28 Re: Powers of the General    For          For                 Mgmt
                             Meeting
                    6.3      Amend Article 36 Re: Board Meetings           For          For                 Mgmt
                    6.4      Amend Article 37 Re: Power of the Board of    For          For                 Mgmt
                             Directors
                    6.5      Amend Paragraph 1 of Article 40 Re: Audit     For          For                 Mgmt
                             and Compliance Committee
                    7.1      Amend Preamble of General Meeting Guidelines  For          For                 Mgmt
                    7.2      Amend Article 2 Re: Powers of the General     For          For                 Mgmt
                             Meeting
                    7.3      Amend Articles 21 (Voting on Resolutions)     For          For                 Mgmt
                             and 22.1 (Adoption of Agreements)
                    7.4      Include New Article 22 and Remuneration of    For          For                 Mgmt
                             Current Article 22 Subsequent Articles
                    8        Authorize the Board to Increase Capital in    For          For                 Mgmt
                             Accordance with Article 153.1.A of Spanish
                             Company Law
                    9        Authorize Issuance of Non-Convertible Fixed   For          For                 Mgmt
                             Income Securities
                    10       Approve Delivery of Free Shares (100          For          For                 Mgmt
                             Shares) to Employees of the Bank, Including
                             Executive Directors and Senior Managers
                    11       Amend Incentive Plan for Managers of Abbey    For          For                 Mgmt
                             National Bank Approved at the AGM Held on
                             6-17-06
                    12       Approve Incentive Long-Term Plan Consisting   For          For                 Mgmt
                             on the Delivery of Santander Shares and
                             Linked to Pre-Determined Requirements or
                             Total Return Results, and EPS
                    13       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


05/19/07 - A        Bandai Visual Co. Ltd. *4325*            J0376T102                          02/28/07                   3
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 1500, Final
                             JY 1500, Special JY 2500
                                The   payout   ratio  is  29   percent   based  on  either
                                parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:     Nominee     10        Affiliation    of
                                non-executive  nominee(s):        The  nominee  represents
                                Namco  Bandai  Holdings,  the parent  company  with a 62.4
                                percent stake.        Board  Profile        Composition of
                                board   after   this   meeting:   9   executives   and   1
                                non-executive.  The number of outsiders  is remaining  the
                                same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a tax accountant in private practice.
                    4        Approve Special Payments to Continuing        For          Against             Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                This item  requests  shareholder  approval for payments in
                                lieu of retirement  bonuses to 9 continuing  directors and
                                3 continuing  internal  statutory  auditors.  The board is
                                requesting  the authority to make these  payments  because
                                it plans to abolish the retirement  bonus system effective
                                upon  conclusion  of this meeting.          In  this case,
                                all  of  the  continuing   statutory  auditors  have  been
                                designated  by the company as  independent.          As we
                                believe  the  payment of such  bonuses to  outsiders  is a
                                highly  inappropriate   practice  anywhere,  not  just  in
                                Japan,  we see no  alternative  but to recommend  opposing
                                the whole item.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                78.8 million to 9 directors.  Because the company has been
                                profitable,  and because the amount is not  excessive,  we
                                have no reason to oppose this resolution.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 200 million per year
                                to JY 400 million per year.  The ceiling was last adjusted
                                in 2005.  After the meeting,  the company will continue to
                                have 10  directors.                  This  change is being
                                requested  because  of the  abolition  of  the  retirement
                                bonus system (see Item 4).  Retirement  bonus  payments in
                                Japan are not  covered by director  or  statutory  auditor
                                compensation  ceilings, but any type of payment which will
                                replace the  retirement  bonuses  will need to fall within
                                the  ceilings.  Because the new ceiling is not  excessive,
                                because the company has been  profitable,  and because the
                                change   reflects  the   company's   move  away  from  the
                                essentially  seniority-based  retirement bonus system,  we
                                have no reason to oppose this resolution.


03/26/07 - A        Bank Millennium SA (frmly Bank           X05407105                          03/16/07              77,696
                    Millennium Spolka Akcyjna)
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Information about Voting Rules        None                             Mgmt
                    3        Elect Meeting Chairman                        For                              Mgmt
                    4        Acknowledge Proper Convening of Meeting       For                              Mgmt
                    5        Approve Agenda of Meeting                     For                              Mgmt
                    6        Elect Members of Vote Counting Commission     For                              Mgmt
                    7        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    8        Approve Consolidated Financial Statements     For                              Mgmt
                    9        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Boards
                    10       Decide on Allocation of Undistributed         For                              Mgmt
                             Profit (as Result of Changes in Accounting
                             Principles)
                    11       Approve Allocation of Income                  For                              Mgmt
                    12       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/09/07 - S        BANK OF COMMUNICATIONS CO LTD            Y06988102                          12/08/06             136,500
                             Special Business
                    1a       Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights
                                This item  seeks to grant a general  mandate  to allow the
                                board  of  directors  to  allot,   issue,  and  deal  with
                                additional  shares  representing 20 percent of each of the
                                aggregate  nominal  amount of Bank of  Communications  Co.
                                Ltd.'s  (the Bank)  domestic  shares  and  overseas-listed
                                foreign  shares (H  Shares)  in issue  without  preemptive
                                rights.  This  request  is made  in  connection  with  the
                                proposed  issuance of up to 4.5 billion domestic  ordinary
                                shares  (A  Shares)  by way of a  public  offering  in the
                                Shanghai Stock Exchange  (SSE),  as discussed in item 2 (A
                                Share  Issue).  If  approved,  the  authority  would lapse
                                after one year or at the next  annual  general  meeting of
                                the  Bank.        ISS  typically  issues a  recommendation
                                against the general  mandate to issue  shares in Hong Kong
                                as the  authority  is subject to abuse by  companies  that
                                issue  shares at steep  discounts  to related  parties and
                                renew the share  issuance  amount  several  times within a
                                period of one year.  In this  case  however,  we note that
                                authority  given  under this item would  facilitate  the A
                                Share Issue,  which would involve the issuance of A Shares
                                to  individuals,  entities and other  institutions  in the
                                People's  Republic  of China (PRC) who have  maintained  A
                                Share  accounts  with the  SSE,  except  those  prohibited
                                under  PRC laws  and  regulations  applicable  to the Bank
                                (Target  Subscribers),  at an issue  price  that  would be
                                determined  based on the prevailing  market  conditions at
                                the  time  of the A  Share  Issue,  but in no case be less
                                than the net asset value per share of the  Bank.        In
                                view of the  benefits  of the  proposed A Share  Issue and
                                considering  that the  issuance of A Shares  would rely on
                                the general  mandate  proposed in this item,  we recommend
                                that shareholders vote in favor of this resolution.
                    1b       Authorize Board to Increase Registered        For          For                 Mgmt
                             Capital and Amend Articles of Association
                             to Reflect Such Changes
                                This item seeks to grant board  authority  to increase the
                                registered  capital of the Bank and amend the  articles of
                                association  in order to  reflect  the  issue of shares in
                                the Bank  authorized  under item 1a.  Given our support of
                                item 1a and the  proposed  issuance of A Shares in item 2,
                                a vote in favor of this resolution is recommended.
                    2        Approve Public Offering of A Shares on the    For          For                 Mgmt
                             Shanghai Stock Exchange
                                This  item  seeks to  approve  the  terms of the  proposed
                                issuance by the Bank of up to 4.5 billion A Shares,  which
                                are to be listed on the SSE, by way of public  offering of
                                new  shares  subject to  approval  of items 1a and 1b, and
                                conditional  upon  obtaining   approvals  from  the  China
                                Securities   Regulatory   Commission   (CSRC),  the  China
                                Banking   Regulatory   Commission,   and  other   relevant
                                regulatory  authorities.  Details of the  proposed A Share
                                Issue   are  as   follows:        Class   of   Shares:   A
                                Shares        Number  of A Shares to be  issued:  Not more
                                than 4.5 billion A Shares,  representing approximately 9.8
                                percent  and 8.9  percent  of the  existing  and  enlarged
                                total  issued share  capital of the Bank after  completion
                                of the A Share Issue,  respectively.        Nominal Value:
                                RMB 1.0 ($0.1) for each A Share        Rights  Attached to
                                A  Shares:  The  A  Shares  would  rank  pari  passu  with
                                existing  domestic  shares and H Shares of the  company in
                                all  respects,  except as  otherwise  provided  for in the
                                articles   of   association    and   relevant   laws   and
                                regulations.        Target    Subscribers:    The   target
                                subscribers  would be  individuals,  entities,  and  other
                                institutions  in the PRC  which  have  maintained  A Share
                                accounts with SSE, except for those  prohibited  under PRC
                                laws and  regulations.          Basis  for determining the
                                issue  price:  The  pricing  of the A  Share  Issue  would
                                follow   the   market-driven   principle   and   would  be
                                determined  based on the prevailing  conditions of the PRC
                                securities  market  at the  time  when  the A Share  Issue
                                takes  place by way of market  consultation  or such other
                                methods as approved by the CSRC.  The issue price would be
                                no less than the net asset  value per share of the Bank at
                                the  time of the A Share  Issue.        Use  of  Proceeds:
                                The net  proceeds  from the A Share Issue would be used to
                                strengthen      the      capital      base      of     the
                                Bank.        Distribution  plan for the accumulated profit
                                before the issue: The distributable  profit of the Bank as
                                at Dec. 31, 2006 would be distributed to the  shareholders
                                then  existing  prior to the A Share  Issue in  accordance
                                with the share  distribution  plan to be  approved  in the
                                2006 annual general  meeting of the Bank. The  accumulated
                                profit as at Dec.  31,  2006 after such  distribution  and
                                the  distributable  profit  that arise  after Jan. 1, 2007
                                would be distributed to all new  shareholders  under the A
                                Share Issue and the existing  shareholders  in  proportion
                                to their  shareholding.        Validity of Resolution: The
                                A Share  Issue  would  be  effective  for a  period  of 12
                                months from the date of  approval.        Board  Authority
                                in  Relation  to the A  Share  Issue:  The  board  and its
                                attorney  would be given full  authority and discretion to
                                determine  and deal  with  matters  in  relation  to the A
                                Share  Issue  including  the  specific  timing  of  issue,
                                number  of A  shares  to be  issued,  offering  structure,
                                target  subscribers,  method of issue,  pricing mechanism,
                                the issue  price,  size of the  over-allotment  option and
                                other  matters  relating  to the A  Share  Issue  and  the
                                listing  of A Shares in  accordance  with this  resolution
                                and with  reference  to the status of the  approval by the
                                CSRC and  conditions of the  securities  market.        It
                                was  noted  that  the Bank  has  been  advised  by its PRC
                                counsel   that   according   to  relevant   PRC  laws  and
                                regulations in force and the relevant  requirements of the
                                CSRC and the SSE,  domestic  shares  issued  before  the A
                                Share Issue will all be converted  into  tradable A Shares
                                upon completion of the A Share Issue. In addition,  it was
                                expected  that  the  conversion  of  the  existing  issued
                                domestic  shares  into A  Shares  would  not  involve  any
                                payment of  compensation  by the holders of such  domestic
                                shares to the holders of the A Shares  issued  under the A
                                Share   Issue.        The   proposed  A  Share   Issue  is
                                expected  to provide  the Bank with  funds  needed for its
                                ongoing   business   development  and  an  opportunity  to
                                establish a new financing  platform.  The  directors  also
                                believe  that the A Share  Issue  could  resolve the share
                                re-designation  issue and improve the  competitiveness  of
                                the Bank.  Given the benefits of and the purpose for which
                                the proceeds  from the A Share Issue would be used, a vote
                                in favor of this resolution is recommended.
                    3        Amend Articles of Association                 For          For                 Mgmt
                                This item seeks to amend the  articles of  association  of
                                the company in light of the A Share Issue and  pursuant to
                                the  requirements  of applicable PRC laws and  regulations
                                and  relevant  rules of the stock  exchange on which the A
                                Shares would be listed.  The proposed  amendments  pertain
                                to the  alteration  of the Bank's  registered  capital and
                                shareholding  structure;  restriction on share transfer by
                                directors,  supervisors,  senior management personnel, and
                                shareholders  holding certain  percentage of shares in the
                                Bank;   repurchase   of  the  shares  of  the  Bank;   and
                                regulations    on   the   rights   and    obligations   of
                                shareholders.  Among others,  amendments are being made to
                                reflect   the  Bank's   registered   capital   and  equity
                                structure  after  completion  of  the  A  Share  Issue  in
                                accordance with actual circumstances.  The amendments also
                                provide  that the  Bank's  shares  held by any  directors,
                                supervisors,  and senior  management  personnel should not
                                be  transferred  within one year after the listing date of
                                the shares in the Bank.  In  addition,  transfer of shares
                                held  by   directors,   supervisors,   and  other   senior
                                management  personnel  during  their terms of office would
                                be  restricted  to not more than 25  percent  of the total
                                number of shares held by them. The  amendments  also state
                                that the Bank may  repurchase  its  issued  shares if such
                                shares are  distributed  to its  employees  as bonus;  and
                                such shares are  repurchased  by the Bank upon  request of
                                any shareholder  opposing a resolution  regarding a merger
                                or  division  at  a  general  meeting.  In  addition,  the
                                amendments  provide that shareholders would have the right
                                to request,  convene,  preside,  attend or appoint a proxy
                                to  attend  shareholder's  meetings  and to  exercise  his
                                right  to  vote  in  accordance  with  the  laws;  receive
                                information  on the  minutes  of  shareholders'  meetings,
                                resolutions of the board meetings,  supervisory  committee
                                meetings,    financial   and   accounting    reports   and
                                counterfoil  of debt  securities of the Bank;  and require
                                the Bank to repurchase  their shares when they object to a
                                resolution  on  merger  or  division  of the  Bank.  Other
                                amendments  also  include  changes  to  procedures  of the
                                proceedings  of  general  meetings;   regulations  on  the
                                rights and  obligations  of  directors,  supervisors,  and
                                senior  management  personnel;  and  other  provisions  as
                                required by applicable  laws and  regulations  for A Share
                                listed companies. This is a reasonable request.
                    4        Amend Procedural Rules of Shareholders        For          For                 Mgmt
                             General Meeting
                                This  item  seeks  to  approve   amendments  made  to  the
                                Procedural  Rules  of  Shareholders'  General  Meeting  in
                                accordance  with  applicable PRC and CSRC  requirements in
                                light  of  the  A  Share  Issue.  The  amended  procedures
                                provide  that an  independent  director,  the  supervisory
                                committee,   or  shareholders   individually  or  jointly,
                                holding  more than 10 percent of the voting  rights of the
                                shares  having  the right to vote in such a meeting  would
                                have the  right to  request  the  board  of  directors  to
                                convene an  extraordinary  general  meeting.  In addition,
                                the amended  rules  provide that  shareholders  may attend
                                the shareholders'  general meeting in person, or appoint a
                                proxy to  attend  the  meeting  and vote on their  behalf.
                                Amendments  were also  made  regarding  the  requirements,
                                delivery,  and  information  to be disclosed in the notice
                                of meeting  when a resolution  pertaining  to the election
                                of  directors  or  supervisors  is  proposed.  The amended
                                rules  also  state   that  the  board,   the   supervisory
                                committee,  or shareholders  individually or in aggregate,
                                holding  more than 3 percent  of the Bank's  shares  would
                                have the right to  propose  resolutions  to the Bank.  The
                                amendments  also clarify  procedures for voting and making
                                resolutions at the general meeting;  who presides over the
                                general  meetings;  where the meetings  should be held; as
                                well as issues to be  classified  as ordinary  resolutions
                                and special resolutions. This is a reasonable request.
                    5        Amend Procedural Rules of the Board           For          For                 Mgmt
                                This  item  seeks  to  approve   amendments  made  to  the
                                Procedural   Rules  of  the  Board  in   accordance   with
                                applicable  PRC and  CSRC  requirements  in light of the A
                                Share   Issue.    The   amended   rules    enumerate   the
                                responsibilities,  functions  and  powers  of the board as
                                well as the  functions  and powers of the  chairman of the
                                board.   The  amendments   also  provide  details  on  the
                                meetings of the board  which is  classified  into  routine
                                meetings  and  temporary  meetings;  frequency  of holding
                                meetings;  circumstances for holding a temporary  meeting;
                                and  who  presides  over  these  meetings  as  well as the
                                manner of sending  out of notices for these  meetings  and
                                the information  required to be disclosed in such notices.
                                The amended rules also allow  supervisors and non-director
                                senior management members to attend a board meeting;  give
                                opinion on  relevant  subjects;  and have  their  views be
                                recorded in the minutes of the board  meeting,  but do not
                                allow them to vote on  resolutions  at the board  meeting.
                                The  amended  rules also state that the quorum for a board
                                meeting  should be more than one half of the directors and
                                that a  director  who  appoints  another  director  on his
                                behalf  should be deemed as having  attended  the  meeting
                                provided  that the power of  attorney  should  specify the
                                names of the  appointing  director and the director  being
                                appointed;   matters  of  proxy;  authority  and  term  of
                                validity  of the power of  attorney;  and should be signed
                                or sealed by the appointing director.  The amendments also
                                state the circumstances  where directors should abstain on
                                from  voting  certain  resolutions.  This is a  reasonable
                                request.
                    6        Amend Procedural Rules of the Supervisory     For          For                 Mgmt
                             Committee
                                This  item  seeks  to  approve   amendments  made  to  the
                                Procedural   Rules  of  the   Supervisory   Committee   in
                                accordance  with  applicable PRC and CSRC  requirements in
                                light of the A Share Issue.  The amended  rules state that
                                the  supervisory  committee  should  hold  at  least  four
                                routine  meetings  every  year with at least  one  meeting
                                every six months.  The amendments  also provide details on
                                the  manner  the  notice  of  the  supervisory   committee
                                meeting  would be  served as well as the  contents  of the
                                notice  of  meeting.   The   amendments   also  allow  the
                                supervisory  committee  to  request  directors  and senior
                                management  personnel,   internal  and  external  auditing
                                personnel of the Bank to attend the supervisory  committee
                                meeting to answer all  questions of concern.  In addition,
                                the  amended  rules  provide  details  on  voting  at  the
                                supervisory   committee   meeting  such  that  it  may  be
                                conducted by show of hands,  votes bearing names, or other
                                means of communication  and that resolutions would only be
                                approved when passed by over  two-thirds  of  supervisors.
                                This is a reasonable request.
                    7        Approve Issuance of Subordinated Bonds in     For          For                 Mgmt
                             an Aggregate Principal Amount Not
                             Exceeeding RMB 25 Billion
                                This  item  seeks to  approve  the  terms of the  proposed
                                issuance by the company of subordinated bonds.  Details of
                                the  proposed  issuance  are as  follows:        Aggregate
                                principal  amount:  No  more  than  RMB 25  billion  ($3.1
                                billion)            Maturities:    Not   less    than   10
                                years        Interest  rate:  The  interest  rate would be
                                determined  with reference to market interest rate and the
                                method of  issue.        Repayment of the principal amount
                                and payment of interests:  Interests would be payable once
                                every  year and the  principal  amount  would be repaid in
                                full  on the  maturity  date or the  date  of  redemption.
                                Payments   would   be  made   through   China   Government
                                Securities     Depository    Trust    &    Clearing    Co.
                                Ltd.        Target bondholders:  members of the inter-bank
                                bond  market.        Use  of Proceeds:  The proceeds would
                                be used  to  replenish  the  subordinated  capital  of the
                                Bank,    increase   capital   adequacy   ratio,    improve
                                intermediate  and long term  equity-debt  structure of the
                                company  and  support  the  development  of the Bank's new
                                intermediate    and    long    term    asset    management
                                business.        Method  of  issue:  The  bonds  would  be
                                issued  by  way  of  public   offering  in  the   national
                                inter-bank  bond  market.        Validity  period  of this
                                resolution:  This  resolution  would  be  effective  for a
                                period of 12 months  from the date of the  passing of this
                                resolution.          Authorization:  The senior management
                                would be  authorized  for 12  months  from the date of the
                                passing  of  this  resolution  to  determine   matters  in
                                relation  to  the  issuance  of  the  subordinated   bonds
                                including  but not  limited  to the size and  terms of the
                                issue,  maturity  term,  and  range  of  interest  of  the
                                subordinated   bonds.        The   proposed   issuance  of
                                subordinated  bonds  would  enable  the  company  to raise
                                additional  funds to improve  its  capital  structure  and
                                finance  its  future  business   development.   Given  the
                                purpose for which  proceeds from the proposed  issuance of
                                subordinated  bonds  would  be  used,  we  recommend  that
                                shareholders vote in favor of this resolution.
                             Ordinary Business
                    8        Elect Li Ka-cheung, Eric as Independent       For          For                 Mgmt
                             Non-Executive Director and Authorize Board
                             to Fix His Remuneration


04/12/07 - A        Bank Of East Asia, Limited               Y06942109                          04/10/07             273,800
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of HK$1.03 Per Share   For          For                 Mgmt
                             (With Scrip Option)
                    3a       Reelect Stephen Charles Li Kwok-sze as        For          For                 Mgmt
                             Director
                    3b       Reelect Allan Wong Chi-yun as Director        For          For                 Mgmt
                    3c       Reelect Aubrey Li Kwok-sing as Director       For          For                 Mgmt
                    3d       Reelect Winston Lo Yau-lai as Director        For          For                 Mgmt
                    3e       Reelect Khoo Kay-peng as Director             For          For                 Mgmt
                    3f       Reelect David Li Kwok-po as Director          For          For                 Mgmt
                    4        Reaapoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    5        Approve and Adopt Staff Share Option Scheme   For          For                 Mgmt
                             2007
                    6        Amend Articles Re: Claims in Respect of       For          For                 Mgmt
                             Shares, Postponement of General Meeting,
                             Sending Instruments of Proxy, Allowing
                             Proxy to Demand Poll and Vote and Signing
                             of Minutes
                    7        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    9        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, it is recommended that shareholders vote
                                against this resolution.


06/24/07 - A        Bank of Iwate Ltd. *8345*                J25510108                          03/31/07                 866
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 30
                                The payout ratio for the full year is 18 percent  based on
                                either parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominees      8,     9,     11     and
                                12                Background        of       non-executive
                                nominee(s):        Nominee  8 is the  current  chairman of
                                Iwate  Nippo  Co.,  Ltd.,  and  nominee  9 is the  current
                                chairman  of Kanto  Auto  Works,  Ltd.  Nominee  11 is the
                                current  chairman of Yurtec Co., Inc., and nominee 12 is a
                                professor   at   Sophia   University.                Board
                                ProfileComposition   of  board  after  this   meeting:   8
                                executives and 4  non-executives.  The number of outsiders
                                is increasing from 3 to 4.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  1                The  nominee
                                does not meet our  criteria  for  independence.  He is the
                                current  president  of  Mikuni  Industry  Co.,  Ltd.,  the
                                company's   business   partner.                Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor
                                One of the retiring  directors  has been  designated as an
                                outside  director.        As  we  believe  the  payment of
                                such bonuses to non-executives  is a highly  inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                23.8 million to 13  directors,  including one director who
                                retired  during  the  period,  and  JY  5.2  million  to 5
                                statutory   auditors,   including  one  retired  statutory
                                auditor.  Because the amounts are not -excessive,  we have
                                no reason to oppose this resolution.


06/28/07 - A        Bank of Nagoya Ltd. *8522*               J47442108                          03/31/07               7,323
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3.5
                                The payout ratio for the full year is 17 percent  based on
                                consolidated    earnings,   or   18   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                14 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass  our  test for  independence.  Nominee  2 is a former
                                government  official.  Nominee 3 is a current  chairman of
                                Nagoya City Museum.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that KPMG Azsa & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  KPMG Azsa &
                                Co.,  because in  recognition  of the severe damage to its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.


05/03/07 - A        Bank of Piraeus S.A.                     X06397107                          None                 147,930
                    1        Authorize Share Capital Increase              For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Bank Polska Kasa Opieki SA (PEKAO)       X0641X106                          04/19/07               5,414
                    1        Open Meeting                                  None                             Mgmt
                    2        Elect Meeting Chairman                        For                              Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                              Mgmt
                    4        Elect Members of Vote Counting Commission     For                              Mgmt
                    5        Approve Agenda of Meeting                     For                              Mgmt
                    6        Receive Management Board Report on            None                             Mgmt
                             Company's Operations in 2006
                    7        Receive Financial Statements                  None                             Mgmt
                    8        Receive Management Board Report on            None                             Mgmt
                             Operations of Bank's Capital Group in 2006
                    9        Receive Consolidated Financial Statements     None                             Mgmt
                    10       Receive Management Board's Proposal on        None                             Mgmt
                             Allocation of Income
                    11       Receive Supervisory Board Report              None                             Mgmt
                    12.1     Approve Management Board Report on            For                              Mgmt
                             Company's Operations in 2006
                    12.2     Approve Financial Statements                  For                              Mgmt
                    12.3     Approve Management Board Report on            For                              Mgmt
                             Operations of Bank's Capital Group in 2006
                    12.4     Approve Consolidated Financial Statements     For                              Mgmt
                    12.5     Approve Allocation of Income                  For                              Mgmt
                    12.6     Approve Report on Supervisory Board's         For                              Mgmt
                             Activities in 2006
                    12.7     Approve Discharge of Supervisory Board        For                              Mgmt
                    12.8     Approve Discharge of Management Board         For                              Mgmt
                    13       Ratify Auditor for Fiscal Years 2007-2009     For                              Mgmt
                    14       Transact Other Business (Voting)              For                              Mgmt
                    15       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - S        Bank Polska Kasa Opieki SA (PEKAO)       X0641X106                          04/20/07               2,707
                    1        Open Meeting                                  None                             Mgmt
                    2        Elect Meeting Chairman                        For                              Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                              Mgmt
                    4        Elect Members of Vote Counting Commission     For                              Mgmt
                    5        Approve Agenda of Meeting                     For                              Mgmt
                    6        Approve Integration of Company with Bank      For                              Mgmt
                             BPH S.A. via Transferring of Some of Bank
                             BPH S.A.'s Assets under Company's
                             Ownership; Amend Company Statute
                    7        Approve Allocation of Funds from Reserve      For                              Mgmt
                             Capital to Brokerage Activities Fund
                    8        Transact Other Business (Voting)              For                              Mgmt
                    9        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        BANYAN TREE HOLDINGS LTD                 Y0703M104                          None                   6,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.0178 Per      For          For                 Mgmt
                             Share
                    3        Reelect Ho KwonPing as Director               For          Against             Mgmt
                                Due to the company's  failure to provide the annual report
                                for  financial  year 2006,  we are unable to ascertain the
                                level of independence  of these  nominees.  Given this and
                                considering our position against  executive  directors who
                                are  also  members  of  key  board  committees,  as  their
                                presence  threatens  to  undermine  the  purpose  of these
                                committees   in  providing   independent   oversight   and
                                preventing conflicts of interest,  and the recommendations
                                stipulated  in  Singapore's  Code of Corporate  Governance
                                that also  limit  members  of the  audit and  remuneration
                                committees  to  non-executives  only,  a vote against this
                                resolution is recommended.
                    4        Reelect Chia Chee Ming Timothy as Director    For          Against             Mgmt
                    5        Approve Directors' Fees of SGD 210,000 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             115,000)
                    6        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    7a       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    7b       Approve Issuance of Shares and Grant          For          Against             Mgmt
                             Options and/or Awards Pursuant to the
                             Banyan Tree Share Option Plan and Banyan
                             Tree Performance Share Plan
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  These schemes cannot be considered sufficiently
                                well  structured to justify a potential  dilution level of
                                15 percent.
                    7c       Other Business (Voting)                       For          Against             Mgmt
                                While such request is usually  routine,  the potential for
                                discussion and subsequent  approval of items that could be
                                dangerous  to  minority  shareholders  is  a  possibility.
                                Until  more  detailed   information   is  made   available
                                concerning  this item, a vote  opposing  such request must
                                be recommended.


04/26/07 - S        BANYAN TREE HOLDINGS LTD                 Y0703M104                          None                   6,000
                    1        Approve Mandate for Transactions with         For          For                 Mgmt
                             Related Parties
                    2        Authorize Share Repurchase Program            For          For                 Mgmt


04/26/07 - A        Barclays plc                             G08036124                          None                 286,915
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                Overall,  although  there are several  issues of note,  we
                                have no  significant  concerns with  remuneration  at this
                                Company.  We therefore  recommend  shareholders to vote in
                                favour of this item.
                    3        Elect Marcus Agius as Director                For          For                 Mgmt
                    4        Elect Frederik Seegers as Director            For          For                 Mgmt
                    5        Elect Christopher Lucas as Director           For          For                 Mgmt
                    6        Re-elect Stephen Russell as Director          For          For                 Mgmt
                    7        Re-elect Richard Clifford as Director         For          For                 Mgmt
                    8        Re-elect Sir Andrew Likierman as Director     For          For                 Mgmt
                    9        Re-elect John Varley as Director              For          For                 Mgmt
                    10       Re-elect Sir Nigel Rudd as Director           For          For                 Mgmt
                    11       Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    12       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    13       Authorise Barclays Bank Plc to Make EU        For          For                 Mgmt
                             Political Organisations Donations up to GBP
                             25,000 and Incur EU Political Expenditure
                             up to GBP 100,000
                    14       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 544,913,279
                    15       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 81,736,992
                    16       Authorise 980,840,000 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    17       Adopt New Articles of Association             For          For                 Mgmt


01/25/07 - A        Barloworld Limited (formerly Barlow      S08470189                          None                   9,956
                    Ltd.)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended Sept. 30, 2006
                    2        Reelect P.J. Blackbeard                       For          For                 Mgmt
                    3        Reelect W.A.M. Clewlow                        For          For                 Mgmt
                    4        Reelect B.P. Diamond                          For          For                 Mgmt
                    5        Reelect J.E. Goversall                        For          For                 Mgmt
                    6        Reelect S.B. Pfeiffer                         For          For                 Mgmt
                    7        Reelect G. Rodriguez de Castro                For          For                 Mgmt
                    8        Reelect R.C. Tomkinson                        For          For                 Mgmt
                    9        Reelect S. Mkhabela                           For          For                 Mgmt
                    10       Reelect D.G. Wilson                           For          For                 Mgmt
                    11       Ratify Deloitte & Touche as Auditors          For          For                 Mgmt
                    12.1     Approve Remuneration of Chairman              For          For                 Mgmt
                    12.2     Approve Remuneration of Resident              For          For                 Mgmt
                             Non-Executive Directors
                    12.3     Approve Remuneration of Non-Resident          For          For                 Mgmt
                             Non-Executive Directors
                    12.4     Approve Remuneration of Audit Committee       For          For                 Mgmt
                             Chairman
                    12.5     Approve Remuneration of Resident Members of   For          For                 Mgmt
                             the Audit Committee
                    12.6     Approve Remuneration of Non-Resident          For          For                 Mgmt
                             Members of the Audit Committee
                    12.7     Approve Remuneration of Resident Members of   For          For                 Mgmt
                             Other Committees (Except Risk and
                             Sustainability and EMpowerment and
                             Transformation Committees)
                    12.8     Approve Remuneration of Non-Resident          For          For                 Mgmt
                             Members of Other Committees (Except Risk
                             and Sustainability and EMpowerment and
                             Transformation Committees)
                    12.9     Approve Remuneration of Resident Members of   For          For                 Mgmt
                             the Empowerment and Transformation Committee
                    12.10    Approve Remuneration of Non-Resident          For          For                 Mgmt
                             Members of the Empowerment and
                             Transformation Committee
                    13       Authorize Repurchase of Up to 20 Percent of   For          For                 Mgmt
                             Issued Share Capital


06/08/07 - S        Barloworld Limited (formerly Barlow      S08470189                          None                  13,828
                    Ltd.)
                             Please note that the holders of the 6
                             percent non-redeemable cumulative
                             preference shares are eligible to vote on
                             items 1-3 of this agenda.
                    1        Approve Spin-Off of PPC, Subject to           For          For                 Mgmt
                             Parliamentary Approval of the Corporate
                             Laws Amendment Act, 2006
                    2        Approve Spin-Off of PPC                       For          For                 Mgmt
                    3        Approve Authority to Distribute Cash to       For          For                 Mgmt
                             Shareholders by Way of Reduction of Share
                             Premium Account
                    4        Amend 1985 Stock Option Scheme Re: Special    For          Against             Mgmt
                             Dividend
                                Although   these  article   amendments   appear  to  be  a
                                well-intentioned   attempt  to  give  the   company   some
                                flexibility  to adjust the terms offered to  optionholders
                                in the case of a spin-off,  the company has not  disclosed
                                the  magnitude of the  proposed  adjustment.  As such,  we
                                believe  these  amendments  could  lead  to  shares  being
                                offered at an unduly  high  discount.  In the absence of a
                                provision  that  specifies  the criteria  used to readjust
                                the option  price,  we must  recommend  that  shareholders
                                vote against items 4 and 5.
                    5        Amend 1985 Stock Option Scheme Re:            For          Against             Mgmt
                             Subsidiary Directors
                    6        Amend 1979 Share Purchase Scheme              For          For                 Mgmt
                    7        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


03/27/07 - S        Barratt Developments plc                 G08288105                          None                   5,724
                    1        Approve Acquisition of Wilson Bowden Plc;     For          For                 Mgmt
                             Approve Increase in Authorised Capital from
                             GBP 30,000,000 to GBP 40,285,000; Authorise
                             Issue of Equity with Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             10,285,000 (Acquisition)


12/07/06 - A        Barry Callebaut AG                       H05072105                          None                      34
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/07/06 - A        Barry Callebaut AG                       H05072105                          None                      34
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Receive Auditor's Reports                     None                             Mgmt
                    3        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    4.1      Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    4.2      Approve CHF 54.3 Million Reduction in Share   For                              Mgmt
                             Capital; Approve Capital Repayment of CHF
                             10.50 per Share
                    5        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    6        Elect Directors                               For                              Mgmt
                    7        Ratify KPMG Fides Peat as Auditors            For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        BAUER AG                                 D0639R105                          06/07/07               1,249
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A        Bayer AG                                 D07112119                          04/06/07              61,331
                    1        Receive Financial Statements and Statutory    For                              Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of EUR 1 per Share for Fiscal 2006
                    2        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    3        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    4a       Elect Paul Achleitner to the Supervisory      For                              Mgmt
                             Board
                    4b       Elect Clemens Boersig to the Supervisory      For                              Mgmt
                             Board
                    4c       Elect Hans-Olaf Henkel to the Supervisory     For                              Mgmt
                             Board
                    4d       Elect Klaus Kleinfeld to the Supervisory      For                              Mgmt
                             Board
                    4e       Elect Helmut Panke to the Supervisory Board   For                              Mgmt
                    4f       Elect Manfred Schneider to the Supervisory    For                              Mgmt
                             Board
                    4g       Elect Ekkehard Schulz to the Supervisory      For                              Mgmt
                             Board
                    4h       Elect Klaus Sturany to the Supervisory Board  For                              Mgmt
                    4i       Elect Juergen Weber to the Supervisory Board  For                              Mgmt
                    4j       Elect Ernst-Ludwig Winnacker to the           For                              Mgmt
                             Supervisory Board
                    5        Approve Creation of 195 Million Pool of       For                              Mgmt
                             Capital with Preemptive Rights (Authorized
                             Capital II)
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Approve Affiliation Agreement with            For                              Mgmt
                             Subsidiary Bayer Schering GmbH
                    8        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/21/07 - A        Bechtle AG                               D0873U103                          05/31/07                 306
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    6        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    7        Ratify Ernst & Young AG as Auditors for       For                              Mgmt
                             Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Beiersdorf AG                            D08792109                          04/05/07              28,703
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.60 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify Ernst & Young AG as Auditors for       For                              Mgmt
                             Fiscal 2007
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Elect Stefan Pfander to the Supervisory       For                              Mgmt
                             Board; Elect Andreas Rittstieg as Alternate
                             Supervisory Board Member
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    9        Approve Affiliation Agreement with Florena    For                              Mgmt
                             Cosmetic GmbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/07/07 - A        Belimo Holding AG                        H07171103                          None                      10
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/07/07 - A        Belimo Holding AG                        H07171103                          None                      10
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 30 per Share
                    3        Approve CHF 5.9 Million Reduction in Share    For                              Mgmt
                             Capital; Approve Capital Repayment of CHF 9
                             per Share
                    4        Amend Articles Re: Reduce Capital Holding     For                              Mgmt
                             Requirement for Submitting Shareholder
                             Proposals; Establish Mandatory Retirement
                             Age for Directors
                    5        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    6.1      Receive Information on Retirement of Walter   None                             Mgmt
                             Burkhalter, and Andreas Steiner (Non-Voting)
                    6        Elect Directors                               For                              Mgmt
                    7        Ratify KPMG AG as Auditors                    For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/20/06 - S        Beneteau Sa                              F09419106                          None                     113
                             Ordinary Business
                    1        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    2        Approve Stock Option Plans Grants             For                              Mgmt
                    3        Authorize up to 10 Percent of Issued          For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    4        Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    5        Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    6        Authorize Filling of Required                 For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/26/07 - A        Beneteau Sa                              F09419106                          None                     158
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.48 per Share
                    5        Appoint Atlantique Revision Conseil,          For                              Mgmt
                             represented by Sebastien Caillaud,as
                             Auditor and Jean-Paul Caquineau as
                             Alternate Auditor
                    6        Elect Jean-Louis Caussin as Supervisory       For                              Mgmt
                             Board Member
                    7        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 80,000
                    8        Authorize Filling of Required                 For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - A/S      Beneteau Sa                              F09419106                          06/19/07                 176
                             Ordinary Business
                    1        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    2        Approve Stock Option Plans Grants             For                              Mgmt
                    3        Authorize up to 10 Percent of Issued          For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    4        Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    5        Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    6        Approve 1 for 5 Stock Split                   For                              Mgmt
                    7        Amend Article 6 of Bylaws Accordingly         For                              Mgmt
                    8        Amend Article 17 of Bylaws Accordingly Re:    For                              Mgmt
                             Supervisory Board Members Shareholding
                    9        Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/24/06 - A        BERGMAN & BEVING                         W14696111                          08/18/06                 717
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    8        Receive President's Report                    None         None                Mgmt
                    9A       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    9B       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 3.50 per Share
                    9C       Approve Discharge of Board and President      For          For                 Mgmt
                    10       Amend Articles Re: Limits for Minimum and     For          For                 Mgmt
                             Maximum Size of Issued Share Capital;
                             Preemptive Rights in Connection with
                             Issuance of Warrants or Convertibles; Board
                             Size; Appointment of Auditors; Other
                             Amendments
                    11       Determine Number of Members (5) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    12       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of SEK 1.1 Million;
                             Approve Remuneration of Auditors
                    13       Elect Tom Hedelius as Chairman of Board;      For          Against             Mgmt
                             Reelect Per Axelsson, Anders Boerjesson,
                             Tom Hedelius, Anita Pineus, and Stefan
                             Wigren as Directors
                                Stefan  Wigren is an executive  director who serves on the
                                board's remuneration  committee.  The company does specify
                                that  while  Wigren  is  a  member  of  the   compensation
                                committee,  he does  not  participate  in  decision-making
                                with  respect  to  his  own  compensation.  ISS,  however,
                                prefers  that  all  key  board  committees  comprise  only
                                independent non-executives.  ISS believes that executives,
                                particularly  on such key  board  committees  as the audit
                                and  remuneration  committees,  threaten to undermine  the
                                purpose  of  these  committees  in  providing  independent
                                oversight and preventing  conflicts of interest.  The best
                                practice   recommendations   stipulated   in  the  Swedish
                                Corporate   Governance   Code   also   recommend   against
                                executives on these key board committees.  The chairman of
                                the  board  may,  however,  also  chair  the  remuneration
                                committee.  If a  company  does  not  have an  audit  or a
                                remuneration  committee,  ISS  will  consider  the  entire
                                board  to  fulfill  the  role of the  committees.  In such
                                case, ISS will oppose the  executives,  including the CEO,
                                up for election to the board.  As the  director  elections
                                are bundled,  ISS must recommend a vote against the entire
                                slate in this case.
                    14       Approve Principles for How Members of the     For          For                 Mgmt
                             Nominating Committee Shall Be Appointed
                    15       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                    16       Approve Stock Option Plan for Key             For          Against             Mgmt
                             Employees; Reserve 250,000 Repurchased
                             Class B Shares to Guarantee Conversion
                             Rights
                                As the  options  could be  convertible  at an  undisclosed
                                discount, we must recommend a vote against the proposal.
                    17       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                                Under Item 17, ISS  recommends a vote against the proposed
                                stock  option   plans.   As  ISS   considers  the  overall
                                structure  of the  proposed  remuneration  policy  and the
                                level of disclosure to be shareholder  friendly,  however,
                                we recommend a vote in favor of this proposal.
                    18       Other Business (Non-Voting)                   None         None                Mgmt
                    19       Close Meeting                                 None         None                Mgmt


02/22/07 - S        BERGMAN & BEVING                         W14696111                          02/16/07               1,117
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Change Company Name to B&B Tools AB           For          For                 Mgmt
                    8        Close Meeting                                 None         None                Mgmt


09/28/06 - A        Bespak Plc                               G10639105                          None                     473
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 12.1 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect John Robinson as Director            For          For                 Mgmt
                    4        Re-elect Mark Throdahl as Director            For          For                 Mgmt
                    5        Elect Paul Boughton as Director               For          For                 Mgmt
                    6        Elect Jonathan Glenn as Director              For          For                 Mgmt
                    7        Elect Peter Fellner as Director               For          For                 Mgmt
                    8        Elect Jim Dick as Director                    For          For                 Mgmt
                    9        Elect Chris Banks as Director                 For          For                 Mgmt
                    10       Approve Remuneration Report                   For          For                 Mgmt
                    11       Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 934,018
                    13       Subject to the Passing of Resolution 12,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 140,102
                    14       Authorise 2,802,056 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase
                    15       Amend Articles of Association Re:             For          For                 Mgmt
                             Indemnification


12/20/06 - S        Bezeq The Israeli Telecom Corp           M2012Q100                          12/10/06             102,122
                    1        Approve Cash Dividend                         For          For                 Mgmt
                                Although  the  payout  ratio  for  the  proposed  dividend
                                likely exceeds the  recommended  guideline of 100 percent,
                                given the  advisability  of resolving  the labor  contract
                                and  completing  the  privatization   process,  this  item
                                merits shareholder support.
                    2        Amend Articles Regarding Director/Officer     For          Against             Mgmt
                             Indemnification
                                Given  the   excessive   indemnification   and   liability
                                protections   allowed   under   Israeli   law,   including
                                indemnification  that exceeds legal expenses,  shareholder
                                approval is not warranted.


12/28/06 - S        Bezeq The Israeli Telecom Corp           M2012Q100                          12/18/06             102,122
                    1        Approve Distribution of Dividend              For          For                 Mgmt
                                Although  the  payout  ratio  for  the  proposed  dividend
                                likely exceeds the  recommended  guideline of 100 percent,
                                given the  advisability  of resolving  the labor  contract
                                and  completing  the  privatization   process,  this  item
                                merits shareholder support.


01/17/07 - S        Bezeq The Israeli Telecom Corp           M2012Q100                          12/20/06             102,122
                    1        Elect R. Numkin and Y. Forat as Directors     For          For                 Mgmt
                                In the  absence  of  negative  press  coverage,  this item
                                merits shareholder approval.
                    2        Approve Grant of Indemnity Undertakings to    For          For                 Mgmt
                             Directors
                                This item warrants shareholder approval.


02/01/07 - S        Bezeq The Israeli Telecom Corp           M2012Q100                          01/04/07             102,122
                    1a       Elect D. Blumberg as External Director        For          For                 Mgmt
                                Despite the poor level of disclosure  regarding the board,
                                a  situation  that  is  common  in  Israel,  it  would  be
                                counterproductive  to withhold  support from the directors
                                in the  absence of a specific  controversy  involving  the
                                company.
                    1b       Elect A. Yaniv as External Director           For          For                 Mgmt
                    2        Approve Compensation and Grant of Indemnity   For          For                 Mgmt
                             to External Directors
                                As the company's  liability and  indemnification  policies
                                meet the benchmark  established  under Delaware  Corporate
                                Law, these items merit support.
                    3        Approve Increase in Authorized Capital        For          For                 Mgmt
                                Given the reasonable size of the proposed  increase,  this
                                item merits shareholder approval.
                    4        Approve Grant of Options to Company           For          For                 Mgmt
                             Employees
                                Given the reasonable 4.5 percent dilution  associated with
                                this proposal, shareholder approval is warranted.


05/14/07 - A        BG Group plc                             G1245Z108                          None                 165,172
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 4.20 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Elect Philippe Varin as Director              For          For                 Mgmt
                    5        Re-elect William Friedrich as Director        For          For                 Mgmt
                    6        Re-elect Peter Backhouse as Director          For          For                 Mgmt
                    7        Re-elect Sir John Coles as Director           For          For                 Mgmt
                    8        Re-elect Paul Collins as Director             For          For                 Mgmt
                    9        Re-elect Lord Sharman as Director             For          For                 Mgmt
                    10       Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    11       Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                    12       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisations Donations up to GBP 25,000
                             and to Incur EU Political Expenditure up to
                             GBP 25,000
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 119,379,862
                    14       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 17,004,965
                    15       Authorise 340,099,309 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    16       Adopt New Articles of Association             For          For                 Mgmt


09/15/06 - A        Bharat Heavy Electricals Ltd.            Y0882L117                          09/05/06               4,912
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Dividend of INR 2 Per Share           For                              Mgmt
                    3        Reappoint V. Nayyar as Director               For                              Mgmt
                    4        Reappoint N. Chaturvedi as Director           For                              Mgmt
                    5        Authorize Board to Fix Remuneration of        For                              Mgmt
                             Auditors
                    6        Appoint S.M. Dadlika as Director              For                              Mgmt
                    7        Appoint A.K. Aggarwal as Director             For                              Mgmt
                    8        Appoint M. Gupta as Director                  For                              Mgmt
                    9        Appoint S. Datta as Director                  For                              Mgmt
                    10       Appoint R.S. Sidhu as Director                For                              Mgmt
                    11       Appoint Madhukar as Director                  For                              Mgmt
                    12       Appoint C.P. Singh as Director                For                              Mgmt
                    13       Amend Articles of Association Re: Delegated   For                              Mgmt
                             Powers to the Board of Navratna Public
                             Sector Enterprises
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/26/06 - A        BHP Billiton Plc (Formerly Billiton      G10877101                          None                 142,846
                    Plc)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for BHP Billiton Plc
                    2        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for BHP Billiton Ltd.
                    3        Elect Paul Anderson as Director of BHP        For          For                 Mgmt
                             Billiton Plc
                    4        Elect Paul Anderson as Director of BHP        For          For                 Mgmt
                             Billiton Ltd.
                    5        Elect Marius Kloppers as Director of BHP      For          For                 Mgmt
                             Billiton Plc
                    6        Elect Marius Kloppers as Director of BHP      For          For                 Mgmt
                             Billiton Ltd.
                    7        Elect Chris Lynch as Director of BHP          For          For                 Mgmt
                             Billiton Plc
                    8        Elect Chris Lynch as Director of BHP          For          For                 Mgmt
                             Billiton Ltd.
                    9        Elect Jacques Nasser as Director of BHP       For          For                 Mgmt
                             Billiton Plc
                    10       Elect Jacques Nasser as Director of BHP       For          For                 Mgmt
                             Billiton Ltd.
                    11       Re-elect David Crawford as Director of BHP    For          For                 Mgmt
                             Billiton Plc
                    12       Re-elect David Crawford as Director of BHP    For          For                 Mgmt
                             Billiton Ltd.
                    13       Re-elect Don Argus as Director of BHP         For          For                 Mgmt
                             Billiton Plc
                    14       Re-elect Don Argus as Director of BHP         For          For                 Mgmt
                             Billiton Ltd.
                    15       Re-elect David Brink as Director of BHP       For          For                 Mgmt
                             Billiton Plc
                    16       Re-elect David Brink as Director of BHP       For          For                 Mgmt
                             Billiton Ltd.
                    17       Re-elect John Buchanan as Director of BHP     For          For                 Mgmt
                             Billiton Plc
                    18       Re-elect John Buchanan as Director of BHP     For          For                 Mgmt
                             Billiton Ltd.
                    19       Re-elect John Schubert as Director of BHP     For          For                 Mgmt
                             Billiton Plc
                    20       Re-elect John Schubert as Director of BHP     For          For                 Mgmt
                             Billiton Ltd.
                    21       Reappoint KPMG Audit Plc as Auditors of BHP   For          For                 Mgmt
                             Billiton Plc and Authorise the Board to
                             Determine Their Remuneration
                    22       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 276,686,499
                    23       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 61,703,675
                    24       Authorise 246,814,700 BHP Billiton Plc        For          For                 Mgmt
                             Ordinary Shares for Market Purchase
                    25i      Approve Reduction of Share Capital of BHP     For          For                 Mgmt
                             Billiton Plc by the Cancellation of All the
                             Issued Paid Up Shares of USD 0.50 Nominal
                             Value Each Held by BHP Billiton Ltd. or One
                             of its Subsidiaries on 31 December 2006
                    25ii     Approve Reduction of Share Capital of BHP     For          For                 Mgmt
                             Billiton Plc by the Cancellation of All the
                             Issued Paid Up Shares of USD 0.50 Nominal
                             Value Each Held by BHP Billiton Ltd. or One
                             of its Subsidiaries on 31 March 2007
                    25iii    Approve Reduction of Share Capital of BHP     For          For                 Mgmt
                             Billiton Plc by the Cancellation of All the
                             Issued Paid Up Shares of USD 0.50 Nominal
                             Value Each Held by BHP Billiton Ltd. or One
                             of its Subsidiaries on 15 May 2007
                    25iv     Approve Reduction of Share Capital of BHP     For          For                 Mgmt
                             Billiton Plc by the Cancellation of All the
                             Issued Paid Up Shares of USD 0.50 Nominal
                             Value Each Held by BHP Billiton Ltd. or One
                             of its Subsidiaries on 30 June 2007
                    25v      Approve Reduction of Share Capital of BHP     For          For                 Mgmt
                             Billiton Plc by the Cancellation of All the
                             Issued Paid Up Shares of USD 0.50 Nominal
                             Value Each Held by BHP Billiton Ltd. or One
                             of its Subsidiaries on 30 September 2007
                    25vi     Approve Reduction of Share Capital of BHP     For          For                 Mgmt
                             Billiton Plc by the Cancellation of All the
                             Issued Paid Up Shares of USD 0.50 Nominal
                             Value Each Held by BHP Billiton Ltd. or One
                             of its Subsidiaries on 15 November 2007
                    26       Approve Remuneration Report                   For          For                 Mgmt
                    27       Approve Grant of Deferred Shares and          For          For                 Mgmt
                             Options under the BHP Billiton Ltd. Group
                             Incentive Scheme and Grant of Performance
                             Shares under the BHP Billiton Ltd. Long
                             Term Incentive Plan to Charles Goodyear
                    28       Approve Grant of Deferred Shares and          For          For                 Mgmt
                             Options under the BHP Billiton Plc Group
                             Incentive Scheme and Grant of Performance
                             Shares under the BHP Billiton Plc Long Term
                             Incentive Plan to Marius Kloppers
                    29       Approve Grant of Deferred Shares and          For          For                 Mgmt
                             Options under the BHP Billiton Ltd. Group
                             Incentive Scheme and Grant of Performance
                             Shares under the BHP Billiton Ltd. Long
                             Term Incentive Plan to Chris Lynch
                    30       Approve BHP Billiton Ltd. Global Employee     For          For                 Mgmt
                             Share Plan; Approve BHP Billiton Plc Global
                             Employee Share Plan
                    31       Approve Increase in Remuneration of           For          For                 Mgmt
                             Non-Executive Directors of BHP Billiton Plc
                             to USD 3,000,000
                    32       Approve Increase in Remuneration of           For          For                 Mgmt
                             Non-Executive Directors of BHP Billiton
                             Ltd. to USD 3,000,000


10/31/06 - A        Bidvest Group Ltd.                       S1201R154                          None                  14,165
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Approve Remuneration of Directors for         For          For                 Mgmt
                             Fiscal 2007
                    3        Ratify KPMG, Inc. as Auditors                 For          For                 Mgmt
                    4.1      Authorize Repurchase of Up to 20 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    4.2      Adopt New Articles of Association             For          Against             Mgmt
                                Although  the  proposed   amendments  appear  routine  and
                                mostly  compliance  in nature,  the  available  disclosure
                                does  not  allow  a  further  inspection  of the  proposed
                                documents  for  unrelated  amendments  that  could  have a
                                negative  impact on  shareholder  value.  Given  that full
                                public  disclosure  of  article   amendments  is  standard
                                market practice in South Africa,  support for this item is
                                not recommended.
                    4.3      Authorize Specific Repurchase of Shares       For          For                 Mgmt
                             from Company Subsidiary
                    5.1      Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    5.2      Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights up to a Maximum of 30
                             Million Shares
                    5.3      Approve Cash Distribution to Shareholders     For          For                 Mgmt
                             by Way of Reduction of Share Premium Account
                    5.4      Amend Bidvest Incentive Scheme                For          Against             Mgmt
                                Due to the lack of information  regarding the key features
                                of the  plan and of the  amendments  proposed  under  this
                                item,  we recommend  that  shareholders  vote against this
                                resolution.
                    6        Elect Directors                               For          Against             Mgmt
                    6.1      Reelect D.B.D. Band as Director --- Against
                                Given  the  lack  of  information  due  to  the  company's
                                failure to disclose the annual report in a timely  manner,
                                we  recommend   shareholders  vote  against  the  director
                                nominees.
                    6.2      Reelect B.L. Berson as Director --- Against
                    6.3      Reelect L.G. Boyle as Director --- Against
                    6.4      Reelect M.B.N. Dube as Director --- Against
                    6.5      Reelect l.I. Jacobs as Director --- Against
                    6.6      Reelect R.M. Kunene as Director --- Against
                    6.7      Reelect D. Masson as Director --- Against
                    6.8      Reelect S.G. Pretorius as Director ---
                             Against
                    7        Elect Directors                               For          Against             Mgmt


04/30/07 - A/S      Biesse SpA                               T2060S100                          04/26/07               1,689
                             Annual Meeting Agenda
                             Special Business
                    1        Amend Articles 16, 19, 19-ter of Company      For                              Mgmt
                             Bylaws also to Comply with the Italian Law
                             262/2005
                             Ordinary Business
                    1        Extend Deloitte & Touche's Mandate as         For                              Mgmt
                             External Auditors for the Three-Year Term
                             2007-2009
                    2        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006
                    3        Approve Dividend Distribution for Ordinary    For                              Mgmt
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/06/06 - A        Big Yellow Group plc                     G1093E108                          None                   2,253
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 3 Pence Per         For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect David Ross as Director               For          Against             Mgmt
                    5        Re-elect James Gibson as Director             For          For                 Mgmt
                    6        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,425,086
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 513,763
                    9        Authorise 10,275,260 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/10/07 - A/S      Boardwalk Real Estate Investment Trust   096631106                          03/27/07               2,600
                    *BEI.U*
                    1        Fix Number of Directors                       For          For                 Mgmt
                    2        Elect Directors                               For          For                 Mgmt
                    3        Ratify Deloitte & Touche as Auditors          For          For                 Mgmt
                    4        Approve Grants Made Pursuant to the           For          For                 Mgmt
                             Deferred Compensation Plan
                                The estimated  shareholder value transfer of the company's
                                plans of 1 percent is equal to or less than the  allowable
                                cap for this  company of 4 percent.          ISS  recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns  (TSR),  and its CEO also had an increase in total
                                direct  compensation  (TDC) from the prior year,  it would
                                require  closer  scrutiny.   If  more  than  half  of  the
                                increase in total direct  compensation  is attributable to
                                equity  compensation,  ISS may recommend a vote against an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the  past  two  fiscal  years.  The  company  does not
                                provide a TDC  figure.  In 2006 the company did not have a
                                stock  option  plan.  The CEO has not received a salary or
                                security-based  compensation  in three  years  and in 2006
                                elected to forego a salary in lieu of Boardwalk  providing
                                an  equivalent  amount to a  scholarship  program  for the
                                trust's associates.  Roberto Geremia, the CFO, received no
                                security-based  compensation  in 2005 and  8,737  deferred
                                units in 2006.  The one and three  year  change in TSR was
                                101 percent and 145 percent  respectively.        Although
                                eligibility of the Plan extends to non-employee  trustees,
                                they are entitled to the  deferred  units in lieu of cash,
                                albeit  twice the  amount  they would  otherwise  receive.
                                Trustee  compensation  at the  Reit is  conservative  with
                                annual  directors'  fees of $20,000 and $1,500 per meeting
                                generally   and  an   additional   $3,000  per   committee
                                served.        Detailed   amendment   provision  does  not
                                require  unitholder  approval  to allow  assignability  of
                                awards but this  issue is not a concern  for plans that do
                                not  issue   options.        The   cost  of  the  plan  is
                                reasonable,  trustee participation is limited to twice the
                                annual  board  fees which are  conservative  and the Trust
                                does not  currently  have an  option  plan,  therefore  we
                                support approval of the plan.
                    5        Re-approve Shareholder Rights Plan            For          For                 Mgmt
                    6        Amend Declaration of Trust                    For          For                 Mgmt


04/25/07 - A        Bolsas y Mercados Espanoles, Sociedad    E8893G102                          None                   2,150
                    Hldg de Mercados y Sistemas Financiers
                    S.A
                    1        Accept Individual and Consolidated            For          For                 Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year Ended 12/31/06
                    2        Approve Allocation of Income                  For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4        Approve Remuneration of the Chairman of the   For          For                 Mgmt
                             Board of Directors
                    5        Approve Remuneration of Directors             For          For                 Mgmt
                    6        Reelect Deloitte,S.L. as External Auditors    For          For                 Mgmt
                             for Fiscal Year 2007
                    7        Authorize Repurchase of Shares                For          For                 Mgmt
                    8        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    9        Allow Questions                               For          For                 Mgmt


12/07/06 - A/S      Bonduelle S.C.A.                         F10689119                          None                     176
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    3        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.25 per Share
                    5        Authorize Repurchase of Up to Five Percent    For                              Mgmt
                             of Issued Share Capital
                    6        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 30,000
                    7        Reelect Daniel Bracquart as Supervisory       For                              Mgmt
                             Board Member
                    8        Reelect Andre Crespel as Supervisory Board    For                              Mgmt
                             Member
                    9        Reelect Stanislas Dalle as Supervisory        For                              Mgmt
                             Board Member
                    10       Reelect Jean Gueguen as Supervisory Board     For                              Mgmt
                             Member
                    11       Elect Isabelle Danjou as Supervisory Board    For                              Mgmt
                             Member
                    12       Ratify Mazard et Guerard as Auditor and       For                              Mgmt
                             Denis Grison as Alternate Auditor
                    13       Appoint Deloitte & Associe as Auditor and     For                              Mgmt
                             BEAS as Alternate Auditor
                             Special Business
                    14       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    15       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 17,500,000
                    17       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 17,500,000
                    18       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             Above
                    19       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    20       Amend Articles 6 and 7 to reflect Legal       For                              Mgmt
                             Changes
                    21       Amend Articles of Association: Shareholders   For                              Mgmt
                             Identification
                    22       Amend Articles of Association Re:             For                              Mgmt
                             Shareholding Disclosure Threshold
                    23       Amend Article 14 To Reflect Structure's       For                              Mgmt
                             Modification of the General Partners
                    24       Amend Articles for the Use of                 For                              Mgmt
                             Videoconference
                    25       Amend Articles of Association Re: Attend      For                              Mgmt
                             General Meetings through Videoconference
                             and Telecommunication
                    26       Amend Articles of Association to Reflect      For                              Mgmt
                             Recent Legal Changes
                    27       Authorize Filling of Required                 For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A/S      Bonterra Energy Income Trust             09852Q102                          04/19/07                 245
                    1        Fix Number of Directors at Four and Elect     For          Abstain             Mgmt
                             Directors - Gary J Drummond, George F Fink,
                             Carl R Jonsson, and F William Woodward.
                    2        Appoint Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration - Deloitte & Touche LLP
                    3        Approve Olympia Trust Company as Trustee of   For          For                 Mgmt
                             the Trust
                    4        Approve Unit Option Plan - Unallocated        For          Against             Mgmt
                             Options
                                VI. Vote  Recommendation  The estimated  shareholder value
                                transfer of the  company's  plans of 6 percent is equal to
                                or less  than  the  allowable  cap for this  company  of 6
                                percent.  ISS opposes  plans that  provide  for  unlimited
                                discretionary director  participation.  This is a practice
                                which gives rise to the  possibility  of  self-dealing  by
                                directors  in  options.  Directors  who are  able to grant
                                themselves   options   without   limit  could  find  their
                                independence  compromised.  The plan  amendment  provision
                                does not comply  with ISS  criteria  for  acceptable  plan
                                amendment provisions (see Item #5).
                    5        Amend Unit Option Plan                        For          Against             Mgmt


10/20/06 - A        BOOM LOGISTICS LTD *BOL*                 Q6154T109                          10/18/06              11,781
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    2        Approve Remuneration Report for the Fiscal    For          For                 Mgmt
                             Year Ended June 30, 2006
                    3a       Elect R. John Robinson as Director            For          For                 Mgmt
                    3b       Elect Huw Davies as Director                  For          For                 Mgmt
                    3c       Elect Mark Lawrence as Director               For          For                 Mgmt
                    4        Approve PKF Chartered Accountants as          For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Ratify Past Issuance of: 1.3 Million Shares   For          For                 Mgmt
                             to Camilleri Industries Australia; 16
                             Million Shares to Institutional Investors;
                             1.3 Million Shares to Finook Pty Ltd; and
                             116,279 Shares to Concept Accounting Pty.
                             Ltd.
                    6        Approve Issuance of Shares to Mark Lawrence   For          For                 Mgmt
                             Under the Boom Logistics Ltd. Employee
                             Share Trust
                    7        Renew Partial Takeover Provision              For          For                 Mgmt


05/09/07 - A        Boskalis Westminster (Koninklijke NV)    N14952225                          None                   3,542
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3.a      Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    3.b      Receive Report of Supervisory Board           None                             Mgmt
                    4.a      Approve Allocation of Income                  For                              Mgmt
                    4.b      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2.04 per Share
                    5        Approve Discharge of Management Board         For                              Mgmt
                    6        Approve Discharge of Supervisory Board        For                              Mgmt
                    7        Notification on Nomination to the             None                             Mgmt
                             Supervisory Board
                    8        Elect C. van Woudenberg and M. van der Vorm   For                              Mgmt
                             to Supervisory Board
                    9        Approve Remuneration of Supervisory Board     For                              Mgmt
                    10       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    11       Approve Stock Split                           For                              Mgmt
                    12       Allow Questions                               None                             Mgmt
                    13       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A/S      Bouygues SA                              F11487125                          04/23/07              33,226
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.20 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Ratify Appointment of Patrick Kron as         For                              Mgmt
                             Director
                    6        Reelect Lucien Douroux as Director            For                              Mgmt
                    7        Reelect Jean Peyrelevade as Director          For                              Mgmt
                    8        Reelect SCDM as Director                      For                              Mgmt
                    9        Elect Employee Representative Thierry         For                              Mgmt
                             Jourdaine as Director
                    10       Elect Employee Representative Jean-Michel     For                              Mgmt
                             Gras as Director
                    11       Appoint Alain Pouyat as Censor                For                              Mgmt
                    12       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    13       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 150 Million
                    14       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 4 Billion for Bonus Issue or
                             Increase in Par Value
                    15       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 150 Million
                    16       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    17       Authorize Board to Set Issue Price for 10     For                              Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    18       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    19       Authorize Capital Increase of Up to EUR 150   For                              Mgmt
                             Million for Future Exchange Offers
                    20       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    21       Authorize Issuance of Equity Upon             For                              Mgmt
                             Conversion of a Subsidiary's Equity-Linked
                             Securities
                    22       Allow Board to Use the Capital Issuance       For                              Mgmt
                             Authorities Approved Above in the Event of
                             a Public Tender Offer
                    23       Authorize Board to Issue Free Warrants with   For                              Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    24       Authorize up to Ten Percent of Issued         For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    25       Approve Issuance of Securities Convertible    For                              Mgmt
                             into Debt
                    26       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    27       Amend Articles of Association Re: Board       For                              Mgmt
                             Composition, Record Date
                    28       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/12/07 - A        BP plc                                   G12793108                          None                 287,558
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                Conclusion        RREV   has  carefully   considered   the
                                action taken by the Remuneration  Committee in responce to
                                the recent safety issues when considering  executive bonus
                                awards for the past year.  We believe  that the  Committee
                                has used its  discretion  appropriately  by reducing bonus
                                awards  even  though the  quantitative  assessment  of the
                                pre-determined   bonus  targets  generated  a  near-target
                                score.  We also  note  that for 2007,  30  percent  of the
                                annual   bonus   award   will  be   based   on   specified
                                non-financial  measures focusing on health, safety and the
                                environment,  growth, and reputation.        RREV has also
                                noted  that  the  directors  received  30  percent  of the
                                initial  award under the  2004-2006  share  element of the
                                Executive  Directors'  Incentive  Plan (EDIP).  This award
                                vested  pursuant  to the  attainment  of the  quantitative
                                targets.  RREV has engaged with the Company on this matter
                                and  understands  that  the  Remuneration  Committee  will
                                consider  all  circumstances  when  deciding  the  vesting
                                level for current performance  cycles.        RREV expects
                                the   Remuneration   Committee  to  continue  to  use  its
                                discretion  and take account of the recent  safety  issues
                                when  assessing  the   performance   of  the   outstanding
                                long-term incentive awards.  Although RREV does not object
                                to  the  terms  of  Lord  Browne's  participation  in  the
                                2007-2009  EDIP  performance  cycle,  since this was fully
                                supported by  shareholders  when proposed at the 2005 AGM,
                                we do  expect  that  consideration  should be given to the
                                recent   safety  issues  when   assessing   Lord  Browne's
                                proportion  of his  'leadership  measure'  (discretionary)
                                under  the  EDIP.          RREV  has  also  reviewed  Lord
                                Browne's  termination  arrangements.  In  respect  to  his
                                service  contract,  RREV  believes  this to be a  standard
                                contract in the UK. We note that the  payments are subject
                                to  mitigation   being  phased   (quarterly)  and  off-set
                                against any future  earnings  that are above  one-third of
                                his quarterly  instalment.          However,  we recognise
                                that Lord Browne is  eligible  for an  ex-gratia  lump sum
                                superannuation  payment which entitles him to no more than
                                one year's  salary.  We do not consider this to constitute
                                current  best  practice  but  recognise  that  this  is  a
                                historical  arrangement  which the  Company  addressed  in
                                1996 and does not apply to  appointees  to the Board after
                                that  time.        RREV  is satisfied  that the  Committee
                                has  used  an   appropriate   level  of  discretion   when
                                considering  bonus  payments for the past year.  We expect
                                this  sensible  approach to continue  for future long term
                                awards. The Company's  remuneration policy and practice is
                                sufficiently  in line with best practice  given the nature
                                of  the  Company's  business.  Consequently,  we  are  not
                                raising objections at this time.
                    3        Re-elect David Allen as Director              For          For                 Mgmt
                    4        Re-elect The Lord Browne of Madingley as      For          For                 Mgmt
                             Director
                    5        Re-elect Antony Burgmans as Director          For          For                 Mgmt
                    6        Elect Sir William Castell as Director         For          For                 Mgmt
                    7        Re-elect Iain Conn as Director                For          For                 Mgmt
                    8        Re-elect Errol Davis Jr as Director           For          For                 Mgmt
                    9        Re-elect Douglas Flint as Director            For          For                 Mgmt
                    10       Re-elect Byron Grote as Director              For          For                 Mgmt
                    11       Re-elect Anthony Hayward as Director          For          For                 Mgmt
                    12       Elect Andy Inglis as Director                 For          For                 Mgmt
                    13       Re-elect DeAnne Julius as Director            For          For                 Mgmt
                    14       Re-elect Sir Tom McKillop as Director         For          For                 Mgmt
                    15       Re-elect John Manzoni as Director             For          For                 Mgmt
                    16       Re-elect Walter Massey as Director            For          For                 Mgmt
                    17       Re-elect Sir Ian Prosser as Director          For          For                 Mgmt
                    18       Re-elect Peter Sutherland as Director         For          For                 Mgmt
                    19       Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    20       Authorise the Company and BP International    For          For                 Mgmt
                             Ltd to Make EU Political Organisation
                             Donations and Incur EU Political
                             Expenditure up to GBP 0.1M; Authorise Each
                             of the Company and BP International Ltd to
                             Make Donations and Incur Expenditure up to
                             GBP 0.4M
                                NAPF policy  considers  that the  duration of an authority
                                for  'political  expenditure',   even  where  the  Company
                                states that it has no  intention  of changing  its current
                                practice of not making  donations to political  parties in
                                the EU,  should not exceed 15 months  from the  passing of
                                the  resolution.  We have discussed the matter with BP and
                                understand  that the Company  does not consider the amount
                                to be  sufficiently  material  to the  business to warrant
                                renewal on an annual  basis.          Following  extensive
                                engagment,  the Company has  disclosed to RREV that in the
                                light  of the  introduction  of 2006  Companies  Act it is
                                likely that BP will seek  further  authority  with regards
                                to  political  donations  and in those  circumstances  the
                                Company will consult with shareholders  prior to putting a
                                resolution  for  approval  at a  general  meeting.  We are
                                satisfied   that   this   commitment   provides   adequate
                                reassurance to shareholders.
                    21       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications
                    22       Authorise 1,950,000,000 Ordinary Shares for   For          For                 Mgmt
                             Market Purchase
                    23       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD
                             1,626,000,000
                    24       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 244,000,000


04/30/07 - A        BRADESPAR SA                             P1808W104                          None                  21,700
                             Preferred Holders can vote on items 2 & 3
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006,
                             and Allocate Income for the Year
                    2        Elect Directors                               For          For                 Mgmt
                    3        Elect Supervisory Board Members               For          For                 Mgmt
                    4        Approve Global Remuneration of Directors      For          For                 Mgmt
                             and Executive Officers


04/24/07 - A        Bradford & Bingley plc                   G1288A101                          None                   9,682
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 13.4 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect George Cox as Director               For          For                 Mgmt
                    5        Re-elect Ian Cheshire as Director             For          For                 Mgmt
                    6        Re-elect Louise Patten as Director            For          For                 Mgmt
                    7        Reappoint KPMG Audit Plc as Auditors of the   For          For                 Mgmt
                             Company
                    8        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 50,000,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 7,930,000
                    11       Authorise 63,400,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    12       Adopt New Articles of Association             For          For                 Mgmt


10/30/06 - A        BRADKEN LTD *BKN*                        Q17369101                          10/28/06               6,405
                    1        Receive Financial and Directors' Reports      None         None                Mgmt
                             for the Financial Year Ended June 30, 2006
                    2        Adopt Remuneration Report for the Financial   For          For                 Mgmt
                             Year Ended June 30, 2006
                    3        Elect Vincent O'Rourke as Director            For          For                 Mgmt
                    4        Approve the Grant of 107,731 Performance      For          For                 Mgmt
                             Rights to Brian Hodges, Executive Director,
                             Pursuant to the Performance Rights Plan


04/27/07 - A/S      Brembo SPA                               T2204N108                          04/24/07               3,348
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for the Fiscal Year 2006
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             for the Fiscal Year 2006
                    3        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                    4        Integrate the Mandate of the External         For                              Mgmt
                             Auditor PriceWaterhouse&Coopers for the
                             Fiscal Year 2006
                    5        Extend Mandate of the External Auditor        For                              Mgmt
                             PriceWaterhouse&Coopers for the Six-Year
                             Term 2007-2012
                             Special Business
                    1        Amend Articles 2, 5, 9, 10, 11, 13, 15, 16,   For                              Mgmt
                             17, 18, 20, 22, 23 to Comply with the
                             Italian law n. 262/2005
                    2        Other Business (Related to Item 1 of the      For                              Mgmt
                             Special Business)
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        British American Tobacco plc             G1510J102                          None                  77,101
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 40.2 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    5        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    6a       Re-elect Paul Adams as Director               For          For                 Mgmt
                    6b       Re-elect Robert Lerwill as Director           For          For                 Mgmt
                    6c       Re-elect Sir Nicholas Scheele as Director     For          For                 Mgmt
                    6d       Re-elect Thys Visser as Director              For          For                 Mgmt
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 171,871,064
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 25,780,659
                    9        Approve Waiver on Tender-Bid Requirement      For          For                 Mgmt
                    10       Authorise 206,200,000 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    11       Approve British American Tobacco 2007 Long    For          For                 Mgmt
                             Term Incentive Plan
                    12       Approve Extension of British American         For          For                 Mgmt
                             Tobacco Sharesave Scheme
                    13       Approve Interim Dividend of 15.7 Pence Per    For          For                 Mgmt
                             Ordinary Share
                    14       Adopt New Articles of Association             For          For                 Mgmt


09/20/06 - A        British Energy Group plc                 G1531P152                          None                  79,622
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Re-elect Sir Adrian Montague as Director      For          For                 Mgmt
                    3        Re-elect Bill Coley as Director               For          For                 Mgmt
                    4        Elect Bob Davies as Director                  For          For                 Mgmt
                    5        Re-elect Sir Robert Walmsley as Director      For          For                 Mgmt
                    6        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    7        Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                    8        Approve Remuneration Report                   For          For                 Mgmt
                    9        Amend British Energy Group Plc Long Term      For          For                 Mgmt
                             Deferred Bonus Plan
                    10       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditure up to GBP 50,000
                    11       Amend Articles of Association Re:             For          For                 Mgmt
                             Indemnification
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 18,800,000
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,850,000


12/18/06 - S        Brixton plc                              G15932109                          None                   3,834
                    1        Amend Articles of Association Re: Real        For          For                 Mgmt
                             Estate Investment Trust


05/02/07 - A/S      Brookfield Asset Management Inc.         112585104                          03/21/07              75,003
                    *BAM.A*
                             Meeting for Class A Limited Voting Shares
                    1        Elect Directors                               For          For                 Mgmt
                    2        Amend Stock Option Plan                       For          Against             Mgmt
                                Conclusion        Where  companies are  proposing  changes
                                to the  amendment  or  black-out  provisions  of  existing
                                equity-based  compensation  plans  are  not  contemplating
                                increasing the size of such plans,  ISS will base our vote
                                recommendation  solely  on the  merits  of the  provisions
                                being  proposed.  For  clarification,  where companies are
                                also   proposing   any   other    amendments   that   will
                                substantially   affect   the   cost  of  an   equity-based
                                compensation   plan,   ISS  will   continue   to  run  our
                                proprietary  compensation  model and review  all  relevant
                                provisions  and  usage of the plan when  determining  vote
                                recommendations.           The   terms  of  the  black-out
                                provision  are  reasonable.  ISS feels  that the  proposed
                                amendment  provision  provides the board with overly broad
                                discretionary  powers to amend the company's  equity-based
                                compensation  plans as currently approved by shareholders.
                                In addition  to the  amendments  included in the  proposed
                                provision,   ISS  also  prefers  to  see  any   amendments
                                regarding the  transferability  or  assignability,  (other
                                than  for   estate   planning   purposes)   also   require
                                shareholder  approval as well as any  amendment  extending
                                the expiry date or term of an option  held by anyone,  not
                                just insiders.
                    3        Approve 2007 Stock Option Plan                For          Against             Mgmt
                                                                                    VI.
                                Vote   Recommendation        In   Canada,   ISS   recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns,  and its CEO also had an increase in total direct
                                compensation  from the prior year, it would require closer
                                scrutiny.  If more  than  half of the  increase  in  total
                                direct    compensation    is    attributable   to   equity
                                compensation,   ISS  may   recommend  a  vote  against  an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the past two fiscal  years.  Brookfield  Assets'  one-
                                and  three-year  TSR are 46 and 50 percent,  respectively.
                                Flatt's total direct  compensation in 2006 was $1,258,755,
                                down 30 percent from his 2005 figure.  More  specifically,
                                his  equity-based  compensation,  decreased  by 40 percent
                                from the  previous  year.  While the  number  of  deferred
                                share units  granted  decreased  from 9,159 to 6,832,  the
                                value  of  the  2006  award  increased  from  $331,858  to
                                $353,982.  Flatt was also granted  only 50,000  options in
                                2006  with a value of  $529,000  (2005 -  225,000  options
                                with  a  value  of  $1,128,319).  The  2005  option  award
                                included a special  grant of 150,000  options  recognizing
                                his  contribution to reposition the  corporation  over the
                                past three years in addition to 75,000  options  allocated
                                on  the  same   basis  as  the   other   Named   Executive
                                Officers.        The  estimated shareholder value transfer
                                of  the  company's   plans  of  4  percent  is  above  the
                                allowable  cap for this company of 3 percent.          The
                                plan could  permit  the  repricing  of insider  underwater
                                stock   options   with   shareholder    approval,    while
                                non-insider  options  could  have  their  terms or  expiry
                                dates    extended    without     shareholder     approval.
                                        Non-employee    directors    are   not    eligible
                                participants  in this  plan.        ISS  believes the plan
                                amendment  provision  will  grant the  board  overreaching
                                authority  to amend  the plan  without  requiring  further
                                shareholders  approval.  ISS believes  the plan  amendment
                                provision has  adequately  limited the board's  unilateral
                                authority to amend the plan going forward.
                    4        Approve Deloitte & Touche LLP as Auditors     For          For                 Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors


11/23/06 - S        Bumiputra-Commerce Holdings Bhd          Y1002C102                          None                  91,500
                    (Formerly Commerce Asset-Hol
                    1        Approve Ex-Gratia Payment of MYR 1.59         For          Against             Mgmt
                             Million to Mohd Desa Pachi, Former
                             Chairman/Independent Non-Executive Director
                                ISS is wary of exceptional  payments such as these as they
                                may compromise the  independence of independent  directors
                                and  may  set  a  precedent  of   substantial   retirement
                                payments  to  non-executive  directors.   These  directors
                                should   represent   the   interests   of  the   company's
                                shareholders,  and their decisions and their tenure should
                                not be tainted by expectations  of substantial  retirement
                                payments  and  the  like.  We  therefore   recommend  that
                                shareholders vote against this proposal.


04/26/07 - S        Bumiputra-Commerce Holdings Bhd          Y1002C102                          04/18/07             121,900
                    (Formerly Commerce Asset-Hol
                    1        Amend Articles of Association                 For          For                 Mgmt


04/26/07 - A        Bumiputra-Commerce Holdings Bhd          Y1002C102                          04/18/07             121,900
                    (Formerly Commerce Asset-Hol
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Financial Year Ended Dec.
                             31, 2006
                    2        Approve First and Final Dividend of MYR       For          For                 Mgmt
                             0.15 Per Share Less Income Tax of 27
                             Percent for the Financial Year Ended Dec.
                             31, 2006
                    3        Elect Roslan A. Ghaffar as Director           For          For                 Mgmt
                                We recommend that  shareholders  vote against Robert Cheim
                                Dau Meng,  an  executive  director,  as his  presence  may
                                compromise the independent  objective of the  Remuneration
                                Committee.
                    4        Elect Md Nor Md Yusof as Director             For          For                 Mgmt
                    5        Elect Haidar Mohamed Nor as Director          For          For                 Mgmt
                    6        Elect Hamzah Bakar as Director                For          For                 Mgmt
                    7        Elect Zainal Abidin Putih as Director         For          For                 Mgmt
                    8        Elect Syed Muhamad Syed Abdul Kadir as        For          For                 Mgmt
                             Director
                    9        Elect Robert Cheim Dau Meng as Director       For          Against             Mgmt
                    10       Elect Cezar Peralta Consing as Director       For          For                 Mgmt
                    11       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Amount of MYR 90,000 Per Director Per Annum
                             for the Financial Year Ended Dec. 31, 2006
                    12       Approve PricewaterhouseCoopers as Auditors    For          For                 Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    13       Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    14       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital


04/26/07 - A        Bure Equity Ab (Formerly Bure            W72479103                          04/20/07              13,112
                    Investment AB)
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive President's Report                    None         None                Mgmt
                    8        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    9a       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    9b       Approve Allocation of Income and Omission     For          For                 Mgmt
                             of Dividends
                    9c       Approve Discharge of Board and President      For          For                 Mgmt
                    10       Determine Number (5) of Members and Deputy    For          For                 Mgmt
                             Members of Board
                    11       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Amount of SEK 350,000 for Chairman and SEK
                             160,000 for Each Other Director
                    12       Reelect Patrik Tigerschioeld (Chair),         For          For                 Mgmt
                             Bjoern Bjoernsson, Kjell Duveblad, Haakan
                             Larsson, and Ann-Sofi Lodin as Directors
                    13       Approve Remuneration of Auditors              For          For                 Mgmt
                    14       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    15a      Approve Combined Share and Option Plan for    For          For                 Mgmt
                             Key Employees of Subsidiary (Enero-Retea
                             Group AB)
                    15b      Approve Stock Option Plan for Key Employees   For          For                 Mgmt
                             of Subsidiary (Vittra AB)
                    16a      Approve SEK 23.5 Million Reduction In Share   For          For                 Mgmt
                             Capital via Share Cancellation
                    16b      Approve Capitalization of Reserves of SEK     For          For                 Mgmt
                             23.5 Million
                    17       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                    18       Approve Repurchase of 2003/2007 Options Up    For          For                 Mgmt
                             to SEK 753.2 Million
                    19       Approve Issuance of 9 Shares without          For          For                 Mgmt
                             Preemptive Rights
                    20       Approve 1:10 Reverse Stock Split; Amend       For          For                 Mgmt
                             Articles to Reflect Split
                    21a      Approve SEK 922.4 Million Reduction In        For          For                 Mgmt
                             Share Capital and Redemption of Shares
                    21b1     Approve Capitalization of Reserves of SEK     For          For                 Mgmt
                             50.25 Million
                    21b2     Approve Capitalization of Reserves of SEK     For          For                 Mgmt
                             100.5 Million
                    21b3     Approve Capitalization of Reserves of SEK     For          For                 Mgmt
                             150 Million
                    21b4     Approve Capitalization of Reserves of SEK     For          For                 Mgmt
                             175 Million; Authorize Board to Make, or
                             Delegate Making of, Editorial Changes to
                             Adopted Resolutions in Connection with
                             Registration with Swedish Authorities
                    22       Other Business (Non-Voting)                   None         None                Mgmt
                    23       Close Meeting                                 None         None                Mgmt


05/11/07 - A/S      Buzzi Unicem Spa (Formerly Unicem)       T2320M109                          05/09/07               3,554
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006
                    2        Deliberations Relative to Authorize Share     For                              Mgmt
                             Repurchase Program and Reissuance of
                             Repurchased Shares
                    3        Deliberation Relative to Remuneration of      For                              Mgmt
                             Directors
                    4        Extend Deloitte & Touche's Mandate as         For                              Mgmt
                             External Auditors for the Six-Year Term
                             2008-2013
                    5        Amend Articles 3, 7 and 12 of the Rules       For                              Mgmt
                             Governing General Meetings
                             Special Business
                    1        Amend Articles 7, 9, 11 and 13 of the         For                              Mgmt
                             Bylaws; Introduction of Article 22;
                             Consequent Renumbering of the Following
                             Articles to Comply with the Italian Law
                             262/2005 and to Delegate Directors to
                             Increase Capital and Issue Bonds,
                             Convertibles or with Warrants
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/07/06 - A        C&C GROUP PLC                            G1826G107                          None                   8,363
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Dividends                             For          For                 Mgmt
                    3        Re-elect John Burgess as Director             For          For                 Mgmt
                    4        Re-elect Richard Holroyd as Directors         For          For                 Mgmt
                    5        Re-elect Breege O'Donoghue as Director        For          For                 Mgmt
                    6        Re-elect Maurice Pratt as Director            For          For                 Mgmt
                    7        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    8        Approve Remuneration of Directors up to a     For          For                 Mgmt
                             Maximum of EUR 700,000
                    9        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to a Maximum of EUR 1,084,000
                    10       Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to a Maximum of EUR 162,744
                    11       Authorize Share Repurchase up to 10 Percent   For          For                 Mgmt
                             of Issued Share Capital
                    12       Authorize Reissuance of Repurchased Shares    For          For                 Mgmt


04/24/07 - A        Caltex Australia Ltd. *CTX*              Q19884107                          04/22/07              69,557
                    1        Presentation of an Incident-Free Operations   None         None                Mgmt
                             Topic by the Chairman of the Board
                    2        Presentation to Shareholders by the           None         None                Mgmt
                             Chairman and the Managing Director and
                             Chief Executive Officer
                    3        Discussion by the Chairman of the Key         None         None                Mgmt
                             Issues Raised by Shareholders Prior to the
                             Annual General Meeting
                    4        Receive the Company's Financial Report,       None         None                Mgmt
                             Directors' Report, and Auditor's Report for
                             the Year Ended Dec 31, 2006
                    5        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec 31, 2006
                    6        Elect Directors                               For          For                 Mgmt
                    7        Adopt New Constitution                        For          For                 Mgmt


08/04/06 - A/S      Canaccord Capital Inc. *CCI*             134801109                          06/12/06               1,165
                    1        Elect Directors Peter M. Brown, Michael G.    For          For                 Mgmt
                             Greenwood, Arpad A. Busson, William J.
                             Eeuwes, Michael D. Harris, Brian D.
                             Harwood, Timothy J.D. Hoare, Terrence A.
                             Lyons, Paul D. Reynolds, Michael A. Walker
                             and John B. Zaozirny
                    2        Ratify Ernst & Young LLP as Auditors          For          For                 Mgmt
                    3        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    4        Approve Issuance of Shares                    For          For                 Mgmt
                                Starting  February  1,  2006,   director  annual  retainer
                                Canaccord has been increased from $25,000 to $50,000.  The
                                value of the grant being  requested is seven times (or 9.5
                                times based on the most recent  market  value) the current
                                annual  retainer,  an  enormous  amount of  money,  in our
                                view, without a compelling reason.  This, coupled with Mr.
                                Busson's  poor  attendance  record  during the past fiscal
                                year, makes it hard for us to support this resolution.


03/01/07 - A/S      Canadian Imperial Bank Of Commerce       136069101                          01/10/07               1,400
                    *CM*
                    1        Ratify Ernst & Young as Auditors              For          For                 Mgmt
                    2        Elect Directors                               For          For                 Mgmt
                    3        Amend Section 5.2 of Bylaw No. 1 Re:          For          For                 Mgmt
                             Definition of Indemnity
                    4        Amend Employee Stock Option Plan              For          For                 Mgmt
                    5        Senior Executive Compensation Be Relative     Against      Against             ShrHoldr
                             to Employees' Average Salary and the Bank's
                             Expenses and Financial Success
                                ISS  recommends  that   shareholders   vote  against  this
                                proposal  because  of it  advocates  limits  to  executive
                                compensation  which could be  inconsistent  with rewarding
                                high-performing   executives.   Central   to  the   bank's
                                compensation  philosophy is aligning pay with  performance
                                and with the  competitive  market  for  executive  talent.
                                Furthermore,  the independent  compensation  committee has
                                indicated  that  metrics  aimed at linking  executive  pay
                                with  shareholder  value  are not  only in  place  but are
                                reviewed  regularly to ensure metrics  adequately link pay
                                with performance and the market for executive talent.
                    6        Align Senior Executive Stock Option           Against      Against             ShrHoldr
                             Allocations to the Bank's Economic Value
                             Added
                                ISS  recommends  that   shareholders   vote  against  this
                                proposal because  performance  metrics  currently in place
                                are equally valid and more  understandable to shareholders
                                than EVA.  Performance  metrics  evolve  over time and the
                                board had indicated it reviews its compensation  practices
                                to ensure its  metrics  reflect  industry  best  practice.
                                Furthermore,  the bank  indicates that while options are a
                                valuable  compensation  tool for linking  compensation  to
                                shareholder  value  through share price  appreciation,  it
                                will use them judiciously.
                    7        Increase Number of Women Directors            Against      Against             ShrHoldr
                                While  ISS  Canada   recognizes  the  lack  of  meaningful
                                progress at Canadian  companies in promoting  women in the
                                boardroom,  we have found that the largest of the Canadian
                                banks are among the leaders  where this issue is concerned
                                and   therefore   believe   that   there   are  many  more
                                appropriate targets for this type of proposal.  On balance
                                we believe  that  CIBC's  commitment  to gender  diversity
                                from  the  executive  level  on up to the  board is at the
                                very least adequate if not laudable.  CIBC has an entirely
                                independent   nominating   committee  and  an  established
                                process  for  board  selection  based on a  skills  matrix
                                intended  to fill  needed  expertise  or talent to promote
                                overall board  effectiveness.  Based on our  assessment of
                                these factors, ISS Canada does not support this proposal.
                    8        Disclose Financial Statements of the Bank     Against      Against             ShrHoldr
                             Subsidiaries in the Annual Report
                                ISS  recommends  that   shareholders   vote  against  this
                                proposal  because the disclosure  requested  would neither
                                improve  shareholder  understanding  of  the  company  nor
                                enhance shareholder returns.
                    9        Disclose Bank Participation in Hedge Funds    Against      Against             ShrHoldr
                                Given the many and varied  types of  transactions  entered
                                into  by the  Bank  in  its  normal  day  to day  business
                                activities,  ISS believes it would be onerous to the point
                                of  unreasonable  for the Bank to disclose  each and every
                                transaction  that may directly or indirectly  involve what
                                might be defined as a hedge  fund.  We note  however  that
                                the Bank has responded by  committing  to some  disclosure
                                of further  developments  in this regard but at the moment
                                states  that  current  exposure is not  significant.  On a
                                larger  scale,  the concerns  expressed by the  proponents
                                and  the   examples   referred   to  point  to  a  broader
                                regulatory  issue which  regulators in both Canada and the
                                U.S. are  addressing.  ISS therefore does not support this
                                proposal.
                    10       Update Definition of Independent Director     Against      Against             ShrHoldr
                                ISS  agrees  with the  proponent  that the  definition  of
                                director  independence  should  continue  to  evolve.  ISS
                                believes that boards,  or designated  committees  have the
                                responsibility  to review  annually  the board as a whole,
                                including  its  independence  from  management.  CIBC's CG
                                Committee  is  comprised  of five  independent  directors.
                                Their  mandate  includes,  among other  things,  an annual
                                review of director  independence.  In addition, we believe
                                that the  bank's  standards,  policies  and due  diligence
                                procedures  are  designed to address  the issue  raised by
                                the  proponent,  while  giving the board some  discretion.
                                ISS does not feel that this shareholder  proposal warrants
                                support.


05/15/07 - A/S      Canadian Real Estate Investment Trust    13650J104                          03/20/07               2,352
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve Deloitte & Touche LLP as Auditors     For          For                 Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    3        Amend Declaration of Trust Re: Investments    For          For                 Mgmt
                             in Joint Ventures
                    4        Amend Declaration of Trust Re: Reports to     For          For                 Mgmt
                             Unitholders
                    5        Amend Employee Unit Purchase Plan             For          For                 Mgmt
                                Conclusion        We  believe that the proposed  amendment
                                provision provides the board with discretionary  powers to
                                amend the company's  Unit Purchase  Plan.  ISS prefers the
                                detailed  amendment  provision to also require  unitholder
                                approval to extend the  employee  contribution  limit,  or
                                extend/increase  the contribution  period.  On this basis,
                                we do  not  support  approval  of the  proposed  amendment
                                provision.


03/08/07 - A/S      Canadian Western Bank *CWB*              13677F101                          01/19/07               2,700
                    1        Ratify Deloitte & Touche LLP as Auditors      For          For                 Mgmt
                    2        Elect Charles Allard, Albrecht Bellstedt,     For          For                 Mgmt
                             Jack Donald, Allan Jackson, Wendy Leaney,
                             Robert Manning, Gerald McGavin, Howard
                             Pechet, Robert Phillips, Larry Pollock,
                             Alan Rowe, Arnold Shell as Directors
                    3        Amend Share Incentive Plan                    For          For                 Mgmt
                                Pay-For-Performance        In   2006,  ISS  implemented  a
                                pay-for-performance  assessment,  looking for  correlation
                                between  CEO's  pay and the  company's  total  shareholder
                                return.  Specifically  if a company has negative  one- and
                                three-year fiscal total shareholder  returns,  and its CEO
                                also had an increase  in total  direct  compensation  from
                                the prior year, it would require closer scrutiny.  If more
                                than half of the increase in total direct  compensation is
                                attributable to equity  compensation,  ISS may recommend a
                                vote against an  equity-based  compensation  plan in which
                                the  CEO  participates.  The  assessment  applies  to  TSX
                                Composite  Index companies that have at least three fiscal
                                years of stock price  history and have had the same CEO in
                                place  for the past  two  fiscal  years.        The  total
                                compensation   for  Larry   Pollock   for  2006   totalled
                                $2,771,045  an increase of 120 percent from his 2005 total
                                compensation.  The primary  source of this large  increase
                                was due to a one-time  grant of 160,00  retention  options
                                which are valued at just over $1.5  million  options.  The
                                options  vest in  unequal  tranches  over  the  next  five
                                years;  20,000 on January 2, 2007,  20,000 in 2008, 30,000
                                in 2009,  40,000 in 2010,  and the  final  50,000 in 2011.
                                The retention  options were granted in accordance with the
                                terms of his  revised  employment  agreement.  If  Pollock
                                ceases to be employed by the bank,  any  unvested  options
                                will be  forfeited.  The  estimated  fair  value  of stock
                                options  granted in 2006,  $100,518  is a  decrease  of 58
                                percent  from his 2005 option  grant.  If the value of the
                                retention   options  is   removed   from  the  2006  total
                                compensation  calculation,  it  results  in a 4.8  percent
                                decrease from 2005 to 2006.  The bank's total  shareholder
                                returns for the one- and  five-year  periods  were 22% and
                                30%  respectively.        Vote   Recommendation        The
                                total  cost of the  company's  plans  of 4.62  percent  is
                                within  the   allowable  cap  for  this  company  of  4.82
                                percent.   This   plan  does  not   include   non-employee
                                directors  as  eligible  participants.  The  terms  of the
                                black-out  provision  are  reasonable.  ISS  does not feel
                                that the proposed  amendment  provision as it is currently
                                drafted  adequately  restricts the amending powers of plan
                                administrators.  Given the June 30, 2007 deadline  imposed
                                by the TSX, ISS accepts the bank's  written  commitment to
                                address  our  concerns,   and  we  will  not  oppose  this
                                resolution  at this time. If a proposal to carve out these
                                additional  amendments  is not  proposed by the next AGM ,
                                ISS  will  review  the   situation  and  consider  a  vote
                                recommending  to withhold  votes from the election of each
                                member of the  Corporate  Governance  and Human  Resources
                                Committee.


03/28/07 - A        Canon Electronics, Inc. *7739*           J05082102                          12/31/06                 190
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 30, Final
                             JY 35, Special JY 0
                    2        Amend Articles to: Authorize Board to         For          Against             Mgmt
                             Determine Income Allocation - Limit Rights
                             of Odd-lot Holders - Increase Maximum Board
                             Size - Lower Quorum Requirement for Special
                             Business
                                Because   allowing   the  company  to   determine   income
                                allocation   at   the   board's   discretion   is  not  in
                                shareholders'  interest,  we recommend  that  shareholders
                                oppose the whole resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties  to  those  companies  and  their   affiliates,   the
                                nominees  for  independent  auditor  (candidates  2 and 3)
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                    7        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.


03/29/07 - A        Canon Inc. *7751*                        J05124144                          12/31/06               9,684
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 50, Final
                             JY 50, Special JY 0
                    2        Amend Articles to: Expand Business Lines -    For          For                 Mgmt
                             Limit Rights of Odd-lot Holders - Update
                             Terminology to Match that of New Corporate
                             Law
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors


03/13/07 - A        Carlsberg                                K36628137                          02/28/07              17,605
                    1        Receive Report of Board                       None         None                Mgmt
                    2        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports; Approve Discharge of Board of
                             Directors and Executive Board
                    3        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    4        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    5        Reelect Povl Krogsgaard-Larsen, Jens Bigum,   For          For                 Mgmt
                             and Henning Dyremose as Directors
                    6        Ratify KPMG C. Jespersen as Auditors          For          For                 Mgmt
                    7        Amend Articles Re: Change Company s           For          For                 Mgmt
                             Registrar to VP Investor Services; Reduce
                             Directors' Term of Office from Two/Three
                             Years to Two Years


04/20/07 - A        Carso Global Telecom SA de CV            P2142R108                          None                  70,600
                             Only A1 Shareholders Who are Mexican
                             National Can Vote at This Meeting
                    1        Accept Board of Directors and Audit           For          For                 Mgmt
                             Committee Reports; Accept Compliance of
                             Fiscal Obligations Report for 2006 Fiscal
                             Year; Approve Discharge of Directors;
                             Accept Individual and Consolidated
                             Financial Statements and Statutory Reports
                                This is the company's  routine  submission of the board of
                                directors'  report,  the board  committees'  reports,  the
                                CEO's report,  and the annual income corporate tax report.
                                In Mexico,  these  documents are not  routinely  available
                                outside   the   company's   headquarters   prior   to  the
                                meeting.                Although   the   reports  are  not
                                available,  ISS sees no reason to object to this  proposal
                                unless  we  are  aware  of a  specific  problem  with  the
                                company's   performance,   financial   statements,   audit
                                procedures,  or actions of the  board.  We are  unaware of
                                any   problems   with  the   company   or  its   auditors.
                                        Mexican  companies  have  begun to  present at the
                                AGM, a report including all  transactions  regarding their
                                fiscal  responsibilities  during the last fiscal year,  as
                                mandated  by the  Mexican  Income  Tax  Law  (Article  86,
                                section  XXI). We recommend  approval of this request,  as
                                it would enhance transparency to shareholders.
                    2        Approve Allocation of Income                  For          For                 Mgmt
                                This resolution  seeks approval of management's  plans for
                                allocating  income for the year,  including  the  proposed
                                dividend.  No  information  was  available  on  how  Carso
                                Global  Telecom  plans  to  allocate  its  income  or  its
                                proposed dividend.  However, most Mexican companies do not
                                disclose this  information.        We use a minimum payout
                                ratio  of 30  percent  and a  maximum  of 100  percent  as
                                benchmarks  to  trigger  further  analysis.   Although  no
                                information  was  available  on how Carso  Global  Telecom
                                plans to allocate  income,  most Mexican  companies do not
                                disclose income allocation details.  Nevertheless, we note
                                that  the  company  has  not   distributed  and  paid  any
                                dividends  since 1999 due to  investment  and debt service
                                commitments  (source:  2005 annual report,  pp. 24-25). In
                                addition,  the  company  has a rigorous  share  repurchase
                                program,  which has returned  capital to  shareholders  in
                                the  amount of a  7.5-percent  reduction  in the number of
                                shares  outstanding  between the fiscal  years of 2002 and
                                2005.   In  this   context,   we   believe   it  would  be
                                counterproductive  not to support this routine item on the
                                basis  of lack of  disclosure  unless  we were  aware of a
                                problem with the proposed allocation.  ISS is not aware of
                                any such problems
                    3        Approve Discharge of Management Board;        For          For                 Mgmt
                             Elect/Reelect Directors and Chair to Audit
                             Committee and Fix Their Remuneration
                                Items 2-3: This is a two-part  resolution.  The first part
                                requests that  shareholders  approve the formal  discharge
                                of the  directors  and  supervisory  board members for the
                                previous  fiscal  year.  This  annual  request  represents
                                shareholder  endorsement of actions taken during the year.
                                Discharge is a tacit vote of  confidence  in the company's
                                management   and   policies.   It  does  not   necessarily
                                eliminate the  possibility of future  shareholder  action,
                                although  it does  make  such  action  more  difficult  to
                                pursue.        Discharge  generally  is  granted  unless a
                                shareholder  states a specific  reason for withholding it.
                                Withholding   discharge   is   advisable   only   when   a
                                shareholder  has concrete  evidence of negligence or abuse
                                on the part of the board or management,  has plans to take
                                legal  action,  or has  knowledge  of other  shareholders'
                                plans to take  legal  action.  We are  unaware of any such
                                instance.        The  second  part  asks  shareholders  to
                                elect   directors,   supervisory   board  members,   their
                                respective  alternates,  committee members and chairman of
                                the audit  committee  for fiscal  year 2007.  The  company
                                also asks shareholders to approve their remuneration.  The
                                company  failed to disclose  the names of the  nominees to
                                the board and their proposed remuneration.  Given the lack
                                of  disclosure,  ISS is unable to comment  on the  current
                                composition  of the company's  board.        Most  Mexican
                                companies'  boards  are  unclassified,  meaning  that each
                                director must stand for reelection each year.  Supervisory
                                boards  carry  out  internal  auditing  functions  and are
                                usually  composed of external  officers.        ISS  notes
                                that in the April 28,  2006  AGM,  shareholders  elect the
                                following  individuals  to the board of  directors:  Jaime
                                Chico  Pardo   (chairman),   Carlos  Slim  Helu  (honorary
                                chairman),  Carlos  Slim  Domit  (vicechairman),  Humberto
                                Gutierrez,   Claudio   Gonzalez   and   Juan   A.   Perez.
                                Shareholders  also  elected  a same  amount  of  alternate
                                directors.  Alberto  Turcio  and  Fernando  Espinosa  were
                                ratified  as  principal  and  alternate   members  of  the
                                supervisory  board,  respectively.  At the  same  meeting,
                                shareholders  set  individual  directors  and  supervisory
                                board members  remuneration levels as follows:  MXN 12,000
                                ($1,076)        per        each        meeting        they
                                participate.        According   to   Carso   Global,   and
                                meeting  the  criteria  and  recommendations  of  the  New
                                Mexican   Securities   Law,   shareholders   ratified  the
                                qualification  as  independent   directors  of  Jose  Kuri
                                Harfush,  Claudio  Gonzalez and Juan A.  Perez.        The
                                Audit  committee was also elected and  shareholders  chose
                                the  following  members:  Jose Kuri Harfush  (chairman and
                                alternate   director),   Eduardo  Valdes  Acra  (alternate
                                director) and Juan A. Perez.  The individual  remuneration
                                for this  committee  was set at MXN 6,000  ($538) per each
                                meeting they participate.        The  nominees' names were
                                not disclosed prior to the meeting,  and the elections are
                                presented  as a single  voting  item.  Although we believe
                                that  withholding  director names prior to the meeting and
                                presenting  director  elections  as a single  voting  item
                                disenfranchises   the  growing  number  of   institutional
                                shareholders  voting by proxy and precludes  institutional
                                shareholders  from  their  rights as owners to assess  the
                                performance  of individual  directors,  we recognize  that
                                changing   this   practice   is  best   achieved   through
                                engagement  with  Mexican  issuers.  Thus,  we will engage
                                with  companies  in  raising  awareness  about  this issue
                                during 2007; in 2008, we will recommend that  shareholders
                                oppose  routine  director   elections  where  no  director
                                nominee information is available.
                    4        Elect Board Committees and Fix Their          For          For                 Mgmt
                             Remuneration
                    5        Set Aggregate Nominal Amount of Share         For          For                 Mgmt
                             Repurchase Reserve; Approve Share
                             Repurchase Policy
                                This is the company's  submission of the share  repurchase
                                reserves  report in accordance  with the  requirements  of
                                the  Mexican   Banking  and   Securities   Commission  and
                                Securities  Market  law  passed  on March 19,  2003.  This
                                resolution  would  inform  shareholders  about  the  share
                                repurchases  carried out with funds  either from  revenues
                                or reserve  accounts during the fiscal year ended Dec. 31,
                                2006.        Although   no   information   was   disclosed
                                regarding  the  proposed  or  current  amount  set  by the
                                company for its share repurchase  program,  ISS notes that
                                as of Dec. 31, 2005,  the company had 41.4 million  shares
                                in  treasury,   which  represented  1.18  percent  of  the
                                outstanding  capital.                The  ordinary general
                                meeting  would have to decide,  for each fiscal year,  the
                                maximum   amount  of  funds  to  be   allocated   for  the
                                repurchase  of shares,  which in no case would  exceed the
                                total of the net profits,  including the retained earnings
                                fund.  The company can only make a general  repurchase  of
                                shares        subject        to       the        following
                                conditions:        --  The  repurchase of securities
                                must be  implemented  on the Mexican  Stock  Exchange  and
                                authorized   by  the  Mexican   Banking   and   Securities
                                Commission.        --   The  company's  articles  of
                                association  must  authorize  and state the  limits of the
                                repurchase.        --   The   repurchase   must   be
                                authorized    by     shareholders.        --     The
                                repurchase    must    be   made    at    market    prices.
                                        --  The repurchase of more than 3 percent of
                                outstanding shares in one or more transactions,  within 20
                                business  days,  must  be made  through  a  tender  offer.
                                        We  recommend  support for the board's  request to
                                make public this information before the meeting.
                    6        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                                This item  seeks to appoint an  inspector  or  shareholder
                                representative(s)  to keep  the  minutes  of the  meeting.
                                        This  is a routine  formality that does not affect
                                shareholder value.


06/28/07 - A        Casio Computer Co. Ltd. *6952*           J05250139                          03/31/07              66,900
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 23
                    2        Amend Articles to: Reduce Directors Term in   For          For                 Mgmt
                             Office
                                The proposed change meets our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Statutory Auditors
                                The  ceiling  would be raised  from JY 50 million per year
                                to JY 70 million per year.  After the meeting,  the number
                                of   statutory   auditors   will   increase   from   3  to
                                4.                Because   the   new   ceiling   is   not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Catcher Technology Co Ltd                Y1148A101                          04/29/07              50,600
                    1        Accept 2006 Financial Statements              For          For                 Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Amend Articles of Association                 For          For                 Mgmt
                    4        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                    5        Amend Endorsement and Guarantee Operating     For          For                 Mgmt
                             Guidelines
                    6        Amend Operating Procedures for Loan of        For          For                 Mgmt
                             Funds to Other Parties
                    7        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    8        Amend Rules and Procedures Regarding          For          For                 Mgmt
                             Shareholder Meeting
                    9        Other Business                                For          Against             Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


06/15/07 - A        CATHAY FINANCIAL HOLDING CO., LTD.       Y11654103                          04/16/07              71,971
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Amend Articles of Association                 For          For                 Mgmt
                    4        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    5        Amend Election Rules of Directors and         For          For                 Mgmt
                             Supervisors
                    6        Elect Directors                               For          For                 Mgmt
                    7        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors


04/18/07 - A        Cementir SpA                             T27468171                          04/16/07               3,333
                             Annual Meeting Agenda
                    1        Accept Financial Statements for Fiscal Year   For                              Mgmt
                             2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/21/07 - S        Cementir SpA                             T27468171                          06/19/07               3,333
                             Special Meeting Agenda
                    1        Amend Articles of the Company's Bylaws also   For                              Mgmt
                             to Comply with the Italian Law 262/2005 and
                             with the Legislative Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/07/06 - S        CEMEX S.A.B. de C.V.                     P22561321                          None                 168,166
                             Each CPO is Composed of 2 Class A Shares
                             and 1 Class B Shares; Only Mexican
                             Nationals Who Own Class A Shares Are
                             Entitled to Vote
                    1        Discuss and Authorize a Corporate             For          For                 Mgmt
                             Transaction after Listening to the Report
                             of the CEO and the Opinion of the Board of
                             Directors
                    2        Approve Minutes of Meeting; Designate         For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting


04/26/07 - A        CEMEX S.A.B. de C.V.                     P22561321                          None                 238,966
                             Each CPO is Composed of 2 Class A Shares
                             and 1 Class B Shares; Only Mexican
                             Nationals Who Own Class A Shares Are
                             Entitled to Vote
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for 2006 Fiscal Year
                    2        Approve Allocation of Income; Set Aggregate   For          For                 Mgmt
                             Nominal Amount of Share Repurchase
                    3        Authorize Increase in Variable Portion of     For          For                 Mgmt
                             Capital via Capitalization of Accumulated
                             Profits Account
                    4        Elect Board Members; Elect Members and        For          For                 Mgmt
                             Chairman of Both Audit and Corporate
                             Practices Committee
                    5        Approve Remuneration of Directors and         For          For                 Mgmt
                             Members of the Board Committees
                    6        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting


06/22/07 - S        Cemig, Companhia Energetica De Minas     P2577R110                          None                  19,152
                    Gerais
                    1        Elect Directors                               For          For                 Mgmt


05/14/07 - A        Centrica plc                             G2018Z143                          None                 315,743
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                We  are   raising  no   significant   concerns   regarding
                                remuneration at this Company.
                    3        Approve Final Dividend of 8 Pence Per         For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Phil Bentley as Director             For          For                 Mgmt
                    5        Re-elect Roger Carr as Director               For          For                 Mgmt
                    6        Elect Sam Laidlaw as Director                 For          For                 Mgmt
                    7        Elect Nick Luff as Director                   For          For                 Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 125,000
                                No such donations were made during the year.
                    11       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 48,869,957
                    13       Subject to the Passing of Resolution 12,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 11,306,502
                    14       Authorise 366,330,669 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase


09/19/06 - S        CERMAQ ASA                               R1536Z104                          None                   3,278
                    1        Open Meeting and Registration of              None         None                Mgmt
                             Shareholders
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Approve NOK 750 Million Transfer from Share   For          For                 Mgmt
                             Premium Account to Other Equity


04/23/07 - A        Cez A.S.                                 X2337V121                          04/17/07               2,172
                    1        Open Meeting; Elect Chairman and Other        For                              Mgmt
                             Meeting Officials; Approve Procedural Rules
                    2        Accept Report on Operations in 2006           For                              Mgmt
                    3        Accept Supervisory Board Report               For                              Mgmt
                    4        Approve Liquidation of Social Fund and        For                              Mgmt
                             Rewards Fund
                    5        Amend Statute                                 For                              Mgmt
                    6        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports; Accept Consolidated Financial
                             Statements and Statutory Reports
                    7        Approve Allocation of Income and Dividends    For                              Mgmt
                    8        Approve Renewal of System of Management       For                              Mgmt
                             Control in Power Plant Dukovany - Modules
                             M3-M5
                    9        Decide on Volume of Company's Sponsorship     For                              Mgmt
                             Funds
                    10       Approve Share Repurchase Program              For                              Mgmt
                    11       Approve Changes to Composition of             For                              Mgmt
                             Supervisory Board
                    12       Approve Contracts and Related Benefits        For                              Mgmt
                    13       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/15/07 - A/S      CFF Recycling (Formerly Compagnie        F1552K125                          03/12/07                 382
                    Francaise de Ferrail)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.60 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Reelect Jean-Pierre Schires as Director       For                              Mgmt
                    6        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    7        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 50 Million
                    8        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 50 Million
                    9        Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 50 Million for Bonus Issue or
                             Increase in Par Value
                    10       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    11       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Charter plc                              G2067Y104                          None                  59,570
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Re-elect Grey Denham as Director              For          For                 Mgmt
                    4        Re-elect Andrew Osborne as Director           For          For                 Mgmt
                    5        Re-elect John Neill as Director               For          For                 Mgmt
                    6        Elect James Deeley as Director                For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,111,259
                    10       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 166,688
                    11       Authorise 16,668,885 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    12       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditure up to GBP 25,000
                    13       Approve Authority to Send or Supply           For          For                 Mgmt
                             Shareholder Communications by Publication
                             on a Website


05/24/07 - A        Chaucer Holdings plc                     G2071N102                          None                  24,542
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 2.90 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    5        Authorise the Limit of Ordinary Shares Held   For          For                 Mgmt
                             by the Chaucer Holdings Plc Employee
                             Benefit Trust
                    6        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 26,038,666
                    7        Subject to and Conditional Upon the Passing   For          For                 Mgmt
                             of Resolution 6, Authorise Issue of Equity
                             or Equity-Linked Securities without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 3,905,799
                    8        Authorise 31,246,399 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    9        Adopt New Articles of Association             For          For                 Mgmt


03/22/07 - A        Chemring Group plc                       G20860105                          None                   2,727
                             Preference Shareholders are not Entitled to
                             Attend and Vote at the Meeting.
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 11.20 Pence Per     For          For                 Mgmt
                             Ordinary Share
                    4        Elect Lord Freeman as Director                For          For                 Mgmt
                    5        Re-elect Kenneth Scobie as Director           For          Abstain             Mgmt
                    6        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 538,246
                    8        Subject to the Passing of Resolution 7,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 80,587
                    9        Authorise 3,223,507 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase
                    10       Amend Articles of Association Re: Treasury    For          For                 Mgmt
                             Shares
                    11       Amend Articles of Association Re:             For          Against             Mgmt
                             Indemnification
                    12       Amend Articles of Association Re: Borrowing   For          For                 Mgmt
                             Limits
                    13       Amend Articles of Association Re: CREST       For          For                 Mgmt
                             Proxies
                    14       Amend Articles of Association Re:             For          For                 Mgmt
                             Retirement of Directors Over the Age of 70
                    15       Amend Articles of Association Re: Alternate   For          For                 Mgmt
                             Directors


06/13/07 - A        China Construction Bank Corporation      Y1397N101                          05/21/07             371,000
                    1        Accept Report of the Board of Directors       For          For                 Mgmt
                    2        Accept Report of the Board of Supervisors     For          For                 Mgmt
                    3a       Reelect Guo Shuqing as Executive Director     For          For                 Mgmt
                    3b       Reelect Zhang Jianguo as Executive Director   For          For                 Mgmt
                    3c       Reelect Zhao Lin as Executive Director        For          For                 Mgmt
                    3d       Reelect Luo Zhefu as Executive Director       For          For                 Mgmt
                    3e       Reelect Wang Shumin as Non-Executive          For          For                 Mgmt
                             Director
                    3f       Reelect Wang Yonggang as Non-Executive        For          For                 Mgmt
                             Director
                    3g       Reelect Liu Xianghui as Non-Executive         For          For                 Mgmt
                             Director
                    3h       Reelect Zhang Xiangdong as Non-Executive      For          For                 Mgmt
                             Director
                    3i       Reelect Gregory L. Curl as Non-Executive      For          For                 Mgmt
                             Director
                    3j       Reelect Song Fengming as Independent          For          For                 Mgmt
                             Non-Executive Director
                    3k       Reelect Tse Hau Yin, Aloysius as              For          For                 Mgmt
                             Independent Non-Executive Director
                    3l       Reelect Elaine La Roche as Independent        For          For                 Mgmt
                             Non-Executive Director
                    3m       Reelect Peter Levene as Independent           For          For                 Mgmt
                             Non-Executive Director
                    3n       Elect Wang Yong as Non-Executive Director     For          For                 Mgmt
                    3o       Elect Li Xiaoling as Non-Executive Director   For          For                 Mgmt
                    4a       Reelect Xie Duyang as Supervisor              For          For                 Mgmt
                    4b       Reelect Liu Jin as Supervisor                 For          For                 Mgmt
                    4c       Reelect Jin Panshi as Supervisor              For          For                 Mgmt
                    4d       Reelect Guo Feng as External Supervisor       For          For                 Mgmt
                    4e       Elect Dai Deming as External Supervisor       For          For                 Mgmt
                    5        Approve Final Emoluments Distribution Plan    For          For                 Mgmt
                             for Directors and Supervisors
                    6        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    7        Approve Profit Distribution Plan and          For          For                 Mgmt
                             Dividend
                    8        Authorize Board to Deal with Matters          For          For                 Mgmt
                             Related to the Declaration of Interim
                             Dividend of 2007, the Interim Dividend of
                             2007 Should be 45 Percent of the After-Tax
                             Net Profit of the Bank in the First Half of
                             2007
                    9        Accept Final Accounts                         For          For                 Mgmt
                    10       Approve Capital Expenditure Budget for 2007   For          For                 Mgmt
                    11       Approve Cooperation Agreement Between the     For          For                 Mgmt
                             Company and Bank of America Corporation and
                             Establishment of a Joint Venture
                    12       Authorize Directors to Deal with Matters      For          Against             Mgmt
                             Related to Liability Insurance of
                             Directors, Supervisors and Senior
                             Management in Accordance with Market
                             Practice
                                Due to the company's  failure to provide  specific details
                                regarding  the scope and the  terms of this  proposal,  we
                                are  unable to  ascertain  whether  approval  of this item
                                would have any negative  impact on  shareholder  rights or
                                shareholder  value.  In view of this,  we recommend a vote
                                against this resolution.
                    13       Reappoint KPMG Huazhen and KPMG as Domestic   For          For                 Mgmt
                             and International Auditors Respectively and
                             Authorize Board to Fix Their Remuneration
                    14       Authorize Issuance of Subordinated Bonds      For          For                 Mgmt


10/16/06 - S        CHINA LIFE INSURANCE CO LTD              Y1477R204                          09/15/06             101,000
                             Special Business
                    1a       Approve Issuance of A Shares                  For          For                 Mgmt
                    1b       Approve Issuance of Not More Than 1.5         For          For                 Mgmt
                             Billion A Shares
                    1c       Approve Nominal Value of Each A Share at      For          For                 Mgmt
                             RMB 1.0 Each
                    1d       Approve Target Subscribers of A Shares        For          For                 Mgmt
                    1e       Approve Issue Price of A Shares               For          For                 Mgmt
                    1f       Approve Shanghai Stock Exchange as Place of   For          For                 Mgmt
                             Listing of A Shares
                    1g       Approve Use of Proceeds from the A Share      For          For                 Mgmt
                             Issue
                    1h       Approve Entitlement to Accumulated Retained   For          For                 Mgmt
                             Earnings of the Company of Existing and New
                             Shareholders Whose Names Appear on the
                             Register of Members of the Company after
                             Completion of A Share Issue
                    1i       Approve Effectivity of A Share Issue for a    For          For                 Mgmt
                             Period of 12 Months from the Date of
                             Approval
                    1j       Authorize Board to Determine and Deal with,   For          For                 Mgmt
                             at Their Discretion and Full Authority,
                             Matters in Relation to the A Share Issue
                    1k       Authorize Board to Determine Matters in       For          For                 Mgmt
                             Relation to Strategic Investors
                    1l       Authorize Board to Execute All Documents      For          For                 Mgmt
                             and Do All Acts Necessary to Give Effect to
                             A Share Issue
                    2        Amend Articles Re: A Share Issuance           For          For                 Mgmt
                             Ordinary Business
                    3        Adopt Procedural Rules of the Shareholders'   For          For                 Mgmt
                             General Meetings
                    4        Adopt Procedural Rules of the Board Meetings  For          For                 Mgmt
                    5        Adopt Procedural Rules of the Supervisory     For          For                 Mgmt
                             Committee Meetings
                    6        Approve Establishment of the China Life       For          For                 Mgmt
                             Charity Fund


12/29/06 - S        CHINA LIFE INSURANCE CO LTD              Y1477R204                          11/29/06             101,000
                    1        Approve Employee Share Incentive Plan         For          Against             Mgmt
                                We note, however,  that the company would be allocating up
                                to 10 percent of its net  profits for the  incentive  fund
                                and an equivalent  of 10 percent of the  company's  issued
                                capital  for  share   awards   without   providing   clear
                                performance  targets and vesting  periods on which to base
                                share  awards.  Given the cost to the  company  of funding
                                the  incentive  awards and in the  absence of  performance
                                targets and vesting  periods,  we  recommend  shareholders
                                vote against this resolution.
                    2        Elect Ngai Wai Fung as Independent            For          For                 Mgmt
                             Non-Executive Director


06/12/07 - A        CHINA LIFE INSURANCE CO LTD              Y1477R204                          05/11/07              76,000
                    1        Accept Report of the Board of Directors       For          For                 Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                 Mgmt
                    3        Accept Financial Statements and Auditors'     For          For                 Mgmt
                             Report
                    4        Approve Profit Distribution and Cash          For          For                 Mgmt
                             Dividend Distribution Plan
                    5        Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors and Supervisors
                    6        Approve Purchase of Liability Insurance for   For          Against             Mgmt
                             Directors and Management and Authorize
                             Board to Organize and Implement It
                                Due to the company's  failure to provide  specific details
                                regarding  the scope and the  terms of this  proposal,  we
                                are  unable to  ascertain  whether  approval  of this item
                                would have any negative  impact on  shareholder  rights or
                                shareholder  value.  In view of this,  we recommend a vote
                                against this resolution.
                    7        Reappoint PricewaterhouseCoopers Zhong Tian   For          For                 Mgmt
                             CPAs Co. Ltd., Certified Public Accountants
                             and PricewaterhouseCoopers, Certified
                             Public Accountants as PRC and International
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    8        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.


06/22/07 - A        CHINA MENGNIU DAIRY CO LTD               G21096105                          06/18/07              78,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                 Mgmt
                    3a       Reelect Jiao Shuge as Director and            For          For                 Mgmt
                             Authorize Board to Fix His Remuneration
                    3b       Reelect Lu Jun as Director and Authorize      For          For                 Mgmt
                             Board to Fix Her Remuneration
                    3c       Reelect Wang Huibao as Director and           For          For                 Mgmt
                             Authorize Board to Fix His Remuneration
                    4        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/15/07 - A        CHINA MERCHANTS BANK CO LTD              Y14896115                          05/15/07             112,000
                    1        Accept Report of the Board of Directors       For          For                 Mgmt
                    2        Accept Report of the Board of Supervisors     For          For                 Mgmt
                    3        Accept Audited Financial Statements and       For          For                 Mgmt
                             Statutory Reports
                    4        Accept Final Financial Report                 For          For                 Mgmt
                    5        Approve Profit Appropriations Plan            For          For                 Mgmt
                             Including the Distribution of Final Dividend
                                This  item  seeks  shareholder  approval  for  the  profit
                                appropriation   proposal  for  the  year  2006.   Relevant
                                regulations  in the  People's  Republic  of China  and the
                                articles of association of the company  require 10 percent
                                of  profits to be  transferred  to the  statutory  surplus
                                reserve  account and the  transfer to this reserve must be
                                made   before   the    distribution    of   dividends   to
                                shareholders.                   In   addition,  the  board
                                recommends  the  payment of a first and final  dividend of
                                RMB 0.12 ($0.015) per share,  up from RMB 0.08 ($0.010) in
                                the  previous  period.  This  gives  the  company a payout
                                ratio of 22.6  percent,  down  from  23.5  percent  in the
                                previous    period.                We    use   a   minimum
                                30-percent  and a maximum  100-percent  ratio as  triggers
                                for further  analysis.  When the payout  ratio falls below
                                our minimum standard of 30 percent,  we recommend a closer
                                analysis of the  allocation  proposal.  As the company had
                                its initial  public  offering  in May 9, 2002,  we believe
                                that the board is using the company's  cash to reinvest in
                                the company for growth and  expansion.  We typically  give
                                newly listed  companies a period of five years to bring up
                                their  payout  ratios to meet our  guidelines.  Given that
                                the company is in its fifth year as a listed  company,  we
                                recommend   that   shareholders   support  this   dividend
                                proposal.                This  is  a  common  request  for
                                companies  incorporated in the People's  Republic of China
                                and we see no reason to oppose such requests.
                    6        Appoint Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration
                                The board  seeks to appoint  auditors  of the  company for
                                the  year.  We  note  however  that  the  auditors  report
                                contained  in the annual  report is  unqualified,  meaning
                                that  in  the  opinion  of  the  auditors,  the  financial
                                statements  are  fairly   presented  in  accordance   with
                                International   Financial   Reporting  Standards  and  the
                                disclosure   requirements   of  the  Hong  Kong  Companies
                                Ordinance.  Also included in this  resolution is the grant
                                of  board  authority  to  fix  the   remuneration  of  the
                                auditors.   In  the  absence  of  issues   concerning  the
                                auditors  and the  way the  audit  was  conducted,  a vote
                                supporting this proposal is recommended.
                    7a       Reelect Qin Xiao as Non-Executive Director    For          For                 Mgmt
                    7b       Reelect Fu Yuning as Non-Executive Director   For          For                 Mgmt
                    7c       Reelect Li Yinquan as Non-Executive Director  For          For                 Mgmt
                    7d       Reelect Huang Dazhan as Non-Executive         For          For                 Mgmt
                             Director
                    7e       Elect Ding An Hua, Edward as Non-Executive    For          For                 Mgmt
                             Director
                    7f       Reelect Wei Jiafu as Non-Executive Director   For          For                 Mgmt
                    7g       Reelect Sun Yueying as Non-Executive          For          For                 Mgmt
                             Director
                    7h       Reelect Wang Daxiong as Non-Executive         For          For                 Mgmt
                             Director
                    7i       Reelect Fu Junyuan as Non-Executive Director  For          For                 Mgmt
                    7j       Reelect Ma Weihua as Executive Director       For          For                 Mgmt
                    7k       Elect Zhang Guanghua as Executive Director    For          For                 Mgmt
                    7l       Elect Li Hao as Executive Director            For          For                 Mgmt
                    7m       Reelect Wu Jiesi as Independent               For          For                 Mgmt
                             Non-Executive Director
                    7n       Elect Yan Lan as Independent Non-Executive    For          For                 Mgmt
                             Director
                    7o       Elect Song Lin as Independent Non-Executive   For          For                 Mgmt
                             Director
                    7p       Reelect Chow Kwong Fai, Edward as             For          For                 Mgmt
                             Independent Non-Executive Director
                    7q       Reelect Liu Yongzhang as Independent          For          For                 Mgmt
                             Non-Executive Director
                    7r       Reelect Liu Hongxia as Independent            For          For                 Mgmt
                             Non-Executive Director
                    7s       Elect Hong Xiaoyuan as Non-Executive          For          For                 Mgmt
                             Director
                    8a       Reelect Zhu Genlin as Shareholder             For          For                 Mgmt
                             Representative Supervisor
                    8b       Reelect Chen Haoming as Shareholder           For          For                 Mgmt
                             Representative Supervisor
                    8c       Elect Dong Xiande as Shareholder              For          For                 Mgmt
                             Representative Supervisor
                    8d       Elect Li Jiangning as Shareholder             For          For                 Mgmt
                             Representative Supervisor
                    8e       Reelect Shi Jiliang as External Supervisor    For          For                 Mgmt
                    8f       Reelect Shao Ruiqing as External Supervisor   For          For                 Mgmt
                    9        Accept Duty Performance and                   For          For                 Mgmt
                             Cross-Evaluation Reports of Independent
                             Non-Executive Directors
                    10       Accept Assessment Report on the Duty          For          For                 Mgmt
                             Performance of Directors
                    11       Accept Duty Performance and                   For          For                 Mgmt
                             Cross-Evaluation Reports of External
                             Supervisors
                    12       Accept Related Party Transaction Report       For          For                 Mgmt


05/16/07 - A        China Mobile (Hong Kong) Limited         Y14965100                          05/11/07              97,785
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2a       Approve Final Dividend                        For          For                 Mgmt
                    2b       Approve Special Dividend                      For          For                 Mgmt
                    3a       Reelect Wang Jianzhou as Director             For          For                 Mgmt
                    3b       Reelect Li Yue as Director                    For          For                 Mgmt
                    3c       Reelect Zhang Chenshuang as Director          For          For                 Mgmt
                    3d       Reelect Frank Wong Kwong Shing as Director    For          For                 Mgmt
                    3e       Reelect Paul Michael Donovan as Director      For          For                 Mgmt
                    4        Reappoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


01/22/07 - S        China Petroleum & Chemical Corp.         Y15010104                          12/22/06             535,566
                             Special Business
                    1        Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights
                    2        Approve Issuance of Up to $1.5 Billion        For          For                 Mgmt
                             Convertible Bonds within 12 Months from the
                             Date of Approval
                    3        Authorize Board to Deal with All Matters in   For          For                 Mgmt
                             Connection with the Issuance of Convertible
                             Bonds
                    4        Approve Issuance of Up to RMB 10 Billion      For          For                 Mgmt
                             Domestic Corporate Bonds within 12 Months
                             from the Date of Approval
                    5        Authorize Board to Deal with All Matters in   For          For                 Mgmt
                             Connection with the Issuance of Domestic
                             Corporate Bonds


05/29/07 - A        China Petroleum & Chemical Corp.         Y15010104                          04/30/07             591,783
                    1        Accept the Report of the Board of Directors   For          For                 Mgmt
                    2        Accept the Report of the Supervisory          For          For                 Mgmt
                             Committee
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Profit Distribution Plan and Final    For          For                 Mgmt
                             Dividend
                    5        Approve KPMG Huazhen and KPMG as Domestic     For          For                 Mgmt
                             and Overseas Auditors and Authorize Board
                             to Fix Their Remuneration
                    6        Approve Sichuan-to-East China Gas Project     For          For                 Mgmt
                    7        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Approve Issuance of Corporate Bonds           For          For                 Mgmt
                    9        Authorize Board to Deal with All Matters in   For          For                 Mgmt
                             Connection with the Issuance of Corporate
                             Bonds and Formulation and Execution of All
                             Necessary Legal Documents for Such Purpose


12/06/06 - S        CHINA POWER INTERNATIONAL DEVELOPMENT    Y1508G102                          12/05/06             380,000
                    LTD
                    1        Approve Acquisition of 390.9 Million Shares   For          For                 Mgmt
                             in the Issued Capital of Shanghai Electric
                             Power Co., Ltd. from China Power Investment
                             Corp. for a Total Consideration of RMB 1.7
                             Billion
                                I. Transaction Summary        Acquirer:  China Power Int'l
                                Development   Ltd.  (the   company)        Target:   390.9
                                million shares,  representing  approximately 25 percent of
                                the total issued  capital of Shanghai  Electric Power Co.,
                                Ltd. (Shanghai Power) (Sale  Shares)        Consideration:
                                cash        Transaction  Terms:  the company would acquire
                                390.9 million  shares,  representing  a 25 percent  equity
                                interest  in Shanghai  Power from China  Power  Investment
                                Corp.  (CPI  Group)  at a total  consideration  of RMB 1.7
                                billion ($206.3  million)        Value of Transaction: RMB
                                1.7  billion  ($206.3  million)        Fairness   Opinion:
                                CLSA   Equity   Capital   Markets   Ltd.        Accounting
                                Treatment:   Not   disclosed        Tax   Treatment:   Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        Shanghai  Power  is the  largest  power
                                provider  in   Shanghai  in  terms  of  total   controlled
                                capacity and is principally  engaged in the production and
                                supply of  electricity  and heat.  Shanghai Power has four
                                wholly-owned  power plants as well as various  investments
                                in power plants in Shanghai and is gradually  expanding to
                                neighboring  provinces  such as  Jiangsu  Province,  Anhui
                                Province,  and Zheijiang  Province.  Shanghai Power has an
                                attributable  installed capacity of approximately 4,260 MW
                                as at Dec. 31, 2006, and its gross electricity  generation
                                reached  approximately  22,554 GWh for the year ended Dec.
                                31, 2005.  Also,  it has, in the past few years,  expanded
                                itself in the East China  region.  The  compounded  annual
                                growth rate of attributable  capacity achieved by Shanghai
                                Power  from  2003  to  2005  was  23  percent.        III.
                                Transaction        Under  the  proposed  acquisition,  the
                                company would  acquire the Sale Shares from CPI Group,  an
                                indirect  controlling  shareholder  of the company,  for a
                                total  consideration  of RMB 1.7 billion ($206.3  million)
                                or RMB 4.26  ($0.5) per Sale  Share,  which was arrived at
                                after arm's  length  negotiations  between the company and
                                CPI  Group.  The  consideration  amount,  based on the net
                                asset  value  per share of  Shanghai  Power as at June 30,
                                2006 of RMB 3.927 ($0.5) per share,  represents a discount
                                of approximately  4.1 percent off the closing price of the
                                A shares  of  Shanghai  Power on Nov.  2, 2006 of RMB 4.44
                                ($0.5) per share;  while  based on the  audited  financial
                                statements  of  Shanghai  Power,  represents  a premium of
                                approximately   8.5  percent  over  the  net  asset  value
                                attributable  to the Sale Shares as at June 30, 2006.  The
                                consideration  amount would be satisfied by the company in
                                cash through two  installments  and would be financed from
                                the proceeds of the company's  initial public  offering in
                                2004,   the   company's   working   capital  and  external
                                financing.        Upon  payment  of the  consideration  in
                                full, the Sale Shares would be transferred  and registered
                                in the name of the company,  which would become the second
                                largest  shareholder  of Shanghai  Power.  Thus,  Shanghai
                                Power   would   become  an   associated   company  of  the
                                company.        IV.  Rationale Considerations  (Disclosure
                                Level:  Satisfactory)        In  this  case,  the  company
                                provided  satisfactory  information regarding the proposed
                                acquisition.  The  proposed  acquisition  is  expected  to
                                significantly  enlarge the company's  operational scale by
                                leveraging   on   Shanghai   Power's   market   leadership
                                position.  The company is also  expected to tap the growth
                                potential  of Shanghai  Power by enabling it to enter into
                                the  Shanghai  market,  a region  with the  highest  Gross
                                Domestic Product per capita in China.        V.  Pro Forma
                                Financial        Summary         (Disclosure        Level:
                                Satisfactory)        The    company   did   not   disclose
                                information  regarding  its pro forma  summary in relation
                                to  the  acquisition  of  Shanghai  Power        VI.   ISS
                                Financial        Valuation        (Disclosure       Level:
                                Satisfactory)        The  consideration of RMB 4.26 ($0.5)
                                per  Sale  Share  represents:        -A  premium  of about
                                0.04  percent  to the  60-day  average  closing  price  of
                                Shanghai  Power  shares prior to the  announcement  of the
                                proposal  on Nov. 2, 2006  (Announcement  Date).        -A
                                discount  of about  3.2  percent  to the  average  closing
                                price of Shanghai  Power shares prior to the  Announcement
                                Date.        -A  discount  of  about  2.2  percent  to the
                                average  closing  price of Shanghai  Power shares from the
                                Announcement   Date   to   Nov.   20,    2006.        VII.
                                Risks        The  company did not disclose  possible risks
                                pertaining    to    the     acquisition     of    Shanghai
                                Power        VIII.   Market  Reaction  (vs.  market  index
                                during  same  period)        -The   market  reaction  with
                                respect       to       the       Acquisition       appears
                                positive.        -Pre-announcement:    The   share   price
                                increased  by 34.3 percent in the 60 days prior to Nov. 2,
                                2006 (the  Announcement  Date) vs. a 7.4 percent  increase
                                for the HSI,  outperforming  the index by 26.9  percentage
                                points        -Initial:  The share price  increased by 2.2
                                percent a day  before  the  Announcement  Date,  vs. a 1.4
                                percent increase for the HSI,  outperforming  the index by
                                0.8  percentage  points        -Post-analysis:  The shares
                                increased by 14.2 percent  from the  Announcement  Date to
                                Nov.  20,  2006,  vs. a 1.6 percent  increase for the HSI,
                                outperforming     the    index    by    12.6    percentage
                                points        IX.     Governance     (Disclosure    Level:
                                Satisfactory)        Upon  completion of the  acquisition,
                                the company  intends to nominate at least two directors to
                                the      board      of      Shanghai      Power.        X.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.


04/27/07 - A        CHINA POWER INTERNATIONAL DEVELOPMENT    Y1508G102                          04/20/07             428,787
                    LTD
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of RMB 0.08 Per Share  For          For                 Mgmt
                    3        Reelect Hu Jiandong as Director               For          For                 Mgmt
                    4        Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    5        Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    6a       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6b       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


09/04/06 - S        CHINA RESOURCES POWER HOLDINGS CO LTD    Y1503A100                          None                 128,000
                    1        Approve Acquisition by China Resources        For          For                 Mgmt
                             Power Hldgs. Co. Ltd. (the Company) of 55.0
                             Percent Effective Interest in Fuyang China
                             Resources Power Co., Ltd. from China
                             Resources (Hldgs) Co. Ltd. (CRH) (Fuyang
                             Acquisition)
                                XI.  Conclusion        Based on our analysis, we recommend
                                that shareholders vote in favor of this resolution.
                    2        Approve Acquisition by the company of 65.0    For          For                 Mgmt
                             Percent Effective Interest in Yunnan China
                             Resources Power (Honghe) Co., Ltd. from CRH
                             (Yunpeng Acquisition)


05/30/07 - A        CHINA RESOURCES POWER HOLDINGS CO LTD    Y1503A100                          05/21/07             170,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                 Mgmt
                    3a       Reelect Tang Cheng as Director                For          For                 Mgmt
                    3b       Reelect Zhang Shen Wen as Director            For          For                 Mgmt
                    3c       Reelect Jiang Wei as Director                 For          For                 Mgmt
                    3d       Reelect Anthony H. Adams as Director          For          For                 Mgmt
                    3e       Reelect Ma Chiu-Cheung, Andrew as Director    For          For                 Mgmt
                    3f       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Deloitte Touche Tohmatsu as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


05/15/07 - A        CHINA SHENHUA ENERGY CO LTD              Y1504C113                          04/14/07              55,000
                    1        Accept Report of the Board of Directors       For          For                 Mgmt
                    2        Accept Report of the Board of Supervisors     For          For                 Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Profit Distribution Plan              For          For                 Mgmt
                    5        Approve Remuneration of Directors and         For          For                 Mgmt
                             Supervisors
                    6        Reappoint KPMG Hauzhen and KPMG as the PRC    For          For                 Mgmt
                             and International Auditors, Respectively,
                             and Authorize Board to Fix Their
                             Remuneration
                    7        Approve Renewal of Certain Connected          For          For                 Mgmt
                             Transactions for 2008 to 2010 and Relevant
                             Annual Caps
                    8        Approve Adjustments to the Annual Caps for    For          For                 Mgmt
                             Certain Connected Transactions in 2007
                    9        Elect Yun Gongmin as Non-Executive Director   For          For                 Mgmt
                    10       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.


06/21/07 - A        China Steel Corporation                  Y15041109                          04/22/07             366,000
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                 Mgmt
                    5        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    6        Amend Election Rules of Directors and         For          For                 Mgmt
                             Supervisors
                             Elect Directors by Cumulative Voting
                    7        Elect Directors                               For          Split               Mgmt
                    7.1      Elect Yao-Chung Chiang, a Representative of
                             the Ministry of Economic Affairs, R.O.C.,
                             as Director with Shareholder No. Y00001 ---
                             Against
                                ISS believes that  directors and  supervisors  function as
                                the  representatives  of shareholders  throughout the year
                                and are  therefore a crucial  avenue of ongoing  influence
                                on   management.   As  such,  it  is  important  to  elect
                                directors   and   supervisors   who   have   no   material
                                connection,   either   directly  or  indirectly,   to  the
                                company,  to enable  them to act in the best  interest  of
                                shareholders.   In  this   case,   ISS   recommends   that
                                shareholders  concentrate  their cumulative votes in favor
                                of all independent director nominees,  namely:  San-Shiung
                                Hong,  Ken  H.C.  Chiu  and  Wei-Sheng   Hwang.   For  the
                                supervisor  nominees,  given the  absence of any  negative
                                concern   regarding   these   candidates,    ISS   advises
                                shareholders  to allocate their  cumulative  votes equally
                                for all  supervisor  nominees.  These  are  Iuan-Yuan  Lu,
                                Jing-Yi Wang, and Ying-Yuan Lee.
                    7.2      Elect Fadah Hsieh, a Representative of the
                             Ministry of Economic Affairs, R.O.C., as
                             Director with Shareholder No. Y00001 ---
                             Against
                    7.3      Elect Jung-Chiou Hwang, a Representative of
                             the Ministry of Economic Affairs, R.O.C.,
                             as Director with Shareholder No. Y00001 ---
                             Against
                    7.4      Elect Yuan-Cheng Chen, a Representative of
                             Chiun Yu Investment Corporation., as
                             Director with Shareholder No. V01357 ---
                             Against
                    7.5      Elect Lo-Min Chung, a Representative of
                             Ever Wealthy International Corporation, as
                             Director with Shareholder No. V02376 ---
                             Against
                    7.6      Elect Cheng-I Weng, a Representative of Gau
                             Ruei Investment Corporation as Director
                             with Shareholder No. V01360 --- Against
                    7.7      Elect Shun-Tsai Wu, a Representative of
                             China Steel Labor Union, as Director with
                             Shareholder No. X00012 --- Against
                    7.8      Elect Ho-Chong Chen, a Representative of
                             Shin Mao Investment Corporation, as
                             Director with Shareholder No. V01369 ---
                             Against
                    7.9      Elect San-Shiung Hong as Independent
                             Director with ID No. A101349114 --- For
                    7.10     Elect Ken H.C. Chiu as Independent Director
                             with ID No. E100588951 --- For
                    7.11     Elect Wei-Sheng Hwang as Independent
                             Director with ID No. T102103672 --- For
                             Elect Supervisors by Cumulative Voting
                    7        Elect Directors                               For          For                 Mgmt
                    8        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors
                    9        Other Business                                For          Against             Mgmt


05/08/07 - A        CHINA TING GROUP HOLDINGS LTD            G8439J105                          None                  90,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Special Final Dividend of HK$0.026    For          For                 Mgmt
                             Per Share and Final Dividend of HK$0.044
                             Per Share
                    3a1      Reelect Ting Man Yi as Executive Director     For          For                 Mgmt
                    3a2      Reelect Ting Hung Yi as Executive Director    For          For                 Mgmt
                    3a3      Reelect Ding Jianer as Executive Director     For          For                 Mgmt
                    3a4      Reelect Cheung Tin Yin, Peter as Executive    For          For                 Mgmt
                             Director
                    3b       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                                The     board     is      proposing      to      reappoint
                                PricewaterhouseCoopers  as the company's  auditors for the
                                year.
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                This item  seeks  shareholder  approval  to issue up to 20
                                percent   of  the   company's   issued   capital   without
                                preemptive  rights.          The  general mandate to issue
                                shares is supported for companies that limit  discounts to
                                5 percent  of the market  price of shares and who,  at the
                                same  time,  have no  history  of  refreshments  as  these
                                factors  address  concerns  on the  possible  issuance  of
                                discounted  shares to  related  parties as well as further
                                dilution   to  existing   shareholders   due  to  frequent
                                refreshments.          In  this case,  the company did not
                                provide  discount  restrictions  on  the  issue  price  of
                                shares  under this  mandate.  Given  this and  considering
                                that the mandate may be refreshed  several  times within a
                                period of one year, we recommend  shareholders oppose this
                                resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the  company on the date of
                                the   resolution  is  passed  and  operates  under  strict
                                regulatory  guidelines  of the SEHK.  We believe that when
                                timed  correctly,   corporate  stock   repurchases  are  a
                                legitimate   use  of  corporate   funds  and  can  add  to
                                long-term shareholder returns.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent of issued  capital from the  original  limit of 20
                                percent  under the general  mandate to issue shares sought
                                by most  Hong  Kong  companies.  Given  that  the  general
                                mandate to issue  shares is subject to abuse by  companies
                                that issue shares at discounts to the market  price,  such
                                extension  of  the  general  share  issuance  mandate  may
                                increase the scope of non-preemptive  placements,  putting
                                minority  shareholders  at a  disadvantage  as repurchased
                                shares may also be  reissued  at a discount  to the market
                                price.  In view  of  this,  a vote  against  this  item is
                                recommended  unless a minimal  discount  of 5  percent  or
                                less is  specified  for  share  issuances  under a general
                                mandate.           In  this  case,  the  company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.


10/27/06 - A        China Water Affairs Group Ltd            G21090108                          None                  80,000
                    (formerly CHINA SILVER DRAGON
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2a       Reelect Chen Guo Ru as Director and           For          For                 Mgmt
                             Authorize Board to Fix His Remuneration
                    2b       Reelect Zhao Hai Hu as Director and           For          For                 Mgmt
                             Authorize Board to Fix His Remuneration
                                This item seeks to reelect Zhao Hai Hu, a  non-independent
                                non-executive   director.  We  are  currently  unaware  of
                                issues or concerns regarding this nominee.
                    2c       Reelect Wu Jiesi as Director and Authorize    For          Against             Mgmt
                             Board to Fix His Remuneration
                                Wu  Jiesi  (Mr.  Wu),  classified  by  the  company  as  a
                                non-independent  non-executive  director, is considered by
                                ISS to be an  executive  director as he received  salaries
                                and other  emoluments that belong to the five highest paid
                                emoluments  of the company for the latest  financial  year
                                end.  In view of this  concern,  we  believe  that Mr.  Wu
                                cannot  be  expected  to  fulfill  his  obligations  as  a
                                non-independent   non-executive   director  and  therefore
                                recommend  that  shareholders  vote  against his  proposed
                                reelection.
                    3        Reappoint Grant Thornton as Auditors and      For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    4a       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                As the share  issuance  authority  is  subject to abuse by
                                Hong  Kong   companies,   in  the   absence  of   language
                                restricting  both  discounts  and the  number of times the
                                authority may be refreshed, a vote against is recommended.
                    4b       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                                This  resolution  would  extend  for one year the  board's
                                authority   to   repurchase   company   shares   at  their
                                discretion.  This  authority  is  limited to 10 percent of
                                the share  capital of the  company in issue at the date of
                                the passing of this resolution.
                    4c       Authorize Reissuance of Repurchased Shares    For          For                 Mgmt
                                This  resolution  authorizes  the  board  to  reissue  any
                                shares  repurchased  under the general mandate to purchase
                                shares  approved  above,   without  limiting  the  general
                                mandate  to issue  shares  sought  above.  This  authority
                                would also be limited  to the  maximum 10 percent  allowed
                                to be  repurchased.  This  request  is being made to renew
                                the  authority,  as the  authority to reissue  repurchased
                                shares expired with the convening of this meeting.


01/05/07 - S        China Water Affairs Group Ltd            G21090108                          None                  40,000
                    (formerly CHINA SILVER DRAGON
                    1        Approve Acquisition by China Water Group      For          For                 Mgmt
                             Ltd. of 30 Percent of the Issued Share
                             Capital of China Environmental Water Hldgs.
                             Ltd. from Color Hill Group Ltd. for a Total
                             Consideration of HK$19.2 Million
                                I. Transaction Summary        Acquirer:  China Water Group
                                Ltd.  (Purchaser),   a  wholly-owned   subsidiary  of  the
                                company        Target:   30  percent  equity  interest  in
                                China       Environmental      Water      Hldgs.      Ltd.
                                (Target)        Consideration:     cash        Transaction
                                Terms:  The Purchaser  would acquire the 30 percent equity
                                interest   in  the  Target  from  Color  Hill  Group  Ltd.
                                (Vendor)  for a  consideration  of HK$19.2  million  ($2.5
                                million)        Value  of  Transaction:   HK$19.2  million
                                ($2.5  million)        Fairness   Opinion:  Menlo  Capital
                                Ltd.        Accounting            Treatment:           Not
                                disclosed        Tax             Treatment:            Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        The  Target,  owned as to 70 percent by
                                the  Purchaser  and 30  percent by the  Vendor,  currently
                                holds a 50 equity  interest in Conseco  Seabuckthorn  Co.,
                                Ltd.  (Seabuckthorn Co.), a company principally engaged in
                                the  cultivation  and sale of sea  buckthorn  seedling  as
                                well as the manufacture and sale of its related  products.
                                        III.    Transaction        The   Purchaser   would
                                acquire the Target from the Vendor for a consideration  of
                                HK$19.2  million  ($2.5  million).  Based on arm's  length
                                negotiations    between   the   parties   involved,    the
                                consideration  was determined with reference to the latest
                                audited  financial  results  attributable  to the  Target,
                                which was approximately  HK$6.4 million  ($824,636).  This
                                amount would be funded from the internal  resources of the
                                company  and  would be paid as to  HK$10.0  million  ($1.3
                                million)  within two  business  days after  signing of the
                                agreement    relating   to   the   proposed    acquisition
                                (Agreement)  and  upon  production  by the  Vendor  of its
                                certified  true  copy  of  board  minutes   approving  the
                                Agreement   while  the  remaining   HK$9.2  million  ($1.2
                                million)  would be paid upon  completion  of the  proposed
                                acquisition  (Completion).          Upon  Completion,  the
                                company,  through the Purchaser,  would own 100 percent of
                                the  issued  share  capital  of the  Target and 50 percent
                                effective   interest   in   Seabuckthorn    Co.        IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        In  this case,  the company  provided
                                satisfactory    information    regarding    the   proposed
                                acquisition.          Through  the 70 percent  interest in
                                the Target  held by the  Purchaser,  the Target as well as
                                Seabuckthorn  Co. has been  regarded as  subsidiaries  and
                                their  accounts have been  consolidated  into the accounts
                                of the company  and its  subsidiaries  (Group).  Acquiring
                                the remaining 30 percent equity  interest in the Target is
                                expected  to provide  long-term  financial  benefit to the
                                Group as well as allow  the  Group to  further  strengthen
                                the  development of its sea buckthorn  business.        V.
                                Pro Forma  Financial  Summary        The  company  did not
                                disclose  information  regarding  its pro forma summary in
                                relation  to the  acquisition  of  the  Target.        VI.
                                Risks        The  company did not disclose  possible risks
                                pertaining to the  acquisition of the  Target.        VII.
                                Market    Reaction   (vs.   market   index   during   same
                                period)        -Pre-announcement:    The    share    price
                                increased  by 43.2  percent  in the 60 days  prior to Nov.
                                16,  2006  (the  Announcement  Date)  vs.  a 11.1  percent
                                increase  for the  HSI,  outperforming  the  index by 32.1
                                percentage   points        -Initial:   The   share   price
                                increased  by 1.1  percent a day before  the  Announcement
                                Date,   vs.   a  0.3   percent   increase   for  the  HSI,
                                outperforming     the    index    by    0.8     percentage
                                points        -Post-analysis:  The shares increased by 1.7
                                percent from the  Announcement  Date to Dec. 15, 2006, vs.
                                a 0.2  percent  decline  for the  HSI,  outperforming  the
                                index by 1.9 percentage  points        -  We note that the
                                price of the company's  shares has been  increasing  prior
                                to and after the  release of the  announcement  pertaining
                                to  the  proposed   acquisition.        VIII.   Governance
                                (Disclosure   Level:    Satisfactory)        The    Target
                                currently has two directors.  Upon Completion,  one of the
                                directors,  Wang  Hui,  would  resign  and the  Group  may
                                appoint  additional  directors  to the  Target's  board of
                                directors.        IX.   Conclusion        Based   on   our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.


05/16/07 - A        CITIC Pacific Ltd                        Y1639J116                          05/09/07              72,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend and Special Dividend   For          For                 Mgmt
                    3a       Reelect Larry Yung Chi Kin as Director        For          For                 Mgmt
                    3b       Reelect Peter Lee Chung Hing as Director      For          For                 Mgmt
                    3c       Reelect Vernon Francis Moore as Director      For          For                 Mgmt
                    3d       Reelect Liu Jifu as Director                  For          For                 Mgmt
                    3e       Reelect Willie Chang as Director              For          For                 Mgmt
                    3f       Reelect Norman Ho Hau Chong as Director       For          For                 Mgmt
                    3g       Reelect Chang Zhenming as Director            For          For                 Mgmt
                    4        Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    8        Adopt CITIC 1616 Holdings Limited Share       For          Against             Mgmt
                             Option Plan
                                Given  the  unfavorable  terms of the  proposed  plan,  we
                                recommend that shareholders vote against this proposal.


04/26/07 - A        City Developments Ltd.                   V23130111                          None                  43,250
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.075 Per       For          For                 Mgmt
                             Share and Special Final Dividend of SGD 0.1
                             Per Share
                    3        Approve Directors' Fees of SGD 291,124 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 and Audit
                             Committee Fees of SGD 47,500 Per Quarter
                             for the Period from July 1, 2007 to June
                             30, 2008
                    4a       Reelect Kwek Leng Beng as Director            For          Against             Mgmt
                                Kwek Leng Beng is an executive  director who serves on the
                                board's  Nominating  Committee.  We  prefer  that  all key
                                board committees comprise only independent  directors.  We
                                believe that  executives--  particularly on such key board
                                committees  as the  audit,  remuneration,  and  nominating
                                committees--  threaten to  undermine  the purpose of these
                                committees   in  providing   independent   oversight   and
                                preventing  conflicts  of  interest.          In  view  of
                                this, a vote against this resolution is recommended.
                    4b       Reelect Foo See Juan as Director              For          For                 Mgmt
                    5a       Reelect Chee Keng Soon as Director            For          For                 Mgmt
                    5b       Reelect Tang See Chim as Director             For          For                 Mgmt
                    6        Reappoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    8        Authorize Share Repurchase Program            For          For                 Mgmt
                    9        Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options Pursuant to the City Developments
                             Share Option Scheme 2001
                                In this case,  the  percentage of shares  available  under
                                the CDL Scheme is 8 percent of issued  capital,  from time
                                to time,  which is  considered  an  unacceptable  level of
                                dilution  for a mature  company  such as CDL.  This scheme
                                cannot  be  considered  sufficiently  well  structured  to
                                justify  a   potential   dilution   level  of  8  percent.
                                Moreover,  the plan  allows  for the grant of  options  to
                                executives   at  a  discount  to  market   prices,   which
                                undermines the incentive impact of the plan.
                    10       Approve Mandate for Transactions with         For          For                 Mgmt
                             Related Parties


09/29/06 - S        CNOOC LTD                                Y1662W117                          09/25/06             198,000
                    1        Approve Revised Annual Caps for Connected     For          For                 Mgmt
                             Transactions


12/18/06 - S        COCA COLA ICECEK SANAYI A.S.             M253EL109                          None                  13,806
                    1        Open Meeting                                  None                             Mgmt
                    2        Authorize Presiding Council to Sign Minutes   For                              Mgmt
                             of Meeting
                    3        Accept Special Financial Statements as of     For                              Mgmt
                             30 June 2006 Prepared for Merger Agreement
                    4        Approve Merger Agreement With Efes Sinai      For                              Mgmt
                             Yatirim Holdings A.S.
                    5        Increase Authorized Capital to YTL 254.37     For                              Mgmt
                             Million From YTL 249.59 Million
                    6        Approve Auditors for Year-End and Special     For                              Mgmt
                             Audit
                    7        Wishes                                        None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/05/06 - S        Coca-Cola FEMSA SAB de CV                P2861Y136                          None                  53,500
                    1        Amend Bylaws in Order to Comply with New      For          For                 Mgmt
                             Mexican Securities Law
                                These  changes  come  as  a  result  of  Mexico's   recent
                                adoption  of a  series  of  capital  market  reforms  that
                                increase   transparency   and   protection   of   minority
                                shareholders.  As  the  amendments  would  be  changed  to
                                conform to company law,  and because  there is no evidence
                                that the company has  included  other  amendments  outside
                                the  scope of the new  law,  shareholder  support  of this
                                item is recommended.
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Minutes of Meeting                    For          For                 Mgmt


12/05/06 - S        Coca-Cola FEMSA SAB de CV                P2861Y136                          None                  53,500
                    1        Elect Members of Board of Directors, Board    For          For                 Mgmt
                             Secretaries and their Respective
                             Alternates, Including Independent Members
                             in Accordance with New Mexican Securities
                             Law; Approve their Remuneration
                                Items  1-2.  These  items  seek  shareholder  approval  of
                                director   and  board   committee   member   positions  as
                                stipulated  in the  new  Mexican  Securities  Market  Law.
                                Though  the  names of the  committee  members  and/or  new
                                directors  will  not  be  disclosed  before  the  meeting,
                                (Which is common  market  practice  in  Mexico) we do know
                                that the  proposed  changes are  designed  to  guarantee a
                                minimum level of board and committee  independence.  For a
                                company with the size and status of Coca-Cola Femsa,  such
                                inadequate  disclosure is  inexcusable.  However,  because
                                the   changes   are  being  made  to   improve   corporate
                                governance,  and because it appears that the board and key
                                committees  will have a  greater  portion  of  independent
                                members  as  a  result  of  this  meeting,   it  would  be
                                counterproductive  to oppose  these  items for  inadequate
                                disclosure.   Support   for   items   1-2   is   therefore
                                recommended.
                    2        Approve Integration of Board Committees       For          For                 Mgmt
                             including Audit and Corporate Practices
                             Committees, Elect the Chairman of Each
                             Board Committee and Approve their
                             Remuneration
                    3        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    4        Approve Minutes of Meeting                    For          For                 Mgmt


03/22/07 - A/S      Com Dev International Ltd. *CDV*         199907106                          02/08/07               2,146
                    1        Elect Directors Keith Ainsworth, Douglas      For          For                 Mgmt
                             Wright, Frank Hasenfratz, Peter Scovell,
                             Kym Anthony and Christopher O'Donovan as
                             Directors
                    2        Approve Ernst & Young LLP as Auditors and     For          For                 Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                    3        Approve Second Amended and Restated Stock     For          For                 Mgmt
                             Option Plan
                                The estimated  shareholder value transfer of the company's
                                plans of 7 percent is equal to or less than the  allowable
                                cap for this company of 8 percent.          Plan  provides
                                for   director   participation   on   a   limited   basis.
                                        The  proposed  amendment  procedures (refer to II.
                                Plan  Features)  and  black  out  provisions  (refer to I.
                                Cost-Based  Analysis  Summary) within the plan are in line
                                with  ISS  guidelines.        As  such,  we  support  this
                                resolution because the amendment  provision has adequately
                                limited  the  board's  unilateral  authority  to amend the
                                plan  going   forward   and   thereby   providing   better
                                protection of shareholder interests.
                    4        Approve First Amended and Restated Employee   For          For                 Mgmt
                             Stock Purchase Plan
                    5        Approve New General By-Law                    For          Against             Mgmt
                                We recommend  voting against this  resolution to adopt the
                                by-law  given our view of the quorum  provision  which has
                                the potential to impact shareholders' rights.


05/10/07 - A/S      Compagnie Generale De Geophysique -      F2349S108                          05/07/07               7,404
                    Veritas (Frmly Cie Generale De
                    Geophysique)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividend
                    3        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    4        Approve Discharge of Directors                For                              Mgmt
                    5        Reelect Jean Dunand as Director               For                              Mgmt
                    6        Reelect Christian Marbach as Director         For                              Mgmt
                    7        Ratify Mazard and Guerard as Auditor          For                              Mgmt
                    8        Ratify Ernst and Young as Auditor             For                              Mgmt
                    9        Ratify Patrick de Cambourg as Alternate       For                              Mgmt
                             Auditor
                    10       Ratify Auditex as Alternate Auditor           For                              Mgmt
                    11       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 580,000
                    12       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    13       Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                             Special Business
                    14       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 54 Million
                    15       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 18 Million
                    16       Authorize Board to Set Issue Price for 10     For                              Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    17       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    18       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    19       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    20       Approve Transfer of an Autonomous Section     For                              Mgmt
                             of the Company to CGG Services
                    21       Amend Employee Savings-Related Share          For                              Mgmt
                             Purchase Plan
                    22       Approve Issuance of Securities Convertible    For                              Mgmt
                             into Debt
                    23       Approve Stock Option Plans Grants             For                              Mgmt
                    24       Authorize up to 1 Percent of Issued Capital   For                              Mgmt
                             for Use in Restricted Stock Plan
                    25       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    26       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    27       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A/S      Companhia Vale Do Rio Doce               P2605D109                          None                  37,278
                             Ordinary Business
                    1.1      Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    1.2      Approve Allocation of Income and Dividends    For          For                 Mgmt
                             for 2006 and Approve the Capital Budget Plan
                    1        Elect Directors                               For          For                 Mgmt
                    1        Elect Supervisory Board Member                For          For                 Mgmt
                    1.5      Approve Remuneration of Directors,            For          For                 Mgmt
                             Executive Officers, and Supervisory Board
                             Members
                             Special Business
                    2.1      Authorize Capitalization of Reserves for      For          For                 Mgmt
                             Increase in Share Capital with no Issuance
                             of Shares, and Ammend Article 5 Accordingly


04/18/07 - A        Compania Cervecerias Unidas SA           P24905104                          None                  22,492
                    1        Accept Chairman's Report                      For          For                 Mgmt
                    2        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Fiscal Year Ended Dec. 31,
                             2006
                    3        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    4        Approve Dividend Policy                       For          For                 Mgmt
                    5        Elect Directors                               For          For                 Mgmt
                    6        Approve Remuneration of Directors for         For          For                 Mgmt
                             Fiscal Year 2007
                    7        Approve Director's Committee Report for       For          For                 Mgmt
                             Fiscal Year 2006
                    8        Fix Remuneration of Director's Committee      For          For                 Mgmt
                             for Fiscal Year 2007
                    9        Fix Remuneration of Audit Committee for       For          For                 Mgmt
                             Fiscal Year 2007
                    10       Approve External Auditors for Fiscal Year     For          For                 Mgmt
                             2007
                    11       Approve Special Auditors' Report Regarding    None         None                Mgmt
                             Related-Party Transactions
                    12       Other Business (Voting)                       For          For                 Mgmt


04/27/07 - A        COPEL, Companhia Paranaense de Energia   P30557139                          None                 384,660
                             Preference Shareholders are Entitled to
                             Vote on Item 5 of the Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income and Share        For          For                 Mgmt
                             Profits Distribution
                    3        Authorize Capitalization of Reserves Via      For          For                 Mgmt
                             Incorporation of Retained Earnings Reserves
                    4        Elect Board of Directors                      For          For                 Mgmt
                    5        Elect Supervisory Board Members               For          For                 Mgmt
                    6        Approve Remuneration of Directors and         For          For                 Mgmt
                             Supervisory Board Members
                    7        Raification of Designated Newspaper to        For          For                 Mgmt
                             Publish Meeting Announcements


04/27/07 - A        Corporacion Geo SAB de CV                P3142C117                          None                  37,500
                    1        Present Statutory Reports for Fiscal Year     For          For                 Mgmt
                             Ended 12-31-06
                    2        Accept Financial Statements                   For          For                 Mgmt
                    3        Approve Discharge of Board of Directors       For          For                 Mgmt
                    4        Approve Allocation of Income                  For          For                 Mgmt
                    5        Elect/Ratify Board Members and Secretary of   For          For                 Mgmt
                             the Board
                    6        Elect Chairmen of Audit Committee and         For          For                 Mgmt
                             Corporate Practices Committee
                    7        Approve Remuneration of Directors, Members    For          For                 Mgmt
                             of the Board Committees, and Secretaries of
                             the Board
                    8        Set Aggregate Nominal Amount of Share         For          For                 Mgmt
                             Repurchase
                    9        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    10       Approve Minutes of Meeting                    For          For                 Mgmt


10/12/06 - S        Cosco Corp (Singapore) Ltd (frmlyCosco   Y1764Z208                          None                  27,401
                    Investment (Singapore
                    1        Approve Mandate for Transactions with         For          For                 Mgmt
                             Related Parties


10/19/06 - S        Cosco International Holdings (frmrl.     G8114Z101                          None                  72,000
                    Shun Shing Holdings)
                    1        Approve Acquisition by Dynamic Class Ltd.     For          For                 Mgmt
                             of 20 Percent and 4 Percent Equity Interest
                             in Sino Ocean Real Estate Development Co.,
                             Ltd. from COSCO and COSCO Tianjin,
                             Respectively, at a Consideration of RMB
                             329.4 Million and RMB 65.9 Million,
                             Respectively
                                I.  Transaction  Summary        Acquirer:   Dynamic  Class
                                Ltd.  (Dynamic  Class),  a wholly-owned  subsidiary of the
                                company        Target:  An aggregate of 24 percent  equity
                                interest in Sino Ocean Real Estate  Development  Co., Ltd.
                                (SORED)  held in  part as to 20  percent  by  China  Ocean
                                Shipping  (Group)  Co.  (COSCO)  and 4 percent  by Tianjin
                                Ocean  Shipping Co. (COSCO  Tianjin)        Consideration:
                                cash        Transaction   Terms:   Dynamic   Class   would
                                acquire a 20 percent  equity  interest in SORED from COSCO
                                for a cash  consideration  of  RMB  329.4  million  ($40.8
                                million)  and a 4 percent  equity  interest  in SORED from
                                COSCO  Tianjin  for  a  cash  consideration  of  RMB  65.9
                                million ($8.2  million)        Value  of Transaction:  RMB
                                395.3  million  ($49.0  million)        Fairness  Opinion:
                                CIMB-GK Securities (HK) Ltd.        Accounting  Treatment:
                                Not       Disclosed        Tax        Treatment:       Not
                                Disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                Disclosed        Dividends:     None        II.    Company
                                Description        SORED,   a   company   with  a  current
                                registered  capital of RMB 1.0 billion  ($123.9  million),
                                is  principally  engaged  in the  businesses  of  property
                                development   and  investment,   decoration,   trading  of
                                construction   materials   and   provision   of   property
                                consultancy  services  in the  People's  Republic of China
                                (PRC).  As at June 30,  2006,  the  value of its  property
                                portfolio  is   approximately   RMB  11.0  billion   ($1.4
                                billion),  as valued by Vigers  Appraisal  and  Consulting
                                Ltd.,       a       professional       valuer.        III.
                                Transaction        Under    the   proposed    acquisition,
                                Dynamic  Class would  acquire an  aggregate  of 24 percent
                                equity  interest in SORED,  comprising a 20 percent equity
                                interest  held by COSCO  for a cash  consideration  of RMB
                                329.4  million  ($40.8  million)  and a 4  percent  equity
                                interest  held by COSCO  Tianjin for a cash  consideration
                                of RMB 65.9 million ($8.2 million).  Based on arm's length
                                negotiations   between  the  parties,   the  consideration
                                represents  a premium of  approximately  10.3 percent over
                                the net asset  value (NAV) of SORED as at June 30, 2006 of
                                RMB  1.5  billion  ($185.8  million)  and  a  discount  of
                                approximately   17.4   percent  on  the  adjusted  NAV  of
                                approximately   RMB2.0  billion  ($247.7   million).   The
                                aggregate   consideration  would  be  funded  by  internal
                                resources  of the  company and its  subsidiaries  (Group).
                                Upon  completion,  Dynamic  Class  would own 24 percent of
                                the equity interest in SORED.  Coupled with the 20 percent
                                equity  interest  in SORED held by Mission  Success  Ltd.,
                                another wholly-owned  subsidiary of the company, the Group
                                would  hold a  total  of 44  percent  equity  interest  in
                                SORED.        IV.   Rationale  Considerations  (Disclosure
                                Level:  Satisfactory)        In  this  case,  the  company
                                provided  satisfactory  information regarding the proposed
                                acquisition.  The  Group  has been  holding  a 20  percent
                                equity  interest  in SORED after a share  acquisition  and
                                subsequent  capital  injection in 2003. By increasing  the
                                Group's  equity  stake  in  SORED  from 20  percent  to 44
                                percent and in view of SORED's rapid  growing  business in
                                the  recent  years  and its  proven  track  record  in the
                                property  development  business in the PRC, it is expected
                                that  the  proposed  acquisition  would  eventually  bring
                                meaningful  profit  contribution for the  Group.        V.
                                Pro Forma Financial  Summary        Based on the unaudited
                                pro forma  information of the Group  immediately  upon the
                                completion of the acquisition  (Enlarged Group) as of June
                                30,  2006,  the Group's  cash and cash  equivalents  would
                                decrease by 33.1  percent  from  $150.3  million to $100.6
                                million.        VI.   Risks        The   company  did  not
                                disclose  possible risks  pertaining to the acquisition of
                                SORED.        VII.   Market  Reaction  (vs.  market  index
                                during  same   period)        The   market  reaction  with
                                respect       to       the       acquisition       appears
                                positive.        -Pre-announcement:  The shares  increased
                                by 19.2  percent  in the 60 days  prior to Aug.  22,  2006
                                (the  Announcement  Date) vs. a 8.4 percent  increase  for
                                the  HSI,  outperforming  the  index  by  10.8  percentage
                                points        -Initial:   The  shares   increased  by  2.5
                                percent a day  before  the  Announcement  Date,  vs. a 0.8
                                percent increase for the HSI,  outperforming  the index by
                                1.7  percentage  points        -Post-analysis:  The shares
                                increased by 18.0 percent  from the  Announcement  Date to
                                Oct.  3, 2006,  vs. a 2.1  percent  increase  for the HSI,
                                outperforming     the    index    by    15.9    percentage
                                points        VIII.    Governance    (Disclosure    Level:
                                Unsatisfactory)        The   company   did  not   disclose
                                governance   matters   relating  to  the   acquisition  of
                                SORED.        IX.     Conclusion        Based    on    our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.


12/21/06 - S        Cosco International Holdings (frmrl.     G8114Z101                          None                  72,000
                    Shun Shing Holdings)
                    1        Approve Connected Transaction and Annual      For          For                 Mgmt
                             Caps
                                This  item  seeks  to  approve  the   proposed   connected
                                transactions  between  China  Ocean  Shipping  (Group) Co.
                                (COSCO),  the company's  ultimate holding  company,  COSCO
                                (Hong  Kong)  Group  Ltd.,   the  company's   intermediate
                                holding   company,   and  their   subsidiaries  and  other
                                associates,  excluding  the company  and its  subsidiaries
                                (the  Group),  (collectively  referred  to  as  the  COSCO
                                Group);  and COSCO (Hong Kong) Insurance  Brokers Ltd. (HK
                                Insurance),  a wholly-owned subsidiary of the company; and
                                Shenzen COSCO Insurance Brokers Ltd. (SZ Insurance),  a 55
                                percent owned  subsidiary of the company,  concerning  the
                                provision  of  marine  and  general  insurance   brokerage
                                services (the  Services) by the Group to COSCO Group for a
                                term of three years  commencing  from Jan. 1, 2007 to Dec.
                                31,  2009.  Under  the  agreement,  the  Group,  acting as
                                insurance broker, would source insurance companies,  which
                                are third  parties  independent  of the company,  upon the
                                request of COSCO Group for a particular  marine or general
                                insurance  coverage.   The  Group  would  be  entitled  to
                                receive  commission  or other  brokerage  income  from the
                                relevant insurance  companies for the transaction/s  based
                                on market rates or rates which are no less  favorable than
                                those  offered for similar  insurance  brokerage  services
                                provided to  independent  third  parties and the insurance
                                premium  payable  by  the  COSCO  Group  to  the  relevant
                                insurance  companies would be on normal  commercial  terms
                                and  negotiated on an arm's length basis.  For each of the
                                three  financial  years  ending Dec.  31,  2007,  2008 and
                                2009,  annual  caps of  HK$44.8  million  ($5.8  million),
                                HK$49.3  million ($6.4 million) and HK$54.3  million ($7.0
                                million)  respectively,  have been set. In determining the
                                annual  caps,  the Board has (a) examined and compared the
                                most recent  performance of HK Insurance  during the years
                                2004 and 2005,  and the nine months ended Sept.  30, 2006;
                                (b)  interviewed  the  management  of HK Insurance  and SZ
                                Insurance  to obtain  opinion on the  projected  volume of
                                the connected  transactions for the years 2007 until 2009;
                                and (c)  considered  the following  factors:  (i) business
                                growth  trend  of  the  Services  to  be  provided  by  HK
                                Insurance  and SZ  Insurance;  (ii) recent  price trend of
                                the ocean  vessels  --  higher  price  required  for
                                higher  insured sum; (iii) premium rate movement and trend
                                quoted by insurance  underwriters;  (iv) growth  prospects
                                of SZ Insurance given its  commencement of business in the
                                second  half  of  2006;  (v)  estimated   demands  of  the
                                Services  for the  existing  and new  vessels  and charter
                                boats of the COSCO  Group for the years 2007  until  2009;
                                and (vi)  unaudited  management  accounts of HK  Insurance
                                and SZ  Insurance  for the nine  months  ended  Sept.  30,
                                2006, in determining  the proposed  annual caps. ISS notes
                                that the connected  transactions would be conducted in the
                                usual and  ordinary  course of  business  of the Group and
                                would be based on normal  commercial terms and on terms no
                                less favorable to the Group than terms  available to other
                                independent parties. The proposed  transactions would help
                                to increase  and secure the market  share of HK  Insurance
                                and SZ Insurance to the COSCO Group,  as they remain to be
                                the major  customer of the Group and are  considered to be
                                one of  the  largest  shipowners  in  the  world.  CIMB-GK
                                Securities (HK) Ltd., the appointed  independent financial
                                adviser,  finds the proposed connected  transactions to be
                                fair and reasonable to the company and shareholders.  This
                                item also  seeks to grant  authority  to any  director  to
                                execute  documents  and  agreements  and  do all  acts  in
                                connection to the proposed connected  transactions.  These
                                are reasonable requests.


03/15/07 - S        Cosco International Holdings (frmrl.     G8114Z101                          None                 106,000
                    Shun Shing Holdings)
                    1        Approve Sale by COSCO (B.V.I.) Hldgs. Ltd.    For          For                 Mgmt
                             of 100 Shares of $1.0 Each in the Issued
                             Share Capital of COSCO Construction Ltd.
                             and Related Shareholder's Loan to COSCO
                             (H.K.) Property Devt. Ltd.
                                This item seeks to approve the proposed  disposal by COSCO
                                (B.V.I.)   Hldgs.   Ltd.   (COSCO  BVI),  a   wholly-owned
                                subsidiary  of the  company,  of:  (a) 100  shares of $1.0
                                each,  representing  the entire  issued  share  capital of
                                COSCO  Int'l   Construction  Ltd.  (COSCO   Construction),
                                another  wholly-owned  subsidiary  of the  company,  (Sale
                                Shares);   (b)   approximately   HK$403.5  million  ($52.0
                                million)   owed  by  COSCO   Construction   to  COSCO  BVI
                                (Shareholder's   Loan);   and  (c)  further   advances  of
                                shareholder's  loan from  COSCO BVI to COSCO  Construction
                                in the  amount of  relevant  operating  loss from Jan.  1,
                                2007  up to the  date  on  which  the  conditions  for the
                                proposed  disposal  is  fulfilled  (Further  Advances)  to
                                COSCO  (H.K.)   Property   Development   Ltd.   (COSCO  HK
                                Property), a wholly-owned  subsidiary of COSCO (Hong Kong)
                                Group  Ltd.,  which  is in  turn  the  company's  ultimate
                                holding   company.        Under   the  agreement,  a  cash
                                consideration  of  HK$2.0  ($0.3),  which  was  determined
                                after taking into  account the adjusted  book value of the
                                assets  and  liabilities  of  COSCO  Construction  and its
                                subsidiaries  (COSCO  Construction  Group) as at Dec.  31,
                                2006 of  approximately  HK$403.6  million ($52.1  million)
                                would   be  paid   by   COSCO   HK   Property   to   COSCO
                                BVI.        It  was noted that as a term of the agreement,
                                COSCO HK Property  should  procure  that all  existing and
                                corporate  guarantees  provided  by the company in respect
                                of any liabilities of COSCO  Construction  Group (Existing
                                Guarantees)  be released and discharged and be replaced by
                                such  corporate  guarantees  given by  members of COSCO HK
                                Property  and  its  subsidiaries  (COSCO  Property  Group)
                                excluding  the company and its  subsidiaries  (Group).  It
                                was also  noted that COSCO HK  Property  should  indemnify
                                the  company  against  all  obligations,  liabilities  and
                                claims    in     connection     with    these     Existing
                                Guarantees.        Upon   completion   of   the   proposed
                                disposal,  the Group would realize a gain of approximately
                                HK$44,000  ($5,674) and COSCO  Construction would cease to
                                be a subsidiary  of the  Group.        COSCO  Construction
                                Group is  principally  engaged in  building  construction,
                                maintenance  and  property  development.  The board  notes
                                that it is the company's  strategy to position itself into
                                the  ship  trading  business  and it has no  intention  of
                                further  pursuing  its  building  construction   business,
                                which  is  currently   undertaken  by  COSCO  Construction
                                Group.  The  proposed   disposal  is  in  line  with  this
                                strategy  and  presents  an  opportunity  for the Group to
                                dispose of its non-core  assets so as to focus on its core
                                business of ship trading and supplying  services.  This is
                                a reasonable request.


05/29/07 - A        Cosco International Holdings (frmrl.     G8114Z101                          05/22/07             106,000
                    Shun Shing Holdings)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                 Mgmt
                                A final  dividend of HK$0.043  ($0.005) per share has been
                                proposed.
                    3a       Reelect Wei Jiafu as Director                 For          For                 Mgmt
                    3b       Reelect Liu Guoyuan as Director               For          For                 Mgmt
                    3c       Reelect Li Jianhong as Director               For          For                 Mgmt
                    3d       Reelect Wang Futian as Director               For          For                 Mgmt
                    3e       Reelect Jia Lianjun as Director               For          For                 Mgmt
                    3f       Reelect Wang Xiaoming as Director             For          For                 Mgmt
                    3g       Reelect Liang Yanfeng as Director             For          For                 Mgmt
                    3h       Reelect Meng Qinghui as Director              For          For                 Mgmt
                    3i       Reelect Chen Xuewen as Director               For          For                 Mgmt
                    3j       Reelect Lin Libing as Director                For          For                 Mgmt
                    3k       Reelect Wang Xiaodong as Director             For          For                 Mgmt
                    3l       Reelect Lin Wenjin as Director                For          For                 Mgmt
                    3m       Reelect Kwong Che Keung, Gordon as Director   For          For                 Mgmt
                    3n       Reelect Tsui Yiu Wa, Alec as Director         For          For                 Mgmt
                    3o       Reelect Jiang, Simon X. as Director           For          For                 Mgmt
                    3p       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                                The company is proposing  that  PricewaterhouseCoopers  be
                                reappointed as its external auditors.
                    5a       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5b       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                This item seeks to refresh the company's  mandate to issue
                                shares,  representing  up to 20 percent of current  issued
                                capital,  without  preemptive  rights.        The  general
                                mandate to issue shares is supported  for  companies  that
                                limit  discounts  to 5  percent  of the  market  price  of
                                shares  and who,  at the same  time,  have no  history  of
                                refreshments  as these  factors  address  concerns  on the
                                possible  issuance of discounted shares to related parties
                                as well as further  dilution to existing  shareholders due
                                to  frequent  refreshments.           In  this  case,  the
                                company  did  not  provide  discount  restrictions  on the
                                issue price of shares under this  mandate.  Given this and
                                considering  that the  mandate  may be  refreshed  several
                                times   within  a  period  of  one  year,   we   recommend
                                shareholders oppose this resolution.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent of issued  capital from the  original  limit of 20
                                percent  under the general  mandate to issue shares sought
                                by most  Hong  Kong  companies.  Given  that  the  general
                                mandate to issue  shares is subject to abuse by  companies
                                that issue shares at discounts to the market  price,  such
                                extension  of  the  general  share  issuance  mandate  may
                                increase the scope of non-preemptive  placements,  putting
                                minority  shareholders  at a  disadvantage  as repurchased
                                shares may also be  reissued  at a discount  to the market
                                price.  In view of this,  shareholders  are recommended to
                                oppose  this item  unless a minimal  discount of 5 percent
                                or less is specified for share  issuances  under a general
                                mandate.           In  this  case,  the  company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.


08/30/06 - A        COSMOS PHARMACEUTICAL CORP *3349*        J08959108                          05/31/06                 862
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                 Mgmt
                             10, Special JY 0
                    2        Amend Articles to: Limit Rights of Odd-lot    For          For                 Mgmt
                             Holders - Update Terminology to Match that
                             of New Corporate Law - Limit Liability of
                             Directors and Statutory Auditors
                    3        Elect Directors                               For          For                 Mgmt
                    4        Approve Special Payments to Continuing        For          For                 Mgmt
                             Directors and Statutory Auditor in
                             Connection with Abolition of Retirement
                             Bonus System


02/28/07 - S        Cosmote - Mobile Telecommunications SA   X9724G104                          None                  31,505
                    1        Amend Stock Option Plan                       For                              Mgmt
                    2        Approve Basic Terms of Agreement with OTE     For                              Mgmt
                    3        Amend Articles to Reflect Changes in Capital  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/08/07 - A        Cosmote - Mobile Telecommunications SA   X9724G104                          None                  31,505
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Approve       For                              Mgmt
                             Dividend Distribution
                    2        Approve Discharge of Board and Auditors       For                              Mgmt
                    3        Approve Director Remuneration                 For                              Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                              Mgmt
                    5        Authorize Board Members and Management to     For                              Mgmt
                             Participate in Board and Management of
                             Similar Companies
                    6        Amend Company Bylaws                          For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        Cramo OyJ (Frmly Rakentajain             X71756104                          04/05/07               1,743
                    Konevuokraamo Oyj)
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Annual Report                         None                             Mgmt
                    1.3      Receive Auditor's Report                      None                             Mgmt
                    1.4      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.5      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.50 Per Share
                    1.6      Approve Discharge of Board and President      For                              Mgmt
                    1.7      Fix Number of Directors at Six and Approve    For                              Mgmt
                             Their Remuneration
                    1.8      Fix Number of Auditors at Two and Approve     For                              Mgmt
                             Their Remuneration
                    1        Elect Directors                               For                              Mgmt
                    1.10     Appoint Auditors and Deputy Auditors          For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Credit Suisse Group (formerly CS         H3698D419                          None                  77,693
                    Holding)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve CHF 26.9 Million Reduction in Share   For                              Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                    4.1      Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 2.24 per Registered Share
                    4.2      Approve CHF 534 Million Reduction in Share    For                              Mgmt
                             Capital; Approve Capital Repayment of CHF
                             0.46 per Share
                    5        Authorize Share Repurchase Program            For                              Mgmt
                    6.1      Renew Existing CHF 22.7 Million Pool of       For                              Mgmt
                             Capital
                    6.2      Amend Articles Re: Capital Holding            For                              Mgmt
                             Requirement for Submitting Shareholder
                             Proposals
                    6.3      Amend Articles to Reflect Changes in Capital  For                              Mgmt
                    7.1a     Reelect Noreen Doyle as Director              For                              Mgmt
                    7.1b     Reelect Aziz Syriani as Director              For                              Mgmt
                    7.1c     Reelect David Syz as Director                 For                              Mgmt
                    7.1d     Reelect Peter Weibel as Director              For                              Mgmt
                    7.2      Ratify KPMG Klynveld Peat Marwick Goerdeler   For                              Mgmt
                             SA as Auditors
                    7.3      Ratify BDO Visura as Special Auditors         For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/25/06 - A        Creed Corp. *8888*                       J7007Z100                          05/31/06                  12
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                 Mgmt
                             2000, Special JY 0
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format - Update
                             Terminology to Match that of New Corporate
                             Law - Limit Liability of Directors and
                             Statutory Auditors


05/31/07 - A/S      Crescent Point Energy Trust *CPG.U*      225908102                          04/26/07               4,763
                    1        Fix Number of Directors at Seven              For          For                 Mgmt
                    2        Elect Directors                               For          For                 Mgmt
                    3        Ratify PricewaterhouseCoopers LLP as          For          For                 Mgmt
                             Auditors
                    4        Amend Restricted Stock Plan                   For          For                 Mgmt
                                Conclusion        Where  companies are  proposing  changes
                                to the  amendment  or  black-out  provisions  of  existing
                                equity-based  compensation  plans  are  not  contemplating
                                increasing the size of such plans,  ISS will base our vote
                                recommendation  solely  on the  merits  of the  provisions
                                being  proposed.  For  clarification,  where companies are
                                also   proposing   any   other    amendments   that   will
                                substantially   affect   the   cost  of  an   equity-based
                                compensation   plan,   ISS  will   continue   to  run  our
                                proprietary  compensation  model and review  all  relevant
                                provisions  and  usage of the plan when  determining  vote
                                recommendations.          Since  the plan is a full  value
                                award plan,  the  limitation  of Insiders by points b) and
                                c)  of  the  amendment   provision   would  not  have  any
                                meaningful    effect   on   the   plan    following    our
                                communications  with the trust to clarify the intention of
                                those  provisions.          We  would  prefer  to see  the
                                amendment  provision also requires unitholder approval for
                                any amendments that would provide for the  transferability
                                or  assignability  of  Restricted  Units.  The  trust  has
                                indicated  to ISS that it will not amend the plan to allow
                                transfer or  assignment of  Restricted  Units,  except for
                                normal estate  purposes.        As such, ISS believes that
                                the amendment provision  adequately restricts the amending
                                powers of plan administrators.


04/24/07 - A        CSE Global Ltd (frmly CSE Systems &      Y8346J107                          None                  11,000
                    Engineering Ltd)
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of SGD       For          For                 Mgmt
                             0.035 Per Share
                    3        Reelect Lim Ming Seong as Director            For          Against             Mgmt
                                Due to the company's  failure to provide the annual report
                                for fiscal  year  2006,  we are  unable to  ascertain  the
                                level of  independence  of this  nominee.  Given  this and
                                considering our position against  executive  directors who
                                are  also  members  of  key  board  committees,  as  their
                                presence  threatens  to  undermine  the  purpose  of these
                                committees   in  providing   independent   oversight   and
                                preventing  conflicts of interest,  and the best  practice
                                recommendations   stipulated   in   Singapore's   Code  of
                                Corporate  Governance  that limit members of the Audit and
                                Remuneration  Committees  to  non-executives  only, a vote
                                against this resolution is recommended.
                    4        Reelect Goh Boon Seng as Director             For          Against             Mgmt
                    5        Approve Directors' Fees of SGD 190,000 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             196,000)
                    6        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant          For          Against             Mgmt
                             Options Pursuant to the CSE Global Limited
                             Executives' Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the  Scheme  is 12  percent  of issued  capital,  which is
                                considered an unacceptable level of dilution.  This scheme
                                cannot  be  considered  sufficiently   well-structured  to
                                justify a potential dilution level of 12 percent.
                    9        Approve Issuance of Shares and Grant          For          For                 Mgmt
                             Options Pursuant to the CSE (US
                             Subsidiaries) Incentive Stock Option Plan


04/24/07 - S        CSE Global Ltd (frmly CSE Systems &      Y8346J107                          None                  11,000
                    Engineering Ltd)
                    1        Approve Allotment and Issuance of Up to       For          For                 Mgmt
                             170.4 Million Bonus Shares on the Basis of
                             One Bonus Share for Every 2 Existing Shares


07/13/06 - A        Csr Ltd. *CSR*                           Q30297115                          07/11/06              19,015
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Year Ended March 31, 2006
                    2        Adopt the Remuneration Report for the Year    For          For                 Mgmt
                             Ended March 31, 2006
                    3a       Elect Barry Jackson as Director               For          For                 Mgmt
                    3b       Elect John Story as Director                  For          For                 Mgmt
                    4        Amend the Constitution to Renew               For          For                 Mgmt
                             Proportional Takeover Provisions for a
                             Further Three Years


06/28/07 - A        D&M HOLDINGS INC *6735*                  J1232Z100                          03/31/07               8,462
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director --- For
                                Candidates  4, 6 to 9 have been  designated  as outsiders,
                                but   candidates   6  and  9   meet   our   criteria   for
                                independence.  Candidate 4 is  president  of the  Japanese
                                subsidiary of D&M's second largest  shareholder,  Phillips
                                Electronics.  Candidate 7 is the executive  vice-president
                                of RHJ International,  which is the parent company of D&M.
                                Candidate  8  is  a  vice-president   of  RHJI  Industrial
                                Partners    Asia,    a    subsidiary    of   parent    RHJ
                                International.        Candidate   6  is  a   former   vice
                                president  of  International  Paper and director of Boston
                                Acoustics,   and   Candidate  9  is  the  chairman  of  On
                                International  Inc.  These  nominees  appear  to meet  our
                                criteria for  independence.        Because the benefits of
                                adopting  a   US-style   board  are   undermined   by  the
                                appointment  of outside  directors who lack  independence,
                                we recommend that shareholders oppose nominees 4, 7 and 8.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- Against
                                see item 1.1
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- Against
                                see item 1.1
                    1.8      Elect Director --- Against
                                see item 1.1
                    1.9      Elect Director --- For


05/23/07 - S        D/S NORDEN                               K19911138                          05/02/07                  18
                    1        Approve DKK 1.475 Million Reduction in        For          For                 Mgmt
                             Share Capital via Share Cancellation; Amend
                             Articles Accordingly


06/20/07 - S        D/S NORDEN                               K19911146                          06/01/07                 360
                    1        Approve DKK 1.475 Million Reduction in        For          For                 Mgmt
                             Share Capital via Share Cancellation; Amend
                             Articles Accordingly


03/15/07 - A        Daegu Bank                               Y1859G115                          12/31/06               4,816
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 565 Per Share
                    2        Amend Articles of Incorporation to Increase   For          For                 Mgmt
                             Number of Independent Non-Executive
                             Directors and to Set Audit Committee
                             Member's Term
                    3        Elect Three Independent Non-Executive         For          For                 Mgmt
                             Directors
                    4        Elect Members of Audit Committee              For          For                 Mgmt
                    5        Approve Stock Option Grants                   For          For                 Mgmt


03/16/07 - A        Daewoo Engineering & Construction        Y1888W107                          12/31/06               7,070
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 500 Per Share
                    2        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    3        Amend Articles of Incorporation to Expand     For          For                 Mgmt
                             Business Objectives, to Allow Stock Options
                             Converted to Preferred Shares, and to Allow
                             Interim Dividends


05/25/07 - A        Daewoong Pharmaceutical Co.              Y1915W104                          03/31/07                 930
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 800 Per Share
                                This  item  seeks  approval  of  the  company's  financial
                                statements  and  of  management's   plans  for  allocating
                                income for the year.  The company is  proposing a dividend
                                of KRW 800 per share.  This  corresponds to a payout ratio
                                of  approximately  15 percent,  down from 18.4  percent in
                                the previous  year. The company is increasing its dividend
                                from  KRW  700  in the  previous  year  to KRW  800 as the
                                company's  net income  increased  37.7  percent  year over
                                year.
                    2        Amend Articles of Incorporation               For          Against             Mgmt
                                        The  amendment  would allow the board to decide on
                                the limit of the number of  additional  convertible  bonds
                                and bonds  with  subscription  warrant  that may be issued
                                and at what price. The discretion is especially  troubling
                                considering  that  the  board  may  issue  bonds  that are
                                convertible   into   ordinary   shares.   Because  of  the
                                excessive  discretion afforded to the board in setting the
                                terms of the  issuances,  the  undisclosed  nature  of the
                                authorization,  and the  history of  widespread  collusive
                                business  practices  in  the  Korean  market,  we  do  not
                                support this request.
                    3        Elect Two Executive Directors                 For          For                 Mgmt
                                The two  executive  (inside)  director  nominees  are Yoon
                                Jae-soong,  the representative director of the company and
                                Kim Jung-ho,  a managing director of the company.  Neither
                                nominee has engaged in any  disclosable  transaction  with
                                the company within the last three years.  Yoon is a son of
                                the  largest  shareholder  of the  company.  The number of
                                directors on the board remains  unchanged at nine, of whom
                                three are independent non-executive (outside) directors.
                    4        Approve Limit on Remuneration of Directors    For          For                 Mgmt
                                This  item  is  to  fix  a  maximum  amount  for  director
                                remuneration  for  the  year at KRW 2  billion,  unchanged
                                from the previous  year.  The actual payout amount for the
                                last  year  for  three  outside  directors  was  KRW  68.4
                                million.  The  level of  directors'  fees is  usually  not
                                problematic among Korean  companies,  and we see no reason
                                to oppose this routine resolution.
                    5        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                This item  seeks to fix an  amount  for  internal  auditor
                                remuneration  for the year.  The amount  proposed  for one
                                auditor is KRW 150  million,  unchanged  from the previous
                                year. This level of fees is not high by Korean  standards,
                                and  companies  usually do not pay out the  entire  amount
                                authorized.  We recommend that  shareholders vote for this
                                resolution.


06/27/07 - A        Daiichi Jitsugyo Co. Ltd. *8059*         J09492109                          03/31/07               2,617
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 13
                                The payout ratio for the full year is 28 percent  based on
                                consolidated    earnings,   or   35   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format -
                             Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  14 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    3.14     Elect Director --- For
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The  retiring  directors  are  insiders,  and we  have  no
                                reason to oppose this resolution.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                70  million  to 14  directors.  Because  the amount is not
                                excessive, we have no reason to oppose this resolution.


05/24/07 - A        Daiseki Co. Ltd. *9793*                  J10773109                          02/28/07                 566
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 6, Final JY
                             8, Special JY 0
                                The  payout  ratio is 14  percent  based  on  consolidated
                                earnings, or 15 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on   parent-company   earnings    only.                The
                                payout  ratio for the year is on the low side by  Japanese
                                standards.  However,  the company has posted strong growth
                                in sales and profits in recent years.  Accordingly,  we do
                                not object to the  retention  of cash at this stage of the
                                company's development
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives  and 0  non-executives.The  board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For


06/22/07 - A        Daito Bank *8563*                        J10941102                          03/31/07               5,279
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 1.5
                                The payout  ratio for the full year is 5 percent  based on
                                either         parent-only         or         consolidated
                                earnings.                The  payout  ratio  for the  full
                                year is on the low  side by  Japanese  standards.  We will
                                consider   recommending   votes   against   future  income
                                allocations,  if profits grow and the dividend  payment is
                                not increased.
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format -
                             Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominee  4                  Background  of
                                non-executive  nominee(s):  The  nominee  is  the  current
                                executive  of  Koriyama  Chamber  Commerce  and  Industry.
                                                Board   Profile                Composition
                                of  board  after  this   meeting:   3  executives   and  1
                                non-executive.           The   number  of   outsiders   is
                                remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominee 2         Nominee 2 meets our
                                criteria   for   independence.   He  is  a  former   local
                                government official.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditors
                                One of the retiring  auditors has been  designated  by the
                                company as independent.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing this item.


07/31/06 - A        Dana Petroleum PLC                       G26503113                          None                  54,417
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Re-elect Thomas Cross as Director             For          For                 Mgmt
                    3        Re-elect David MacFarlane as Director         For          For                 Mgmt
                    4        Elect Philip Dayer as Director                For          For                 Mgmt
                    5        Elect Stuart Paton as Director                For          For                 Mgmt
                    6        Re-elect Angus Burn as Director               For          For                 Mgmt
                    7        Approve Remuneration Report                   For          Against             Mgmt
                    8        Reappoint Ernst & Young LLP as Auditors of    For          For                 Mgmt
                             the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,680,695
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 641,579
                    12       Authorise 8,554,300 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase


09/26/06 - S        Dana Petroleum PLC                       G26503113                          None                  55,818
                    1        Approve Dana Petroleum Plc 2006 Long-Term     For          For                 Mgmt
                             Incentive Plan and the Employee Benefit
                             Trust to be Established for Use in
                             Connection with the Plan; Authorise the
                             Directors to Do All Acts and Things
                             Necessary to Carry the Plan into Effect
                    2        Approve Deferred Share Payment A (Deferred    For          Against             Mgmt
                             Compensation); Authorise the Directors to
                             Do All Acts and Things Necessary to Carry
                             the Arrangement into Effect
                    3        Approve Deferred Share Payment B (Exchange    For          For                 Mgmt
                             Options); Authorise the Directors to Do All
                             Acts and Things Necessary to Carry the
                             Arrangement into Effect
                    4        Approve Dana Petroleum Plc Share Incentive    For          For                 Mgmt
                             Plan; Authorise the Directors to Do All
                             Acts and Things Necessary to Carry the Plan
                             into Effect


11/27/06 - S        Datamonitor plc                          G2659P107                          None                   1,194
                    1        Approve Acquisition by the Co. of All         For          For                 Mgmt
                             Issued and to be Issued Share Cap. of Ovum
                             Plc Subject to the Terms and Conditions of
                             the Offer Document; Auth. Board to Take All
                             Steps to Complete the Acquisition and to Do
                             All Thing Necessary Pursuant to the Offer


04/04/07 - S        DBS Group Holdings Ltd. (Formerly        Y20246107                          None                 167,000
                    Development Bank of Singapore)
                    1        Authorize Share Repurchase Program            For          For                 Mgmt


04/04/07 - A        DBS Group Holdings Ltd. (Formerly        Y20246107                          None                 167,000
                    Development Bank of Singapore)
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.20 Per        For          For                 Mgmt
                             Share and Special Dividend of SGD 0.05 Per
                             Share
                    3        Approve Directors' Fees of SGD 1.5 Million    For          For                 Mgmt
                             (2005: SGD 1.1 Million)
                    4        Appoint Ernst & Young as Auditors and         For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    5a       Reelect Jackson Tai as Director               For          For                 Mgmt
                    5b       Reelect Ang Kong Hua as Director              For          For                 Mgmt
                    5c       Reelect Leung Chun Ying as Director           For          For                 Mgmt
                    5d       Reelect Peter Ong Boon Kwee as Director       For          For                 Mgmt
                    6a       Approve Issuance of Shares and Grant          For          Against             Mgmt
                             Options Pursuant to the DBSH Share Option
                             Plan
                                In this case,  the  percentage of shares  available  under
                                the company's share option scheme,  together with the DBSH
                                Share  Plan,  is 7.5 percent of issued  capital,  which is
                                considered to be an unacceptable  level of dilution.  This
                                scheme cannot be considered  sufficiently  well-structured
                                to justify a potential dilution level of 7.5 percent.
                    6b       Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options and/or Awards Pursuant to the DBSH
                             Share Plan
                                In this case,  the  percentage of shares  available  under
                                the  company's  share plan,  together  with the DBSH Share
                                Option Plan,  is 7.5 percent of issued  capital,  which is
                                considered to be an unacceptable  level of dilution.  This
                                scheme cannot be considered  sufficiently  well-structured
                                to justify a potential dilution level of 7.5 percent.
                    6c       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights


07/27/06 - A        De La Rue Plc                            G6448X115                          None                   4,545
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 11.8 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Michael Jeffries as Director         For          For                 Mgmt
                    5        Re-elect Keith Hodgkinson as Director         For          For                 Mgmt
                    6        Re-elect Nicholas Brookes as Director         For          For                 Mgmt
                    7        Elect Gill Rider as Director                  For          For                 Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 15,309,688
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,296,682
                    12       Authorise 24,787,640 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    13       Authorise the Company to Make Donations to    For          For                 Mgmt
                             EU Political Organisations up to GBP 20,000
                             and to Incur EU Political Expenditure up to
                             GBP 20,000
                                While this is a standard  item,  the  Company is seeking a
                                four-year  authority for these proposals.  NAPF guidelines
                                recommend that  Companies seek annual renewal  resolutions
                                proposals related to political  expenditure and donations.
                                Upon  engagement,  the Company  explained  to RREV that it
                                has been  Company  policy for twenty years not to make any
                                political   donations   at  all  and  that   the   current
                                resolutions   are   precautionary   in   nature.   As  the
                                regulations  require  a  separate  resolution  for each EU
                                subsidiary  rather  than a composite  one,  the Company is
                                seeking  authority  every four years,  as permitted by the
                                Political  parties,  Elections and  Referendums  Act 2000,
                                rather than every year.  The Company has confirmed that if
                                it were to change  its  policy  not to make any  political
                                donations,   it  would   submit  these   resolutions   for
                                shareholder  approval annually.  RREV therefore recommends
                                that shareholders support resolutions 13 to 24.
                    14       Authorise De La Rue International Limited     For          For                 Mgmt
                             to Make Donations to EU Political
                             Organisations up to GBP 20,000 and to Incur
                             EU Political Expenditure up to GBP 20,000
                                See Item 13 for a more detailed explanation.
                    15       Authorise De La Rue Holdings Plc to Make      For          For                 Mgmt
                             Donations to EU Political Organisations up
                             to GBP 20,000 and to Incur EU Political
                             Expenditure up to GBP 20,000
                                See Item 13 for a more detailed explanation.
                    16       Authorise De La Rue Cash Systems NV to Make   For          For                 Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    17       Authorise De La Rue Smurfit Limited to Make   For          For                 Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    18       Authorise De La Rue Cash System S.A. to       For          For                 Mgmt
                             Make Donations to EU Political
                             Organisations up to GBP 10,000 and to Incur
                             EU Political Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    19       Authorise De La Rue Cash Systems GmbH to      For          For                 Mgmt
                             Make Donations to EU Political
                             Organisations up to GBP 10,000 and to Incur
                             EU Political Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    20       Authorise De La Rue BV to Make Donations to   For          For                 Mgmt
                             EU Political Organisations up to GBP 10,000
                             and to Incur EU Political Expenditure up to
                             GBP 10,000
                                See Item 13 for a more detailed explanation.
                    21       Authorise De La Rue Systems S.A. to Make      For          For                 Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    22       Authorise De La Rue Cash Systems AB to Make   For          For                 Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    23       Authorise De La Rue Currency and Security     For          For                 Mgmt
                             Print Limited to Make Donations to EU
                             Political Organisations up to GBP 10,000
                             and to Incur EU Political Expenditure up to
                             GBP 10,000
                                See Item 13 for a more detailed explanation.
                    24       Authorise De La Rue Systems Automatizacao,    For          For                 Mgmt
                             S.A. to Make Donations to EU Political
                             Organisations up to GBP 10,000 and to Incur
                             EU Political Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.


04/18/07 - A        Denison Mines Corp. *DML*                248356107                          03/09/07               7,300
                    1        Elect as Director John H Craig, W Robert      For          For                 Mgmt
                             Dengler, Brian D Edgar, E Peter Farmer, Ron
                             F Hochstein, Paul F Little, Lukas H Lundin,
                             William A Rand, Roy J Romanow, and
                             Catherine J G Stefan.
                    2        Appoint PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration


06/26/07 - A        Denso Corp. *6902*                       J12075107                          03/31/07             105,600
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 24
                                The payout ratio for the full year,  including the interim
                                dividend,  is 18 percent based on  consolidated  earnings,
                                or 27 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company earnings only.
                    2        Authorize Share Repurchase Program            For          For                 Mgmt
                                Denso  seeks  to  buy  back  up to  6.5  million  ordinary
                                shares, or 0.8 percent of currently issued capital,  for a
                                maximum of JY 32.5  billion.  The  authority  will be good
                                for one year,  and may be used at the board'd  discretion.
                                The  limits on the plan are  within  our  guidelines,  and
                                this is a routine request.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                13 executives  and 0  non-executives.The  board  currently
                                includes 13  insiders  and no outside  directors.  Several
                                directors are stepping down,  and candidates  8-12 are new
                                to the board this year.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominees 1 and 2        Nominee 1 does
                                not meet our criteria for independence.  He is the current
                                chairman  of  Denso's  largest  shareholder  and  customer
                                Toyota Motor, which holds a 24.76 percent stake.  However,
                                nominee 2 meets our  criteria  for  independence.  He is a
                                university  professor.        Nominee  3 is not designated
                                by the  company as  independent,  and we have no reason to
                                oppose the  nomination.                Given the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies and their affiliates,  nominee 1 for independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option   Plan    Summary        Eligibility:    Directors,
                                executives  and  employees  of  Denso,  and  directors  of
                                affiliates.        Exercise  Price:  5 percent  premium to
                                market  price  prior  to  grant  date.           Potential
                                Dilution:  0.26 percent of issued  capital from this plan;
                                0.7 percent when  combined with other option  grants.  ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.                Exercise  Period:  Begins  2 years
                                from  the  grant  date.        Performance  Hurdles:  None
                                disclosed.        This    plan   meets   ISS   guidelines.
                                Accordingly, we have no reason to oppose this resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                301  million  to 13  directors,  and JY 31.6  million to 5
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Special Payments to Continuing
                             Directors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement  bonuses  for 5  retiring  directors.        In
                                addition,  the company requests  shareholder  approval for
                                payments  in lieu of  retirement  bonuses to 8  continuing
                                directors.  The board is requesting  the authority to make
                                these  payments in  connection  with the  abolition of the
                                retirement  bonus  system.                  In  this case,
                                the  recipients  have held  executive  positions  with the
                                company, and we have no reason to oppose this resolution.
                    8        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 50 million per month
                                to JY  80  million  per  month.  After  the  meeting,  the
                                company      will       continue      to      have      13
                                directors.                This  change is being  requested
                                because the company is  abolishing  the practice of paying
                                lump-sum retirement  bonuses,  which do not fall under the
                                compensation  ceiling,  and is  replacing  them with other
                                forms of compensation  which do.          Because  the new
                                ceiling  is not  excessive,  we have no  reason  to oppose
                                this resolution.


06/06/07 - A        Denway Motors Ltd. (formerly Denway      Y2032Y106                          05/30/07             870,000
                    Investment)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Declare Final Dividend                        For          For                 Mgmt
                    3a       Elect ZHANG Fangyou as Director               For          For                 Mgmt
                    3b       Elect ZENG Qinghong as Director               For          For                 Mgmt
                    3c       Elect CHEUNG Doi Shu as Director              For          For                 Mgmt
                    3d       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


01/08/07 - S        Derwent London plc                       G27300105                          None                   1,101
                    1        Approve Merger with London Merchant           For          For                 Mgmt
                             Securities Plc; Approve Increase in
                             Authorised Capital from GBP 3,550,000 to
                             GBP 6,036,850; Authorise Issue of Equity
                             with Pre-emptive Rights up to GBP 2,486,850
                             in Connection with the Merger
                    2        Approve Increase in Remuneration of           For          For                 Mgmt
                             Non-Executive Directors to GBP 400,000
                    3        Change Company Name to Derwent London Plc     For          For                 Mgmt


05/24/07 - A        Deutsche Bank AG                         D18190898                          None                   3,561
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 4 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify KPMG AG as Auditors for Fiscal 2007    For                              Mgmt
                    6        Authorize Repurchase of Up to Five Percent    For                              Mgmt
                             of Issued Share Capital for Trading Purposes
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Authorize Use of Financial Derivatives When   For                              Mgmt
                             Repurchasing Shares
                    9        Elect Theo Siegert to the Supervisory Board   For                              Mgmt
                    10       Confirm 2006 AGM Election of Clemens          For                              Mgmt
                             Boersig as Supervisory Board Member
                    11       Approve Remuneration of Supervisory Board     For                              Mgmt
                    12       Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    13       Amend Articles Re: Regional Advisory          For                              Mgmt
                             Councils
                    14       Approve Creation of EUR 85 Million Pool of    For                              Mgmt
                             Capital without Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/11/07 - A        Deutsche Boerse AG                       D1882G119                          None                   2,815
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3.40 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Approve EUR 100 Million Capitalization of     For                              Mgmt
                             Reserves; Approve 2:1 Stock Split
                    6        Approve Creation of EUR 14 Million Pool of    For                              Mgmt
                             Capital without Preemptive Rights
                             (Authorized Capital III)
                    7        Approve Stock Bonus Plan for Key Employees;   For                              Mgmt
                             Approve Creation of EUR 6 Million Pool of
                             Capital for Stock Bonus Plan
                    8        Authorize Share Repurchase Program and        For                              Mgmt
                             Cancellation of Repurchased Shares;
                             Authorize Use of Financial Derivatives When
                             Repurchasing Shares
                    9        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    10       Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        Deutsche Lufthansa AG                    D1908N106                          None                  62,820
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.70 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Elect Clemens Boersig to the Supervisory      For                              Mgmt
                             Board
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    8        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Deutsche Postbank AG                     D1922R109                          None                   1,262
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.25 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Repurchase of Up to 5 Percent of    For                              Mgmt
                             Issued Share Capital for Trading Purposes
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Approve Affiliation Agreements with           For                              Mgmt
                             Subsidiary Postbank Beteiligungen GmbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/08/07 - A        Digi.com Berhad (formerly Digi           Y2070F100                          None                  51,987
                    Swisscom)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Financial Year Ended Dec.
                             31, 2006
                    2        Approve Dividends of MYR 0.575 Per Share      For          For                 Mgmt
                             Less 27 Percent Income Tax for the
                             Financial Year Ended Dec. 31, 2006
                    3        Elect Christian Storm as Director             For          For                 Mgmt
                    4        Elect Ragnar Holmen Korsaeth as Director      For          For                 Mgmt
                    5        Approve Ernst & Young as Auditors and         For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    6        Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    7        Approve Renewal of Shareholders' Mandate      For          For                 Mgmt
                             for Recurrent Related Party Transactions


01/10/07 - A        Diploma plc                              G27664112                          None                     460
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 15 Pence Per        For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect John Matthews as Director            For          For                 Mgmt
                    4        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    5        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    6        Approve Remuneration Report                   For          For                 Mgmt
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 377,465
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 56,620
                    9        Authorise 2,264,791 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase


02/23/07 - S        Dodwell B.M.S.                           J12139101                          12/31/06               2,456
                    1        Approve Formation of Joint Holding Company    For          For                 Mgmt
                             with Graphtec Corp.
                                Conclusion        Based  on our analysis in valuation  and
                                rationale,  we recommend that  shareholders  vote for this
                                merger.


06/14/07 - A        Dongbu Insurance Co.                     Y2096K109                          03/31/07              29,960
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 450 Per Share
                    2        Elect Three Directors                         For          For                 Mgmt
                    3        Elect Members of Audit Committee Who Is       For          For                 Mgmt
                             Independent
                    4        Elect Members of Audit Committee Who is Not   For          Against             Mgmt
                             Independent
                                In this case,  because the nominee is not independent,  we
                                recommend that shareholders vote against this resolution.
                    5        Approve Limit on Remuneration of Directors    For          Against             Mgmt
                                Due  to  the  lack  of   disclosure,   we  recommend  that
                                shareholders vote against this resolution.


05/11/07 - A        Draegerwerk AG                           D22938118                          04/20/07                 798
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.49 per Common Share and EUR 0.55
                             per Preference Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Approve Remuneration of Supervisory Board     For                              Mgmt
                    6        Ratify BDO Deutsche Warentreuhand AG as       For                              Mgmt
                             Auditors for Fiscal 2007
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    9        Approve Change of Corporate Form from Stock   For                              Mgmt
                             Corporation (AG) to Partnership Limited by
                             Shares (KGaA); Approve Draegerwerk
                             Verwaltungs AG as Personally Liable
                             Partner; Adopt New Articles of Association
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/11/07 - A        Draka Holding N.V.                       N2771R199                          05/07/07               1,554
                    1        Open Meeting                                  None                             Mgmt
                    2.a      Receive Report of Management Board            None                             Mgmt
                    2.b      Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                    4        Approve Discharge of Management Board         For                              Mgmt
                    5        Approve Discharge of Supervisory Board        For                              Mgmt
                    6        Elect Members to Supervisory Board            For                              Mgmt
                    7        Approve Remuneration of Supervisory Board     For                              Mgmt
                    8        Approve Remuneration Report Containing        For                              Mgmt
                             Remuneration Policy for Management Board
                             Members
                    9        Ratify Auditors                               For                              Mgmt
                    10       Grant Board Authority to Issue Shares and     For                              Mgmt
                             Restricting/Excluding Preemptive Rights
                    11.a     Authorize Repurchase of Preference Shares     For                              Mgmt
                    11.b     Authorize Repurchase of Ordinary Shares       For                              Mgmt
                    12       Cancel Preference Shares Held by the Company  For                              Mgmt
                    13       Allow Questions                               None                             Mgmt
                    14       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/18/07 - A        Drillisch AG                             D23138106                          04/27/07               2,334
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify BDO Deutsche Warentreuhand AG as       For                              Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Approve Creation of EUR 19.2 Million Pool     For                              Mgmt
                             of Capital without Preemptive Rights
                    8        Approve EUR 0.9 Million Capitalization of     For                              Mgmt
                             Reserves for Increase in Par Value
                    9        Amend Articles Re: Conducting of              For                              Mgmt
                             Shareholder Meeting due to New German
                             Legislation (Law on Company Integrity and
                             Modernization of the Right of Avoidance)
                    10       Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    11       Approve Affiliation Agreement with            For                              Mgmt
                             Subsidiary McSIM Mobilfunk GmbH
                    12       Amend Existing Affiliation Agreements with    For                              Mgmt
                             Subsidiaries VICTORVOX GmbH, SIMply
                             Communication GmbH, IQ-work Software AG,
                             and Alphatel Kommunikationstechnik GmbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/07/06 - A        DTZ Holdings Plc (Fm. Debenham Tewson    G2848D114                          None                   3,298
                    & Chinnocks Hold. Plc)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 7 Pence Per         For          For                 Mgmt
                             Ordinary Share
                    3a       Re-elect Mark Struckett as Director           For          For                 Mgmt
                    3b       Re-elect Peter Stone as Director              For          For                 Mgmt
                    3c       Re-elect Dag Detter as Director               For          For                 Mgmt
                    3d       Re-elect Alicja Lesniak as Director           For          For                 Mgmt
                    4        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    5        Approve Remuneration Report                   For          For                 Mgmt
                    6        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 683,072
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 135,846
                    8        Authorise 2,716,927 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase
                    9        Approve DTZ Holdings Plc Long-Term Reward     For          For                 Mgmt
                             Plan
                                Performance  conditions        RREV  has no  objections to
                                the  performance   conditions   attached  to  the  scheme.
                                Brokers'  forecasts  indicate  that the EPS  targets  were
                                stretching  at the  time of  conception,  although  recent
                                forecasts indicate that the performance  expectations have
                                increased,  suggesting that the targets for the vesting of
                                the  maximum   award  are  no  longer  as   stretching  as
                                originally intended.          RREV welcomes the removal of
                                retesting   from  the  COSOP  and  the   introduction   of
                                performance   conditions   for  free   shares   under  the
                                Co-Investment     Plan.        Dilution        Our    main
                                concern  with  the  LTRP  is  in  the  area  of  dilution.
                                        NAPF   policy   recommends   that  the  aggregated
                                commitments   of  all  a   Company's   incentive   schemes
                                (discretionary and non-discretionary)  must not exceed 10%
                                of  the  issued  ordinary  share  capital   (adjusted  for
                                scrip/bonus  and  rights  issues)  in any  rolling 10 year
                                period.  Within these  limits,  the maximum  commitment to
                                discretionary  incentive schemes must not exceed 5% of the
                                issued  ordinary  share  capital  in any  rolling  10 year
                                period.        The  LTRP is a  discretionary  scheme,  but
                                the  Company  has   explained  to  RREV  that  it  is  not
                                proposing   to  include  a  5%  limit  for   discretionary
                                schemes,  since,  the Company  believes  that grants under
                                the   discretionary   schemes   are   likely  to  be  more
                                significant  compared to grants under all employee schemes
                                than would be the case with  other  business  sectors,  as
                                the   Company   is  a   'people   business'.        Voting
                                Recommendation        Although  we are  very  critical  of
                                the  omission of the 5% dilution  limit for  discretionary
                                schemes,  we consider that in other respects the proposals
                                reflect  current good  practice.  In addition,  they are a
                                significant   improvement   on  the   Company's   existing
                                arrangements,  which  the  Plan  will  replace.  For  this
                                reason, we are recommending that shareholders  support the
                                adoption  of the  LTRP.        Nevertheless,  we urge  the
                                Company to  reconsider  its  approach to  dilution  with a
                                view  to  adopting  the  5%  in  10  years  guideline.  In
                                addition,  we shall  expect the  Company to  disclose  its
                                latest  dilution level in each annual report,  in order to
                                permit   shareholders  to  monitor  the  changes  in  this
                                important metric.
                    10       Approve DTZ Holdings Plc Share Incentive      For          For                 Mgmt
                             Plan


04/30/07 - A        DUFRY SOUTH AMERICA LTD                  264340209                          None                  13,529
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                                The  company   has  not  yet   published   its   financial
                                statements  for fiscal year 2006.  Nonetheless,  this is a
                                routine  request  and  in  the  absence  of  any  specific
                                concerns regarding the company,  we recommend  shareholder
                                support for this item.
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The company has not  disclosed  its  allocation  of income
                                plans.  However,  since  Dufry South  America  went public
                                only in December  of 2006,  we do not expect much in terms
                                of a dividend  payout  relative to 2006.  We see no reason
                                to oppose this item.
                    3        Ratify Ernst & Young as Auditors              For          For                 Mgmt
                                This is a routine,  non-contentious issue and we recommend
                                shareholder support.
                    4        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                                Once again,  no information  was disclosed,  but we expect
                                the  company  to pay  market  rates to  Ernst & Young.  We
                                recommend shareholder support for this item.
                    5        Approve Discharge of Management and           For          For                 Mgmt
                             Supervisory Board
                                This item  requests that  shareholders  approve the formal
                                discharge of the directors and  supervisory  board members
                                for  the  previous   fiscal  year.   This  annual  request
                                represents   shareholder   endorsement  of  actions  taken
                                during the year.  Discharge is a tacit vote of  confidence
                                in the  company's  management  and  policies.  It does not
                                necessarily    eliminate   the   possibility   of   future
                                shareholder  action,  although  it does make  such  action
                                more  difficult  to  pursue.                Although  this
                                request is rare in Brazil,  it is common in other markets.
                                Discharge   generally  is  granted  unless  a  shareholder
                                states a specific reason for  withholding it.  Withholding
                                discharge  is  advisable  only  when  a  shareholder   has
                                concrete  evidence of  negligence  or abuse on the part of
                                the board or  management,  has plans to take legal action,
                                or has  knowledge  of  other  shareholders'  plans to take
                                legal action. We are unaware of any such instance.


05/03/07 - A/S      Dundee Real Estate Investment Trust      ADPV03041                          03/27/07               2,300
                    *D.U*
                    1        Elect Gunther Bautz, Detlef Bierbaum,         For          For                 Mgmt
                             Donald K. Charter, Michael J. Cooper, Peter
                             A. Crossgrove, Robert G. Goodall, Duncan
                             Jackman and Robert Tweedy as Trustees
                    2        Approve PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors
                    3        Amend Deferred Unit Incentive Plan            For          Against             Mgmt
                                                                                    VI.
                                Vote   Recommendation        In   Canada,   ISS   recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns,  and its CEO also had an increase in total direct
                                compensation  from the prior year, it would require closer
                                scrutiny.  If more  than  half of the  increase  in  total
                                direct    compensation    is    attributable   to   equity
                                compensation,   ISS  may   recommend  a  vote  against  an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the past two fiscal years.  Dundee REIT has a positive
                                one- and three-year  TSR of 62 and 28  percent.        The
                                estimated  shareholder  value  transfer  of the  company's
                                plans of 2 percent is equal to or less than the  allowable
                                cap for this  company of 4 percent.          ISS  believes
                                the plan amendment  provision has  adequately  limited the
                                board's  unilateral  authority  to  amend  the  plan as it
                                exists at this time.  Should  non-management  trustees  be
                                removed as eligible  participants in the future,  we would
                                expect  to  see  this  provision  added  to  the  list  of
                                amendment   requiring   shareholder   approval.        ISS
                                opposes    plans   that    provide    for    discretionary
                                director/trustee  participation.  This is a practice which
                                gives  rise  to  the   possibility  of   self-dealing   by
                                directors  in  options.  Directors  who are  able to grant
                                themselves   options   without   limit  could  find  their
                                independence compromised.


05/02/07 - A        DURO FELGUERA SA EX.GRUPO DURO           E3800J109                          None                   1,448
                    FELGUERA SA, OVIEDO
                    1        Accept Individual and Consolidated            For          For                 Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year 2006 and Approve Allocation
                             of Income
                    2        Approve Discharge of Board of Directors       For          For                 Mgmt
                    3        Fix Number of Directors; Elect Directors      For          Against             Mgmt
                                On this item,  we  consider  there to be  several  factors
                                that warrant a vote against.  The  withholding of director
                                names before the meeting diminishes  shareholder's ability
                                to make informed voting  decisions,  while the presence of
                                an  executive  director  on the  board's  Audit  Committee
                                raises concerns of conflicts of interest.  Moreover,  both
                                are practices  which the majority of Spanish  companies no
                                longer follow.  Given these concerns,  we cannot recommend
                                shareholder support for this item.
                    4        Grant Authority to the Board to Increase      For          For                 Mgmt
                             Capital Via Issuance of Securities; Amend
                             Article 5 of Company Bylaws; Approve
                             Listing of New Securities in the Stock
                             Exchange
                    5        Authorize Repurchase of Shares                For          For                 Mgmt
                    6        Elect External Auditors                       For          For                 Mgmt
                    7        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


05/03/07 - A        E.ON AG (formerly Veba AG)               D24909109                          04/12/07              39,390
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3.35 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board        For                              Mgmt
                             Fiscal 2006
                    5        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares -
                             Authorize Use of Financial Derivatives When
                             Repurchasing
                    6        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/27/07 - A        Eagle Industry Co. Ltd. *6486*           J12558110                          03/31/07               8,882
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 13 percent  based on
                                consolidated    earnings,   or   31   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  14 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       1       and
                                2                Neither  nominee  meets our  criteria for
                                independence.  Both nominees are current executives of the
                                largest  shareholder  in the company  with a 28.6  percent
                                stake.                Given   the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  Both nominees for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    4        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditors
                                The retiring  auditor has been  designated as independent.
                                        As  we  believe  the  payment  of such  bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the item.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 20 million per month
                                to JY 30 million per month. After the meeting,  the number
                                of    directors     will     increase     from    12    to
                                14.                Because   the   new   ceiling   is  not
                                excessive, we have no reason to oppose this resolution.


07/12/06 - A        Edgars Consolidated Stores (Formerly     S24179111                          None                  23,077
                    Edgars Stores Ltd.)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended April 1, 2006
                    2.1      Approve Remuneration of Chairman of the       For          For                 Mgmt
                             Board
                    2.2      Approve Remuneration of Chairman of the       For          For                 Mgmt
                             Audit and Risk Committee
                    2.3      Approve Remuneration of Chairman of the       For          For                 Mgmt
                             Remuneration and Nominations Committee
                    2.4      Approve Remuneration of Members of the Board  For          For                 Mgmt
                    2.5      Approve Remuneration of Members of the        For          For                 Mgmt
                             Audit and Risk Committee
                    2.6      Approve Remuneration of Members of the        For          For                 Mgmt
                             Remuneration and Nominations Committee
                    2.7      Approve Remuneration of Members of the        For          For                 Mgmt
                             Customer Service Committee
                    2.8      Approve Remuneration of Members of the        For          For                 Mgmt
                             Transformation Committee
                    3        Elect Directors                               For          Split               Mgmt
                    3.1      Approve Appointment of H.S.P. Mashaba as
                             Director --- For
                                S.D.M.   Zungu,  who  is  up  for  reelection  under  this
                                resolution,  has  attended  less than 75  percent of board
                                meetings  for the  year  without  a valid  reason  for the
                                absences.  We believe that the purpose of board membership
                                is to  represent  outside  shareholder  interests  and  to
                                monitor the  activities of  management.  Directors  cannot
                                satisfy their fiduciary  responsibility to shareholders if
                                they do not attend meetings.  We therefore  recommend that
                                shareholders oppose this director nominee.
                    3.2      Reelect H.S.P. Mashaba as Director --- For
                    3.3      Reelect S.R. Binnie as Director --- For
                    3.4      Reelect A. van A. Boshoff as Director ---
                             For
                    3.5      Reelect Z.B. Ebrahim as Director --- For
                    3.6      Reelect S.D.M. Zungu as Director --- Against
                    4        Increase Authorized Share Capital by the      For          For                 Mgmt
                             Creation of B Preference Shares
                    5        Amend Memorandum of Association Re: Include   For          For                 Mgmt
                             Reference to B Preference Shares
                    6        Amend Articles of Association Re: Set Out     For          For                 Mgmt
                             Rights and Privileges of B Preference
                             Shares; Quorums for Board Meetings;
                             Description of CEO as Managing Director
                    7        Authorize Issuance of B Preference Shares     For          For                 Mgmt
                             in a Private Placement
                    8        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


04/18/07 - A/S      Eiffage                                  F2924U106                          04/13/07                 693
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Approve Consolidated Financial Statements     For                              Mgmt
                             and Discharge Directors
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Appoint KPMG SA as Auditors and Bertnard      For                              Mgmt
                             Paulet as Deputy Auditors
                    6        Appoint PricewaterhouseCoopers Audit as       For                              Mgmt
                             Auditors and Yves Nicolas as Deputy Auditors
                    7        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    8        Reelect Jean-Francois Roverato as Director    For                              Mgmt
                    9        Ratify Appointment of Benoit Heitz as         For                              Mgmt
                             Director and Reelect him
                    10       Elect Jean-Claude Kerboeuf as Director        For                              Mgmt
                    A        Elect Vincente Benedito Frances as Director   Against                          ShrHoldr
                    B        Elect Ana de Pro Gonzalo as Director          Against                          ShrHoldr
                    C        Elect Jose Manuel Loureda Lopez as Director   Against                          ShrHoldr
                    D        Elect Santiago del Pino Aguilera as Director  Against                          ShrHoldr
                    E        Elect Javier Zarrabeitia Unzueta as Director  Against                          ShrHoldr
                             Special Business
                    11       Authorize Board to Issue Free Warrants with   For                              Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    12       Amend Articles of Association Re:             For                              Mgmt
                             Shareholder Disclosure Threshold
                    13       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    14       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 150 Million
                    15       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    16       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    17       Approve Stock Option Plans Grants             For                              Mgmt
                    18       Authorize up to 1 Million Shares for Use in   For                              Mgmt
                             Restricted Stock Plan
                    19       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    20       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    21       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/19/07 - A        Elisa Corporation (frm.HPY Holding)      X1949T102                          03/09/07               6,821
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.50 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    1.7      Fix Number of Directors at Six; Fix Number    For                              Mgmt
                             of Auditors at One
                    1        Elect Directors                               For                              Mgmt
                    1.9      Appoint KPMG Oy Ab as Auditor                 For                              Mgmt
                    2        Amend Articles of Association to Comply       For                              Mgmt
                             with New Finnish Companies Act
                    3        Approve Creation of Pool of Capital without   For                              Mgmt
                             Preemptive Rights; Authorize Reissuance of
                             Repurchased Shares
                    4        Authorize Repurchase of up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - S        Elisa Corporation (frm.HPY Holding)      X1949T102                          06/18/07               6,480
                    1        Approve EUR 530.4 Million Decrease in Share   For                              Mgmt
                             Premium Fund
                    2        Approve Special Dividend of EUR 165 Million   For                              Mgmt
                             in Aggregate
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Ementor ASA (formerly Merkantildata      R44435106                          None                  11,974
                    As)
                    1        Elect Chairman of Meeting                     For          For                 Mgmt
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Receive President's Report                    None         None                Mgmt
                    5        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports; Approve Allocation of Income and
                             Omission of Dividends
                    6        Approve Remuneration of Auditors              For          For                 Mgmt
                    7        Approve Remuneration of Directors             For          For                 Mgmt
                    8        Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    9        Reelect Bente Rathe and Jan-Fredrik           For          For                 Mgmt
                             Wilhelmsen as Members of Nominating
                             Committee
                    10       Approve Stock Option Plan for Employees;      For          For                 Mgmt
                             Approve Creation of up to NOK 50 Million
                             Pool of Capital to Guarantee Conversion
                             Rights
                    11       Approve Creation of up to NOK 100 Million     For          For                 Mgmt
                             Pool of Capital without Preemptive Rights
                    12       Authorize Repurchase of up to NOK 20          For          For                 Mgmt
                             Million of Issued Share Capital


04/25/07 - A/S      EnCana Corporation *ECA*                 292505104                          03/05/07              49,087
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors
                    3        Approve Shareholder Rights Plan               For          For                 Mgmt
                    4        Amend Employee Stock Option Plan              For          For                 Mgmt
                    5        Amend Employee Stock Option Plan              For          For                 Mgmt


02/14/07 - S        ENDEMOL NV                               N30617109                          02/07/07               3,836
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Announcements on the Proposed         None                             Mgmt
                             Acquisition
                    3        Approve Acquisition of Endemol France S.A.S.  For                              Mgmt
                    4        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A        ENDEMOL NV                               N30617109                          05/18/07               3,757
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4        Approve Dividends of EUR 0.45 Per Share       For                              Mgmt
                    5        Approve Discharge of Management Board         For                              Mgmt
                    6        Approve Discharge of Supervisory Board        For                              Mgmt
                    7        Reelect Mr. G.H. Smit to Supervisory Board    For                              Mgmt
                    8        Grant Board Authority to Issue Shares Up To   For                              Mgmt
                             5.1 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    9        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    10       Allow Questions                               None                             Mgmt
                    11       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A/S      ENEL SpA                                 T3679P115                          05/21/07              68,430
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements, Consolidated     For                              Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year 2007
                    2        Approve Allocation of Income                  For                              Mgmt
                    3.1      Appoint Internal Statutory Auditors - Slate   For                              Mgmt
                             1
                    3.2      Appoint Internal Statutory Auditors - Slate   For                              Mgmt
                             2
                    4        Approve Remuneration of Primary Internal      For                              Mgmt
                             Auditors
                    5        Extend External Auditors' Mandate for the     For                              Mgmt
                             Three-Year Term 2008-2010
                    6        Approve 2007 Stock Option Plan for Top        For                              Mgmt
                             Management of Enel Spa and its Subsidiaries
                             According to the Article 2359 of Italian
                             Civil Code
                             Special Business
                    1        Amend Articles Re: 14.3, 14.5 and 20.4 of     For                              Mgmt
                             the Company's Bylaws to Comply with the
                             Italian Law 262/2005 and with the
                             Legislative Decree 303/2006
                    2        Authorize Board of Directors to Increase      For                              Mgmt
                             Capital Up to EUR 27.92 Million for the
                             Execution of the 2007 Stock Option Plan
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/01/06 - A/S      Energy Metals Corp. *EMC*                29271B106                          10/27/06               1,175
                    1        Fix Number of Directors at Six                For          For                 Mgmt
                                This is a routine resolution.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director Paul Matysek --- For
                                We applaud  the company for  providing  shareholders  with
                                the  opportunity  to vote with  respect  to each  director
                                individually.  The board will  consist an equal  number of
                                independent and related  directors.  The slate is composed
                                of  three  independent,  one  affiliated  and  two  inside
                                nominees.  Matysek, President and CEO; and Sheriff, member
                                of  management  of the  company,  are an inside  nominees.
                                Watt,  former  President  of the company is an  affiliated
                                nominee.  Hand, Lupien, and Cole are independent nominees.
                                The offices of Chairman and CEO have been  separated.  The
                                company  has  not  disclosed  the  existance  of  an  Lead
                                director in  conjunction  with the Chairman,  Watt, who is
                                an  affiliated  outsider.  The board has formed a separate
                                Compensation  Committee.  There are no insiders on any key
                                committees.  We note that Watt is an  affiliated  outsider
                                sitting  on  all  Audit,   Compenstaion,   and   Corporate
                                Goverance and Nominating Committees.
                    2.2      Elect Director William Sheriff --- For
                                Sheriff is an is an insider nominee.
                    2.3      Elect Director James G.G. Watt --- For
                                Watt is an affiliated nominee.
                    2.4      Elect Director Grayson Hand --- For
                                Hand is an independent nominee.
                    2.5      Elect Director William Lupien --- For
                                Lupien is an independent nominee.
                    2.6      Elect Director David Cole --- For
                                Cole is an independent nominee.
                    3        Approve Davidson & Company as Auditors and    For          For                 Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                                Davidson & Company have been the company's  auditors since
                                1998.  Multilateral  Instrument  52-110 - Audit Committees
                                requires all  reporting  issuers to disclose the fees paid
                                to external  auditors.  According to the company,  it paid
                                $27,000 for audit,  $44,100 for audit-related,  $7,000 for
                                tax, and Nil for other  services  provided by the auditing
                                firm for the most recent  fiscal year.  Tax fees relate to
                                tax services  consisting of tax  compliance,  tax planning
                                and advice.
                    4        Approval & Ratification of Rolling 10%        For          Against             Mgmt
                             Stock Option Plan
                                Shareholders  are asked to approve  the Amended & Restated
                                Stock Option Plan. The  amendments  include the conversion
                                to a 10 percent  rolling stock option plan, and update the
                                amendment procedures.  The effect of rolling plans is that
                                shares  reserved  for  issuance  will   automatically   be
                                replenished  upon the  exercise or  cancellation  of stock
                                options.  The TSX  Exchange,  where the company is listed,
                                requires   rolling   option   plans  to  be   approved  by
                                shareholders   every  three  years.  Plans  that  reserves
                                shares for options on a rolling basis is potentially  more
                                dilutive  than  a plan  with  a  fixed  number  of  shares
                                reserved for options.  We estimate that potential dilution
                                will  equal  11percent  with a  reservation  of  7,312,991
                                shares,  taking into account a 3.3 percent  compond growth
                                rate of  outstanding  shares  over  the  three  years.  In
                                general ISS prefers  fixed limit option plans over rolling
                                limit option plans.          Share Price as of November 17
                                , 2006: $8.40,  Outstanding Options as of Fiscal Year End:
                                3,707,600        Burn  Rates  (non-diluted):  2005  -  5.6
                                percent,   2004  -  7.6   percent,   2003  -  3.4  percent
                                Three-Year    Average   -   5.5    percent        Eligible
                                Participants:    Employees,   officers,   directors,   and
                                consultants,   Maximum  Annual  Grants:  five  percent  of
                                outstanding  shares to any  individual in any one year; 10
                                percent of  outstanding  shares to any  insider  and their
                                associates  in any one year;  10  percent  of  outstanding
                                shares to insiders as a group;  two percent of outstanding
                                shares to any  consultant or Investor  Relations  employee
                                in a one-year period,  Exercise Price: market value on the
                                date of grant,  Option  Terms:  five  years,  Vesting:  No
                                mandatory  vesting.  To be determined  by the board,  Hold
                                Period:  Four months  from grant date,  Change in control:
                                Not disclosed,  Option Repricing: Not disclosed        The
                                terms of the Plan  holds  that the  company  may amend the
                                Stock  Option  Plan  without  shareholder  approve  in the
                                following  cases:(a)  to comply with the  requirements  of
                                any applicable  regulatory  authority;  (b) to comply with
                                the  rules,  policies  and terms of  listing  of any stock
                                exchange  on which the  Company's  securities  are listed;
                                (c) to  correct  any  typographical  errors  in the  Stock
                                Option Plan or to amend  wording of any  provision  of the
                                Stock  Option  Plan  for the  purpose  of  clarifying  the
                                meaning of  existing  provisions;  (d) to modify or extend
                                the  termination  date applicable to any specific grant of
                                Options;  (e) to amend the  exercise  price of any Options
                                held by  persons  who are not  insiders;  and (f) to amend
                                the  categories  of persons  described who are eligible to
                                receive  Options.                  The  total  cost of the
                                company's  plans of 8.53  percent  is above the  allowable
                                cap for  this  company  of 3.40  percent.  We  oppose  the
                                amendment to increase  shares reserved for options because
                                it  would  appear  that  non-employee  directors  have the
                                ability  to  participate  in  options  on a  discretionary
                                basis.  This  is  a  practice  which  gives  rise  to  the
                                possibility  of  self-dealing  by  directors  in  options.
                                Directors  who  are  able  to  grant  themselves   options
                                without limit could find their  independence  compromised.
                                In  addition  ISS will  generally  recommend  against  the
                                approval of proposed  amendment  procedures that expressly
                                premit changes in eligible  participants  which could lead
                                to   introduction   or   reintroduction   of  non-employee
                                directors under a plan.
                    5        Other Business                                For          Against             Mgmt
                                As we can not know the  content of the issues to be raised
                                under this item, we do not recommend  shareholders approve
                                this request.


05/22/07 - S        Eni Spa                                  T3643A145                          05/18/07             139,333
                             Special Meeting Agenda
                    1        Amend Articles 6.2, 13, 17, 24, 28 of the     For                              Mgmt
                             Bylaws
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        Eni Spa                                  T3643A145                          05/21/07             139,333
                             Annual Meeting Agenda
                    1        Accept Financial Statements, Statutory        For                              Mgmt
                             Reports, and Allocation of Income for the
                             Fiscal Year 2006 of Finanziaria ENI -
                             Enifin SpA, incorporated in ENI on Dec. 13,
                             2006
                    2        Accept Financial Statements, Statutory        For                              Mgmt
                             Reports, and Allocation of Income for the
                             Fiscal Year 2006 of ENI Portugal Investment
                             SpA, incorporated in ENI on Dec. 13, 2006
                    3        Accept Financial Statements, Consolidated     For                              Mgmt
                             Financial Statements, and Statutory Reports
                             for the Fiscal Year 2006
                    4        Approve Allocation of Income                  For                              Mgmt
                    5        Authorize Share Repurchase Program; Revoke    For                              Mgmt
                             Previously Granted Authorization to
                             Repurchase Shares
                    6        Extend Mandate of the External Auditors       For                              Mgmt
                             PriceWaterhouseCoopers for the Three-Year
                             Term 2007-2009
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/15/07 - A        Eriks Group (formerly ERIKS HOLDING)     N5103E158                          None                     230
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Announcements                         None                             Mgmt
                    3        Approve Minutes of the Meeting Taking Place   For                              Mgmt
                             on November 13, 2006
                    4        Receive Report of Management Board            None                             Mgmt
                    5        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    6        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    7        Approve Dividends of EUR 1.35 Per Share       For                              Mgmt
                    8        Approve Discharge of Management Board         For                              Mgmt
                    9        Approve Discharge of Supervisory Board        For                              Mgmt
                    10       Discussion on Company's Corporate             None                             Mgmt
                             Governance Structure
                    11       Elect Members to Supervisory Board            For                              Mgmt
                    12       Approve Remuneration of Supervisory Board     For                              Mgmt
                    13       Grant Board Authority to Issue Shares Up To   For                              Mgmt
                             20 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    14       Allow Questions                               None                             Mgmt
                    15       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Espec Corp. *6859*                       J1323D109                          03/31/07                 900
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 11
                                The payout ratio for the full year is 21 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Expand Business Lines -    For          For                 Mgmt
                             Limit Directors' Legal Liability - Limit
                             Liability of Statutory Auditors
                                In the item, the company asks for shareholder  approval to
                                expand  its  permitted   business   objectives.   The  new
                                business lines proposed here includes  disposal of devices
                                and  equipment.  The change  would not require the company
                                to enter  the new  business;  rather,  it  would  give the
                                board     the     right     to    do     so     at     its
                                discretion.                        The  company also seeks
                                the authority to impose  limits on the legal  liability of
                                outside  directors and outside  statutory  auditors in the
                                company's service contracts with these individuals.  These
                                limitations  would  apply  only  where the  individual  in
                                question  acted in good  faith,  and  would  not  apply in
                                cases  of  gross  negligence  or  criminal  behavior.  The
                                limitations  are seen as  necessary  in  order to  attract
                                qualified     candidates     to     serve     in     these
                                positions.        The    proposed    changes    meet   our
                                guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:        Nominees        4        and       5
                                                Background  of  non-executive  nominee(s):
                                Nominee 4 is a former vice president of NTN Corp.  Nominee
                                5    is    a    former    vice    chairman    of    Itochu
                                Corporation.                Board
                                Profile                Composition  of  board  after  this
                                meeting: 3 executives and 2 non-executives.  The number of
                                outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Approve Retirement Bonus for Statutory        For          For                 Mgmt
                             Auditor
                                The   retiring   auditor  has  not  been   classified   as
                                independent,   and  we  have  no  reason  to  oppose  this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                29  million  to 5  directors,  and  JY  5.5  million  to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


05/11/07 - A/S      Essilor International                    F31668100                          05/08/07               1,752
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Approve Consolidated Financial Statements     For                              Mgmt
                             and Discharge Directors
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.10 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Ratify Maurice Marchand Tonel as Director     For                              Mgmt
                    6        Elect Aicha Mokdahi as Representative of      For                              Mgmt
                             Employee Shareholders to the Board
                    7        Reelect Xavier Fontanet as Director           For                              Mgmt
                    8        Reelect Yves Chevillotte as Director          For                              Mgmt
                    9        Reelect Serge Zins as Director                For                              Mgmt
                    10       Elect Bridget Cosgrave as Director            For                              Mgmt
                    11       Reelect PricewaterhouseCooper as Auditor      For                              Mgmt
                             and Etienne Boris as Deputy Auditor
                    12       Elect Mazars and Guerard as Auditor and       For                              Mgmt
                             Jean-Louis Simon as Deputy Auditor
                    13       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    14       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    15       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    16       Approve Stock Option Plans Grants             For                              Mgmt
                    17       Authorize up to 3 Percent of Issued Capital   For                              Mgmt
                             for Use in Restricted Stock Plan
                    18       Set Global Limit for Capital Increase to      For                              Mgmt
                             Result from Issuance Requests Pursuant to
                             Items 16 to 17 Regarding Stock Plans at 3
                             Percent of Capital
                    19       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 25 million
                    20       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 25 million
                    21       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    22       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 500 Million for Bonus Issue or
                             Increase in Par Value
                    23       Approve Stock Split                           For                              Mgmt
                    24       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    25       Authorize Board to Issue Free Warrants with   For                              Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    26       Amend Articles of Association Re:             For                              Mgmt
                             Shareholding Disclosure Threshold
                    27       Amend Article 24 of Association Re: Voting    For                              Mgmt
                             Rights Ceiling
                    28       Amend Articles of Association Re: General     For                              Mgmt
                             Meeting Quorum Requirements, Related Party
                             Transactions, Employee Shareholder
                             Representative, Record Date
                    29       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/19/06 - S        EURONEXT                                 N3113K363                          12/12/06               1,522
                    1        Open Meeting                                  None                             Mgmt
                    2        Designate Secretary of the Meeting            For                              Mgmt
                    3        Approve Merger Agreement with NYSE Group      For                              Mgmt
                             Inc. and Jefferson Merger Sub, Inc.
                    4.a.1    Elect Rijnhard Beaufort to Supervisory Board  For                              Mgmt
                    4.a.2    Elect Rene Barbier to Supervisory Board       For                              Mgmt
                    4.b      Designate The Two New Supervisory Board       For                              Mgmt
                             Members as Representatives of the Company
                    5        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/19/06 - S        Eurozinc Mining Corp.                    298804105                          09/18/06              24,283
                    1        Approve Plan of Arrangement                   For          For                 Mgmt
                    2        Other Business (Voting)                       For          Against             Mgmt
                                As we can not know the  content of the issues to be raised
                                under this item, we do not recommend  shareholders approve
                                this request.


11/10/06 - A/S      EUTELSAT COMMUNICATIONS(frmly            F3692M128                          None                   5,605
                    SATBIRDS)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Treatment of Losses                   For                              Mgmt
                    4        Approve Dividends of EUR 0.54 per Share       For                              Mgmt
                    5        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    6        Approve Discharge of Directors                For                              Mgmt
                    7        Ratify Appointment of Geoffrey Fink as        For                              Mgmt
                             Director
                    8        Elect Frank Dangeard as Director              For                              Mgmt
                    9        Elect Lord Birt as Director                   For                              Mgmt
                    10       Elect Roberto Colaninno as Director           For                              Mgmt
                    11       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 700,000
                    12       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    13       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    14       Approve Issuance of Free Warrants During a    For                              Mgmt
                             Takeover up to an Aggregate Nominal Amount
                             Corresponding at Maximum to the Amount of
                             the Share Capital
                    15       Amend Articles of Association Re: Age Limit   For                              Mgmt
                             for Chairman, CEO, and Directors
                    16       Authorize Filling of Required                 For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/24/06 - S        EVRAZ GROUP S A *EVGPF*                  30050A103                          None                   9,172
                             Meeting For ADR Holders
                    A        Amend Articles of Incorporation re:           For          For                 Mgmt
                             Condition Precedent
                    B        Amend Articles of Incorporation to Provide    For          For                 Mgmt
                             that Shares of the Company are in
                             Registered Form Only
                    C        Amend Articles of Incorporation Re: Calling   For          For                 Mgmt
                             of Board Meetings, Quorum at Board
                             Meetings, Election of Chairman, Appointment
                             of CEO, and Clarify Authority of CEO to
                             Sign Transactional Documents on Behalf of
                             Company
                    D        Increase Number of Directors to Nine; Elect   For          For                 Mgmt
                             Directors; Confirm Decision Not to Adjust
                             Level of Remuneration of Directors;
                             Authorize Chairman of the Board to Sign
                             Management Service Agreements with Each
                             Independent Non-Executive Director
                    E        Authorize Board of Directors to Appoint       For          For                 Mgmt
                             Valery I. Khoroshkovsky as CEO and to
                             Delegate Day to Day Management to the CEO
                    F        Amend Articles of Incorporation Re:           For          For                 Mgmt
                             Amendment Date, Cut Off Date


06/20/07 - A        EVRAZ GROUP S A *EVGPF*                  30050A103                          05/29/07               4,979
                             Meeting for GDR Holders
                    1        Approve Reports of the Board of Directors     For          For                 Mgmt
                             and of the Statutory Auditor for the Year
                             Ending on Dec. 31, 2006
                    2        Approve Financial Statements and Allocation   For          For                 Mgmt
                             of Income for as of Dec. 31, 2006
                    3        Approve Reports of the Board of Directors     For          For                 Mgmt
                             and of the External Auditor on the
                             Consolidated Financial Statements on Dec.
                             31, 2005 and Dec. 31, 2006
                    4        Accept Consolidated Financial Statements      For          For                 Mgmt
                             for the Years Ending on Dec. 31, 2005 and
                             Dec. 31, 2006
                    5        Approve Discharge of Directors and Auditors   For          For                 Mgmt
                    6        Statutory Elections                           For          For                 Mgmt
                    7        Allow Board to Delegate Daily Management of   For          For                 Mgmt
                             the Company and to Appoint Mr. Alexander V.
                             Frolov as Managing Director of the Company
                    8        Transact Other Business (Voting)              For          Against             Mgmt
                                Because  "other  business"  could  include  provisions  or
                                motions that would negatively affect  shareholder  rights,
                                we cannot support this proposal.


05/15/07 - A/S      EVS BROADCAST EQUIPMENT SA               B3883A119                          None                     548
                             Annual Meeting Agenda
                    1        Receive Directors Report on the Statutory     For                              Mgmt
                             and Consolidated Annual Accounts of Fiscal
                             Year Ended Dec.31, 2006
                    2        Receive Auditors' Reports on the Statutory    For                              Mgmt
                             and Consolidated Annual Accounts of Fiscal
                             Year Ended Dec.31, 2006
                    3        Approve Statutory and Consolidated Annual     For                              Mgmt
                             Accounts and Allocation of Income, Included
                             An Employee Proft Participation Plan
                    4        Approve Discharge of Directors and Auditors   For                              Mgmt
                    5        Elect BIP Investment Partners SA,             For                              Mgmt
                             Represented by Marc Faber as Independent
                             Director
                    6        Ratify a Belgian Statutory Auditor            For                              Mgmt
                             Special Meeting Agenda
                    1        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    2        Authorize Board to Issue Shares in the        For                              Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    3        Amend Articles Regarding Elimination of       For                              Mgmt
                             Bearer Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/11/07 - S        EVS BROADCAST EQUIPMENT SA               B3883A119                          None                     548
                             Extraordinary Meeting
                    1        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    2        Authorize Board to Issue Shares in the        For                              Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    3        Amend Articles Re: Elimination of Bearer      For                              Mgmt
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/22/06 - A        EZRA HOLDINGS LTD                        Y2401G108                          None                   4,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.026 Per       For          For                 Mgmt
                             Share and Special Dividend of SGD 0.016 Per
                             Share
                    3        Reelect Lee Kian Soo as Director              For          Against             Mgmt
                                Due to the company's  failure to provide the annual report
                                for fiscal  year  2006,  we are  unable to  ascertain  the
                                level of independence  of these  nominees.  Given this and
                                considering our position against  executive  directors who
                                are  also  members  of  key  board  committees,  as  their
                                presence  threatens  to  undermine  the  purpose  of these
                                committees   in  providing   independent   oversight   and
                                preventing  conflicts  of interest,  a vote against  these
                                resolutions is recommended.
                    4        Reelect Tan Eng Liang as Director             For          Against             Mgmt
                    5        Reelect Lee Cheow Ming Doris Damaris as       For          Against             Mgmt
                             Director
                    6        Reelect Wong Bheet Huan as Director           For          Against             Mgmt
                    7        Approve Directors' Fees of SGD 249,000 for    For          For                 Mgmt
                             the Year Ended Aug. 31, 2006
                    8        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    9        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    10       Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options Pursuant to the Ezra Employees
                             Share Option Scheme
                                The  percentage  of  shares   available   under  the  Ezra
                                Employees  Share  Option  Scheme is 15  percent  of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.


02/09/07 - S        EZRA HOLDINGS LTD                        Y2401G108                          None                   6,000
                             Special Business
                    1        Amend Articles of Association                 For          For                 Mgmt
                             Ordinary Business
                    2        Approve Sale by Lewek Shipping Pte Ltd of     For          For                 Mgmt
                             the Vessels to Bukit Merah Shipping Pte Ltd
                             or Bukit Timah Shipping Pte Ltd and the
                             Subsequent Leaseback of the Vessels to Emas
                             Offshore Pte Ltd
                    3        Authorize Any Director of the Company to      For          For                 Mgmt
                             Execute for and on Behalf of the Company
                             Any Related Documents Required Under the
                             Above Resolutions


06/21/07 - A        F.C.C. Co., Ltd. *7296*                  J1346G105                          03/31/07               1,803
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 13
                                The payout ratio for the full year is 16 percent  based on
                                consolidated    earnings,   or   30   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Change Location of Head    For          For                 Mgmt
                             Office
                                The proposed change is routine.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    Profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria  for  independence.  He is an attorney in private
                                practice.        Nominee   1  is  not  designated  by  the
                                company  as  independent,  and we have no reason to oppose
                                his nomination.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Retirement Bonus for Statutory        For          For                 Mgmt
                             Auditor
                                The   retiring   auditor  has  not  been   classified   as
                                independent,   and  we  have  no  reason  to  oppose  this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                62.58 million to 10  directors,  and JY 12.54 million to 2
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


04/03/07 - A        Fiat Spa                                 T4210N122                          03/30/07              90,438
                             Annual Meeting Agenda - Ordinary and
                             Special Business
                    1        Approve Financial Statements, Statutory       For                              Mgmt
                             Reports for the Fiscal Year 2006, and
                             Allocation of Net Income
                    2        Authorize Share Repurchase Program and        For                              Mgmt
                             Modalities for Their Disposition
                    3        Approve Incentive Plan Pursuant to Art. 114   For                              Mgmt
                             of the Italian Legislative Decree n. 58/1998
                    4        Amend Articles 9, 11, 12, 13, 17 of the       For                              Mgmt
                             Company's Bylaws
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/15/07 - A        First Financial Holding Co. Ltd.         Y2518F100                          04/16/07             200,000
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                    4        Amend Articles of Association                 For          For                 Mgmt
                    5        Amend Election Rules of Directors and         For          For                 Mgmt
                             Supervisors
                    6        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    7        Other Business                                None         None                Mgmt


04/20/07 - S        FirstGroup plc                           G34604101                          None                 192,354
                    1        Subject to the Passing of Resolutions 2, 3    For          For                 Mgmt
                             and 4, Approve Acquisition of Laidlaw
                             International, Inc
                    2        Approve Increase in Authorised Capital from   For          For                 Mgmt
                             GBP 30,000,000 to GBP 230,000,000
                    3        Subject to the Passing of Resolution 2,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 200,000,000
                             Pursuant to the Acquisition
                    4        Subject to the Completion of the              For          For                 Mgmt
                             Acquisition of Laidlaw International, Inc,
                             Auth. the Company to Incur and Permit
                             Subsidiaries of the Company to Incur and
                             Have Outstanding Borrowings for the Purpose
                             of Facilitating the Acquisition up to USD
                             4,000,000,000
                    5        Subject to the Passing of Resolution 3,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,190,000


11/30/06 - A        FKP Property Group(frmly FKP Limited)    Q3930V102                          11/28/06               3,011
                    *FKP*
                    1        Elect Rod Forrester as Director               For          For                 Mgmt
                    2        Elect David Crombie as Director               For          For                 Mgmt
                    3        Elect Seng Huang Lee as Director              For          For                 Mgmt
                    4        Adopt Remuneration Report for the Fiscal      For          For                 Mgmt
                             Year Ended June 30, 2006
                    5        Approve Increase in Remuneration for          For          Against             Mgmt
                             Non-Executive Directors from A$500,000 to
                             A$650,000 Per Annum
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  5        -  Non-executive  directors appointed
                                prior to June 30,  2004,  continue  to  accrue  retirement
                                benefits.
                    6        Ratify Past Issuance of 20.5 Million          For          For                 Mgmt
                             Stapled Securities at an Issue Price of
                             A$5.50 Each to Institutional Investors
                    7a       Ratify Past Issuance of 11.6 Million          For          For                 Mgmt
                             Stapled Securities to Mulpha Investments
                             Pty. Ltd. and Mulpha Australia Ltd. Made on
                             December 2005 in Consideration for the
                             Acquisition of 49 Percent Interest in
                             Mulpha FKP Pty. Ltd.
                    7b       Ratify Past Issuance of 7.9 Million Stapled   For          For                 Mgmt
                             Securities to Mulpha Investments Pty. Ltd.
                             and Mulpha Australia Ltd. in Consideration
                             for the Acquisition of 49 Percent Interest
                             in Mulpha FKP Pty. Ltd.


05/29/07 - A/S      FNX Mining Company Inc. *FNX*            30253R101                          04/16/07               4,873
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director A.T. MacGibbon --- For
                                We recommend  withholding votes from Walter because he has
                                attended  less than 75 percent of the board and  committee
                                meetings  without a valid  reason,  which we consider  the
                                minimum   attendance    threshold   for   public   company
                                directors.  Anyone who  accepts a  nomination  to serve as
                                director   should  be  prepared  to  make   attendance  at
                                scheduled  meetings a top priority  particularly given the
                                rigorous  demands  now placed on all  directors  of public
                                companies.
                    1.2      Elect Director Donald M. Ross --- For
                    1.3      Elect Director J. Duncan Gibson --- For
                    1.4      Elect Director Robert Cudney --- For
                    1.5      Elect Director John Lydall --- For
                    1.6      Elect Director Robert Low --- For
                    1.7      Elect Director Bruce Walter --- Against
                    1.8      Elect Director John Lill --- For
                    1.9      Elect Director Daniel Innes --- For
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Approve Stock Option Plan                     For          Against             Mgmt
                                VI. Vote  Recommendation  The estimated  shareholder value
                                transfer of the  company's  plans of 2 percent is equal to
                                or less  than  the  allowable  cap for this  company  of 4
                                percent.  Based  on the  information  provided,  the  plan
                                prohibits  repricing of underwater  stock options  without
                                shareholder  approval.   Non-employee  directors  are  not
                                eligible  participants in this plan. ISS believes the plan
                                amendment  provision  will  grant the  board  overreaching
                                authority  to amend  the plan  without  requiring  further
                                shareholders approval.


12/04/06 - S        Fondiaria SAI Spa (Formerly SAI)         T4689Q101                          12/01/06               3,098
                             Special Meeting Agenda
                    1        Approve Reduction in Share Capital from EUR   For                              Mgmt
                             177,680,822 to EUR 168,190,610, via
                             Cancellation of n. 9,490,212 Treasury
                             Shares; Modify Art. 5 of the Bylaws
                             Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/08/07 - A        Formosa Chemical & Fiber Co. Corp.       Y25946107                          04/09/07             120,000
                    1        Accept 2006 Financial Statements              For          For                 Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                                The board is proposing a cash  dividend of NTD 4.8 ($0.15)
                                per share.  This gives the company a payout  ratio of 81.4
                                percent,  up from the 74 percent  achieved  last year.  We
                                use a minimum of 30 percent  and a maximum of 100  percent
                                as    benchmarks    to    trigger    further     analysis.
                                                The    resolution    also   includes   the
                                allocation  of  NTD  37.42  million  ($1.15   million)  as
                                directors' and  supervisors'  remuneration,  while a total
                                of NTD 142.26 million ($4.37  million) in  compensation is
                                linked to  employee  profit  sharing.        The  dividend
                                proposed is reasonable  and could be easily covered by the
                                company.   ISS   recommends   a  vote  in  favor  of  this
                                resolution.
                    3        Amend Articles of Association and Approve     For          For                 Mgmt
                             Other Important Matters
                                Approval  of this item will  allow the  company  to modify
                                its Articles of Association  (AA).  Major revisions are as
                                follows:  to specify the company matters that the chairman
                                of the board is  authorized  to handle;  and to  authorize
                                the board to determine the  remuneration  of directors and
                                supervisors based on their  participation and contribution
                                to  the  company  and  based  on  the  industry  standard.
                                        Also  included  in this  item is the  approval  of
                                other important  matters  proposed by the company's board.
                                This includes amending the company's  Procedures Governing
                                the  Acquisition or Disposal of Assets (PG), and releasing
                                of  restrictions  of competitive  activities of directors.
                                Modifications  to the PG  include:  to  include  the  fund
                                underlying  securities as part of the assets to be handled
                                by the company,  and change the term "long- and short-term
                                investments"  into  "other  investments";  to add  that if
                                special  prices are required to be used as  reference  for
                                the  transaction  price,  there  is no need to  obtain  an
                                appraisal report and an accountant  opinion  regarding the
                                transaction;   to  specify   that  the   request   for  an
                                accountant's  opinion shall not apply for  acquisition  or
                                disposal  of  securities  which  have a  publicly  offered
                                price from an active market,  or for other provisions that
                                are  determined by the Financial  Supervisory  Commission,
                                Executive  Yuan ; to add a  sentence  indicating  that the
                                opinion  of  an   independent   director  shall  be  fully
                                considered in any  discussion  related to the  acquisition
                                of real estate from related parties,  and that the opinion
                                must be added to the minutes of the board meeting;  and to
                                add a paragraph  requiring the company to prepare a record
                                of  all  pertinent   information   when  the   transaction
                                involves a merger,  spin-off or  acquisition  of companies
                                listed or sold on a securities  exchange.  The information
                                is     required     to    be     preserved     for    five
                                years.                The   revisions   will  be  made  to
                                comply with the latest  amendments to the prevailing  laws
                                and to  address  the  operational  needs  of the  company.
                                Meanwhile,  setting the remuneration standard will provide
                                the  company  with   flexibility  in   determining   board
                                remuneration.  Likewise, the proposal regarding permitting
                                the  directors  of the  company  to serve on the boards of
                                other  companies is an item that is routinely  proposed at
                                Taiwanese   AGMs.   In  view  of  this,   ISS   recommends
                                shareholders to support this resolution.


05/08/07 - A        Fortis Inc. *FTS*                        349553107                          03/30/07               2,900
                    1        Elect Directors Peter E. Case, Bruce Chafe,   For          For                 Mgmt
                             Frank J. Crothers, Geoffrey F. Hyland,
                             Linda L. Inkpen, H. Stanley Marshall, John
                             S. McCallum, Harry McWatters, David G.
                             Norris, Michael A. Pavey and Roy P. Rideout
                    2        Approve Ernst & Young LLP as Auditors and     For          For                 Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors


10/04/06 - S        Fortis SA/NV                             B4399L102                          None                  76,874
                    1        Open Meeting                                  None                             Mgmt
                    2.1      Receive Special Report on Authorized Capital  None                             Mgmt
                    2.2      Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights
                    2.3      Authorize Board to Issue Shares in the        For                              Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    3        Amend Articles Regarding Voting Formalities   For                              Mgmt
                    4        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A/S      Fortis SA/NV                             B4399L102                          None                  70,214
                             Annual Meeting Agenda
                    1        Open Meeting                                  None                             Mgmt
                    2.1.1    Receive Directors' and Auditors' Reports      None                             Mgmt
                    2.1.2    Receive Consolidated Financial Statements     None                             Mgmt
                             and Statutory Reports (Non-Voting)
                    2.1.3    Accept Financial Statements                   For                              Mgmt
                    2.1.4    Approve Allocation of Income (ONLY FOR        For                              Mgmt
                             BELGIAN MEETING)
                    2.2.1    Receive Information on Dividend Policy        None                             Mgmt
                    2.2.2    Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.82 per Share
                    2.3.1    Approve Discharge of Directors (Equals Item   For                              Mgmt
                             2.3 For Dutch Meeting)
                    2.3.2    Approve Discharge of Auditors (ONLY FOR       For                              Mgmt
                             BELGIAN MEETING)
                    3        Discussion on Company's Corporate             None                             Mgmt
                             Governance Structure
                    4        Elect Directors                               For                              Mgmt
                             Extraordinary Meeting Agenda
                    5.1      Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital (Equals Item 5 For
                             Dutch Meeting)
                    5.2      Authorize Selling of Repurchased Shares       For                              Mgmt
                             (ONLY FOR BELGIAN MEETING)
                    6.1      Amend Article 10 of Bylaws Regarding Type     For                              Mgmt
                             of Shares
                    6.2      Amend Articles of Bylaws Regarding Board      For                              Mgmt
                             and Management
                    6.3.1    Change Date of Annual Meeting                 For                              Mgmt
                    6.3.2    Amend Articles Regarding Voting Formalities   For                              Mgmt
                    6.4      Amend Articles Regarding Dividend             For                              Mgmt
                    6.5      Authorize Implementation of Approved          For                              Mgmt
                             Resolutions and Filing of Required
                             Documents/Formalities at Trade Registry
                    7        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/04/06 - S        FOXCONN INTERNATIONAL HOLDINGS LTD       G36550104                          None                  95,829
                    1        Amend Share Scheme                            For          For                 Mgmt
                                ISS  notes  that the  company  provided  no  details  with
                                respect  to this  proposal.  As  such,  we are  unable  to
                                ascertain  whether  approval  of this item  would have any
                                negative  impact on  shareholder  rights or value.  A vote
                                against this resolution is recommended.


10/23/06 - S        FOXCONN INTERNATIONAL HOLDINGS LTD       G36550104                          10/19/06              95,829
                    1        Approve Revision of Annual Caps               For          For                 Mgmt


06/28/07 - A        FP Corporation *7947*                    J13671102                          03/31/07                 364
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  16 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    1.16     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  2                The  nominee
                                meets  our  criteria  for  independence.  He is  Asia  Air
                                Survey Co., Ltd.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Retirement Bonuses for Statutory      For          Against             Mgmt
                             Auditors
                                Two of the retiring  auditors have been  designated by the
                                company as independent.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing this item.


05/16/07 - A        Fresenius AG                             D27348107                          04/25/07              30,780
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.57 per Common Share and EUR 0.58
                             per Preference Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/08/07 - A        FRIGOGLASS SA                            X3031A108                          None                   1,058
                    1        Accept Statutory Reports                      For                              Mgmt
                    2        Accept Financial Statements                   For                              Mgmt
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Approve Board Remuneration for Fiscal 2006    For                              Mgmt
                             and Pre-Approve Board Remuneration for 2007
                    5        Approve Auditors and Authorize Board to Fix   For                              Mgmt
                             Their Remuneration
                    6        Approve Allocation of Income and Dividends    For                              Mgmt
                    7        Approve Stock Option Plan                     For                              Mgmt
                    8        Elect Directors                               For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/02/07 - A        Fuchs Petrolub AG                        D27462122                          04/10/07                 994
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.94 per Common Share and EUR 1.00
                             per Preference Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Authorize Share Repurchase Program and        For                              Mgmt
                             Cancellation of Repurchased Shares
                    6        Approve Remuneration of Supervisory Board     For                              Mgmt
                    7        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    8        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A        Fugro NV                                 N3385Q197                          04/26/07              33,372
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management and              None                             Mgmt
                             Supervisory Board
                    3        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4        Approve Discharge of Management Board         For                              Mgmt
                    5        Approve Discharge of Supervisory Board        For                              Mgmt
                    6a       Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    6b       Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.83 per Share
                    7        Reelect J.A. Colligan to Supervisory Board    For                              Mgmt
                    8        Approve Remuneration of Supervisory Board     For                              Mgmt
                    9        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    10       Grant Board Authority to Issue All            For                              Mgmt
                             Preference Shares and Ordinary Shares and
                             Restricting/Excluding Preemptive Rights
                    11       Other Business (Non-Voting)                   None                             Mgmt
                    12       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/25/07 - A        Fuji Soft Inc. (formerly Fuji Soft       J1528D102                          03/31/07              37,800
                    ABC) *9749*
                    1        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                                The company  asks for  shareholder  approval to expand its
                                permitted  business  objectives.  The new  business  lines
                                proposed here include employee  placement  services,  real
                                estate  business,  and  enrichment  of texts,  sounds  and
                                images.  The change would not require the company to enter
                                the new  business;  rather,  it would  give the  board the
                                right  to  do so at  its  discretion.        The  proposed
                                changes meet our guidelines.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                12  executives  and  0  non-executives.        The   board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass  our  test  for  independence.        Nominee  2 is a
                                former  executive of Fujitsu,  Ltd., which has no business
                                relationship  with the company,  and Nominee 3 is a former
                                executive of Katayanagi Institute.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that  Grant  Thornton  Taiyo ASG be
                                approved as the  company's  independent  accounting  firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                reappointed  Misuzu  on a  provisional  basis.  Here,  the
                                company  seeks  to  appoint  Grant   Thornton  Taiyo  ASG,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                78.35  million to 11  directors,  and JY 2.32 million to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 500
                                million per year to JY 700 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 50 million per year to JY 70 million per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 11 to 12, and the company will  continue to
                                have 4 statutory  auditors.        These changes are being
                                requested   because  of  the   introduction   of  the  new
                                Corporate   Law,   under  which  annual   bonuses  to  the
                                directors  and  statutory  auditors,  which were  formerly
                                treated as part of the annual  allocation  of income,  are
                                now  considered  part of director  and  statutory  auditor
                                compensation.          Because  the new  ceilings  are not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The two retiring  directors have held executive  positions
                                with  the  company.  Accordingly,  we  have no  reason  to
                                oppose this resolution.


06/22/07 - A        Fujimi Incorporated *5384*               J1497L101                          03/31/07               1,300
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 23
                                The payout ratio for the full year is 31 percent  based on
                                consolidated    earnings,   or   39   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Reduce Directors Term in   For          For                 Mgmt
                             Office
                                The proposed change is routine.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  6  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3        Nominee 3 passes our
                                criteria for independence.  He is the current president of
                                Mutsumi Bussan Co. Ltd.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Stock Option Plan for Directors       For          For                 Mgmt
                                Option Plan Summary                Eligibility:  directors
                                of the  company.        Exercise  Price: 5 percent premium
                                to  market  price  prior to  grant  date.        Potential
                                Dilution:  The  maximum  number of shares  which  could be
                                issued  per  year  is  40,000.   If  this   resolution  is
                                approved,  the  company  will  not  need  to  seek  annual
                                shareholder  approval for future  option grants as long as
                                the  number of shares  issued per year does not exceed the
                                annual  limit.  Assuming  that the company  issues  40,000
                                shares  per year  over the next  ten  years,  the  maximum
                                potential  dilution from this plan,  coupled with dilution
                                from the company's  other option plans and the option plan
                                proposed  in  item  6,  comes  to 2.8  percent  of  issued
                                capital.  ISS guidelines call for potential dilution of no
                                more than 5 percent for a mature  company,  10 percent for
                                a                                                   growth
                                company                                        Exercise
                                Period:  Potentially begins two years after the grant date
                                        Performance Hurdles: None disclosed.          This
                                plan meets ISS guidelines.  Accordingly, we have no reason
                                to oppose this resolution.
                    6        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option  Plan   Summary        Eligibility:   employees  of
                                company,     and    directors     and     executives    of
                                affiliates.        Exercise  Price:  5 percent  premium to
                                market   price   prior  to  grant   date.        Potential
                                Dilution:  0.5 percent of issued  capital  from this plan;
                                2.8 percent when  combined  with other  option  grants and
                                the option plan  proposed in item 5. ISS  guidelines  call
                                for  potential  dilution  of no more than 5 percent  for a
                                mature    company,     10    percent    for    a    growth
                                company.                Exercise     Period:    Will    be
                                determined  by board,  between  June 23, 2009 and June 30,
                                2014.        Performance    Hurdles:    None    disclosed.
                                        This  plan meets ISS guidelines.  Accordingly,  we
                                have no reason to oppose this resolution.


06/28/07 - A        Furusato Industries *8087*               J16548109                          03/31/07                 944
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 30
                    2        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                                The proposed changes meet our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a former internal  statutory
                                auditor of one of the largest  shareholders in the company
                                with  a  4.78  percent   stake.                Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that Deloitte  Touche Tohmatsu & Co
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed another audit firm, and then reappointed  Misuzu
                                on  a  provisional  basis.  Here,  the  company  seeks  to
                                appoint  Tohmatsu,  because in  recognition  of the severe
                                damage  to its  reputation  and its  bottom  line,  Misuzu
                                decided  in  February  to  cease  audit   operations  this
                                summer. We see no reason to oppose this resolution.


06/27/07 - A        Futaba Industrial Co. Ltd. *7241*        J16800104                          03/31/07               2,959
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                15 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       2       and
                                3                Nominee  2 does not meet our criteria for
                                independence.  He is a current  executive  of Toyota Motor
                                Corporation,  the largest  shareholder in the company with
                                a 12.3 percent stake.  However,  nominee 3 passes our test
                                for  independence.  He  is a  current  senior  advisor  to
                                Mitsui & Co.,  Ltd.                Given  the realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their  affiliates,  nominee 2 for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 2.1
                    2.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors
                                Two of the  retiring  auditors  have  been  designated  as
                                independent.                  As we believe the payment of
                                such bonuses to non-executives  is a highly  inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.


10/27/06 - A        Galliford Try plc                        G37100107                          None                   7,420
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                (2) DAVID CALVERLEY'S REMUNERATION:  The former CEO, David
                                Calverley,  whose  successor  was appointed to the role of
                                CEO in 1 July 2005,  became  non-executive  Chairman on 28
                                October 2005. David Calverley  received  salary,  benefits
                                and a  supplement  in lieu of bonus  until  February  2006
                                under his former contractual  entitlements as CEO and only
                                started  receiving fees as  non-executive  Chairman from 1
                                March 2006.  The Company has explained that it agreed with
                                David Calverley,  pursuant to a letter dated 28 June 2005,
                                that  in  consideration  of his  stepping  down  as CEO of
                                Galliford Try plc, his contractual  entitlement to be paid
                                until  February  2006 would be met through  the  continued
                                payment of salary at the rate received when he was CEO.
                    3        Approve Final Dividend of 1.8 Pence Per       For          For                 Mgmt
                             Share
                    4        Elect Ken Gillespie as Director               For          For                 Mgmt
                    5        Re-elect Andy Sturgess as Director            For          For                 Mgmt
                    6        Re-elect Chris Bucknall as Director           For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Audit Committee
                             to Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,599,249
                    9        Subject to the Passing of Resolution 8,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 690,568
                    10       Authorise 27,622,737 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    11       Approve Galliford Try Plc 2006 Long Term      For          For                 Mgmt
                             Incentive Plan; Authorise the Directors To
                             Do All Acts and Things Necessary to Carry
                             the Plan Into Effect
                                Performance  is  measured  against  a custom  peer  group,
                                comprising both  housebuilding and construction  companies
                                and initially  consisting  of 20 companies.  The companies
                                comprised  in  the  peer  group  were  disclosed  to  RREV
                                following  engagement  and RREV is satisfied that the size
                                of  the  comparator   group  is  sufficiently   large  for
                                comparison  purposes.   Galliford  Try  plc  is  currently
                                listed in the FTSE SmallCap  Index,  whereas the companies
                                comprised  in the  competitor  group are  mainly  FTSE 250
                                companies.  Following engagement, the Company explained to
                                RREV  that it is just  below  the FTSE 250  Index and that
                                most  of  its  competitors  are  in the  FTSE  250  Index.
                                        The  Company  disclosed  that it  consulted  major
                                shareholders  regarding  the  structure  of the  LTIP  and
                                received  positive  feedback.           On  balance,  RREV
                                recommends  that  shareholders  vote  in  favour  of  this
                                resolution.


03/05/07 - S        Galliford Try plc                        G37100107                          None                  10,967
                    1        Approve the Proposed Acquisition of Linden    For          For                 Mgmt
                             Holdings Plc
                    2        Approve Increase in Authorised Capital from   For          For                 Mgmt
                             GBP 18,000,000 to GBP 25,250,000
                    3        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,011,503
                             Pursuant to the Placing Agreement;
                             Otherwise up to GBP 6,274,922
                    4        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,011,503
                             Pursuant to the Placing Agreement;
                             Otherwise up to GBP 941,238


04/26/07 - A        Gamma Holding NV                         N34176151                          04/12/07                 115
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2.00 per Ordinary Share and EUR 0.21
                             per Preference Share
                    5a       Approve Discharge of Management Board         For                              Mgmt
                    5b       Approve Discharge of Supervisory Board        For                              Mgmt
                    6        Reelect J.H.M. LindenBergh to Supervisory     For                              Mgmt
                             Board
                    7        Discussion on Company's Corporate             None                             Mgmt
                             Governance Structure
                    8        Ratify PricewaterhouseCoopers Accountants     For                              Mgmt
                             NV as Auditors
                    9a       Grant Board Authority to Issue Shares Up To   For                              Mgmt
                             10 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    9b       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    10       Announcements and Allow Questions             None                             Mgmt
                    11       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/29/07 - A        Gazprom OAO                              368287207                          06/06/07               5,894
                             Meeting for ADR Holders
                    1        Approve Annual Report                         For          For                 Mgmt
                    2        Approve Financial Statements                  For          For                 Mgmt
                    3        Approve Allocation of Income                  For          For                 Mgmt
                    4        Approve Dividends of RUB 2.54 per Ordinary    For          For                 Mgmt
                             Share
                    5        Approve Remuneration of Directors and         For          Against             Mgmt
                             Members of Audit Commission
                                Because the company did not provide any  justification for
                                such high remuneration, ISS cannot support this proposal.
                    6        Ratify CJSC PricewaterhouseCoopers Audit as   For          For                 Mgmt
                             Auditor
                    7        Amend Charter                                 For          For                 Mgmt
                    8        Approve Series of Related-Party               For          For                 Mgmt
                             Transactions in Connection with
                             Implementation of Nord Stream Project
                    9.1      Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.2      Approve Related-Party Transaction with        For          For                 Mgmt
                             Sberbank
                    9.3      Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.4      Approve Related-Party Transaction with        For          For                 Mgmt
                             Sberbank
                    9.5      Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.6      Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.7      Approve Related-Party Transaction with        For          For                 Mgmt
                             Sberbank
                    9.8      Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.9      Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.10     Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.11     Approve Related-Party Transaction with        For          For                 Mgmt
                             Sberbank
                    9.12     Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             AB Gazprombank
                    9.13     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Severneftegazprom
                    9.14     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Severneftegazprom
                    9.15     Approve Related-Party Transaction with        For          For                 Mgmt
                             Mezhregiongaz LLC
                    9.16     Approve Related-Party Transaction with        For          For                 Mgmt
                             Mezhregiongaz LLC
                    9.17     Approve Related-Party Transaction with        For          For                 Mgmt
                             Mezhregiongaz LLC
                    9.18     Approve Related-Party Transaction with CJSC   For          For                 Mgmt
                             Northgas
                    9.19     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Novatek
                    9.20     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Tomskgazprom
                    9.21     Approve Related-Party Transaction with        For          For                 Mgmt
                             Mezhregiongaz LLC
                    9.22     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Gazprom Neft
                    9.23     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Novatek
                    9.24     Approve Related-Party Transaction with OJSC   For          For                 Mgmt
                             Novatek
                    9.25     Approve Related-Party Transaction with        For          For                 Mgmt
                             Latvijas Gaze a/s
                    9.26     Approve Related-Party Transaction with AB     For          For                 Mgmt
                             Lietuvos dujos
                    9.27     Approve Related-Party Transaction with UAB    For          For                 Mgmt
                             Kauno Termofikacijos Elektrine
                    9.28     Approve Related-Party Transaction with        For          For                 Mgmt
                             MoldovaGaz S.A.
                    9.29     Approve Related-Party Transaction with        For          For                 Mgmt
                             MoldovaGaz S.A.
                             Elect 11 Directors by Cumulative Voting
                    10       Elect Directors                               Split        Split               Mgmt
                    10.1     Elect Andrey Akimov as Director --- Against
                                ISS  Analysis As declared in a written  statement  to ISS,
                                Fedorov fulfills ISS' criteria for independent  directors.
                                Because we believe  that  independent  directors  are most
                                capable  of  making  impartial   decisions,   taking  into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of  Fedorov  (item  10.14) and
                                withhold  their votes for the  remaining 18  nominees.  We
                                believe  that  this  candidate  is most  likely  to  bring
                                independence  to the board and will most likely act in all
                                shareholders' interest.
                    10.2     Elect Alexander Ananenkov as Director ---
                             Against
                    10.3     Elect Burckhard Bergmann as Director ---
                             Against
                    10.4     Elect Farit Gazizullin as Director ---
                             Against
                    10.5     Elect German Gref as Director --- Against
                    10.6     Elect Elena Karpel as Director --- Against
                    10.7     Elect Dmitry Medvedev as Director ---
                             Against
                    10.8     Elect Yury Medvedev as Director --- Against
                    10.9     Elect Alexey Miller as Director --- Against
                    10.10    Elect Victor Nikolaev as Director ---
                             Against
                    10.11    Elect Sergey Oganesyan as Director ---
                             Against
                    10.12    Elect Alexander Potyomkin as Director ---
                             Against
                    10.13    Elect Mikhail Sereda as Director --- Against
                    10.14    Elect Boris Fedorov as Director --- For
                    10.15    Elect Robert Foresman as Director ---
                             Against
                    10.16    Elect Victor Khristenko as Director ---
                             Against
                    10.17    Elect Alexander Shokhin as Director ---
                             Against
                    10.18    Elect Igor Yusufov as Director --- Against
                    10.19    Elect Evgeny Yasin as Director --- Against
                             Elect Nine Members of Audit Commission
                    11.1     Elect Dmitry Arkhipov as Member of Audit      For          For                 Mgmt
                             Commission
                                As  shareholders  must  vote for only up to nine of the 11
                                nominees,  and  based on a lack of  controversy  regarding
                                the  current  composition  of  the  audit  commission,  we
                                recommend   that   shareholders   vote  in  favor  of  the
                                incumbents:  Arkhipov,  Bikulov,  Ishutin,  Lobanova,  and
                                Sinyov and  withhold  their  votes for the  remaining  six
                                candidates.
                    11.2     Elect Denis Askinadze as Member of Audit      For          Against             Mgmt
                             Commission
                    11.3     Elect Vadim Bikulov as Member of Audit        For          For                 Mgmt
                             Commission
                    11.4     Elect Rafael Ishutin as Member of Audit       For          For                 Mgmt
                             Commission
                    11.5     Elect Andrey Kobzev as Member of Audit        For          Against             Mgmt
                             Commission
                    11.6     Elect Nina Lobanova as Member of Audit        For          For                 Mgmt
                             Commission
                    11.7     Elect Yury Nosov as Member of Audit           For          Against             Mgmt
                             Commission
                    11.8     Elect Victoria Oseledko as Member of Audit    For          Against             Mgmt
                             Commission
                    11.9     Elect Vladislav Sinyov as Member of Audit     For          For                 Mgmt
                             Commission
                    11.10    Elect Andrey Fomin as Member of Audit         For          Against             Mgmt
                             Commission
                    11.11    Elect Yury Shubin as Member of Audit          For          Against             Mgmt
                             Commission


04/26/07 - A        Geberit AG                               H2942E108                          None                     117
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Geberit AG                               H2942E108                          None                     117
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 40 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Reelect Klaus Weisshaar as Director           For                              Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                    6.1      Approve 10:1 Stock Split                      For                              Mgmt
                    6.2      Amend Articles Re: Reduce Capital Holding     For                              Mgmt
                             Requirement for Submitting Shareholder
                             Proposals
                    6.3      Amend Articles Re: Majority Voting at         For                              Mgmt
                             General Meetings
                    6.4      Amend Articles Re: Closing of Company's       For                              Mgmt
                             Share Register
                    6.5      Change Location of Registered                 For                              Mgmt
                             Office/Headquarters to Rapperswil-Jona
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/20/06 - S        Geely Automobile Holdings Ltd            G3777B103                          None                  95,000
                    (formerly GUORUN HOLDINGS LTD)
                    1        Approve Joint Venture Agreement Between       For          For                 Mgmt
                             Geely Holding Ltd. and Centurion Industries
                             Ltd. in Relation to the Establishment of a
                             Joint Venture Company to be Named Zhejiang
                             Kingkong Automobile Co. Ltd.
                                This  item  seeks  to  approve  the   establishment  of  a
                                sino-foreign  equity  joint  venture to be named  Zhejiang
                                Kingkong  Automobile  Co. Ltd.  (Zhejiang  Kingkong JV) by
                                Geely  Hldg.  Ltd.,  owned as to 55  percent  by Li Shu Fu
                                (Mr. Li), a director  holding 60.2 percent equity interest
                                in  the  company,  and  as to 45  percent  by Li Xu  Bing,
                                brother  of  Mr.  Li;  and   Centurion   Industries   Ltd.
                                (Centurion),  a  wholly-owned  subsidiary  of the company.
                                Under the agreement,  Geely Hldg. Ltd. and Centurion would
                                establish  Zhejiang  Kingkong JV, which would have a total
                                investment  of  approximately  RMB  701.6  million  ($86.9
                                million),  registered  capital of approximately  RMB 235.0
                                million  ($29.1  million),  and  would be owned as to 53.2
                                percent   and  46.8   percent  by  Geely  Hldg  Ltd.   and
                                Centurion,    respectively.   Geely   Hldg.   Ltd.   would
                                contribute   its   portion  of  the   registered   capital
                                amounting to  approximately  RMB 125.0 ($15.5  million) by
                                transferring   to  Zhejiang   Kingkong  JV,  in  a  single
                                transfer within six months following the  establishment of
                                Zhejiang  Kingkong JV, 20 parcels of conjoining  land with
                                a total site area of  approximately  807,102 square meters
                                (sq.m.)  on which  are  constructed  13  buildings  with a
                                total gross floor area of  approximately  149,108.49 sq.m.
                                and  various  ancillary   structures   located  at  Luqiao
                                District,  Taizhou City,  Zhejiang Province,  the People's
                                Republic of China (PRC)  (Geely  Hldg.  Assets)  valued at
                                approximately  RMB 591.6  million  ($73.3  million)  by an
                                independent  valuer,  which  would  result  in  a  surplus
                                amount  of  RMB  466.7  million  ($57.8  million);   while
                                Centurion  would   contribute  its  48.8  percent  capital
                                contribution  amount of  approximately  RMB 110.0  million
                                ($13.6  million) in cash to be  financed  from the company
                                and its  subsidiaries'  (Group)  internal  resources  upon
                                completion of the assets  transfer by Geely Hldg.  Ltd. of
                                the  Geely  Hldg.  Assets to  Zhejiang  Kingkong  JV.  The
                                surplus amount of RMB 466.7 million  ($57.8  million) from
                                the  assets  transfered  by  Geely  Hldg.  Ltd.  would  be
                                accounted for as a  shareholder's  advance to the Zhejiang
                                Kingkong  JV without  interest.  Profits  of the  Zhejiang
                                Kingkong JV would be  distributed  in accordance  with the
                                proportion of the  registered  capital held by Geely Hldg.
                                Ltd.  and  Centurion,  respectively,  while  the  board of
                                Zhejiang  Kingkong JV would comprise four members with Mr.
                                Li as the  chairman,  two members to be nominated by Geely
                                Hldg.  Ltd. and one member to be  nominated by  Centurion.
                                Zhejiang  Kingkong  JV would  have a term of 50 years from
                                the date of issuance  of the  business  license;  would be
                                established in Zhejiang Province;  and would be engaged in
                                the research,  production,  marketing,  and sales of sedan
                                related  components  as well as the  provision  of related
                                after-sales  services in the PRC. The Group is principally
                                engaged  in the  manufacture  and  trading  of  automobile
                                parts  and  related  automobiles  in the  PRC,  and it was
                                noted that the Group's  medium to  long-term  target is to
                                upgrade  and expand its  production  facilities.  With the
                                continued  growth  in the  PRC  coupled  with  the  strong
                                growth in demand for fuel-efficient  and  easy-to-maintain
                                economic sedans,  the  establishment of Zhejiang  Kingkong
                                JV is  expected  to enable  the  company  to  capture  the
                                business  opportunities  generated  by the  growth  of the
                                domestic  sedan  business  as  well  as  leverage  on  the
                                resources   provided  by  Geely  Hldg.   Ltd.   Also,  the
                                sino-foreign  shareholding  structure of Zhejiang Kingkong
                                JV, would  entitle it to tax  privileges  in the PRC. This
                                is a reasonable request.
                    2        Approve Joint Venture Agreement Between       For          For                 Mgmt
                             Zhejiang Haoqing Automobile Manufacturing
                             Co. Ltd. and Centurion Industries Ltd. in
                             Relation to the Establishment of a Joint
                             Venture Company to be Named Zhejiang Ruhoo
                             Automobile Co. Ltd.
                                This  item  seeks  to  approve  the   establishment  of  a
                                sino-foreign  equity  joint  venture to be named  Zhejiang
                                Ruhoo Automobile Co. Ltd.  (Zhejiang Ruhoo JV) by Zhejiang
                                Haoqing   Automobile   Manufacturing  Co.  Ltd.  (Zhejiang
                                Haoqing),  owned as to 90.0  percent by Geely Hldg.  Group
                                Co. Ltd. (Geely Hldg.),  which is in turn owned as to 72.7
                                percent  by Mr. Li; and  Centurion.  Under the  agreement,
                                Geely Hldg. and Centurion would  establish  Zhejiang Ruhoo
                                JV, which would have a total  investment of  approximately
                                RMB 389.3 million ($48.2  million),  a registered  capital
                                of approximately  RMB 151.7 million ($18.8  million),  and
                                would be  owned as to 53.2  percent  and 46.8  percent  by
                                Zhejiang  Haoqing and  Centurion,  respectively.  Zhejiang
                                Haoqing  would  contribute  its portion of the  registered
                                capital  amounting to RMB 80.7 million ($10.0  million) by
                                transferring  to Zhejiang  Ruhoo JV, in a single  transfer
                                within three months  following  the  establishment  of the
                                Zhejiang  Ruhoo,  JV two parcels of land with a total site
                                area  of  approximately   387,251.6  sq.m.  on  which  are
                                constructed  10 buildings with a total gross floor area of
                                approximately   125,461.5  sq.m.  and  various   ancillary
                                structures located at Dingjiayang Village,  Dayang Street,
                                Linhai City, Zhejiang Province,  the PRC (Zhejiang Haoqing
                                Assets) valued at  approximately  RMB 318.3 million ($39.4
                                million) by an independent  valuer,  which would result in
                                a surplus  amount of RMB 237.6  million  ($29.4  million);
                                while Centurion would  contribute its 46.8 percent capital
                                contribution  amount  of  approximately  RMB 71.0  million
                                ($8.8  million)  in cash to be  financed  from the Group's
                                internal   resources  in  which   approximately  RMB  40.0
                                million ($4.9  million)  would be payable upon  completion
                                of  the  assets  transfer  by  Zhejiang   Haoqing  of  the
                                Zhejiang  Haoqing  Assets to  Zhejiang  Ruhoo JV while the
                                remaining  RMB  31.0  million  ($3.8   million)  would  be
                                payable  in  one  year  following  the   establishment  of
                                Zhejiang  Ruhoo  JV.  The  surplus  amount  of  RMB  237.6
                                million  ($29.4  million)  from the assets  transfered  by
                                Zhejiang   Haoqing   would   be   accounted   for   as   a
                                shareholder's   advance  to  Zhejiang   Ruhoo  JV  without
                                interest.   Profits  for   Zhejiang   Ruhoo  JV  would  be
                                distributed  in  accordance  with  the  proportion  of the
                                registered   capital   held  by   Zhejiang   Haoqing   and
                                Centurion,  respectively,  while  the  board  of  Zhejiang
                                Ruhoo JV would  comprise  four  members with Mr. Li as the
                                chairman,  two members to be nominated by Zhejiang Haoqing
                                and one  member to be  nominated  by  Centurion.  Zhejiang
                                Ruhoo  JV would  have a term of 50 years  from the date of
                                issuance of the business license;  would be established in
                                the  Zhejiang  Province;  and  would  be  engaged  in  the
                                research,   production,   marketing  and  sales  of  sedan
                                related  components  as well as the  provision  of related
                                after-sales  services in the PRC. The Group is principally
                                engaged  in the  manufacture  and  trading  of  automobile
                                parts  and  related  automobiles  in the  PRC,  and it was
                                noted that the Group's  medium to  long-term  target is to
                                upgrade  and expand its  production  facilities.  With the
                                continued  growth  in the  PRC  coupled  with  the  strong
                                growth in demand for fuel-efficient  and  easy-to-maintain
                                economic  sedans,  the  establishment of Zhejiang Ruhoo JV
                                is expected to enable the company to capture the  business
                                opportunities  generated  by the  growth  of the  domestic
                                sedan  business  as  well  as  leverage  on the  resources
                                provided  by  Zhejiang  Haoqing.  Also,  the  sino-foreign
                                shareholding   structure  of  Zhejiang   Ruhoo  JV,  would
                                entitle  it to  tax  privileges  in  the  PRC.  This  is a
                                reasonable request.
                    3        Amend Articles Re: Voting by Poll,            For          For                 Mgmt
                             Appointment of Directors, Retirement by
                             Rotation, Removal of Directors, and Board
                             Meetings
                                This  item  seeks  to  approve   amendments  made  to  the
                                company's  articles of association in order to comply with
                                amendments  made  to the  listing  rules.  The  amendments
                                provide  that the board  should  meet  regularly  at least
                                four  times a year at  approximately  quarterly  intervals
                                and  that a  notice  should  be given at least 14 days for
                                regular board meetings while  reasonable  notice should be
                                given for all other board  meetings.  The amendments  also
                                provide   that   every   director   would  be  subject  to
                                retirement  by  rotation  at least once every  three years
                                and that any director  appointed to fill a casual  vacancy
                                should  hold  office  until  the  next  following  general
                                meeting.  Moreover,  the amended  articles allow voting by
                                way of  poll  and  removal  of  directors  by an  ordinary
                                resolution instead of a special resolution.


12/20/06 - S        Geely Automobile Holdings Ltd            G3777B103                          None                  95,000
                    (formerly GUORUN HOLDINGS LTD)
                    1        Approve Joint Venture Agreement with          For          For                 Mgmt
                             Shanghai Maple Automobile Co. Ltd. to
                             establish a Sino-Foreign Equity Joint
                             Venture to be Named Shanghai Geely Maple
                             Automobile Limited
                                This  item  seeks  to  approve  the   establishment  of  a
                                sino-foreign  equity  joint  venture to be named  Shanghai
                                Geely  Maple  Automobile  Ltd.  (JV)  by the  company  and
                                Shanghai  Maple  Automobile  Co.  Ltd.  (Shanghai  Maple),
                                owned as to 90.0  percent  by Geely  Hldg.  Group Co.  Ltd
                                which is owned as to 72.7  percent by Li Shu Fu (Mr.  Li),
                                a director  holding  60.2 percent  beneficial  interest in
                                the  issued  share  capital  of  the  company.  Under  the
                                agreement,  the company and Shanghai Maple would establish
                                the JV  which  would  have a  total  investment  of  $99.5
                                million,  registered  capital of $54.3 million,  and would
                                be  owned  as to  99.0  percent  and  1.0  percent  by the
                                company  and  Shanghai  Maple,  respectively.  The company
                                would  contribute  its portion of the  registered  capital
                                amounting  to  approximately  $53.8  million in cash to be
                                financed by internal  resources  and/or  equity  financing
                                and/or  external  borrowing,  while  Shanghai  Maple would
                                contribute its 1.0 percent capital  contribution amount of
                                approximately  $542,971.5  in  cash.  Profits  from the JV
                                would  be   distributed   with  the   proportion   of  the
                                registered  capital  held  by  the  company  and  Shanghai
                                Maple,  respectively,  while  the  board  of the JV  would
                                comprise  three  members  with two members to be nominated
                                by the company and one member to be  nominated by Shanghai
                                Maple.  The JV would have a term of 50 years from the date
                                of issuance of the business license;  would be established
                                in  Shanghai;  and would be  engaged  in the  manufacture,
                                sales and  distribution of automobile  components,  parts,
                                components and sub-assembles.  The establishment of the JV
                                is in line with the  company's  objective  to develop into
                                an  internationally  competitive sedan  manufacturer as it
                                serves as the first  step  towards  the  cooperation  with
                                Manganese  Bronze  Hldgs.  Plc.   (Manganese   Bronze),  a
                                company   principally  engaged  in  taxi  sales  and  taxi
                                finance in the United  Kingdom.  This  transaction is also
                                expected  to  enable  the  company  and  its  subsidiaries
                                (Group) to tap into Manganese  Bronze's car  manufacturing
                                technology   techniques   and   to   participate   in  the
                                manufacturing   of  London  taxi.  This  is  a  reasonable
                                request.


03/21/07 - S        Genting Berhad                           Y26926116                          None                  26,159
                             Ordinary Business
                    1        Approve Share Split Involving the             For          For                 Mgmt
                             Subdivision of Every One Existing Share of
                             MYR 0.50 Each into Five Shares of MYR 0.10
                             Each
                             Special Business
                    1        Amend Memorandum and Articles of              For          For                 Mgmt
                             Association to Reflect Changes in
                             Authorized Share Capital


06/28/07 - A        GEO Co., Ltd. *2681*                     J1710A106                          03/31/07                   6
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 1200
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Both  nominees        Nominee  1 does
                                not meet our  criteria  for  independence.  He is a former
                                executive of The Industrial Bank of Japan,  Ltd., which is
                                now a part of one of the  company's  main banks.  However,
                                nominee  2 passes  our test  for  independence.  She is an
                                attorney.                Given  the  realities of Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominee  1  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                For  directors,  the  ceiling  would be raised from JY 250
                                million per year to JY 280  million per year.          For
                                statutory auditors,  the ceiling would not be changed from
                                JY 20 million per year.          After  the  meeting,  the
                                company  will   continue  to  have  10  directors   and  4
                                statutory  auditors.        These  changes  are  requested
                                because  of the  introduction  of the new  Corporate  Law,
                                under which annual  bonuses to the directors and statutory
                                auditors,  which  were  formerly  treated  as  part of the
                                annual  allocation of income,  are now considered  part of
                                director          and          statutory           auditor
                                compensation,        Because  the  new  ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


03/08/07 - S        GEOX SPA                                 T50283109                          03/06/07               2,470
                             Special Meeting Agenda
                    1        Amend Arcticles of the Company's Bylaws to    For                              Mgmt
                             Comply with the Italian Law 262/2005 and
                             with the Legislative Decree 303/2006
                    2        Amend Article 21 of the Company's Bylaws      For                              Mgmt
                    3        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/12/07 - A        GEOX SPA                                 T50283109                          04/10/07               2,470
                             Annual Meeting Agenda
                    1        Accept Financial Statements, Consolidated     For                              Mgmt
                             Accounts, and Statutory Reports Relative to
                             Fiscal Year 2006
                    2        Fix Number of Directors on the Board; Elect   For                              Mgmt
                             Directors; Determine Directors' Term
                    3        Approve Remuneration of Directors             For                              Mgmt
                    4        Appoint Internal Statutory Auditors;          For                              Mgmt
                             Approve Remuneration of Auditors
                    5        Elect External Auditors                       For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A        Gerdau S.A.                              P2867P113                          None                  12,898
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    3        Elect Directors and Determine the             For          For                 Mgmt
                             Remuneration of the Company's Administrators
                    4        Elect Supervisory Board Members and           For          For                 Mgmt
                             Determine their Remuneration


02/01/07 - A/S      Gildan Activewear Inc. *GIL*             375916103                          12/08/06              19,952
                    1        Elect Directors                               For          For                 Mgmt
                    2        Ratify KPMG as Auditors                       For          For                 Mgmt
                    3        Amend Long Term Incentive Plan                For          For                 Mgmt


05/25/07 - A        Gildemeister AG                          D2825P117                          05/04/07               4,209
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.20 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Elect Klaus Kessler to the Supervisory Board  For                              Mgmt
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        GlaxoSmithKline plc                      G3910J112                          None                  61,644
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Elect Daniel Podolsky as Director             For          For                 Mgmt
                    4        Elect Stephanie Burns as Director             For          For                 Mgmt
                    5        Re-elect Julian Heslop as Director            For          For                 Mgmt
                    6        Re-elect Sir Deryck Maughan as Director       For          For                 Mgmt
                    7        Re-elect Ronaldo Schmitz as Director          For          For                 Mgmt
                    8        Re-elect Sir Robert Wilson as Director        For          For                 Mgmt
                    9        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    10       Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                    11       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisations Donations up to GBP 50,000
                             and to Incur EU Political Expenditures up
                             to GBP 50,000
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 479,400,814
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 71,910,122
                    14       Authorise 575,280,977 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    15       Amend Articles of Association Re:             For          For                 Mgmt
                             Electronic Communication


06/21/07 - A        Gloria Heavy Industrial Co Ltd           Y2726B107                          04/22/07              78,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The board is proposing a cash  dividend of NTD 2.3 ($0.07)
                                per share.  This gives the company a payout  ratio of 71.9
                                percent.  We use a minimum of 30 percent  and a maximum of
                                100 percent as  benchmarks  to trigger  further  analysis.
                                        The  dividend  payout  proposed is reasonable  and
                                easily coverable by the company.  ISS has no objections to
                                this proposal.
                    3        Acknowledge Issuance of Shares for a          For          For                 Mgmt
                             Private Placement in 2003
                                This  item  seeks  shareholder   acknowledgement  for  the
                                issuance of 200,000 in 2003.  Issue price was fixed at NTD
                                10  ($0.31)  per  share,  which was  based on the  average
                                closing price of the company's  shares two months prior to
                                the pricing date. All subscribers  met the  qualifications
                                stipulated in Article 43-6 of the  Securities and Exchange
                                Act.   Proceeds  were  used  to  purchase   machinery  and
                                equipment    in   order   to   enhance   its    production
                                capabilities.  Given  that  the  lock-up  period  of three
                                years  has  passed,  the  company  will now  apply for the
                                listing  of such  shares.        The  dilution  associated
                                with  issuance of ordinary  shares is 0.69  percent of the
                                company's   outstanding   shares,   which  is  within  ISS
                                guidelines on share issuances  without  preemptive  rights
                                of 20 percent.  Given that this  issuance  has enabled the
                                company to raise  proceeds to expand its  operations,  ISS
                                recommends shareholders to support this resolution.
                    4        Amend Articles of Association                 For          Against             Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    5        Amend Election Rules of Directors and         For          Against             Mgmt
                             Supervisors
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    6        Amend Procedures Governing the Acquisition    For          Against             Mgmt
                             or Disposal of Assets
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    7        Other Business                                None         None                Mgmt
                                This is a non-voting item.


04/25/07 - A        GLOW ENERGY PUBLIC CO LTD                Y27290124                          04/12/07             134,422
                    1        Approve Minutes of Previous AGM               For          For                 Mgmt
                    2        Acknowledge 2006 Operating Results and        For          For                 Mgmt
                             Directors' Report
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Allocation of Income and Payment of   For          For                 Mgmt
                             Dividend
                    5        Reelect Dirk Achiel Marc Beeuwsaert, Guido    For          For                 Mgmt
                             Geeraerts, Kovit Poshyananda, and Supapan
                             Ruttanaporn as Directors
                    6        Approve Remuneration and Allowance of         For          For                 Mgmt
                             Directors and Audit Committee Members
                    7        Approve Deloitte Touche Tohmatsu Jaiyos Co.   For          For                 Mgmt
                             Ltd. as Auditors and Authorize Board to Fix
                             Their Remuneration
                    8        Authorize Issuance of Debentures not          For          For                 Mgmt
                             exceeding THB 15 Billion or Its Equivalent
                             in Other Currency
                    9        Other Business                                For          Against             Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


11/10/06 - A        Gold Fields Limited                      S31755101                          None                   6,351
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Reelect J.G. Hopwood as Director              For          For                 Mgmt
                                We   recommend    shareholders   oppose   J.G.   Gerwell's
                                reelection  as he has attended less than 75 percent of the
                                board meetings without a valid reason.
                    3        Reelect D.M.J. Ncube as Director              For          For                 Mgmt
                    4        Reelect I.D. Cockerill as Director            For          For                 Mgmt
                    5        Reelect G.J. Gerwel as Director               For          Against             Mgmt
                    6        Reelect N.J. Holland as Director              For          For                 Mgmt
                    7        Reelect R.L. Pennant-Rea as Director          For          For                 Mgmt
                    8        Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    9        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights up to a Maximum of 10
                             Percent of Issued Capital
                    10       Revocation of Erroneous Prior Placement of    For          For                 Mgmt
                             Unissued Shares Under the Control of
                             Directors for the Purpose of the Gold
                             Fields Limited 2005 Share Plan
                    11       Revocation of Erroneous Prior Placement of    For          For                 Mgmt
                             Unissued Shares Under the Control of
                             Directors for the Goldfields Management
                             Incentive Scheme
                    12       Approve Issuance of Shares Pursuant to the    For          For                 Mgmt
                             Gold Fields Limited 2005 Share Plan
                    13       Approve Remuneration of Directors             For          For                 Mgmt
                    14       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital


04/25/07 - S        Golden Agri-Resources Ltd                V39076100                          None                  10,000
                    1        Authorize Share Repurchase Program            For          For                 Mgmt
                                The board is seeking the  authority to repurchase up to 10
                                percent of issued  capital.  The shares will be  cancelled
                                or held as  treasury  shares,  as the  case  may be.  This
                                authority  is  good  for one  year  and may be used at the
                                board's discretion.


04/25/07 - A        Golden Agri-Resources Ltd                V39076100                          None                  10,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of $0.014    For          For                 Mgmt
                             Per Share
                                The  board  recommends  the  payment  of a first and final
                                dividend  of $0.014 per share,  an amount  higher than SGD
                                0.01  ($0.007)  from the  previous  year.  This  gives the
                                company a payout ratio of 6.5 percent,  unchanged from the
                                year  before.        We  use a minimum of 30 percent and a
                                maximum of 100 percent as  benchmarks  to trigger  further
                                analysis.  In this  case,  we note that this  would be the
                                second  time the company  would  declare  dividends  since
                                listing its shares in 1999.  We believe the board has been
                                using the  company's  cash to  reinvest in the company for
                                growth and expansion,  as reflected by increasing  profits
                                since losses were  incurred in 2001. As such, we recommend
                                that shareholders support this dividend proposal.
                    3        Approve Directors' Fees of SGD 261,719 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             154,000)
                    4        Reelect Muktar Widjaja as Director            For          For                 Mgmt
                    5        Reelect Frankle (Djafar) Widjaja as Director  For          For                 Mgmt
                    6        Reelect Bertrand Denis Richard De Chazal as   For          For                 Mgmt
                             Director
                    7        Reappoint Moore Stephens as Auditors and      For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    8        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                                The limit on share  issuance  pursuant to annual  mandates
                                sought by the  company  (and  nearly  all other  Singapore
                                companies) is 50 percent  maximum,  with a sub-limit of 20
                                percent  of  issued  capital  for  shares  issued  without
                                preemptive rights.
                    9        Approve Mandate for Transactions with         For          For                 Mgmt
                             Related Parties
                                Singapore's  related-party  transaction  rules are  fairly
                                comprehensive,  providing  shareholders  with  substantial
                                protection  against  insider  trading  abuses.  Under  the
                                country's   related-party    transaction   rules,   shares
                                considered  affiliated  are  excluded  from  voting on the
                                related  issues.   Given  the   protections   provided  by
                                Singapore  law  and  listing  requirements,  related-party
                                transactions are routine items in Singapore.


12/21/06 - A        GOLDEN OCEAN GROUP LIMITED               G4032A104                          12/01/06              24,000
                    1        Elect John Fredriksen as Director             For                              Mgmt
                    2        Elect Tor Olav Troim as Director              For                              Mgmt
                    3        Elect Kate Blankenship as Director            For                              Mgmt
                    4        Elect John Sawyer as Director                 For                              Mgmt
                    5        Elect Hans Christian Borresen as Director     For                              Mgmt
                    6        Approve Moore Stephens as Auditors and        For                              Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Amend Bylaw 110 to Change the Requirement     For                              Mgmt
                             for the Form of, and Signatories to, the
                             seal of the Company
                    8        Approve Remuneration of Directors             For                              Mgmt
                    9        Transact Other Business (Voting)              For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/17/07 - S        Grasim Industries Ltd.                   Y28523135                          None                   5,668
                             Postal Ballot
                    1        Approve Employee Stock Option Scheme-2006     For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/18/06 - S        GRENDENE SA                              P49516100                          None                  11,400
                             Special Meeting Agenda
                    1        Elect Director in Light of Resignation of     For          For                 Mgmt
                             Ana Dolores Moura Carneiro de Novaes


06/20/07 - A        Grifols SA                               E5706X124                          None                  10,387
                    1        Accept Individual Financial Statements and    For          For                 Mgmt
                             Statutory Reports for Fiscal Year Ended Dec
                             31, 2006
                    2        Accept Consolidated Financial Statements      For          For                 Mgmt
                             and Statutory Reports for Fiscal Year Ended
                             Dec 31, 2006
                    3        Approve Discharge of Management Board         For          For                 Mgmt
                    4        Reelect Auditors for the Individual Firm      For          For                 Mgmt
                    5        Reelect Auditors for the Consolidated Group   For          For                 Mgmt
                    6        Reelect Victor Grifols Roura, Ramon Riera     For          For                 Mgmt
                             Roca, Juan Ignacio Twose Roura, Thorthol
                             Holding, B.V.; and Ratify Appointment of
                             Edgar Dalzell Jannotta
                    7        Amend the General Meeting Guidelines and      For          For                 Mgmt
                             the Board of Director Guidelines to Comply
                             with the Recomendations of the Unified Code
                             of Best Practices
                    8        Approve Remuneration of Directors             For          For                 Mgmt
                    9        Authorize Repurchase of Shares                For          For                 Mgmt
                    10       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


04/26/07 - A/S      Groupe Danone                            F12033134                          04/23/07              24,548
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Reelect Franck Riboud as Director             For                              Mgmt
                    6        Reelect Emmanuel Faber as Director            For                              Mgmt
                    7        Ratify Appointment of Naomasa Tsuritani as    For                              Mgmt
                             Director
                    8        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    9        Approve Creation of a Corporate Development   For                              Mgmt
                             Fund and Subscription to SICAV
                             Danone.communities Shares
                             Special Business
                    10       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 45 Million
                    11       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 33 Million
                    12       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Authorize Capital Increase for Future         For                              Mgmt
                             Exchange Offers
                    14       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    15       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 33 Million for Bonus Issue or
                             Increase in Par Value
                    16       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    17       Approve Stock Option Plans Grants             For                              Mgmt
                    18       Authorize up to 1,000,000 Shares for Use in   For                              Mgmt
                             Restricted Stock Plan
                    19       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    20       Approve 1-for-2 Stock Split                   For                              Mgmt
                    21       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                    A        Amend Article 26.II of the Bylaws in order    Against                          ShrHoldr
                             to Cancel the Voting Rights Limitation
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/01/07 - S        GROUPE STERIA                            F9892P100                          None                     391
                             Special Business
                    1        Extend Corporate Purpose                      For                              Mgmt
                    2        Amend Articles of Association According to    For                              Mgmt
                             Items 3, 4, and 5
                             Ordinary Business
                    3        Acknowledge Resignation of Soderi as          For                              Mgmt
                             Managing Partner and Maintaining his
                             Function as General Partner
                    4        Acknowledge Resignation of Jean Carteron as   For                              Mgmt
                             Managing Partner and Maintaining his
                             Function as General Partner
                    5        Elect Francois Enaud as Managing Partner      For                              Mgmt
                    6        Elect Severin Cabannes as Supervisory Board   For                              Mgmt
                             Member
                    7        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 100,000
                    8        Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/05/07 - A/S      GROUPE STERIA                            F9892P100                          05/31/07                 391
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Management
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.42 per Share
                    3        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    6        Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    7        Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    8        Approve Employee Stock Purchase Plan          For                              Mgmt
                    9        Approve Employee Stock Purchase Plan          For                              Mgmt
                    10       Authorize Capital Increase of Up to EUR 13    For                              Mgmt
                             Million for Future Exchange Offers
                    11       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/31/07 - S        GRUPO AEROPORTUARIO DEL CENTRONORTE S    400501102                          01/09/07               3,968
                    A B DE C V
                             Meeting for ADR Holders
                    1        APPROVAL OF THE SHAREHOLDER OF THE COMPANY,   For          For                 Mgmt
                             AEROINVEST S.A. DE C.V. TO ENTER INTO A
                             FINANCING FACILITY IN ACCORDANCE WITH
                             NUMERAL (II) OF ARTICLE THIRTY-FIVE OF THE
                             BYLAWS OF THE COMPANY.
                                Under this item,  the board asks  shareholders  to approve
                                that  Aeroinvest SA de CV, a  shareholder  of the company,
                                to carry out  negotiation  with financial  institutions to
                                refinance the existin  credit  agreement  called  Existing
                                Facility,  in which  the  shareholder  entered  into  with
                                WestLB AG, for the amount of US$180  million to be paid in
                                Jun  2007.   These   funds  were  used  to   finance   the
                                acquisition  of 35.3  percent of Grupo  Aeroportuario  del
                                Centro   Norte  SAB  de  CV  (GACN).           Under   the
                                conditions  of the  Existing  Facility,  GACN  will not be
                                liable in any event for the  payment  of any  amounts  due
                                under  the  credit   agreement   not  from  the   proposed
                                refinancing.        Aeroinvest    is   a   subsidiary   of
                                Empresas  Ica  SAB  de CV  and  it  currently  holds  35.3
                                percent  of GACN's  capital in the form of series B shares
                                and 75.5 percent of the shares of Servicios de  Tecnologia
                                Aeroportuaria  SA de CV  (SETA),  which in turn holds 16.7
                                percent  of  GACN's  capital  in the  form  of  series  BB
                                shares.        The  proposed  transaction  consists on the
                                issuance of US$236  million  that would be  allocated  for
                                the  prepayment of the Existing  Facility,  related costs,
                                fees,  reserves  and  corporate  purposes.  Under  the new
                                agreement,  two  classes of notes will be issued.  Class A
                                notes for the amount of US$199.7 million;  7.5 years term,
                                and   quarterly   principal   payments   and   one   final
                                amortization payment upon maturity,  commencing in July of
                                2009  until  June  2014.  Class B notes for the  amount of
                                US$36.3 million;  7.5 years term; and quarterly  principal
                                payments   equivalent  to  all  amounts   remaining  after
                                servicingthe  Class  A  Notes  and any  reserve  or  other
                                amounts  ,  commencing  in June  of 2009 to june of  2014.
                                After  the  Class B Notes  have  been  paid in  full,  the
                                remaining  cash (after  having paid the amounts due on the
                                Class    A    Notes)     shall    be     available     for
                                Aeroinvest.        Although   ISS  does  not  usually  see
                                proposals   in  which  there  is  an  existing   concerted
                                agreement   between   shareholders   and   its   financial
                                creditors,  we note  that all  types  of debt  refinancing
                                agreements  are  required  to be put  on for  shareholders
                                approval  according  to  Literal  II of  Article 35 of the
                                company's bylaws; a provision  included in the bylaws as a
                                result of the company's privatization.  Thus, knowing that
                                GACN will not be an obligated  party to the refinancing of
                                the  Existing  Facility,  nor will it assume  any  payment
                                obligations  related  to  the  proposed  refinancing,   we
                                recommend support for this request.
                    2        APPROVAL TO MAKE A QUARTERLY DISTRIBUTION     For          For                 Mgmt
                             OF THE DIVIDENDS PREVIOUSLY APPROVED BY THE
                             SHAREHOLDERS OF THE COMPANY.
                                Under  this  resolution,  the board asks  shareholders  to
                                approve the dividends  under the terms approved at the las
                                AGM.  The  prospectus   states  that  the  amount  of  the
                                dividends  shall  have a fixed and a  variable  component.
                                The fixed component of the dividends  contemplated by GACN
                                shall be MNX$325  million ($29.7 million) per fiscal year.
                                The  variable  component  shall  depend  of the  amount of
                                dunds available for  distribution  determined in excess of
                                the  fixed  component.   Thus,  the  company  proposes  to
                                distribute  dividends  in four  installments  or quarterly
                                payments  due on July 15,  October  15,  January  15,  and
                                April  15 of  each  fiscla  year.  We  see  no  reason  to
                                recommend opposition to this resolution.
                    3        DESIGNATION OF THE PROPOSED OFFICERS TO       For          For                 Mgmt
                             FORMALIZE AND EXECUTE THE RESOLUTIONS
                             ADOPTED BY THE SHAREHOLDERS.


04/27/07 - A        GRUPO AEROPORTUARIO DEL CENTRONORTE S    400501102                          04/11/07               4,420
                    A B DE C V
                             Meeting for ADR's Holders
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Period Ended Dec. 31, 2006
                    2        Accept Tax Report                             For          For                 Mgmt
                    3        Accept Audit Committee Report                 For          For                 Mgmt
                    4        Accept Corporate Practices Committee Report   For          For                 Mgmt
                    5        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    6        Approve Allocation of Income, Increase in     For          For                 Mgmt
                             Reserves, Allocation of Stock Repurchase
                             Reserve and Dividends
                    7        Elect/Ratify Directors, Alternate Directors   For          For                 Mgmt
                             and Chairmen of Committees
                    8        Approve Remuneration of Directors and         For          For                 Mgmt
                             Members of Committees
                    9        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


12/07/06 - S        Grupo Carso Sa De Cv                     P46118108                          None                  74,600
                             Only Series A Shareholders and Mexican
                             Nationals Can Vote
                    1        Amend Bylaws in Order to Comply with New      For          For                 Mgmt
                             Mexeican Securities Law
                                These  changes  come  as  a  result  of  Mexico's   recent
                                adoption  of a  series  of  capital  market  reforms  that
                                increase   transparency   and   protection   of   minority
                                shareholders.  As  the  amendments  would  be  changed  to
                                conform to company law,  and because  there is no evidence
                                that the company has included  other  amenedments  outside
                                the  scope of the new  law,  shareholder  support  of this
                                item is recommended.
                    2        Adopt Resolutions Related to the Previous     For          Against             Mgmt
                             Item
                                Because we cannot know what  issues  will be raised,  even
                                though we support the previous  item, we cannot  recommend
                                support for this request.
                    3        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


04/26/07 - A        Grupo Carso Sa De Cv                     P46118108                          None                  70,943
                             Only Series A Shareholders and Mexican
                             Nationals Can Vote
                    1        Accept Board of Directors and Board           For          For                 Mgmt
                             Committees' Reports; Accept Compliance of
                             Fiscal Obligations Report for 2006 Fiscal
                             Year; Accept Individual and Consolidated
                             Financial Statements and Statutory Reports
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of MXN 0.50 Per Share

                    3        Set Aggregate Nominal Amount of Share         For          For                 Mgmt
                             Repurchase Reserve
                    4        Approve Discharge of Management Board for     For          For                 Mgmt
                             Fiscal Year 2006
                    5        Elect Directors and Supervisory Board         For          For                 Mgmt
                             Members; Elect Chairs to Audit and
                             Corporate Practices Committees; Fix Their
                             Remuneration
                    6        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting


08/17/06 - S        Grupo Financiero Banorte SA de CV        P49501201                          None                  66,300
                    1        Approve Absorption of Banco del Centro        For          For                 Mgmt
                    2        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    3        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting


10/12/06 - S        Grupo Financiero Banorte SA de CV        P49501201                          None                  91,100
                    1        Approve Cash Dividends of MXN 0.375 Per       For          For                 Mgmt
                             Share
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Minutes of Meeting                    For          For                 Mgmt


12/13/06 - S        Grupo Financiero Banorte SA de CV        P49501201                          None                  91,100
                             Special Business
                    1        Amend Bylaws in Order to Comply with New      For          For                 Mgmt
                             Mexeican Securities Law
                    2        Amend Bylaws Re: Compliance with Various      For          For                 Mgmt
                             Credit Institutions Laws
                    3        Approve Spin-Off of Finanzas Banorte, S.A.    For          For                 Mgmt
                             de C.V.
                    4        Amend Bylaws Re: Record Changes to            For          For                 Mgmt
                             Arrendadora Banorte, Factor Banorte and
                             Creditos Pronegocio as Companies with
                             Diverse Business Objectives
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Approve Minutes of Meeting                    For          For                 Mgmt


12/13/06 - S        Grupo Financiero Banorte SA de CV        P49501201                          None                  91,100
                             Ordinary Business
                    1        Elect Members and Chairman to the Audit and   For          For                 Mgmt
                             Corporate Practices Committee; Fix Their
                             Remuneration; Revoke Nomination of
                             Supervisory Board Members
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Minutes of Meeting                    For          For                 Mgmt


03/30/07 - A        Grupo Financiero Banorte SA de CV        P49501201                          None                 149,700
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec. 31, 2006
                    2        Accept Auditors' Report                       For          For                 Mgmt
                    3        Approve Allocation of Income                  For          For                 Mgmt
                    4        Elect Members, Verify Director's              For          For                 Mgmt
                             Independency as Per New Mexican Securities
                             Law, and Approve Their Respective
                             Remuneration
                    5        Elect Members to Audit Committee and          For          For                 Mgmt
                             Corporate Practices, Elect Their Respective
                             Chairman, and Approve Their Remuneration
                    6        Present Report on Company's 2006 Share        For          For                 Mgmt
                             Repurchase Program; Set Maximum Nominal
                             Amount of Share Repurchase Reserve for 2007
                    7        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    8        Approve Minutes of Meeting                    For          For                 Mgmt


01/17/07 - S        Grupo Mexico SA de CV (fm. Nueva Gr.     P49538112                          None                  42,828
                    Mexico SACV)
                    1        Accept Balance Sheet and 'Proforma' Balance   For          For                 Mgmt
                             Sheet as of 9-30-06
                    2        Approve Merger by Absorption of Subsidiary    For          For                 Mgmt
                             Grupo Minero Mexico Internacional SA de CV
                             to be Effective 12-31-06
                    3        Approve Cancellation, Issuance, and           For          Against             Mgmt
                             Exchange of Shares Representatives of
                             Company's Capital
                                Recognizing  that it would be unwise for  shareholders  to
                                grant  open   authorizations   and  because  of  potential
                                excessive  dilution to their  economic and voting  rights,
                                we cannot recommend support for this request.
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting


03/16/07 - A        GS Holdings Corp.                        Y2901P103                          12/31/06               3,340
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 1000 Per Common Share
                    2        Elect Directors                               For          For                 Mgmt
                    3        Elect Members of Audit Committee              For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


04/17/07 - A        Gurit Holding AG (formerly Gurit         H3420V174                          None                      11
                    Heberlein AG)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of CHF 13 per Share
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Elect Heinrich Fischer as Director            For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        GVT HOLDING SA                           P5145T104                          None                  16,627
                    1        Approve Financial Statements, and             For          For                 Mgmt
                             Allocation of Income
                                        The  company's  external  auditor,  KPMG,  asserts
                                that  the  financial  statements  accurately  portray  the
                                financial  position of the firm.  The company  experienced
                                losses of BRL 71.8 million ($35.3  million) in 2006.  This
                                value  will be added to the  accumulated  losses  account.
                                Given these losses,  the company will not  distribute  any
                                money to  shareholders.          Since  we are  unaware of
                                any concerns about the company's  audit  procedures and we
                                do  not   believe  it  is  prudent   for  the  company  to
                                distribute   dividends   given   its   current   financial
                                position,  we  recommend  that  shareholders  approve this
                                proposal.


08/02/06 - A        Halma PLC                                G42504103                          None                 225,143
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 4.12 Pence Per      For          For                 Mgmt
                             Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Re-elect Andrew Walker as Director            For          For                 Mgmt
                    5        Re-elect Richard Stone as Director            For          For                 Mgmt
                    6        Re-elect Keith Roy as Director                For          For                 Mgmt
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    9        Adopt New Articles of Association             For          For                 Mgmt
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,845,000
                    11       Authorise 36,000,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


12/13/06 - S        Hammerson plc                            G4273Q107                          None                  64,311
                    1        Amend Articles of Association Re: Real        For          For                 Mgmt
                             Estate Investment Trust


11/16/06 - S        Hanarotelecom Inc. (frmr.y Hanaro        Y2997E103                          10/12/06               4,986
                    Telecom)
                    1        Elect Directors                               For          Against             Mgmt
                                In this bundled director  election,  we note that Chen has
                                attended only 45 percent of the board  meetings this year.
                                Given that we advocate  that board  members must attend at
                                least 75 percent  of board  meetings  unless a  reasonable
                                explanation is given,  we oppose Chen's  nomination to the
                                board.  Because the  company  has bundled the  election of
                                all three  nominees,  we have no choice,  but to recommend
                                that shareholders vote against the entire slate.
                    2        Elect Members of Audit Committee              For          For                 Mgmt
                    3        Approve Stock Option Grants                   For          For                 Mgmt


03/23/07 - A        Hankuk Carbon Co.                        Y3058W115                          12/31/06               2,790
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 70 Per Share
                                        Proposed  dividend  is  KRW 70  per  share,  which
                                corresponds to a payout ratio of 14 percent,  down from 18
                                percent the  previous  year.  The payout ratio is low even
                                by Korean  standards.  However,  because  the  company  is
                                increasing  its  dividend  per  share  from  KRW 50 in the
                                previous  year  to  KRW  70 as the  company's  net  income
                                increased  84  percent  year over  year,  we do not oppose
                                this income allocation and dividend proposal at this time.
                    2        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit  for  2007 is KRW 500  million,  unchanged
                                from  the  previous  year.  Although  last  year's  actual
                                payout  was not  disclosed,  a total of KRW 19.85  million
                                was paid for the one independent  non-executive  director.
                                We note that the one  independent  non-executive  director
                                has not attended in any board  meetings so far. We call on
                                the  company  to  improve  the  independent  non-executive
                                director's attendance record this year.
                    3        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                The  ceiling  for  one  auditor  for  2007  will be KRW 20
                                million,  same as the previous  year.  Last year's  actual
                                payout was not disclosed.


04/24/07 - A        Hanson plc                               G4286E109                          None                   7,184
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 15.35 Pence Per     For          For                 Mgmt
                             Ordinary Share
                    4a       Re-elect Mike Welton as Director              For          For                 Mgmt
                    4b       Re-elect Jim Leng as Director                 For          For                 Mgmt
                    4c       Re-elect Graham Dransfield as Director        For          For                 Mgmt
                    4d       Elect Pavi Binning as Director                For          For                 Mgmt
                    5        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    6a       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 24,550,000
                    6b       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,680,000
                    7        Authorise 73,600,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    8        Approve Hanson Sharesave Scheme 2007          For          For                 Mgmt
                             Employee Savings-Related Share Option Plan
                    9        Authorise the Use of Electronic               For          For                 Mgmt
                             Communication
                                RREV does not consider the adoption of this  resolution to
                                be contentious.


05/16/07 - A        Harvest Energy Trust (Harvest            41752X101                          03/27/07              28,783
                    Operations Corp.) *HTE.U*
                    1        Approve Valiant Trust Company as Trustee of   For          For                 Mgmt
                             the Trust
                    2        Fix Number of Directors of Harvest            For          For                 Mgmt
                             Operations Corp at Eight
                    3        Elect Directors of Harvest Operations Corp    For          For                 Mgmt
                             - Kevin Bennett, Dale Blue, David Boone,
                             John A Brussa, M George Chernoff, William A
                             Friley Jr, Verne G Johnson, and Hector J
                             McFadyen
                    4        Appoint KPMG LLP as Auditors of Harvest       For          For                 Mgmt
                             Operations Corp and Authorize Board to Fix
                             Their Remuneration


06/28/07 - A        Haseko Corp. *1808*                      J18984104                          03/31/07              24,000
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  12 executives  and 0  non-executives.  The board
                                currently   includes   13   executives   and  no   outside
                                directors. Candidate 7 is the only new appointee.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominee  1        Nominee  1 does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive of the Industrial  Bank of Japan,  which was one
                                of the three  banks which  merged  into the Mizuho  group.
                                Note  that  one  of  the  company's  main  banks,   Mizuho
                                Corporate     Bank,     is    part    of    the     Mizuho
                                group.        Nominee  2 is not  designated by the company
                                as  independent,  and we  have no  reason  to  oppose  the
                                nomination        Given    the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominee  2  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following   the   suspension,    the   company   appointed
                                Shin-Nihon  on a  provisional  basis,  and it now seeks to
                                formally  appoint  Shin-Nihon.  We see no reason to oppose
                                this resolution.


04/25/07 - A        HBOS plc                                 G4364D106                          None                 188,844
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 27.9 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Elect Jo Dawson as Director                   For          For                 Mgmt
                    4        Elect Benny Higgins as Director               For          For                 Mgmt
                    5        Elect Richard Cousins as Director             For          For                 Mgmt
                    6        Re-elect Anthony Hobson as Director           For          For                 Mgmt
                    7        Re-elect Kate Nealon as Director              For          For                 Mgmt
                    8        Approve Remuneration Report                   For          For                 Mgmt
                    9        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Audit Committee to Determine
                             Their Remuneration
                    10       Amend HBOS Plc Long Term Executive Bonus      For          For                 Mgmt
                             Plan
                                The  Company  states  that these  increases  to  incentive
                                awards  are  intended  to  address  a clear  shortfall  in
                                HBOS's competitive  remuneration position in the financial
                                services  sector.  The  Company  has  provided  RREV  with
                                further  information  to support this view. On this basis,
                                we  recommend  support  for the  proposal,  which has been
                                adequately explained.
                    11       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations up to GBP 100,000
                             and to Incur EU Political Expenditure up to
                             GBP 100,000
                                During  the last  financial  year,  three  employees  were
                                seconded  part-time  (normally  for two days each week) by
                                HBOS plc to the Cross Party Group on the Scottish  Economy
                                ('CPG') in the Scottish Parliament.  The CPG is not
                                a  political   party.        PPERA   contains  a  specific
                                exemption to the definition of EU Political  Organisations
                                for  all  party   groups   composed   of  members  of  the
                                Westminster  Houses  of  Parliament.   There  is  no  such
                                specific  exemption  for all party  groups of the Scottish
                                Parliament.  The Company is  therefore  disclosing a total
                                amount of the  donations  made to the CPG  during the last
                                financial  year of GBP 17,602 (USD  34,850),  representing
                                the  proportion  of  the  employees'  salary  paid  by the
                                Company    during   their    secondment,    not   a   cash
                                donation.        As  in last  year's RREV  report,  we are
                                satisfied  that the  nature of this  expenditure  does not
                                represent  any attempt to unduly  influence  the political
                                process.  We consider these activities were reasonable and
                                not contrary to shareholders'  interests. We are therefore
                                not raising any concerns with this expenditure.
                    12       Issue of Equity with Pre-emptive Rights up    For          For                 Mgmt
                             to Aggregate Nominal Amount of GBP
                             313,782,380 (HBOS Ordinary Shares) and GBP
                             2,900,834,400, EUD 3,000,000,000, USD
                             4,998,500,000, AUD 1,000,000,000 and CAD
                             1,000,000,000 (HBOS Preference Shares)
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 47,067,357
                    14       Authorise 376,115,726 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase


10/23/06 - A        HEALTHSCOPE LTD *HSP*                    Q4557T107                          10/21/06              20,831
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    2        Elect Ziggy Switkowski as Director            For          For                 Mgmt
                    3        Adopt Remuneration Report For the Year        For          For                 Mgmt
                             Ended June 30, 2006
                    4        Renew Partial Takeover Provision              For          For                 Mgmt


08/31/06 - S        Hellenic Exchanges Holding SA            X3247C104                          None                   3,173
                    1        Amend Articles Re: Article 1- Company Name    For                              Mgmt
                             and Incorporation, Article 2- Company
                             Purpose
                    2        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A        Henderson Group plc *HGI*                G4474Y156                          None                  50,677
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                We concluded that the new package  ensures a move over the
                                course of a  three-year  period to a package  more in line
                                with the  Company's  peers,  which is why we did not raise
                                any concerns with these  arrangements.  We do not note any
                                contentious   issues  with  the   Company's   remuneration
                                practices  this  year,  other than to again  emphasis  the
                                need for improved  retrospective  bonus target disclosure,
                                especially  given the high maximum  awards under the bonus
                                plan.
                    3        Approve Final Dividend of 2.27 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Duncan Ferguson as Director          For          For                 Mgmt
                    5        Re-elect John Roques as Director              For          For                 Mgmt
                    6        Reappoint Ernst & Young LLP as Auditors of    For          For                 Mgmt
                             the Company
                    7        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    8        Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations up to GBP 30,000 and
                             to Incur EU Political Expenditures up to
                             GBP 30,000
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 29,000,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,400,000
                    11       Authorise 89,900,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    12       Authorise the Company to Enter into a         For          For                 Mgmt
                             Contingent Purchase Contract with Credit
                             Suisse (Australia) Limited and Certain of
                             its Affiliates Providing for the Purchase
                             by the Company of 89,900,000 Ordinary Shares
                                As the  contract  is  within  accepted  limits,  we do not
                                consider this contentious.
                    13       Approve New Electronic Communications         For          For                 Mgmt
                             Provisions
                                The proposed  amendment is in line with legal  changes and
                                we note no corporate governance issues.


05/15/07 - A        Hengan International Group Co. Ltd.      G4402L102                          05/08/07              17,701
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                 Mgmt
                    3a       Reelect Sze Man Bok as Director               For          For                 Mgmt
                    3b       Reelect Yeung Wing Chun as Director           For          For                 Mgmt
                    3c       Reelect Hung Ching Shan as Director           For          For                 Mgmt
                    3d       Reelect Xu Chun Man as Director               For          For                 Mgmt
                    3e       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


05/03/07 - A        Hennes & Mauritz AB                      W41422101                          04/26/07              50,335
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Receive President's Report; Allow for         None         None                Mgmt
                             Questions
                    4        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    5        Approve Agenda of Meeting                     For          For                 Mgmt
                    6        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    7        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    8        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports; Receive Auditor's and Auditing
                             Committee's Reports; Receive Board's
                             Report; Receive Nominating Committee's
                             Report
                    9a       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    9b       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 11.50 per Share
                    9c       Approve Discharge of Board and President      For          For                 Mgmt
                    10       Determine Number of Members (8) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of SEK 3.9 Million;
                             Approve Remuneration of Auditors
                    12       Reelect Fred Andersson, Lottie Knutson,       For          Against             Mgmt
                             Sussi Kvart, Bo Lundquist, Stig Nordfelt,
                             Karl-Johan Persson, Stefan Persson (Chair),
                             and Melker Schoerling as Directors
                                Karl-Johan  Persson is an executive director who serves on
                                the board's Remuneration  Committee. As outlined above, we
                                prefer  that  all  key  board  committees   comprise  only
                                independent non-executives.  If a company does not have an
                                audit or a remuneration  committee,  ISS will consider the
                                entire board to fulfill the role of these  committees.  In
                                such case, we may recommend that  shareholders  oppose the
                                executives,  including  the CEO,  up for  election  to the
                                board.          We  also note that  H&M's  board  does not
                                meet   our   guidelines   as  only  25   percent   of  the
                                shareholder-elected  nominees are  independent and only 20
                                percent  of the  total  board  is  independent.  For  this
                                reason,  and because of the  presence of an  executive  on
                                the  remuneration  committee,  shareholders are advised to
                                vote against this proposal.
                    13       Authorize Chairman of Board and               For          For                 Mgmt
                             Representatives of Four of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    14       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    15       Amend Corporate Purpose                       For          For                 Mgmt
                    16       Allocate SEK 60 Million to Foundation to      For          For                 Mgmt
                             Improve Quality of Life in Regions Where
                             H&M Products are Manufactured
                    17       Close Meeting                                 None         None                Mgmt


06/15/07 - A        Heracles General Cement Co.              X31267119                          None                     753
                             Annual Meeting Agenda
                    1        Elect Directors                               For                              Mgmt
                    2        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                              Mgmt
                    5        Approve Director Remuneration for 2006 and    For                              Mgmt
                             Preapprove Their Remuneration for 2007
                    6        Authorize Board and Management to             For                              Mgmt
                             Participate in Boards or Management of
                             Other Companies with Similar Interests
                    7        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Higashi-Nippon Bank Ltd. *8536*          J86269107                          03/31/07               2,561
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend (Ordinary Shares)of JY 5
                                The payout ratio for the full year is 12 percent  based on
                                either parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  11 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria  for  independence.  He  is  a  former  executive
                                director of the Industrial Bank of Japan,  Ltd. (now known
                                as Mizuho Bank, Ltd.)
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors
                                One  of the  retiring  auditors  has  been  designated  as
                                independent.                As  we believe  the payment of
                                such bonuses to non-executives  is a highly  inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.


05/23/07 - A        Hiscox Ltd                               G4593F104                          None                  23,324
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports (Voting)
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                We  will  evaluate  these  issues  again  next  year  when
                                considering our vote recommendation.
                    3        Elect RRS Hiscox as Director                  For          For                 Mgmt
                    4        Elect BE Masojada as Director                 For          For                 Mgmt
                    5        Elect SJ Bridges as Director                  For          For                 Mgmt
                    6        Elect RS Childs as Director                   For          For                 Mgmt
                    7        Elect C Franklin Engler as Director           For          For                 Mgmt
                    8        Elect DM Healy as Director                    For          For                 Mgmt
                    9        Elect Dr JAC King as Director                 For          For                 Mgmt
                    10       Elect Sir Mervyn Pedelty as Director          For          For                 Mgmt
                    11       Elect AS Rosen as Director                    For          For                 Mgmt
                    12       Elect DA Stuurop as Director                  For          For                 Mgmt
                    13       Approve KPMG as Auditors and Authorize        For          For                 Mgmt
                             Board to Fix Their Remuneration
                    14       Approve Dividends                             For          For                 Mgmt
                    15       Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights Up to 33 Percent of Issued Capital
                    16       Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights Up to
                             Five Percent of Issued Capital
                    17       Authorize Share Repurchase Program Up to 10   For          For                 Mgmt
                             Percent of Issued Capital
                    18       Adopt New Bye-Laws                            For          For                 Mgmt
                    19       Amend Hiscox Performance Share Plan and       For          For                 Mgmt
                             Hiscox Ltd Performance Share Plan


06/27/07 - A        Hitachi Cable Ltd. *5812*                J20118105                          03/31/07              14,164
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director --- Against
                                                Candidates  1, 6 and 7 are  designated  as
                                outside  directors.  Two of the  nominees  do not meet ISS
                                criteria  for   independence.   Candidates  1  and  7  are
                                lifelong   employees  of  parent   company   Hitachi  Ltd.
                                Candidate  7 is new to the board,  while  Candidate  1 has
                                been an outside  director  of Hitachi  Cable  since  2005.
                                However,  Candidate 6 meets our criteria for independence.
                                He is an  attorney  and joined  Hitachi  Cable's  board in
                                2003.    Because    the    benefits    of    adopting    a
                                board-with-committees  structure  are  undermined  by  the
                                appointment  of outside  directors who lack  independence,
                                we recommend that shareholders oppose Candidates 1 and 7.
                    1.2      Elect Director --- For
                                Candidates 2 to 5 and 8 are  insiders.  Candidate 8 is new
                                to the board  and  Candidate  5 is  returning  the  board,
                                while the  other  three are  incumbent  directors  seeking
                                reappointment.
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- Against
                                see item 1.1
                    1.8      Elect Director --- For


06/25/07 - A        Hitachi Construction Machinery Co.       J20244109                          03/31/07              43,300
                    Ltd. *6305*
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director --- For
                                Candidates  1-6 are insiders who are  incumbent  directors
                                seeking reappointment.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                                Candidates 7-9 are outside  directors.  All candidates are
                                new  to  the  board.  Candidate  7 is a  former  executive
                                director of Rating and Investment  Information Inc. and is
                                currently   a   professor    at   Tsukuba    International
                                University.  He is the only  nominee to meet ISS  criteria
                                for  independence.   However,  Candidate  8  is  a  former
                                vice-president  of majority  shareholder  Hitachi Ltd. and
                                is currently a special  advisor to Hitachi Ltd.  Moreover,
                                one  of his  relatives  is  employed  by an  affiliate  of
                                Hitachi  Construction  Machinery.  Candidate  9 is  also a
                                former  executive of Hitachi Ltd. and currently  serves as
                                the   president   of  another   Hitachi   group   company.
                                        Because     the    benefits    of    adopting    a
                                board-with-committees  structure  are  undermined  by  the
                                appointment  of outside  directors who lack  independence,
                                we recommend that shareholders oppose nominees 8 and 9.
                    1.8      Elect Director --- Against
                                see item 1.7
                    1.9      Elect Director --- Against
                                see item 1.7
                    2        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option   Plan    Summary        Eligibility:    Directors,
                                executive  officers,  and  employees of the  company,  and
                                directors   of   subsidiaries        Exercise   Price:   5
                                percent   premium   to   market   price   prior  to  grant
                                date.        Potential  Dilution:  0.2  percent  of issued
                                capital  from this plan;  0.4 percent when  combined  with
                                other option  grants.  ISS  guidelines  call for potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth company.          Exercise Period:
                                Begins 2 years  from the grant  date and runs for 8 years.
                                        Performance  Hurdles:  None  disclosed.  This plan
                                meets ISS  guidelines.  Accordingly,  we have no reason to
                                oppose this resolution.


06/27/07 - A        Hitachi Koki Co. Ltd. *6581*             433575107                          03/31/07               6,289
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                11  executives  and  0  non-executives.        The   board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    2        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a former executive of one of
                                the  largest  shareholders  in the  company  with a  27.39
                                percent  stake.        Given  the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 13 million per month
                                (or JY 156  million  per year) to JY 16 million per month.
                                After the meeting,  the company  will  continue to have 11
                                directors.Because  the new  ceiling is not  excessive,  we
                                have no reason to oppose this resolution.


12/22/06 - S        HK Ruokatalo Group Oyj                   X5056X103                          12/12/06               1,028
                    1        Issue 4.8 Million Series A Shares in          For                              Mgmt
                             Connection with Acquisition of Swedish Meats
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - A        HK Ruokatalo Group Oyj                   X5056X103                          04/10/07               1,519
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Consolidated Financial Statements     None                             Mgmt
                             and Statutory Reports
                    1.3      Receive Auditors' Report                      None                             Mgmt
                    1.4      Receive Explanation by Board of Directors     None                             Mgmt
                             Warranted by Any Comments Made by Auditors
                    1.5      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of EUR 0.27 per Share
                    1.6      Approve Discharge of Board and President      For                              Mgmt
                    1.7      Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    1.8      Fix Number of Directors at Six                For                              Mgmt
                    1        Elect Directors                               For                              Mgmt
                    1.10     Appoint PricewaterhouseCoopers Oy as          For                              Mgmt
                             Auditors and Mika Kaarisalo and Pasi
                             Pietarinen as Deputy Auditors
                    2        Amend Articles to Comply with New Finnish     For                              Mgmt
                             Companies Act; Change Company Name to
                             HKScan Oyj in Finnish, HKScan Abp in
                             Swedish, and HKScan Corporation in English
                    3        Authorize Repurchase of up to 3.5 Million     For                              Mgmt
                             A-Class Shares
                    4        Approve Creation of Pool of Capital without   For                              Mgmt
                             Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        Ho Bee Investment Ltd                    Y3245N101                          None                  48,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2a       Declare Final Dividend of SGD 0.0075 Per      For          For                 Mgmt
                             Share
                    2b       Declare Special Dividend of SGD 0.0125 Per    For          For                 Mgmt
                             Share
                    3        Approve Directors' Fees of SGD 145,450 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             135,000)
                    4a       Reappoint Ch'ng Jit Koon as Director          For          For                 Mgmt
                    4b       Reappoint Tan Eng Bock as Director            For          For                 Mgmt
                    4c       Reelect Desmond Woon Choon Leng as Director   For          For                 Mgmt
                    4d       Reelect Ong Chong Hua as Director             For          For                 Mgmt
                    4e       Reelect Bobby Chin Yoke Choong as Director    For          For                 Mgmt
                    5        Reappoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    6a       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    6b       Approve Issuance of Shares and Grant of       For          For                 Mgmt
                             Options Pursuant to the Ho Bee Investment
                             Ltd Share Option Scheme


06/28/07 - A        Hokkaido Electric Power Co. Inc.         J21378104                          03/31/07              56,400
                    *9509*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 35
                                The payout ratio for the full year is 37 percent  based on
                                consolidated    earnings,   or   38   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                97  million  to  13  directors,  and  JY 16  million  to 5
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                12 executives  and 0  non-executives.The  board  currently
                                includes 13 insiders and no outside directors.
                    3.2      Elect Director --- For
                                See Item 3.1
                    3.3      Elect Director --- For
                                See Item 3.1
                    3.4      Elect Director --- For
                                See Item 3.1
                    3.5      Elect Director --- For
                                See Item 3.1
                    3.6      Elect Director --- For
                                See Item 3.1
                    3.7      Elect Director --- For
                                See Item 3.1
                    3.8      Elect Director --- For
                                See Item 3.1
                    3.9      Elect Director --- For
                                See Item 3.1
                    3.10     Elect Director --- For
                                See Item 3.1
                    3.11     Elect Director --- For
                                See Item 3.1
                    3.12     Elect Director --- For
                                See Item 3.1
                    4.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee   profile                Nominee  for  independent
                                statutory auditor:  Nominee  1                The  nominee
                                does not  meet  our  criteria  for  independence.  He is a
                                former  executive  director  of North  Pacific  Bank Ltd.,
                                which  is one of the  company's  main  banks.        Given
                                the   realities  of  Japanese   business  and  the  strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee 2 is not designated as independent.
                    5        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  2  retiring   directors  and  2
                                retiring statutory  auditors.                In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement bonuses to 10 continuing  directors and
                                4 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                  In this case, one of the retiring
                                statutory  auditors  and 2 continuing  auditors  have been
                                designated  by the company as  independent.  As we believe
                                the payment of such bonuses to  non-executives is a highly
                                inappropriate  practice  anywhere,  not just in Japan,  we
                                see no  alternative  but to  recommend  opposing the whole
                                item.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 40
                                million  per  month  to  JY  50  million  per  month.   In
                                addition,  the  company  wants to raise  the  ceiling  for
                                statutory  auditors  from JY 8 million  per month to JY 11
                                million  per  month.  After  the  meeting,  the  number of
                                directors  will  decrease  from 13 to 12. The company will
                                continue         to        have        5         statutory
                                auditors.                These     changes    are    being
                                requested  because the company is abolishing  the practice
                                of paying lump-sum retirement  bonuses,  which do not fall
                                under the  compensation  ceilings,  and is replacing  them
                                with other forms of compensation which  do.        Because
                                the new ceilings are not  excessive,  we have no reason to
                                oppose this resolution.


05/04/07 - A        Holcim Ltd. (formerly Holderbank         H36940130                          None                  24,581
                    Financiere Glarus)
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Holcim Ltd. (formerly Holderbank         H36940130                          None                  24,581
                    Financiere Glarus)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 2 per Share
                    4        Elect Directors                               For                              Mgmt
                    4.2      Ratify Ernst & Young AG as Auditors           For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/18/06 - S        HOLTEK SEMICONDUCTOR INC                 Y3272F104                          11/18/06              97,965
                    1        Amend Articles of Association                 For          For                 Mgmt
                                In this  item,  the board is  proposing  to amend  certain
                                articles     of     the     company's      Articles     of
                                Incorporation:        Article    12   --    To   add
                                restrictions  pertaining to voting rights, whereby company
                                shares which fall under  Chapter 179 of the Company Law of
                                Taiwan  will not  have  voting  rights;        Article  14
                                --  To add a clause requiring the company to have at
                                least two independent directors,  and they must occupy not
                                less than one-fifth of the total board seats.  Independent
                                directors will be elected  through  nomination  procedures
                                and elected by  shareholders at the same time as the other
                                directors.  In addition,  details  regarding the nominees'
                                professional   qualifications,   limits  on  shares  held,
                                conditions   that  constitute   independence,   nominating
                                method,    representation   of   attendance,   and   other
                                stipulations  must be based on the rules  specified by the
                                Taiwan  securities  supervisory  authority;        Article
                                16  --  To require  the  company to comply  with the
                                Rules and Review  Procedures  for Director and  Supervisor
                                Share  Ownership  Ratios  at Public  Companies  (Ownership
                                Procedures)   in  terms   of   disclosing   director   and
                                supervisor  shareholdings;          Article 17 -- To
                                delete  this  article   which   requires   the   company's
                                directors  and   supervisors   to  maintain   their  total
                                shareholdings  within  the  percentage  stipulated  in the
                                Ownership   Procedures.        Article   24  --   To
                                remove a sentence  authorizing the  shareholders to adjust
                                the  percentage  for income  allocation  and cash dividend
                                distribution.  To ensure that shareholders will be able to
                                receive a reasonable  amount of  dividends,  the board has
                                also   specify  in  this   article  that  the  total  cash
                                dividends  to be  paid  out  must  not be  lower  than  10
                                percent  of  the  total  dividends  paid  out  last  year.
                                        This   is  the  9th  time  the  company   will  be
                                modifying  its  Articles of  Association.  Therefore,  the
                                date  of the  9th  amendment,  which  is the  same  as the
                                meeting  date,  will be  added to  Article  26.        The
                                amendments  are made to comply  with the recent  revisions
                                made in the  Company  Law of Taiwan and the  Securities  &
                                Exchange Act of Taiwan.  ISS recommends that  shareholders
                                support this resolution.


07/28/06 - A        Homeserve Plc (frm. South                G8291Z148                          None                   1,979
                    Staffordshire Group)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 13.9 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Richard Harpin as Director           For          For                 Mgmt
                    5        Re-elect Justin Jewitt as Director            For          For                 Mgmt
                    6        Re-elect Barry Gibson as Director             For          For                 Mgmt
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,845,088
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 403,775
                    10       Authorise 6,460,414 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase


08/22/06 - A        HONEYS CO. LTD. *2792*                   J21394101                          05/31/06               1,240
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                 Mgmt
                             20, Special JY 0
                    2        Amend Articles to: Set Maximum Statutory      For          For                 Mgmt
                             Auditor Board Size - Limit Rights of
                             Odd-lot Holders - Update Terminology to
                             Match that of New Corporate Law
                    3        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt


03/30/07 - A        HQ AB                                    W3917K163                          03/23/07                 233
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Mats Qviberg as Chairman of Meeting     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    8        Receive President's Report                    None         None                Mgmt
                    9        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                                KPMG Bohlin AB has audited the  financial  statements  for
                                2006. The auditor's  report contained in the annual report
                                is  unqualified,  meaning  that  in  the  opinion  of  the
                                auditor,  the company's  financial  statements  are fairly
                                presented   in   accordance   with   generally    accepted
                                accounting principles.
                    10       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 12 per Share
                    11       Approve Discharge of Board and President      For          For                 Mgmt
                    12       Determine Number of Members (9) and Deputy    For          For                 Mgmt
                             Members of Board (0)
                    13       Approve Remuneration of the Chairman of the   For          For                 Mgmt
                             Board in the Amount of SEK 600,000, SEK
                             100,000 for Board Members, SEK 120,000 for
                             Chairman of the Audit Committee; SEK 60,000
                             for Audit Committee Members; Approve
                             Remuneration of Auditors
                    14       Reelect Mats Qviberg (Chairman), Stefan       For          For                 Mgmt
                             Dahlbo, Carolina Dybeck, Patrik Enblad,
                             Thomas Ers us, Curt Loenstroem, Johan
                             Piehl, Anne-Marie Paalsson and Pernilla
                             Stroem as Directors; Ratify Auditors and
                             Deputy Auditors
                    15       Approve 2:1 Stock Split                       For          For                 Mgmt
                                This is a proposal  of the board to split all  outstanding
                                shares on a  two-to-one  basis  (two new  shares for every
                                one  currently  held).  The  accounting  par  value of the
                                shares  will  therefore  change  from SEK 5 ($0.73) to SEK
                                2.5 ($0.37).  The number of shares  outstanding  after the
                                stock  split  will  be  27.11  million.        We  support
                                stock  splits  for  various  reasons.  First,  there is no
                                change  in  shareholder  value;  the value of the stake in
                                the  company  stays the same.  Second,  the share price is
                                lowered, which has the potential to improve liquidity.  As
                                the improved  liquidity has the potential of expanding the
                                capital  base,  we  recommend  a vote  in  favor  of  this
                                proposal.
                    16       Approve Issuance of Convertible Bonds to      For          Against             Mgmt
                             Employees; Approve Creation of SEK 200
                             Million Pool of Capital to Guarantee
                             Conversion Rights
                                Under  this  item  shareholders  are asked to  approve  an
                                option  scheme.        A  company's  structure of employee
                                or  director  compensation  plans is of vital  interest to
                                shareholders.  When given the  opportunity to review these
                                structures,   shareholders  should  push  for  plans  that
                                motivate  participants  to focus on long-term  shareholder
                                value  and  returns.  One of the most  common  methods  of
                                providing  long-term  incentive  is through  share  option
                                plans or  share  purchase  plans.  If  properly  designed,
                                these plans can  provide  tight  links  between  executive
                                rewards  and  shareholder   wealth  creation  while  being
                                sensitive   to   dilution   of  voting   power.        The
                                potential  dilution  resulting from this scheme amounts to
                                2.8 percent in terms of capital and voting rights.  Taking
                                into account  already  outstanding  incentive  plans,  the
                                figures  rise to 8.7  percent.  Conversion  may take place
                                during the period  Juli 19, 2010 to August 27,  2010,  and
                                from  February  15, 2011 to May 31, 2011.  The  conversion
                                price  will  equal  120   percent  of  the  value  of  the
                                company's  share  during the time frame  April 23,  2007 -
                                May  4,  2007.   The  plan  is  financed  by  issuance  of
                                convertibles  that  carry  an  interest  corresponding  to
                                dividends and other profit  allocation but not less than 6
                                percent  yearly  interest.          The  maximum number of
                                shares  ISS   approves   under  a  plan   depends  on  the
                                classification  of a  company's  stage of  development  as
                                growth or mature.  For mature companies,  shares available
                                under stock  option plans should be no more than 5 percent
                                of the  issued  capital  or  voting  rights at the time of
                                approval  under all plans.  For growth  companies,  shares
                                available  should be no more than 10 percent of the issued
                                capital  or voting  rights at the time of  approval  under
                                all  plans.  However,  ISS will  support  plans at  mature
                                companies with dilution  levels of up to 10 percent if the
                                plan   includes   other   positive   features,   such   as
                                challenging   performance   criteria   or   premium-priced
                                options.  HQ  is  a  mature   company.        Because   of
                                potential   excessive   dilution  of  8.7   percent   when
                                including  already   outstanding   employee  share  plans,
                                shareholders are advised to vote against this proposal.
                    17       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                                This  request  would  authorize   management  to  purchase
                                company  shares  until  the  date  of the  next  AGM.  The
                                authorization  would allow for the purchase of shares at a
                                price quoted on the date of  acquisition  with a deviation
                                of up to 10  percent.  The  maximum  amount of shares that
                                may be purchased is 10 percent of total share capital.  In
                                addition,  the item requests that  shareholders  authorize
                                the  board to use the  repurchased  shares  to  issue  new
                                shares  without  preemptive   rights.   Some  shareholders
                                object to corporations  repurchasing  shares.  They prefer
                                to see extra cash  invested in new  businesses or paid out
                                as  dividends.  We  believe  that  when  timed  correctly,
                                corporate  stock  repurchases  are  a  legitimate  use  of
                                corporate  funds  and  can  add to  long-term  shareholder
                                returns.  For this reason, we recommend a vote in favor of
                                the board's proposal.
                    18       Approve Remuneration Policy And Other Terms   For          Against             Mgmt
                             of Employment For Executive Management
                                This   item   concerns   shareholders   adoption   of  the
                                principles  for a  remuneration  policy and other terms of
                                employment    for   executive    management    2007.   The
                                remuneration  priciples follow the ones currently  applied
                                by  HQ  AB.  This  includes  fixed  salary,  bonus,  other
                                benefits,   pension,   and  participation  in  the  option
                                schemes.  The bonus for the CEO  corresponds  to a maximum
                                of  12  months  salary  subject  to  company   performance
                                results   (profit-share)   and   that  the   interest   on
                                shareholders'  equity  is  at  least  15  percent.   Other
                                executives   participate  in  the  profit-sharing  system.
                                Pension age is 65 years.  The  severance  payments for the
                                CEO  and  Vice-CEO   amount  to  six  months  full  salary
                                including  bonus and  between  four and 12 months  for the
                                rest  ofthe  executives.  The plan is largely in line with
                                our   guidelines   except  for  the  option   scheme  (see
                                below).        If  an  agenda  contains,  along  with  the
                                request  for  approval  of  the  remuneration   policy,  a
                                separate  proposal for an equity-based  compensation  plan
                                that does not comply  with our  guidelines,  ISS will vote
                                case-by-case  on  the  remuneration   policy  taking  into
                                consideration the language of the remuneration  policy and
                                whether  it  includes  the  newly  proposed  plan,   other
                                components  of  remuneration,  the  overall  structure  of
                                remuneration  at the company,  and/or any commitment  made
                                by the company to address any concerns.  The option scheme
                                explained  in  item  16  above  is  part  of the  proposed
                                executive  compensation  package.        In  line with our
                                recommendation  for the option scheme  proposed in item 16
                                above, we recommend a vote against this resolution.
                    19       Close Meeting                                 None         None                Mgmt


05/25/07 - A        HSBC Holdings plc                        G4634U169                          None                 158,835
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3(a)     Re-elect Lord Butler as Director              For          For                 Mgmt
                    3(b)     Re-elect Baroness Lydia Dunn as Director      For          For                 Mgmt
                    3(c)     Re-elect Rona Fairhead as Director            For          For                 Mgmt
                    3(d)     Re-elect William Fung as Director             For          For                 Mgmt
                    3(e)     Re-elect Sir Brian Moffat as Director         For          For                 Mgmt
                    3(f)     Elect Gwyn Morgan as Director                 For          For                 Mgmt
                    4        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    5        Auth. Issuance of Non-Cumulative Pref.        For          For                 Mgmt
                             Shares with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 100,000,
                             USD 100,000 and EUR 100,000; and Auth.
                             Issuance of Ord. Shares with Pre-emptive
                             Rights up to Aggregate Nominal Amount of
                             USD 1,158,660,000
                    6        Subject to the Passing of Resolution 5,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 289,665,000
                    7        Authorise 1,158,660,000 Ordinary Shares for   For          For                 Mgmt
                             Market Purchase
                    8        Approve Scrip Dividend Program                For          For                 Mgmt
                    9        Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisations Donations and to Incur EU
                             Political Expenditures up to GBP 250,000
                    10       Authorise HSBC Bank Plc to Make EU            For          For                 Mgmt
                             Political Organisations Donations and to
                             Incur EU Political Expenditures up to GBP
                             50,000
                    11       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications
                    12       Amend Articles of Association Re: Use of      For          For                 Mgmt
                             Electronic Communications


06/12/07 - A        Huaku Construction Co Ltd                Y3742X107                          04/13/07             119,000
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                In Items 2 and 3, the board is  proposing a cash  dividend
                                of NTD 4 ($0.12)  per share  and a stock  dividend  at the
                                ratio of 100 shares for every 1,000 shares held,  or NTD 1
                                ($0.03) per share. The proposed  distribution of dividends
                                is equivalent to a payout ratio of 69.8 percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                resolution  also  includes  the  allocation  of NTD  18.59
                                million   ($570,420)   as  directors'   and   supervisors'
                                remuneration.  In addition,  a total of NTD 46.47  million
                                ($1.12  million) is reserved for employee  profit sharing,
                                out  of  which   NTD  12   million   ($368,211)   will  be
                                distributed  in the  form of  shares.        In  addition,
                                the  board  is  intending  to  capitalize   the  company's
                                reserves to facilitate the bonus  issuance of shares.  The
                                issuance of such shares  shall be on the basis of 60 bonus
                                shares for every 1,000 existing  shares held by registered
                                holders.        It  is also proposed that Huaku's  capital
                                be  increased  through  the  capitalization  of the  stock
                                dividends  worth NTD 172.88  million  ($5.3  million)  and
                                employee  profit  sharing  in the form of shares  totaling
                                NTD  12  million  ($368,211).  This  will  be  taken  from
                                Huaku's 2006 earnings for working capital  purposes.  Upon
                                completion,  Huaku's total paid-in  capital is expected to
                                increase to NTD 1.91  billion  ($58.61  million)  from NTD
                                1.73 billion  ($53.08  million) with a par value of NTD 10
                                ($0.31) per share.        The  dividend payout proposed is
                                reasonable  and  easily  coverable  by  the  company.   In
                                addition,  Taiwan companies routinely capitalize dividends
                                and distribute new fully paid shares to shareholders  free
                                of charge;  there is no cost to  shareholders  to maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.          Meanwhile,  Taiwan companies  usually state
                                in their  articles of  association  to  allocate  not more
                                than 10 percent of the  company's  net profit as  employee
                                profit  sharing to  compensate  and motivate  employees of
                                the  company.        With  regard to the  bonus  issuance,
                                this is considered a direct  medium in which  shareholders
                                are rewarded by the company.  Moreover, the proposed bonus
                                issuance would not dilute  shareholdings as the shares are
                                given   out   in    direct    proportion    to    existing
                                shareholdings.        ISS   has  no  objections  to  these
                                proposals.
                    3        Approve Capitalization of 2006 Dividends,     For          For                 Mgmt
                             Reserves for Bonus Issue, and Employee
                             Profit Sharing
                                Refer to Item 2.
                    4        Amend Articles of Association                 For          For                 Mgmt
                                The proposal  seeks  shareholder  approval to increase its
                                registered  capital to NTD 3 billion ($92.05 million) from
                                NTD 2 billion  ($61.37  million).  This is to  accommodate
                                the  distribution  of 2006 stock dividends and bonus issue
                                of shares as  discussed  in Items 2 and 3.  Changes in the
                                registered  capital  will be  reflected  in the  company's
                                Articles   of   Association.                Increases   in
                                registered   capital  are   requested   both  for  general
                                financing  flexibility  and  to  provide  for  a  specific
                                purpose.  Companies  need an  adequate  buffer of unissued
                                capital  in  order  to  take  advantage  of  opportunities
                                during  the year;  thus,  they often  request  this for no
                                specific  purpose  other than to retain this  flexibility.
                                ISS believes that approving such requests is reasonable.
                    5        Other Business                                None         None                Mgmt
                                This is a non-voting item.


05/22/07 - A        Huaneng Power International Inc.         Y3744A105                          04/20/07             141,349
                    1        Accept Working Report of the Directors        For          For                 Mgmt
                    2        Accept Working Report of the Supervisory      For          For                 Mgmt
                             Committee
                    3        Accept Financial Statements                   For          For                 Mgmt
                    4        Approve Profit Distribution Plan              For          For                 Mgmt
                    5        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    6        Approve Liability Insurance for Directors     For          Against             Mgmt
                             and Senior Management
                                Given  the  absence  of the  disclosure  of  any  concrete
                                provisions   prohibiting   the  company  to  provide  such
                                protection  in  exception  to the  above  conditions,  ISS
                                recommends shareholders to vote against this resolution.
                    7        Approve Issuance of Short-Term Debentures     For          Against             Mgmt
                             with a Principal Amount of Up to RMB 5.0
                             Billion within the PRC
                                We  note,  however,  that  the  company  did  not  provide
                                further  details  regarding  the  terms  and  the  use  of
                                proceeds for the Proposed  Short-Term Bond Issue, which is
                                not  usual  market  practice.  As such,  we are  unable to
                                ascertain  whether  approval  of this item  would have any
                                negative  impact  on  shareholder  rights  or  shareholder
                                value.  In view of this,  we recommend a vote against this
                                resolution.


06/21/07 - A        Huang Hsiang Construction Corp           Y3744Z100                          04/22/07              77,572
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The board is  proposing  a cash  dividend of NTD 7 ($0.21)
                                per share.  This gives the company a payout  ratio of 62.7
                                percent.  We use a minimum of 30 percent  and a maximum of
                                100 percent as  benchmarks  to trigger  further  analysis.
                                        The  dividend  payout  proposed is reasonable  and
                                easily coverable by the company.  ISS has no objections to
                                this proposal.
                    3        Amend Articles of Association                 For          For                 Mgmt
                                The proposal  seeks  shareholder  approval to increase its
                                registered  capital to NTD 3 billion ($92.05 million) from
                                NTD 2.2 billion ($67.51  million).  This is to accommodate
                                future share issuances.  Changes in the registered capital
                                will  be   reflected   in  the   company's   Articles   of
                                Association.                Increases     in    registered
                                capital  are   requested   both  for   general   financing
                                flexibility  and  to  provide  for  a  specific   purpose.
                                Companies need an adequate  buffer of unissued  capital in
                                order to take advantage of opportunities  during the year;
                                thus,  they often  request  this for no  specific  purpose
                                other than to retain this  flexibility.  ISS believes that
                                approving such a request is reasonable.
                    4        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                                The  proposal  seeks to revise  the  company's  procedures
                                governing   the   acquisition   or   disposal   of  assets
                                (Acquisition  or Disposal  Procedures) in accordance  with
                                the newly revised  Guidelines for Handling  Acquisition or
                                Disposal  of Assets by Public  Companies  (Acquisition  or
                                Disposal  Guidelines) issued by the Financial  Supervisory
                                Commission,  Executive Yuan (FSC) on Jan. 19, 2007.  Major
                                revisions to the  Acquisition  or Disposal  Guidelines are
                                as follows:                  1.  To  enumerate  the assets
                                that  are   governed  by  the   Acquisition   or  Disposal
                                Guidelines;                  2.  To  require a company  to
                                have its guidelines for  acquisition or disposal of assets
                                approved by the board, supervisors,  and shareholders once
                                it  has  been  formulated.  If  a  company  has  appointed
                                independent   directors,   it  shall  fully  consider  the
                                opinion  of  its  independent   directors   regarding  the
                                formulation  or  revisions  made to the  guidelines.  Such
                                opinion  must be  recorded  in the  minutes  of the  board
                                meeting.  Should the company establish an audit committee,
                                its  guidelines  must be approved by more than half of the
                                audit  committee  members  before  submitting the proposal
                                for approval to the board.  If less than half of the audit
                                committee approves the guidelines,  it must be approved by
                                more than  two-thirds of the entire board before it can be
                                implemented;                3.  If a company has appointed
                                independent   directors,   it  shall  fully  consider  the
                                opinion of its  independent  directors  in any  discussion
                                related to the  acquisition  or  disposal  of assets  from
                                related  parties,  and that the  opinion  must be added to
                                the  minutes  of the board  meeting.  Should  the  company
                                establish an audit committee,  the transactions related to
                                the   acquisition  or  disposal  of  assets  from  related
                                parties  must  also be  approved  by more than half of the
                                audit  committee  members.                4.  The  company
                                must  obtain  an  appraisal  report  from  a  professional
                                appraiser  when the  transaction  price for  acquiring  or
                                disposing  real property or other fixed assets  reaches 20
                                percent of the company's  paid-in  capital or at least NTD
                                300 million ($9.21  million).  Such real property or other
                                fixed  assets  do  not  include  those  transacted  with a
                                government agency,  commissioned to third parties to build
                                on its own or rented land, or acquired for operating  use.
                                If special  prices are  required  to be used as  reference
                                for  the  transaction   price,   board  approval  must  be
                                obtained.                5.  To  use  the  latest  audited
                                financial  statements  of the  company to be  acquired  or
                                disposed  (Target  Company) as the reference in appraising
                                the transaction  price, and to request for an accountant's
                                opinion  regarding the  reasonableness  of the transaction
                                price  should  the  dollar  amount of the  transaction  be
                                equivalent to 20 percent of the Target  Company's  paid-in
                                capital  or at  least  NTD 300  million  ($9.21  million),
                                except  if:  the  Target   Company's   securities  have  a
                                publicly   offered  price  from  an  active   market,   or
                                otherwise    provided   by   regulations   of   the   FSC;
                                                6.  To  require  a  company  to  prepare a
                                record of all pertinent  information  when the transaction
                                involves a merger,  spin-off or  acquisition  of companies
                                listed    or    sold    on    a    securities    exchange;
                                and                7.  To  change  all  references  to the
                                "Securities  &  Futures  Commission,   Ministry  of
                                Finance,  Taiwan"  into the FSC.                The
                                amendments   are  made  to  comply  with  the   prevailing
                                relevant  regulations.  Given that this will  improve  the
                                company's  existing  Acquisition  or Disposal  Procedures,
                                ISS recommends shareholders to support this resolution.


06/05/07 - A        Hunter Douglas Nv                        N4327C122                          None                     786
                    1        Report to Shareholders                        For          For                 Mgmt
                    2        Confirmation 2006 Annual Accounts             For          For                 Mgmt
                    3        Approve Discharge of Management and           For          For                 Mgmt
                             Supervisory Board
                    4        Approve Dividend Declaration of Common        For          For                 Mgmt
                             Shares
                                Although  this ratio falls  below our  minimum  guideline,
                                Hunter Douglas can be classified as a growth  company.  We
                                recognize that growth  companies may need to conserve cash
                                more than mature  companies  in order to invest in further
                                business  development,  and so  may  have  lower  dividend
                                payouts.
                    5        Elect Directors and Substitutes               For          Against             Mgmt
                                Because the names of the  nominees  were not  available at
                                the time this  analysis was written,  which does not allow
                                shareholders  to make an informed  decision,  shareholders
                                are advised to vote against  this item.  We call on Hunter
                                Douglas  to  disclose  the  names  and  basic   background
                                information  of all  nominees in the proxy  materials  for
                                all future meetings.
                    6        Ratify Auditors                               For          For                 Mgmt
                                This is a routine appointment.
                    7        Other Business (Voting)                       For          Against             Mgmt
                                Because  shareholders  who vote by proxy  cannot know what
                                issues  will be  raised  under  this  item,  it  cannot be
                                recommended  that  shareholders  approve this request when
                                asked  for a vote.  While  it is  recognized  that in most
                                cases  this item is a  formality  or  includes  discussion
                                that will have no  impact  on  shareholders,  shareholders
                                cannot  risk  the  negative   consequences  of  voting  in
                                advance  on an item  for  which  information  has not been
                                disclosed.


06/05/07 - S        Hunter Douglas Nv                        N4327C122                          None                     786
                             Meeting for Common Shareholders
                    1        Approve Dividends                             For          For                 Mgmt


04/25/07 - A        Hunting plc                              G46648104                          None                   7,456
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          Abstain             Mgmt
                                The service  contract  of one  Executive  Director,  Terry
                                Gomke, does not meet the  recommendations  of the Combined
                                Code,  as it provides for payments in excess of one year's
                                salary and bonus in the event of early termination.  He is
                                entitled to receive any declared bonus for the year,  plus
                                two further  years'  bonus.  He also has change in control
                                provisions    of   two    years'    annual    salary   and
                                bonus.        The   Committee   does   not   consider   it
                                appropriate to seek to amend Terry Gomke's  contract which
                                is in  accordance  with Canadian  policy.  RREV received a
                                confirmation  that it is  accepted  practice  in Canada to
                                have two-year contracts.  However,  RREV does not consider
                                two-year contracts good practice in the UK.  Consequently,
                                we recommend  that  shareholders  actively  withold  their
                                vote (Abstain)  regarding the approval of the remuneration
                                report.
                    3        Approve Final Dividend of 5.2 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Terry Gomke as Director              For          For                 Mgmt
                    5        Re-elect Iain Paterson as Director            For          For                 Mgmt
                    6        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 10,922,382
                    8        Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,638,357
                    10       Authorise 13,106,858 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


04/19/07 - A/S      Husky Energy Inc. *HSE*                  448055103                          03/12/07               3,235
                    1        Elect Directors                               For          For                 Mgmt
                    2        Ratify KPMF LLP as Auditors                   For          For                 Mgmt
                    3        Amend Stock Option Plan                       For          Against             Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                above the  allowable  cap for this  company  of 2 percent.
                                        Based on the information  provided,  the plan does
                                not   expressly   prohibit  the  repricing  of  underwater
                                options.          Non-employee  directors are not eligible
                                participants  in this  plan.        ISS  believes the plan
                                amendment  provision  will  grant the  board  overreaching
                                authority  to amend  the plan  without  requiring  further
                                shareholders approval.


03/29/07 - A        Hynix Semiconductor Inc. (frmrly.        Y3817W109                          12/31/06               6,597
                    Hyundai Electronic Ind.)
                    1        Approve Financial Statements                  For          For                 Mgmt
                    2        Elect Six Directors                           For          For                 Mgmt
                    3        Elect Four Members of Audit Committee         For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


03/16/07 - A        Hyundai Heavy Industries                 Y3838M106                          12/31/06               1,472
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 2500 Per Share
                    2        Amend Articles of Incorporation to Change     For          For                 Mgmt
                             Executive Title
                    3        Elect Two Directors                           For          For                 Mgmt
                    4        Elect Member of Audit Committee               For          For                 Mgmt
                    5        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


03/09/07 - A        Hyundai Motor Co.                        Y38472109                          12/31/06               1,797
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividends of KRW 1000 Per Common Share
                    2        Amend Articles of Incorporation to Shorten    For          For                 Mgmt
                             Share Registry Cancellation Period and to
                             Allow Sub-Committees
                    3        Elect Three Directors                         For          For                 Mgmt
                    4        Elect Three Members of Audit Committee        For          For                 Mgmt
                    5        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


12/04/06 - A        IAWS Group plc                           G4681X124                          07/31/06               3,290
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Dividends on Ordinary Shares          For          For                 Mgmt
                    3a       Elect Denis Buckley as Director               For          Against             Mgmt
                                It   is   believed   that    non-independent    directors,
                                particularly  on such key  board  committees  as the audit
                                and  remuneration  committees,  threaten to undermine  the
                                purpose  of  these  committees  in  providing  independent
                                oversight and preventing  conflicts of interest.  In light
                                of these  concerns,  it is recommended  that  shareholders
                                vote against these nominees.
                    3b       Elect J. Brian Davy as Director               For          Against             Mgmt
                    3c       Elect Philip Lynch as Director                For          For                 Mgmt
                    3d       Elect David Martin as Director                For          For                 Mgmt
                    3e       Elect William G. Murphy as Director           For          Against             Mgmt
                    3f       Elect Patrick McEniff as Director             For          For                 Mgmt
                    3g       Elect Hugo Kane as Director                   For          For                 Mgmt
                    3h       Elect Patrick Wall as Director                For          For                 Mgmt
                    3i       Elect Tom O'Mahony as Director                For          For                 Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    5        Approve Origin Enterprises Long Term          For          For                 Mgmt
                             Incentive Plan
                    6        Approve IAWS Group Long Term Incentive Plan   For          For                 Mgmt
                    7        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights Up to One-Third of the Nominal Value
                             of Issued Share Capital
                    8        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    9        Authorize Share Repurchase                    For          For                 Mgmt
                    10       Authorize Share Repurchase Program and        For          For                 Mgmt
                             Reissuance of Shares
                    11       Acknowledge Proper Convening of Meeting for   For          For                 Mgmt
                             the Year Ended July 31, 2006


11/09/06 - A        Iba Health Ltd. (frmely IBA              Q48234100                          11/07/06              23,238
                    TECHNOLOGIES L)
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Year Ended June 30, 2006
                    2        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended June 30, 2006
                    3        Elect Directors                               For          For                 Mgmt
                    4        Approve Issuance of Up to 31,250 Shares to    For          Against             Mgmt
                             Stephen Garrington Pursuant to the Employee
                             Loan Plan and Employee Deferred Incentive
                             Plan
                                RECOMMENDATION        The  recommended vote in relation to
                                resolutions    4    and    5    is    against.        This
                                recommendation has been made because:          Loan-funded
                                plan  (ELP):        - The ELP plan uses a limited recourse
                                loan   mechanism.   Loan-funded   securities   plans   are
                                generally  frowned  upon in the local  market,  except for
                                trusts and entities  with stapled  securities.  For trusts
                                and stapled  entities,  a punitive  "fringe  benefits tax"
                                must  be paid by the  entity  if  options  are  issued  to
                                executives  over units in the trust,  so an  appropriately
                                structured  loan-funded  securities  plan is considered an
                                acceptable   alternative  to  an  option  plan  for  these
                                entities.        -  The  IFSA  Guidelines  state:  "Equity
                                participation  should not  involve  the  provision  by the
                                company of non-recourse  loans."        - When the ELP was
                                put to  shareholders  at the  2002  AGM,  the  Explanatory
                                Notes to the  Notice  of  Meeting  stated  that  "The [ELP
                                plan]  trustee  will either  subscribe  for a new issue of
                                the Company's  shares or purchase shares on the Australian
                                Stock  Exchange  on  behalf of the  participant  using the
                                funds borrowed from the Company." From  subsequent  annual
                                reports,  it appears that the plan  trustee has  purchased
                                shares  on-market.  The fact that securities are purchased
                                on-market,  rather  than being  newly  issued  securities,
                                exposes  the  company  to  potential   cash  losses.   The
                                repayable  amount of the loan is  limited  to the lower of
                                the  amount  realized  on the  sale  of  shares,  and  the
                                outstanding  balance of the loan.  So, if the share  price
                                falls  20  percent  from  the  date  the   securities  are
                                acquired  for an  executive  until the date the  executive
                                leaves the group,  the company will be left holding shares
                                that are worth 20  percent  less than the cash  outlaid by
                                it to acquire  those  securities  on the "grant"  date. In
                                this respect,  a loan-funded share plan is less acceptable
                                than a traditional option  plan.        Vesting period too
                                short:        -  The  vesting  period  appears  to be just
                                under two years ' the  Notice of Meeting  states  that the
                                performance  hurdles  must  "be  satisfied  by  Sept.  30,
                                2008."  A  vesting  period  of two  years  or less for 100
                                percent  of the  incentives  is too  short  to meet  local
                                market  standards.  For example,  the IFSA Executive Share
                                and  Option  Scheme  Guidelines  recommend  that an equity
                                incentive  scheme  should  "incorporate  appropriate  time
                                restrictions  (from  the  date  [the   options/rights  are
                                granted] to the time in which potential  entitlements  may
                                be  received)  which  reflect the nature of the scheme and
                                the  performance  target and balance  medium and long-term
                                performance."  The ACSI Guidelines  recommend that "Grants
                                of  options  and  other  long-term  incentive  instruments
                                should  incorporate a minimum acceptable vesting period of
                                at least  three  years."        Inadequate  disclosure  of
                                performance  hurdles  for long  term  incentives:        -
                                The Notice of Meeting  discloses  that shares issued under
                                the  ELP  as   long-term   incentives   are   subject   to
                                performance   hurdles,   but  does  not  provide  specific
                                information  about the  hurdles.  The  Notice  of  Meeting
                                refers to the hurdles as: "a share price  target  based on
                                the  earnings  per share  growth  and the share  price out
                                performance  compared to a  comparable  industry  group as
                                set by the Appointments and Compensation  Committee, to be
                                satisfied  by  Sept.   30,   2008."  Local  market  (IFSA)
                                guidelines  recommend that companies disclose  "sufficient
                                information to enable  shareholders  to determine  whether
                                the  incentive   schemes  will  reward   superior   future
                                performance."        -   A  senior   executive   long-term
                                incentive plan should have demanding  performance  hurdles
                                in  order  to  satisfy  accepted  standards  of  corporate
                                governance in Australia.  For example,  the IFSA Executive
                                Share  and  Option  Scheme   Guidelines   recommend   that
                                executive   incentive  plans  should  contain  performance
                                hurdles that provide  incentives  to  executives  to bring
                                about  "materially  improved company  performance in terms
                                of  medium  to   long-term   growth  of  the  company  and
                                resulting  shareholder  value."        -  The  company was
                                contacted  in an effort to obtain more  information  about
                                the  hurdles,  but  all  key  personnel  were  out  of the
                                country.        Executive  Summary of Reason  for  Against
                                Recommendation  on  Resolutions 4 and  5        -  Vesting
                                period   is   too   short.-   Inadequate   disclosure   on
                                performance hurdles.
                    5        Approve Issuance of Up to 31,250 Shares to    For          Against             Mgmt
                             Gary Cohen Pursuant to the Employee Loan
                             Plan and Employee Deferred Incentive Plan
                    6        Ratify Past Issuance of 3.4 Million Shares    For          For                 Mgmt
                             to ABN Amro Morgans Ltd and BBY Ltd
                             Pursuant to the Underwriting Agreement


06/22/07 - A        Ibiden Co. Ltd. *4062*                   J23059116                          03/31/07              35,100
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:        Nominees        12       to       14
                                                Background         of        non-executive
                                nominee(s):        Nominee  12 is a  former  president  of
                                Toyota  Industries.  Nominee 13 is a former vice president
                                of Toshiba  Corp.  Nominee 14 is a current vice  president
                                of         Toyota         Industries.                Board
                                Profile        Composition  of board  after this  meeting:
                                11 executives and 3 non-executives.          The number of
                                outsiders is remaining the same.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominee   2                Nominee  2
                                meets  our  criteria  for   independence.   He  is  a  tax
                                accountant in private practice.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Retirement Bonus for Director and     For          Against             Mgmt
                             Special Payments to Continuing Directors
                             and Statutory Auditors in Connection with
                             Abolition of Retirement Bonus System
                                In this item,  shareholders  are first  asked to approve a
                                retirement   bonus  for  1  retiring   director.        In
                                addition,  the company requests  shareholder  approval for
                                payments in lieu of  retirement  bonuses to 12  continuing
                                directors and 4 continuing  internal  statutory  auditors.
                                The  company has  disclosed  the  aggregate  amount of the
                                payments to  directors  (JY 840  million,  including JY 24
                                million for  non-executive  directors)  and the continuing
                                auditors  (JY 32  million).  The board is  requesting  the
                                authority to make these  payments in  connection  with the
                                abolition of the retirement bonus  system.        However,
                                three of the continuing  directors have been designated by
                                the  company  as  outsiders  and  two  of  the  continuing
                                auditors   have  been   designated   by  the   company  as
                                independent.  While  we  applaud  the  disclosure  of  the
                                aggregate  payments,  which is still rare in Japan,  it is
                                nevertheless  difficult to evaluate whether the individual
                                payments  to  those   outsiders  are  set  at  appropriate
                                levels.   Accordingly,   we  recommend  that  shareholders
                                oppose this resolution.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                180  million to 13  directors.  Because  the amount is not
                                excessive, we have no reason to oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 25 million per month
                                to JY 45 million per month. After the meeting,  the number
                                of    directors     will     increase     from    13    to
                                14.                This  change is being requested because
                                the company has abolished the practice of paying  lump-sum
                                retirement   bonuses,   which  did  not  fall   under  the
                                compensation  ceiling,  and replaced them with other forms
                                of  compensation  which do. Because the new ceiling is not
                                excessive, we have no reason to oppose this resolution.
                    6        Approve Stock Option Plan for Directors       For          For                 Mgmt
                                Option      Plan       Summary                Eligibility:
                                directors.                Exercise    Price:   5   percent
                                premium    to    market     price     prior    to    grant
                                date.                Potential  Dilution:  0.04 percent of
                                issued  capital from this plan;  0.3 percent when combined
                                with  other  option  grants  and the option in Item 7. ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.                  Exercise  Period: Begins 2 years
                                from the grant  date.                Performance  Hurdles:
                                None  disclosed.                   This   plan  meets  ISS
                                guidelines.  Accordingly, we have no reason to oppose this
                                resolution.
                    7        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option    Plan    Summary        Eligibility:    executive
                                officers  and  employees  of  company,  and  directors  of
                                affiliates.                Exercise   Price:   5   percent
                                premium   to   market   price   prior   to   grant   date.
                                                Potential  Dilution: 0.1 percent of issued
                                capital  from this plan;  0.3 percent when  combined  with
                                other  option  grants  and  the  option  in  Item  6.  ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.                Exercise  Period:  Begins  2 years
                                from  the  grant  date.        Performance  Hurdles:  None
                                disclosed.                    This    plan    meets    ISS
                                guidelines.  Accordingly, we have no reason to oppose this
                                resolution.


04/12/07 - A/S      Icade                                    F4609H103                          04/06/07               1,117
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    3        Approve Discharge of Board and President      For                              Mgmt
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.35 per Share
                    5        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    6        Ratify Pascal Duhamel as Director             For                              Mgmt
                    7        Acknowledge Co-Option of Francis Mayer as     For                              Mgmt
                             Director
                    8        Ratify Dominique Marcel as Director           For                              Mgmt
                    9        Elect Thomas Francis Gleeson as Director      For                              Mgmt
                    10       Change Location of Registered Office to 35,   For                              Mgmt
                             rue de la Gare - 75019 Paris
                    11       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    12       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 200,000
                             Special Business
                    13       Amend Articles Board Related: Age Limit for   For                              Mgmt
                             Board Members
                    14       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    15       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/02/06 - A        IG GROUP HOLDINGS PLC                    G4753Q106                          None                  16,870
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Elect Sir Alan Budd as Director               For          For                 Mgmt
                    3        Elect Martin Jackson as Director              For          For                 Mgmt
                    4        Elect Roger Yates as Director                 For          For                 Mgmt
                    5        Approve Final Dividend of 4 Pence Per Share   For          For                 Mgmt
                    6        Reappoint Ernst & Young as Auditors of the    For          For                 Mgmt
                             Company
                    7        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    8        Approve Remuneration Report                   For          For                 Mgmt
                                (1)  Salary  increases:  RREV  could not  calculate  basic
                                salary   increases  for  Peter   Hetherington  and  Andrew
                                MacKay,  who  sacrifice  some of  their  basic  salary  as
                                pension  contribution,  but the Company confirmed that the
                                increases  for the  Directors  were  equivalent to 20% and
                                11%,  respectively.  RREV has calculated  salary increases
                                for Nat Le Roux and Tim Howkins  amounting to 15% and 21%,
                                respectively.  Following engagement, the Company explained
                                to RREV that the  increases  were felt to be  justified by
                                review   against    industry    competitors   and   listed
                                comparators  in the  Company's  sector,  and in respect of
                                the increase in value of the  business  which had seen the
                                Company  enter the FTSE 250 during the course of the year.
                                RREV also notes that the basic  salaries of the  Executive
                                Directors  remain  low in  comparison  with  the  FTSE 250
                                General  Financial peer group, as illustrated by the chart
                                produced  by  our  independent   remuneration  consultants
                                Inbucon.        (2)  Remuneration package: During the past
                                year,  the  annual  bonus  was the only  incentive  scheme
                                under  which  the  Executive   Directors   received  fresh
                                awards,   as  the  two  existing   incentive  schemes  are
                                IPO-related.  Some  shareholders  may  consider  that this
                                arrangement  focused  Executive  Directors  on  short-term
                                performance   goals,   rather  than  long-term  growth  of
                                shareholder value.          (3)  Remuneration  disclosure:
                                The Company  has not  provided  the maximum  participation
                                limit under the  Long-Term  Incentive  Plan  (LTIP).  RREV
                                also  encourages  the  Company to improve  the  clarity of
                                remuneration  information  by showing the actual levels of
                                bonus and basic  salary  pre-pension  sacrifice  for Peter
                                Hetherington   and  Andrew  MacKay  and  to  disclose  the
                                achievement of bonus targets retrospectively.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,458
                    10       Authorise 32,750,095 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 807


04/25/07 - A/S      IGUATEMI EMPRESA SHOPPING CENTERS SA,    P5352J104                          None                  11,597
                    SAO PAULO
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended 12/31/06
                    2        Approve 2007 Captial Budget                   For          For                 Mgmt
                    3        Approve Allocation of Income                  For          For                 Mgmt
                             Special Business
                    1        Amend Article 17 of Company Bylaws to         For          For                 Mgmt
                             Reflect (Item 2 Below) Consolidation of
                             Company Bylaws
                    2        Approve to Consolidate Company Bylaws to      For          For                 Mgmt
                             Reflect Numerical Changes Made in Item 1
                             above in Special Business
                                SHORT FORM  NOTE:        This  amendment  would  alter the
                                rights of preference  shareholders  in accordance with the
                                provisions  established in the recently-revised  corporate
                                law.  A  number  of  Brazilian   companies  are  proposing
                                amendments  to adopt one or more of the  options  provided
                                for in the law. The company  proposes to grant  preference
                                shareholders  the right to  receive at least 80 percent of
                                a tender  offer  made to common  shareholders.  Since this
                                resolution would allow preference  shareholders,  who have
                                traditionally   been  neglected  with  respect  to  tender
                                offers, we recommend support for this resolution.


04/23/07 - A/S      IMMOBILIARE GRANDE DISTRIBUZIONE SPA     T5331M109                          04/19/07               3,175
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements, Consolidated     For                              Mgmt
                             Financial Statements, and Statutory Reports
                             at Dec. 31, 2006
                    2        Appoint One Internal Statutory Auditor        For                              Mgmt
                    3        Extend External Auditors' Mandate in          For                              Mgmt
                             Compliance with the Italian Law 58/1998 and
                             the Legislative Decree 303/2006
                             Special Business
                    1        Amend Articles of the Company Bylaws to       For                              Mgmt
                             Comply with the Italian Law 262/2005 and
                             the Legislative Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/25/07 - S        IMMOBILIARE GRANDE DISTRIBUZIONE SPA     T5331M109                          06/22/07               6,511
                             Special Meeting Agenda
                    1        Authorize Issuance of Convertible Bonds       For                              Mgmt
                             without Preemptive Rights up to EUR 230
                             Million; Approve Capital Increase through
                             the Issuance of Shares to Service the
                             Conversion of Bonds
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/04/06 - S        Impala Platinum Holdings Ltd.            S37840105                          None                   2,031
                             Special Meeting Agenda
                    1        Authorize Increase in Implats Authorized      For          For                 Mgmt
                             Capital through the Creation of Implats A
                             Ordinary Shares
                    2        Amend Articles of Association Re: Rights      For          For                 Mgmt
                             and Conditions of New Shares
                    3        Approve Issuance of Implats A Ordinary        For          For                 Mgmt
                             Shares to RBTIH
                    4        Acquire RBTIH's 49 Percent Stake in the IRS   For          For                 Mgmt
                             Business
                    5        Authorize Repurchase of Implats A Ordinary    For          For                 Mgmt
                             Shares from RBTIH
                    6        Approve Issuance of Implats Ordinary Shares   For          For                 Mgmt
                             (Conversion and Top-Up Shares) to RBTIH
                    7        Adopt the Morokotso Employee Share            For          Against             Mgmt
                             Ownership Program
                                Although  the plan does  contain  some of the  elements we
                                favor  in a  standard  share  incentive  plan,  and  it is
                                expected  help  the  company  meet  its  black   ownership
                                targets ahead of schedule,  we believe the total  dilution
                                of  equity-based  plans at  Implats is too high to support
                                and not in the interest of current  shareholders.  On this
                                basis, we recommend a vote against these items.
                    8        Approve Issuance of Implats Ordinary Shares   For          Against             Mgmt
                             to the Morokotso Trust
                                See Item 7.
                    9        Authorize Repurchase of Implats Ordinary      For          Against             Mgmt
                             Shares from the Morokotso Trust
                                See Item 7.
                    10       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


10/12/06 - A        Impala Platinum Holdings Ltd.            S37840105                          None                   1,047
                             Ordinary Business
                    1        Reelect S Bessit as Director                  For          For                 Mgmt
                    2        Reelect K Mokhele as Director                 For          For                 Mgmt
                    3        Reelect KC Rumble as Director                 For          For                 Mgmt
                    4        Reelect LC van Vught as Director              For          For                 Mgmt
                    5        Reelect NDB Orleyn as Director                For          For                 Mgmt
                    6        Approve Remuneration of Directors             For          For                 Mgmt
                    7        Place Authorized But Unissued Shares up to    For          For                 Mgmt
                             10 Percent of Issued Capital under Control
                             of Directors
                             Special Business
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    9        Approve Stock Split                           For          For                 Mgmt


04/18/07 - S        Impala Platinum Holdings Ltd.            S37840113                          None                  19,448
                             Special Meeting Agenda
                    1        Approve Revision of Agreement between         For          For                 Mgmt
                             Impala and Various Royal Bafokeng Entities
                    2        Approve Issuance of Four Implats Ordinary     For          For                 Mgmt
                             Shares for ZAR 1.9 Million
                    3        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


05/23/07 - A        Imperial Chemical Industries plc         G47194223                          None                  14,096
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Confirm First Interim Dividend of 4.15        For          For                 Mgmt
                             Pence and Second Interim Dividend of 4.75
                             Pence Per Ordinary Share
                    4        Re-elect Lord Butler as Director              For          For                 Mgmt
                    5        Re-elect Adri Baan as Director                For          For                 Mgmt
                    6        Re-elect David Hamill as Director             For          For                 Mgmt
                    7        Re-elect Baroness Noakes as Director          For          For                 Mgmt
                    8        Reappoint KPMG Audit Plc as Auditors of the   For          For                 Mgmt
                             Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Amend Imperial Chemical Industries Plc        For          For                 Mgmt
                             Performance Growth Plan
                                We  are  recommending   that   shareholders   support  the
                                Company's proposal.
                    11       Amend the Rules to Change the Dilution        For          For                 Mgmt
                             Limits of the Imperial Chemical Industries
                             Plc Performance Growth Plan
                                As the proposed  amendment is in line with good  practice,
                                we  are  recommending  that   shareholders   support  this
                                resolution.
                    12       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Shareholder Communications
                                As each  shareholder is able to request hard copies at any
                                time,  we consider the  proposal  does not  represent  any
                                weakening of  shareholder  rights.  We therefore  consider
                                this acceptable.
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 205,281,345
                    14       Subject to the Passing of Resolution 13,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 59,735,933
                    15       Authorise 119,471,865 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase


04/19/07 - A/S      IMS International Metal Service          F52542101                          04/16/07                 933
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    3        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.82 per Share
                    5        Ratify Appointment of Yvon Jacob as           For                              Mgmt
                             Supervisory Board Member
                    6        Ratify Appointment of Christian Parente as    For                              Mgmt
                             Supervisory Board Member
                    7        Reelect Yvon Jacob as Supervisory Board       For                              Mgmt
                             Member
                    8        Reelect Dominique Du Peloux as Supervisory    For                              Mgmt
                             Board Member
                    9        Reelect Sidney Cabessa as Supervisory Board   For                              Mgmt
                             Member
                    10       Reelect Christian Parente as Supervisory      For                              Mgmt
                             Board Member
                    11       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 75,000
                    12       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    13       Approve Reduction Up to 10 Percent in Share   For                              Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                    14       Amend Article 10 of Association Re:           For                              Mgmt
                             Threshold Disclosure
                    15       Amend Articles of Association Re: General     For                              Mgmt
                             Meeting
                    16       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Inabata & Co. Ltd. *8098*                J23704109                          03/31/07               2,325
                    1        Elect Directors                               For          For                 Mgmt
                    2        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    3        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.
                    4        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                Inabata & Co. Ltd. received  shareholder approval to adopt
                                a shareholder  rights plan in 2006. The company is seeking
                                to              renew              its              poison
                                pill.        SUMMARY                Type  of Defense Plan:
                                Advance     Warning-Type                Plan     Duration:
                                Unlimited,    but    with    annual    review    by    the
                                board                Trigger   Threshold:  20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:    1    year                Board    Independence:
                                Following this meeting,  the board will include no outside
                                directors      who     meet     ISS      criteria      for
                                independence.                Independence    of    Special
                                Committee:  2 out of 3 of the committee  meet ISS criteria
                                for  independence.                Other  Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More Before  Meeting:  Yes                Because
                                the    independence   of   the   special    committee   is
                                questionable,  because the board composition does not meet
                                ISS guidelines on poison pills,  stipulating that at least
                                20 percent,  and no fewer than two, of the directors  must
                                meet ISS'  definition of  independence,  we recommend that
                                shareholders oppose this resolution.


04/24/07 - A/S      INBEV(frmly INTERBREW)                   B5064A107                          None                   6,709
                             Ordinary Items
                    A.1      Receive Directors Report on Financial Year    None                             Mgmt
                             Ended Dec. 31, 2006
                    A.2      Receive Statutory Auditor's Report on         None                             Mgmt
                             Financial Year Ended Dec. 31, 2006.
                    A.3      Receive Consolidated Financial Statements     None                             Mgmt
                             on Financial Year Ended Dec. 31, 2006
                    A.4      Approve Financial Statements, and             For                              Mgmt
                             Allocation of Income
                    A.5      Approve Discharge of Directors                For                              Mgmt
                    A.6      Approve Discharge of Statutory Auditor        For                              Mgmt
                    A.7.a    Elect Alexandre Van Damme as Director         For                              Mgmt
                    A.7.b    Elect Carlos Alberto da Viega Sicupira as     For                              Mgmt
                             Director
                    A.7.c    Elect Roberto Moses Thompson Motta as         For                              Mgmt
                             Director
                    A.7.d    Elect Marcel Herman Telles as Director        For                              Mgmt
                    A.7.e    Elect Jorge Paulo Lemann as Director          For                              Mgmt
                    A.7.f    Elect Gregoire de Spoelberch as Director,     For                              Mgmt
                             and Acknowledge the End of the Mandate as
                             Director of Philippe de Spoelberch
                    A.7.g    Elect Jean-Luc Dehaene as Director            For                              Mgmt
                    A.7.h    Elect Mark Winkelman as Director              For                              Mgmt
                    A.8      Renew Appointment of KPMG Represented by      For                              Mgmt
                             Jos Brieres as Statutory Auditor
                             Special Items Requiring 50 Percent Quorum
                             And 75 Percent Majority
                    B.1.a    Receive Special Report by Board Regarding     None                             Mgmt
                             Issuance of 200,000 Subscription Rights
                    B.1.b    Receive Special Board and Auditor Report      None                             Mgmt
                             Regarding Cancellation of Preemptive Rights
                    B.1.c    Approve Issuance of Subscription Rights       For                              Mgmt
                             without Preemptive Rights
                    B.1.d    Approve Issuing of Subscription Rights and    For                              Mgmt
                             Granting for Free
                    B.1.e    Approve Conditional Increase of Share         For                              Mgmt
                             Capital
                    B.1.f    Grant Power to Compensation and Nomination    For                              Mgmt
                             Committee to Determine Number of
                             Subscription Rights
                    B.1.f    Grant Authority to Two Directors to           For                              Mgmt
                             Establish the Exercise of Subscription
                             Rights
                    B.2.a    Amend Article 5 of Bylaws Regarding           For                              Mgmt
                             Dematerialization of Bearer Shares
                    B.2.b    Grant Power to the Board Regarding            For                              Mgmt
                             Dematerialization of Bearer Shares
                    B.3.a    Receive Special Report on Authorized Capital  None                             Mgmt
                    B.3.b    Authorize Board to Issue Shares in the        For                              Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                             Special Items Requiring 50 Percent Quorum
                             and 80 Percent Majority
                    C        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    D        Authorize Implementation of Approved          For                              Mgmt
                             Resolutions and Filing of Required
                             Documents/Formalities at Trade Registry
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Inchcape plc                             G47320174                          None                  19,865
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                We are not raising any issues with regard to  remuneration
                                practices  at Inchcape  plc.  See Item 10 below  regarding
                                Company's proposal to amend the Deferred Bonus Plan.
                    3        Approve Final Dividend of 10 Pence Per        For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Ken Hanna as Director                For          For                 Mgmt
                    5        Re-elect David Scotland as Director           For          For                 Mgmt
                    6        Re-elect Michael Wemms as Director            For          For                 Mgmt
                    7        Re-elect Raymond Ch'ien as Director           For          For                 Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Amend Inchcape Deferred Bonus Plan            For          For                 Mgmt
                                The Remuneration  Committee believes that the amended Plan
                                will   further   motivate  the   Executive   Directors  to
                                contribute  to  the   realisation  of  the  Company's  new
                                business  strategy  and will  enhance  the extent to which
                                its incentive  arrangements are linked to future long-term
                                performance.        There   are  two   changes  for  which
                                shareholders'  approval is  sought:        (i) to enable a
                                selected  participant  to invest a proportion  of his post
                                tax annual  salary,  instead of investing part of his post
                                tax  bonus.  If is  expected  that the  maximum  of 50% of
                                annual  salary may be  invested,  although  Committee  has
                                discretion to determine  exceptional  circumstances  up to
                                100%;  and        (ii)  to increase the maximum match from
                                1-for-1 to  2-for-1.        For  new awards, the Committee
                                intends  that the awards  will be subject to a  cumulative
                                Economic Profit target measured over a performance  period
                                of not less than three years.  If the cumulative  Economic
                                Profit  achieves a target level of RPI+3%  p.a.,  then the
                                award  will vest on a 1-for-1  basis;  the award will vest
                                on a full  2-for-1  basis if  cumulative  Economic  Profit
                                achieves a target  level of RPI+12%  p.a. or greater.  For
                                performance  between those two levels, the award will vest
                                on a straight line  basis.        The  Board believes that
                                Economic  Profit  is a key  driver  of the  Company's  new
                                business  strategy and is closely aligned with shareholder
                                value as it is  intended  to place a greater  emphasis  on
                                capital    efficiency   and   cash   generation   in   the
                                business.        Analysis             and             Vote
                                Recommendation        The  overall proposed changes to the
                                plan  are   considered   satisfactory   and  we  recommend
                                shareholders support the resolution.
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 38,780,578
                    12       Subject to the Passing of Resolution 11,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,817,086
                    13       Authorise 46,536,694 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


12/20/06 - A        INCITEC PIVOT LTD *IPL*                  Q4887E101                          12/18/06               1,691
                    1        Elect John Watson as Director                 For          For                 Mgmt
                    2        Elect Anthony Larkin as Director              For          For                 Mgmt
                    3        Approve Giving of Financial Assistance by     For          For                 Mgmt
                             Southern Cross Fertilisers Pty Ltd
                    4        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended 30 Sept 2006


11/22/06 - A        Independence Group (frmly INDEPENDENCE   Q48886107                          11/20/06               3,199
                    GOLD NL) *IGO*
                    1        Adopt Remuneration Report for the Year        For          For                 Mgmt
                             Ended June 30, 2006
                    2        Elect John Christie as Director               For          For                 Mgmt
                    3        Approve the Grant of 500,000 Options to       For          Against             Mgmt
                             Christopher Bonwick, Executive Director
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  3 and 4- The proposed  grants are not subject
                                to  appropriate  vesting  periods  and  lack  sufficiently
                                challenging   performance  hurdles.  There  is  also  full
                                vesting on a  change-of-control  event. These features are
                                not supported by local market standards.
                    4        Approve the Grant of 250,000 Options to       For          Against             Mgmt
                             Kelly Ross, Executive Director


04/27/07 - A/S      Indesit Company (fromerly Merloni        T52684106                          None                   3,339
                    Elettrodomestici)
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Fix Number of Directors on the Board; Elect   For                              Mgmt
                             Directors and Chairman for the Three-Year
                             Term 2007-2009; Determine Directors'
                             Remuneration
                    3        Extend External Auditors' Mandate in          For                              Mgmt
                             Compliance with the Italian Law 58/1998 and
                             the Legislative Decree 303/2006
                    4        Deliberations Regarding the Special Fund      For                              Mgmt
                             Protecting Saving Shareholders Interests
                    5        Revoke Stock Option Plan for the CEO          For                              Mgmt
                             Special Business
                    1        Revoke Stock Option Plan for the Chairman;    For                              Mgmt
                             Modify Bylaws Accordingly
                    2        Amend Articles in Compliance with the         For                              Mgmt
                             Italian Law 262/2005 and the Legislative
                             Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/02/06 - S        IndiaBulls Financial Services Ltd.       Y39129104                          11/01/06              11,311
                             Postal Ballot
                    1        Approve Issuance of 7.25 Million Shares to    For                              Mgmt
                             Crown Capital Ltd. at a Price of INR 417
                             Per Share
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/30/07 - S        IndiaBulls Financial Services Ltd.       Y39129104                          None                  14,990
                    1        Amend Employees Stock Option Scheme           For                              Mgmt
                    2        Amend Employees Stock Option Plan 2005        For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/07/07 - S        Indiabulls Real Estate Ltd               Y3912A101                          03/31/07              11,311
                             Postal Ballot
                    1        Approve Issuance of up to 15 Million          For                              Mgmt
                             Warrants Convertible into Equity Shares at
                             a Converstion Price of INR 300 Per Equity
                             Share to Promoters
                    2        Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights up to
                             an Aggregate Amount of $600 Million
                    3        Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights up to
                             an Aggregate Amount of INR 26 Billion to
                             Qualified Institutional Buyers
                    4        Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Realtech Ltd up to INR 5 Billion
                    5        Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Realtech Ltd up to INR 5 Billion
                    6        Approve Investment in Indiabulls Realtech     For                              Mgmt
                             Ltd up to INR 5 Billion
                    7        Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Realcon Ltd up to INR 5 Billion
                    8        Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Realcon Ltd up to INR 5 Billion
                    9        Approve Investment in Indiabulls Realcon      For                              Mgmt
                             Ltd up to INR 5 Billion
                    10       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Realtors Ltd up to INR 5 Billion
                    11       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Realtors Ltd up to INR 5 Billion
                    12       Approve Investment in Indiabulls Realtors     For                              Mgmt
                             Ltd up to INR 5 Billion
                    13       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Infratech Ltd up to INR 5 Billion
                    14       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Infratech Ltd up to INR 5 Billion
                    15       Approve Investment in Indiabulls Infratech    For                              Mgmt
                             Ltd up to INR 5 Billion
                    16       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Infracon Ltd up to INR 5 Billion
                    17       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Infracon Ltd up to INR 5 Billion
                    18       Approve Investment in Indiabulls Infracon     For                              Mgmt
                             Ltd up to INR 5 Billion
                    19       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Infraestate Ltd up to INR 5 Billion
                    20       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Infraestate Ltd up to INR 5 Billion
                    21       Approve Investment in Indiabulls              For                              Mgmt
                             Infraestate Ltd up to INR 5 Billion
                    22       Approve Corporate Loans to Indiabulls Home    For                              Mgmt
                             Developers Ltd up to INR 5 Billion
                    23       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Home Developers Ltd up to INR 5 Billion
                    24       Approve Investment in Indiabulls Home         For                              Mgmt
                             Developers Ltd up to INR 5 Billion
                    25       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Estate Developers Ltd up to INR 5 Billion
                    26       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Estate Developers Ltd up to INR 5 Billion
                    27       Approve Investment in Indiabulls Estate       For                              Mgmt
                             Developers Ltd up to INR 5 Billion
                    28       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Commercial Properties Ltd up to INR 5
                             Billion
                    29       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Commercial Properties Ltd up to INR 5
                             Billion
                    30       Approve Investment in Indiabulls Commercial   For                              Mgmt
                             Properties Ltd up to INR 5 Billion
                    31       Approve Corporate Loans to Indiabulls         For                              Mgmt
                             Buildwell Ltd up to INR 5 Billion
                    32       Approve Corporate Guarantee to Indiabulls     For                              Mgmt
                             Buildwell Ltd up to INR 5 Billion
                    33       Approve Investment in Indiabulls Buildwell    For                              Mgmt
                             Ltd up to INR 5 Billion
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/19/06 - S        Indra Sistemas Sa                        E6271Z155                          None                   3,641
                    1        Approve Increase in Capital of EUR 3.61       For          For                 Mgmt
                             Million by Issuance of 18.07 Million Class
                             A Shares with an Issue Price of EUR 0.20
                             Each Without Preemptive Rights to Union
                             Fenosa S.A.; Amend Article 5 of Bylaws to
                             Reflect Increased Share Count
                    2        Fix Number of Directors                       For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


06/20/07 - A        Indra Sistemas Sa                        E6271Z155                          None                     854
                    1        Approve Individual Financial Statements for   For          For                 Mgmt
                             the Period Ended Dec. 31, 2006; Approve
                             Allocation of Income
                    2        Accept Consolidated Financial Statements      For          For                 Mgmt
                             and Statutory Reports for the Period Ended
                             Dec. 31, 2006
                    3        Approve Discharge of Directors                For          For                 Mgmt
                    4        Approve Merger by Absorption of Azertia       For          For                 Mgmt
                             Tecnologias de la Informacion, BMB Gestion
                             Documental, Soluziona Consultaria y
                             Tecnologia and Soluziona Internacional
                             Servicios Profesionales, and their
                             respective direct subsidiaries
                    5        Fix Number of Directors                       For          For                 Mgmt
                    6        Elect Directors                               For          For                 Mgmt
                    7.1      Approve Remuneration of Directors             For          For                 Mgmt
                    7.2      Approve Remuneration of Senior Management     For          For                 Mgmt
                    8        Amend Section 2 of Article 30 of Company      For          For                 Mgmt
                             Bylaws Re: Executive Committee
                    9        Amend Article 12 of General Meeting           For          For                 Mgmt
                             Guidelines Re: Fractioning of Votes
                    10       Approve Reduction of Captial Via the          For          For                 Mgmt
                             Amortization of 80,910 Class C Redeemable
                             Shares and 42,648 Class D Redeemable Shares
                    11       Authorize Issuance Equity or Equity-Linked    For          For                 Mgmt
                             Securities, Including Redeemable Shares,
                             without Preemptive Rights
                    12       Authorize Repurchase of Shares                For          For                 Mgmt
                    13       Authorize Issuance of Convertible Bonds       For          For                 Mgmt
                             with or without Preemptive Rights; Increase
                             Capital As Necessary for the Conversion and
                             Authorize Board to Implement Capital
                             Increase Accordingly
                    14       Approve Auditors for Fiscal Year 2007         For          For                 Mgmt
                    15       Approve Minutes of Meeting                    For          For                 Mgmt


07/18/06 - A        Industria de Diseno Textil (INDITEX)     E6282J109                          None                  25,884
                    1        Approve Individual Financial Statements and   For          For                 Mgmt
                             Discharge Directors for Fiscal Year Ended
                             01-31-06
                    2        Accept Consolidated Financial Statements      For          For                 Mgmt
                             and Discharge of Directors for Fiscal Year
                             Ended 01-31-06
                    3        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    4        Reelect Director                              For          For                 Mgmt
                    5        Reelect Auditors                              For          For                 Mgmt
                    6        Amend Articles 17 and 27 Re: Calling of       For          For                 Mgmt
                             Shareholder Meetings and Director Terms
                    7        Amend General Meeting Guidelines Re:          For          For                 Mgmt
                             Calling of Shareholder Meetings and Vote
                             Requirements for Certain Items
                    8        Approve Stock Option Plan for Executive       For          Against             Mgmt
                             Directors and Employees
                                Although  potential dilution from this plan is less than 1
                                percent,  the  information  available  suggests  that  the
                                proposed plan would permit the grant of  restricted  stock
                                to   executives   without    pre-determined    performance
                                criteria.  Because  this  structure  does  not  adequately
                                align the interest of shareholders and plan  participants,
                                support for this item not recommended.
                    9        Authorize Repurchase of Shares                For          Against             Mgmt
                                We generally  support share  repurchases  requests in this
                                market.  However,  in this case, because the company would
                                allocate a portion of the shares to service the  company's
                                stock  option plan  proposed in the previous  item,  which
                                features  the  grant  of  restricted  stock  to  executive
                                directors  without the disclosure of performance  hurdles,
                                support for this request is not recommended.
                    10       Approve Remuneration of Directors             For          For                 Mgmt
                    11       Present Report Re: General Meeting            For          For                 Mgmt
                             Guidelines
                    12       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


05/10/07 - A        Industrial and Commercial Bank of        Y3991T104                          05/02/07              36,552
                    China (ASIA) Ltd. (Union Bank
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                 Mgmt
                    3a       Elect Jiang Jianqing as Non-Executive         For          For                 Mgmt
                             Director
                    3b       Elect Wang Lili as Non-Executive Director     For          For                 Mgmt
                    3c       Elect Chen Aiping as Non-Executive Director   For          For                 Mgmt
                    4        Approve Remuneration of Directors             For          For                 Mgmt
                    5        Approve Ernst & Young as Auditors and         For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    6        Authorize Directors to Offer a Scrip          For          For                 Mgmt
                             Dividend Alternative in Respect of
                             Dividends Declared
                    7        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    9        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    10       Approve and Adopt Share Option Scheme         For          Against             Mgmt
                                Given the  unfavorable  terms of the proposed  scheme,  we
                                recommend that shareholders vote against this proposal.


04/30/07 - A        Industrias CH SA de CV                   P52413138                          None                  53,585
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements for Fiscal Year 2006;
                             Report on Share Repurchase Program; Present
                             Report from Audit Committee and Supervisory
                             Board; Present Report on Adherence to
                             Fiscal Obligations; Discharge Directors
                                This is the company's  routine  submission of the board of
                                directors'  report,  the board  committees'  reports,  the
                                annual income  corporate tax report or fiscal  obligations
                                report,   the   individual  and   consolidated   financial
                                statements,  and the share repurchase  program report.  In
                                Mexico,   these  documents  are  not  routinely  available
                                outside   the   company's   headquarters   prior   to  the
                                meeting.        Although  the reports  are not  available,
                                ISS sees no reason to  object to this  proposal  unless we
                                are  aware  of  a  specific  problem  with  the  company's
                                performance,  financial statements,  audit procedures,  or
                                actions of the board.  We are unaware of any problems with
                                the  company or its  auditors.          Mexican  companies
                                have begun to present at the AGM, a report  including  all
                                transactions   regarding  their  fiscal   responsibilities
                                during the last  fiscal  year,  as mandated by the Mexican
                                Income Tax Law (Article  86,  section  XXI).  We recommend
                                approval   of   this   request,   as  it   would   enhance
                                transparency to shareholders.
                    2        Approve Allocation of Income and Set          For          For                 Mgmt
                             Maximum Nominal Amount for Share Repurchase
                             Plan
                                This item seeks shareholders  approval for allocating last
                                fiscal  year's  income.  It also asks the  approval to set
                                the  maximum  nominal  amount  for share  repurchase  plan
                                during 2007.No  further  information  was disclosed by the
                                company.          As  of April 28,  2006,  the company had
                                2.51  million  shares  in  treasury,   which   represented
                                0.57percent  of the  outstanding  capital.        Although
                                no  information  was available on how  Industrias CH plans
                                to  allocate  income  and  use  such  funds  for  a  share
                                repurchase   plan,   ISS  notes  that  in  the  2006  AGM,
                                shareholders  approved  that 5  percent  of  distributable
                                earnings  were  applied to Legal  Reserve,  while the rest
                                were applied to Retained Earnings.  In effect, the company
                                has not paid  dividends  since 1999 since its policy is to
                                invest earnings to carry out current and future  projects.
                                It  also  seeks  to  reduce  debt.   Given  the  company's
                                above-average  growth,  there is no reason  to refuse  the
                                non payment of dividends at this time.
                    3        Elect Directors, Supervisory Board Members,   For          For                 Mgmt
                             Executive Committee, Audit Committee and
                             Corporate Practices Committee; Fix Their
                             Remuneration
                                This  item asks  shareholders  to elect  directors,  board
                                committees'  members,  and supervisory board members.  The
                                company   also  asks   shareholders   to   approve   their
                                remuneration.  No information was disclosed  regarding the
                                candidates  and their  current  or  proposed  remuneration
                                levels.           Most   Mexican   companies'  boards  are
                                unclassified,  meaning that each  director  must stand for
                                reelection  each  year.   Supervisory   boards  carry  out
                                internal  auditing  functions and are usually  composed of
                                external   officers.            The   current   board   of
                                directors,  elected  in the 2006 AGM,  has seven  members:
                                Rufino Vigil Gonzalez (chairman),  Eduardo Vigil Gonzalez,
                                Raul Vigil Gonzalez,  Gerardo Arturo  Avendano,  Jose Luis
                                Rico Maciel,  Arturo Perez Trejo and Rodolfo Jesus Garcia.
                                Based  on  the  information  available  we are  unable  to
                                provide an objective and complete  classification  of this
                                board of directors.          According to the company, and
                                meeting  the  criteria  and  recommendations  of  the  New
                                Mexican   Securities   Law,   shareholders   elected   and
                                classified  as   independent   directors  Jose  Luis  Rico
                                Maciel,  Arturo  Perez  Trejo and  Rodolfo  Jesus  Garcia.
                                        The  company  has a combined  audit and  corporate
                                governance   committee.   The  current   members  of  this
                                committee,  also  appointed  during  the last  year's  AGM
                                meeting are Gerardo  Arturo  Avendano,  Arturo Perez Trejo
                                (chairman)  and Rodolfo  Jesus  Garcia.        During  the
                                AGM of April,  28, 2006,  shareholders  accepted the board
                                of  directors'  proposal to receive no payment or any type
                                of bonus for  attending  to the board and board  committee
                                meetings as well as for  providing  their  services to the
                                company.  In  the  same  meeting,   shareholders   elected
                                Humberto  Valdez Mier as principle  and only member of the
                                supervisory    board.                ISS    supports   the
                                establishment   of  board  committees  since  boards  with
                                clearly  defined  and  separate  committees  allow  better
                                accountability  to shareholders.  Ideally,  we like to see
                                that   companies   maintain   audit,   nominations,    and
                                remuneration committees.          The nominees' names were
                                not disclosed prior to the meeting,  and the elections are
                                presented  as a single  voting  item.  Although we believe
                                that  withholding  director names prior to the meeting and
                                presenting  director  elections  as a single  voting  item
                                disenfranchises   the  growing  number  of   institutional
                                shareholders  voting by proxy and precludes  institutional
                                shareholders  from  their  rights as owners to assess  the
                                performance  of individual  directors,  we recognize  that
                                changing   this   practice   is  best   achieved   through
                                engagement  with  Mexican  issuers.  Thus,  we will engage
                                with  companies  in  raising  awareness  about  this issue
                                during 2007; in 2008, we will recommend that  shareholders
                                oppose  routine  director   elections  where  no  director
                                nominee information is available.
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                                This item  seeks to appoint an  inspector  or  shareholder
                                representative(s)  to keep  the  minutes  of the  meeting.
                                        This  is a routine  formality that does not affect
                                shareholder value.


05/15/07 - A        Informa plc                              G4771A117                          None                 105,696
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 8.9 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Peter Rigby as Director              For          For                 Mgmt
                    4        Re-elect David Gilbertson as Director         For          For                 Mgmt
                    5        Re-elect Tony Foye as Director                For          For                 Mgmt
                    6        Re-elect Derek Mapp as Director               For          For                 Mgmt
                    7        Re-elect Sean Watson as Director              For          For                 Mgmt
                    8        Re-elect Pamela Kirby as Director             For          For                 Mgmt
                    9        Re-elect John Davis as Director               For          For                 Mgmt
                    10       Approve Remuneration Report                   For          For                 Mgmt
                    11       Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    12       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    13       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications
                    14       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 14,135,588
                    15       Subject to the Passing of Resolution 14,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,120,338
                    16       Amend Articles of Association Re:             For          For                 Mgmt
                             Retirement of Directors
                    17       Authorise 42,406,766 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


06/26/07 - A        Information Service International -      J2388L101                          03/31/07               2,854
                    Dentsu, Ltd. *4812*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 10
                                The payout ratio for the full year is 42 percent  based on
                                consolidated    earnings,   or   52   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format
                                The proposed change is routine.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:   Nominee   9                Background  of
                                non-executive   nominee(s):   The  nominee  is  a  current
                                executive     of     Dentsu      Inc.                Board
                                Profile        Composition  of board after this meeting: 8
                                executives  and 1  non-executive.  The number of outsiders
                                is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He  is a  current  executive  of
                                Dentsu Inc.,  the largest  shareholder in the company with
                                a 61.8 percent  stake.                Given  the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   the   nominee   for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    5        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He  is a  current  executive  of
                                Dentsu Inc.,  the largest  shareholder in the company with
                                a 61.8 percent  stake.                Given  the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   the   nominee   for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.


11/07/06 - S        Infosys Technologies Ltd                 Y4082C133                          11/03/06               1,068
                    1        Approve Issuance of American Depositary       For                              Mgmt
                             Receipts with an Overseas Depositary
                             Against Existing Equity Shares Held by
                             Shareholders
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/07/06 - S        Infosys Technologies Ltd                 456788108                          10/13/06               6,203
                             Meeting for ADR Holders
                    1        TO AUTHORIZE THE BOARD OF DIRECTORS TO        For          For                 Mgmt
                             SPONSOR AN ISSUE OF AMERICAN DEPOSITARY
                             SHARES AGAINST EXISTING EQUITY SHARES.
                    2        TO AUTHORIZE THE COMPANY TO ISSUE             For          For                 Mgmt
                             DEPOSITARY RECEIPTS.
                                See Item 1 for analysis.
                    3        TO AUTHORIZE THE BOARD AND OFFICERS IN        For          For                 Mgmt
                             CONNECTION WITH THE EARLIER RESOLUTIONS.
                                See Item 1 for analysis.
                    4        TO AUTHORIZE THE UNDERWRITERS TO DETERMINE    For          For                 Mgmt
                             THE PRICE OF THE SPONSORED ADS OFFERING.
                                See Item 1 for analysis.
                    5        TO AUTHORIZE THE BOARD TO DETERMINE THE       For          For                 Mgmt
                             TERMS AND CONDITIONS.
                                See Item 1 for analysis.
                    6        TO AUTHORIZE THE BOARD OF DIRECTORS TO        For          For                 Mgmt
                             DELEGATE ITS POWERS.
                                See Item 1 for analysis.


06/22/07 - A        Infosys Technologies Ltd                 456788108                          05/04/07              11,227
                             Meeting for Holders of ADRs
                    1        TO RECEIVE, CONSIDER AND ADOPT THE BALANCE    For          For                 Mgmt
                             SHEET AS AT MARCH 31, 2007 AND THE PROFIT
                             AND LOSS ACCOUNT FOR THE YEAR.
                    2        TO DECLARE A FINAL DIVIDEND FOR THE           For          For                 Mgmt
                             FINANCIAL YEAR ENDED MARCH 31, 2007.
                    3        TO APPOINT A DIRECTOR IN PLACE OF MR.         For          For                 Mgmt
                             DEEPAK M. SATWALEKAR, WHO RETIRES BY
                             ROTATION AND, OFFERS HIMSELF FOR
                             RE-ELECTION.
                    4        TO APPOINT A DIRECTOR IN PLACE OF PROF.       For          For                 Mgmt
                             MARTI G. SUBRAHMANYAM, WHO RETIRES BY
                             ROTATION AND, OFFERS HIMSELF FOR
                             RE-ELECTION.
                    5        TO APPOINT A DIRECTOR IN PLACE OF MR. S.      For          For                 Mgmt
                             GOPALAKRISHNAN, WHO RETIRES BY ROTATION
                             AND, OFFERS HIMSELF FOR RE-ELECTION.
                    6        TO APPOINT A DIRECTOR IN PLACE OF MR. S.D.    For          For                 Mgmt
                             SHIBULAL, WHO RETIRES BY ROTATION AND,
                             OFFERS HIMSELF FOR RE-ELECTION.
                    7        TO APPOINT A DIRECTOR IN PLACE OF MR. T.V.    For          For                 Mgmt
                             MOHANDAS PAI, WHO RETIRES BY ROTATION AND,
                             OFFERS HIMSELF FOR RE-ELECTION.
                    8        Ratify Auditors                               For          For                 Mgmt
                    9        TO APPOINT MR. N.R. NARAYANA MURTHY AS A      For          For                 Mgmt
                             DIRECTOR LIABLE TO RETIRE BY ROTATION.
                    10       TO APPROVE THE RE-APPOINTMENT OF MR. NANDAN   For          For                 Mgmt
                             M. NILEKANI AS A WHOLE-TIME DIRECTOR FOR 5
                             YEARS EFFECTIVE 5/1/2007.
                    11       TO APPROVE THE APPOINTMENT OF MR. S.          For          For                 Mgmt
                             GOPALAKRISHNAN AS THE CHIEF EXECUTIVE
                             OFFICER AND MANAGING DIRECTOR.
                    12       TO APPROVE THE RE-APPOINTMENT OF MR. K.       For          For                 Mgmt
                             DINESH AS A WHOLE-TIME DIRECTOR FOR 5 YEARS
                             EFFECTIVE 5/1/2007.
                    13       TO APPROVE THE RE-APPOINTMENT OF MR. S.D.     For          For                 Mgmt
                             SHIBULAL AS A WHOLE- TIME DIRECTOR FOR A
                             PERIOD OF 5 YEARS EFFECTIVE 1/10/2007.
                    14       TO APPROVE PAYMENT OF AN ANNUAL               For          For                 Mgmt
                             REMUNERATION BY COMMISSION OF A SUM NOT
                             EXCEEDING 1% PER ANNUM OF THE NET PROFITS.


05/01/07 - A/S      Inmet Mining Corp. *IMN*                 457983104                          03/12/07               2,108
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Amend Deferred Share Unit Plan                For          For                 Mgmt
                    4        Approve Shareholder Rights Plan               For          Against             Mgmt
                                The  company  claims that  adopting  the rights plan is in
                                the best  interests of  shareholders,  ensuring their fair
                                treatment in a takeover  bid.  However,  we find that this
                                plan  also   provides  the  board  and   management   with
                                excessive   opportunity   to  interpret   and   administer
                                provisions   of  the  plan.   This  plan  does  not  allow
                                shareholders    enough   control   of   the   process   to
                                sufficiently   safeguard   their   interests.   The  Inmet
                                Shareholder  Rights Plan is not a 'new generation'  rights
                                plan  and  we  must   therefore   recommend   against  its
                                reconfirmation.
                    5        Adopt New By-laws                             For          Against             Mgmt
                                Within the Canadian  market,  ISS takes the position  that
                                25 percent of the shares  entitled  to vote is an adequate
                                quorum   for   shareholders   meetings   with   no   major
                                shareholders.  Quorum for a directors  meeting  should not
                                be less than 50 percent of the  number of  directors.  The
                                ability of the chair to have a second or  casting  vote on
                                tie votes at board  meetings is a  questionable  practice.
                                Granting  the chair a second  vote on  contentious  issues
                                that result in a deadlock  board can lead to  conflicts of
                                interest and potential  inequality among  directors.  This
                                is particularly  egregious where the CEO is also Chair, as
                                is the case here.  ISS will  oppose any new  by-laws  that
                                contravene any of the above provisions.


05/15/07 - A        International Power plc                  G4890M109                          None                 404,589
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Re-elect Sir Neville Simms as Director        For          For                 Mgmt
                    3        Re-elect Tony Concannon as Director           For          For                 Mgmt
                    4        Re-elect Steve Riley as Director              For          For                 Mgmt
                    5        Elect John Roberts as Director                For          For                 Mgmt
                    6        Approve Final Dividend of 7.9 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    7        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Approve Remuneration Report                   For          For                 Mgmt
                                We disclosed  these changes in last year's RREV report and
                                at  the  time   considered  that  the  rationale  for  the
                                increases in bonus and PSP awards had been  adequately set
                                out.        The  grant of bonuses purely in cash is a move
                                away  from  good  practice  in terms of the  alignment  of
                                Executive    Directors'    interests    with    those   of
                                shareholders.   However,   we  note  that  most  Executive
                                Directors  already hold  shareholdings  in excess of their
                                annual  basic  salary.   In  light  of  the   explanations
                                provided  by the  Company  with  regards to the changes in
                                remuneration policy, we recommend  shareholders to vote in
                                favour of the remuneration report.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 248,730,120
                    10       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 35,593,387
                    11       Authorise 149,238,221 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    12       Amend Articles of Association Re:             For          For                 Mgmt
                             Electronic Communications and Director Age
                             Limit
                                As the  proposed  amendments  are in line with  changes to
                                Company   Law,  we  do  not  consider   these   amendments
                                contentious.


06/15/07 - S        International Power plc                  G4890M109                          None                 348,305
                    1        Approve the Completion of the Transaction     For          For                 Mgmt
                             between the Company and Mitsui; Authorise
                             Directors to Take All Such Steps as May be
                             Necessary to Cause the Principal
                             Transaction Agreements to be Completed
                                Conclusion  and  Vote   Recommendation        We  are  not
                                raising any corporate  governance  issues that would cause
                                us  to  object  to  the   proposed   new  joint   venture.
                                        Ultimately,  we consider  that the  proposal is an
                                investment  decision,  which is best left for shareholders
                                to evaluate in respect of their own individual  investment
                                strategies and after  consultation  with such professional
                                advisors as each  shareholder  deems  necessary.        We
                                note  that  the  directors  of  International  Power  have
                                received financial advice from Morgan Stanley.


04/26/07 - A        Intershop Holding AG                     H42507238                          None                      77
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 12 per Share
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3.1      Change Location of Registered                 For                              Mgmt
                             Office/Headquarters to Zurich
                    3.2      Amend Articles Re: Reduce Board Term to One   For                              Mgmt
                             Year
                    4        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        Intralot SA Integrated Lottery           X3968Y103                          None                   2,410
                    (formerly Intralot SA)
                    1        Approve Consolidated Financial Statements     For                              Mgmt
                    2        Approve Discharge of Board and Auditors       For                              Mgmt
                    3        Approve Auditors and Authorize Board to Fix   For                              Mgmt
                             Their Remuneration
                    4        Approve Director Remuneration for 2006 and    For                              Mgmt
                             Preapprove Their Remuneration for 2007
                    5        Approve Maximum Salary for Board Members      For                              Mgmt
                    6        Authorize Board and Managers of the Company   For                              Mgmt
                             to Participate in Boards and Management of
                             Similar Companies
                    7        Authorize Share Repurchase Program            For                              Mgmt
                    8        Announce Figures from Previous Share          None                             Mgmt
                             Repurchase Program
                    9        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        INTRUM JUSTITIA AB                       W4662R106                          04/19/07               5,200
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Lars Lundquist as Chairman of Meeting   For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    8a       Receive President's Report                    None         None                Mgmt
                    8b       Receive Chairman's Report on Board and        None         None                Mgmt
                             Committee Work
                    9        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    10       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 2.75 per Share
                    11       Approve Discharge of Board and President      For          For                 Mgmt
                    12       Determine Number of Members (7) and Deputy    For          For                 Mgmt
                             Members (0) of Board; Receive Report from
                             Nominating Committee
                    13       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of SEK 2.4 Million;
                             Approve Remuneration of Auditors
                    14       Reelect Helen Fasth-Gillstedt, Lars           For          For                 Mgmt
                             Foerberg, Bo Ingemarson, Lars Lundquist
                             (Chair) and Lars Wollung as Directors;
                             Elect Matts Ekman and Arsaell Hafsteinsson
                             as New Directors
                    15       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    16       Authorize Chairman of Board and               For          For                 Mgmt
                             Representatives of Five of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    17       Close Meeting                                 None         None                Mgmt


08/10/06 - A        INVESTEC PLC                             G49188108                          None                   1,655
                             Both the Holders of Ordinary Shares in
                             Investec Plc and the Holder of the Special
                             Voting Share in Investec Plc are Entitled
                             to Vote. Investec Plc and Investec Ltd.
                             Resolutions
                    1        Re-elect Bernard Kantor as Director of        For          For                 Mgmt
                             Investec Plc and Investec Ltd.
                    2        Re-elect Donn Jowell as Director of           For          For                 Mgmt
                             Investec Plc and Investec Ltd.
                    3        Re-elect Hugh Herman as Director of           For          For                 Mgmt
                             Investec Plc and Investec Ltd.
                    4        Re-elect Ian Kantor as Director of Investec   For          For                 Mgmt
                             Plc and Investec Ltd.
                    5        Re-elect Peter Thomas as Director of          For          Against             Mgmt
                             Investec Plc and Investec Ltd.
                    6        Re-elect Sam Abrahams as Director of          For          For                 Mgmt
                             Investec Plc and Investec Ltd.
                    7        Re-elect Stephen Koseff as Director of        For          For                 Mgmt
                             Investec Plc and Investec Ltd.
                    8        Re-elect Sir David Prosser as Director of     For          For                 Mgmt
                             Investec Plc and Investec Ltd.
                             Investec Ltd. Resolutions
                    9        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports of Investec Ltd.
                    10       Approve Remuneration Report of Investec Ltd.  For          For                 Mgmt
                    11       Sanction the Interim Dividend on Ordinary     For          For                 Mgmt
                             Shares Paid by Investec Ltd.
                    12       Sanction the Interim Dividend on the          For          For                 Mgmt
                             Dividend Access (South African Resident)
                             (SA DAS) Redeemable Preference Share Paid
                             by Investec Ltd.
                    13       Approve Final Dividend of 627 Cents Per       For          For                 Mgmt
                             Ordinary Share by Investec Ltd.
                    14       Approve Final Dividend on the SA DAS          For          For                 Mgmt
                             Redeemable Preference Share of an Amount
                             Equal to That Recommended by the Directors
                             of Investec Ltd.
                    15       Reappoint Ernst & Young CA (SA) as Auditors   For          For                 Mgmt
                             of Investec Ltd. and Authorise the Board to
                             Determine Their Remuneration
                    16       Reappoint KPMG Inc. as Auditors of Investec   For          For                 Mgmt
                             Ltd. and Authorise the Board to Determine
                             Their Remuneration
                    17       Authorise 1,150,047 Ordinary Shares of the    For          For                 Mgmt
                             Unissued Shares in the Authorised Share
                             Capital of Investec Ltd. be Placed Under
                             the Control of Directors Until Such Date
                             that Special Resolution 2 Becomes
                             Effective; Otherwise up to 5,750,235
                             Ordinary Shares
                    18       Authorise 800,000 Class A Variable Rate       For          For                 Mgmt
                             Compulsorily Convertible Non-Cumulative
                             Preference Shares to be Placed Under the
                             Control of Directors Until Such Date that
                             Special Resolution 2 Becomes Effective;
                             Otherwise up to 4,000,000 Class A
                             Preference Shares
                    19       Approve that All Unissued Shares in the       For          For                 Mgmt
                             Authorised Share Capital of Investec Ltd.
                             be Placed Under the Control of the Directors
                    20       Authorise Issue of 1,150,047 Ordinary         For          For                 Mgmt
                             Shares of ZAR 0.001 Each Until Such Date
                             That Special Resolution 2 Becomes
                             Effective; Otherwise up to 5,750,235
                             Ordinary Shares of ZAR 0.0002 Each
                    21       Authorise Issue of 800,000 Class A Variable   For          For                 Mgmt
                             Rate Compulsorily Convertible
                             Non-Cumulative Preference Shares Until Such
                             Date that Special Resolution 2 Becomes
                             Effective; Otherwise up to 4,000,000 Class
                             A Preference Shares
                    22       Amend Investec Ltd. Security Purchase         For          For                 Mgmt
                             Scheme 2003 Trust Deed Clause 4 of Appendix
                             1
                    23       Amend Investec Ltd. Security Purchase         For          For                 Mgmt
                             Scheme 2003 Trust Deed Clause 6.3 of
                             Appendix 1
                    24       Amend Investec Ltd. Security Purchase         For          For                 Mgmt
                             Scheme 2003 Trust Deed Clause 1.19
                    25       Authorise Acquisition of 20 Percent of        For          For                 Mgmt
                             Investec Ltd. Ordinary Issued Shares or
                             Investec Ltd. Issued Perpetual Preference
                             Shares
                    26       Approve Share Sub-Division of 55,500,000      For          For                 Mgmt
                             Ordinary Shares of ZAR 0.001 Each into
                             277,500,000 Ordinary Shares of ZAR 0.0002
                             Each Pursuant to the Passing of Special
                             Resolutions 2, 3, 4 and 5
                    27       Approve Share Sub-Division of 8M Class A      For          For                 Mgmt
                             Variable Rate Compulsorily Convertible
                             Non-Cumulative Preference Shares of ZAR
                             0.001 Each into 40M Class A Preference
                             Shares of ZAR 0.0002 Each Pursuant to the
                             Passing of Special Resolutions 2, 3, 4 and 5
                    28       Approve Share Sub-Division of 112M Special    For          For                 Mgmt
                             Convertible Redeemable Preference Shares of
                             ZAR 0.001 Each into 560M Special
                             Convertible Redeemable Preference Shares of
                             ZAR 0.0002 Each Pursuant to the Passing of
                             Special Resolutions 2, 3, 4 and 5
                    29       Amend Investec Ltd. Memorandum of             For          For                 Mgmt
                             Association Pursuant to the Passing of
                             Special Resolutions 2, 3, 4 and 5
                    30       Authorise Directors or the Company            For          For                 Mgmt
                             Secretary to Do All Things Necessary to
                             Carry into Effect the Aforesaid Resolutions
                             Investec Plc Resolutions
                    31       Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports of Investec Plc
                    32       Approve Remuneration Report of Investec Plc   For          For                 Mgmt
                    33       Sanction the Interim Dividend on Ordinary     For          For                 Mgmt
                             Shares Paid by Investec Plc
                    34       Approve Final Dividend of 53 Pence Per        For          For                 Mgmt
                             Ordinary Share by Investec Plc
                    35       Reappoint Ernst & Young LLP as Auditors of    For          For                 Mgmt
                             Investec Plc and Authorise the Board to
                             Determine Their Remuneration
                    36       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities of Investec Plc with Pre-emptive
                             Rights up to Aggregate Nominal Amount of
                             GBP 1,036,377
                    37       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities of Investec Plc without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 5,931.66
                    38       Authorise 7,463,375 Ordinary Shares of        For          For                 Mgmt
                             Investec Plc for Market Purchase Until Such
                             Date That Special Resolution 8 Becomes
                             Effective; Otherwise up to 37,316,875
                             Ordinary Shares
                    39       Approve Share Sub-Division of Each Ordinary   For          For                 Mgmt
                             Share of 0.001 Pence Each into 5 Ordinary
                             Shares of 0.0002 Pence Each; Approve Share
                             Sub-Division of Each Special Converting
                             Share of 0.001 Pence Each into 5 Special
                             Converting Shares of 0.0002 Pence Each
                    40       Adopt New Articles of Association             For          For                 Mgmt
                    41       Authorise Directors or the Company            For          For                 Mgmt
                             Secretary to Do All Things Necessary to
                             Carry into Effect the Aforesaid Resolutions


05/02/07 - A        IRESS MARKET TECHNOLOGY LTD(formerly     Q49822101                          04/30/07               6,898
                    BRIDGEDFS) *IRE*
                    1        Elect John William Burdett as Director        For          For                 Mgmt
                    2        Elect Tony Killen as Director                 For          For                 Mgmt
                    3        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec. 31, 2006


01/22/07 - S        Italjolly - Compagnia Italiana dei       T62532105                          01/18/07                 448
                    Jolly Hotels - S.p.a.
                             Special Meeting Agenda
                             Ordinary Business
                    1        Elect One Director                            For                              Mgmt
                             Special Business
                    1        Mandatory Conversion of Saving Shares to      For                              Mgmt
                             Ordinary Shares; Amend Bylaws Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Italmobiliare SpA                        T62283121                          04/23/07                 314
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for the Fiscal Year 2006
                    2        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                    3        Extend External Auditors' Mandate for         For                              Mgmt
                             theThree-Year Term 2007-2009
                    4        Approve Remuneration of Board Committes and   For                              Mgmt
                             Other Administrative Bodies
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/18/07 - S        Italmobiliare SpA                        T62283121                          06/14/07                 314
                             Special Meeting Agenda
                    1        Authorize the Board to Increase Capital of    For                              Mgmt
                             up to EUR 260 Million through the Issuance
                             of Bonds with Warrants Attached
                    2        Approve Capital Increase of up to EUR 0.91    For                              Mgmt
                             Million without Preemptive Rights through
                             the Issuance of up to 350,000 Ordinary
                             and/or Saving Shares Reserved to Directors
                             of the Company and its Subsidiaries
                    3        Approve Amendment of Articles 9, 17, and 29   For                              Mgmt
                             and Further Amendments of the Bylaws to
                             Comply with the Italian Law n. 262/2005 and
                             the Legislative Decree n. 303/2006;
                             Renumbering of Articles
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A/S      Itausa, Investimentos Itau S.A.          P58711105                          None                  42,000
                             Preferred Holders can vote on items 3
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4        Elect Supervisory Board Members, Respecting   For          For                 Mgmt
                             the Rights of Preferred Shareholders to
                             Elect one Member to the Supervisory Board
                             in Accordance with Article 161 of Law
                             6404/76.
                    5        Approve Remuneration of Directors,            For          For                 Mgmt
                             Executive Officers, and Supervisory Board
                             Members
                             Special Business
                    6        Cancel Company Treasury Shares                For          For                 Mgmt
                    7        Authorize Capitalization of Reserves for      For          For                 Mgmt
                             Bonus Issue of Shares
                    8        Amend Articles to Reflect Changes in Capital  For          For                 Mgmt
                    9        Approve Issuance of Shares for a Private      For          For                 Mgmt
                             Placement


02/22/07 - A        ITE Group plc                            G63336104                          None                   2,130
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Re-elect Ian Tomkins as Director              For          For                 Mgmt
                    3        Re-elect Edward Strachan as Director          For          For                 Mgmt
                    4        Re-elect Sir Jeremy Hanley as Director        For          For                 Mgmt
                    5        Elect Malcolm Wall as Director                For          For                 Mgmt
                    6        Approve Final Dividend of 2.5 Pence Per       For          For                 Mgmt
                             Share
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    8        Approve Remuneration Report                   For          Against             Mgmt
                                While we are  sympathetic  to the needs of  companies  and
                                ITE Group in  particular to secure the services of certain
                                directors  in the medium to  long-term,  we consider  that
                                the terms of such a  contract  could  potentially  lead to
                                termination  payments  well in excess of one year's salary
                                and fees.          RREV  generally  does not  consider the
                                employment   under  longer  than  one-year  fixed  service
                                contracts an  appropriate  mechanism  to retain  executive
                                directors,  as these may lead to pay-offs of more than one
                                year's  salary and  benefits,  even  potentially  in cases
                                where the director  underperformed,  and  therefore may be
                                seen as a reward  for  failure.  As this is a  fundamental
                                principle  of  corporate  governance  best  practice,   we
                                recommend a vote against the approval of the  remuneration
                                report.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 866,430
                    10       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 130,452
                    11       Authorise 25,992,919 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


06/26/07 - A        Itochu Corp. *8001*                      J2501P104                          03/31/07             247,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 9
                                The  payout  ratio is 13  percent  based  on  consolidated
                                earnings, or 23 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings  only.        The  consolidated
                                payout  ratio for the year is on the low side by  Japanese
                                standards.  However,  in  light  of  the  increase  in the
                                dividend  payment from the previous  year's  level,  we do
                                not  oppose  this  resolution.  We  will  consider  voting
                                against  future  income  allocations,  if profits grow and
                                the dividend payment is not further increased.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                13  executives  and  0  non-executives.        The   board
                                currently  includes 14 insiders and no outside  directors.
                                13 of the 14 are seeking reelection here.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria   for   independence.    He   is   an   attorney.
                                        Nominee  1 is not  designated  by the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for   independence.           He   is  the   current
                                president  of  one  of  the  largest  shareholders  in the
                                company, Asahi Life Insurance,  which holds a 1.74 percent
                                stake  in  Itochu  and also  appears  on its list of major
                                lenders.        Given  the realities of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  the nominee for independent auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.


05/24/07 - A        IVG Immobilien AG (frmly IVG Holding     D36953103                          05/03/07               3,424
                    AG)
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Elect Hans Gaul to the Supervisory Board      For                              Mgmt
                    6        Approve Issuance of Convertible Bonds         For                              Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 1.5 Billion; Approve Creation
                             of EUR 22 Million Pool of Capital to
                             Guarantee Conversion Rights
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    9        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A        Izumi Co. Ltd. *8273*                    J25725110                          02/28/07               2,668
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 16, Final
                             JY 16, Special JY 0
                                The  payout  ratio  is  13  percent  (consolidated)  or 18
                                percent  (parent).  By law, funds  available for dividends
                                in Japan are based on parent  company  earnings  only. The
                                payout ratio is on the low side,  although slightly higher
                                than last  year's  levels,  thanks to an  increase  in the
                                dividend  from  the  previous  year's  JY  26.  We do  not
                                recommend  opposing this resolution,  but we will consider
                                recommending   votes  against  income  allocation  in  the
                                future if the dividend  fails to keep pace with  continued
                                growth in earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominees  1  and  2  are   incumbent   directors   seeking
                                reappointment,  while  nominees  3 and 4 are  new  to  the
                                board.  All  nominees  are  executives.        The   board
                                currently  includes four executives and one non-executive,
                                but two  executives  and the  non-executive  are  stepping
                                down.  Following  this meeting,  the board will consist of
                                these four executive directors only.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    3        Appoint External Audit Firm                   For          For                 Mgmt
                                Izumi  seeks to  appoint  KPMG Azsa & Co.,  one of Japan's
                                largest  audit  firms,  in place  of  Misuzu  Audit  Corp.
                                Misuzu submitted an unqualified audit report for 2006-07.
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The two bonus recipients are both executives.


05/03/07 - A        JINHUI SHIPPING AND TRANSPORTATION       G5137R108                          04/26/07               9,044
                    LIMITED
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Dividends                             For                              Mgmt
                    3        Elect Directors and Fix Their Remuneration    For                              Mgmt
                    4        Ratify Messrs. Moores Rowland Mazars as       For                              Mgmt
                             Auditors
                    5        Authorize Share Repurchase Program            For                              Mgmt
                    6        Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights
                    7        Transact Other Business (Voting)              For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        JM AB                                    W4939T109                          04/20/07              52,612
                    1        Open Meeting and Elect Chairman of Meeting    None         None                Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    3        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    4        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    5        Approve Agenda of Meeting                     For          For                 Mgmt
                    6        Receive Reports of the Board and the          None         None                Mgmt
                             President; Receive Financial Statements and
                             Statutory Reports
                    7        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    8        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 4.50 per Share
                    9        Approve Record Date (May 2) for Dividend      For          For                 Mgmt
                    10       Approve Discharge of Board and President      For          For                 Mgmt
                    11       Determine Number of Members (8) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    12       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Amount of SEK 575,000for Chairman and SEK
                             250,000 for Other Directors; Approve Fees
                             for Committee Work
                    13       Approve Remuneration of Auditors              For          For                 Mgmt
                    14       Receive Information about Director            None         None                Mgmt
                             Nominees' other Assignments
                    15       Reelect Elisabett Annell, Eva Britt           For          For                 Mgmt
                             Gustafsson, Bengt Larsson, Berthold
                             Lindqvist, Lars Lundquist, Johan Skoglund,
                             and Torbjoern Torell as Directors; Elect
                             Asa Soderstrom Jerring as New Director
                    16       Authorize Chairman of Board and               For          For                 Mgmt
                             Representatives of Four of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    17       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    18       Approve Redemption Program for Shareholders   For          For                 Mgmt
                    19       Approve Issuance of Convertible Bonds to      For          For                 Mgmt
                             Key Employees; Approve Creation of SEK
                             700,000 Pool of Capital to Guarantee
                             Conversion Rights
                    20       Approve Share Matching Plan; Approve          For          Against             Mgmt
                             Repurchase and Reissuance of 55,000 Shares
                             for Share Matching Plan
                                Conclusion        Although  the proposed matching plan has
                                positive  features  such  as the  requirement  to  make an
                                initial  investment in company shares, a vesting period of
                                three years,  and a small scale (maximum  55,000  shares),
                                we consider the heavy  discount of the  matching  share in
                                the  absence  of  performance  criteria  or a  performance
                                element  of the  plan to be below  our as well as  Swedish
                                market  standards for executive  plans.  We do not believe
                                that  the  plan   demonstrates   a  clear   link   between
                                performance  and  pay,  and  therefore  recommend  a  vote
                                against this plan.


05/23/07 - A        John Wood Group plc                      G9745T100                          None                 263,501
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of USD 3.5 Cents Per   For          For                 Mgmt
                             Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                                We  consider  that the  Company's  remuneration  policy is
                                adequate, and therefore, we are recommending  shareholders
                                to vote in favour of the remuneration report.
                    4        Re-elect Leslie Thomas as Director            For          For                 Mgmt
                    5        Re-elect Christopher Masters as Director      For          For                 Mgmt
                    6        Re-elect John Ogren as Director               For          For                 Mgmt
                    7        Re-elect Roberto Monti as Director            For          For                 Mgmt
                    8        Elect David Woodward as Director              For          For                 Mgmt
                    9        Elect Ian Marchant as Director                For          For                 Mgmt
                    10       Elect Michael Straughen as Director           For          For                 Mgmt
                    11       Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    12       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    13       Approve John Wood Group Plc Long Term         For          For                 Mgmt
                             Incentive Plan
                                Analysis and Vote Recommendation        The  proposed LTIP
                                meets  current  good  practice   regarding  the  threshold
                                vesting  level,   acceptable   performance   targets,  the
                                absence of  retesting,  dilution  limits and  vesting  for
                                good leavers and a  change-in-control  or other  corporate
                                events.        We  also  welcome  the  replacement  of the
                                existing LTIS,  which was rather  complicated  and allowed
                                for shorter performance  periods.        We  consider that
                                overall,  the structure of the proposals meet current good
                                practice. We are therefore  recommending that shareholders
                                support the Company's proposal.
                    14       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,796,086
                    15       Subject to the Passing of Resolution 14,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 869,500
                    16       Authorise 52,170,043 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


06/23/07 - A        Joint Corporation *8874*                 J28384105                          03/31/07              81,208
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 15
                                The payout  ratio for the full year is 9 percent  based on
                                consolidated    earnings,   or   17   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.                The  payout  ratio  for the full year
                                is on the low side by  Japanese  standards.  However,  the
                                company has posted  strong  growth in sales and profits in
                                recent  years.  Accordingly,  we  do  not  object  to  the
                                retention   of  cash  at  this  stage  of  the   company's
                                development.
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       2       and
                                3                Background  of non-executive  nominee(s):
                                Both nominees meet our criteria for independence.  Nominee
                                2 is the current  president of Taenaka  Management  Office
                                Ltd. Nominee 3 is a tax accountant in private practice.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 300 million per year
                                to JY  400  million  per  year.  After  the  meeting,  the
                                company will continue to have 9  directors.        Because
                                the new  ceiling  is not  excessive,  we have no reason to
                                oppose this resolution.


06/22/07 - A        Joshin Denki Co. Ltd. *8173*             J28499127                          03/31/07               3,749
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 10
                                The payout ratio for the full year is 20 percent  based on
                                consolidated    earnings,   or   25   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  11 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination
                    4        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for  independence.  He is an  accountant  in  private
                                practice,  but  previously  served  as a  partner  of  the
                                company's  current  exernal audit  firm.        Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                      Plan     Duration:     3
                                years                Trigger   Threshold:  20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:  1 year                  Board  Independence:  The
                                board will be  composed  entirely of  executive  directors
                                after   this    meeting.                Independence    of
                                Special  Committee:  The  committee  members  have not yet
                                been  announced.                  Other  Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More Before  Meeting:  No        The  reason that
                                shareholders   of  US   companies   reluctantly   tolerate
                                takeover   defenses   is   that   poison   pills   do  not
                                automatically  prevent hostile bids from succeeding in the
                                US, where boards are  dominated by  independent  directors
                                who face  meaningful  sanctions,  in the form of lawsuits,
                                if they take  steps  which  are  contrary  to  shareholder
                                value.  That is not the case in Japan, so to ensure that a
                                takeover  defense  leads to the continued  enhancement  of
                                shareholder  value and does not serve  merely to  entrench
                                management,   it  is  vitally  important  that  the  board
                                include a critical mass of  independent  directors who can
                                ensure that the board remains  responsive to the interests
                                of  ordinary   investors   even  after  a  defense  is  in
                                place.                Because   the  independence  of  the
                                special  committee is  questionable,  because the board is
                                composed  entirely of executives,  and because of the late
                                release  of  the  proxy   materials,   we  recommend  that
                                shareholders oppose this resolution.


04/17/07 - A        Julius Baer Holding AG (formerly Baer    H4407G172                          None                   1,880
                    Holdings)
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/17/07 - A        Julius Baer Holding AG (formerly Baer    H4407G172                          None                   1,880
                    Holdings)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 1 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Elect Directors                               For                              Mgmt
                    5        Ratify KPMG AG as Auditors                    For                              Mgmt
                    6        Approve 2:1 Stock Split                       For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/06/06 - A        Jumbo SA                                 X0282Q121                          None                   1,530
                             Annual Meeting
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Ratify Auditors                               For                              Mgmt
                    5        Approve Board Remuneration for Fiscal         For                              Mgmt
                             Period Ended June 30, 2006
                    6        Pre-approve Board Remuneration for Fiscal     For                              Mgmt
                             Period Ending June 30, 2007
                    7        Authorize Issuance of Common Bond Loan of     For                              Mgmt
                             EUR 125 Mio, Grant Board Authority to
                             Define Terms
                    8        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/30/07 - S        Jumbo SA                                 X4114P111                          None                   2,264
                    1        Amend Maximum Authorization for Common Bond   For                              Mgmt
                             Loan from EUR 125 Million to EUR 145 Million
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - S        Jumbo SA                                 X4114P111                          None                   4,528
                    1        Authorize Issuance of Nonconvertible Bonds    For                              Mgmt
                    2        Amend Article 5 of Company Bylaws and         For                              Mgmt
                             Codification
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/22/06 - A        JUST GROUP LTD *JST*                     Q514B4101                          11/20/06              16,082
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Fiscal Year Ended July 29,
                             2006
                    2a       Elect Laura Anderson as Director              For          For                 Mgmt
                    2b       Elect Ian Pollard as Director                 For          For                 Mgmt
                    3        Approve Remuneration Report for the Fiscal    For          For                 Mgmt
                             Year Ended July 29, 2006
                    4        Approve Remuneration of Directors with an     For          For                 Mgmt
                             Increase of A$200,000 from A$700,000 to
                             A$900,000


06/28/07 - A        K's Holdings Corp. *8282*                J36615102                          03/31/07               4,200
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 30
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                18 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    2.15     Elect Director --- For
                    2.16     Elect Director --- For
                    2.17     Elect Director --- For
                    2.18     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                meet our criteria for independence.  Nominee 2 is a former
                                executive of  Matsushita  Electric  Industrial  Co.,  Ltd.
                                Nominee 3 is a former executive of Victor Co. of Japan.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors
                                One  of the  retiring  auditors  has  been  designated  as
                                independent.          As  we believe  the  payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    5        Approve Stock Option Plan for Directors and   For          For                 Mgmt
                             Statutory Auditors
                                Option  Plan  Summary        Eligibility:   Directors  and
                                statutory  auditors of  company        Exercise  Price:  5
                                percent  premium  to  market  price  prior to grant  date.
                                        Potential   Dilution:   0.14   percent  of  issued
                                capital from this plan;  2.21 percent when  combined  with
                                other option  grants.  ISS  guidelines  call for potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth company.          Exercise Period:
                                Begins  2 years  from  the  grant  date        Performance
                                Hurdles:  None  disclosed.          This  plan  meets  ISS
                                guidelines.  Accordingly, we have no reason to oppose this
                                resolution.
                    6        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option  Plan   Summary        Eligibility:   Employees  of
                                company, and directors,  statutory auditors, and employees
                                of affiliates        Exercise  Price: 5 percent premium to
                                market  price  prior  to  grant  date.           Potential
                                Dilution:  1.49 percent of issued  capital from this plan;
                                2.21 percent when combined with other option  grants.  ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.          Exercise Period: Begins 2 years from the
                                grant  date        Performance  Hurdles:  None  disclosed.
                                        This  plan meets ISS guidelines.  Accordingly,  we
                                have no reason to oppose this resolution.


05/09/07 - A        K+S AG                                   D37808108                          04/18/07                 644
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify Deloitte & Touche GmbH as Auditors     For                              Mgmt
                             for Fiscal 2007
                    6        Elect Ralf Bethke to the Supervisory Board    For                              Mgmt
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/23/06 - A        KAGARA ZINC LIMITED *KZL*                Q5170L108                          11/21/06               7,921
                    1        Elect Ross Hutton as Director                 For          For                 Mgmt
                    2        Elect Mark Ashley as Director                 For          For                 Mgmt
                    3        Approve Remuneration Report for the Fiscal    For          Against             Mgmt
                             Year Ended June 30, 2006
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution   3        -   The  options   have  no  vesting
                                period.        -  The options  have no formal  performance
                                hurdles.        -   The  company  grants  options  to  its
                                non-executive   directors        -   There   has   been  a
                                significant  increase  in the  executive  chairman's  base
                                salary without rationale in the remuneration report.
                    4        Amend Employee Share Option Plan              For          For                 Mgmt
                    5        Approve the Grant of 500,000 Options at an    For          Against             Mgmt
                             Exercise Price of A$6.00 Each to Kim
                             Robinson
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  5  and  6        -  Options  have  no  formal
                                performance  hurdles.        -  Options  have  no  vesting
                                period.
                    6        Approve the Grant of 500,000 Options at an    For          Against             Mgmt
                             Exercise Price of A$6.00 Each to Joe Treacy
                    7        Approve the Grant of 500,000 Options at an    For          Against             Mgmt
                             Exercise Price of A$6.00 Each to Mark Ashley
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions 7 - 9        -  Local market  standards do not
                                support the issue of options to non-executive directors.
                    8        Approve the Grant of 500,000 Options at an    For          Against             Mgmt
                             Exercise Price of A$6.00 Each to Ross Hutton
                    9        Approve the Grant of 500,000 Options at an    For          Against             Mgmt
                             Exercise Price of A$6.00 Each to Shad Linley


06/28/07 - A        Kagoshima Bank Ltd. *8390*               J29094109                          03/31/07               5,778
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3.5
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  3        The nominee does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive  director of the Bank of  Tokyo-Mitsubishi  UFJ,
                                Ltd., one of the largest  shareholders in the company with
                                a  3.88  percent   stake.        Given  the  realities  of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that Deloitte Touche Tohmatsu & Co.
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed  Deloitte Touche Tohmatsu & Co. on a provisional
                                basis.   Here,  the  company  seeks  to  formally  appoint
                                Deloitte  Touche Tohmatsu & Co. We see no reason to oppose
                                this resolution.
                    5        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors
                                One  of the  retiring  auditors  has  been  designated  as
                                independent.        As  we  believe  the  payment  of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors


06/28/07 - A        Kaken Pharmaceutical Co. Ltd. *4521*     J29266103                          03/31/07               6,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 8.5
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  1        The nominee does not
                                meet  our  criteria  for  independence.          He  is  a
                                former  executive  of one of the largest  shareholders  in
                                the company  with a 3.45 percent  stake.        Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Statutory Auditors
                                The recipients are insiders.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                For  directors,  the  ceiling  is to be raised  from JY 22
                                million  per month (or JY 264  million per year) to JY 330
                                million  per  year.  After  the  meeting,  the  number  of
                                directors   decrease   from  9  to   8.                For
                                statutory  auditors,  the ceiling would be lowered from JY
                                6 million  per month (or JY 72 million  per year) to JY 70
                                million per year.  After the  meeting,  the  company  will
                                continue         to        have        4         statutory
                                auditors.                Because  the new  ceiling  is not
                                excessive, we have no reason to oppose this resolution.


06/13/07 - A        KARDAN NV                                N4784C102                          06/06/07                 830
                    1        Open Meeting                                  None                             Mgmt
                    2        Approval of the English Language as the       For                              Mgmt
                             Official Language and of the Euro as the
                             Currency of the Annual Accounts and the
                             Annual Report 2007
                    3        Receive Report of Management Board            None                             Mgmt
                    4        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    5        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    6        Approve Dividends of EUR 0.11 Per Share       For                              Mgmt
                    7        Approve Discharge of Management Board         For                              Mgmt
                    8        Approve Discharge of Supervisory Board        For                              Mgmt
                    9        Ratify Auditors                               For                              Mgmt
                    10       Elect Mr. W. van Damme to Management Board    For                              Mgmt
                    11       Reelect Mr. A. Shlank to Management Board     For                              Mgmt
                    12       Reelect Mr. J. Krant, Mr. A. Schnur, Mr. I.   For                              Mgmt
                             Fink and Mrs. K. Rechter to Supervisory
                             Board
                    13       Approve Remuneration Report Containing        For                              Mgmt
                             Remuneration Policy for Management Board
                             Members
                    14       Amend Articles                                For                              Mgmt
                    15       Renewal of the Directors' and Officers'       For                              Mgmt
                             Liability Insurance
                    16       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    17       Other Business (Non-Voting)                   None                             Mgmt
                    18       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - A        Kaufman et Broad SA                      F5375H102                          04/17/07                 816
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.87 per Share
                    3        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 209,800
                    6        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    7        Ratify Appointment Jeffrey T. Mezger as       For                              Mgmt
                             Director
                    8        Reelect Guy Nafilyan as Director              For                              Mgmt
                    9        Reelect Jeffrey T. Mezger as Director         For                              Mgmt
                    10       Reelect Yves Galland as Director              For                              Mgmt
                    11       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        KBC Groupe (frm. KBC Bank and            B5337G162                          None                   2,660
                    Insurance Holding Company)
                    1        Receive Directors' and Auditors' Reports      None                             Mgmt
                    2        Receive Auditors' Reports                     None                             Mgmt
                    3        Receive Consolidated Financial Statements     None                             Mgmt
                             and Statutory Reports (Non-Voting)
                    4        Accept Financial Statements                   For                              Mgmt
                    5        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3.31 per Share
                    6        Approve Discharge of Directors                For                              Mgmt
                    7        Approve Discharge of Former Directors         For                              Mgmt
                             (Gevaert)
                    8        Approve Discharge of Auditors                 For                              Mgmt
                    9        Approve Discharge of Former Auditor           For                              Mgmt
                             (Gevaert)
                    10       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    11.a     Elect A. Bergen as Director                   For                              Mgmt
                    11.b     Elect F. Donck as Director                    For                              Mgmt
                    11.c     Elect H. Langohr as Director                  For                              Mgmt
                    11.d     Elect F. Depickere as Director                For                              Mgmt
                    11.e     Elect C. Defrancq as Directors                For                              Mgmt
                    11.f     Ratify Ernst and Young as Auditors            For                              Mgmt
                    12       Allow Questions                               None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - S        KBC Groupe (frm. KBC Bank and            B5337G162                          None                   2,660
                    Insurance Holding Company)
                    1        Receive Special Report on Authorized Capital  None                             Mgmt
                    2        Cancel Company Treasury Shares                For                              Mgmt
                    3        Amend Articles Regarding the Form of Share    For                              Mgmt
                    4        Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights
                    5        Authorize Board to Issue Shares in the        For                              Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    6        Amend Articles Regarding Transitory           For                              Mgmt
                             Provisions
                    7        Amend Articles Regarding Shareholder          For                              Mgmt
                             Transparency
                    8        Authorize Board to Repurchase Shares in the   For                              Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    9        Amend Articles Regarding Dematerialized       For                              Mgmt
                             Shares
                    10       Amend Articles Regarding Board Mandates       For                              Mgmt
                    11       Amend Articles Regarding Representation       For                              Mgmt
                    12       Amend Articles Regarding the Date of Annual   For                              Mgmt
                             Meeting
                    13       Amend Articles Regarding a Transitory         For                              Mgmt
                             Provision on the Share Capital
                    14       Authorize Implementation of Approved          For                              Mgmt
                             Resolutions and Filing of Required
                             Documents/Formalities at Trade Registry
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/08/07 - A        KCI Konecranes Oyj (formerly KCI         X4342T109                          02/26/07               7,081
                    Konecranes International Co
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.45 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Approve Remuneration of Directors             For                              Mgmt
                    1.7      Approve Remuneration of Auditors              For                              Mgmt
                    1.8      Fix Number of Directors at Eight              For                              Mgmt
                    1        Elect Directors                               For                              Mgmt
                    1.10     Appoint Ernst & Young Oy as Auditor;          For                              Mgmt
                             Appoint Deputy Auditors
                    2        Amend Articles to Comply with New Finnish     For                              Mgmt
                             Companies Act Re: Replace References to
                             Nominal Value of Shares and Minimum and
                             Maximum Share Capital with Statement That
                             Shares Belong to Book-Entry Securities
                             System; Other Amendments
                    3        Authorize Repurchase of up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    4        Authorize Reissuance of Repurchased Shares    For                              Mgmt
                    5        Approve Stock Option Plan; Approve Creation   For                              Mgmt
                             of Pool of Conditional Capital to Guarantee
                             Conversion Rights
                    6        Amend 1997, 1999, 2001, and 2003 Stock        For                              Mgmt
                             Option Plans Re: Record Subscription Prices
                             in Invested Non-restricted Equity Fund
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Keiyo Bank Ltd. *8544*                   J05754106                          03/31/07              12,463
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 4
                    2        Elect Directors                               For          For                 Mgmt
                    3        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for   independence.           He   is  the   current
                                president of Netz Toyota  Tokyo  Co.,Ltd.,  the  company's
                                business  partner.                Given  the  realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors


06/21/07 - A        Keller Group plc                         G5222K109                          None                   4,617
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 11.4 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                                RREV  considers  a vote  in  favour  of  the  remuneration
                                report to be appropriate.
                    4        Re-elect Kevin Bond as Director               For          For                 Mgmt
                    5        Re-elect James Hind as Director               For          For                 Mgmt
                    6        Re-elect Wolfgang Sondermann as Director      For          For                 Mgmt
                    7        Re-elect Michael West as Director             For          For                 Mgmt
                    8        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Approve Scrip Dividend Program                For          For                 Mgmt
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,193,240
                    11       Subject to the Passing of Resolution 10,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 329,315
                    12       Authorise 6,586,307 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase


04/03/07 - A        KEMIRA GROWHOW OYJ                       X4448F102                          03/23/07               6,390
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditor's Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.15 Per Share
                    1.5      Approve April 17, 2007 as Date of Dividend    For                              Mgmt
                             Distribution
                    1.6      Approve Discharge of Board and President      For                              Mgmt
                    1.7      Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    1.8      Fix Number of Directors at Seven              For                              Mgmt
                    1        Elect Directors                               For                              Mgmt
                    1.10     Appoint KPMG Oy Ab as Auditor; Appoint        For                              Mgmt
                             Pekka Pajamo as Deputy Auditor
                    2        Authorize Reissuance of Repurchased Shares    For                              Mgmt
                    3        Approve Creation of Pool of Capital without   For                              Mgmt
                             Preemptive Rights
                             Shareholder Proposals
                    4        Shareholder Proposal: Establish Nominating    None                             ShrHoldr
                             Committee
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/02/07 - A        Kendrion NV (Formerly Schuttersveld      N48485127                          None                   2,421
                    Holding NV)
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3.a      Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    3.b      Approve Allocation of Income                  For                              Mgmt
                    4        Approve Discharge of Management Board         For                              Mgmt
                    5        Approve Discharge of Supervisory Board        For                              Mgmt
                    6        Elect R.L. de Bakker to Supervisory Board     For                              Mgmt
                    7        Approve Reverse Stock Split                   For                              Mgmt
                    8        Discussion on Company's Corporate             None                             Mgmt
                             Governance Structure
                    9        Grant Board Authority to Issue Shares Up To   For                              Mgmt
                             10 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    10       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    11       Other Business (Non-Voting)                   None                             Mgmt
                    12       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/27/07 - A        Kenedix Inc. (formerly Kennedy-Wilson    J3243N100                          12/31/06                   4
                    Japan) *4321*
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             3000, Special JY 0
                    2        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Special Payments to Continuing        For          Against             Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Statutory Auditors
                    8        Appoint External Audit Firm                   For          For                 Mgmt


04/27/07 - A        Keppel Land Ltd. (formerly Straits       V87778102                          None                  65,750
                    Steamship Land)
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend                        For          For                 Mgmt
                    3        Reelect Kevin Wong Kingcheung as Director     For          For                 Mgmt
                    4        Reelect Khor Poh Hwa as Director              For          For                 Mgmt
                    5        Reelect Niam Chiang Meng as Director          For          For                 Mgmt
                    6        Reelect Edward Lee Kwong Foo as Director      For          For                 Mgmt
                    7        Approve Directors' Fees of SGD 637,000 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             610,000)
                    8        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    9        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    10       Authorize Share Repurchase Program            For          For                 Mgmt
                    11       Approve Mandate for Transactions with         For          For                 Mgmt
                             Related Parties


05/18/07 - A        Kerry Group plc                          G52416107                          None                   3,135
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Dividends                             For          For                 Mgmt
                    3ai      Elect Denis Buckley as Director               For          Against             Mgmt
                                Effective  boards  exercise   independent   judgment  when
                                carrying   out  their   fiduciary   responsibilities.   By
                                requiring  a  majority  of  independent   directors,   the
                                possibility  of  conflicts  of interest is reduced and the
                                quality of board oversight is increased.  For companies in
                                this  market,  we will  recommend  against the election or
                                reelection  of any  non-independent  directors  (excluding
                                the  CEO) if the  proposed  board  does not  consist  of a
                                majority  of  independent   directors.   At  Kerry  Group,
                                excluding  the  chairman,  only 11 percent of the board is
                                independent.  Therefore,  shareholders are advised to vote
                                against the election of Flor Healy,  Brian Mehigan,  Denis
                                Buckley,   Michael  Dowling,  Eugene  McSweeney,   Desmond
                                O'Connor,  James O'Connell,  Michael O'Connor,  and Gerard
                                O'Hanlon.
                    3aii     Elect Michael Dowling as Director             For          Against             Mgmt
                    3aiii    Elect Eugene McSweeney as Director            For          Against             Mgmt
                    3bi      Elect Brian Mehigan as Director               For          Against             Mgmt
                    3bii     Elect Flor Healy as Director                  For          Against             Mgmt
                    3biii    Elect Desmond O'Connor as Director            For          Against             Mgmt
                    3biv     Elect Michael J. Sullivan as Director         For          For                 Mgmt
                    3ci      Elect James O'Connell as Director             For          Against             Mgmt
                    3cii     Elect Michael O'Connor as Director            For          Against             Mgmt
                    3ciii    Elect Gerard O'Hanlon as Director             For          Against             Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                                This is a routine proposal.
                    5        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to the Authorized But Unissued A
                             Ordinary Share Capital
                    6        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Five Percent of the Issued A
                             Ordinary Share Capital
                    7        Authorize Share Repurchase of up to Five      For          For                 Mgmt
                             Percent of the Issued A Ordinary Share
                             Capital


12/08/06 - S        Kingboard Chemical Holdings Ltd          G52562140                          12/06/06              21,000
                    1        Approve Connected Transactions and Annual     For          For                 Mgmt
                             Caps


05/18/07 - A        Kingboard Chemical Holdings Ltd          G52562140                          05/15/07              28,500
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend and Special Dividend   For          For                 Mgmt
                    3a       Reelect Cheung Kwong Kwan as Executive        For          For                 Mgmt
                             Director and Authorize Board to Fix His
                             Remuneration
                    3b       Reelect Mok Cham Hung, Chadwick as            For          For                 Mgmt
                             Executive Director and Authorize Board to
                             Fix His Remuneration
                    3c       Reelect Ho Yin Sang as Executive Director     For          For                 Mgmt
                             and Authorize Board to Fix His Remuneration
                    3d       Reelect Cheung Wai Lin, Stephanie as          For          For                 Mgmt
                             Executive Director and Authorize Board to
                             Fix Her Remuneration
                    3e       Reelect Cheng Ming Fun, Paul as Independent   For          For                 Mgmt
                             Non-Executive Director and Authorize Board
                             to Fix His Remuneration
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    5c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/25/07 - S        Kingboard Chemical Holdings Ltd          G52562140                          None                  28,500
                    1        Approve KBL Share Option Scheme               For          Against             Mgmt
                                Given  the  unfavorable  terms of the  proposed  plan,  we
                                recommend that shareholders vote against this proposal.


05/24/07 - A        Kingspan Group plc                       G52654103                          None                  57,198
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Dividends                             For          For                 Mgmt
                    3a       Elect Noel Crowe as Director                  For          Against             Mgmt
                                At Kingspan Group Plc, excluding the chairman,  only 36.36
                                percent of the board is  independent.  In  addition,  Eoin
                                McCarthy is a non-independent  non-executive  director who
                                serves on the board's Remuneration  Committee.  Therefore,
                                shareholders  are advised to vote  against the election of
                                Noel Crowe and Eoin McCarthy.
                    3b       Elect Brian Joyce as Director                 For          For                 Mgmt
                    3c       Elect Tony McArdle as Director                For          For                 Mgmt
                    3d       Elect Eugene Murtagh as Director              For          For                 Mgmt
                    3e       Elect Eoin McCarthy as Director               For          Against             Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                             Special Business
                    5        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights
                    6        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    7        Amend Kingspan Group PLC 1998 Share Option    For          For                 Mgmt
                             Scheme
                    8        Amend Kingspan Group PLC 2001 Second Tier     For          For                 Mgmt
                             Share Option Scheme


06/20/07 - A        Kintetsu World Express, Inc. *9375*      J33384108                          03/31/07               2,100
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 11
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,   or   26   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.                The  payout  ratio  for the full year
                                on a  consolidated  basis is on the low  side by  Japanese
                                standards.  However,  in  light  of  the  increase  in the
                                dividend  payment,  we do not oppose this  resolution.  We
                                will consider  voting against  future income  allocations,
                                if profits  grow and the  dividend  payment is not further
                                increased.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:        Nominees        1       and       14
                                                Background  of  non-executive  nominee(s):
                                        Nominee  1 is the current  chairman  of  company's
                                largest shareholder Kintetsu  Corporation,  and Nominee 14
                                is     the     current      president      of     Kintetsu
                                Corporation.        Board
                                Profile                Composition  of  board  after  this
                                meeting:  12 executives and 2  non-executives.  The number
                                of outsiders is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominee  3        Nominee 3 meets our
                                criteria  for  independence.  He  is a  professor  of  the
                                Graduate  School of Finance,  Accounting and Law at Waseda
                                University.        Nominees  1 and 2 are not designated by
                                the  company  as  independent,  and we have no  reason  to
                                oppose their nominations.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt


06/20/07 - A        KLOECKNER & CO. AG                       D40376101                          None                   3,302
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.80 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5a       Elect Jochen Melchior to the Supervisory      For                              Mgmt
                             Board
                    5b       Elect Hans-Georg Vater to the Supervisory     For                              Mgmt
                             Board
                    6        Ratify KPMG Hartkopf und Rentrop Treuhand     For                              Mgmt
                             KG as Auditors for Fiscal 2007
                    7        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    8        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    9        Approve Issuance of Convertible Bonds         For                              Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 350 Million
                    10       Approve Creation of EUR 11.6 Million Pool     For                              Mgmt
                             of Capital Capital to Guarantee Conversion
                             Rights of Holders of Convertible Bonds
                             and/or Bonds with Warrants Attached
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        KME GROUP SPA (Formerly SMI- Societa     T6291E129                          05/21/07              24,721
                    Metallurgica Italiana)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006
                    2        Fix Number of Directors on the Board; Elect   For                              Mgmt
                             Directors; Determine Directors' Remuneration
                    3        Revoke Mandate of External Auditors to        For                              Mgmt
                             Deloitte & Touche Spa and Elect KPMG Spa as
                             External Auditors for the Nine-Year Term
                             2007-2015; Fix Auditors' Remuneration
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/20/07 - S        KME GROUP SPA (Formerly SMI- Societa     T6291E129                          06/18/07              24,721
                    Metallurgica Italiana)
                             Special Meeting Agenda
                             Ordinary Business
                    1        Amend the KME Group SpA Stock Option          For                              Mgmt
                             Schemes for Executive Directors and Top
                             Management
                             Special Business
                    1        Authorize Capital Increase up to EUR 2.75     For                              Mgmt
                             Million Through the Issuance of up to 8
                             Million Shares, without Preemptive Rights,
                             Pursuant the Stock Option Scheme; Reduce
                             Capital Increase Authorization Approved on
                             May 19, 2006; Amend Bylaws Accordingly
                    2        Approve 3:1 Share Consolidation; Consequent   For                              Mgmt
                             Amendment of Company's Bylaws
                    3        Amend Articles 10, 11, 14, 16, 17, 22, and    For                              Mgmt
                             24 to Comply with the New Italian Law
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/16/07 - A        Kolon Engineering & Construction Co.     Y4818P101                          12/31/06               2,230
                    (formerly Kolon Construction)
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividends of KRW 600 Per Common Share
                                Proposed  dividend  is KRW 600 per  common  share (KRW 650
                                per preferred share),  which corresponds to a total payout
                                ratio of 21 percent,  slightly  increased  from 20 percent
                                the previous  year.  Although the payout ratio is low even
                                by  Korean  standards,  given  the  company's  net  income
                                decline  of 4 percent  year over  year,  we do not  oppose
                                this income allocation and dividend proposal.
                    2        Amend Articles of Incorporation to Contract   For          For                 Mgmt
                             Business Objectives
                                The amendment  would seek  shareholder  approval to expand
                                the   company's   business   objectives  by  removing  the
                                information system business,  the power  converter-related
                                business,   the  parking  equipment   business,   and  the
                                Internet  broadcasting  business.  We do not  oppose  this
                                resolution.
                    3        Elect Five Directors                          For          For                 Mgmt
                                This  item  asks  shareholders  to elect  three  executive
                                directors,  one  non-independent   non-executive  director
                                (NED) and one independent NED to the board.  The executive
                                director  nominees are Kwon Yong-dae,  a vice president of
                                the  company;  Lee  Joo-hong,  a  vice  president  of  the
                                company;  and Lee Yong-cheol,  a managing  director of the
                                company.  The  non-independent NED nominee is Kim Nam-soo,
                                a  vice  president  of  Kolon  Co.,  an  affiliate  of the
                                company.  The independent NED nominee is Jang  Myung-soon,
                                a  professor  at  Hanyang  University.  Kwon  and Jang are
                                incumbent  directors  while others are new directors.  All
                                of their  terms  will be three  years  on the  board  once
                                elected.  Kwon holds 3000 stock  options and 24250  common
                                shares of the  company  while the others  have not engaged
                                in any  disclosable  transaction  with the company  within
                                the last  three  years.  The number of  directors  remains
                                unchanged at eight, of whom two are independent NEDs.
                    4        Appoint Two Auditors                          For          For                 Mgmt
                                This  item  seeks   shareholder   approval  to  elect  two
                                auditors for the company.  The nominees are Lim Jae-hyung,
                                the  representative  director of  Misiryung  Dongseo  Road
                                Penetration Inc. and Hong Ji-man,  the head at HONG JI MAN
                                Law  Firm.  Lim  is  a  new  director  while  Hong  is  an
                                incumbent  director.  Both of  their  terms  will be three
                                years  as  auditors  once  elected.  Neither  nominee  has
                                engaged in any  disclosable  transaction  with the company
                                within the last three years.
                    5        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit  for  2007 is KRW 3.5  billion,  unchanged
                                from the previous  year.  Although the last year's  actual
                                payout was not  disclosed,  a total of KRW 48 million  was
                                paid  for  the  two   independent   NEDs.   The  level  of
                                directors'  fees is usually not  problematic  among Korean
                                companies. We see no reason to oppose this resolution.
                    6        Approve Limit on Remuneration of Auditors     For          For                 Mgmt
                                The ceiling for two auditors  for 2007  remains  unchanged
                                at KRW 300  million.  Last  year's  actual  payout was not
                                disclosed.
                    7        Approve Stock Option Grants                   For          For                 Mgmt
                                The  company is  seeking  shareholder  approval  on option
                                grants over a total of 15,000 shares to Won Hyun-soo,  the
                                representative  director  of  the  company.  Either  newly
                                issued or  repurchased  shares may be used.  The  exercise
                                period is within  three years after two years since issued
                                while  the  exercise   price  is  KRW   21,000.        The
                                exercise  price  shall  be  adjusted  in  the  event  of a
                                capital  increase,   stock  dividend,   capitalization  of
                                reserves,  stock  split,  or  reverse  split.        These
                                grants  would bring the total number of options to 133650,
                                representing  approximately  0.6  percent of issued  share
                                capital. This falls within ISS guidelines,  which allows a
                                maximum of 5-percent  dilution  from all stock options for
                                a mature company such as Kolon Engineering & Construction.


06/22/07 - A        Komatsu Ltd. *6301*                      J35759125                          03/31/07             134,700
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 13, Final
                             JY 18, Special JY 0
                                The  payout  ratio is 19  percent  based  on  consolidated
                                earnings, or 37 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:  Nominees 6, 7, and  8        Background of
                                non-executive  nominee(s):  Nominee 6 is a senior  advisor
                                to Sumitomo  Mitsui Bank  (SMBC),  and former  chairman of
                                predecessor  Sumitomo Bank. SMBC is Komatsu's main lender.
                                Nominee 7 is the current  chairman of NEC Corp.  Nominee 8
                                is    the    former     chairman    of    Shiseido    Co.,
                                Ltd.        Composition  of board  after this  meeting:  7
                                executives  and  3  non-executives.        The  number  of
                                outsiders is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney in private practice.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing  aggregate  bonus  payments of JY
                                339 million to 7 executive  directors  and JY 9 million to
                                3  non-executives.  Because the amounts are not excessive,
                                we have no reason to oppose this resolution.
                    5        Approve Stock Option Plan for Directors       For          For                 Mgmt
                                Option  Plan   Summary        Eligibility:   directors  of
                                company        Exercise   Price:  5  percent   premium  to
                                market   price   prior  to  grant   date.        Potential
                                Dilution:  The  maximum  number of shares  which  could be
                                issued per year is 206,000  for  executive  directors  and
                                33,000 for non-executives;  with a maximum value of JY 310
                                million  per year for  executives  and JY 50  million  per
                                year for  non-executives.  If this resolution is approved,
                                the  company  will  not  need to seek  annual  shareholder
                                approval for future  option grants as long as the value of
                                options  issued per year does not exceed the annual limit.
                                Assuming that the company  issues  239,000 shares per year
                                over the next ten years,  the maximum  potential  dilution
                                from this plan,  coupled with  dilution from the company's
                                other  option  plans,  comes to less than one  percent  of
                                issued   capital.   ISS  guidelines   call  for  potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth company.          Exercise Period:
                                The exercise  period will be determined by the full board,
                                potentially  beginning  as soon as one year from the grant
                                date   and    running    for   as   long   as   7   years.
                                        Performance Hurdles: None disclosed.          This
                                plan meets ISS guidelines.  Accordingly, we have no reason
                                to oppose this resolution.
                    6        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option Plan Summary                Eligibility:  Employees
                                of Komatsu and directors of affiliates.  Komatsu directors
                                have their own option  plan (see Item  5).        Exercise
                                Price:  5 percent  premium to market  price prior to grant
                                date          Potential  Dilution:  0.03 percent of issued
                                capital  from  this  plan;  less  than  one  percent  when
                                combined  with other option  grants.  Note that  companies
                                must  seek   approval  each  year  for  option  grants  to
                                employees  (including  directors of subsidiaries);  unlike
                                option  grants to directors and  statutory  auditors.  ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.                Exercise   Period:   September  1,
                                2008 through August 31, 2015.                  Performance
                                Hurdles:  None   disclosed.        This   plan  meets  ISS
                                guidelines.  Accordingly, we have no reason to oppose this
                                resolution.
                    7        Approve Retirement Bonuses to Directors and   For          Against             Mgmt
                             Statutory Auditor, and Special Payments to
                             Continuing Directors and Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  2  retiring   directors  and  1
                                retiring  statutory  auditor.  In  addition,  the  company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  8  continuing   directors  and  4
                                continuing  statutory  auditors.  The board is  requesting
                                the authority to make these  payments in  connection  with
                                the     abolition     of     the     retirement      bonus
                                system.                In    this   case,   the   retiring
                                statutory  auditor has been  designated  by the company as
                                independent.  In addition,  3 of the continuing  directors
                                have been  designated  as outside  directors  and 2 of the
                                continuing  statutory  auditors  have been  designated  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend  opposing  the whole  item.        We  note that
                                Komatsu  has  disclosed  the  aggregate   amounts  of  the
                                payments:   JY  654.7  million  to  the  10  retiring  and
                                continuing   directors   (of  which   the  three   outside
                                directors will share a total of JY 19.5  million),  and JY
                                46.3 million to the five retiring and continuing  auditors
                                (of  which the three  outsiders  will  share a total of JY
                                18.3  million).   Although  we  applaud  the  company  for
                                disclosing more  information  than usual  concerning these
                                payments,  it is clear that the  amounts in  question  are
                                not   trivial,   and  we  cannot  be   certain   that  the
                                independence  of the outsiders --  particularly  those who
                                will  remain  in their  posts -- will not be  impacted  by
                                these payments.


03/23/07 - A        Kookmin Bank                             Y4822W100                          12/31/06               5,886
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 3650 Per Share
                    2        Elect Jacques P.M. Kemp as Independent        For          For                 Mgmt
                             Non-Executive Director
                    3        Elect Four Members of Audit Committee         For          For                 Mgmt
                    4        Approve Stock Options Previous Granted by     For          For                 Mgmt
                             Board
                    5        Approve Stock Option Grants                   For          For                 Mgmt


08/09/06 - S        Korea Electric Power Corp                Y48406105                          07/05/06               5,370
                    1        Elect Three Executive Directors               For          For                 Mgmt


03/23/07 - A        Korea Electric Power Corp                Y48406105                          12/31/06               4,260
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 1000 Per Share
                    2        Elect President of Company                    For          For                 Mgmt


03/26/07 - A        Korea Gas Corp.                          Y48861101                          12/31/06               4,400
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 1100 Per Share
                    2        Amend Articles of Incorporation               For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    5        Approve Limit on Remuneration of Auditors     For          For                 Mgmt
                    6        Aprrove 2007 Business Plan                    For          For                 Mgmt


03/16/07 - A        Korea Line Corp.                         Y4925J105                          12/31/06                 250
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 750 Per Share
                                Proposed dividend is KRW 750 per share,  which corresponds
                                to a  payout  ratio of 7  percent,  slightly  down  from 8
                                percent the previous  year.  The payout ratio is extremely
                                low even by Korean  standard.  We call on the  company  to
                                improve its payout ratio in the future.  However, in light
                                of the company's strong financial  performance,  we do not
                                oppose this income  allocation  and  dividend  proposal at
                                this time.
                    2        Elect Directors                               For          For                 Mgmt
                                There  are  one   executive   director   nominee  and  one
                                independent  non-executive  director  (NED)  nominee.  The
                                executive director nominee is Lee Jin-bang,  the president
                                of  the  company.   The  independent  NED  nominee  is  Jo
                                Hyun-woo,  a former judge at Seoul Bar  Association.  Both
                                Lee and Jo are  incumbent  directors.  Both  nominees will
                                serve  on  the  board  for  the  next  three   years  upon
                                shareholder  approval.  Neither nominee has engaged in any
                                disclosable  transaction  with the company within the last
                                three years. The number of director  remains  unchanged at
                                six, of whom two are independent NEDs.
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit  for  2007 is KRW 1.5  billion,  unchanged
                                from  the  previous  year.  Although  last  year's  actual
                                payout was not  disclosed,  a total of KRW 48 million  was
                                paid for two independent non-executive directors.
                    4        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                The ceiling for one auditor for 2007 remains  unchanged at
                                KRW  200  million.  Last  year's  actual  payout  was  not
                                disclosed.


02/28/07 - A        Korea Zinc Co Ltd                        Y4960Y108                          12/31/06                 432
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 1500 Per Share
                    2        Elect Directors                               For          For                 Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    4        Approve Limit on Remuneration of Auditors     For          For                 Mgmt


03/16/07 - A        Korean Air Co. Ltd. (formerly Korean     Y4936S102                          12/31/06               5,090
                    Air Lines)
                    1        Approve Appropriation of Income and Cash      For          For                 Mgmt
                             Dividend of KRW 100 Per Common Share
                    2        Elect Three Executive Directors               For          For                 Mgmt
                    3        Elect Two Members of Audit Committee          For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


01/18/07 - S        Kowloon Development Company Limited      Y49749107                          01/15/07               4,000
                    1        Approve Increase in Authorized Capital from   For          For                 Mgmt
                             HK$100.0 Million to HK$500.0 Million by the
                             Creation of 4.0 Billion New Ordinary Shares
                             of HK$0.1 Each
                                This  item  seeks to  increase  the  company's  authorized
                                capital  from  HK$100.0  million  ($12.9  million)  to HK$
                                500.0  million  ($64.5  million)  by the  creation  of 4.0
                                billion  new  shares  of  HK$0.1   ($0.01)  each  (Capital
                                Increase).  The company's  authorized capital is currently
                                composed  of 1.0  billion  shares of HK$0.1  ($0.01)  each
                                with a nominal value of HK$100.0  million ($12.9 million).
                                Upon the Capital Increase becoming  effective and assuming
                                no further  shares  would be issued  prior to the EGM, the
                                authorized  share capital of the company would be HK$500.0
                                million  ($64.5  million)  divided into 5.0 billion shares
                                of HK$0.1  ($0.01) each, of which 767.1 million  shares of
                                HK$0.1  ($0.01)  would  be  issued  and  fully  paid.  The
                                directors  propose this increase to  facilitate  the issue
                                by the  company  of  rights  shares  on the  basis  of one
                                rights  share for every two shares  held in order to raise
                                proceeds for the  company's  investment in a joint venture
                                enterprise  in  connection   with  an   acquisition  of  a
                                composite property  development site. This is a reasonable
                                request.


03/14/07 - A        KT&G Corp. (Formerly Korea Tobacco &     Y49904108                          12/31/06              24,378
                    Ginseng)
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 2400 Per Share
                    2        Elect President of the Company                For          For                 Mgmt
                    3        Elect Three Independent Non-Executive         For          For                 Mgmt
                             Directors
                    4        Elect Member of Audit Committee who is also   For          For                 Mgmt
                             Independent Non-Executive Director
                    5        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    6        Amend Terms of Severance Payments to          For          For                 Mgmt
                             Executive Directors
                    7        Amend Terms of Severance Payments to          For          For                 Mgmt
                             Executives


05/24/07 - A        Kumba Iron Ore Ltd.                      S4341C103                          None                  10,367
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended 2006
                    2        Elect Directors                               For          For                 Mgmt
                    3        Approve Remuneration of Directors             For          For                 Mgmt
                    4        Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    5        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights up to a Maximum of 5
                             Percent of Issued Ordinary Share Capital
                             Special Business
                    1        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital


04/18/07 - A        Kungsleden AB                            W53033101                          04/12/07               6,000
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Bengt Kjell as Chairman of Meeting      For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive Board and Committee Reports           None         None                Mgmt
                    8        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports; Receive President's Report
                    9a       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    9b       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 11 Per Share; Set April 23, 2007 as
                             Record Date for Dividends
                    9c       Approve Discharge of Board and CEO            For          For                 Mgmt
                    10       Receive Report of Nominating Committee        None         None                Mgmt
                    11       Determine Number of Auditors (1) and Deputy   For          For                 Mgmt
                             Auditors (1)
                    12       Determine Number of Members (8) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    13       Approve Remuneration of Directors in the      For          Against             Mgmt
                             Amount of SEK 400,000 for Chairman and SEK
                             200,000 for Shareholder-Elected Board
                             Members; Approve Remuneration for Committee
                             Work; Approve Remuneration of Auditors
                                Auditors'  fees  for  the  previous  fiscal  year  are not
                                disclosed   and  broken  down  into  at  least  audit  and
                                non-audit fees.          Disclosure of audit and non-audit
                                fees   is   a   prerequisite   for   evaluating    auditor
                                independence.  An  auditor's  ability to remain  objective
                                becomes  questionable  when fees paid to the  auditor  for
                                non-audit services such as management consulting,  general
                                bookkeeping,  and  special  situation  audits  exceed  the
                                standard annual audit fees.          Companies  in a large
                                number  of  countries  are  either   required  by  law  to
                                disclose audit fees or it is accepted  market  practice to
                                do so. However,  not all companies  disclose audit fees in
                                a timely  manner.  Companies  in the MSCI  EAFE  index are
                                some  of  the  largest,   with  high   international   and
                                institutional  ownership.  As such, those companies should
                                adhere to higher disclosure  standards and are expected to
                                provide the  minimum  disclosure  of  auditors'  fees.  We
                                therefore  target  companies  on this  index  which do not
                                provide  audit fees  broken  down into at least  audit and
                                non-audit  fees.        Our policy requires that fees must
                                be disclosed in a publicly  available source,  such as the
                                annual  report or the company's  Web  site.        In  the
                                absence  of  disclosure  of at least  audit and  non-audit
                                fees, we recommend that investors vote against this item.
                    14       Reelect Bengt Kjell (Chairman), Jens          For          For                 Mgmt
                             Engwall, Mats Israelsson, Jan Nygren, Anne
                             Jiffer, Jonas Nyren, and Per-Anders Ovin as
                             Directors; Elect Thomas Erseus as New
                             Director
                    15       Ratify Bjorn Flink as Auditor and George      For          For                 Mgmt
                             Pattersson as Deputy Auditor (Both from
                             KPMG Bohlins AB)
                    16       Approve New Instructions for Nominating       For          For                 Mgmt
                             Committee
                    17       Elect KG Lindvall, Gunnar Balsvik, and        For          For                 Mgmt
                             Charlotta Wikstrom as Members of Nominating
                             Committee
                    18       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    19       Approve Stock Option Plan for Key             For          For                 Mgmt
                             Employees; Approve Repurchase of 400,000
                             Shares and Reissuance of Shares for Stock
                             Option Program
                    20       Authorization to Raise Loans Where Payable    For          Against             Mgmt
                             Interest or the Amounts with Which the Loan
                             Shall be Repaid Are Conditional Upon the
                             Company's Results or Financial Position
                                We strongly  believe that publicly listed companies should
                                disclose  financial  information  as  well as  details  on
                                proposals  well in advance of the  meeting.  Without  such
                                disclosure,  shareholders  cannot make informed  decisions
                                on whether  agenda  items are routine or  non-routine  and
                                therefore  whether they should incur  expenses in order to
                                attend the  meeting or  arrange to be  represented  at the
                                meeting.        We  recommend  that  shareholders  contact
                                the company's investor relations  department  directly and
                                express their desire to receive  details of proposals well
                                in  advance  of  the   meeting.   Because  of  a  lack  of
                                information,  shareholders  are  advised  to vote  against
                                this item.
                    21       Close Meeting                                 None         None                Mgmt


06/28/07 - A        Kuroda Electric Co. (Kuroda Denki)       J37254109                          03/31/07               1,800
                    *7517*
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Candidates  1  to  6  are   insiders  and  are   incumbent
                                directors seeking reappointment.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                                Candidates  7  to  9  have  been   classified  as  outside
                                directors.    All   nominees   meet   ISS   criteria   for
                                independence.   Candidate  7  is  an   attorney   and  law
                                professor.  He  has  not  previously  held a  position  at
                                Kuroda.  Candidate 8 is an  attorney in private  practice.
                                Candidate 9 is former executive of NEC Corp.
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For


06/21/07 - A        KYORIN CO LTD *4569*                     J37996113                          03/31/07               4,000
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                All nominees are incumbent executive directors.  Two other
                                executives  are  stepping  down,  so the  board  size will
                                decrease from 11 to 9.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    2        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee,  a former  executive of construction  company
                                Taisei Corp., meets our criteria for independence.
                    3        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor
                                The  retiring  auditor is an  outsider.  As we believe the
                                payment  of  such  bonuses  to   non-executives,   at  the
                                discretion  of the  insiders,  is a  highly  inappropriate
                                practice anywhere,  we see no alternative but to recommend
                                opposing this item.


04/26/07 - A        LABROY MARINE LTD                        Y5109N143                          None                  79,612
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.02 Per Share  For          For                 Mgmt
                    3        Reelect Sitoh Yih Pin as Director             For          For                 Mgmt
                    4        Reelect Peter Chen Siow Hsing as Director     For          For                 Mgmt
                    5        Approve Directors' Fees                       For          Against             Mgmt
                                As the absence of  information  on this proposal  makes it
                                difficult  to  ascertain  whether  approval  of this  item
                                would have any  negative  impact on  shareholders,  a vote
                                opposing this resolution is recommended.
                    6        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Other Business (Voting)                       For          Against             Mgmt
                                While such request is usually  routine,  the potential for
                                discussion and subsequent  approval of items that could be
                                dangerous  to  minority  shareholders  is  a  possibility.
                                Until  more  detailed   information   is  made   available
                                concerning  this item, a vote  opposing  such request must
                                be recommended.
                    8        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    9        Approve Issuance of Shares and Grant          For          Against             Mgmt
                             Options Pursuant to the Labroy Share Option
                             Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15 percent.


05/03/07 - A/S      Lafarge                                  F54432111                          04/27/07              18,381
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Reelect Michael Blakeham as Director          For                              Mgmt
                    6        Reelect Michel Pebereau as Director           For                              Mgmt
                    7        Elect Philippe Dauman as Director             For                              Mgmt
                    8        Elect Pierre de Lafarge as Director           For                              Mgmt
                    9        Authorize Repurchase of Up to Seven Percent   For                              Mgmt
                             of Issued Share Capital
                    10       Authorize Issuance of Bonds/Debentures in     For                              Mgmt
                             the Aggregate Value of EUR 5 Billion
                             Special Business
                    11       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    12       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 200 Million
                    13       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 135 Million
                    14       Authorize Capital Increase of up to EUR 68    For                              Mgmt
                             Million for Future Acquisitions
                    15       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 100 Million for Bonus Issue or
                             Increase in Par Value
                    16       Approve Stock Option Plans Grants             For                              Mgmt
                    17       Authorize up to 1 Percent of Issued Capital   For                              Mgmt
                             for Use in Restricted Stock Plan
                    18       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    19       Approve Employee Stock Purchase Plan for US   For                              Mgmt
                             Employees
                    20       Amend Articles of Association Re:             For                              Mgmt
                             Disclosure Threshold
                    21       Amend Articles of Association Re:             For                              Mgmt
                             Videoconference at Board Meetings
                    22       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    23       Amend Articles of Association Re: Voting      For                              Mgmt
                             Rights Limitation
                    24       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                    A        End of the Voting Rights Limitation: Jan.     Against                          ShrHoldr
                             1, 2011
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A        LAND CO. LTD. *8918*                     J3863B105                          02/28/07                   9
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             2000, Special JY 1000
                                The  payout  ratio is 26  percent  based  on  consolidated
                                earnings, or 27 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Amend Articles to Recognize Validity of       For          For                 Mgmt
                             Board Resolutions in Writing or by
                             Electronic Means
                                This   amendment   would   allow  the  board  to  meet  by
                                teleconference,   video   conference  or  similar   means,
                                without having to physically  assemble in one place.  Most
                                companies have sought approval for similar amendments,  as
                                part  of  the   package   of  changes   accompanying   the
                                promulgation  of the new Corporate Law.  Because this item
                                is routine, we see no reason to oppose this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:   Nominee  5  and  6        Affiliation  of
                                non-executive  nominee(s):        Nominee  5 is  a  former
                                executive   director  of  Daikyo  Inc.  Nominee  6  is  an
                                attorney.        Board    Profile        Composition    of
                                board   after   this   meeting:   4   executives   and   2
                                non-executives.        The    number   of   outsiders   is
                                increasing from 0 to 2.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  executive of Sumitomo  Life
                                Insurance Company.
                    5.1      Appoint External Audit Firm                   For          For                 Mgmt
                                Land Co. seeks  approval for the  reappointment  of Misuzu
                                Audit Corp. in Item 5.1, and for the  appointment  of Shin
                                Nihon  &  Co.  in  Item  5.2.   Misuzu,   then   known  as
                                ChuoAoyama,  was  ordered  to suspend  operations  for two
                                months in 2006 after its  auditors  were  implicated  in a
                                case  of   accounting   fraud  at  Kanebo  Ltd.  Land  Co.
                                reappointed  Misuzu  on  a  provisional  basis  after  the
                                suspension  ended,  and Misuzu  submitted  an  unqualified
                                audit report for 2006-07.  However,  in recognition of the
                                damage to its reputation  and bottom line,  Misuzu decided
                                earlier  this  year to  voluntarily  disband  in July  and
                                transfer  its  remaining  auditors and clients to a number
                                of other audit  firms.  ISS has opposed the  reappointment
                                of  Misuzu,  even  during a  relatively  brief  transition
                                period,  where a successor  firm has not been  identified.
                                However,  in this case it is clear  that Shin  Nihon  will
                                take over from Misuzu effective August 1. Accordingly,  we
                                do not oppose the appointment of either firm.
                    5.2      Appoint External Audit Firm                   For          For                 Mgmt
                                See Item 5.1.


05/31/07 - A        Lanxess AG                               D5032B102                          05/10/07               3,683
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.25 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                    6        Amend Existing Pool of Capital without        For                              Mgmt
                             Preemptive Rights
                    7        Approve Creation of EUR 5.8 Million Pool of   For                              Mgmt
                             Capital without Preemptive Rights
                    8        Approve Issuance of Convertible Bonds         For                              Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 500 Million; Approve Creation
                             of EUR 21.2 Million Pool of Capital to
                             Guarantee Conversion Rights
                    9        Approve Issuance of Convertible Bonds         For                              Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 500 Million; Approve Creation
                             of EUR 21.2 Million Pool of Capital to
                             Guarantee Conversion Rights
                    10       Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    11       Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/27/06 - A        Lasertec Corp. *6920*                    J38702106                          06/30/06               1,232
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             40, Special JY 0
                    2        Amend Articles to: Expand Business Lines -    For          For                 Mgmt
                             Reduce Directors Term in Office - Authorize
                             Public Announcements in Electronic Format -
                             Limit Rights of Odd-lot Holders - Limit
                             Liability of Directors and Statutory
                             Auditors
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    4        Approve Deep Discount Stock Option Plan for   For          For                 Mgmt
                             Directors


11/09/06 - A        Leighton Holdings Ltd. *LEI*             Q55190104                          11/07/06              53,694
                    1        Receive Financial Statements and Statutory    For          For                 Mgmt
                             Reports For the Year Ended June 30, 2006
                    2        Adopt Remuneration Report For the Year        For          For                 Mgmt
                             Ended June 30, 2006
                    3        Elect Directors                               For          For                 Mgmt
                    4        Approve Senior Executive Option Plan          For          For                 Mgmt
                    5        Approve Management Share Plan                 For          For                 Mgmt
                    6        Approve Grant of Up to 600,000 Options to     For          For                 Mgmt
                             W.M. King, Under the Senior Executive
                             Option Plan
                    7        Approve Grant of Up to 400,000 Options to     For          For                 Mgmt
                             D.S. Adamsas, Under the Senior Executive
                             Option Plan


03/16/07 - A        Lemminkaeinen Corporation                X4894Y100                          03/06/07                 159
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.50 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Approve Remuneration of Directors             For                              Mgmt
                    1.7      Fix Number of Directors at Five               For                              Mgmt
                    1.8      Approve Remuneration of Auditors              For                              Mgmt
                    1        Elect Directors                               For                              Mgmt
                    1.10     Reelect PricewaterhouseCoopers Oy as Auditor  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/26/07 - A        LG Card Co.                              Y5275T106                          12/31/06               3,280
                    1        Approve Financial Statements                  For          For                 Mgmt
                    2        Elect Six Directors                           For          For                 Mgmt
                    3        Elect Three Members of Audit Committee        For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    5        Amend Articles of Incorporation               For          Against             Mgmt
                                Because  the  company  has  not   specified  any  business
                                objectives  the company is  proposing,  we recommend  that
                                shareholders vote against this resolution.


09/22/06 - S        LG Dacom Corporation (frmly Dacom        Y1855Q109                          08/28/06               1,670
                    Corp.)
                    1        Amend Articles of Incorporation to Change     For          For                 Mgmt
                             Company's Name
                                The company seeks shareholder  approval to change its name
                                from DACOM  CORPORATION to LG DACOM  CORPORATION.  We have
                                no reason to oppose this resolution.
                    2        Elect Directors                               For          For                 Mgmt
                                There  are  one  non-independent   non-executive  director
                                nominee   and  one   executive   director   nominee.   The
                                non-independent  non-executive  director  nominee  is  Nam
                                Young-Woo,  a vice  president of LG Corp. and a former CFO
                                of Dacom  Corp.  The  executive  director  nominee is Sung
                                Ki-Sup,  a  senior  executive  director  of  the  company.
                                Neither   nominee   has   engaged   in   any   disclosable
                                transaction with the company within the last three years.


03/09/07 - A        LG Dacom Corporation (frmly Dacom        Y5252V108                          12/31/06               9,360
                    Corp.)
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 600 Per Share
                    2        Elect Independent Non-Executive Director      For          For                 Mgmt
                    3        Elect Member of Audit Committee               For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


03/23/07 - A        LG Electronics Inc.                      Y5275H177                          12/31/06               3,530
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 750 Per Common Share
                    2        Elect Directors                               For          For                 Mgmt
                    3        Elect Members of Audit Committee              For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


03/16/07 - A        LG Household & Health Care Ltd.          Y5275R100                          12/31/06                 461
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividends of KRW 1050 Per Common Share
                    2        Elect Directors                               For          For                 Mgmt
                    3        Elect Members of Audit Committee              For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


06/14/07 - A        LIG Insurance Co. (frmly LG Insurance    Y5277H100                          03/31/07              16,440
                    Co.)
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 150 Per Share
                    2        Elect Two Directors                           For          For                 Mgmt
                    3        Approve Limit on Remuneration of Directors    For          For                 Mgmt


04/26/07 - A        Lindt & Spruengli AG                     H49983176                          None                       3
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Lindt & Spruengli AG                     H49983176                          None                       3
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 275 per Share and CHF 27.50 per
                             Participation Certificate
                    4        Elect Directors                               For                              Mgmt
                    4.2      Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/03/06 - S        Lojas Renner                             P6332C102                          None                   1,818
                    1        Approve 1:5 Stock Split                       For          For                 Mgmt
                    2        Amend Bylaws to Conform with Bovespa's Novo   For          For                 Mgmt
                             Mercado Regulations
                    3        Amend Company's Option Plan Approved at the   For          Against             Mgmt
                             5-25-06 EGM Re: Total Number of Shares of
                             up to 4.5 Percent of the Outstanding
                             Capital and the Share Price Shall be the
                             Average Market Price 30 Days Prior to the
                             Grant Date
                                Because of the  potential  for the  granting of options to
                                executives  at a  discount  to fair  market  value,  it is
                                recommended that shareholders oppose this item.


05/18/07 - A        Lookers plc                              G56420170                          None                   4,506
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 2.2 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    4        Elect Phil White as Director                  For          For                 Mgmt
                    5        Re-elect Ken Surgenor as Director             For          For                 Mgmt
                    6        Re-elect David Dyson as Director              For          For                 Mgmt
                    7        Re-elect Brian Schumacker as Director         For          For                 Mgmt
                    8        Appoint Deloitte & Touche LLP as Auditors     For          For                 Mgmt
                             of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,003,255
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 450,487
                    12       Authorise 18,019,503 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


03/16/07 - A        LS Cable Co. (formerly LG Cable)         Y5274S109                          12/31/06               4,510
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 1000 Per Share
                    2        Elect Executive Director                      For          For                 Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


06/28/07 - A        Lukoil Oao                               677862104                          05/11/07             198,396
                             Meeting for ADR Holders
                    1        TO APPROVE THE ANNUAL REPORT OF OAO LUKOIL    For          For                 Mgmt
                             FOR 2006, INCLUDING: THE NET PROFIT OF OAO
                             LUKOIL FOR DISTRIBUTION FOR 2006 WAS EQUAL
                             TO 55,129,760,000
                             Elect 11 Directors by Cumulative Voting
                    2        Elect Directors                               None         Split               Mgmt
                    2.1      Elect Vagit Alekperov as Director ---
                             Withhold
                                ISS  Analysis        As  declared  by  Lukoil in a written
                                statement to ISS,  Belikov,  Kutafin,  Matzke,  Mikhailov,
                                and  Shokhin   fulfill  ISS'   criteria  for   independent
                                directors.  Because we believe that independent  directors
                                are most  capable of making  impartial  decisions,  taking
                                into  consideration  first and  foremost  the  rights  and
                                value of the  company's  shareholders,  we recommend  that
                                shareholders vote in favor of Belikov (item 2.2),  Kutafin
                                (item 2.6),  Matzke (item 2.8),  Mikhailov (item 2.9), and
                                Shokhin  (item  2.12)  and  withhold  their  votes for the
                                remaining  seven  nominees.  We  believe  that  these five
                                candidates  are most likely to bring  independence  to the
                                board  and  will  most  likely  act in  all  shareholders'
                                interest.
                    2.2      Elect Igor Belikov as Director --- For
                    2.3      Elect Mikhail Berezhnoy as Director ---
                             Withhold
                    2.4      Elect Donald Wallette (Jr.) as Director ---
                             Withhold
                    2.5      Elect Valery Grayfer as Director ---
                             Withhold
                    2.6      Elect Oleg Kutafin as Director --- For
                    2.7      Elect Ravil Maganov as Director --- Withhold
                    2.8      Elect Richard Matzke as Director --- For
                    2.9      Elect Sergey Mikhailov as Director --- For
                    2.10     Elect Nikolay Tsvetkov as Director ---
                             Withhold
                    2.11     Elect Igor Sherkunov as Director ---
                             Withhold
                    2.12     Elect Alexander Shokhin as Director --- For
                             Elect Three Members of Audit Commission
                    3        TO ELECT THE AUDIT COMMISSION FROM THE LIST   For          For                 Mgmt
                             OF CANDIDATES APPROVED BY THE BOARD OF
                             DIRECTORS OF OAO LUKOIL ON 3 FEBRUARY 2007
                             (MINUTES NO.4): BULAVINA,
                    4        TO ELECT THE AUDIT COMMISSION FROM THE LIST   For          For                 Mgmt
                             OF CANDIDATES APPROVED BY THE BOARD OF
                             DIRECTORS OF OAO LUKOIL ON 3 FEBRUARY 2007
                             (MINUTES NO.4): KONDRATIEV,
                    5        TO ELECT THE AUDIT COMMISSION FROM THE LIST   For          For                 Mgmt
                             OF CANDIDATES APPROVED BY THE BOARD OF
                             DIRECTORS OF OAO LUKOIL ON 3 FEBRUARY 2007
                             (MINUTES NO.4): NIKITENKO,
                    6        TO PAY REMUNERATION AND REIMBURSE EXPENSES    For          For                 Mgmt
                             TO MEMBERS OF THE BOARD OF DIRECTORS AND
                             THE AUDIT COMMISSION OF OAO LUKOIL
                             ACCORDING TO APPENDIX 1.
                    7        TO ESTABLISH REMUNERATION FOR NEWLY ELECTED   For          For                 Mgmt
                             MEMBERS OF THE BOARD OF DIRECTORS AND THE
                             AUDIT COMMISSION OF OAO LUKOIL ACCORDING TO
                             APPENDIX 2. TO INVALIDATE
                    8        TO APPROVE THE INDEPENDENT AUDITOR OF OAO     For          For                 Mgmt
                             LUKOIL - CLOSED JOINT STOCK COMPANY KPMG.
                    9        TO DETERMINE THE NUMBER OF AUTHORISED         For          For                 Mgmt
                             SHARES OF OAO LUKOIL AS EIGHTY-FIVE MILLION
                             (85,000,000) ORDINARY REGISTERED SHARES,
                             WITH A PAR VALUE OF TWO AND A HALF
                    10       TO APPROVE AMENDMENTS AND ADDENDA TO THE      For          For                 Mgmt
                             CHARTER OF OPEN JOINT STOCK COMPANY OIL
                             COMPANY LUKOIL , PURSUANT TO THE APPENDIX.
                    11       TO APPROVE AMENDMENTS TO THE REGULATIONS ON   For          For                 Mgmt
                             THE PROCEDURE FOR PREPARING AND HOLDING THE
                             GENERAL SHAREHOLDERS MEETING OF OAO LUKOIL
                             , PURSUANT TO THE
                    12       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                 Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SUPPLEMENTAL
                             AGREEMENT TO LOAN CONTRACT
                    13       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                 Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SUPPLEMENTAL
                             AGREEMENT TO OIL SUPPLY
                    14       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                 Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SHAREHOLDER LOAN
                             AGREEMENT BETWEEN OAO
                    15       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                 Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SHAREHOLDER LOAN
                             AGREEMENT BETWEEN OAO
                    16       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                 Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: POLICY
                             (CONTRACT) ON INSURING THE
                    17       TO APPROVE MEMBERSHIP OF OAO LUKOIL IN THE    For          For                 Mgmt
                             RUSSIAN NATIONAL ASSOCIATION SWIFT.


06/18/07 - A/S      Lundin Mining Corporation *LUN*          550372106                          04/20/07               1,535
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director Lukas H. Lundin --- Against
                                ISS recommends  withholding votes from Lukas H. Lundin for
                                standing  as an insider on the  Corporate  Governance  and
                                Nominating Committee.
                    1.2      Elect Director Colin K. Benner --- For
                    1.3      Elect Director Karl-Axel Waplan --- For
                    1.4      Elect Director Donald Charter --- For
                    1.5      Elect Director John H. Craig --- For
                    1.6      Elect Director Brian D. Edgar --- For
                    1.7      Elect Director David F. Mullen --- For
                    1.8      Elect Director Anthony O'Reilly --- For
                    1.9      Elect Director Dale C. Peniuk --- For
                    1.10     Elect Director William A. Rand --- For
                    2        Approve PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors
                    3        Approve Issuance of Shares in Connection      For          For                 Mgmt
                             with Acquisition
                                Conclusion  Based  on  our  review  of  the  terms  of the
                                transaction  and the factors  described  above, we believe
                                that  the  business   combination   Arrangement   warrants
                                shareholder support.
                    4        Other Business                                For          Against             Mgmt
                                As we can not know the  content of the issues to be raised
                                under this item, we do not recommend  shareholders approve
                                this request.


02/01/07 - S        Maanshan Iron & Steel Company Ltd.       Y5361G109                          12/29/06             187,550
                    1        Approve Issuance of One-Year Short-Term       For          Against             Mgmt
                             Commercial Papers for an Aggregate Amount
                             Not Exceeding RMB 3.0 Billion
                                As the  issuance of  short-term  commercial  papers  would
                                increase the company's  liabilities,  and  considering the
                                full authority given to the board to determine  details of
                                the issuance  including  the use of proceeds,  the lack of
                                sufficient   information   on  this   proposal   makes  it
                                difficult  to  ascertain  whether  approval  of this  item
                                would negatively affect the company and its shareholders.


06/12/07 - A        Maanshan Iron & Steel Company Ltd.       Y5361G109                          05/11/07             404,000
                    1        Accept Work Report of the Board of Directors  For          For                 Mgmt
                    2        Accept Work Report of the Supervisory         For          For                 Mgmt
                             Committee
                    3        Accept Financial Statements                   For          For                 Mgmt
                    4        Approve Profit Appropriation                  For          For                 Mgmt
                    5        Appoint Ernst & Young Hua Ming and Ernst &    For          For                 Mgmt
                             Young as Auditors and Authorize Board to
                             Fix Their Remuneration


04/24/07 - A        Macintosh Retail Group NV (Formerly      N54137166                          None                     733
                    Macintosh NV)
                    1        Open Meeting                                  None                             Mgmt
                    2.a      Receive Report of Management Board            None                             Mgmt
                    2.b      Receive Report of Supervisory Board           None                             Mgmt
                    3.a      Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    3.b      Approve Allocation of Income and Dividends    For                              Mgmt
                    3.c      Approve Discharge of Management Board         For                              Mgmt
                    3.d      Approve Discharge of Supervisory Board        For                              Mgmt
                    4.a      Receive Information on Vacancies              None                             Mgmt
                    4.b      Receive Information on Profile                None                             Mgmt
                    4.c      Possibility to Do Recommendations             None                             Mgmt
                    4.d      Receive Further Information by Supervisory    None                             Mgmt
                             Board
                    4.e      Elect W. Dekker to Supervisory Board          For                              Mgmt
                    5        Receive Notification on the Nomination of     None                             Mgmt
                             Mr. Strijbos and Mr. Coorens to the
                             Management Board
                    6.a      Grant Board Authority to Issue Shares         For                              Mgmt
                    6.b      Authorize Board to Exclude Preemptive         For                              Mgmt
                             Rights from Issuance Under Item 6.a
                    7        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    8        Other Business (Non-Voting)                   None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/10/06 - A        Macmahon Holdings Ltd.                   Q56970132                          11/08/06               6,314
                    1        Approve Remuneration Report for the Fiscal    For          For                 Mgmt
                             Year Ended June 30, 2006
                    2        Elect Barry Raymond Ford as Director          For          For                 Mgmt
                    3        Approve Increase in Remuneration for          For          For                 Mgmt
                             Non-Executive Directors from A$400,000 to
                             A$800,000 Per Year


06/28/07 - A        Maeda Road Construction Co. Ltd.         J39401104                          03/31/07               4,561
                    *1883*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 14
                    2        Amend Articles to: Expand Business Lines -    For          Against             Mgmt
                             Decrease Maximum Board Size
                                The company is decreasing  the maximum number of directors
                                on  the  board  from  22 to 12,  in  connection  with  the
                                introduction of an executive  officer  system.  After this
                                meeting,  there  will be no  vacant  seats on the board to
                                which    dissident     nominees    could    be    elected.
                                        Because  the company  will have no vacant seats on
                                the  board  following  this  meeting,  we  recommend  that
                                shareholders oppose this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominees 3 to  5        All  nominees
                                meet our criteria for  independence.          Nominee 3 is
                                an  attorney.  Nominee  4 is a CPA.  And,  nominee  5 is a
                                professor of Tokyo University of Agriculture.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.5      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.


07/26/06 - A        Mahindra & Mahindra Ltd                  Y54164135                          07/01/06              12,770
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Dividend of INR 7.50 Per Share        For                              Mgmt
                    3        Reappoint D.S. Parekh as Director             For                              Mgmt
                    4        Reappoint N. Vaghul as Director               For                              Mgmt
                    5        Reappoint A.K. Nanda as Director              For                              Mgmt
                    6        Reappoint B. Doshi as Director                For                              Mgmt
                    7        Approve A.F. Ferguson & Co. as Auditors and   For                              Mgmt
                             Authorize Board to Fix Their Remuneration
                    8        Appoint Thomas Mathew T. as Director          For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - S        Mahindra & Mahindra Ltd                  Y54164135                          None                  15,302
                    1        Approve Increase in Borrowing Powers to INR   For                              Mgmt
                             60 Billion
                    2        Approve Investments in Various Entities of    For                              Mgmt
                             up to INR 15 Billion
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/31/07 - S        Mahindra & Mahindra Ltd                  Y54164135                          04/27/07              15,302
                             Postal Ballot
                    1        Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights up to
                             an Aggregate Amount of $300 Million with a
                             Greenshoe Option of up to 15 Percent
                    2        Approve Corporate Guarantee of up to INR 15   For                              Mgmt
                             Billion
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/27/07 - A        Makita Corp. *6586*                      J39584107                          03/31/07              62,300
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 55
                                The payout ratio for the full year,  including the interim
                                dividend,  is 29 percent based on  consolidated  earnings,
                                or 49 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company earnings only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee      Profile        Nominee      designated     as
                                non-executive:     Nominee     15        Background     of
                                non-executive  nominee:        The  nominee  is a  current
                                vice president of JTEKT  Corporation,  a business  partner
                                of                            Makita.                Board
                                Profile        Composition  of board  after this  meeting:
                                14 executives  and 1  non-executive.        The  number of
                                outsiders  is  remaining  the  same,  but  the  number  of
                                executives   is   increasing   from  12  to  14.  The  new
                                appointees are candidates 12, 13 and 14.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    2.15     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a CPA.
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is the  current  chairman of the Hekikai
                                Shinkin Bank.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                122  million to 12  directors.  Because  the amount is not
                                excessive, we have no reason to oppose this resolution.


05/10/07 - A        MAN AG                                   D51716104                          04/19/07              39,601
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.50 and Bonus Dividend of EUR 0.50
                             per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Elect Supervisory Board Member                For                              Mgmt
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Amend 2005 AGM Authorization to Issue         For                              Mgmt
                             Convertible Bonds and/or Bonds with
                             Warrants Attached up to an Aggregate
                             Nominal Amount of EUR 1.5 Billion with
                             Preemptive Rights and to Create an EUR 76.8
                             Million Pool of Capital to Guarantee
                             Conversion Rights
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    9        Approve Affiliation Agreements with           For                              Mgmt
                             Subsidiary MAN Versicherungsvermittlung GmbH
                    10       Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/11/06 - A        Man Group plc                            G5790V107                          None                  37,026
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                The  Company's  general  policy is to pay  large  uncapped
                                bonuses,  as is common in this sector.  Disclosure  of the
                                performance  taken into account in determining  bonuses is
                                acceptable and provides  adequate  reassurance  that there
                                is     a     link     between     bonus     awards     and
                                performance.        However,   RREV  is  highlighting  the
                                following   points   regarding   other   aspects   of  the
                                remuneration  package:        - Salary increases of 17% to
                                Kevin  Davis  and  10%  to  Peter  Clarke  have  not  been
                                specifically  explained in the annual  report.  On contact
                                the  Company  provided an  adequate  explanation  for each
                                (see 'Salary and Service  Contracts'  in the  Remuneration
                                section of this  report);        - The Share Option Scheme
                                allows  for 50% of awards to vest for EPS growth of 5% per
                                annum with full  vesting at 10%. The lower target is below
                                broker  forecasts of around 8% per annum, but we recognise
                                that  forecasts  will  include  an  element   relating  to
                                management  quality.  Furthermore,  the  targets  for  the
                                scheme  have  increased  during  the  year  from 3% to 6%,
                                which we welcome.  Despite  this, we consider that a lower
                                proportion  of the  award  should  be  available  for  the
                                minimum  target,  to ensure a smoother  vesting  schedule.
                                The  Company  has  informed  RREV that there is no sliding
                                scale between the lower and upper  targets.  Although this
                                has the effect of making the  rewards  harder to  achieve,
                                RREV would  nevertheless  prefer a sliding scale to ensure
                                rewards  are  proportionate  to the  level of  performance
                                achieved.        -  In  response to the new  pensions  tax
                                regime,  the  Company  has  confirmed  to RREV that it has
                                made  changes that will result in a cost to the Company of
                                approximately  GBP 1.6 million (USD 2.9  million),  spread
                                over five years.  The  executives  affected will also make
                                additional  contributions.  The  only  Executive  Director
                                affected by these arrangements is Peter Clarke.  RREV does
                                not consider it appropriate  for the Company to compensate
                                executives  for a change  in their  tax  situation  and we
                                note  that  at  most   companies  the  response  has  been
                                cost-neutral  to  shareholders.        -  The  Performance
                                Share Plan (PSP) allows for the  investment  of bonuses to
                                be  matched,  subject to return on equity  targets.  Given
                                the lack of an  individual  cap for  bonuses,  this allows
                                for an  unpredictable  level  of award to vest for a given
                                level of  performance.  As the PSP is reaching  the end of
                                its  duration  we have  focused  this  concern on Item 15,
                                which proposes a replacement scheme.          Our concerns
                                relating  to  the  option  scheme  are  mainly  structural
                                rather  than  to do with  the  stringency  of the  targets
                                themselves.  We would encourage the Company to review this
                                scheme over the forthcoming  year to address these points.
                                The Company's  response to the pension  regime changes was
                                not  appropriate in our view, but we note that in the main
                                this  related to sub-Board  executives  and did not amount
                                to full  compensation.  The actual  amounts  involved were
                                also  small  in  relation  to  the  overall   remuneration
                                package.  We therefore do not consider this  sufficient to
                                merit  a  vote  recommendation  against  the  remuneration
                                report.
                    3        Approve Final Dividend of 54.6 Cents Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Jon Aisbitt as Director              For          For                 Mgmt
                    5        Re-elect Peter Clarke as Director             For          For                 Mgmt
                    6        Re-elect Kevin Davis as Director              For          For                 Mgmt
                    7        Re-elect Glen Moreno as Director              For          For                 Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Approve Share Sub-Division of Each            For          For                 Mgmt
                             450,000,000 Ordinary Shares of 18 US Cents
                             Each Into 6 Ordinary Shares of 3 US Cents
                             Each
                    11       Amend Articles of Association Re:             For          For                 Mgmt
                             Sub-division of Ordinary Shares
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 18,459,386
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 2,768,907.96
                    14       Authorise 30,765,644 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    15       Approve Man Group 2006 Long-Term Incentive    For          Against             Mgmt
                             Plan
                                The  proposed  scheme  replaces  the  current PSP which is
                                nearing the end of its ten-year  life. It mirrors the main
                                features of the PSP,  while  updating  provisions  on good
                                leavers and change in control in line with best  practice.
                                The  scheme   incorporates  the  recommended  5%  and  10%
                                dilution  limits.        The  vesting  scale allows only a
                                small  proportion  to vest at the lower  target,  which we
                                welcome.  The scheme uses average  annual Return on Equity
                                for its  performance  measure.  The  Company's ROE figures
                                for the last five  years  are as  follows:  30.7%,  26.9%,
                                32.5%, 29.8% and 33.5%.  Taking into account the Company's
                                successful  performance  in recent years,  RREV  considers
                                the scheme's  upper target of 30%  reasonably  challenging
                                in this context.  The Remuneration  Committee has informed
                                RREV  that,   given  the  capital   requirements   set  by
                                regulators  that apply to the Company,  it  considers  the
                                20%     to     30%     range     remains      sufficiently
                                challenging.        The  Company  consulted  with RREV and
                                major  shareholders  prior  to the  introduction  of these
                                proposals,  in  line  with  good  practice.  We  raised  a
                                concern  at  that   point   which   remains   significant,
                                regarding  the ability of  Executive  Directors  to invest
                                their  bonus in the scheme and  receive a matching  award.
                                Although  this  would  not  normally  be an  issue,  it is
                                problematic  in this  case due to the  uncapped  nature of
                                individual  bonuses  within the overall  pool and the size
                                of bonuses  awarded in practice.          RREV  recognises
                                that an initial  investment is required of participants in
                                this  part of the  scheme,  but we  also  note  that  this
                                investment can be withdrawn at any point  (forfeiting  the
                                matching  award).  This  investment  is not  sufficient to
                                balance  our  concern  that,  by  allowing  bonuses  to be
                                invested in the LTIP,  there is an unacceptable  degree of
                                unpredictability  concerning the size of reward  available
                                from  year  to  year  for a given  level  of  performance.
                                        In  addition,  the potential  bonus matching award
                                is considerably  higher than either the performance  share
                                award or the matching  award  available for the investment
                                of shares from the Assisted Purchase Scheme.  This has the
                                effect of focusing an even  greater part of the package on
                                bonus performance than would be the case otherwise,  which
                                raises  concerns  that  the  package  as a  whole  is  not
                                sufficiently  balanced  towards the long  term.        For
                                these  reasons,  we consider  that there should be a clear
                                maximum  limit to the  matching  element of the scheme and
                                in the  absence  of such we  recommend  that  shareholders
                                vote against the proposed scheme.


05/09/07 - A        Mandarin Oriental International Ltd.     G57848106                          None                   8,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Reelect Jonathan Gould as Director            For          Against             Mgmt
                                We recommend  shareholders  vote  against  non-independent
                                non-executive   directors  Jonathan  Gould,   Julian  Hui,
                                Charles  Powell,  Rodney  Leach,  and Mark  Greenberg  for
                                failure  to  establish  an   independent   nominating  and
                                compensation committees.
                    3        Reelect Mark Greenberg as Director            For          Against             Mgmt
                    4        Reelect Julian Hui as Director                For          Against             Mgmt
                    5        Reelect Leach of Fairford as Director         For          Against             Mgmt
                    6        Reelect Powell of Bayswater as Director       For          Against             Mgmt
                    7        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    8        Authorize Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 16.5
                             Million and without Pre-emptive Rights up
                             to Aggregate Nominal Amount of USD 2.4
                             Million
                    9        Authorize Share Repurchase Program            For          For                 Mgmt


05/02/07 - A        MAPELEY LTD                              G58216105                          None                   1,578
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports (Voting)
                    2        Approve Remuneration Report                   For          Against             Mgmt
                                The  presence  of  a   non-independent   director  on  the
                                Remuneration   Committee   leaves  us  no  choice  but  to
                                recommend a vote against this proposal.
                    3        Reelect Michael Fascitelli as a Director      For          For                 Mgmt
                    4        Reelect John Harris as a Director             For          For                 Mgmt
                    5        Approve Ernst & Young as Auditors and         For          For                 Mgmt
                             Authorize Audit Committee to Fix Their
                             Remuneration


07/14/06 - S        Marine Harvest ASA (Formerly Pan Fish    R69595107                          None                 148,216
                    ASA)
                    1        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    2        Elect Chairman of Meeting; Designate          For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Change Range of Size of Board (3-8 Members)   For          For                 Mgmt
                    4        Amend Articles Re: Establish Written          For          For                 Mgmt
                             Instructions for Nominating Committee
                    5        Approve Creation of NOK 650.2 Million Pool    For          Against             Mgmt
                             of Capital without Preemptive Rights
                                Due to  potential  excessive  dilution of 25  percent,  we
                                recommend a vote against this proposal.
                    6        Elect Directors                               For          Against             Mgmt
                                ISS  strongly  believes  that  publicly  listed  companies
                                should  disclose  details  on  proposals  at least 30 days
                                prior  to  the  meeting.  When  this  information  is  not
                                available  well in advance of the meeting,  investors  are
                                not left with  sufficient  time to evaluate the candidates
                                and, in the case of  shareholders  who will not be present
                                at the meeting  themselves,  to submit voting instructions
                                via a  custodian  bank.  Most  large  Norwegian  companies
                                disclose  at least the names of any  nominees to the board
                                in the meeting  notice.  Because the names of the nominees
                                were not  available at the time this analysis was written,
                                which  does not  allow  shareholders  to make an  informed
                                decision,  shareholders  are advised to vote  against this
                                item.


07/11/06 - A        Marks & Spencer Group plc                G5824M107                          None                 193,883
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                In  the  AGM  circular,  the  Company  explains  that  the
                                Remuneration  Committee believes that the Company's senior
                                management  team, led by Stuart Rose, can further  improve
                                the  performance  of the  Company  and help it achieve its
                                full potential.  To do this, the Company argues that it is
                                essential  that the  members  of this  team  are  retained
                                within the business  over the coming years and, to achieve
                                this, the Remuneration  Committee has proposed a number of
                                changes  to  the  remuneration   packages  of  the  senior
                                executives.        Bonus        The  Company is  proposing
                                to increase the bonus  potential from 150% to a maximum of
                                250%.  Against  the  background  of a rise  last year from
                                100%  to   150%,   we   expressed   concern   during   the
                                consultation   exercise   that  an   increase  in  2006/07
                                appeared to be setting a pattern  for  regular  increases.
                                        The  Company  explained  that  there is no current
                                intention  of lifting the bonus limit  higher and that the
                                change  will only be applied to three  individuals  in the
                                Company:  Stuart  Rose,  Ian Dyson and Steven  Sharp.  The
                                associated  increase  from  50% to 60% of  bonus  actually
                                paid having to be held in shares for three years  (without
                                a  matching  opportunity)  is  intended  to  stresses  the
                                retention  aspect of the  arrangements.        Performance
                                Share Plan - EPS Target Change        As  regards the PSP,
                                the  Company  is  proposing   two   significant   changes.
                                        The  Company is proposing to alter the EPS targets
                                under the PSP for the 2006 awards  (this is not subject to
                                prior shareholder  approval).  The Remuneration  Committee
                                believes  that  EPS is the  most  appropriate  measure  of
                                performance   but  considers  that  the  targets  for  the
                                2006/07 - 2009/10  cycle  need to be  changed  from  those
                                applying  to the  2005  awards.  The  Company  intends  to
                                reduce the  current EPS target  range of RPI+8% p.a.  (20%
                                vesting)  to RPI+15%  p.a.  (full  vesting) to RPI+5% (20%
                                vesting)  to  RPI+12%  p.a.  (full  vesting).          Our
                                feedback to the Company during the  consultation  exercise
                                expressed  concern  that the  proposed  lower  EPS  growth
                                targets  may not appear to be suitably  challenging  given
                                the  Company's  impressive  EPS  performance  over  recent
                                years.   However,   the  Company   considers  that  it  is
                                appropriate  the revise  down the  targets as the  earlier
                                performance  was  achieved  during a  recovery  phase  and
                                because the Company is now facing more challenging  market
                                conditions  in   retailing.        In   addition  to  this
                                change,   the   Company   is   proposing   to  raise   the
                                'exceptional   circumstances'   individual   participation
                                limit  from 300% to 400% of  salary  (this is  subject  to
                                prior  shareholder  approval  -  see  item  22)  for a few
                                selected   people.        The  Company  has  stressed  the
                                retention aim of these remuneration  arrangements and that
                                it  is  necessary  that  the  remuneration   packages  are
                                sufficiently   flexible  and   attractive  to  enable  the
                                Company to keep the team  together  over the coming years.
                                        Although  we recognise  the  rationale  behind the
                                proposals,  we have some concerns  regarding the extent to
                                which  the  targets   remain   sufficiently   challenging.
                                Following  further  engagement  with the Company,  we have
                                concluded   that  they  are  acceptable  for  the  2006/07
                                awards,  but we  shall  look to the  Company  to keep  the
                                targets under review for awards in subsequent years.
                    3        Approve Final Dividend of 9.5 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    4        Elect Jeremy Darroch as Director              For          For                 Mgmt
                    5        Elect David Michels as Director               For          For                 Mgmt
                    6        Elect Louise Patten as Director               For          For                 Mgmt
                    7        Elect Steven Sharp as Director                For          For                 Mgmt
                    8        Re-elect Stuart Rose as Director              For          For                 Mgmt
                    9        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    10       Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 140,266,912
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 21,040,036
                    13       Authorise 168,000,000 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    14       Authorise the Company to Make Donations to    For          For                 Mgmt
                             EU Political Organisations up to GBP
                             100,000 and to Incur EU Political
                             Expenditure up to GBP 100,000
                    15       Authorise Marks and Spencer Plc to Make       For          For                 Mgmt
                             Donations to EU Political Organisations up
                             to GBP 100,000 and to Incur EU Political
                             Expenditure up to GBP 100,000
                    16       Authorise Marks and Spencer Outlet Limited    For          For                 Mgmt
                             to Make Donations to EU Political
                             Organisations up to GBP 100,000 and to
                             Incur EU Political Expenditure up to GBP
                             100,000
                    17       Authorise Marks and Spencer Shared Services   For          For                 Mgmt
                             Limited to Make Donations to EU Political
                             Organisations up to GBP 100,000 and to
                             Incur EU Political Expenditure up to GBP
                             100,000
                    18       Authorise Marks and Spencer Simply Foods      For          For                 Mgmt
                             Limited to Make Donations to EU Political
                             Organisations up to GBP 100,000 and to
                             Incur EU Political Expenditure up to GBP
                             100,000
                    19       Authorise Marks and Spencer (Ireland)         For          For                 Mgmt
                             Limited to Make Donations to EU Political
                             Organisations up to GBP 100,000 and to
                             Incur EU Political Expenditure up to GBP
                             100,000
                    20       Approve Reduction in Authorised Capital by    For          For                 Mgmt
                             GBP 2,240,000,000
                                We do not consider this to be contentious.
                    21       Adopt New Articles of Association             For          For                 Mgmt
                    22       Amend Marks and Spencer Group Performance     For          For                 Mgmt
                             Share Plan 2005
                                The Company included RREV in its shareholder  consultation
                                exercise   prior  to  the   publication   of  the  meeting
                                circular.        The  proposed  amendment  to the PSP will
                                increase  the  'exceptional  circumstances'  participation
                                limit from 300% to 400%.  Once this  proposal is approved,
                                the  Remuneration  Committee  intends  to exceed  the 200%
                                normal limit in 2006/07 for around six  individuals,  whom
                                the     Committee     wishes     to     ensure     maximum
                                retention.        Upon  contact,  the  Company  also noted
                                that the maximum  limit is not just a one-off grant but to
                                be  available  to the  Remuneration  Committee  for future
                                years'  grant  in  light  of  the  circumstances  at  that
                                time.        Although  we recognise  that the Company does
                                not  intend to use the  option  scheme on a regular  basis
                                and such an  arrangement  is used as a retention  tool, we
                                regard   400%   limit   to   be   a   substantial   grant.
                                        Whilst  we do not  believe  this  warrants  a vote
                                against  the  amendment  to the  plan,  we do  not  expect
                                awards  at the  higher  level to be a  routine  event  and
                                expect the  Remuneration  Committee  to provide a detailed
                                explanation  in the annual  report for any awards that are
                                made.


04/20/07 - A        MARR S.P.A.                              T6456M106                          04/18/07               4,624
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006
                    2        Elect External Auditors for the Nine-Year     For                              Mgmt
                             Term 2007-2015
                    3        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Marubun Co *7537*                        J39818109                          03/31/07               1,200
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 18
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor: All  nominees        Nominee 3 does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive  director of the company's  main bank.  However,
                                nominee  1 and  2  meet  our  criteria  for  independence.
                                Nominee 1 is a former  executive of Norinchukin  Bank, and
                                nominee 2 is the current  president of Yamasa Shoyu.  Co.,
                                Ltd.          Given the realities of Japanese business and
                                the  strong  loyalties  to  companies  held by those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominees 3 for independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 4.1.
                    5        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor
                                The   retiring    auditor   has   been    designated    as
                                independent.        As  we  believe  the  payment  of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.


06/28/07 - A        Matsuda Sangyo Co., Ltd. *7456*          J4083J100                          03/31/07                 202
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 12
                                The payout ratio for the full year is 10.7  percent  based
                                on  consolidated   earnings,  or  11.8  percent  based  on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Director                                For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  All  nominees        Nominees  1 and 3
                                do not  meet  our  criteria  for  independence.  They  are
                                former  partners  of the  company's  external  audit firm.
                                However,   nominee   2  and  4  meet  our   criteria   for
                                independence.  Nominee 2 is a former executive director of
                                Sharp  Corporation,  and  nominee  4  is  a  former  local
                                government   official.Given   the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominees  1  and  3  for  independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 3.1.
                    3.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  reappointed Misuzu
                                on  a  provisional  basis.  Here,  the  company  seeks  to
                                appoint  Shin-Nihon & Co.,  because in  recognition of the
                                severe  damage  to its  reputation  and its  bottom  line,
                                Misuzu decided in February to cease audit  operations this
                                summer. We see no reason to oppose this resolution
                    6        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditor
                                The retiring  auditor has been  designated as independent.
                                        As  we  believe  the  payment  of such  bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the item.
                    7        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors


01/10/07 - S        Meda AB                                  W5612K109                          01/04/07               2,186
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Approve Agenda of Meeting                     For          For                 Mgmt
                    4        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Approve Creation of SEK 23.9 Million Pool     For          For                 Mgmt
                             of Capital with Preemptive Rights
                                Under  this item the board asks for  shareholder  approval
                                to create a SEK  23,884,300  ($3,008,098)  pool of capital
                                through  the  issuance  of up to  11,942,150  new  class A
                                shares -  including  the  exercise of  company's  warrants
                                from  already  outstanding  warrant  programs.  Each  nine
                                existing   shares   currently   held   entitles   to   one
                                subscription  right.  The  shares  may be  purchased  to a
                                price  of SEK 160  ($20.15)  per  share.  The  Meda  share
                                currently trades at SEK 239 ($30.10).  The pool of capital
                                is to be used in the  acquisition  of 3M's  pharmaceutical
                                division in Europe as well as for general  purposes and is
                                conditional   upon  the   closure  of  that   acquisition.
                                        Our   guidelines   allow   for   general   capital
                                increases  with  preemptive  rights  to a  maximum  of 100
                                percent of the existing  outstanding  share capital;  this
                                sum  is  generally   more  than  adequate  for  unforeseen
                                contingencies.   Issuance   authorities  larger  than  100
                                percent   could   lead  to   excessive   cash   calls   on
                                shareholders,  requiring  them to  provide  the  funds  to
                                maintain  their relative  positions or accept  substantial
                                dilution.  As the  authorization  would increase the share
                                capital  by up to 11.4  percent,  we  recommend  a vote in
                                favor of this proposal.
                    8        Authorization to Raise Loans Up to SEK 11.3   For          Against             Mgmt
                             Billion Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                                Under  this  item,  the board  proposes  that the  meeting
                                authorize  the  board  to  raise  certain  loans  that are
                                subject to the  provisions in Chapter 11 Section 11 of the
                                Swedish   Companies   Act   (2005:551).   The   terms  and
                                conditions of such loans,  which would not be  convertible
                                into  shares,   shall  be  based  on  market  terms.   The
                                rationale for the  authorization is that the company shall
                                be able to raise  such  loans on  terms  favorable  to the
                                company,  e.g., by making the interest  dependent upon the
                                performance   or   financial   position  of  the  company.
                                According to the  provisions of the new Companies Act that
                                entered  into force on Jan.  1, 2006,  a decision to raise
                                such loans must now be resolved by the general  meeting or
                                by  the  board,   if  the  board  of  directors  has  been
                                authorized  by the  general  meeting.  This  is a  routine
                                financing  request.          The  maximum nominal value of
                                the loans  that could be raised  under this  authorization
                                amounts to SEK 11.3 billion  ($1.42  billion).  As of Dec.
                                2005,   the   company  had  a   debt-to-equity   ratio  of
                                approximately 133 percent.  Full use of this authorization
                                could  potentially  increase this ratio to 433.1  percent.
                                On the same date, Meda's total debt-to-total  assets ratio
                                was  67.3  percent;  the  ratio  could  increase  to 165.6
                                percent under the  authorization.          Although  it is
                                possible  that the company  does not expect to utilize the
                                total  amount  of the  issuance  power it  requests,  this
                                amount  of  leverage  appears   excessively  high  in  the
                                absence of further  information  regarding  the use of the
                                funds.  Meda is a  high-growth  specialty  pharmaceuticals
                                company  that may need large  amounts of cash to  reinvest
                                in the  business , but we are  concerned  that the size of
                                the  request  could put too much  power  into the hands of
                                management and reduce shareholder  control of the company.
                                We recommend  that  shareholders  oppose this item and ask
                                the company to request a new reduced debt authority.
                    9        Close Meeting                                 None         None                Mgmt


05/03/07 - A        Meda AB                                  W5612K109                          04/26/07               3,136
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    8        Receive President's Report                    None         None                Mgmt
                    9        Allow Questions                               None         None                Mgmt
                    10a      Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    10b      Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 1.00 per Share
                    10c      Approve Discharge of Board and President      For          For                 Mgmt
                    11       Determine Number of Members (6) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    12       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of SEK 1.4 Million;
                             Approve Remuneration of Auditors
                    13       Reelect Anders Loenner, Anders                For          For                 Mgmt
                             Waldenstroem, Bert-Aake Eriksson, Marianne
                             Hamilton, Peter Sjoestrand, and Tuve
                             Johannesson as Directors
                    14       Elect Peter Sjoestrand as Chairman of Board   For          For                 Mgmt
                    15       Authorize Chairman of Board and               For          For                 Mgmt
                             Representatives of Four of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    16       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    17       Approve 2:1 Stock Split; Ammend Articles to   For          For                 Mgmt
                             Reflect Change in Capital
                    18       Approve Issuance of 23.2 Million Shares       For          For                 Mgmt
                             without Preemptive Rights
                    19       Authorization to Raise Customary Credit       For          Against             Mgmt
                             Facilities Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                                We strongly  believe that publicly listed companies should
                                disclose  financial  information  as  well as  details  on
                                proposals  well in advance of the  meeting.  Without  such
                                disclosure,  shareholders  cannot make informed  decisions
                                on whether  agenda  items are routine or  non-routine  and
                                therefore  whether they should incur  expenses in order to
                                attend the  meeting or  arrange to be  represented  at the
                                meeting.        We  recommend  that  shareholders  contact
                                the company's investor relations  department  directly and
                                express their desire to receive  details of proposals well
                                in  advance  of  the   meeting.   Because  of  a  lack  of
                                information,  shareholders  are  advised  to vote  against
                                this item.
                    20       Other Business (Non-Voting)                   None         None                Mgmt
                    21       Close Meeting                                 None         None                Mgmt


06/11/07 - A        MediaTek Inc.                            Y5945U103                          04/12/07              31,090
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                 Mgmt
                    5        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    6        Approve Increase of Registered Capital and    For          For                 Mgmt
                             Issuance of Ordinary Shares to Participate
                             in the Issuance of Global Depository Receipt
                    7        Other Business                                None         None                Mgmt


06/15/07 - A        Mega Financial Holding Co. Ltd. (frm     Y1822Y102                          04/16/07             494,000
                    CTB FINANCIAL HOLDING C
                    1        Accept 2006 Operating Results, Financial      For          For                 Mgmt
                             Statements, and Consolidated Financial
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    4        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors
                    5        Other Business                                None         None                Mgmt


11/30/06 - S        MegaStudy Co.                            Y59327109                          None                     432
                    1        Amend Articles of Incorporation to Increase   For          For                 Mgmt
                             Limits of Convertible Bond and Warrant
                             Issuances and to Increase Board
                             Responsibilities
                                The first  amendment  would  increase  the  limits of both
                                convertible  bond  and  warrant   issuances  from  KRW  40
                                billion to KRW 100  billion.  The second  amendment  would
                                increase the  responsibilities of the board, to be in line
                                with  market  practices  in  Korea.  We have no  reason to
                                oppose this resolution.
                    2        Elect Directors                               For          For                 Mgmt
                                There  are  one  non-independent   non-executive  director
                                nominee  and  two   independent   non-executive   director
                                nominees.   The  non-independent   non-executive  director
                                nominee is Kim  Sung-Oh,  the  representative  director of
                                MBest  Education  Corp. and a former vice president of the
                                company.  Kim has  engaged  in a real  estate  transaction
                                with the company within the last three years.  Kim is also
                                a  brother-in-law  of  the  largest   shareholder  of  the
                                company. The independent  non-executive  director nominees
                                are  Kim   Suk-Hyun,   the   representative   director  of
                                Cornerstone   Equity  Partners  Co.  and  Lee  Han-Il,   a
                                managing  director of Cornerstone  Equity Partners Co. Kim
                                S.   and  Lee  have  not   engaged   in  any   disclosable
                                transaction with the company within the last three years.


03/22/07 - A        MegaStudy Co.                            Y59327109                          12/31/06                 432
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 900 Per Share
                    2        Amend Articles of Incorporation to Expand     For          For                 Mgmt
                             Business Objectives
                    3        Elect Executive Director                      For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    5        Approve Limit on Remuneration of Auditor      For          Against             Mgmt


06/28/07 - A        Meiji Dairies Corp. *2261*               J41723115                          03/31/07             259,607
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 7
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   35   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                27  million  to  24  directors  and  JY  3  million  to  4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    3        Amend Articles to: Increase Number of         For          For                 Mgmt
                             Statutory Auditors - Authorize Public
                             Announcements in Electronic Format
                                In this  item,  the  company  first  seeks to make  public
                                announcements in electronic  format.  Second,  the company
                                seeks  to  increase   the   maximum   number  of  internal
                                statutory  auditors  the  company  can  appoint  from 5 to
                                6.        The proposed changes meet our guidelines.
                    4        Elect Directors                               For          For                 Mgmt
                    4.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  25 executives  and 0  non-executives.  The board
                                currently  includes 24 insiders and no outside  directors.
                                        Where  companies  implement poison pills without a
                                shareholder vote, we consider  recommending  votes against
                                the reelection of the company's representative  directors.
                                Such  decisions  are based on the  terms of the pill,  the
                                company's overall  governance  profile,  and the company's
                                performance  under the incumbent  management team. In this
                                case,  Meiji  Dairies is giving  shareholders  an indirect
                                vote  on its  poison  pill,  in the  form  of a vote on an
                                increase in authorized  capital intended to facilitate the
                                issuance of warrants under the pill.  Although the absence
                                of  outside  directors  means  that ISS must  oppose  that
                                authorized capital increase,  the company's performance is
                                not in our  view  so  unsatisfactory  as to  merit  a vote
                                against the  reelection  of the  incumbent  representative
                                directors at this time.  Shareholders  who do wish to vote
                                against  their   reelection   should  note  that  Chairman
                                Hisashi   Nakayama  and  President   Shigetaro  Asano  are
                                candidates 1 and 2, respectively.
                    4.2      Elect Director --- For
                    4.3      Elect Director --- For
                    4.4      Elect Director --- For
                    4.5      Elect Director --- For
                    4.6      Elect Director --- For
                    4.7      Elect Director --- For
                    4.8      Elect Director --- For
                    4.9      Elect Director --- For
                    4.10     Elect Director --- For
                    4.11     Elect Director --- For
                    4.12     Elect Director --- For
                    4.13     Elect Director --- For
                    4.14     Elect Director --- For
                    4.15     Elect Director --- For
                    4.16     Elect Director --- For
                    4.17     Elect Director --- For
                    4.18     Elect Director --- For
                    4.19     Elect Director --- For
                    4.20     Elect Director --- For
                    4.21     Elect Director --- For
                    4.22     Elect Director --- For
                    4.23     Elect Director --- For
                    4.24     Elect Director --- For
                    4.25     Elect Director --- For
                    5.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile:                Nominee(s)   for
                                independent  statutory  auditor:   Nominee  2          The
                                nominee  passes our  criteria for  independence.  He is an
                                attorney.
                    5.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    6        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  statutory  auditor meets our
                                criteria  for  independence.  He is a former  executive of
                                Yamato Holdings Co., Ltd.
                    7        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       6       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  18  continuing  directors  and  4
                                continuing  internal  statutory  auditors.  The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 2 of the  continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    8        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 50
                                million  per  month (or JY 600  million  per year) to JY 1
                                billion per year. In addition,  the company wants to raise
                                the ceiling for statutory  auditors from JY 10 million per
                                month (or JY 120  million  per year) to JY 200 million per
                                year.  After the  meeting,  the board  size will  increase
                                from 24 to 25 directors.  The number of statutory auditors
                                will increase from 4 to 6.                Because  the new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.
                    9        Amend Articles to: Increase Authorized        For          Against             Mgmt
                             Capital
                                The  company  seeks  to  increase  its  authorized   share
                                capital  from  560,000,000  to  800,000,000   shares,   an
                                increase  of  42.9  percent.  The  company  currently  has
                                329,648,786  shares  outstanding,  or about 59  percent of
                                the current  authorization.  After the proposed  increase,
                                the  company  will  have  41  percent  of  its  authorized
                                capital   outstanding.           The   increase   in   the
                                authorized  capital is  proposed  in  connection  with the
                                introduction  of a takeover  defense,  which is not itself
                                on the agenda.  The defense is an  "advance-warning  type"
                                poison pill,  but includes  provisions  for a "shareholder
                                will  confirmation  meeting"  to vote on whether  the pill
                                should be  triggered  -- unless the board  decides the bid
                                would be so  damaging  as to justify  triggering  the pill
                                without  such a meeting.  The  board,  which  includes  no
                                outsiders,  will make that decision  without going through
                                an independent  committee.  As the potential for conflicts
                                of   interest,   and  for   this   pill  to  be  used  for
                                entrenchment,  are  simply  too  great in the  absence  of
                                independent  directors,  we  recommend  that  shareholders
                                oppose this resolution.


05/14/07 - A        METKA SA                                 X5328R165                          None                   2,172
                    1        Accept Annual and Consolidated Financial      For                              Mgmt
                             Statements and Statutory Reports
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                              Mgmt
                    5        Approve Directors Remuneration                For                              Mgmt
                    6        Elect Board of Directors                      For                              Mgmt
                    7        Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/23/07 - A/S      Metro Inc. *MRU.A*                       59162N109                          12/08/06               1,443
                             Meeting For Class A and Class B Shareholders
                    1        Elect Pierre Brunet, Marc DeSerres, Claude    For          For                 Mgmt
                             Dussault, Serge Ferland, Bobbie Andrea
                             Gaunt, Paule Gauthier, Paul Gobeil,
                             Christian W.E. Haub, Maurice Jodoin, Maryse
                             Labonte, Michel Labonte, Pierre H. Lessard,
                             Marie-Jose Nadeau, Bernard A. Roy as
                             Directors
                    2        Ratify Ernst & Young LLP as Auditors          For          For                 Mgmt
                    3        Amend Stock Option Plan                       For          For                 Mgmt
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 1.89  percent is within the  allowable
                                cap for this  company of 3.00  percent.  The plan does not
                                include non-employee  directors as eligible  participants.
                                The proposed  amendment  provision has adequately  limited
                                the  board's  authority  to amend the plan as  approved by
                                shareholders.


11/16/06 - A        MFS Ltd (frmly MFS LEVERAGED             Q6074B105                          11/14/06               1,229
                    INVESTMENTS AND SECURITIES TRUS
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Year Ended June 30, 2006
                    2a       Elect Terence O'Dwyer as Director             For          For                 Mgmt
                    2b       Elect Barry Cronin as Director                For          For                 Mgmt
                    2c       Elect Geoff Williams as Director              For          For                 Mgmt
                    3        Adopt Remuneration Report For the Year        For          For                 Mgmt
                             Ended June 30, 2006
                    4        Approve the Issuance of One Million           For          For                 Mgmt
                             Ordinary Shares to Ocean Crossing Pty Ltd
                             in Consideration for the Acquisition of HI
                             Holdings Pty Ltd


05/23/07 - A        Michael Page International plc           G68694119                          None                 177,991
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 4.2 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Charles-Henri Dumon as Director      For          For                 Mgmt
                    4        Re-elect Sir Adrian Montague as Director      For          For                 Mgmt
                    5        Re-elect Stephen Box as Director              For          For                 Mgmt
                    6        Approve Remuneration Report                   For          For                 Mgmt
                                We raised a few  concerns  in regards to (i) the lack of a
                                cap on the  amount of annual  bonus that may be awarded to
                                the  Executive  Directors  and (ii) the  rationale for the
                                deferred  element  under the Share  Incentive  Plan  award
                                having no performance criteria.  Upon contact, the Company
                                explains that:        -  rewarding exceptional performance
                                with  exceptional  rewards fits both the objectives of the
                                Group and its  shareholders.  The remuneration  philosophy
                                of the Group is such  that  having a fixed  salary  capped
                                multiple for  Executives  bonuses  would run contra to the
                                remuneration  philosophy  in the  rest  of  the  business.
                                Consultants,  managers and  directors  (below board level)
                                in the business are  remunerated on a  meritocratic  basis
                                against  value  delivered  by  way  of  receiving  bonuses
                                against a  percentage  of  trading  profit  earned for the
                                Company.  This  philosophy  is mirrored  in the  Executive
                                Director's   remuneration.   The  levels  of   anticipated
                                remuneration  are set by way of targets  and higher  level
                                triggers  such that the outcome is highly  geared with the
                                profit  performance  of the  Company.  Whilst the bonus is
                                uncapped,  the  remuneration  structure  is  geared to the
                                long-term  interest  of the  Company and puts the focus on
                                the  medium-term  share  performance.          - the share
                                incentive  plan is in two  parts:  1/3 with a  performance
                                condition and 2/3 with no  performance  conditions  except
                                the  requirement  to  remain  in  the  employment  of  the
                                Company.  Upon  contact,  the  Company  explains  that the
                                split  is  that  as  a  primarily  permanent   recruitment
                                company are highly  cyclical in nature and other  elements
                                of  short-term  remuneration,  such  as  bonuses  that  in
                                themselves form a large part of the remuneration  package,
                                are very sensitive to economic cycles.  Since such a large
                                of the value of the company is  represented  by the senior
                                employees,  it is  vital  for  the  long-term  growth  and
                                security  of the Group  that they are able to on to senior
                                management   employees   through  growth  cycles  as  this
                                element of the  remuneration  package  aims to secure such
                                assets.        We  consider the rationale given acceptable
                                and recommend that  shareholders vote for the remuneration
                                report.
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Audit Committee to
                             Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,099,699
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 166,621
                    10       Authorise 33,324,208 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/11/07 - A/S      Michelin Et Cie.                         F61824144                          05/08/07               3,603
                             Special Business
                    1        Amend Article 10 of the Bylaws Re:            For                              Mgmt
                             Appointment of General Managers, Whether
                             Qualifying as General Partners or Not
                    2        Amend Article 11 of the Bylaws Re:            For                              Mgmt
                             Mandatory Blocking of Shares Owned by the
                             General Managers Who Are General Partners
                    3        Amend Articles 12, and 30 of the Bylaws Re:   For                              Mgmt
                             Remuneration of General Managers Who Are
                             Not General Partners
                    4        Amend Article13 of the Bylaws Re: End of      For                              Mgmt
                             Mandate of General Managers Who Are Not
                             General Partners
                    5        Amend Article 14 of the Bylaws Re: Powers     For                              Mgmt
                             of General Partners Concerning General
                             Managers
                    6        Amend Article 17 of the Bylaws Re: Powers     For                              Mgmt
                             of the Supervisory Board Concerning General
                             Managers
                    7        Amend Articles 25, and 26 of the Bylaws Re:   For                              Mgmt
                             Powers of General Meeting of Shareholders
                             Concerning Nominations of General Managers
                             Whether Qualifying as General Partners or
                             Not and of General Partners
                    8        Amend Articles 13-1, and 14 of the Bylaws     For                              Mgmt
                             Re: Interim Management
                    9        Amend Articles 3, and 10 of the Bylaws Re:    For                              Mgmt
                             Company's Name and Signature
                    10       Amend Article 36 of the Bylaws Re:            For                              Mgmt
                             Introduction of a Competence Clause
                    11       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                             Ordinary Business
                    12       Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    13       Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.45 per Share
                    14       Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    15       Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    16       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    17       Elect Didier Miraton as General Manager       For                              Mgmt
                    18       Elect Jean-Dominique Senard as General        For                              Mgmt
                             Manager
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/05/07 - A        MIGROS Turkey                            M7009U105                          None                  13,868
                    1        Elect Presiding Council of Meeting            For                              Mgmt
                    2        Accept Financial Statements and Statutory,    For                              Mgmt
                             Auditors and Independent Auditors Reports
                    3        Approve Changes in the Composition of the     For                              Mgmt
                             Board of Directors
                    4        Approve Discharge of Directors and Auditors   For                              Mgmt
                    5        Approve Allocation of Income for the Year     For                              Mgmt
                             2006
                    6        Fix Number of and Elect Directors, and        For                              Mgmt
                             Determine Their Terms of Office
                    7        Fix Number of and Elect Auditors, and         For                              Mgmt
                             Determine Their Terms of Office
                    8        Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    9        Decision on Setting off the Previous Year     For                              Mgmt
                             Losses
                    10       Receive Information on Donations Made in      None                             Mgmt
                             2006
                    11       Elect Independent Audit Company               For                              Mgmt
                    12       Receive Information on Dividend Policies      None                             Mgmt
                             for 2007 and the Following Years
                    13       Grant Permission for Board Members to         For                              Mgmt
                             Engage in Commercial Transactions with
                             Company and Be Involved with Companies with
                             Similar Corporate Purpose
                    14       Authorize Presiding Council to Sign Minutes   For                              Mgmt
                             of Meeting
                    15       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/19/07 - A        Milbon Co., Ltd. *4919*                  J42766105                          12/20/06                 335
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 26, Final
                             JY 26, Special JY 0
                    2        Amend Articles to: Authorize Public           For          Against             Mgmt
                             Announcements in Electronic Format - Limit
                             Rights of Odd-lot Holders - Limit Liability
                             of Directors and Statutory Auditors - Limit
                             Liability of Audit Firm
                                Because it is not in  shareholders'  interest to limit the
                                liability of the external  audit firm,  we recommend  that
                                shareholders oppose the whole resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    6        Approve Special Payments to Continuing        For          For                 Mgmt
                             Directors and Statutory Auditor in
                             Connection with Abolition of Retirement
                             Bonus System
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors


05/03/07 - A        Millennium & Copthorne Hotels plc        G6124F107                          None                   7,915
                    1        Accept Directors' Report                      For          For                 Mgmt
                    2        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    3        Approve Final Dividend of 10.42 Pence Per     For          For                 Mgmt
                             Share
                    4        Elect Christopher Keljik as Director          For          For                 Mgmt
                    5        Elect Peter Papadimitropoulos as Director     For          For                 Mgmt
                    6        Re-elect Wong Hong Ren as Director            For          For                 Mgmt
                    7        Re-elect John Sclater as Director             For          For                 Mgmt
                    8        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Approve Remuneration Report                   For          For                 Mgmt
                    10       Extend the Provisions of the Co-operation     For          For                 Mgmt
                             Agreement Enabling City Developments
                             Limited to Maintain its Percentage of
                             Shareholding in the Company
                    11       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 100,000
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 29,183,052
                    13       Subject to the Passing of Resolution 12,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,377,458
                    14       Authorise 29,183,053 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


08/30/06 - A        Mimasu Semiconductor Industry Co. Ltd.   J42798108                          05/31/06               1,446
                    *8155*
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                 Mgmt
                             17, Special JY 0
                    2        Amend Articles to: Increase Authorized        For          For                 Mgmt
                             Capital - Authorize Public Announcements in
                             Electronic Format - Limit Rights of Odd-lot
                             Holders - Update Terminology to Match that
                             of New Corporate Law
                    3        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors


05/11/07 - A        Minara Resources Limited(frmly           Q6120A101                          05/09/07              11,487
                    Anaconda Nickel Lt) *MRE*
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec 31, 2006
                    3        Approve Grant of Performance Rights to        For          Against             Mgmt
                             Acquire Up to 780,000 Options Over Unissued
                             Shares to Peter Johnston
                                Some  shareholders  may consider  that given the otherwise
                                demanding   nature  of  the   performance   hurdles,   the
                                extension of the  assessment  period  relative to previous
                                grants makes this resolution  worthy of support.  However,
                                given  Australian  investor  preferences  for a three-year
                                vesting  period,  shareholders  should vote  against  this
                                resolution.        Executive   Summary  of   Reasons   for
                                "Against"  Recommendation  on  Resolution  3        -  The
                                vesting  period  for the  proposed  grant of rights to the
                                CEO is only  two  years;  Australian  investors  generally
                                prefer  performance  under  long-term   incentives  to  be
                                assessed over at least three years.


11/08/06 - A        MINCOR RESOURCES NL *MCR*                Q6137H107                          11/06/06               9,943
                    1        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended June 30, 2006
                    2        Elect Ian Fred Burston as Director            For          For                 Mgmt
                    3        Elect James Stewart Reeve as Director         For          For                 Mgmt
                    4        Approve Increase in Remuneration for          For          For                 Mgmt
                             Non-Executive Directors to A$350,000 Per
                             Year
                    5        Approve Issuance of 9.73 Million Options      For          Against             Mgmt
                             Under the 2002 Employee Share Option PLan
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution 5- The options plans,  and the grants under the
                                plans,  lack  sufficient   vesting  periods  and  have  no
                                performance hurdles.
                    6        Ratify Past Issuance of 3.75 Million          For          Against             Mgmt
                             Options to Senior Managers Made on May 8,
                             2006
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  6 and 7- The  options  plans,  and the grants
                                under the plans, lack sufficient  vesting periods and have
                                no performance hurdles.
                    7        Ratify Past Issuance of 250,000 Options to    For          Against             Mgmt
                             Senior Managers Made on Sept. 9, 2006


11/30/06 - S        Mission Oil & Gas Inc.                   60510P101                          10/16/06                 320
                    1        Approve Plan of Arrangement                   For          Against             Mgmt
                                ISS  Recommendation        Despite  the positve aspects of
                                the transaction,  we believe the recent development in the
                                income  trust   sector   warrants  a  fresh  look  at  the
                                Arrangement.  As  such,  we  recommend  shareholders  vote
                                AGAINST the resolution.


02/08/07 - S        Mission Oil & Gas Inc.                   60510P101                          01/08/07               2,820
                    1        Approve Plan of Arrangement with Crescent     For          For                 Mgmt
                             Point Energy Trust


10/17/06 - S        Mitchells & Butlers plc                  G61614114                          None                 101,244
                    1        Approve Sub-Division of Existing Ord.         For          For                 Mgmt
                             Shares into Intermediate Shares;Capitalise
                             Reserves;Approve Consolidation of All
                             Unissued Intermediate Shares into Unissued
                             New Ord. Shares;Approve Consolidation of
                             All Issued Intermediate Shares into New
                             Ord. Shares
                    2        Authorise 40,335,011 New Ordinary Shares      For          For                 Mgmt
                             for Market Purchase


02/01/07 - A        Mitchells & Butlers plc                  G61614122                          None                 115,650
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 8.6 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    4a       Re-elect Sir Tim Lankester as Director        For          For                 Mgmt
                    4b       Re-elect Karim Naffah as Director             For          For                 Mgmt
                    4c       Re-elect Sara Weller as Director              For          For                 Mgmt
                    5        Reappoint Ernst & Young LLP as Auditors of    For          For                 Mgmt
                             the Company
                    6        Authorise Audit Committee to Fix              For          For                 Mgmt
                             Remuneration of Auditors
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 11,487,458
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,723,118
                    9        Authorise 40,346,510 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    10       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Donations and To Incur EU Political
                             Expenditure up to GBP 50,000 Each;
                             Authorise Mitchells and Butlers Retail Ltd
                             to Make EU Political Donations and To Incur
                             EU Political Expenditure up to GBP 50,000
                             Each


06/28/07 - A        Mitsubishi Gas Chemical Co. Inc.         J43959113                          03/31/07             183,431
                    *4182*
                    1        Amend Articles to: Increase Number of         For          For                 Mgmt
                             Statutory Auditors
                                In this item,  the company  seeks to increase  the maximum
                                number of internal  statutory auditors it can appoint from
                                4 to 5.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives and 0  non-executives.  The board  currently
                                includes 10 insiders and no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 1, 3, and 4        Nominees 1
                                and 3 do not meet our criteria for  independence.  Nominee
                                1 is a former  executive of The Bank of  Tokyo-Mitsubishi,
                                Ltd.,  the company's main bank and also one of the largest
                                shareholders  in the  company  with a 3.4  percent  stake.
                                Nominee  3 is a  former  vice  president  of  Nippon  Life
                                Insurance  Company,  one of the company's main lenders and
                                also one of the largest  shareholders  in the company with
                                a  4.4  percent  stake.  However,   nominee  4  meets  our
                                criteria for independence.  He is an emeritus professor at
                                Tokyo  University.                Given  the  realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their  affiliates,  nominees  1 and 3 for  independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    3.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditor and Special Payments to
                             Continuing Statutory Auditors in Connection
                             with Abolition of Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement  bonuses for 1 retiring director and 1 retiring
                                statutory    auditor.                In    addition,   the
                                company  requests  shareholder  approval  for  payments in
                                lieu  of  retirement  bonuses  to 3  continuing  statutory
                                auditors.  The board is  requesting  the authority to make
                                these  payments in  connection  with the  abolition of the
                                retirement bonus system.                  In  this case, 2
                                of the continuing  statutory auditors have been designated
                                by the company as  independent.  As we believe the payment
                                of   such   bonuses   to   non-executives   is  a   highly
                                inappropriate  practice  anywhere,  not just in Japan,  we
                                see no  alternative  but to  recommend  opposing the whole
                                item.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Statutory Auditors
                                The  ceiling  would be raised  from JY 7 million per month
                                to JY 10 million  per month.                  This  change
                                is being  requested  because of an  increase in the number
                                of  statutory  auditors  from 4 to 5 and the  abolition of
                                the practice of paying lump-sum retirement bonuses,  which
                                do  not  fall  under  the  compensation  ceiling,  and  is
                                replacing them with other forms of compensation  which do.
                                                Because  the new ceiling is not excessive,
                                we have no reason to oppose this resolution.


06/22/07 - A        Mitsubishi Steel Mfg. Co. Ltd. *5632*    J44475101                          03/31/07              10,521
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 4
                                The payout ratio for the full year is 18 percent  based on
                                consolidated    earnings,   or   21   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominees 4 and 8                Background
                                of  non-executive  nominee(s):   Nominee  4  is  a  former
                                president and current senior  advisor to Mitsubishi  Heavy
                                Industries Ltd. Nominee 8 is a former  vice-president  and
                                current   senior   advisor  to   Mitsubishi   Corporation.
                                                Board   Profile                Composition
                                of  board  after  this   meeting:   7  executives   and  2
                                non-executives.  The number of outsiders is remaining  the
                                same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor: Both  nominees        Both  nominees do
                                not meet our criteria for independence.          Nominee 1
                                is a former  executive of one of the largest  shareholders
                                in the company  with a 3.6 percent  stake.  Nominee 2 is a
                                former   partner   of   the   company's   external   audit
                                firm.                Given   the   realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  both nominees for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See the item 3.1
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors
                                One of the retiring  auditors has been  designated  by the
                                company as  independent.        As  we believe the payment
                                of   such   bonuses   to   non-executives   is  a   highly
                                inappropriate  practice  anywhere,  not just in Japan,  we
                                see no alternative but to recommend opposing this item.


06/28/07 - A        Mitsui Fudosan Co. Ltd. *8801*           J4509L101                          03/31/07              78,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 9
                                The payout ratio for the full year is 16 percent  based on
                                consolidated    earnings,   or   30   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive:   Nominees  7  and  8        Background  of
                                non-executive  nominees:  Nominee 7, Toshiharu  Aoki, is a
                                former  vice-president  of Nippon  Telegraph  &  Telephone
                                Corp.  and  president of NTT Data Corp.  He is currently a
                                senior  advisor  to NTT Data and joined  Mitsui  Fudosan's
                                board in 2005. Nominee 8, Yoshiharu Hayakawa,  is a former
                                representative  of Chuo Coopers Lybrand  Consulting and is
                                currently  the   representative   of  Kasumi   Empowerment
                                Research  Institute.  Mr.  Hayakawa is being  appointed to
                                the    board    for    the    first     time.        Board
                                Profile        Composition  of board after this meeting: 6
                                executives and 2  non-executives.  The number of outsiders
                                is  increasing  from 1 to 2.  Candidate 6 is  returning to
                                the board after an absence, and as noted above,  candidate
                                8 is a new appointee.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile        Nominees for independent statutory
                                auditor:  Nominees 2 and  3        Nominees 2 and 3 do not
                                meet  our  criteria  for  independence,  as they  are both
                                executives of Mitsui group companies.  Nominee 2, Akishige
                                Okada,  is a former  president  of Mitsui  Fudosan's  main
                                bank Sakura  Bank,  which is now known as Sumitomo  Mitsui
                                Bank.  Mr.  Okada  was also the  chairman  of that  bank's
                                holding  company  Sumitomo  Mitsui  Financial Group and is
                                currently a special  advisor to the bank.  Nominee 3, Keiu
                                Nishida,  is a former  president  and  chairman  of Mitsui
                                Trust  and  Banking,  now known as Chuo  Mitsui  Trust and
                                Banking,  which is also a major lender to Mitsui  Fudosan.
                                Moreover,  one of Mr. Nishida's  relatives is an executive
                                of   an    unnamed    affiliate    of   Mitsui    Fudosan.
                                        Nominee  1 is not  designated  by the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.        Given   the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominees  2  and  3  for  independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                see item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                see item 3.1
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditor in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  4  retiring   directors  and  1
                                retiring  statutory  auditor.                In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 5 continuing  directors and
                                1 continuing  statutory  auditor.  The board is requesting
                                the authority to make these  payments in  connection  with
                                the abolition of the retirement  bonus  system.        The
                                recipients  are  insiders  and we have no reason to oppose
                                this resolution.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing  aggregate  bonus  payments of JY
                                264  million  to 9  directors.  Because  the amount is not
                                excessive, we have no reason to oppose this resolution.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  director  ceiling  would be raised from JY 45 million
                                per month to JY 60 million  per month.  In  addition,  the
                                company wants to raise the ceiling for statutory  auditors
                                from JY 10 million  per month to JY 13 million  per month.
                                After  the  meeting,  the  number  of  directors  will  be
                                decreasing  from 10 to 8 (includes  2 outside  directors),
                                and  the  number  of   statutory   auditors   will  remain
                                unchanged  at  5.        This  change  is being  requested
                                because  of the  introduction  of the new  Corporate  Law,
                                under which annual  bonuses to the directors and statutory
                                auditors,  which  were  formerly  treated  as  part of the
                                annual  allocation of income,  are now considered  part of
                                director          and          statutory           auditor
                                compensation.        Because  the  new  ceilings  are  not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Deep Discount Stock Option Plan       For          For                 Mgmt
                                Option    Plan    Summary        Eligibility:    Executive
                                directors of Mitsui  Fudosan.                The  exercise
                                price      will     be     set     at     JY     1     per
                                share.                Potential   Dilution:   The  maximum
                                number  of  shares  which  could  be  issued  per  year is
                                100,000. If this resolution is approved,  the company will
                                not need to seek annual  shareholder  approval  for future
                                option  grants as long as the number of shares  issued per
                                year does not exceed the annual  limit.  Assuming that the
                                company  issues  100,000 shares per year over the next ten
                                years,  the  maximum  potential  dilution  from  this plan
                                comes to 0.1  percent of issued  capital.  ISS  guidelines
                                call for potential  dilution of no more than 5 percent for
                                a   mature    company,    10   percent    for   a   growth
                                company.                Exercise   Period:   The  exercise
                                period will be determined  by the full board,  potentially
                                beginning  as soon as the day  after  the  grant  date and
                                running  for as long as 30  years.  However,  options  may
                                only be exercised  after the recipient steps down from his
                                or   her    position        Performance    Hurdles:   None
                                disclosed.          This  plan is  intended to replace the
                                seniority-based  retirement bonus system with compensation
                                based  on  share  price  performance.   The  deep-discount
                                option plan meets ISS  guidelines.  Because this plan will
                                contribute  to a greater  consciousness  of the  company's
                                share price, we have no reason to oppose this resolution


06/21/07 - A        Mitsui O.S.K. Lines Ltd. *9104*          J45013109                          03/31/07             252,000
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 9, Final JY
                             11, Special JY 0
                    2        Elect Directors                               For          For                 Mgmt
                    3        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors to Add
                             Separate Ceiling for Annual Bonuses
                    5        Approve Stock Option Plan for Directors       For          For                 Mgmt
                    6        Approve Executive Stock Option Plan           For          For                 Mgmt


06/28/07 - A        Mitsumi Electric Co. Ltd. *6767*         J45464120                          03/31/07              41,813
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 33
                    2        Amend Articles to: Decrease Maximum Board     For          Against             Mgmt
                             Size - Limit Rights of Odd-lot Holders -
                             Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                In  this  item,  the  company  first  seeks  to  delete  a
                                provision  directing  the  company  to  reduce  authorized
                                capital by the number of treasury shares cancelled.  Under
                                the old  Commercial  Code, if a company  retired  treasury
                                shares,  authorized  capital  had  to be  reduced  by  the
                                number of such treasury shares retired.  This provision in
                                the   articles   was   introduced   in  line   with   this
                                requirement.  However,  this rule was abolished  under the
                                new  Corporate  Law.  Accordingly,  deleting the provision
                                means that the company  can  effectively  increase  unused
                                authorized  capital  in the event of a share  cancellation
                                because the  authorized  capital  will  remain  unchanged.
                                This  amendment  would make it easier  for the  company to
                                buy back  shares  on the  market  while  at the same  time
                                issuing   shares   in   a   private   placement,   thereby
                                manipulating the shareholder  composition to help ward off
                                a  takeover.                Second,  the company  seeks to
                                decrease  the  maximum  number of  directors  on the board
                                from 20 to 15,  in  order  to  strengthen  the  management
                                structure  by  speeding  up the  decision-making  process.
                                Following  this  meeting,  the company  would still have 2
                                vacant  seats on the board,  to which  dissident  nominees
                                could be  elected.          Because  deleting a  provision
                                that the company  shall reduce  authorized  capital by the
                                number  of  treasury  shares   cancelled  will  in  effect
                                increase  authorized  capital every time  treasury  shares
                                are retired in the future,  and such  transactions  do not
                                require   shareholder    approval,   we   recommend   that
                                shareholders oppose the resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Both nominees are insiders.
                    3.2      Elect Director --- For
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.


05/11/07 - A        Mittal Steel South Africa(frm Ispat      S51418101                          None                  18,700
                    Iscor(frmly Iscor Ltd.))
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended 12-31-06
                    2        Elect Directors                               For          For                 Mgmt
                    3        Approve Remuneration of Directors for         For          For                 Mgmt
                             Fiscal 2006
                    4        Approve Remuneration of Directors for         For          For                 Mgmt
                             Fiscal 2007
                    5        Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    6        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights up to a Maximum of 15
                             Percent of Issued Capital
                    7        Approve Cash Distribution to Shareholders     For          For                 Mgmt
                             by Way of Reduction of Share Premium Account
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital


03/27/07 - S        Mizrahi Tefahot Bank Ltd (formerly       M9540S110                          02/26/07              27,700
                    United Mizrahi Bank)
                    1        Approve Director/Officer Liability and        For          For                 Mgmt
                             Indemnification Insurance
                                As the company's  liability and  indemnification  policies
                                meet the benchmark  established  under Delaware  Corporate
                                Law, this item merits support.


11/24/06 - S        MMC Norilsk Nickel                       46626D108                          10/06/06               2,428
                             Meeting for ADR Holders
                    1        TO APPROVE THE PAYMENT OF INTERIM CASH        For          For                 Mgmt
                             DIVIDENDS FOR 9 MONTHS OF 2006 IN THE
                             AMOUNT OF RUB 56 PER SHARE, AND TO PAY
                             THESE DIVIDENDS WITHIN 60 DAYS AFTER THE
                             DATE OF THIS RESOLUTION.


06/28/07 - A        MMC Norilsk Nickel                       46626D108                          05/15/07               3,025
                             Meeting for ADR Holders
                    1        Approve Annual Report, Financial              For          For                 Mgmt
                             Statements, and Allocation of Income
                    2        Approve Dividends of RUB 176 per Ordinary     For          For                 Mgmt
                             Share, Including Special Dividends of RUB
                             56 for First Nine Months of Fiscal 2006
                             Approved at Company's Nov. 24, 2006, EGM
                             Elect Nine Directors by Cumulative Voting
                    3        Elect Directors                               Split        Split               Mgmt
                    3.1      Elect Andrey Bugrov as Director --- Against
                                ISS  Analysis  We note that the  company's  definition  of
                                independence  is not as  detailed  as ours and that we are
                                therefore   unable  to  classify  de  Selliers,   Dolgikh,
                                Ugolnikov,  and  Schimmelbusch  as  independent  directors
                                based on our classification  guidelines.  However, because
                                the  four  candidates  can be  classified  as  independent
                                based on the definition of director  independence  adopted
                                by  MMC  Norilsk  Nickel,  and  because  we  believe  that
                                independent   directors   are  most   capable   of  making
                                impartial  decisions,  taking into consideration first and
                                foremost   the   rights   and   value  of  the   company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of de  Selliers  (item  3.2),  Dolgikh  (item  3.3),
                                Ugolnikov (item 3.10), and  Schimmelbusch  (item 3.11) and
                                withhold their votes for the remaining seven nominees.  We
                                believe  that these  four  candidates  are most  likely to
                                bring  independence  to the board and will most likely act
                                in all shareholders' interests.
                    3.2      Elect Guy de Selliers as Director --- For
                    3.3      Elect Vladimir Dolgikh as Director --- For
                    3.4      Elect Andrey Klishas as Director --- Against
                    3.5      Elect Ralph Morgan as Director --- Against
                    3.6      Elect Denis Morozov as Director --- Against
                    3.7      Elect Kirill Parinov as Director --- Against
                    3.8      Elect Vladimir Potanin as Director ---
                             Against
                    3.9      Elect Ekaterina Salnikova as Director ---
                             Against
                    3.10     Elect Kirill Ugolnikov as Director --- For
                    3.11     Elect Heinz Schimmelbusch as Director ---
                             For
                             Elect Five Members of Audit Commission
                    4.1      Elect Julia Basova as Member of Audit         For          For                 Mgmt
                             Commission
                    4.2      Elect Vadim Meshcheryakov as Member of        For          For                 Mgmt
                             Audit Commission
                    4.3      Elect Nikolay Morozov as Member of Audit      For          For                 Mgmt
                             Commission
                    4.4      Elect Olga Rompel as Member of Audit          For          For                 Mgmt
                             Commission
                    4.5      Elect Olesya Firsik as Member of Audit        For          For                 Mgmt
                             Commission
                    5        Ratify Rosexpertiza LLC as Auditor            For          For                 Mgmt
                    6        Approve Remuneration of Directors             For          For                 Mgmt
                    7        Approve Price of Liability Insurance for      For          For                 Mgmt
                             Directors and Executives
                    8        Approve Related-Party Transaction Re:         For          For                 Mgmt
                             Liability Insurance for Directors and
                             Executives
                    9        Approve Value of Assets Subject to            For          For                 Mgmt
                             Compensation Agreement with Directors and
                             Executives
                    10       Approve Related-Party Transaction Re:         For          For                 Mgmt
                             Compensation of Expenses to Directors and
                             Executives
                    11       Approve Revised Edition of Charter            For          Against             Mgmt
                                In this  case,  we  believe  that the  negative  provision
                                under this item  outweighs  any  positive  ones.  For this
                                reason, we must recommend a vote against this resolution.
                    12       Approve Revised Edition of Regulations on     For          For                 Mgmt
                             Board of Directors
                    13       Cancel Company's Membership in Cobalt         For          For                 Mgmt
                             Development Institute
                    14       Cancel Company's Membership in Palladium      For          For                 Mgmt
                             Council


10/27/06 - A        MMI Holdings Ltd                         Y6049M104                          None                  65,423
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.02 Per Share  For          For                 Mgmt
                    3        Reelect Tan Choo Pie @ Tang Chang Chai as     For          For                 Mgmt
                             Director
                    4        Reelect Hang Chang Chieh as Director          For          For                 Mgmt
                    5        Approve Directors' Fees of $146,000 for the   For          For                 Mgmt
                             Year Ended June 30, 2006 (2005: SGD 268,000)
                    6        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options Pursuant to the MMI Employees'
                             Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.


05/09/07 - A        Modern Times Group AB-MTG                W56523116                          05/03/07              18,862
                    1        Elect Chairman of Meeting                     For          For                 Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    3        Approve Agenda of Meeting                     For          For                 Mgmt
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    6        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    7        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    8        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 7.50 per Share
                    9        Approve Discharge of Board and President      For          For                 Mgmt
                    10       Determine Number of Members (8) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of SEK 3.83 Million;
                             Approve Remuneration of Auditors
                    12       Reelect David Chance (Chair), Asger Aamund,   For          For                 Mgmt
                             Nick Humby, Lars-Johan Jarnheimer, David
                             Marcus, Cristina Stenbeck, and Pelle
                             Toernberg as Directors; Elect Mia Brunell
                             as New Director
                    13       Determine Number of Auditors; Ratify Ernst    For          For                 Mgmt
                             & Young as Auditors
                    14       Authorize Cristina Stenbeck and               For          For                 Mgmt
                             Representatives of at Least Two of
                             Company's Largest Shareholders to Serve on
                             Nominating Committee
                    15       Approve Remuneration Policy And Other Terms   For          Against             Mgmt
                             of Employment For Executive Management
                                The company had not published the proposed  guidelines for
                                executive   remuneration  at  the  time  of  analysis  but
                                mention  that it will be  available  at  least  two  weeks
                                prior to the meeting.  We strongly  believe that  publicly
                                listed companies  should make  information  concerning all
                                proposals   available  at  least  30  days  prior  to  the
                                meeting,  preferably  via  the  internet  in  addition  to
                                traditional  channels. It is of particular importance that
                                full  disclosure  is provided  with  respect to  executive
                                remuneration,   which  is  subject  to  much  debate.   We
                                recommend   that   shareholders   contact  the   company's
                                investor relations  department  directly to request better
                                disclosure.          Because  of the  lack of  information
                                regarding   the  details  of  the  proposed   remuneration
                                policy, we recommend a vote against this item.
                    16       Amend Articles Re: Allow Conversion of        For          For                 Mgmt
                             Class-A Shares into Class-B Shares
                    17       Approve SEK 1,000 Million Transfer from       For          For                 Mgmt
                             Share Premium Account to Unrestricted
                             Shareholders' Equity
                    18       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                    19       Approve SEK 33.5 Million Reduction In Share   For          For                 Mgmt
                             Capital via Share Cancellation
                    20a      Approve Stock Option Plan for Key Employees   For          For                 Mgmt
                    20b      Approve Issuance of 57,142 Subscription       For          For                 Mgmt
                             Rights to Subsidiary (MTG Holding AB)
                    20c      Approve Issuance of 342,852 Subscription      For          For                 Mgmt
                             Rights
                    21       Authorization to Raise Customary Credit       For          Against             Mgmt
                             Facilities Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                                Because of a lack of  information  concerning  the maximal
                                nominal   value  of  the  loans   that  could  be  raised,
                                shareholders are advised to vote against this item.
                    22       Close Meeting                                 None         None                Mgmt


06/28/07 - A        Mori Seiki Co. Ltd. *6141*               J46496121                          03/31/07             135,200
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 24
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory        auditor:        Nominees       3       to
                                5                        Nominees  4 and 5 do not meet our
                                criteria   for   independence.   Nominee  4  is  a  former
                                executive    director   of   Sumitomo    Mitsui    Banking
                                Corporation,  the  company's  main  bank.  Nominee  5 is a
                                former  vice  president  of Nanto Bank,  Ltd.,  one of the
                                largest  shareholders  in the  company  with  a 3  percent
                                stake.   However,   nominee  3  meets  our   criteria  for
                                independence. He is an attorney.                Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  nominees 4 and 5
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    3.5      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    4        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option Plan Summary                Eligibility:  employees
                                of        company,         and         employees        of
                                affiliates                Exercise    Price:   5   percent
                                premium    to    market     price     prior    to    grant
                                date                Potential  Dilution:  1.29  percent of
                                issued capital from this plan;  4.76 percent when combined
                                with  other  option  grants.   ISS  guidelines   call  for
                                potential  dilution of no more than 5 percent for a mature
                                company,    10    percent    for   a    growth    company.
                                                Exercise  Period:  Begins 2 years from the
                                grant   date.                Performance   Hurdles:   None
                                disclosed.           This   plan  meets  ISS   guidelines.
                                Accordingly, we have no reason to oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 30
                                million  per month (or JY 360  million per year) to JY 600
                                million per year. In addition,  the company wants to raise
                                the ceiling for  statutory  auditors from JY 5 million per
                                month (or JY 60 million  per year) to JY 100  million  per
                                year.  After the  meeting,  the company  will  continue to
                                have      15      directors      and      5      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors


06/28/07 - A        Morinaga Milk Industry Co. Ltd. *2264*   J46410114                          03/31/07              38,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 6
                    2        Amend Articles to: Increase Authorized        For          Against             Mgmt
                             Capital - Authorize Issuance of Warrants
                             for Takeover Defense By Resolution of Board
                             or AGM
                                In the item,  the  company  first  seeks to  increase  its
                                authorized  share  capital from 480 million to 720 million
                                shares,  an increase of 50 percent.  The company currently
                                has 253977218 shares  outstanding,  or about 53 percent of
                                the current  authorization.  After the proposed  increase,
                                the  company  will  have  35  percent  of  its  authorized
                                capital outstanding.  The company states that the proposed
                                increase in the authorized  capital is intended to prepare
                                for the  introduction of the takeover  defense proposed in
                                Item  3.                Second  the company wants to amend
                                the  articles to authorize  the company to issue  warrants
                                for takeover  defense by a board resolution or shareholder
                                approval.  Under  Japan's  Corporate  Law, the issuance of
                                warrants does not require a shareholder  vote,  but may be
                                implemented by a board  resolution.  However,  the company
                                is seeking shareholder  approval for its defense plan (see
                                Item 3),  and  seeks to amend  its  articles  to allow the
                                company to confirm the will of shareholders  regarding the
                                plan.                Because   we   cannot   support   the
                                company's  takeover  defense  for  the  reasons  discussed
                                below,  we also recommend that  shareholders  vote against
                                this resolution.
                    3        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan    Duration:    3   years
                                                Trigger  Threshold:  20  percent of shares
                                outstanding                Directors'  Term in  Office:  2
                                years                 Board  Independence:  The board will
                                be composed  entirely of  executive  directors  after this
                                meeting.                Independence       of      Special
                                Committee:  All members of the committee meet ISS criteria
                                for independence.                  Other Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More  Before  Meeting:  No                Because
                                the board is composed  entirely of executives,  because of
                                the failure of the directors to seek reelection  annually,
                                and  because of the late  release of the proxy  materials,
                                we recommend that shareholders oppose this resolution.
                    4        Elect Directors                               For          For                 Mgmt
                    4.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  9  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    4.2      Elect Director --- For
                    4.3      Elect Director --- For
                    4.4      Elect Director --- For
                    4.5      Elect Director --- For
                    4.6      Elect Director --- For
                    4.7      Elect Director --- For
                    4.8      Elect Director --- For
                    4.9      Elect Director --- For
                    5        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                criteria  for  independence.  He  is  a  former  executive
                                director of the largest  shareholder in the company with a
                                10.37  percent.          Given  the  realities of Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    6        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our criteria
                                for independence. He is an attorney.


06/22/07 - A        Moshi Moshi Hotline Inc. *4708*          J46733101                          03/31/07                 911
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 60
                                The payout ratio for the full year is 33 percent  based on
                                consolidated    earnings,   or   38   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:      Nominee     7        Background     of
                                non-executive   nominee(s):   The  nominee  is  a  current
                                executive of Mitsui & Co., Ltd.,  the largest  shareholder
                                in the  company  with a 34.3  percent  stake.        Board
                                Profile        Composition  of board after this meeting: 6
                                executives  and  1  non-executive.        The   number  of
                                outsiders is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditor
                                The company is proposing  aggregate  bonus  payments of JY
                                40.9  million  to 6  directors,  and JY 2.2  million  to 1
                                statutory auditor.  Because the amounts are not excessive,
                                we have no reason to oppose this resolution.
                    4        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY        Type  of Defense Plan: Advance Warning-Type
                                        Plan  Duration:  3  year                   Trigger
                                Threshold:    15    percent    of    shares    outstanding
                                        Directors'  Term in Office:  1 year          Board
                                Independence:  Following  this  meeting,  the  board  will
                                include no outside  directors  who meet ISS  criteria  for
                                independence.          Independence  of Special Committee:
                                2 out of 3 members of the committee  meet ISS criteria for
                                independence.        Other   Types  of  Takeover  Defense:
                                No        Meeting  Notice  Released  Three  Weeks  or More
                                Before Meeting:  No        The reason that shareholders of
                                US companies  reluctantly  tolerate  takeover  defenses is
                                that poison  pills do not  automatically  prevent  hostile
                                bids  from   succeeding   in  the  US,  where  boards  are
                                dominated by  independent  directors  who face  meaningful
                                sanctions,  in the form of  lawsuits,  if they take  steps
                                which are contrary to shareholder  value.  That is not the
                                case in Japan, so to ensure that a takeover  defense leads
                                to the  continued  enhancement  of  shareholder  value and
                                does  not  serve  merely  to  entrench  management,  it is
                                vitally  important  that the board include a critical mass
                                of  independent  directors  who can ensure  that the board
                                remains  responsive to the interests of ordinary investors
                                even  after  a  defense  is in  place.        Because  the
                                board  composition  does not meet ISS guidelines on poison
                                pills,  stipulating that at least 20 percent, and no fewer
                                than two, of the  directors  must meet ISS'  definition of
                                independence,  and  because  of the  late  release  of the
                                proxy  materials,  we recommend that  shareholders  oppose
                                this resolution.


10/25/06 - A        Murray & Roberts Holdings Ltd.           S52800133                          None                  38,163
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Reelect R.C. Andersen                         For          For                 Mgmt
                    3        Reelect N. Jorek                              For          For                 Mgmt
                    4        Reelect M.J. Shaw                             For          For                 Mgmt
                    5        Reelect J.J.M. van Zyl                        For          For                 Mgmt
                    6        Ratify Deloitte and Touche as Auditors        For          For                 Mgmt
                    7        Approve Remuneration of Directors             For          For                 Mgmt
                    8        Place 30 Million Authorized But Unissued      For          For                 Mgmt
                             Shares under Control of Directors
                    9        Authorize Repurchase of Up to 20 Percent of   For          For                 Mgmt
                             Issued Share Capital


06/28/07 - A        Musashino Bank Ltd. *8336*               J46883104                          03/31/07                 638
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 30
                    2        Elect Directors                               For          For                 Mgmt
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a former local government official.


07/18/06 - A        N Brown Group plc                        G64036109                          None                   5,213
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          Against             Mgmt
                    3        Approve Final Dividend of 4.45 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Alan White as Director               For          For                 Mgmt
                    5        Re-elect Lord Alliance of Manchester as       For          For                 Mgmt
                             Director
                    6        Re-elect Nigel Alliance as Director           For          For                 Mgmt
                    7        Re-elect Ivan Fallon as Director              For          For                 Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 9,846,449.40
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,476,967.41
                    11       Authorise 29,539,348 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    12       Renew N Brown Group Plc Long-Term Incentive   For          Against             Mgmt
                             Share Plan


02/21/07 - S        N Brown Group plc                        G64036109                          None                  16,502
                    1        Approve Increase in Auth. Cap. to GBP         For          For                 Mgmt
                             39,029,625.88; Auth. Capitalisation of GBP
                             29,625.88 on the Company's Share Premium
                             Account and Apply Such Sum to B Shares;
                             Issue Equity with Rights; Approve Share
                             Reorganisation; Adopt New Art. of Assoc.
                    2        Subject to and Conditional Upon the Passing   For          For                 Mgmt
                             of Resolution 1, Authorise Issue of Equity
                             or Equity-Linked Securities with
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 9,414,121.30
                    3        Subject to and Conditional Upon the Passing   For          For                 Mgmt
                             of Resolutions 1 and 2, Authorise Issue of
                             Equity without Pre-emptive Rights up to
                             Aggregate Nominal Amount of the Greater of
                             GBP 1,479,293.94 and Five Percent of the
                             Issued Ordinary Share Capital of the Company


01/31/07 - A        National Australia Bank Limited *NAB*    Q65336119                          01/29/07              87,123
                    1        Presentations by the Chairman and the Group   None         None                Mgmt
                             Chief Executive Officer
                    2        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Year Ended Sept. 30, 2006
                    3a       Elect Michael Chaney as Director              For          For                 Mgmt
                    3b       Elect Ahmed Fahour as Director                For          For                 Mgmt
                    3c       Elect Paul Rizzo as Director                  For          For                 Mgmt
                    3d       Elect Michael Ulmer as Director               For          For                 Mgmt
                    4        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Sept. 30, 2006
                    5        Approve Non-Executive Director Share Plan     For          For                 Mgmt
                    6        Approve Issuance of 37,260 National Shares    For          For                 Mgmt
                             at A$39.52 Each to John Stewart, Group
                             Chief Executive Officer, Under Short Term
                             Incentive Plan
                    7        Approve Grants of 42,587 Shares, 284,250      For          For                 Mgmt
                             Performance Options and 71,063 Performance
                             Rights, Under the Company's Short Term and
                             Long Term Incentive Plans, to Ahmed Fahour,
                             Chief Executive Officer, Australia
                    8a       Approve Grants of 19,661 Shares, 152,514      For          For                 Mgmt
                             Performance Options, and 38,129 Performance
                             Rights, Under the Company's Short Term and
                             Long Term Incentive Plans, to Michael
                             Ullmer,Group Chief Financial Officer
                    8b       Approve Grant of Shares to the Value of A$1   For          For                 Mgmt
                             Million to Michael Ullmer, Group Chief
                             Financial Officer
                    9        Approve Selective Buy-Back Scheme Relating    For          For                 Mgmt
                             to 20 Million Preference Shares Associated
                             with the National Income Securities


07/31/06 - A        National Grid PLC(frmrly. National       G6375K151                          None                 128,143
                    Grid Transco PLC)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 15.9 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Sir John Parker as Director          For          For                 Mgmt
                    4        Re-elect Steve Lucas as Director              For          For                 Mgmt
                    5        Re-elect Nick Winser as Director              For          For                 Mgmt
                    6        Re-elect Kenneth Harvey as Director           For          For                 Mgmt
                    7        Re-elect Stephen Pettit as Director           For          For                 Mgmt
                    8        Re-elect George Rose as Director              For          For                 Mgmt
                    9        Re-elect Steve Holliday as Director           For          For                 Mgmt
                    10a      Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    10b      Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    11       Approve Remuneration Report                   For          For                 Mgmt
                                The cash  bonuses of the US-based  Executive  Director are
                                pensionable.  This is not consistent with UK best practice
                                but reflects US market practice.
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 103,241,860
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 15,497,674
                    14       Authorise 272,000,000 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    15       Authorise 8,500,000 B Shares for Market       For          For                 Mgmt
                             Purchase
                    16       Approve the Broker Contract Between           For          For                 Mgmt
                             Deutsche Bank and the Company for the
                             Repurchase of B Shares
                    17       Approve Increase In Borrowing Powers to GBP   For          For                 Mgmt
                             30 Billion with Limit of Four Times
                             Adjusted Capital and Reserves
                                RREV considers this proposal acceptable.


07/31/06 - S        National Grid PLC(frmrly. National       G6375K151                          None                 128,143
                    Grid Transco PLC)
                    1        Approve Acquisition of KeySpan Corporation    For          For                 Mgmt
                             Pursuant to the Merger Agreement


12/07/06 - S        Nedbank Group(frmly Nedcor Ltd.)         S5518R104                          None                   8,487
                             Special Meeting Agenda
                    1        Approve the NedNamibia Holdings LTIP          For          For                 Mgmt
                    2        Approve the Black Management Scheme           For          For                 Mgmt
                    3        Approve the Broad-based Employee Scheme       For          For                 Mgmt
                    4        Approve the Education Trust Scheme            For          For                 Mgmt
                    5        Approve the Long-term Strategic Allocation    For          For                 Mgmt
                    6        Approve Specific Issuance of Shares           For          For                 Mgmt
                             Pursuant to Private Placement
                    7        Authorize Specific Repurchase of Shares       For          For                 Mgmt
                    8        Approve Specific Authority to Issuance of     For          For                 Mgmt
                             Shares to Various Special Purpose Vehicles
                    9        Approve Specific Authority to Issue Share     For          For                 Mgmt
                             Relating to Annual Performance Fees
                    10       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


02/27/07 - S        NEO-CHINA GROUP (HOLDINGS) LTD (frmrly   G6419E104                          None                 100,000
                    NEO-TECH GLOBAL LTD)
                    1        Approve Acquisition by Beijing New Shine      For          For                 Mgmt
                             Land Investment Consultancy Ltd.
                             (Purchaser) of 67.0 Percent of the
                             Registered Capital of Hunan Qianshuiwan
                             Shuangya Wanquan Huayuen Co. Ltd. from
                             Beijing New Shine Investment Group Co. Ltd.
                                I. Transaction Summary        Acquirer:  Beijing New Shine
                                Land   Investment   Consultancy   Ltd.   (Purchaser),    a
                                wholly-owned subsidiary of the  company        Target:  67
                                percent of the  registered  capital  of Wunan  Qianshuiwan
                                Shuangya    Wanquan    Huayuen    Co.    Ltd.     (Changsa
                                JV)        Consideration:  cash        Transaction  Terms:
                                The Purchaser  would acquire 67 percent of the  registered
                                capital of Changsa JV from  Beijing  New Shine  Investment
                                Group Co. Ltd. (Beijing New Shine  Investment),  a company
                                whose  controlling  shareholder  is Li Song Xiao (Mr. Li),
                                who in turn is the chairman  and an executive  director of
                                the  company,  for a  consideration  of RMB 216.0  million
                                ($26.9  million)        Value  of  Transaction:  RMB 216.0
                                million     ($26.9     million)     payable     by     the
                                company        Fairness  Opinion:  First Shanghai  Capital
                                Ltd.,  the  independent   financial  adviser,  is  of  the
                                opinion   that  the   terms  of  the  deal  are  fair  and
                                reasonable  and are in the  interests  on the  company and
                                the   shareholders   as   a    whole        II.    Company
                                Description        Changsa  JV, owned as to 75 percent, 20
                                percent,  and 5 percent by Beijing  New Shine  Investment,
                                Beijing  Guoke  Xinye  Technology   Development  Co.  Ltd.
                                (Beijing Guoke), and Zhuhai Yi Hua Tong, respectively,  is
                                the sole  developer  of a  project  situated  in  Wancheng
                                County,  Changsa City, the People's Republic of China (the
                                PRC)  (Changsa  Property  Project).  The Changsa  Property
                                Project  comprises  five parcels of land with an aggregate
                                site area of  approximately  665,987  square  meters which
                                would be  developed  into a large  scale  residential  and
                                commercial   development   comprising  a  villa,   low  to
                                high-rise residential  buildings,  a clubhouse,  and other
                                ancillary  facilities.  It is  planned  that  the  Changsa
                                Property  Project would be developed in two phases,  which
                                are  scheduled  to be  completed  in around  2010.  It was
                                noted that  Changsa JV has obtained the land use rights of
                                all five  parcels of land in two batches in Oct.  2005 and
                                Nov. 2006 and the total cost of  acquisition of titles was
                                approximately RMB 33.1 million ($4.1  million).        The
                                audited  net asset value of Changsa JV as at July 31, 2006
                                and Dec.  31, 2005 were RMB 29.7  million  ($3.7  million)
                                and     RMB     29.7     million      ($3.7      million),
                                respectively.        III.   Transaction        Under   the
                                proposed  acquisition,  the  Purchaser  would  acquire  67
                                percent  of the  registered  capital  of  Changsa  JV from
                                Beijing New Shine  Investment for a  consideration  of RMB
                                216.0  million  ($26.9  million).  Based on  arm's  length
                                negotiations    between   the   parties   involved,    the
                                consideration  was  determined by reference to the audited
                                net  assets of Changsa JV at July 31,  2006  amounting  to
                                approximately  RMB 29.7  million  ($3.7  million)  and the
                                value  of its  property  interest  as  valued  by  Savills
                                Valuation and  Professional  Services Ltd.  (Savills),  an
                                independent  property  valuer,  in their valuation  report
                                which amounted to HK$372.3 million ($46.4  million).  This
                                amount  would be paid in cash and  would  be  funded  from
                                internal resources of the company.        Upon  completion
                                of the  acquisition,  the company  would have an effective
                                equity  interest  of 67 percent in Changsa JV and  Changsa
                                JV   would   become   an   indirect   subsidiary   of  the
                                company.        IV.  Rationale Considerations  (Disclosure
                                Level:    Satisfactory)        The    company    and   its
                                subsidiaries  (Group) are principally  engaged in property
                                investment  and  development  in the  PRC  and  have  been
                                proactively  appraising various  investment  opportunities
                                to  explore  high  potential  investments  and  attractive
                                business  opportunities  in major  cities in the PRC.  The
                                proposed  acquisition  is  expected to provide the Group a
                                good  opportunity  to further  expand its  business in the
                                property  market in  Changsa.  It was noted  that land and
                                construction   costs  are  comparatively   lower  and  the
                                selling  price  is  satisfactory  in  Changsa's   property
                                market.  The directors  believe that acquiring an interest
                                in Changsa JV would provide positive  contributions to the
                                company's  earnings  in the  coming  years.        V.  Pro
                                Forma Financial  Summary        Based on the unaudited pro
                                forma   information  of  the  Group,   assuming  that  the
                                acquisition  had taken place on Oct. 31, 2006,  net assets
                                would have  increased  by 7.9 percent  from  approximately
                                HK$3.4 billion ($421.6  million) to HK$3.7 billion ($455.1
                                million).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given that the target company
                                is  privately   held,   ISS  cannot   conduct  a  premiums
                                analysis.  Savills  Valuation  and  Professional  Services
                                Ltd., an independent property valuer,  however, has valued
                                the Changsa JV at  approximately  HK$372.3  million ($46.4
                                million).        VII.     Market    Reaction             -
                                Pre-announcement:   The  share  price  increased  by  30.9
                                percent  in the  60  days  prior  to  Jan.  3,  2007,  the
                                company's  announcement date (Announcement  Date),  versus
                                an 8.9  percent  increase  for the Hang Seng Index  (HSI),
                                outperforming     the    index    by    22.0    percentage
                                points.        -  Initial:  The share price  increased  by
                                6.7 percent a day before the Announcement  Date,  versus a
                                0.5 percent increase for the HSI,  outperforming the index
                                by 6.2  percentage  points.          -  Post-announcement:
                                The  share  price  decreased  by  12.6  percent  from  the
                                Announcement  Date to Feb. 12, 2007,  versus a 1.1 percent
                                increase  for the HSI,  underperforming  the index by 13.7
                                percentage   points.        We  note  that  the  company's
                                share price has been  declining  from Nov.  29, 2006 until
                                Dec. 19, 2006 where it stabilized at HK$1.19  ($0.1) until
                                Jan. 2, 2007,  the day before the  Announcement  Date. The
                                share price  immediately  increased  to HK$1.27  ($0.2) on
                                the  Announcement   Date  before  dropping  back  to  post
                                announcement    prices.                VIII.    Governance
                                (Disclosure Level:  Unsatisfactory)        The company did
                                not   disclose   governance   matters   relating   to  the
                                acquisition        of        Changsa        JV.        IX.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.
                    2        Approve Acquisition by the Purchaser of       For          For                 Mgmt
                             22.1 Percent of the Registered Capital of
                             Beijing New Shine Properties Development
                             Co. Ltd. from Beijing Guoke Xinye
                             Technology Development Co. Ltd.
                                I.          Transaction           Summary        Acquirer:
                                Purchaser        Target:  22.1  percent of the  registered
                                capital of Beijing New Shine  Properties  Development  Co.
                                Ltd.     (Youngman     Point     JV)        Consideration:
                                cash        Transaction   Terms:   The   Purchaser   would
                                acquire  22.1  percent  of  the   registered   capital  of
                                Youngman   Point  JV  from   Beijing   Guoke,   a  company
                                controlled  by Mr.  Li  for a  consideration  of RMB  90.0
                                million ($11.2  million)        Value of Transaction:  RMB
                                90.0   million    ($11.2    million)    payable   by   the
                                company        Fairness  Opinion:  First Shanghai  Capital
                                Ltd.,  the  independent   financial  adviser,  is  of  the
                                opinion   that  the   terms  of  the  deal  are  fair  and
                                reasonable  and are in the  interests  on the  company and
                                the   shareholders   as   a    whole        II.    Company
                                Description        Youngman  Point  JV,  owned  as to 51.6
                                percent,  22.1 percent,  and 26.3 percent by New Direction
                                Development  Ltd.  (New  Direction),  Beijing  Guoke,  and
                                Beijing Int'l Trust Investment Co. Ltd., respectively,  is
                                a  sino-foreign  equity joint venture  established  in the
                                PRC solely  engaged in the  development  of a  residential
                                and  commercial  property  located  at  No.  2  Ganluyuan,
                                Zhongli,  Qingnian Road, Chaoyang District,  Beijing,  the
                                PRC (Youngman Point Property Project).  The Youngman Point
                                Property  Project  consists two phases:  (1) Phase I has a
                                site area and gross floor area of  approximately  40,917.3
                                square meters and  approximately  145,424  square  meters,
                                respectively,  and comprises 1,587  residential  units and
                                25 commercial  units in total for sale  purposes;  and (2)
                                Phase II which is  composed  of four  lots and is still at
                                the planning  stage.  The expected  completion of Phase II
                                is in Dec.  2007.        The  audited  net asset  value of
                                Youngman  Point JV as at July 31,  2006 and Dec.  31, 2005
                                were  RMB  182.8  million  ($22.8  million)  and RMB  34.0
                                million ($4.2 million),  respectively.        The  company
                                holds an effective  interest in Youngman  Point JV of 51.6
                                percent through its indirect wholly-owned subsidiary,  New
                                Direction.        III.     Transaction        Under    the
                                proposed  acquisition,  the  Purchaser  would acquire 22.1
                                percent of the  registered  capital of  Youngman  Point JV
                                from  Beijing  Guoke  for  a  consideration  of  RMB  90.0
                                million   ($11.2   million).   Based   on   arm's   length
                                negotiations    between   the   parties   involved,    the
                                consideration  was  determined by reference to the audited
                                net  assets  of  Youngman   Point  JB  at  July  31,  2006
                                amounting  to RMB 182.8  million  ($22.8  million) and the
                                value of its property  interest as valued by Savills which
                                amounted  to  RMB  621.5  million  ($77.5  million).  This
                                amount  would be paid in cash and  would  be  funded  from
                                internal resources of the company.        Upon  completion
                                of the acquisition,  the company's  effective  interest in
                                Youngman  Point JV would  increase  from 51.6  percent  to
                                73.7    percent.        IV.    Rationale    Considerations
                                (Disclosure  Level:  Satisfactory)        The  company and
                                its  subsidiaries   (Group)  are  principally  engaged  in
                                property  investment  and  development in the PRC and have
                                been    proactively    appraising    various    investment
                                opportunities  to explore high potential  investments  and
                                attractive  business  opportunities in major cities in the
                                PRC.  The board  believes  that the  proposed  acquisition
                                would  provide  the Group a good  opportunity  to  further
                                expand its  business  in the  property  market in Beijing,
                                where  investment  risks  are low and  market  prices  are
                                steadily growing.  It is expected that acquiring a further
                                interest  in Youngman  Point JV would  provide the company
                                more  control  over  the  development  of  Youngman  Point
                                Property   Project.           V.   Pro   Forma   Financial
                                Summary        Based    on   the   unaudited   pro   forma
                                information  of the Group,  assuming that the  acquisition
                                had taken place on Oct.  31,  2006,  net assets would have
                                increased  by  7.9  percent  from   approximately   HK$3.4
                                billion   ($421.6   million)  to  HK$3.7  billion  ($455.1
                                million).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given that the target company
                                is  privately   held,   ISS  cannot   conduct  a  premiums
                                analysis.  Savills  Valuation  and  Professional  Services
                                Ltd., an independent property valuer,  however, has valued
                                the Youngman Point JV at  approximately  RMB 621.5 million
                                ($77.5 million).        VII.  Risks        The company did
                                not disclose  possible  risks  pertaining  to the proposed
                                acquisition  of  Youngman  Point  JV.        VIII.  Market
                                Reaction          -  Pre-announcement:   The  share  price
                                increased  by 30.9 percent in the 60 days prior to Jan. 3,
                                2007,  the  company's   announcement  date   (Announcement
                                Date),  versus an 8.9 percent  increase  for the Hang Seng
                                Index (HSI),  outperforming  the index by 22.0  percentage
                                points.        -  Initial:  The share price  increased  by
                                6.7 percent a day before the Announcement  Date,  versus a
                                0.5 percent increase for the HSI,  outperforming the index
                                by 6.2  percentage  points.          -  Post-announcement:
                                The  share  price  decreased  by  12.6  percent  from  the
                                Announcement  Date to Feb. 12, 2007,  versus a 1.1 percent
                                increase  for the HSI,  underperforming  the index by 13.7
                                percentage   points.        We  note  that  the  company's
                                share price has been  declining  from Nov.  29, 2006 until
                                Dec. 19, 2006 where it stabilized at HK$1.19  ($0.1) until
                                Jan. 2, 2007,  the day before the  Announcement  Date. The
                                share price  immediately  increased  to HK$1.27  ($0.2) on
                                the  Announcement   Date  before  dropping  back  to  post
                                announcement          prices.                        VIII.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the   acquisition   of   Youngman   Point   JV.        IX.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.
                    3        Approve Acquisition by the Purchaser of       For          For                 Mgmt
                             15.0 Percent of the Registered Capital of
                             Beijing Jin Ma Wen Hua Yuan Properties
                             Development Co. Ltd. from Beijing Xi Hua
                             Wei Yie Construction Materials Trading Co.
                             Ltd.
                                I.          Transaction           Summary        Acquirer:
                                Purchaser        Target:  15  percent  of  the  registered
                                capital  of  Beijing  Jin  Ma  Wen  Hua  Yuan   Properties
                                Development       Co.      Ltd.       (American       Rock
                                JV)        Consideration:  cash        Transaction  Terms:
                                The Purchaser  would acquire 15 percent of the  registered
                                capital of  American  Rock JV from  Beijing Xi Hua Wei Yie
                                Construction  Materials  Trading Co. Ltd. (Beijing Xi Hua)
                                for  a   consideration   of  RMB  100.0  million   ($12.58
                                million)        Value  of  Transaction:  RMB 100.0 million
                                ($12.58  million)  payable by the  company        Fairness
                                Opinion:  First  Shanghai  Capital Ltd.,  the  independent
                                financial  adviser,  is of the  opinion  that the terms of
                                the deal are fair and  reasonable and are in the interests
                                on   the    company    and   the    shareholders    as   a
                                whole        Accounting           Treatment:           Not
                                disclosed        Tax             Treatment:            Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        American   Rock  JV,  owned  as  to  45
                                percent,  40  percent  and 15  percent  by Top Fair  Ltd.,
                                Lucky Merit  Development Ltd. (Lucky Merit) and Beijing Xi
                                Hua, respectively,  is a sino-foreign equity joint venture
                                established in the PRC solely  engaged in the  development
                                of a residential  and commercial  property  located at No.
                                16, Baiziwan Road,  Chaoyang  District,  Beijing,  the PRC
                                (American  Rock  Property  Project).   The  American  Rock
                                Property  Project  consists two phases and four zones with
                                approximately  5,400  residential and commercial  units in
                                total  for sale  purposes.        The  audited  net  asset
                                value of  American  Rock JV as at July  31,  2006 and Dec.
                                31, 2005 were RMB 434.3  million  ($54.1  million) and RMB
                                388.9 million  ($48.5  million),  respectively.        The
                                company  holds an effective  interest in American  Rock JV
                                of 85.0  percent  through its  wholly-owned  subsidiaries,
                                Top    Fair    Ltd.    and    Lucky     Merit.        III.
                                Transaction        Under  the  proposed  acquisition,  the
                                Purchaser  would  acquire  15  percent  of the  registered
                                capital  of  American  Rock JV from  Beijing  Xi Hua for a
                                consideration  of  RMB  100.0  million  ($12.58  million).
                                Based on arm's  length  negotiations  between the parties,
                                the  consideration  was  determined  by  reference  to the
                                audited  net  assets  American  Rock JV at July  31,  2006
                                amounting  to RMB 483.2  million  ($60.2  million) and the
                                value of its property  interest as valued by Savills which
                                amounted  to  RMB  804.7  million  ($10.0  million).  This
                                amount  would be paid in cash and  would  be  funded  from
                                internal resources of the company.        Upon  completion
                                of the  acquisition,  American  Rock  JV  would  become  a
                                wholly-owned   subsidiary   of   the   company.        IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        The   company  and  its  subsidiaries
                                (Group) are  principally  engaged in  property  investment
                                and  development  in the PRC  and  have  been  proactively
                                appraising  various  investment  opportunities  to explore
                                high  potential   investments   and  attractive   business
                                opportunities  in  major  cities  in the  PRC.  The  board
                                believes that the proposed  acquisition  would provide the
                                Group a good  opportunity  to further  expand its business
                                in the property market in Beijing,  where investment risks
                                are low and market  prices  are  steadily  growing.  It is
                                expected  that  acquiring  a further  interest in American
                                Rock JV would  provide the company  full  control over the
                                development of American Rock Property Project.          V.
                                Pro Forma Financial  Summary        Based on the unaudited
                                pro forma  information  of the  Group,  assuming  that the
                                acquisition  had taken place on Oct. 31, 2006,  net assets
                                would have  increased  by 7.9 percent  from  approximately
                                HK$3.4 billion ($421.6  million) to HK$3.7 billion ($455.1
                                million).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given that the target company
                                is  privately   held,   ISS  cannot   conduct  a  premiums
                                analysis.  Savills  Valuation  and  Professional  Services
                                Ltd., an independent property valuer,  however, has valued
                                the American  Rock JV at  approximately  RMB 804.7 million
                                ($10.0 million).        VII.  Risks        The company did
                                not disclose  possible risks pertaining to the acquisition
                                of  American   Rock   JV.        VIII.   Market   Reaction
                                        -  Pre-announcement:  The share price increased by
                                30.9  percent  in the 60 days prior to Jan.  3, 2007,  the
                                company's  announcement date (Announcement  Date),  versus
                                an 8.9  percent  increase  for the Hang Seng Index  (HSI),
                                outperforming     the    index    by    22.0    percentage
                                points.        -  Initial:  The share price  increased  by
                                6.7 percent a day before the Announcement  Date,  versus a
                                0.5 percent increase for the HSI,  outperforming the index
                                by 6.2  percentage  points.          -  Post-announcement:
                                The  share  price  decreased  by  12.6  percent  from  the
                                Announcement  Date to Feb. 12, 2007,  versus a 1.1 percent
                                increase  for the HSI,  underperforming  the index by 13.7
                                percentage   points.        We  note  that  the  company's
                                share price has been  declining  from Nov.  29, 2006 until
                                Dec. 19, 2006 where it stabilized at HK$1.19  ($0.1) until
                                Jan. 2, 2007,  the day before the  Announcement  Date. The
                                share price  immediately  increased  to HK$1.27  ($0.2) on
                                the  Announcement   Date  before  dropping  back  to  post
                                announcement            prices.                        IX.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the    acquisition   of   American   Rock    JV.        X.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.


06/01/07 - S        NEO-CHINA GROUP (HOLDINGS) LTD (frmrly   G6419E104                          None                 100,000
                    NEO-TECH GLOBAL LTD)
                    1        Approve Acquisition by Neo-China Investment   For          For                 Mgmt
                             Ltd. of the Entire Issued Shared Capital in
                             One Alliance Investment Ltd. from Invest
                             Gain Ltd.
                                I.    Transaction    Summary        Acquirer:    Neo-China
                                Investment Ltd. (Purchaser),  a wholly-owned subsidiary of
                                the company        Target:  Entire issued share capital of
                                One      Alliance       Investment      Ltd.      (Holding
                                Company)        Consideration:  shares         Transaction
                                Terms:  The Purchaser  would  acquire the Holding  Company
                                from   Invest   Gain   Ltd.   (the   Vendor),   a  company
                                wholly-owned  by Li Song Xiao (Mr. Li) who is the chairman
                                and  an  executive   director  of  the  company,   for  an
                                aggregate   consideration   of  HK$505.0   million  ($64.6
                                million),  which would be satisfied by the  allotment  and
                                issuance  of   approximately   467.6  million  new  shares
                                (Consideration    Shares)        Value   of   Transaction:
                                HK$505.0   million   ($64.6   million)   payable   by  the
                                company        Fairness  Opinion:  First Shanghai  Capital
                                Ltd., the independent  financial  adviser,  is of the view
                                that the terms of the deal as fair and  reasonable and are
                                in the  interest  of the  company  and  shareholders  as a
                                whole.        II.  Company  Description        The Holding
                                Company,  ultimately and beneficially  owned by Mr. Li, is
                                an investment  holding company that will hold the interest
                                in Shanghai  Jiujiu  Square  Investment  Development  Ltd.
                                (Property Owner) after the  restructuring of the ownership
                                of   the   Property   Owner    (Restructuring).        The
                                Property  Owner,  after the  Restructuring,  will have 100
                                percent equity  interest in two pieces of land situated in
                                Song Jiang  District  Gui Dao Jiao Tong Jiu Ting Zhen No.1
                                --  Land  Lot B  Sections  A and  B,  Shanghai,  the
                                People's  Republic  of China (PRC)  (Property  Interests).
                                The  Property  Interests  constitute  a  property  project
                                named as Jiujiu Youth City  Development,  which is planned
                                to be developed into business,  office buildings and hotel
                                apartments.        III.    Transaction        Under    the
                                proposed  acquisition,  the  Purchaser  would  acquire the
                                Holding   Company   from  the  Vendor  for  an   aggregate
                                consideration of HK$505.0  million ($64.6 million),  which
                                was  determined  after arm's length  negotiations  between
                                the parties  involved  and the  valuation  of the Property
                                Interests as valued by American  Appraisal  China Bhd., an
                                independent  property valuer,  at RMB 487.7 million ($62.4
                                million) as at Feb. 28,  2007.  The  consideration  amount
                                would be  satisfied by the  allotment  and issuance of the
                                Consideration  Shares,   representing   approximately  6.8
                                percent  and 6.4  percent  of the  existing  and  enlarged
                                share  capital of  company,  at an issue  price of HK$1.08
                                ($0.14) each (Issue  Price),  which was  determined  after
                                arm's  length  negotiations  between the parties  involved
                                and  with  reference  to the  recent  traded  price of the
                                shares  and future  prospects  of the  company.  The Issue
                                Price  represents a premium of 2.8 percent,  a discount of
                                0.9  percent  and a  discount  of  5.9  percent  over  the
                                average  closing price of shares 60 days prior to April 3,
                                2007,  the date on which the  announcement  pertaining  to
                                the proposed  acquisition was posted on the Stock Exchange
                                of Hong Kong Ltd. (Stock Exchange)  (Announcement Date); a
                                day   before   the   Announcement   Date;   and  from  the
                                Announcement  Date to May 17,  2007,  which is the date of
                                writing   of   this   report,    respectively.        Upon
                                completion  of  the  proposed  acquisition,   the  Holding
                                Company  would  become a  wholly-owned  subsidiary  of the
                                company.        IV.  Rationale Considerations  (Disclosure
                                Level:    Satisfactory)        The    company    and   its
                                subsidiaries  (Group) are principally  engaged in property
                                investment  and  development  in the  PRC  and  have  been
                                proactively  appraising various  investment  opportunities
                                to  explore  high  potential  investments  and  attractive
                                opportunities  in major cities in the PRC.  This  proposal
                                presents  a good  opportunity  for the  Group  to  further
                                expand its  business in the  property  market in Shanghai,
                                which   was   noted  to  be  the   largest   city  in  the
                                PRC.        V.  Pro Forma  Financial  Summary        Based
                                on the  unaudited  pro  forma  information  of the  Group,
                                assuming that the  acquisition had taken place on Oct. 31,
                                2006,  the net asset  value  (NAV) of the Group would have
                                increased    by    approximately    15.6    percent   from
                                approximately  HK$3.2 billion  ($405.8  million) to HK$3.7
                                billion  ($469.2  million),   NAV  per  share  would  have
                                decreased by 10.9 percent from HK$0.55  ($0.07) to HK$0.49
                                ($0.06) and  earnings  per share would have  decreased  by
                                7.1   percent   from   HK$0.014   ($0.002)   to   HK$0.013
                                ($0.002).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given  that Holdings  Company
                                is privately held, we cannot conduct a premiums  analysis.
                                American  Appraisal  China Ltd., an  independent  property
                                valuer,  however, has valued the Property Interests at RMB
                                487.7   million   ($62.4   million)   as   at   Feb.   28,
                                2007.        VII.   Risks        The   company   did   not
                                disclose   possible  risks   pertaining  to  the  proposed
                                acquisition.        VIII.          Market         Reaction
                                        -Pre-announcement:  The share price  decreased  by
                                4.2  percent in the 60 days  prior to April 3,  2007,  the
                                day on which the company's  announcement was posted on the
                                website   of  the  Stock   Exchange   of  Hong  Kong  Ltd.
                                (Announcement  Date), versus a 2.2 percent decline for the
                                Hang Seng Index  (HSI),  underperforming  the index by 2.0
                                percentage   points.        -Initial:   The  share   price
                                increased  by 3.7  percent a day before  the  Announcement
                                Date,   versus  a  1.0  percent   increase  for  the  HSI,
                                outperforming   the  index  by  2.7   percentage   points.
                                        -Post-announcement:  The share price  increased by
                                13.3 percent from the  Announcement  Date to May 17, 2007,
                                versus an 8.3 percent increase for the HSI,  outperforming
                                the index by 8.3  percentage  points.        The  market's
                                reaction  to this  proposal  appears  positive.        IX.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the            proposed             acquisition.        X.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that     shareholders    vote    in    favor    of    this
                                resolution.


03/28/07 - S        NEOCHIMIKI L.V. LAVRENTIADIS S.A.        X5811P106                          None                   2,432
                    1        Authorize Issuance of Convertible Bonds       For                              Mgmt
                             without Preemptive Rights
                    2        Elect Directors in Replacement of Retiring    For                              Mgmt
                             Ones
                    3        Amend Articles Re: Abolition of               For                              Mgmt
                             Transitional Provisions and Codification
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/13/07 - A        NEOCHIMIKI L.V. LAVRENTIADIS S.A.        X5811P106                          None                   1,216
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Appoint Auditors and Deputy Auditors          For                              Mgmt
                    5        Approve Board Remuneration                    For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/05/06 - A/S      Neopost                                  F65196119                          None                   7,969
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Acknowledge Material Error and Decide to      For                              Mgmt
                             Correct the Situation by Withdrawing an
                             Amount of EUR 27,895 from Retained Earnings
                             Account
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3 per Share
                    4        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    5        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    6        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 230,000
                    7        Reelect Henk Bodt as Director                 For                              Mgmt
                    8        Reelect Eric Licoys as Director               For                              Mgmt
                    9        Reelect Bernard Bourigeaud as Director        For                              Mgmt
                    10       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    11       Amend Articles of Association Re:             For                              Mgmt
                             Attendance of Board Meetings through
                             Videoconference or Telecommunication
                    12       Authorize Issuance of Equity with             For                              Mgmt
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 5 million
                    13       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Relating to
                             Delegation Submitted to Shareholder Vote
                             Above
                    14       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 30 Million for Bonus Issue or
                             Increase in Par Value
                    15       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    16       Authorize Capital Increase for Future         For                              Mgmt
                             Exchange Offers
                    17       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    18       Authorize up to One Percent of Issued         For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    19       Approve Stock Option Plans Grants             For                              Mgmt
                    20       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    21       Approve Issuance of Securities Convertible    For                              Mgmt
                             into Debt
                    22       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Nestle SA                                H57312466                          None                  17,201
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Nestle SA                                H57312466                          None                  17,201
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 10.40 per Share
                    4        Approve CHF 7.7 Million Reduction in Share    For                              Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                    5        Elect Directors                               For                              Mgmt

                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A/S      NEXANS                                   F65277109                          05/07/07               1,904
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.20 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Reelect Gianpaolo Caccini as Director         For                              Mgmt
                    6        Reelect Jean-Marie Chevalier as Director      For                              Mgmt
                    7        Reelect Georges Chodron de Courcel as         For                              Mgmt
                             Director
                    8        Reelect Jacques Garaialde as Director         For                              Mgmt
                    9        Reelect Ervin Rosenberg as Director           For                              Mgmt
                    10       Elect Jerome Gallot as Director               For                              Mgmt
                    11       Elect Jean-Louis Gerondeau as Director        For                              Mgmt
                    12       Elect Nicolas de Tavernost as Director        For                              Mgmt
                    13       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    14       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    15       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 10 Million
                    16       Authorize Issuance of Convertible Bonds       For                              Mgmt
                             without Preemptive Rights
                    17       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    18       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    19       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    20       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    21       Approve Stock Option Plans Grants             For                              Mgmt
                    22       Authorize up to EUR 500,000 of Issued         For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    23       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    24       Amend Articles of Association Re: Voting      For                              Mgmt
                             Rights
                             Ordinary Business
                    25       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/15/07 - A/S      NEXITY                                   F6527B126                          05/10/07              18,356
                             Special Business
                    1        Decide to Amend Articles of Association in    For                              Mgmt
                             order to Reflect Legal Changes
                    2        Amend Article 14 of Bylaws Accordingly Re:    For                              Mgmt
                             Attend Board Meetings by Way
                             ofTelecommunication
                    3        Amend Article 19 of Bylaws Accordingly Re:    For                              Mgmt
                             Record date
                    4        Acknowledge and Modify a Material Error in    For                              Mgmt
                             Item 5 of the General Meeting Held on May
                             24, 2006
                    5        Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                             Ordinary Business
                    6        Approve Financial Statements, Discharge       For                              Mgmt
                             Directors and Acknowledge Non-tax
                             Deductible Expenses
                    7        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.90 per Share
                    8        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    9        Approve Consolidated Financial Statements     For                              Mgmt
                             and Statutory Reports
                    10       Reappoint Robert Daussun as Censor            For                              Mgmt
                    11       Reappoint Jean Louis Charon as Censor         For                              Mgmt
                    12       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    13       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - A        Next plc                                 G6500M106                          None                   4,871
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 33.5 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect David Keens as Director              For          For                 Mgmt
                    5        Re-elect Nick Brookes as Director             For          For                 Mgmt
                    6        Re-elect Derek Netherton as Director          For          For                 Mgmt
                                Derek Netherton  (appointed in November 1996) has exceeded
                                the  nine-year  tenure   consideration   and  although  we
                                regarded  him as  non-independent  NED  last  year,  after
                                thorough  engagement  with the Company,  we are  satisfied
                                with  the   explanation   provided  and   consider   Derek
                                Netherton  to  be  an  independent  NED.        The  Board
                                concluded  his  retailing  experience  with Greggs plc and
                                other  business   interests  continue  to  enable  him  to
                                maintain an  independent,  critical and relevant stance of
                                the Group's  retailing and other business  operations when
                                performing  his duties as a NED of NEXT.          We  note
                                that the Board is in the process of  recruiting  a new NED
                                who will have  recent and  relevant  financial  experience
                                and be a member of the  Audit  Committee.  It is  intended
                                that Derek  Netherton  will stand down from the  committee
                                after a suitable period to ensure  continuity and transfer
                                of   knowledge.   We  welcome   the   Company's   positive
                                arrangement   in   addressing   the  issue  of   Committee
                                membership, bringing the Board in line with good practice.
                    7        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Approve NEXT Risk/Reward Investment Plan      For          For                 Mgmt
                                This proposed  plan (which is similar to the  arrangements
                                introduced   in  2005)  is  unusual   as  a   remuneration
                                arrangement    for    Executive    Directors   in   a   UK
                                context.        We  note  that  there  are no  performance
                                criteria  attached  to the  proposed  plan  other than the
                                absolute  level of the share  price in four  years'  time.
                                Under  the NAPF  policy  and  generally  accepted  current
                                market  practice,  we consider that  performance  criteria
                                for long-term  incentive  plans should be challenging  and
                                reflect the Company's  objectives.  We recognise  that, in
                                present  market  conditions,  the share price has been set
                                at  a  potentially   tough   absolute   target.   However,
                                depending on future market  conditions  over the next four
                                years,  the target  could  potentially  be met even if the
                                Company  were to  underperforming  its peers.          The
                                Company   explains  that,  by  contrast  to  the  proposed
                                arrangements,  most  LTIPs  are of a nil cost  nature  and
                                lack   personal   financial    commitment   by   Executive
                                Directors.   The  Remuneration   Committee  believes  that
                                targets   for   2007   investments   will   be   extremely
                                challenging   for  the  retail  industry  in  the  current
                                economic  environment,  given  that,  based on the current
                                share price and market  conditions.  Against a share price
                                of around GBP 21.00 and market  capitalisation  of GBP 4.8
                                billion (USD 9.5  billion),  the Board  believes  that, in
                                conjunction  with LTIP incentives,  implementation  of the
                                plan in 2007 will help  maintain  management  focus on the
                                long term creation of  shareholder  value.        We  have
                                discussed these arrangements with the Company  extensively
                                when the 2005 plan was  proposed.  We are pleased that the
                                Company   has  since   introduced   a  formal   continuous
                                employment condition (as a retention mechanism),  as under
                                the   initial   arrangements   it  would   appear  that  a
                                participant  could  leave the  Company at any time and for
                                any  reason   (including  as  a  result  of  having  their
                                contract  terminated  for  cause) and still  benefit  from
                                this  arrangement.          Although,  as discussed above,
                                we  are  critical  of  the  absence  of  any   performance
                                criteria other than the absolute level of share price,  we
                                accept  that the  proposed  targets  will be  sufficiently
                                stretching.   For  this  reason  we  are   supporting  the
                                proposed arrangements.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 7,400,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,100,000
                    11       Authorise 34,000,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    12       Approve Programme Agreements Between the      For          For                 Mgmt
                             Company and Each of Goldman Sachs
                             International, UBS AG, Deutsche Bank AG and
                             Barclays Bank Plc
                                We are not voting  against this  resolution at the current
                                time as any shares  purchased  under this authority  count
                                towards the limit of 15% and these  purchases will provide
                                flexibility to purchase  shares at all times.  We continue
                                to encourage  the Company to provide  further  substantive
                                rationale  for such  arrangements  in the  circular/annual
                                report in the future.
                    13       Amend Articles of Association Re:             For          For                 Mgmt
                             Retirement Age of Directors
                                Permission  sought  to  remove  the  maximum  age limit on
                                directors of 70 years.  This is in line with the Companies
                                Act  2006,  which  removed  the  threshold.  We  therefore
                                consider this acceptable.
                    14       Amend Articles of Association Re:             For          For                 Mgmt
                             Electronic Communications
                    15       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications


05/15/07 - A        NIBE INDUSTRIER AB                       W57113115                          05/08/07               2,400
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive President's Report                    None         None                Mgmt
                    8        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    9a       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                                SET Revisionsbyra AB audited the financial  statements for
                                2006. The auditor's  report contained in the annual report
                                is  unqualified,  meaning  that  in  the  opinion  of  the
                                auditor,  the company's  financial  statements  are fairly
                                presented   in   accordance   with   generally    accepted
                                accounting principles.
                    9b       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 1.15 per Share; Set May 21, 2007, as
                             Record Date
                    9c       Approve Discharge of Board and President      For          For                 Mgmt
                                The grant of  discharge  to the board  and  president  has
                                long been a  tradition  in  Swedish  companies  and can be
                                said to have  symbolic  value.  The  resolution is a tacit
                                vote  of  confidence  in  the  company's   management  and
                                policies.  This  is a  standard  request  in  Sweden,  and
                                discharge   generally  is  granted  unless  a  shareholder
                                states a specific  reason for  withholding  discharge  and
                                intends to undertake legal action.
                    10       Determine Number of Members (5) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of SEK 700,000; Approve
                             Remuneration of Auditors
                    12       Reelect Arvid Gierow (Chair), Georg           For          For                 Mgmt
                             Brunstam, Gerteric Lindquist, Hans
                             Linnarsson och Bill Tunbrant as Directors
                    13       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                                According to the Corporate  Governance  Code (based on the
                                comply-or-explain  principle)  that  came  into  effect on
                                July 1,  2005,  a  proposal  for the  company's  policy on
                                remuneration  and other  terms of  employment  for  senior
                                management  is to be presented to the general  meeting for
                                approval.  The recommendations of the Code currently apply
                                only to companies  listed on the two major  indices of the
                                Stockholm  Stock  Exchange.  On July 1, 2006,  the vote on
                                executive  remuneration  was further  formalized as it was
                                incorporated  into the Swedish Companies Act and therefore
                                became  law.          The  disclosure  pertaining  to  the
                                performance       objectives       for      the      bonus
                                arrangement--although  not complete--is at par with market
                                standards in Sweden. Nevertheless,  we would prefer to see
                                further   details  about  the  criteria  used  to  measure
                                company  results  and the  levels  of these  criteria.  We
                                consider,  however,  the overall remuneration policy to be
                                satisfactory  despite these shortcomings.  The company has
                                reasonable  overall  levels  of  remuneration,  and it has
                                imposed  reasonable caps on the short-term  bonus payments
                                (three  months'  salary).  The  company  does not have any
                                outstanding  share related  incentive  plan          As we
                                consider   the   overall   structure   of   the   proposed
                                remuneration  policy  to  be  shareholder   friendly,   we
                                recommend a vote in favor of the proposal.
                    14       Other Business (Non-Voting)                   None         None                Mgmt
                    15       Close Meeting                                 None         None                Mgmt


06/28/07 - A        Nichias Corp. *5393*                     J49205107                          03/31/07               9,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 8.5
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  1                The  nominee
                                for  independent  auditor  does not meet our  criteria for
                                independence.  He is an  attorney  and has  served  as the
                                company's outside counsel.          Given the realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  2  retiring   directors  and  1
                                retiring  statutory  auditor.                In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 7 continuing  directors and
                                4 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 3 of the  continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.


06/26/07 - A        Nichirei Corp. *2871*                    J49764145                          03/31/07              20,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   42   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                                In this item,  the company asks for  shareholder  approval
                                to expand its  permitted  business  objectives  so that it
                                can  invest  in  and  control  companies  engaged  in  the
                                production and trading of seeds,  seedlings,  and flowers.
                                The  company  is  already  authorized  to  engage in these
                                activities directly, and so the change is a routine one.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominees      designated     as
                                non-executive:   Nominees  8  to  10        Background  of
                                non-executive   nominees:        Nominee  8  is  a  former
                                president  of  Johnson &  Johnson  (J&J)  Medical,  and is
                                currently  the  president  or  chairman  of several  other
                                companies.        Nominee  9  is  a  former  executive  of
                                McKinsey  & Co.  (Japan).        Nominee  10  is a  former
                                employee  of Reuters,  and is now a professor  at Yokohama
                                University.        Board   Profile        Composition   of
                                board   after   this   meeting:   7   executives   and   3
                                non-executives.        The    number   of   outsiders   is
                                remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria  for  independence.  He is an attorney and former
                                prosecutor.Nominee  1 is not  designated by the company as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.   He  is  also  an   attorney   and   former
                                prosecutor.
                    6        Amend Articles to: Authorize Issuance of      For          Against             Mgmt
                             Warrants for Takeover Defense By Resolution
                             of Board or AGM
                                The company  wants to amend the articles to authorize  the
                                company to issue warrants for takeover  defense by a board
                                resolution   or   shareholder   approval.   Under  Japan's
                                Corporate  Law, the issuance of warrants  does not require
                                a  shareholder  vote,  but may be  implemented  by a board
                                resolution.  However,  the company is seeking  shareholder
                                approval  for its defense  plan (see Item 7), and seeks to
                                amend its  articles  to allow the  company to confirm  the
                                will of shareholders  regarding the plan.  Nichirei states
                                that it will not proceed  with the poison pill unless this
                                resolution  is  approved.  Because we cannot  support  the
                                poison pill itself,  for the reasons  detailed  below,  we
                                also recommend that shareholders oppose this resolution.
                    7        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY        Type     of    Defense    Plan:     Advance
                                Warning-Type        Plan  Duration: 3 years        Trigger
                                Threshold: 20 percent        Directors'  Term in Office: 1
                                year        Board  Independence:  Following  this meeting,
                                there will be 3  independent  directors (30 percent of the
                                board) according to ISS criteria.          Independence of
                                Special  Committee:  All members of the committee meet ISS
                                criteria  for   independence.   The  members  are  outside
                                directors  Toshiki  Sumitani  (candidate  3.9) and  Mayuri
                                Kawamata  (candidate 3.10), and statutory auditor Kunitaro
                                Saida  (candidate  4.2).        Other  Types  of  Takeover
                                Defense:  No          Meeting  Notice Released Three Weeks
                                or More  Before  Meeting:  Yes          Nichirei's  poison
                                pill meets all of ISS's  necessary  conditions  (which are
                                not  sufficient   conditions).   That  does  not  end  the
                                discussion,  however,  but rather  requires us to evaluate
                                the company's likely  vulnerability to a hostile takeover,
                                and its strategy to improve its  valuation.  With a market
                                cap.  of  only  JY  194.59  billion  as of  this  writing,
                                Nichirei  would  certainly  be  digestible  by a  would-be
                                acquirer,  and its P-E ratio of 17.9 and price-book  ratio
                                of 1.75  suggest that there are  opportunities  to improve
                                the  company's  valuation,  although  there are  certainly
                                many companies in Japan with far lower valuations.  In the
                                12 months  leading up to May 15,  Nichirei had  handsomely
                                outperformed   both  the  benchmark  TOPIX  index  (by  21
                                percentage  points)  and the TOPIX  Foods Index (by nearly
                                14 percentage  points), as it posted a 70 percent increase
                                in group net  profit in  2006-07.  However,  on May 15 the
                                company  announced its final  earnings for the year, and a
                                forecast of lower  income in 2007-08;  and the shares have
                                fallen by 10 percent  since that time.  The  company  also
                                announced  its  poison  pill  on  May   15.        As   is
                                standard   practice  in  Japan,  the  pill  was  announced
                                simultaneously  with a "mid-term  management plan" for the
                                next three  fiscal  years.  Nichirei  notes that under its
                                last   three-year   plan,   it   succeeded   in   reducing
                                interest-bearing  debt  to  one-third  of its  peak  level
                                reached in 1997-98,  by prioritizing  the use of operating
                                cash   flow   to   repay   debt   and  by   disposing   of
                                underperforming    assets.    Nichirei   also    increased
                                profitability   in  its  processed  foods  and  commercial
                                frozen foods  businesses,  while launching direct sales of
                                a line of low calorie  frozen  foods.  While the company's
                                marine  products  operations  suffered  from  a  difficult
                                procurement  environment  caused by the worldwide increase
                                in demand for seafood,  Nichirei has reduced  headcount in
                                this  area  and is  working  on a  revival  plan  for  the
                                business.        Under  the 2007-10 plan,  Nichirei  plans
                                to  prioritize  the use of cash  flow to  invest in growth
                                areas, in order to boost profitability.  It is planning to
                                devote JY 54 billion  to  facilities  investment,  and has
                                set targets for ROE of 10 percent,  consolidated  dividend
                                on equity (DOE) of 2.5 percent,  and a consolidated payout
                                ratio of 25  percent.  Nichirei  is  setting a target  for
                                group net profit of JY 11.4 billion,  on sales of JY 533.1
                                billion.        We  note that  Nichirei's  actual  2006-07
                                net profit was JY 10.845 billion,  meaning that the target
                                level   represents   only  a  5  percent   increase.   The
                                consolidated  dividend  payout  ratio for  2006-07  was 23
                                percent,  so a goal of 25  percent  is also  not much of a
                                stretch.   (Payout   ratios   in   previous   years   were
                                substantially  higher.)  We  do  not  believe  that  these
                                goals,  even if  attained,  will be  sufficient  to have a
                                substantial impact on the company's valuation.  We believe
                                that the 10 percent  decline in the share  price since the
                                results and the management  plan were  announced  reflects
                                investors'  lukewarm  evaluation of the  company's  plans.
                                Accordingly,  we recommend that  shareholders  oppose this
                                poison  pill,   in  order  to  keep  up  the  pressure  on
                                management to work harder to improve shareholder value.


06/28/07 - A        Nihon Denpa Kogyo Co. Ltd. *6779*        J26819102                          03/31/07               2,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 25
                    2        Elect Directors                               For          For                 Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.


06/28/07 - A        Nihon Eslead *8877*                      J5013U107                          03/31/07                 400
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  0  non-executives.  The  board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory   auditor:   Both   nominees                Both
                                nominees     pass    our     test    for     independence.
                                                Nominee  1 is a  former  executive  of The
                                Midori  Bank,  Ltd.,  which  currently  is a  part  of The
                                Minato  Bank,  Ltd.  Nominee  2 is a former  executive  of
                                Japan Finance Corporation for Small and Medium Enterprise.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  chief of Osaka  prefectural
                                police.
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor
                                The   retiring    auditor   has   been    designated    as
                                independent.        As  we  believe  the  payment  of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.


06/28/07 - A        Nihon Koden Corp. *6849*                 J50538115                          03/31/07               4,233
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 15
                    2        Amend Articles to: Decrease Maximum Board     For          For                 Mgmt
                             Size - Reduce Directors Term in Office
                                The company is decreasing  the maximum number of directors
                                on the  board  from 18 to 12, in order to  strengthen  the
                                management  structure  by speeding up the  decision-making
                                process.  Following this meeting,  the company would still
                                have 4 vacant  seats  on the  board,  to  which  dissident
                                nominees could be elected.          The  proposed  changes
                                meet our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                All nominees are insiders.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    5        Approve Retirement Bonuses to Directors and   For          Against             Mgmt
                             Special Payments to Continuing Directors
                             and Statutory Auditors in Connection with
                             Abolition of Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       4       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  8  continuing   directors  and  4
                                continuing  internal  statutory  auditors.  The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 2 of the  continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                For  directors,  the  ceiling  would be raised  from JY 22
                                million  per month (or JY 264  million per year) to JY 400
                                million  per  year.  After  the  meeting,  the  number  of
                                directors   will  decrease  from  12  to  8.           For
                                statutory  auditors,  the ceiling would be lowered from JY
                                7 million  per month (or JY 84 million  per year) to JY 80
                                million per year.  After the  meeting,  the  company  will
                                continue  to have 4  statutory  auditors.          Because
                                the new ceilings are not  excessive,  we have no reason to
                                oppose this resolution.
                    7        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY        Type  of Defense Plan: Advance Warning-Type
                                        Plan Duration: 3  years        Trigger  Threshold:
                                20  percent of shares  outstanding        Directors'  Term
                                in Office:  1  year        Board  Independence:  The board
                                will be composed  entirely of  executive  directors  after
                                this  meeting.        Independence  of Special  Committee:
                                All  members  of  the  committee  meet  ISS  criteria  for
                                independence.          Other Types of Takeover Defense: No
                                        Meeting   Notice  Released  Three  Weeks  or  More
                                Before  Meeting:  No        Because  the board is composed
                                entirely of  executives,  and because of the late  release
                                of the proxy  materials,  we recommend  that  shareholders
                                oppose this resolution.


06/28/07 - A        Nintendo Co. Ltd. *7974*                 J51699106                          03/31/07               2,340
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 620
                                The payout ratio for the full year,  including the interim
                                dividend,  is 51 percent based on  consolidated  earnings,
                                or 62 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company  earnings  only.  Note  that the full  year
                                dividend  of JY  690  represents  an  increase  of JY  300
                                compared to the previous year's level.
                    2        Amend Articles to: Amend Business Lines -     For          For                 Mgmt
                             Authorize Public Announcements in
                             Electronic Format - Limit Rights of Odd-lot
                             Holders - Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                In this item,  the company asks for  shareholder  approval
                                to expand its  permitted  business  objectives  to include
                                production  of motion  picture  and  musical  content  and
                                development  and sale of  broadcast-related  technologies.
                                                The proposed changes meet our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                13 executives and 0 non-executives.  The board composition
                                will not change, assuming all nominees are reelected.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominees  for  independent
                                statutory  auditor:  Nominees 2 and  3                Both
                                nominees  pass our test for  independence.  Nominee 2 is a
                                tax  accountant.  Nominee  3 is  an  attorney  in  private
                                practice  and also a lecturer at Senshu  University's  law
                                school.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The company  seeks to appoint  Kyoto  Audit  Corp.  as its
                                external audit firm in place of Misuzu Audit Corp.  Misuzu
                                has decided to cease  operations  in July,  as a result of
                                the  damage  to  its   reputation   and  loss  of  clients
                                resulting from the firm's  involvement in accounting fraud
                                at  Kanebo  Ltd.  and  other  companies.   However,  these
                                problems took place at companies  based in the Tokyo area,
                                and Misuzu's  Kyoto  office,  seen as  unconnected  to the
                                scandals,  has  decided to break away from Misuzu and form
                                an  independent  entity,  to be known as Kyoto Audit Corp.
                                Because  Kyoto Audit has a management  structure  separate
                                from Misuzu, we do not oppose this resolution
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                Nintendo   seeks  to  divide  its  director   compensation
                                ceiling  -- which  since  last year has been set at JY 800
                                million  per  year,   covering  both  fixed  and  variable
                                compensation  -- into two  parts.  The fixed  compensation
                                ceiling will be set at JY 500 million per year,  while the
                                variable  compensation  ceiling will be set at 0.2 percent
                                of  consolidated   operating  profit.  We  note  that  0.2
                                percent of that  figure for  2006-07  was JY 452  million.
                                Assuming the company  maintains a similar  level of profit
                                going   forward,   this   proposal   could   result  in  a
                                substantial  increase in director  compensation.  However,
                                we applaud the disclosure of a specific  mechanism to link
                                compensation   to   performance,   and  in  light  of  the
                                company's strong  profitability in recent years, we do not
                                believe that this proposal merits opposition.


03/29/07 - A        Nippon Denko Co. Ltd. *5563*             J52946126                          12/31/06               6,326
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             5, Special JY 0
                                The  payout  ratio is 51  percent  based  on  consolidated
                                earnings, or 34 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Amend Articles to: Limit Rights of Odd-lot    For          For                 Mgmt
                             Holders - Update Terminology to Match that
                             of New Corporate Law - Limit Liability of
                             Directors and Statutory Auditors
                                First,  the  company  wants to limit the right of  odd-lot
                                shareholders  to bring  shareholder  lawsuits.  As odd-lot
                                holders   would  be  extremely   unlikely  to  bring  such
                                lawsuits  in Japan,  where any funds  recovered  go to the
                                company  rather  than  the  plaintiff,  we do not view the
                                limitation   of   their   right   to  sue  as   especially
                                consequential.        Next,    the   company   seeks   the
                                authority  to  impose  limits on the  legal  liability  of
                                directors  and  statutory  auditors  by  way  of  a  board
                                resolution.   In  addition,   shareholders  are  asked  to
                                authorize  the  company  to  impose  limits  on the  legal
                                liability of outside  directors and statutory  auditors in
                                the company's  service  contracts with these  individuals.
                                These  limitations  would apply only where the  individual
                                in question  acted in good  faith,  and would not apply in
                                cases  of  gross  negligence  or  criminal  behavior.  The
                                limitations  are seen as  necessary  in  order to  attract
                                qualified candidates to serve in these positions.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee Profile        Executive  nominee(s): All nominees
                                        Non-executive  nominee(s):   None        Incumbent
                                nominee(s):  Nominees  1  to  12          New  nominee(s):
                                Nominee                            13                Board
                                Profile        Composition    of   current    board:    13
                                executives    and    0     non-executives        Incumbent
                                director(s)  stepping  down from the board at the close of
                                this  meeting:  1  executive        Composition  of  board
                                after    this    meeting:     13    executives    and    0
                                non-executives        We   ordinarily  recommend  opposing
                                director  nominees  only in case of  clear  mismanagement.
                                That is not the case here.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:   Nominees  1  and   3        Neither
                                nominee   meets  our  criteria  for   independence.   Both
                                nominees are former  executives of Nippon Steel Corp., the
                                largest  shareholder  in Nippon  Denko with a 6.2  percent
                                stake.          Given  the realities of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  both nominees for independent  auditor cannot
                                be expected to fulfill the role of independent  monitor of
                                the company's activities on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The second nominee is not designated as independent.
                    4.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 4.1.
                    5        Appoint External Audit Firm                   For          Against             Mgmt
                                The board  recommends  that Misuzu Audit  Corp.,  formerly
                                known  as  ChuoAoyama  Audit  Corp.,  be  approved  as the
                                company's   independent   accounting   firm.   Note   that
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.  Following  this  development,   the  company
                                appointed  another audit firm on a provisional  basis.  In
                                addition,  the  company  reappointed  Misuzu,  also  on  a
                                provisional    basis,   after   the   suspension   period.
                                        However,   the   company  now  seeks  to  formally
                                reappoint  Misuzu as its sole audit firm.  A number of the
                                firm's  auditors  have  defected to other firms,  and many
                                client  companies  have  already  switched  to other audit
                                firms,  or are  planning  to do so at  their  next  annual
                                meeting.  Other companies have appointed  additional audit
                                firms to serve  alongside  Misuzu.  In  recognition of the
                                severe  damage  to its  reputation  and its  bottom  line,
                                Misuzu decided in February to cease audit operations,  and
                                transfer its  accountants  and its business to a number of
                                other major audit  firms.  However,  it is not clear which
                                firm will  ultimately be auditing  Nippon  Denko's  books.
                                        Because  Misuzu has suffered  sufficient damage to
                                its  reputation  that it now plans to  disband,  we cannot
                                support the firm's  appointment as the company's  external
                                auditor,  and we recommend that  shareholders  oppose this
                                resolution.
                    6        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditor
                                The retiring  auditor has been  designated as independent.
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the item.
                    7        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                28.2  million  to 13  directors,  and JY 1.8  million to 4
                                statutory   auditors.   Because   the   company  has  been
                                profitable,  and because the amounts are not excessive, we
                                have no reason to oppose this resolution.


06/28/07 - A        Nippon Light Metal Co. Ltd. *5701*       J54709100                          03/31/07              22,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 21 percent  based on
                                consolidated    earnings,   or   26   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:           Nominees           9          and
                                11                Background  of non-executive nominee(s):
                                Nominee 9 is a former  vice-president  and current  senior
                                advisor to Toray  Industries  Inc.  Nominee 11 is a former
                                vice-president  of Mizuho  Holdings,  which is the  parent
                                company  of  Nippon  Light   Metal's  main  bank,   Mizuho
                                Corporate  Bank. He is currently a senior advisor to Yushu
                                Corp.                Board  Profile        Composition  of
                                board   after   this   meeting:   9   executives   and   2
                                non-executives.        The    number   of   outsiders   is
                                remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that Shin-Nihon & Co be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following   the   suspension,    the   company   appointed
                                Shin-Nihon  on a  provisional  basis.  Here,  the  company
                                seeks to formally appoint Shin-Nihon.  We see no reason to
                                oppose this resolution.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan    Duration:    3   years
                                                Trigger            Threshold:           20
                                percent                Directors'   Term  in   Office:   1
                                year                Board   Independence:  Following  this
                                meeting,  there will be 1 independent  director (9 percent
                                of      the       board)       according       to      ISS
                                criteria.                Independence      of      Special
                                Committee:  2 out of 3 members of the  committee  meet ISS
                                criteria for  independence.                Other  Types of
                                Takeover   Defense:    No                Meeting    Notice
                                Released    Three   Weeks   or   More   Before    Meeting:
                                Yes        The  reason that  shareholders  of US companies
                                reluctantly  tolerate  takeover  defenses  is that  poison
                                pills  do not  automatically  prevent  hostile  bids  from
                                succeeding  in the  US,  where  boards  are  dominated  by
                                independent  directors who face meaningful  sanctions,  in
                                the  form  of  lawsuits,  if they  take  steps  which  are
                                contrary  to  shareholder  value.  That is not the case in
                                Japan,  so to ensure that a takeover  defense leads to the
                                continued  enhancement of  shareholder  value and does not
                                serve  merely  to  entrench  management,   it  is  vitally
                                important  that  the  board  include  a  critical  mass of
                                independent  directors  who  can  ensure  that  the  board
                                remains  responsive to the interests of ordinary investors
                                even after a defense  is in  place.                Because
                                the    independence   of   the   special    committee   is
                                questionable,  and because the board  composition does not
                                meet ISS guidelines on poison pills,  stipulating  that at
                                least 20 percent,  and no fewer than two, of the directors
                                must meet ISS'  definition of  independence,  we recommend
                                that shareholders oppose this resolution.


06/28/07 - A        Nippon Paint Co. Ltd. *4612*             J55053128                          03/31/07              12,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 4.5
                    2        Amend Articles to: Abolish Retirement Bonus   For          For                 Mgmt
                             System
                                The proposed change is routine.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee is not designated as independent,  and we have
                                no reason to oppose the nomination.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                The recipients are insiders.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  for  directors  would be  raised  from JY 35
                                million   per   month  to  JY  45   million   per   month.
                                                Because   the   new   ceilings   are   not
                                excessive, we have no reason to oppose this resolution.
                    7        Amend Articles to: Allow the Company to       For          Against             Mgmt
                             Adopt Takeover Defense with Shareholder
                             Approval
                                In the item,  The company  seeks to amend the  articles to
                                specify that a takeover  defense shall be implemented  via
                                a vote at a general meeting of  shareholders.  The renewal
                                of any such  defense  shall  also  require  a  shareholder
                                vote. The general  understanding is that Japanese law does
                                not require such a vote -- although  this has not yet been
                                challenged   in  court,   and  a  majority  of   companies
                                implementing  poison  pills  in 2007  are in fact  seeking
                                shareholder  approval.  Nippon  Paint Co Led.  is  seeking
                                shareholder  approval  for its defense plan in Item 8, and
                                seeks to  clarify  the  basis  on  which  it is doing  so.
                                Because we cannot support the company's  takeover  defense
                                for the reasons  discussed  below,  we also recommend that
                                shareholders vote against this resolution.
                    8        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan    Duration:    3   years
                                                Trigger  Threshold:  20  percent of shares
                                outstanding                Directors'  Term in  Office:  1
                                year                Board  Independence: The board will be
                                composed  entirely  of  executive   directors  after  this
                                meeting.                Independence       of      Special
                                Committee:  All members of the committee meet ISS criteria
                                for independence.                  Other Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More  Before  Meeting:  No                Because
                                the board is composed  entirely of executives ,and because
                                of the late release of the proxy  materials,  we recommend
                                that shareholders oppose this resolution.


06/28/07 - A        Nippon Pillar Packing *6490*             J55182109                          03/31/07               3,249
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 12
                    2        Amend Articles to: Increase Authorized        For          For                 Mgmt
                             Capital - Decrease Maximum Board Size -
                             Reduce Directors Term - Limit Liability of
                             Directors and Statutory Auditors -
                             Authorize Board to Determine Income
                             Allocation
                                The company  first seeks the authority to impose limits on
                                the legal  liability of directors and  statutory  auditors
                                by way of a board  resolution.  In addition,  shareholders
                                are asked to  authorize  the  company to impose  limits on
                                the legal  liability  of  outside  directors  and  outside
                                statutory  auditors  in the  company's  service  contracts
                                with these  individuals.  These  limitations  would  apply
                                only  where  the  individual  in  question  acted  in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve in these  positions.        Second,  the  company is
                                decreasing  the maximum  number of  directors on the board
                                from 15 to 7, in connection  with the  introduction  of an
                                executive  officer  system.  Following  this meeting,  the
                                company  would still have 2 vacant seats on the board,  to
                                which    dissident     nominees    could    be    elected.
                                        Finally,   the  company   seeks  to  increase  its
                                authorized  share  capital from  40,352,000  to 80 million
                                shares,  an increase of 98 percent.  The company currently
                                has 25,042,406 shares outstanding,  or about 62 percent of
                                the current  authorization.  After the proposed  increase,
                                the  company  will  have  31  percent  of  its  authorized
                                capital  outstanding.          The  proposed  changes meet
                                our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that KPMG Azsa & Co be  approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here, the company seeks to appoint KPMG Azsa & Co,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.


06/27/07 - A        Nippon Seiki Co. *7287*                  J55483101                          03/31/07               2,512
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                16 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    1.16     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Both  nominees        Both   nominees
                                pass  our  test  for   independence.   Nominee   1  is  an
                                accountant in private  practice.  Nominee 2 is an attorney
                                in private practice.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


06/28/07 - A        Nippon Shinyaku Co. Ltd. *4516*          J55784102                          03/31/07               5,116
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 6
                    2        Amend Articles to: Introduce Provisions on    For          Against             Mgmt
                             Takeover Defense
                                The company  seeks to amend the articles to specify that a
                                takeover  defense  shall  be  implemented  via a vote at a
                                general meeting of  shareholders.  The renewal of any such
                                defense  shall  also  require  a  shareholder   vote.  The
                                general  understanding  is  that  Japanese  law  does  not
                                require  such a vote --  although  this  has not yet  been
                                challenged   in  court,   and  a  majority  of   companies
                                implementing  poison  pills  in 2007  are in fact  seeking
                                shareholder   approval.   Nippon   Shinyaku   is   seeking
                                shareholder  approval  for its defense plan in Item 5, and
                                seeks to  clarify  the  basis  on  which  it is doing  so.
                                Because we cannot support the company's  takeover  defense
                                for the reasons  discussed  below,  we also recommend that
                                shareholders vote against this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  The nominee is a former executive  director
                                of Takara Holdings Inc.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY        Type  of Defense Plan: Advance Warning-Type
                                        Plan Duration: 3 years         Trigger  Threshold:
                                20  percent of shares  outstanding        Directors'  Term
                                in Office:  1  year        Board  Independence:  The board
                                will be composed  entirely of  executive  directors  after
                                this  meeting.        Independence of Special Committee: 2
                                out of 3 members of the  committee  meet ISS  criteria for
                                independence.          Other  Types of  Takeover  Defense:
                                No        Meeting  Notice  Released  Three  Weeks  or More
                                Before Meeting:  No        Because the independence of the
                                special  committee is  questionable,  because the board is
                                composed  entirely of executives,  and because of the late
                                release  of  the  proxy   materials,   we  recommend  that
                                shareholders oppose this resolution.


06/25/07 - A        Nippon Steel Corp. *5401*                J55999122                          03/31/07             482,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 6
                                The payout ratio for the full year,  including the interim
                                dividend,  is 18 percent based on  consolidated  earnings,
                                or 26 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company earnings only.
                    2        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                233  million to the 37  directors  who served on the board
                                during the  2006-07  fiscal  year,  and JY 37 million to 7
                                statutory  auditors.  Because the  per-capita  amounts are
                                not  excessive  and the  company has been  profitable,  we
                                have no  reason to oppose  this  resolution.  Note that 26
                                directors  resigned from the board following the 2006 AGM,
                                but  will  receive  bonuses  for  their  service  from the
                                beginning  of the fiscal  year on April 1 to the time they
                                resigned.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                11 executives and 0 non-executives.        The  board will
                                continue to include no outside  directors  following  this
                                meeting.  Nominees  1-5, 7 and 8 are  incumbent  directors
                                seeking  reelection,  while  nominees  6,  9 10 and 11 are
                                executives  who  are  returning  to  the  board  after  an
                                absence.  Candidate  1  is  the  company's  president  and
                                representative   director,   Akio  Mimura.   Candidates  2
                                through  5 are also  representative  directors.        ISS
                                ordinarily  opposes  individuals  or whole  boards only in
                                the case of clear  mismanagement  of the  company or abuse
                                of board authority.  In cases where a company implements a
                                poison pill without a  shareholder  vote,  as Nippon Steel
                                did in 2006,  we consider  recommending  votes against the
                                representative  directors  (i.e.  top  management).   Such
                                decisions are made on a  case-by-case  basis,  taking into
                                account  the  terms of the  defense  plan,  the  company's
                                overall  governance  profile,  and  performance  under the
                                incumbent  management team.          As  shareholders will
                                recall,  ISS did not recommend votes against  directors at
                                Nippon  Steel  in  2006,  because  the  company  had  made
                                improvements  to its  governance  structure by cutting the
                                size of its board and  requiring  directors to seek annual
                                reelection,  and because  the shares had far  outperformed
                                the benchmark  TOPIX index. We also felt that the terms of
                                the poison pill did serve to limit the  discretion  of the
                                directors to some degree.          Nippon  Steel's  poison
                                pill remains in place this year,  and the company  remains
                                very  obviously  concerned  about the threat of a takeover
                                by a foreign steel company.  With a market  capitalization
                                of  close  to JY 6  trillion,  Nippon  Steel  is  under no
                                threat from any domestic competitor,  or from a hedge fund
                                or  corporate  raider.  Essentially,  the  poison  pill is
                                directed    at    one    potential    acquirer:    Arcelor
                                Mittal.        ISS   would  have   preferred  to  see  the
                                company  appoint  independent  outsiders to the board this
                                year.  We refuse to believe that a company as prominent as
                                Nippon   Steel  would  be  unable  to  find   experienced,
                                qualified   candidates   who  could   make  a   meaningful
                                contribution to the board's deliberations,  should it make
                                a genuine effort to search for such  candidates.  However,
                                we  nonetheless  do not believe  that  shareholders  would
                                benefit  from  opposing  the  reelection  of  directors at
                                Nippon Steel.  We note that the company's  share price has
                                more  than  doubled  in the  past 12  months,  and has far
                                outpaced  the  TOPIX  Iron &  Steel  Index  as well as the
                                shares of rivals such as JFE Holdings  and Sumitomo  Metal
                                Industries.  We do, however,  urge  shareholders to engage
                                in a dialogue with  management,  to make it clear that the
                                continued  failure to appoint outside directors is leaving
                                the  company  increasingly  out of step with its  Japanese
                                peers, not to mention global standards.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is an executive of Research Institute of
                                Innovative  Technology  of  the  Earth,  and  an  emeritus
                                professor at Tokyo University.


06/27/07 - A        Nippon Suisan Kaisha Ltd. *1332*         J56042104                          03/31/07              20,600
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                17 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    1.16     Elect Director --- For
                    1.17     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:    None        Neither   nominee   is
                                designated by the company as  independent,  and we have no
                                reason to oppose the nominations.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.
                    4        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement  bonus for 2 retiring  directors and 2 retiring
                                statutory    auditors.                In   addition,   the
                                company  requests  shareholder  approval  for  payments in
                                lieu of retirement bonuses to 14 continuing  directors and
                                2 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In    this   case,   all   of   the
                                continuing  statutory auditors have been designated by the
                                company as independent.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the whole item.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 70
                                million  per month (or JY 840  million per year) to JY 1.5
                                billion per year. In addition,  the company wants to raise
                                the ceiling for statutory  auditors from JY 10 million per
                                month (or JY 120  million  per year) to JY 200 million per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 16 to 17. The company will continue to have
                                4  statutory   auditors.                Because   the  new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.


06/28/07 - A        Nippon System Development Co. Ltd.       J56107105                          03/31/07               1,400
                    *9759*
                    1        Amend Articles to: Change Location of Head    For          For                 Mgmt
                             Office
                                The proposed changes are routine.
                    2        Elect Directors                               For          For                 Mgmt
                    3        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He  is  a  former  executive  of
                                Dai-ichi Life  Information  Systems Co., Ltd.,  which is a
                                company's business partner.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors


06/26/07 - A        Nissin Electric Co. Ltd. *6641*          J58020116                          03/31/07               8,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 6
                                The payout ratio for the full year is 21 percent  based on
                                consolidated    earnings,   or   31   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  8  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a current executive director
                                of the  largest  shareholder  in the  company  with a 32.3
                                percent   stake.                Given   the  realities  of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  government  official  and a
                                current university professor.


06/15/07 - A        Nissin Kogyo *7230*                      J58074105                          03/31/07               4,041
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile                Composition  of  board  after  this
                                meeting:         14        executives         and        0
                                non-executives.                The     board     currently
                                includes 15 executives and no outside directors.
                    1.2      Elect Director --- For
                                See 1.1
                    1.3      Elect Director --- For
                                See 1.1
                    1.4      Elect Director --- For
                                See 1.1
                    1.5      Elect Director --- For
                                See 1.1
                    1.6      Elect Director --- For
                                See 1.1
                    1.7      Elect Director --- For
                                See 1.1
                    1.8      Elect Director --- For
                                See 1.1
                    1.9      Elect Director --- For
                                See 1.1
                    1.10     Elect Director --- For
                                See 1.1
                    1.11     Elect Director --- For
                                See 1.1
                    1.12     Elect Director --- For
                                See 1.1
                    1.13     Elect Director --- For
                                See 1.1
                    1.14     Elect Director --- For
                                See 1.1
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3                The  nominee
                                does not  meet  our  criteria  for  independence.  He is a
                                former an  executive  of Honda Motor Co.,  which owns 34.7
                                percent   of   Nissin    Kogyo.                Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and  their  affiliates,  nominee  3  for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                See 2.1
                    2.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See 2.1
                    3        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The nominee does not meet our  criteria for  independence.
                                He   is   a    former    executive    of    Honda    Motor
                                Co.                Given   the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                88.4  million  to 15  directors,  and JY 5.6  million to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Statutory Auditor
                                All  retirees  have  held  executive  positions  with  the
                                company.  Accordingly,  we have no reason  to oppose  this
                                resolution.


06/28/07 - A        Nittetsu Mining Co. Ltd. *1515*          J58321100                          03/31/07              15,720
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3.5
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,   or   11   percent   based   on
                                parent-company earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  2                The  nominee
                                meets our criteria for independence. He is an attorney.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    5        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditors and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  4  retiring   directors  and  2
                                retiring statutory  auditors.                In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 6 continuing  directors and
                                2 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this  case,  1 of the  retiring
                                statutory  auditor has been  designated  by the company as
                                independent.  1 of the  continuing  statutory  auditor has
                                been  designated  by the  company  as  independent.  As we
                                believe the payment of such bonuses to  non-executives  is
                                a  highly  inappropriate  practice  anywhere,  not just in
                                Japan,  we see no  alternative  but to recommend  opposing
                                the whole item.
                    6        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                                The  ceiling for directors would be raised
                                from JY 22 million  per month to JY 27 million  per month.
                                In  addition,  the company  wants to raise the ceiling for
                                statutory  auditors  from JY 4.2 million per month to JY 6
                                million  per  month.  After  the  meeting,  the  number of
                                directors  will  decrease  from 10 to 7,  but the  company
                                will  continue  to  have 4  statutory  auditors.        In
                                addition,   the  company  wants  shareholder  approval  to
                                create  annual  bonus  ceiling  for  directors  of  JY  60
                                million.           Because   the  new   ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


03/29/07 - A        NOBIA AB                                 W5750H108                          03/23/07               1,700
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    8        Receive President's and Chairman's Report     None         None                Mgmt
                    9        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    10       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 6 per Share
                    11       Approve Discharge of Board and President      For          For                 Mgmt
                    12       Determine Number of Members (9) and Deputy    For          For                 Mgmt
                             Members (0) of Board; Determine Number of
                             Auditors and Deputy Auditors
                    13       Approve Remuneration the Amount of SEK        For          For                 Mgmt
                             300,000 for Board Members and SEK 750,000
                             for the Chairman; Approve Remuneration of
                             Auditors
                    14       Reelect Hans Larsson (Chairman), Fredrik      For          Against             Mgmt
                             Cappelen, Stefan Dahlbo, Bodil Eriksson,
                             Wilhelm Lauren, Harald Mix, and Fredrik
                             Palmstierna as Directors; Elect Thore
                             Ohlsson and Lotta Stalin as New Directors
                                If a  company  does not  have an  audit or a  remuneration
                                committee,  we will  consider  the entire board to fulfill
                                the  role  of the  committees.  Cappelen  is an  executive
                                director  who serves on the board's  Audit  Committee.  As
                                outlined  above,  we prefer that all key board  committees
                                comprise  only  independent  non-executives.  If a company
                                does not have an audit or a  remuneration  committee,  ISS
                                will  consider  the entire  board to  fulfill  the role of
                                these  committees.  In such case, we will  recommend  that
                                shareholders oppose the executives,  including the CEO, up
                                for election to the board.          Due to the presence of
                                Nobia's CEO on the board,  which is  considered to fulfill
                                the role of the audit committee,  shareholders are advised
                                to vote against this proposal.
                    15       Ratify KPMG as Auditors                       For          For                 Mgmt
                    16       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    17       Approve 3:1 Stock Split; Adjust Range for     For          For                 Mgmt
                             Min. (SEK 135 Million) and Max. (SEK 540
                             Million) Numbers of Shares; Editorial
                             Changes to Reflect Stock Split
                    18       Approve Stock Option Plan for Employees;      For          For                 Mgmt
                             Approve Creation of SEK 600,000 Million
                             Pool of Capital to Guarantee Conversion
                             Rights
                    19       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                    20       Close Meeting                                 None         None                Mgmt


06/22/07 - A        NOMURA RESEARCH INSTITUTE *4307*         J5900F106                          03/31/07               8,600
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:  Nominees  10 and  11        Background  of
                                non-executive  nominee(s):   Nominee  10  is  the  current
                                chairman  of  Takeda   Pharmaceutical   Company   Limited.
                                Nominee  11  is a  former  president  and  current  senior
                                advisor  to  Tokyo  Electric  Power  Company.        Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  2  non-executives.        The  number  of
                                outsiders is remaining the same.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  2        The nominee does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive  director of Nomura Asset  Management Co., Ltd.,
                                the  largest  shareholder  in  the  company  with  a  19.3
                                percent  stake.                Nominee 1 is not designated
                                by the  company as  independent,  and we have no reason to
                                oppose the  nomination.Given  the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominee  2  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                see item 2.1


04/13/07 - A        Nordea Bank AB (formerly Nordea AB)      W57996105                          04/05/07             156,400
                    1        Elect Clas Beyer as Chairman of Meeting       For          For                 Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    3        Approve Agenda of Meeting                     For          For                 Mgmt
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    6        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports; Receive Board's Report; Receive
                             President's Report
                    7        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    8        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of EUR 0.49 per Share
                    9        Approve Discharge of Board and President      For          For                 Mgmt
                    10       Determine Number of Members (11) and Deputy   For          For                 Mgmt
                             Members (0) of Board
                    11       Determine Number of Auditors (1)              For          For                 Mgmt
                    12       Approve Remuneration of Directors; Approve    For          For                 Mgmt
                             Remuneration of Auditors
                    13       Reelect Kjell Aamot, Harald Arnkvaern, Hans   For          For                 Mgmt
                             Dalborg, Birgitta Kantola, Claus Hoeg
                             Madsen, Lars Nordstroem, Timo Peltola, and
                             Bjoern Saven as Directors; Elect Marie
                             Ehrling, Tom Knutzen, and Ursula Ranin as
                             New Directors; Elect New Chairman
                    14       Ratify KPMG Bohlin AB as Auditors             For          For                 Mgmt
                    15       Elect Members of Nominating Committee         For          For                 Mgmt
                    16a      Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                                Some  shareholders  object  to  corporations  repurchasing
                                shares.  They  prefer to see extra  cash  invested  in new
                                businesses or paid out as dividends.  We believe that when
                                timed  correctly,   corporate  stock   repurchases  are  a
                                legitimate   use  of  corporate   funds  and  can  add  to
                                long-term   shareholder   returns.  For  this  reason,  we
                                recommend a vote in favor of the board's proposal.
                    16b      Authorize Reissuance of Repurchased Shares    For          For                 Mgmt
                    17       Authorize Repurchase of Up to One Percent     For          For                 Mgmt
                             of Issued Share Capital For Equity Trading
                             Purposes
                                Some  shareholders  object  to  corporations  repurchasing
                                shares.  They  prefer to see extra  cash  invested  in new
                                businesses or paid out as dividends.  We believe that when
                                timed  correctly,   corporate  stock   repurchases  are  a
                                legitimate   use  of  corporate   funds  and  can  add  to
                                long-term   shareholder   returns.  For  this  reason,  we
                                recommend a vote in favor of the board's proposal.
                    18       Authorization to Raise Loans Where Payable    For          For                 Mgmt
                             Interest or the Amounts with Which the Loan
                             Shall be Repaid Are Conditional Upon the
                             Dividend Paid to Shareholders, the
                             Company's Results or Financial Position
                    19       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    20a      Approve Share Matching Plan                   For          For                 Mgmt
                    20b      Approve Creation and Issuance Up to 3.12      For          For                 Mgmt
                             Million Redeemable C-Share in Connection
                             with Share Matching Plan (Item 20a)
                             Shareholder Proposals
                    21       Approve Allocation of SEK 100 Million for     Against      Against             ShrHoldr
                             "The Institute for Integration and Growth
                             in Landskrona"
                                We do not  support  shareholder  proposals  that  seek  to
                                micromanage the company.  Decisions about donations or are
                                best left to management,  as it is the most qualified body
                                to make  such a  decision.        We  therefore  recommend
                                that shareholders vote against this proposal.


06/05/07 - A        North West Company Fund                  662906106                          04/20/07               1,214
                    1        Elect Trustees : David G Broadhurst, Frank    For          For                 Mgmt
                             J Coleman, Wendy F Evans, R J (Bob)
                             Kennedy, Edward S Kennedy, Gary J Lukassen,
                             Keith G Martell, James G Obome, H Sanford
                             (Sandy) Riley, and Ian Sutherland
                    2        Elect Directors of North West Company Inc -   For          For                 Mgmt
                             David G Broadhurst, Frank J Coleman, Wendy
                             F Evans, R J (Bob) Kennedy, Edward S
                             Kennedy, Gary J Lukassen, Keith G Martell,
                             James G Obome, H Sanford (Sandy) Riley, and
                             Ian Sutherland
                    3        Approve PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors


09/27/06 - A        Northgate Plc (Formerly Goode Durrant)   G6644T108                          None                   2,344
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 14 Pence Per        For          For                 Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                                We view the  provision  for half of annual  bonuses  to be
                                realised   in  shares  as  a  positive   feature,   as  it
                                incentivises  Executive Directors to grow the share price.
                                In addition,  the three year deferral period for the share
                                element  constitutes a retention  mechanism.  However,  we
                                note that  both the Share  Option  Scheme  and the  Annual
                                Bonus  Scheme  feature  an EPS  growth  measurement.  Some
                                investors may prefer separate  performance  criteria to be
                                applied to different incentive plans.
                    4        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    5        Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                                In the annual report,  unclassified 'other' non-audit fees
                                amount  to 26.5  percent.  According  to NAPF  policy,  if
                                non-audit  fees comprise more than 20 percent of the Audit
                                Fees  disclosed in the annual  report,  an analysis of the
                                principal  areas of  non-audit  fees should be provided to
                                shareholders   in  the   Annual   Report.        Following
                                engagement  by  RREV,  the  Company   provided  a  further
                                breakdown  of  the  unclassified  audit  fees  (see  Audit
                                Commentary).
                    6        Re-elect Stephen Smith as Director            For          For                 Mgmt
                    7        Re-elect Phil Moorhouse as Director           For          For                 Mgmt
                    8        Re-elect Gerard Murray as Director            For          For                 Mgmt
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 175,000
                    10       Authorise 7,000,000 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase


05/10/07 - A        Novae Group plc                          G66819106                          None                  19,258
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Elect Jeremy Adams as Director                For          For                 Mgmt
                    4        Elect Sir Bryan Carsberg as Director          For          For                 Mgmt
                    5        Elect Oliver Corbett as Director              For          For                 Mgmt
                    6        Elect Matthew Fosh as Director                For          For                 Mgmt
                    7        Elect Tony Hambro as Director                 For          For                 Mgmt
                    8        Elect David Henderson as Director             For          For                 Mgmt
                    9        Elect Peter Matson as Director                For          For                 Mgmt
                    10       Elect Allan Nichols as Director               For          For                 Mgmt
                    11       Elect Paul Selway-Swift as Director           For          For                 Mgmt
                    12       Appoint KPMG Audit Plc as Auditors of the     For          For                 Mgmt
                             Company
                    13       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    14       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 24,407,115
                    15       Approve Increase in Remuneration of           For          For                 Mgmt
                             Non-Executive Directors to GBP 300,000
                    16       Approve Novae Group Plc Long Term Incentive   For          For                 Mgmt
                             Plan 2007
                                Analysis   and  Vote   Recommendation        The   Company
                                included  RREV in its  shareholder  consultation  exercise
                                prior    to    the     publication    of    the    meeting
                                circular.        The  proposed  LTIP  meets  current  good
                                practice    regarding   the   threshold   vesting   level,
                                stretching  performance targets,  vesting for good leavers
                                and a  change-in-control  or other  corporate  events.  We
                                would  also  welcome  the   introduction   of  significant
                                shareholding  guidelines  and  public  disclosure  of  the
                                constituents   of  the  comparator   group  used  for  the
                                TSR-related  segment  of the award  vesting.          With
                                regard  appropriate   dilution  limits,  the  Company  has
                                assured RREV that it would not expect the aggregate  share
                                usage for this and any  successor  plans over the next ten
                                years    to    exceed    10%   of   the    issued    share
                                capital.        We  consider that  overall,  the structure
                                of the proposals meet current good practice.  In addition,
                                we commend  the  Company on their  change in  remuneration
                                policy  away  from  upper  quartile  to  median.   We  are
                                therefore   recommending  that  shareholders  support  the
                                Company's proposal.
                    17       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,661,067
                    18       Authorise 73,221,345 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


03/06/07 - A        Novartis AG                              H5820Q150                          None                  28,966
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/06/07 - A        Novartis AG                              H5820Q150                          None                  28,966
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 1.35 per Share
                    4.1      Retirement of Birgit Breuel (Non-Voting)      None                             Mgmt
                    4        Elect Directors                               For                              Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/13/06 - S        Novatek OAO (formerly Novafininvest      669888208                          10/23/06               5,918
                    OAO)
                             Meeting for Holders of ADRs
                    1        APPROVAL OF THE PRE-SCHEDULED TERMINATION     None         For                 ShrHoldr
                             OF POWERS OF MEMBERS OF BOARD OF DIRECTORS.
                    2        TO ELECT AKIMOV, ANDREY IGOREVICH AS THE      None         Against             ShrHoldr
                             BOARD OF DIRECTOR OF JOINT STOCK COMPANY
                             NOVATEK.
                    3        TO ELECT VARDANIAN, RUBEN KARLENOVICH AS      None         For                 ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    4        TO ELECT GYETVAY, MARK ANTHONY AS THE BOARD   None         Against             ShrHoldr
                             OF DIRECTOR OF JOINT STOCK COMPANY NOVATEK.
                    5        TO ELECT DMITRIEV, VLADIMIR ALEXANDROVICH     None         For                 ShrHoldr
                             AS THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    6        TO ELECT MIKHELSON, LEONID VIKTOROVICH AS     None         Against             ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    7        TO ELECT NATALENKO, ALEXANDER YEGOROVICH AS   None         For                 ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    8        TO ELECT SELEZNEV, KIRILL GENNADYEVICH AS     None         Against             ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    9        TO ELECT YUZHANOV, ILYA ARTUROVICH AS THE     None         For                 ShrHoldr
                             BOARD OF DIRECTOR OF JOINT STOCK COMPANY
                             NOVATEK.
                    10       APPROVAL OF THE PRE-SCHEDULED TERMINATION     None         For                 ShrHoldr
                             OF POWERS OF MEMBERS OF THE REVISION
                             COMMITTEE.
                    11       TO ELECT KONOVALOVA, MARIA ALEXEEVNA AS A     None         For                 ShrHoldr
                             MEMBER OF THE REVISION COMMITTEE.
                    12       TO ELECT RYASKOV, IGOR ALEXANDROVICH AS A     None         For                 ShrHoldr
                             MEMBER OF THE REVISION COMMITTEE.
                    13       TO ELECT SHTREHOBER, FELIX AS A MEMBER OF     None         For                 ShrHoldr
                             THE REVISION COMMITTEE.
                    14       TO ELECT SHULIKIN, NIKOLAY KONSTANTINOVICH    None         For                 ShrHoldr
                             AS A MEMBER OF THE REVISION COMMITTEE.


09/29/06 - S        Novolipetsk Steel (frmly Novolipetsk     67011E105                          08/31/06               8,803
                    Ferrous Metal Factory)
                             Meeting for Holders of ADRs
                    1        TO APPROVE THE DIVIDENDS FOR THE FIRST HALF   For          For                 Mgmt
                             OF 2006 IN THE AMOUNT OF 1.5 RUBLE PER
                             COMMON SHARE.


06/05/07 - A        Novolipetsk Steel (frmly Novolipetsk     67011E105                          04/16/07                  53
                    Ferrous Metal Factory)
                             Meeting for Holders of ADR's
                    1        TO APPROVE THE COMPANY S 2006 ANNUAL          For          For                 Mgmt
                             REPORT, ANNUAL FINANCIAL STATEMENTS, P&L
                             ACCOUNT, DISTRIBUTION OF THE COMPANY S
                             PROFIT AND LOSS IN 2006 FINANCIAL YEAR.
                    2        TO DECLARE PAYMENT OF DIVIDENDS ON PLACED     For          For                 Mgmt
                             COMMON SHARES FOR THE YEAR OF 2006 IN THE
                             AMOUNT OF 3.00 RUBLE PER COMMON SHARE.
                             CONSIDERING THE INTERIM DIVIDENDS PAID FOR
                             H1 2006 IN THE AMOUNT OF 1.50 RUBLE PER
                             COMMON SHARE, TO PAY ADDITIONALLY 1.50
                             RUBLES PE
                    3        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             OLEG VLADIMIROVICH BAGRIN.
                                ISS Analysis        We  note that the company's definition
                                of  director  independence  is not as detailed as ours and
                                that  we  are  therefore   unable  to  classify   Doering,
                                Reynolds,  and Gindin as  independent  directors  based on
                                our classification guidelines.  However, because the three
                                candidates  can be  classified  as  independent  based  on
                                Novolipetsk  Steel's definition of director  independence,
                                and  because we believe  that  independent  directors  are
                                most capable of making  impartial  decisions,  taking into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of Gindin  (item  6),  Doering
                                (item 7), and Reynolds  (item 9), while  abstaining  their
                                votes for the  remaining  six  nominees.  We believe  that
                                these   three   candidates   are  most   likely  to  bring
                                independence  to  Novolipetsk  Steel's board and will most
                                likely act in all shareholders' interest.
                    4        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             BRUNO BOLFO.
                    5        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             NIKOLAI ALEKSEEVICH GAGARIN.
                    6        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                 Mgmt
                             DMITRY ARONOVICH GINDIN.
                    7        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                 Mgmt
                             KARL DOERING.
                    8        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             VLADIMIR SERGEEVICH LISIN.
                    9        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                 Mgmt
                             RANDOLPH REYNOLDS.
                    10       ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             VLADIMIR NIKOLAYEVICH SKOROHODOV.
                    11       ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             IGOR PETROVICH FYODOROV.
                    12       TO ELECT PRESIDENT OF THE COMPANY (CHAIRMAN   For          For                 Mgmt
                             OF THE MANAGEMENT BOARD) - LAPSHIN ALEXEY
                             ALEXEEVICH.
                    13       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          For                 Mgmt
                             AUDIT COMMISSION: VALERY SERAFIMOVICH
                             KULIKOV.
                                Because  of a lack of  controversy  regarding  the work of
                                the  audit  commission  in the  past,  we  recommend  that
                                shareholders   vote  for  the   incumbents   (Kulikov  and
                                Shipilova),  while abstain  votes for the  remaining  five
                                candidates.
                    14       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: JULIA VLADIMIROVNA
                             KUNIHINA.
                    15       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: LUDMILA ALEXANDROVNA
                             LAZARENKO.
                    16       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: LARISA MIKHAILOVNA
                             OVSIANNIKOVA.
                    17       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          For                 Mgmt
                             AUDIT COMMISSION: GALINA IVANOVNA SHIPILOVA.
                    18       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: TATYANA VLADIMIROVNA
                             GORBUNOVA.
                    19       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: LUDMILA VLADIMIROVNA
                             KLADIENKO.
                    20       APPROVAL OF THE COMPANY AUDITOR, CJSC         For          For                 Mgmt
                             PRICEWATERHOUSECOOPERS AUDIT .
                    21       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                 Mgmt
                             COMPANY CHARTER.
                    22       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                 Mgmt
                             REGULATIONS OF THE BOARD OF DIRECTORS.
                    23       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                 Mgmt
                             NLMK DIVIDEND POLICY.
                    24       APPROVAL OF RELATED PARTY TRANSACTION.        For          For                 Mgmt
                    25       PAYMENT OF REMUNERATION TO THE MEMBERS OF     For          For                 Mgmt
                             THE BOARD OF DIRECTORS.


06/05/07 - A        Novolipetsk Steel (frmly Novolipetsk     67011E204                          04/16/07               1,619
                    Ferrous Metal Factory)
                             Meeting for Holders of ADR's
                    1        TO APPROVE THE COMPANY S 2006 ANNUAL          For          For                 Mgmt
                             REPORT, ANNUAL FINANCIAL STATEMENTS, P&L
                             ACCOUNT, DISTRIBUTION OF THE COMPANY S
                             PROFIT AND LOSS IN 2006 FINANCIAL YEAR.
                    2        TO DECLARE PAYMENT OF DIVIDENDS ON PLACED     For          For                 Mgmt
                             COMMON SHARES FOR THE YEAR OF 2006 IN THE
                             AMOUNT OF 3.00 RUBLE PER COMMON SHARE.
                             CONSIDERING THE INTERIM DIVIDENDS PAID FOR
                             H1 2006 IN THE AMOUNT OF 1.50 RUBLE PER
                             COMMON SHARE, TO PAY ADDITIONALLY 1.50
                             RUBLES PE
                    3        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             OLEG VLADIMIROVICH BAGRIN.
                                ISS Analysis        We  note that the company's definition
                                of  director  independence  is not as detailed as ours and
                                that  we  are  therefore   unable  to  classify   Doering,
                                Reynolds,  and Gindin as  independent  directors  based on
                                our classification guidelines.  However, because the three
                                candidates  can be  classified  as  independent  based  on
                                Novolipetsk  Steel's definition of director  independence,
                                and  because we believe  that  independent  directors  are
                                most capable of making  impartial  decisions,  taking into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of Gindin  (item  6),  Doering
                                (item 7), and Reynolds  (item 9), while  abstaining  their
                                votes for the  remaining  six  nominees.  We believe  that
                                these   three   candidates   are  most   likely  to  bring
                                independence  to  Novolipetsk  Steel's board and will most
                                likely act in all shareholders' interest.
                    4        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             BRUNO BOLFO.
                    5        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             NIKOLAI ALEKSEEVICH GAGARIN.
                    6        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                 Mgmt
                             DMITRY ARONOVICH GINDIN.
                    7        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                 Mgmt
                             KARL DOERING.
                    8        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             VLADIMIR SERGEEVICH LISIN.
                    9        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                 Mgmt
                             RANDOLPH REYNOLDS.
                    10       ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             VLADIMIR NIKOLAYEVICH SKOROHODOV.
                    11       ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain             Mgmt
                             IGOR PETROVICH FYODOROV.
                    12       TO ELECT PRESIDENT OF THE COMPANY (CHAIRMAN   For          For                 Mgmt
                             OF THE MANAGEMENT BOARD) - LAPSHIN ALEXEY
                             ALEXEEVICH.
                    13       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          For                 Mgmt
                             AUDIT COMMISSION: VALERY SERAFIMOVICH
                             KULIKOV.
                                Because  of a lack of  controversy  regarding  the work of
                                the  audit  commission  in the  past,  we  recommend  that
                                shareholders   vote  for  the   incumbents   (Kulikov  and
                                Shipilova),  while abstain  votes for the  remaining  five
                                candidates.
                    14       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: JULIA VLADIMIROVNA
                             KUNIHINA.
                    15       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: LUDMILA ALEXANDROVNA
                             LAZARENKO.
                    16       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: LARISA MIKHAILOVNA
                             OVSIANNIKOVA.
                    17       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          For                 Mgmt
                             AUDIT COMMISSION: GALINA IVANOVNA SHIPILOVA.
                    18       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: TATYANA VLADIMIROVNA
                             GORBUNOVA.
                    19       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain             Mgmt
                             AUDIT COMMISSION: LUDMILA VLADIMIROVNA
                             KLADIENKO.
                    20       APPROVAL OF THE COMPANY AUDITOR, CJSC         For          For                 Mgmt
                             PRICEWATERHOUSECOOPERS AUDIT .
                    21       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                 Mgmt
                             COMPANY CHARTER.
                    22       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                 Mgmt
                             REGULATIONS OF THE BOARD OF DIRECTORS.
                    23       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                 Mgmt
                             NLMK DIVIDEND POLICY.
                    24       APPROVAL OF RELATED PARTY TRANSACTION.        For          For                 Mgmt
                    25       PAYMENT OF REMUNERATION TO THE MEMBERS OF     For          For                 Mgmt
                             THE BOARD OF DIRECTORS.


06/26/07 - A        NSK Ltd. *6471*                          J55505101                          03/31/07             165,000
                    1        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format
                                The proposed change is routine.
                    2        Approve Executive Stock Option Plan           For          For                 Mgmt
                                Option      Plan       Summary                Eligibility:
                                directors,   executive   officers  and  employees  of  the
                                company,            and            directors            of
                                affiliates.                Exercise   Price:   5   percent
                                premium    to    market     price     prior    to    grant
                                date.                Potential  Dilution:  0.14 percent of
                                issued  capital from this plan;  0.4 percent when combined
                                with  other  option  grants.   ISS  guidelines   call  for
                                potential  dilution of no more than 5 percent for a mature
                                company,    10    percent    for   a    growth    company.
                                                Exercise  Period: Begins on grant date and
                                runs  for  5  years.                Performance   Hurdles:
                                None  disclosed.        This  plan  meets ISS  guidelines.
                                Although  we  would  prefer  to  see a  clearly  disclosed
                                vesting period,  or challenging  performance  hurdles (the
                                latter of which are  virtually  unknown in  Japan),  given
                                the  premium on the  exercise  price we do not oppose this
                                resolution.
                    3        Elect Directors                               For          Split               Mgmt
                    3.1      Elect Director --- For
                                Candidates  1-8 are insiders.  Candidates 1 to 7 are being
                                reappointed, while Candidate 8 is new to the board.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                                Candidates 9-12 are designated as outside  directors,  but
                                only one  nominee  (Candidate  9) meets ISS  criteria  for
                                independence.  Candidate 9 is a former executive  director
                                of Sony and is  currently  an  adviser  to Sony  Financial
                                Holdings;  Candidate  10  is a  former  partner  of  NSK's
                                external  audit firm and is  currently  an  accountant  in
                                private  practice;  Candidate  11  is a  former  executive
                                director of the  company's  main bank who later  served as
                                chairman of one of the bank's subsidiaries;  and Candidate
                                12 is a  former  president  and the  current  chairman  of
                                Denso Corp.,  which is engaged in a business  relationship
                                with   NSK.   Because   the   benefits   of   adopting   a
                                board-with-committees  structure  are  undermined  by  the
                                appointment  of outside  directors who lack  independence,
                                we   recommend   that   shareholders   oppose   the  three
                                affiliated nominees (Candidates 10, 11 and 12.
                    3.10     Elect Director --- Against
                                see item 3.9
                    3.11     Elect Director --- Against
                                see item 3.9
                    3.12     Elect Director --- Against
                                see item 3.9


06/28/07 - A        NTN Corp. *6472*                         J59353110                          03/31/07              24,688
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 7, Final JY
                             8, Special JY 1
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       2       and
                                3                Nominee  2 does not meet our criteria for
                                independence.  He is a  former  executive  of  one  of the
                                largest  shareholders  in the company  with a 4.61 percent
                                stake,  which is also the  company's  main bank.  However,
                                nominee 3 passes our criteria for  independence.  He is an
                                attorney.        Given  the realities of Japanese business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominee 2 for  independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                see item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt


01/30/07 - A        OHARA INC. *5218*                        J59741108                          10/31/06                 500
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             40, Special JY 0
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format - Limit
                             Rights of Odd-lot Holders - Update
                             Terminology to Match that of New Corporate
                             Law
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those  companies  and  their  affiliates,  neither
                                nominee  for  independent   auditor  can  be  expected  to
                                fulfill the role of  independent  monitor of the company's
                                activities on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                    5        Appoint External Audit Firm                   For          For                 Mgmt
                    6        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditors
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly  inappropriate   practice  anywhere,  we  recommend
                                opposing this resolution.
                    7        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    8        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors


06/28/07 - A        Oiles Corporation *6282*                 J60235108                          03/31/07               1,890
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 23
                    2        Elect Directors                               For          For                 Mgmt
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a CPA.


06/27/07 - A        Oita Bank Ltd. *8392*                    J60256104                          03/31/07               2,970
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3
                                The payout ratio for the full year is 12 percent  based on
                                either parent-only or consolidated earnings.
                    2        Amend Articles to: Increase Number of         For          For                 Mgmt
                             Statutory Auditors
                                In this  item,  the  company  is  increasing  the  maximum
                                number of  directors on the board from 4 to 5, in order to
                                strengthen  the  management  structure.                The
                                proposed change meets our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory   auditor:   Both   nominees                Both
                                nominees pass our test for  independence.  Nominee 1 is an
                                attorney, and nominee 2 is a former civil officer.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Retirement Bonus for Director         For          For                 Mgmt
                                The recipient is an insider.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.


06/15/07 - A        Okinawa Cellular Telephone *9436*        J60805108                          03/31/07                   8
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 2500, Final
                             JY 3500, Special JY 0
                                The  payout  ratio  is 24  percent  based  on  parent-only
                                earnings.   The  company  does  not  report   consolidated
                                financial statements.
                    2        Amend Articles To: Expand Business Lines      For          For                 Mgmt
                                In this item,  the company asks for  shareholder  approval
                                to expand its  permitted  business  objectives  to include
                                the banking  agency  business.  Okinawa  Cellular plans to
                                take part in the  Mobilenet  Bank  project  which  will be
                                launched  jointly  by  Bank  of  Tokyo-Mitsubishi  UFJ and
                                KDDI, which is Okinawa  Cellular's  majority  shareholder.
                                The bank  venture will allow  customers  to make  payments
                                and carry out other  transactions by mobile phone,  and is
                                expected to launch in the 2008-09 fiscal year.  Because we
                                believe  that  the  services   contemplated   are  logical
                                extensions  of  the  company's  current  mobile  telephony
                                services, we do not oppose this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:     Nominees     1,    5,    6,    8    and
                                11.        Background           of           non-executive
                                nominee(s):        Nominee  1 is a senior  advisor to KDDI
                                Corp.,  the  largest  shareholder  in the  company  with a
                                51.51  percent  stake.  Nominee 5 is a senior  advisor  to
                                Bank of The Ryukyus,  Ltd., another major shareholder with
                                a 1.72  percent  stake.  Nominee 6 is a chairman of Ryukyu
                                Broadcasting  Corp.,  also a major shareholder with a 1.72
                                percent  stake.  Nominee 8 is a current vice  president of
                                KDDI  Corp.  Nominee  11 is a  current  executive  of KDDI
                                Corp.          Board  Profile        Composition  of board
                                after this  meeting:  6 executives  and 5  non-executives.
                                The number of outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:   All   nominees        None   of  the
                                nominees passes our test for  independence.        Nominee
                                1 is a current executive  director of The Bank of Okinawa,
                                Ltd., one of the largest  shareholders in the company with
                                a 1.72 percent stake.  Nominee 2 is a current president of
                                Okinawa  Electric  Power Co.,  another  major  shareholder
                                which again  holds a 1.72  percent  stake.  Nominee 3 is a
                                current    executive   of   majority    shareholder   KDDI
                                Corp.        Given  the realities of Japanese business and
                                the  strong  loyalties  to  companies  held by those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  none of the nominees for independent  auditor
                                can  be  expected  to  fulfill  the  role  of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 4.1
                    4.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 4.1
                    5        Appoint External Audit Firm                   For          For                 Mgmt
                                The board  recommends  that Kyoto Audit Corp.  be approved
                                as the company's  independent  accounting firm. ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following  the  suspension,   the  company   appointed  an
                                individual  CPA  as  its  auditor,  and  then  reappointed
                                Misuzu on a provisional  basis after the suspension period
                                ended.  Here,  the  company  seeks to appoint  Kyoto Audit
                                Corp.,  because in recognition of the severe damage to its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditor
                                The company is proposing an aggregate  bonus payment of JY
                                9.46  million  to 4  directors,  and a payment of JY 1.725
                                million to 1  statutory  auditor.  Because the amounts are
                                not   excessive,   we  have  no  reason  to  oppose   this
                                resolution.


06/28/07 - A        Olympus Corp. (formerly Olympus          J61240107                          03/31/07              44,000
                    Optical) *7733*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 24
                                The payout ratio for the full year is 20 percent  based on
                                consolidated   earnings,   or   117   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:  Nominees  14 and  15        Background  of
                                non-executive  nominee(s):  Nominee 14 is a  professor  at
                                Columbia   University  and  was  also  awarded  the  Nobel
                                Memorial  Prize in Economic  Sciences in 1999.  Nominee 15
                                is  a  hospital  director  at  Tsurumaki  Onsen  Hospital.
                                        Board  Profile        Composition  of board  after
                                this meeting:  13  executives  and 2  non-executives.  The
                                number of outsiders is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    2.15     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for independent  alternate  auditor passes our
                                test for independence.  He is a former executive of Sojitz
                                Corporation.


11/30/06 - S        Organizacion Soriana SAB de CV           P8728U167                          None                  16,672
                    1        Approve Three-for-One Stock Split             For          For                 Mgmt
                    2        Amend Articles to Reflect Stock Split         For          For                 Mgmt
                    3        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


03/13/07 - A        ORIOLA-KD CORPORATION                    X60005117                          03/02/07               3,428
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.06 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Fix Number of Directors at Seven              For                              Mgmt
                    1.7      Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    1        Elect Directors                               For                              Mgmt
                    1.9      Elect Olli Riikkala as Board Chairman         For                              Mgmt
                    1.10     Elect Ernst & Young Oy as Auditor; Elect      For                              Mgmt
                             Anu Ojala as Deputy Auditor
                    2        Authorize Repurchase of up to 10 Percent of   For                              Mgmt
                             Issued Share Capital; Authorize Reissuance
                             of Repurchased Shares
                    3        Approve Creation of Pool of Capital without   For                              Mgmt
                             Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - A        Orix Corp. *8591*                        J61933123                          03/31/07              13,762
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director Yoshihiko Miyauchi --- For
                                Because  nominee  Teruo Ozaki  (candidate  11) is a former
                                senior   executive   of  Orix's   external   audit   firm,
                                potentially  compromising his  independence,  we recommend
                                that shareholders oppose the reelection of this nominee.
                    1.2      Elect Director Yasuhiko Fujiki --- For
                    1.3      Elect Director Hiroaki Nishina --- For
                    1.4      Elect Director Kenji Kajiwara --- For
                    1.5      Elect Director Yukio Yanase --- For
                    1.6      Elect Director Haruyuki Urata --- For
                    1.7      Elect Director Yoshinori Yokoyama --- For
                    1.8      Elect Director Paul Sheard --- For
                    1.9      Elect Director Hirotaka Takeuchi --- For
                    1.10     Elect Director Takeshi Sasaki --- For
                    1.11     Elect Director Teruo Ozaki --- Against
                    2        Approve Executive Stock Option Plan           For          For                 Mgmt


06/28/07 - A/S      ORPEA                                    F69036105                          06/25/07                 668
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    4        Approve Discharge of Board                    For                              Mgmt
                    5        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    6        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 60,000
                    7        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    8        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 30 Million
                    9        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 30 Million
                    10       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    11       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    12       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Authorize Board to Set Issue Price for 10     For                              Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    14       Approve Stock Split                           For                              Mgmt
                    15       Amend Articles to Reflect Changes in Capital  For                              Mgmt
                    16       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    17       Authorize up to 90,000 Shares for Use in      For                              Mgmt
                             Restricted Stock Plan
                    18       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    19       Authorize Board to Issue Free Warrants with   For                              Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    20       Amend Articles of Association Re:             For                              Mgmt
                             Disclosure Threshold
                    21       Amend Articles Re: Attend Board Meetings      For                              Mgmt
                             Through Videoconference and
                             Telecommunication
                    22       Amend Articles of Association Re: General     For                              Mgmt
                             Meeting Quorum Requirements
                    23       Amend Articles of Association Re: Call        For                              Mgmt
                             General Meetings
                    24       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    25       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Osaka Steel Co., Ltd. *5449*             J62772108                          03/31/07               3,498
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:   Nominees  2  and   3.        Neither
                                nominee   meets  our  criteria  for   independence.   Both
                                nominees   are   current   executives   of   the   largest
                                shareholder   in  the   company   with   a  60.6   percent
                                stake.                Given   the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  both nominees for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 2.1
                    2.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 2.1
                    3        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The nominee for  independent  auditor passes does not pass
                                our  test  for  independence.           He  is  a  current
                                executive of the largest  shareholder  in the company with
                                a  60.61  percent  stake.        Given  the  realities  of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Retirement Bonus for Director         For          For                 Mgmt
                                The  retiring  director  is an  insider,  and we  have  no
                                reason to oppose this resolution.


04/19/07 - A        Oversea-Chinese Banking Corp. Ltd.       Y64248209                          None                 469,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2a1      Reelect Lee Seng Wee as Director              For          For                 Mgmt
                    2a2      Reelect Michael Wong Pakshong as Director     For          For                 Mgmt
                    2b1      Elect David Philbrick Conner as Director      For          For                 Mgmt
                    2b2      Elect Giam Chin Toon as Director              For          For                 Mgmt
                    2b3      Elect Tsao Yuan as Director                   For          For                 Mgmt
                    2b4      Elect David Wong Cheong Fook as Director      For          For                 Mgmt
                    3        Declare Final Dividend of SGD 0.12 Per Share  For          For                 Mgmt
                    4a       Approve Directors' Fees of SGD 1.0 Million    For          For                 Mgmt
                             for the Year Ended Dec. 31, 2006 (2005: SGD
                             909,000)
                    4b       Approve Allotment and Issuance of 4,800       For          For                 Mgmt
                             Ordinary Shares to Each Non-Executive
                             Director as Part of Their Remuneration for
                             the Year Ended Dec. 31, 2006
                    5        Appoint Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration
                    6a       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    6b       Approve Issuance of Shares and Grant          For          For                 Mgmt
                             Options and/or Rights to Subscribe for
                             Ordinary Shares Pursuant to the OCBC Share
                             Option Scheme 2001 and OCBC Employee Share
                             Purchase Plan
                    6c       Approve Allotment and Issuance of             For          For                 Mgmt
                             Preference/Non-Voting Shares


04/19/07 - S        Oversea-Chinese Banking Corp. Ltd.       Y64248209                          None                 469,000
                    1        Authorize Share Repurchase Program            For          For                 Mgmt
                    2        Amend OCBC Share Option Scheme 2001 and       For          For                 Mgmt
                             OCBC Executives' Share Option Scheme 1994


05/03/07 - A        Oxford Biomedica plc                     G6836F106                          None                  37,869
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                The Company has failed to provide  any  justification  for
                                the  salary   increases   during  the  year  and  has  not
                                disclosed      it      general      policy     in     this
                                area.        Furthermore,  the  remuneration  report  does
                                not  disclose  the maximum  individual  award levels under
                                the annual  bonus  scheme,  nor does it  disclose  the (1)
                                type of  performance  targets  that such will be  assessed
                                against   during  2007  and  (2)  a  general   explanation
                                regarding the retrospective  performance  targets achieved
                                which  resulted  in  the  level  of  bonus  payout  during
                                2006.        At  this time RREV is not raising  this as an
                                area   of   serious   contention   since   the   executive
                                remuneration   payments   (both   fixed  and   performance
                                related) are  considered  to be below median for a company
                                of this size.          Basic  salary increase are reported
                                to be  between  5% and 8.5% for the past  financial  year,
                                while  bonus  awards  equated  to  between  21% and 35% of
                                basic  salary.          However,  RREV expects the Company
                                to improve its remuneration  disclosure for future awards.
                                Should  the  Company  not  provide  an  adequate  level of
                                disclosure in future years,  RREV will reconsider its vote
                                recommendation   in  reference   to  future   remuneration
                                payments.
                    3        Re-elect Mark Berninger as Director           For          For                 Mgmt
                                Mark  Berninger  is not  considered  independent  by  RREV
                                because he has a material business  relationship through a
                                consultancy  agreement  with  the  Company.           RREV
                                acknowledges  that Mark  Berninger has wide  experience in
                                the  biotechnology  industry  in  the  United  States  and
                                consequently   is  a   valuable   member  of  the   Board.
                                        Mark  Berninger  is  not a  member  of  any of the
                                Board's  key  committees.  In  principle,  RREV  does  not
                                object to  non-independent  NEDs being  members of company
                                boards,  so  long as  composition  is not  compromised  by
                                their  presence.  In  this  case  the  composition  of the
                                Company's  Board does not meet the  Code's  recommendation
                                for  companies of this size.          We  believe that his
                                presence  is not the  sole  contributing  factor  for this
                                non-compliance  since his  exclusion  from the Board would
                                not address  this area.  Therefore,  RREV  encourages  the
                                Company to appoint a further  independent NED to bring the
                                number  of  truly  independent  NEDs  to  the  recommended
                                amount.
                    4        Re-elect Peter Nolan as Director              For          For                 Mgmt
                    5        Re-elect Andrew Wood as Director              For          For                 Mgmt
                    6        Re-elect Nick Woolf as Director               For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Amend Articles of Association Re:             For          For                 Mgmt
                             Electronic Communications
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,164,888
                    10       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 266,755


04/04/07 - A        PACIFIC BASIN SHIPPING LIMITED           G68437139                          03/30/07             157,224
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                 Mgmt
                    3a       Reelect Christopher R. Buttery as Executive   For          For                 Mgmt
                             Director
                    3b       Reelect Klaus Nyborg as Executive Director    For          For                 Mgmt
                    3c       Reelect Wang Chunlin as Executive Director    For          For                 Mgmt
                    3d       Reelect Jan Rindbo as Executive Director      For          For                 Mgmt
                    3e       Reelect Daniel R. Bradshaw as Non-Executive   For          For                 Mgmt
                             Director
                    3f       Reelect Robert C. Nicholson as Independent    For          For                 Mgmt
                             Non-Executive Director
                    3g       Reelect Patrick B. Paul as Independent        For          For                 Mgmt
                             Non-Executive Director
                    3h       Reelect David M. Turnbull as Independent      For          For                 Mgmt
                             Non-Executive Director
                    3i       Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Directors
                    4        Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    8        Approve Renewal of the 2 Percent Annual Cap   For          Against             Mgmt
                             Within the Issue Mandate Under the Long
                             Term Incentive Scheme
                                The  Incentive  Scheme,  under whose terms this request is
                                made,  fails to meet  acceptable  standards  for  dilution
                                given the absence of  performance  conditions  and vesting
                                periods.   In   addition,    the   Incentive   Scheme   is
                                administered by the full board,  including  executives who
                                may  participate  under the  plan,  thereby  exposing  the
                                Incentive  Scheme  to  potential  back-scratching  abuses.
                                Given  these  concerns,  shareholders  are advised to vote
                                against this resolution.


06/23/07 - A        Pacific Industrial Co. Ltd. *7250*       J63438105                          03/31/07               4,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 17 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 6
                                executives  and  0  non-executives.  The  board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He is a  former  partner  of the
                                company's external audit firm.
                    5        Approve Retirement Bonus for Statutory        For          For                 Mgmt
                             Auditor
                                The   retiring   auditor  has  not  been   classified   as
                                independent,   and  we  have  no  reason  to  oppose  this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                45  million  to  6  directors,  and  JY  5  million  to  4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Pacific Metals Co. Ltd. *5541*           J63481105                          03/31/07              10,000
                    1        Amend Articles to: Limit Directors' Legal     For          For                 Mgmt
                             Liability - Limit Liability of Statutory
                             Auditors
                                The company  seeks the  authority to impose  limits on the
                                legal   liability   of  outside   directors   and  outside
                                statutory  auditors  in the  company's  service  contracts
                                with these  individuals.  These  limitations  would  apply
                                only  where  the  individual  in  question  acted  in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve  in  these   positions.   We  do  not  oppose   this
                                resolution.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:           Nominees          10          and
                                11                                Background            of
                                non-executive  nominee(s):  Nominee 10 is a senior advisor
                                to third largest  shareholder  Mitsubishi Corp. Nominee 11
                                is   an   attorney   in   private   practice.        Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  2  non-executives.        The  number  of
                                outsiders is increasing from 1 to 2.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:   Nominees  2  and   3        Neither
                                nominee meets our criteria for independence.  Nominee 2 is
                                an  executive  of one of the largest  shareholders  in the
                                company with an 8.16 percent stake.  Nominee 3 is a former
                                executive    of    one    of    the     company's     main
                                banks.        Given  the  realities  of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominees  2  and 3  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that KPMG Azsa & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company appointed Azsa, and
                                then reappointed  Misuzu on a provisional basis. Here, the
                                company  seeks  to  formally  appoint  Azsa,   because  in
                                recognition  of the severe  damage to its  reputation  and
                                its  bottom  line,  Misuzu  decided in  February  to cease
                                audit  operations this summer.  We see no reason to oppose
                                this resolution.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                The company  seeks to renew its poison pill plan which was
                                approved at last  year's AGM, as the  duration is expiring
                                at       the        close        of       this        AGM.
                                        SUMMARY                Type   of   Defense   Plan:
                                Advance   Warning-Type                Plan   Duration:   3
                                years                Trigger   Threshold:  20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:    1    year                Board    Independence:
                                Following  this  meeting,  there  will  be  1  independent
                                director  (9  percent  of  the  board)  according  to  ISS
                                criteria.                Independence      of      Special
                                Committee:  2 out of 3 members of the  committee  meet ISS
                                criteria for independence.        Other  Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More Before Meeting:  Yes        The  reason that
                                shareholders   of  US   companies   reluctantly   tolerate
                                takeover   defenses   is   that   poison   pills   do  not
                                automatically  prevent hostile bids from succeeding in the
                                US, where boards are  dominated by  independent  directors
                                who face  meaningful  sanctions,  in the form of lawsuits,
                                if they take  steps  which  are  contrary  to  shareholder
                                value.  That is not the case in Japan, so to ensure that a
                                takeover  defense  leads to the continued  enhancement  of
                                shareholder  value and does not serve  merely to  entrench
                                management,   it  is  vitally  important  that  the  board
                                include a critical mass of  independent  directors who can
                                ensure that the board remains  responsive to the interests
                                of  ordinary   investors   even  after  a  defense  is  in
                                place.        Because  the  independence  of  the  special
                                committee   is   questionable,   and   because  the  board
                                composition  does not meet ISS guidelines on poison pills,
                                stipulating  that at least 20  percent,  and no fewer than
                                two,  of  the  directors  must  meet  ISS'  definition  of
                                independence,  we recommend that shareholders  oppose this
                                resolution.


05/22/07 - A        Paddy Power (frmrly. POWER LEISURE)      G68673105                          None                   2,031
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of EUR 0.2277 per      For          For                 Mgmt
                             Share
                    3a       Elect Stewart Kenny as a Director             For          Against             Mgmt
                                Shareholders  are advised to vote against  David Power and
                                Stewart Kenny for serving as non-independent  directors on
                                a  board  that  is  less  than  majority-independent,  and
                                against  David  Power  for  serving  as a  non-independent
                                member of the Audit and Remuneration Committees.
                    3b       Elect Nigel Northridge as a Director          For          For                 Mgmt
                    3c       Elect David Power as a Director               For          Against             Mgmt
                    3d       Elect Patrick Kennedy as a Director           For          For                 Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    5        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    6        Authorize Share Repurchase                    For          For                 Mgmt
                    7        Determine Price Range at which Treasury       For          For                 Mgmt
                             Shares may be Re-issued


03/28/07 - A        Palfinger AG                             A61346101                          None                     150
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Management Board         For                              Mgmt
                    4        Approve Discharge of Supervisory Board        For                              Mgmt
                    5        Ratify Auditors                               For                              Mgmt
                    6        Elect Supervisory Board Members               For                              Mgmt
                    7        Approve Increase in Authorized Capital via    For                              Mgmt
                             a Capitalization of Reserves
                    8        Approve 4:1 Stock Split                       For                              Mgmt
                    9        Amend Articles to Reflect Changes in          For                              Mgmt
                             Capital and Stock Split
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Parkland Income Fund *PKI.U*             70137Q101                          03/15/07               1,006
                    1        Elect Directors John Bechtold, Robert G.      For          For                 Mgmt
                             Brawn, Jim Dinning, Alain Ferland, Kris
                             Matthews, James Pantelidis, ron Rogers,
                             David A. Spencer and Michael W. Chorlton
                    2        Ratify PricewaterhouseCoopers as Auditors     For          For                 Mgmt


05/17/07 - A        PARKSON RETAIL GROUP LTD                 G69370107                          04/20/07              17,750
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Declare Final Dividend of RMB 0.27 Per Share  For          For                 Mgmt
                    3a1      Reelect Chew Fook Seng as Director            For          For                 Mgmt
                    3a2      Reelect Cheng Heng Jem as Director            For          For                 Mgmt
                    3a3      Reelect Yau Ming King, Robert as Director     For          For                 Mgmt
                    3b       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Appoint Ernst & Young as Auditors and         For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    5a       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    5b       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


12/22/06 - S        PEACE MARK (HOLDINGS) LIMITED            G6957A167                          None                  40,000
                    1        Approve Grant of Options to Chau Cham Wong,   For          For                 Mgmt
                             Patrick to Subscribe for an Aggregate of
                             19.8 Million Shares at HK$5.37 Per Share
                             Under the Company's Share Option Scheme
                    2        Approve Grant of Options to Leung Yung to     For          For                 Mgmt
                             Subscribe for an Aggregate of 19.8 Million
                             Shares at HK$5.37 Per Share Under the
                             Company's Share Option Scheme


04/27/07 - A        Pembina Pipeline Income Fund *PIF.U*     706329109                          03/13/07               1,877
                    1        Elect David A. Bissett, Allan L. Edgeworth,   For          For                 Mgmt
                             Randall J. Findlay, Lorne B. Gordon, Myron
                             F. Kanik, David N. Kitchen, Robert B.
                             Michaleski and Robert F. Taylor as
                             Directors of Pembina Pipeline Corporation
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors


11/29/06 - A        PERILYA LIMITED (formerly Perilya        Q74414105                          11/27/06               9,188
                    Mines NL) *PEM*
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Fiscal Year Ended June 30,
                             2006
                    2        Approve Remuneration Report for the Fiscal    For          Against             Mgmt
                             Year Enden June 30, 2006
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution  2        - The option plan fails to meet local
                                market investor  expectations  in several  areas.        -
                                The  company  sought,  and  obtained,  an ASX waiver so it
                                would not need to obtain  shareholder  approval to grant 5
                                million options to CEO.        -  The CEO's options do not
                                lapse on redundancy.
                    3        Elect Peter Harley as Director                For          For                 Mgmt
                    4        Elect Patrick O'Connor as Director            For          For                 Mgmt
                    5        Approve Issuance of Shares Pursuant to the    For          Against             Mgmt
                             Employee Share Option Plan
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution    5        -    The   plan    contains:    (1)
                                unsatisfactory    performance   hurdles;   (2)   excessive
                                retesting;  and (3) board  discretion  to permit  complete
                                vesting on change of control (note that,  for the CEO, the
                                5  million  options  vest  automatically  on a  change  of
                                control -- the board has no discretion).
                    6        Approve Remuneration of Directors with an     None         For                 Mgmt
                             Increase of A$100,000 from A$400,000 to
                             A$500,000
                    7        Approve Perilya Limited Dividend              For          For                 Mgmt
                             Reinvestment Plan


04/19/07 - A        Persimmon plc                            G70202109                          None                  11,632
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 32.7 Pence Per      For          For                 Mgmt
                             Share
                    3        Re-elect Michael Farley as Director           For          For                 Mgmt
                    4        Re-elect David Bryant as Director             For          For                 Mgmt
                    5        Re-elect Hamish Melville as Director          For          For                 Mgmt
                    6        Re-elect Neil Davidson as Director            For          For                 Mgmt
                    7        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Approve Remuneration Report                   For          For                 Mgmt
                    9        Approve Persimmon Plc Long-Term Incentive     For          For                 Mgmt
                             Plan 2007
                    10       Authorise 29,926,110 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,573,889
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,496.305


04/25/07 - A        Pescanova SA                             E8013L130                          None                     199
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements and Discharge
                             Directors for Fiscal Year 2006
                    2        Approve Allocation of Income                  For          Against             Mgmt
                                Because of the long-term  shareholder-unfriendly policy of
                                the company,  we recommend  voting  against the allocation
                                of income proposal.
                    3        Elect and/or Reelect Directors                For          For                 Mgmt
                    4        Approve Auditors                              For          For                 Mgmt
                    5        Authorize Repurchase of Shares                For          For                 Mgmt
                    6        Authorize Issuance of Non-Convertible         For          For                 Mgmt
                             Bonds/Debentures
                    7        Authorize Issuance of Convertible Securities  For          For                 Mgmt
                    8        Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    9        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    10       Approve Minutes of Meeting                    For          For                 Mgmt


11/01/06 - S        Petrochina Company Limited               Y6883Q104                          10/03/06             627,219
                    1        Approve Continuing Connected Transactions     For          For                 Mgmt
                             Arising from the Acquisition of a 67
                             Percent Interest in PetroKazakhstan Inc. by
                             PetroChina Co. Ltd. through CNPC
                             Exploration and Development Co. Ltd. within
                             the Scope of the Amended Comprehensive
                             Agreement
                    2        Approve Revision of Existing Annual Caps of   For          For                 Mgmt
                             Each of the Continuing Connected
                             Transaction Under the Amended Comprehensive
                             Agreement as a Result of the Acquisition of
                             Petrokazakhstan Inc.
                    3        Approve Revision of Existing Annual Caps of   For          For                 Mgmt
                             Each of the Continuing Connected
                             Transaction Under the Amended Comprehensive
                             Agreement as a Result of Changes to
                             Production and Operational Environment of
                             PetroChina Co. Ltd.
                    4        Approve Revision of Existing Annual Caps in   For          For                 Mgmt
                             Respect of the Products and Services to be
                             Provided by PetroChina Co. Ltd. and its
                             Subsidiaries to China Railway Materials and
                             Suppliers Corp.
                    5        Amend Articles Re: Scope of Business          For          For                 Mgmt


05/16/07 - A        Petrochina Company Limited               Y6883Q104                          04/13/07             441,219
                    1        Accept Report of the Board of Directors       For          For                 Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                 Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Final Dividend                        For          For                 Mgmt
                    5        Authorize Board to Determine the              For          For                 Mgmt
                             Distribution of Interim Dividends for the
                             Year 2007
                    6        Reappoint PricewaterhouseCoopers,CPA and      For          For                 Mgmt
                             PricewaterhouseCoopers Zhong Tian CPAs Co.
                             Ltd., CPA as International and Domestic
                             Auditors, Respectively, and Authorize Board
                             to Fix Their Remuneration
                    7        Reelect Jiang Jiemin as Director              For          For                 Mgmt
                    8        Reelect Zhou Jiping as Director               For          For                 Mgmt
                    9        Reelect Duan Wende as Director                For          For                 Mgmt
                    10       Reelect Sun Xianfeng as Supervisor            For          For                 Mgmt
                    11       Reelect Zhang Jinzhu as Supervisor            For          For                 Mgmt
                    12       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    13       Approve Disposal of 70 Percent Equity         For          For                 Mgmt
                             Interest in China National United Oil
                             Corporation to China National Petroleum
                             Corporation
                    14       Other Business (Voting)                       For          Against             Mgmt
                                Although  this item is routine and only those  issues that
                                could   legally  be  discussed   could  be  presented  for
                                consideration,  its approval  would create an  opportunity
                                for those who attend the meeting to approve  changes  that
                                are not in the  best  interests  of all  shareholders.  We
                                recommend  that  shareholders  oppose this item unless the
                                company  has  provided  detailed   information  about  the
                                issues that will be discussed.


05/11/07 - A        Petrofac Ltd                             G7052T101                          None                 139,379
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports (Voting)
                    2        Approve Final Dividend                        For          For                 Mgmt
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Elect Amjad Bseisu as a Director              For          For                 Mgmt
                    5        Elect Rijnhard van Tets as a Director         For          For                 Mgmt
                    6        Reelect Kjell Almskog as a Director           For          For                 Mgmt
                    7        Reelect Bernard de Combret as a Director      For          For                 Mgmt
                    8        Reelect Michael Press as a Director           For          For                 Mgmt
                    9        Ratify Ernst & Young LLP as Auditors          For          For                 Mgmt
                    10       Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    11       Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             USD 2,878,623
                    12       Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights up to
                             Aggregate Nominal Amount of USD 431,793
                    13       Approve Share Repurchase Program Up to Ten    For          For                 Mgmt
                             Percent of Issued Capital
                    14       Approve/Amend Deferred Bonus Share Plan       For          For                 Mgmt
                             (DBSP)


04/02/07 - A/S      Petroleo Brasileiro                      71654V408                          03/08/07              13,728
                             Meeting for Holders of ADRs
                    1        MANAGEMENT REPORT, FINANCIAL STATEMENTS AND   For          For                 Mgmt
                             AUDIT COMMITTEE S OPINION FOR THE FISCAL
                             YEAR 2006
                    2        CAPITAL EXPENDITURE BUDGET FOR THE FISCAL     For          For                 Mgmt
                             YEAR 2007
                    3        DISTRIBUTION OF RESULTS FOR THE FISCAL YEAR   For          For                 Mgmt
                             2006
                    4        ELECTION OF MEMBERS OF THE BOARD OF           For          For                 Mgmt
                             DIRECTORS
                    5        ELECTION OF CHAIRMAN OF THE BOARD OF          For          For                 Mgmt
                             DIRECTORS
                    6        ELECTION OF MEMBERS OF THE FISCAL COUNCIL     For          For                 Mgmt
                             AND THEIR RESPECTIVE SUBSTITUTES
                    7        ESTABLISHMENT OF THE MANAGEMENT               For          For                 Mgmt
                             COMPENSATION, AS WELL AS THEIR
                             PARTICIPATION IN THE PROFITS PURSUANT TO
                             ARTICLES 41 AND 56 OF THE COMPANY S BYLAWS,
                             AS WELL AS OF MEMBERS OF THE FISCAL COUNCIL
                    8        INCREASE IN THE CAPITAL STOCK THROUGH THE     For          For                 Mgmt
                             INCORPORATION OF PART OF THE REVENUE
                             RESERVES CONSTITUTED IN PREVIOUS FISCAL
                             YEARS AMOUNTING TO R$ 4.380 MILLION,
                             INCREASING THE CAPITAL STOCK FROM R$ 48.264
                             MILLION TO R$ 52.644 MILLION WITHOUT ANY
                             CHANGE TO THE


07/06/06 - A        Phonak Holding AG                        H62042124                          None                  25,116
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/06/06 - A        Phonak Holding AG                        H62042124                          None                  25,116
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 0.50 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Elect Directors                               For                              Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/12/07 - A        Phonak Holding AG                        H62042124                          None                  32,448
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/12/07 - A        Phonak Holding AG                        H62042124                          None                  32,448
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 0.75 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                    5        Change Company Name to Sonova Holding AG      For                              Mgmt
                    6        Approve Creation of CHF 167,813 Pool of       For                              Mgmt
                             Capital without Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - A        PICC PROPERTY AND CASUALTY COMPANY LTD   Y6975Z103                          05/22/07             246,000
                    1        Accept Report of Directors                    For          For                 Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                 Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Profit Distribution Plan              For          For                 Mgmt
                    5        Approve Remuneration of Directors             For          For                 Mgmt
                    6        Approve Remuneration of Supervisors           For          For                 Mgmt
                    7        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Reappoint Ernst & Young and Ernst & Young     For          For                 Mgmt
                             Hua Ming as International and Domestic
                             Auditors, Respectively and Authorize Board
                             to Fix Their Remuneration


02/15/07 - A/S      Pierre et Vacances S.A.                  F4447W106                          None                     243
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2.50 per Share
                    3        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    4        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 150,000
                    5        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    6        Elect Gerard Bremond as Director              For                              Mgmt
                    7        Elect Michel Dupont as Director               For                              Mgmt
                    8        Elect Olivier Bremond as Director             For                              Mgmt
                    9        Elect Marc Pasture as Director                For                              Mgmt
                    10       Elect Sven Boinet as Director                 For                              Mgmt
                    11       Elect Ralf Corsten as Director                For                              Mgmt
                    12       Elect SA Societe d'Investissement             For                              Mgmt
                             Touristique et Immobilier - SITI as Director
                    13       Elect G.B. Developpement SA as Director       For                              Mgmt
                    14       Elect Eric Debry as Director                  For                              Mgmt
                    15       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    16       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    17       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 22 Million
                    18       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 22 Millions
                    19       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Vote
                             Above
                    20       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    21       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Pigeon Corp. *7956*                      J63739106                          01/31/07               2,200
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 15, Final
                             JY 10, Special JY 5
                    2        Amend Articles To: Limit Rights of Odd-lot    For          For                 Mgmt
                             Holders - Limit Liability of Statutory
                             Auditors - Update Terminology to Match that
                             of New Corporate Law
                    3        Elect Director                                For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                    6        Approve Retirement Bonuses for Director and   For          For                 Mgmt
                             Statutory Auditor


03/16/07 - A        Poongsan Corp                            Y70692101                          12/31/06               9,118
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 700 Per Share
                    2        Elect Two Executive Directors                 For          For                 Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    4        Approve Limit on Remuneration of Auditor      For          For                 Mgmt


03/14/07 - A        PORTUCEL-Empresa Produtora de Pasta de   X6718U107                          None                  11,047
                    Papel S.A. (frmrly. P
                    1        Accept IndividualFinancial Statements and     For                              Mgmt
                             Statutory Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income                  For                              Mgmt
                    4        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    5        Elect Corporate Boadies for Fiscal Years      For                              Mgmt
                             2007-2010
                    6        Amend Articles 2, 4, 8, 9, 13, 15, 17, 22,    For                              Mgmt
                             23, and 24 of Bylaws
                    7        Authorize Repurchase and Cancellation of      For                              Mgmt
                             Shares and Debt Securities in Accordance
                             with Articles 319, 320, and 354 of
                             Portuguese Securities Code
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/14/07 - S        POWERTECH TECHNOLOGY INC                 Y7083Y103                          01/15/07              56,000
                    1        Approve Issuance of Unsecured Convertible     For          For                 Mgmt
                             Bonds through Private Placement
                                This item seeks  shareholder  approval  to issue  domestic
                                unsecured  convertible bonds (Convertible Bonds) valued up
                                to not more  than NTD 3.5  billion  ($107.39  million)  to
                                selected investors (Bond Issuance).  The Convertible Bonds
                                will have a face value of NTD 100,000  ($3,068)  each with
                                a coupon rate of 3.5  percent  per annum,  and will expire
                                after five years. In addition,  the Convertible  Bonds may
                                be  issued  at one time or from  time to time  within  one
                                year from the date of approval by  shareholders.  Proceeds
                                from the Bond  Issuance  will be used for working  capital
                                purposes.        The  proposal  would also  authorize  the
                                board to do all  acts  deemed  necessary  in order to give
                                effect to the Bond  Issuance,  which  includes  making the
                                terms  and   conditions  of  the   Convertible   Bonds  in
                                accordance   with   the   relevant   Taiwanese   laws  and
                                regulations.                Given  that the proposed  Bond
                                Issuance may allow the company to explore a new  financing
                                channel to raise  funds for its  businesses,  and to bring
                                in strategic  partners  that would support and enhance the
                                company's  operations,  a vote in favor of this resolution
                                is recommended.
                    2        Other Business                                None         None                Mgmt
                                This is a non-voting item.


06/15/07 - A        POWERTECH TECHNOLOGY INC                 Y7083Y103                          04/16/07             100,000
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Approve Increase in Registered Capital        For          For                 Mgmt
                    4        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                    5        Amend Articles of Association                 For          For                 Mgmt
                    6        Approve Investment in People's Republic of    For          For                 Mgmt
                             China
                    7        Amend Election Rules of Directors and         For          Against             Mgmt
                             Supervisors
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.


03/05/07 - A        Poyry Oyj (Formerly Jaakko Poyry Group   X4032L101                          02/23/07               1,147
                    Oyj)
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditor's Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.50 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Fix Number of Directors at Seven              For                              Mgmt
                    1.7      Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    1        Elect Directors                               For                              Mgmt
                    1.9      Appoint Auditors                              For                              Mgmt
                    2        Approve Creation of Pool of Conditional       For                              Mgmt
                             Capital without Preemptive Rights; Approve
                             Reissuance of Repurchased Shares
                    3        Authorize Repurchase of up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Premier Foods plc                        G72186102                          None                  12,114
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 2.55 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Elect Louise Makin as Director                For          For                 Mgmt
                    5        Re-elect David Felwick as Director            For          For                 Mgmt
                    6        Re-elect Ian McHoul as Director               For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,813,418
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 422,013


06/15/07 - A        PRESIDENT SECURITIES CORP                Y7083F104                          04/16/07             202,000
                    1        Accept 2006 Financial Statements              For          For                 Mgmt
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The board is proposing a cash  dividend of NTD 0.9 ($0.03)
                                per share  and a stock  dividend  of 35  shares  for every
                                1,000 shares held,  or NTD 0.35 ($0.01)  each.  This gives
                                the  company  a  payout  ratio of 65.6  percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                dividend   payout   proposed  is  reasonable   and  easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                                Taiwanese  companies  routinely  capitalize  dividends and
                                distribute new fully paid shares to  shareholders  free of
                                charge;  there  is no cost  to  shareholders  to  maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.  This  item  is  pursuant  to  the  stock  dividends
                                discussed in Item  2.        ISS has no objections to this
                                resolution.
                    4        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                                        The   proposal   seeks  to  revise  the  company's
                                procedures   governing  the  acquisition  or  disposal  of
                                assets (Acquisition or Disposal  Procedures) in accordance
                                with   the   newly   revised   Guidelines   for   Handling
                                Acquisition  or  Disposal  of Assets  by Public  Companies
                                (Acquisition  or  Disposal   Guidelines)   issued  by  the
                                Financial Supervisory Commission,  Executive Yuan (FSC) on
                                Jan.  19, 2007.  Major  revisions  to the  Acquisition  or
                                Disposal Guidelines are as follows:                 1.  To
                                enumerate the assets that are governed by the  Acquisition
                                or Disposal  Guidelines;                  2.  To require a
                                company  to  have  its  guidelines   for   acquisition  or
                                disposal  of assets  approved  by the board,  supervisors,
                                and  shareholders  once  it  has  been  formulated.  If  a
                                company  has  appointed  independent  directors,  it shall
                                fully  consider the opinion of its  independent  directors
                                regarding  the   formulation  or  revisions  made  to  the
                                guidelines.  Such  opinion must be recorded in the minutes
                                of the board  meeting.  Should the  company  establish  an
                                audit  committee,  its guidelines must be approved by more
                                than  half  of  the   audit   committee   members   before
                                submitting  the  proposal  for  approval to the board.  If
                                less  than  half  of  the  audit  committee  approves  the
                                guidelines,  it must be approved  by more than  two-thirds
                                of    the    entire     board    before    it    can    be
                                implemented;                3.  If a company has appointed
                                independent   directors,   it  shall  fully  consider  the
                                opinion of its  independent  directors  in any  discussion
                                related to the  acquisition  or  disposal  of assets  from
                                related  parties,  and that the  opinion  must be added to
                                the  minutes  of the board  meeting.  Should  the  company
                                establish an audit committee,  the transactions related to
                                the   acquisition  or  disposal  of  assets  from  related
                                parties  must  also be  approved  by more than half of the
                                audit  committee  members.                4.  The  company
                                must  obtain  an  appraisal  report  from  a  professional
                                appraiser  when the  transaction  price for  acquiring  or
                                disposing  real property or other fixed assets  reaches 20
                                percent of the company's  paid-in  capital or at least NTD
                                300 million ($9.21  million).  Such real property or other
                                fixed  assets  do  not  include  those  transacted  with a
                                government agency,  commissioned to third parties to build
                                on its own or rented land, or acquired for operating  use.
                                If special  prices are  required  to be used as  reference
                                for  the  transaction   price,   board  approval  must  be
                                obtained.                5.  To  use  the  latest  audited
                                financial  statements  of the  company to be  acquired  or
                                disposed  (Target  Company) as the reference in appraising
                                the transaction  price, and to request for an accountant's
                                opinion  regarding the  reasonableness  of the transaction
                                price  should  the  dollar  amount of the  transaction  be
                                equivalent to 20 percent of the Target  Company's  paid-in
                                capital  or at  least  NTD 300  million  ($9.21  million),
                                except  if:  the  Target   Company's   securities  have  a
                                publicly   offered  price  from  an  active   market,   or
                                otherwise    provided   by   regulations   of   the   FSC;
                                                6.  To  require  a  company  to  prepare a
                                record of all pertinent  information  when the transaction
                                involves a merger,  spin-off or  acquisition  of companies
                                listed    or    sold    on    a    securities    exchange;
                                and                7.  To  change  all  references  to the
                                "Securities  &  Futures  Commission,   Ministry  of
                                Finance,  Taiwan"  into the FSC.                The
                                amendments   are  made  to  comply  with  the   prevailing
                                relevant  regulations.  Given that this will  improve  the
                                company's  existing  Acquisition  or Disposal  Procedures,
                                ISS recommends shareholders to support this resolution.
                    5        Other Business                                None         None                Mgmt


12/29/06 - S        PROFARMA DISTRIBUIDORA DE PRODUTOS       P7913E103                          None                  15,761
                    FARMACEUTICOS SA
                             Special Meeting Agenda
                    1        Approve Removal of Director and Elect         For          Against             Mgmt
                             Replacement
                                The board  proposes  to remove one member of the board and
                                elect  a  replacement.   However,   the  company  has  not
                                provided any detailed  information  regarding  the reasons
                                for the removal of the board  member.  ISS  contacted  the
                                company several times to obtain further  information  with
                                regards to the proposed  resolutioni but all attempts went
                                unanswered.  Without additional  disclosure by the company
                                regarding  the reasons  for the  removal of the  director,
                                shareholders are advised to vote against this proposal.


08/02/06 - A        ProSiebenSAT.1 Media AG (frmly           D6216S101                          07/12/06               2,315
                    Prosieben Media AG)
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2005
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.84 per Preference Share and
                             Dividends of EUR 0.82 per Registerd Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2005
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2005
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2006
                    6        Amend Articles Re: Calling of and             For                              Mgmt
                             Registration for Shareholder Meetings due
                             to New German Legislation (Law on Company
                             Integrity and Modernization of the Right of
                             Avoidance)
                    7        Amend Articles Re: Conducting of              For                              Mgmt
                             Shareholder Meetings due to New German
                             Legislation (Law on Company Integrity and
                             Modernization of the Right of Avoidance)
                    8        Authorize Management Board Not to Disclose    For                              Mgmt
                             Individualized Remuneration of its Members
                    9        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                    10       Approve Affiliation Agreement with            For                              Mgmt
                             Subsidiary 9Live Fernsehen GmbH
                    11       Approve Affiliation Agreements with           For                              Mgmt
                             Subsidiaries ProSiebenSat.1 Erste
                             Verwaltungsgesellschaft mbH and
                             ProSiebenSat.1 Zweite
                             Verwaltungsgesellschaft mbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/14/07 - S        PROTECT DATA AB                          W69086101                          02/08/07                 200
                    1        Open Meeting; Elect Chairman of Meeting       For          For                 Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    3        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    4        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    5        Approve Agenda of Meeting                     For          For                 Mgmt
                    6        Determine Number of Members and Deputy        For          For                 Mgmt
                             Members of Board
                    7        Elect Directors                               For          Against             Mgmt
                                We strongly  believe that publicly listed companies should
                                disclose  details on  proposals  at least 30 days prior to
                                the meeting.  When this  information is not available well
                                in advance  of the  meeting,  investors  are not left with
                                sufficient  time to evaluate  the  candidates  and, in the
                                case  of  shareholders  who  will  not be  present  at the
                                meeting  themselves,  to submit voting  instructions via a
                                custodian bank. Most Swedish  companies  disclose at least
                                the  names of any  nominees  to the  board in the  meeting
                                notice.  Because  the  names  of  the  nominees  were  not
                                available at the time this  analysis  was  written,  which
                                does not allow  shareholders to make an informed decision,
                                shareholders are advised to vote against this item.
                    8        Close Meeting                                 None         None                Mgmt


05/16/07 - A        PT Astra Agro Lestari Tbk                Y7116Q119                          None                 218,500
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income                  For          For                 Mgmt
                    3A       Elect Directors and Commissioners             For          For                 Mgmt
                    3B       Approve Remuneration of Directors and         For          For                 Mgmt
                             Commissioners
                    4        Approve Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration


05/15/07 - A        PT Bank Central Asia TBK                 Y7123P120                          04/27/07             341,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income                  For          For                 Mgmt
                    3        Approve Remuneration of Directors and         For          For                 Mgmt
                             Commissioners
                    4        Approve Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration
                    5        Approve Dividends                             For          For                 Mgmt
                    6        Change Location of Headquarters               For          For                 Mgmt


05/15/07 - S        PT Bank Central Asia TBK                 Y7123P120                          04/27/07             341,000
                    1        Authorize Share Repurchase Program            For          For                 Mgmt


05/22/07 - A        PT Bank Rakyat Indonesia (Persero) Tbk   Y0697U104                          05/07/07             030,500
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income                  For          For                 Mgmt
                    3        Approve Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration
                    4        Approve Remuneration of Directors and         For          For                 Mgmt
                             Commissioners
                    5        Approve Write-off of Non-Performing Loans     For          Against             Mgmt
                                Until the bank  provides  full  disclosure on the terms of
                                this resolution,  shareholders are advised to vote against
                                this request.
                    6        Amend Articles of Association                 For          Against             Mgmt
                                Because  Bank  Rakyat  Indonesia  has  failed to  disclose
                                essential   information   regarding   this  item,   it  is
                                uncertain whether or not the proposed  modifications would
                                negatively  impact  shareholder  value.  Therefore,   this
                                request cannot be supported.
                    7        Elect Commissioners                           For          For                 Mgmt
                    8        Amend Retirement Plan                         For          Against             Mgmt
                                Until further  information  has been  disclosed  regarding
                                the  details  of  the  plan,   it  is   recommended   that
                                shareholders vote against this proposal.


03/14/07 - S        PT International Nickel Indonesia Tbk    Y39128130                          02/27/07              47,000
                    1        Open Meeting                                  For          For                 Mgmt
                    2        Elect Commissioners                           For          For                 Mgmt


03/30/07 - A        PT International Nickel Indonesia Tbk    Y39128130                          03/14/07              47,000
                    1        Open Meeting                                  For          For                 Mgmt
                    2        Accept Directors' Report                      For          For                 Mgmt
                    3        Accept Commissioners' Report                  For          For                 Mgmt
                    4        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    5        Approve Allocation of Income                  For          For                 Mgmt
                    6        Elect Commissioners                           For          For                 Mgmt
                    7        Elect Directors                               For          For                 Mgmt
                    8        Approve Haryanto Sahari & Rekan as Auditors   For          For                 Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    9        Other Business                                For          Against             Mgmt
                                It is  recommended  that  shareholders  oppose  this  item
                                unless  the  company  has  provided  detailed  information
                                about the issues that will be discussed.


01/26/07 - S        PT Telekomunikasi Indonesia Tbk          Y71474137                          None                 232,600
                    1        Amend Employeee and Management Stock Option   For          Against             Mgmt
                             Plan to Use Treasury Shares
                                Conclusion        Although  the company is to be commended
                                for  providing  a  greater  level  of  disclosure  than is
                                generally  seen in this  market,  the plan  does not merit
                                support due to the presence of discounted  options and the
                                lack of corresponding performance criteria.


02/28/07 - S        PT Telekomunikasi Indonesia Tbk          Y71474137                          02/12/07             144,500
                    1        Amend Retirement Plan                         For          Against             Mgmt
                                Until further  information  has been  disclosed  regarding
                                the  details  of  the  plan,   it  is   recommended   that
                                shareholders vote against this proposal.
                    2        Amend Utilization of Repurchased Shares       For          Against             Mgmt
                                Conclusion        Although  the company is to be commended
                                for  providing  a  greater  level  of  disclosure  than is
                                generally  seen in this  market,  the plan  does not merit
                                support due to the presence of discounted  options and the
                                lack of corresponding performance criteria.
                    3        Approve Stock Option Plan                     For          Against             Mgmt
                    4        Elect Commissioners                           For          For                 Mgmt
                    5        Elect Directors                               For          For                 Mgmt


06/29/07 - A        PT Telekomunikasi Indonesia Tbk          Y71474137                          06/06/07             144,500
                    1        Accept Annual Report                          For          For                 Mgmt
                    2        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    3        Approve Allocation of Income                  For          For                 Mgmt
                    4        Approve Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration
                    5        Elect Directors and Commissioners             For          For                 Mgmt
                    6        Approve Remuneration of Directors and         For          For                 Mgmt
                             Commissioners
                    7        Approve Delegation of Duties for Directors    For          For                 Mgmt
                    8        Elect Commissioners                           For          For                 Mgmt
                    9        Authorize Share Repurchase Program            For          For                 Mgmt
                    10       Amend Articles of Association                 For          For                 Mgmt


06/04/07 - A/S      Publicis Groupe                          F7607Z165                          05/30/07                 813
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Treatment of Losses and Dividends     For                              Mgmt
                             of EUR 0.50 per Share
                    4        Approve Discharge of Management Board         For                              Mgmt
                    5        Approve Discharge of Supervisory Board        For                              Mgmt
                    6        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    7        Reelect Felix Rohatyn as Supervisory Board    For                              Mgmt
                             Member
                    8        Ratify Ernst & Young et Autres as Auditor     For                              Mgmt
                    9        Ratify Auditex as Alternate Auditor           For                              Mgmt
                    10       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    11       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    12       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 40 Million
                    13       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 40 Million
                    14       Authorize Board to Set Issue Price for 10     For                              Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    15       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 40 Million for Bonus Issue or
                             Increase in Par Value
                    16       Authorize Capital Increase of Up to EUR 40    For                              Mgmt
                             Million for Future Exchange Offers
                    17       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    18       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    19       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    20       Approve Stock Option Plans Grants             For                              Mgmt
                    21       Set Global Limit for Capital Increase to      For                              Mgmt
                             Result from All Issuance Requests at EUR 40
                             Million
                    22       Authorize up to 10 Percent of Issued          For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    23       Allow Board to Issue Shares Items 11 to 22    For                              Mgmt
                             in the Event of a Public Tender Offer or
                             Share Exchange Offer
                    24       Amend Article 20 of Association Re: Attend    For                              Mgmt
                             General Meetings
                    25       Amend Article 10 of Association Re: Change    For                              Mgmt
                             Size of Management Board
                    26       Amend Article 12 of Association Re: Powers    For                              Mgmt
                             of Supervisory Board
                    27       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/24/07 - A        Punch Taverns plc                        G73003108                          None                 162,779
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Approve Final Dividend of 9 Pence Per         For          For                 Mgmt
                             Ordinary Share
                    5        Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditure up to GBP 50,000
                    6        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 41,823
                    7        Re-elect Mike Foster as Director              For          For                 Mgmt
                    8        Re-elect Peter Cawdron as Director            For          For                 Mgmt
                    9        Re-elect Ian Fraser as Director               For          For                 Mgmt
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,336
                    11       Authorise 26,480,685 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


04/04/07 - A        QBE Insurance Group Ltd. *QBE*           Q78063114                          04/02/07             167,951
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Year Ended Dec. 31, 2006
                    2        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended Dec. 31, 2006
                    3        Approve the Increase in Maximum Aggregate     None         For                 Mgmt
                             Fees Payable to Non-Executive Directors
                             from A$2.2 million to A$2.7 million
                    4        Approve Grant of Conditional Rights of        For          Against             Mgmt
                             30,000 Ordinary Shares and Options to
                             Subscribe for a Maximum of 60,000 Shares to
                             Francis M. O'Halloran, Chief Executive
                             Officer, Under the Deferred Compensation
                             Plan
                                RECOMMENDATION        We  recommend  a vote  against  this
                                resolution.        This   recommendation   has  been  made
                                because:        -  The  equity  incentives  will  vest  on
                                continued  service  until  April  2012 (in the case of the
                                options)  or on  retirement.  There  are no other  hurdles
                                attached  to  these  options  and  rights  other  than the
                                option  exercise  price because the grant is made based on
                                O'Halloran's  achievement of  performance  hurdles in 2006
                                that assessed QBE's  performance  over one  year.        -
                                The hurdle for O'Halloran's  equity incentives is the same
                                as that used for his  annual  bonus.  Under  this  hurdle,
                                QBE's  return on equity must be greater than 14 percent in
                                2006,  with  full  payment  of his STI  (and  full  equity
                                allocations)  for a return  on  equity  above 21  percent.
                                QBE's  return on  equity in 2006 was 29  percent.        -
                                Australian   investors   are   generally   supportive   of
                                accounting-based  hurdles for equity incentives so long as
                                these  are  sufficiently  demanding,  including  requiring
                                achievement  of a hurdle  over a  number  of  years.  This
                                particular  grant is being made based on  achievement of a
                                hurdle  over one year and will vest with no other  hurdles
                                needing to be satisfied (there is a service  condition but
                                given  O'Halloran's  long  service with QBE, if he retires
                                the  rights  and   options   will   automatically   vest).
                                        - The IFSA guidelines on equity incentive  schemes
                                call for  performance  to be  assessed  over the medium to
                                long-term,  while the ACSI Guidelines call for performance
                                to be assessed  over at least three years.  This  proposed
                                grant to O'Halloran is, as the scheme name  suggests,  not
                                so much a  long-term  incentive  as a deferred  element of
                                his  short-term  incentive.  As noted above,  shareholders
                                are  generally  supportive of such  arrangements  for STIs
                                --  but not in lieu of a long-term  incentive scheme
                                with forward-looking  hurdles assessing performance over a
                                number of  years.        -  Shareholders  should also note
                                that  O'Halloran  will be able to fund the exercise  price
                                of the options using an interest  free  personal  recourse
                                loan that is repayable on employment  ceasing.        - In
                                considering how to vote on this  resolution,  shareholders
                                should also note the following:        -  O'Halloran owned
                                as at Dec.  31, 2006,  1.2 million QBE shares.  These were
                                worth  (on the  opening  March  15,  2007  share  price of
                                A$30.90  ($24.39))  A$36.7 million ($28.9  million),  with
                                O'Halloran  owing QBE A$5.227 million ($4.126  million) in
                                relation to loans  secured  over  shares of which  A$4.336
                                million   ($3.423   million)  are  limited   recourse  and
                                A$891,000 ($703,293) personal  recourse).        - He also
                                held as at Dec. 31, 2006,  130,488  rights over shares and
                                328,052 options,  which would cost A$4.969 million ($3.922
                                million) to exercise.  As noted above,  these will vest on
                                retirement.        -  Not including the equity  incentives
                                for  which  approval  is  being  sought  at this  meeting,
                                O'Halloran  presently  has shares and options  over shares
                                in QBE with a net  value  (excluding  loans  and  exercise
                                prices)  of  A$40.64  million  ($32.08  million).        -
                                Some  shareholders  may consider,  aside from the concerns
                                with the hurdles for the proposed  new equity  incentives,
                                that these  equity  holdings  already  provide  sufficient
                                incentive for  O'Halloran,  and sufficient  alignment with
                                shareholders.  He is among QBE's 200 largest shareholders,
                                and  based  on  dividend  payments  in  2006,  would  have
                                received  nearly A$1 million ($0.79 million) in dividends.
                                It should be noted that this  shareholding  has been built
                                up over  more  than 30 years  with  the  company.        -
                                Shareholders   should   also  note  that  QBE  could  have
                                structured  this  grant in such a way as to avoid the need
                                to  seek  shareholder   approval  (by  purchasing   shares
                                on-market and  transferring  them to  O'Halloran)  under a
                                controversial  change to ASX Listing Rule 10.14 at the end
                                of 2005. Some  shareholders may consider QBE's decision to
                                seek  shareholder  approval as worthy of  consideration in
                                deciding       how       to       vote       on       this
                                resolution.        Discussions    with   company        We
                                contacted QBE in order to gain a better  understanding  of
                                the  reasons  behind  the  company's  long-term  incentive
                                scheme  for its  CEO  and  other  senior  executives.  The
                                company   said  that  it   considers   the  scheme  to  be
                                appropriate and in the interests of  shareholders  for the
                                following  reasons:        -  The scheme has over the past
                                five years  helped  drive  strong  performance  at QBE and
                                does link  returns to  executives  directly  to returns to
                                shareholders  over  time.  This  has  been  shown  by  the
                                increase  in QBE's  share  price  over the past five years
                                (it has risen from  A$10.90  ($1.50) on March 14,  2001 to
                                A$30.20  ($2.53) on March 14, 2007),  and by the growth in
                                profits:  QBE's  2000  net  profit  after  tax  was  A$101
                                million  ($79.72  million) and in 2006 was A$1.483 billion
                                ($1.171  billion).        -  QBE has  changed  the name of
                                the equity incentive scheme to the "Deferred  Compensation
                                Plan"  in 2007 in an  effort  to  highlight  QBE's  unique
                                approach  to  longer-term  equity  incentives  relative to
                                other  companies.          -  The granting of  substantial
                                amounts of equity also ensures that  executives  including
                                O'Halloran  have  a  strong  alignment  with  share  price
                                performance  and directly  with  shareholders.        -  A
                                substantial  portion of  remuneration is at risk given the
                                link between the STI and LTI.  Should  executives  fail to
                                achieve  their STI  hurdles  for a given  year,  they will
                                receive  no  STI  and  no  LTI  awards.  This  creates  an
                                extremely  strong  alignment  between  executive  pay  and
                                company  returns.        -  The seven-year  spread measure
                                used to  adjust  the  return  on  equity  measure  is used
                                because QBE considers  this gives a more accurate  picture
                                of QBE's  performance.  This is  because  it  removes  the
                                year-to-year  distortions  caused  by  marking  unrealized
                                investment   gains  to  market  under   statutory   profit
                                reporting   rules.  QBE  considers  this  creates  a  more
                                accurate  picture of  performance  and therefore  provides
                                greater  alignment   between  long-term   performance  and
                                executive  pay.        -  The retirement  arrangements for
                                O'Halloran  have been  clearly  disclosed  as the  company
                                wishes  shareholders  to understand  the impact on vesting
                                of  equity  incentives  should  O'Halloran   retire.   The
                                company  notes that this  vesting is in  recognition  that
                                the  performance  that  resulted in the  incentives  being
                                granted has already been  achieved and in  recognition  of
                                the  fact  O'Halloran  has been  employed  by QBE for more
                                than 30 years.  We note that in  QBE's  opinion the
                                existing  scheme has helped drive the  performance  of the
                                company over the past five years.  Some  shareholders  may
                                consider  that  the  success  of  the  company  under  the
                                present  management  team,  use of this  incentive  scheme
                                during  this  period  of  strong  performance,  and  QBE's
                                decision   to  seek   shareholder   approval   for   these
                                incentives  justify  supporting this resolution.  However,
                                this grant has been  determined  on  performance  over one
                                year  and will  vest  without  any  further  hurdle  being
                                satisfied.  Shareholders  should  also  note  O'Halloran's
                                shareholding   (amassed   over  30  years   with  QBE)  in
                                considering how to vote on this  resolution.        -  The
                                proposed  grant  is  based  on  performance  over the 2006
                                financial year and will vest without the  satisfaction  of
                                any forward-looking performance hurdles.
                    5        Elect Len F. Bleasel, AM as Director          For          For                 Mgmt
                    6        Elect Duncan M. Boyle as Director             For          For                 Mgmt


06/15/07 - A        Quanta Computer Inc.                     Y7174J106                          04/16/07             163,000
                    1        Accept 2006 Financial Statements              For          For                 Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                 Mgmt
                    5        Amend Internal Rules and Policies             For          For                 Mgmt
                             Elect Directors by Cumulative Voting
                    6        Elect Directors                               For          Split               Mgmt
                    6.1      Elect Barry Lam as Director with
                             Shareholder No. 1 --- Against
                                We believe that directors and supervisors  function as the
                                representatives  of  shareholders  throughout the year and
                                are  therefore a crucial  avenue of ongoing  influence  on
                                management.  As such,  it is important to elect  directors
                                and  supervisors who have no material  connection,  either
                                directly or indirectly,  to the company, to enable them to
                                act in the best  interest of  shareholders.  In this case,
                                we   recommend   that   shareholders   concentrate   their
                                cumulative  votes  equally  in  favor  of the  independent
                                director  nominees,   Wei-Ta  Pan  and  Chan  Lu-Min,  and
                                distribute   their  cumulative  votes  equally  among  all
                                supervisor  nominees,  namely:  S.C. Liang, Eddie Lee, and
                                Chang Ching-Yi.
                    6.2      Elect C. C. Leung as Director with
                             Shareholder No. 5 --- Against
                    6.3      Elect Michael Wang as Director with
                             Shareholder No. 14 --- Against
                    6.4      Elect Wei-Ta Pan as Director with
                             Shareholder No. 99044 --- For
                    6.5      Elect Chan Lu-Min as Director with ID No.
                             K101713364 --- For
                             Elect Supervisors by Cumulative Voting
                    6        Elect Directors                               For          For                 Mgmt
                    7        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors
                    8        Other Business                                None         None                Mgmt


10/27/06 - A        Raffles Education Corp Ltd. (frmrly      Y7343V121                          None                   6,381
                    RAFFLES LASALLE LTD)
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Approve Final Dividend of SGD 0.018 Per       For          For                 Mgmt
                             Share for the Financial Year Ended June 30,
                             2006
                    3        Approve Directors' Fees of SGD 60,000 for     For          For                 Mgmt
                             the Financial Year Ended June 30, 2006
                    4        Reelect Henry Tan Song Kok as Director        For          For                 Mgmt
                    5        Reelect Tan Teck Meng as Director             For          For                 Mgmt
                    6        Reappoint BDO Raffles as Auditors and         For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options Pursuant to the RAFFLES EDUCATION
                             CORPORATION Employees' Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plans  allow for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.


10/27/06 - S        Raffles Education Corp Ltd. (frmrly      Y7343V121                          None                   6,381
                    RAFFLES LASALLE LTD)
                    1        Approve Distribution of Up To 43.3 Million    For          For                 Mgmt
                             Ordinary Shares in the Capital of Hartford
                             Education Corp. Ltd. Held by the Company on
                             the Basis of One Hartford Share for Every
                             12 Ordinary Shares in the Capital of the
                             Company by Way of a Dividend in Specie
                    2        Approve Sub-division of Each Share into Two   For          For                 Mgmt
                             Ordinary Shares


06/05/07 - A        Raiffeisen International Bank-Holding    A7111G104                          None                     324
                    AG
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Management Board         For                              Mgmt
                    4        Approve Discharge of Supervisory Board        For                              Mgmt
                    5        Approve Remuneration of Supervisory Board     For                              Mgmt
                             Members
                    6        Ratify Auditors                               For                              Mgmt
                    7        Approve Increase in Authorized Capital via    For                              Mgmt
                             a Capitalization of Reserves
                    8        Approve Creation of EUR 217.7 Million Pool    For                              Mgmt
                             of Capital with Preemptive Rights
                    9        Amend Articles to Reflect Changes in Capital  For                              Mgmt
                    10       Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/28/07 - A/S      Rally Energy Corp. *RAL*                 750913105                          04/20/07               9,093
                    1        Fix Number of Directors at Eight              For          For                 Mgmt
                    2        Elect Directors Abdel (Abby) Badwi, Blair     For          Against             Mgmt
                             Coady, Michael J. Hibberd, Phillip R.
                             Knoll, Angus A. Mackenzie, James S. Palmer,
                             Lamont Tolley and Gregory G. Turnbull
                                Tolley was CEO of the  company  until 2005 and sits on the
                                Compensation  and  Corporate  Governance  Committee.   ISS
                                believes the ongoing  influence  exerted by the former CEO
                                or recent  ex-CFO on the Audit or  Compensation  Committee
                                raises  serious  concerns  regarding  lack of  independent
                                oversight of pay schemes or financial  reporting controls,
                                which  they may have  designed  or in which  they may have
                                played a key role.  As such,  ISS views his or her  status
                                as closer to that of an insider  for  purposes  of sitting
                                on the  Audit  or  Compensation  Committee.  We  therefore
                                recommend withholding votes from the entire slate.
                    3        Approve Deloitte & Touche LLP as Auditors     For          For                 Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    4        Approve Stock Option Plan                     For          Against             Mgmt
                                Vote   Recommendation  The  estimated   shareholder  value
                                transfer of the  company's  plans of 6 percent is equal to
                                the allowable cap for this company of 6 percent.  However,
                                we oppose  the  proposed  option  plan,  because  it would
                                appear  that  non-employee  directors  have the ability to
                                participate in the plan on a discretionary  basis. This is
                                a  practice  which  gives  rise  to  the   possibility  of
                                self-dealing  by directors in options.  Directors  who are
                                able to grant themselves  options without limit could find
                                their  independence  compromised.  As well, we believe the
                                plan's  amendment   provisions   provide  the  board  with
                                overreaching  authority to make future  amendments  to the
                                plan without requiring future shareholder approval.  While
                                the  provision  will comply with the minimum  requirements
                                of the  TSX,  we  prefer  such  provisions  to  carve  out
                                exceptions  for future  amendments  (such as adding option
                                assignability   and   broadening  the  range  of  eligible
                                participants)  that would be returned to shareholders  for
                                their approval  prior to being  enacted.  ISS also prefers
                                to  see  the  repricing  and  extension  of  terms  of any
                                options require shareholder  approval,  and not just those
                                held by insiders.


04/19/07 - A        RAMIRENT OYJ                             X01741101                          04/05/07               1,181
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.20 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Approve Remuneration of Directors             For                              Mgmt
                    1.7      Fix Number of Directors at Seven; Fix         For                              Mgmt
                             Number of Auditors
                    1        Elect Directors                               For                              Mgmt
                    1.9      Ratify KPMG Oy Ab as Auditor                  For                              Mgmt
                    2        Amend Articles to Comply with New Finnish     For                              Mgmt
                             Companies Act
                    3        Approve 3:1 (Three New Shares for Each        For                              Mgmt
                             Share Currently Held) Stock Split
                    4        Authorize Repurchase of up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    5        Approve Creation of Pool of Capital without   For                              Mgmt
                             Preemptive Rights; Authorize Reissuance of
                             Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/18/07 - S        Realtek Semiconductor Corp.              Y7220N101                          12/19/06             220,000
                    1        Approve Reduction in Stated Capital           For          For                 Mgmt
                    2        Other Business                                For          Against             Mgmt
                                This  routine  item would allow  other  issues of concern,
                                not  contained in the  company's  official  agenda,  to be
                                raised at the general meeting without giving  shareholders
                                ample time to review  their  details.  Consequently,  this
                                would create an  opportunity  to pass  resolutions  not in
                                the best interest of the shareholders.  In view of this, a
                                vote against  this item is  recommended  until  details on
                                the issues have been provided.


05/03/07 - A        Reckitt Benckiser plc                    G7420A107                          None                  67,026
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                Following  extensive  engagement  with  the  Company  last
                                year,  RREV  recommended  approval for the 2006 LTIP. This
                                was despite concerns  regarding  dilution limits, the high
                                proportion  vesting for the lower performance  target, the
                                vesting  range  compared  to  broker   forecasts  and  the
                                absence of a maximum limit for awards.        With  regard
                                to dilution,  we note that despite the  flexibility to use
                                up to 2% of its issued  share  capital  p.a.,  the Company
                                has  historically  only used part of the  authority to the
                                level of approximately  1-1.1% p.a. and does not currently
                                anticipate  that  this  level  of  annual  usage  will  be
                                exceeded in future  years.  From our previous  discussions
                                with the  Company,  we  understand  that the  Committee is
                                mindful  of   dilution   and,   in  the   absence  of  any
                                exceptional  circumstances,  would  intend to observe  the
                                10%  over  10  years  limit  as an  overall  guide,  while
                                retaining  the  additional  flexibility  that the 2% limit
                                p.a.   will    provide.        The    Company   has   been
                                transparent  in  disclosing  the current level of dilution
                                (1.04% of the current  issued share capital being used for
                                discretionary  LTIP  in  2006;  and  6.8%  over a  rolling
                                ten-year  period  from  1996  to  2006).  We  commend  the
                                Company for disclosing  such  information to  shareholders
                                in a transparent  manner.        We  note that the vesting
                                range  appears  more  challenging  that  last  year  given
                                current   broker   forecasts   of  around  7%  EPS  growth
                                p.a.        We  received  assurances  last  year  that the
                                Company  would  review the  proportion  vesting at minimum
                                and the lack of an individual  cap. Both of these features
                                remain.  In light of the more  challenging  nature  of the
                                vesting  scale  in the  current  environment,  we are  not
                                recommending a vote against the  remuneration  report this
                                year.  However,  if the  proportion  vesting at minimum is
                                not  addressed  next year, we may recommend a vote against
                                at that stage.
                    3        Approve Final Dividend of 25 Pence Per        For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Colin Day as Director                For          For                 Mgmt
                    5        Re-elect Judith Sprieser as Director          For          For                 Mgmt
                    6        Re-elect Kenneth Hydon as Director            For          For                 Mgmt
                    7        Re-elect Peter White as Director              For          For                 Mgmt
                                RREV considers Peter White to be a non-independent  member
                                of  the  Company's  Audit  Committee.  The  Combined  Code
                                recommends  that  audit  committee   should  be  comprised
                                solely  of  independent  NEDs.        He  is  deemed to be
                                non-independent  having been  appointed  to the Board more
                                than  nine  years  ago  since   1997.        Although   we
                                noticed  that  Peter  White  has  stepped  down  from  the
                                Nomination  Committee,  he  remains  a member of the Audit
                                Committee.          Given the new appointment this year of
                                a new  independent  NED,  David Tyler,  who has  financial
                                experience  background,  we  will  support  Peter  White's
                                re-election at this moment. We do, however,  encourage the
                                Company  to  remove   Peter   White  from  the   Committee
                                altogether by next year.
                    8        Elect David Tyler as Director                 For          For                 Mgmt
                    9        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    10       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 25,160,000
                                Although  the  proposed  amount is within the  recommended
                                limit of the NAPF,  the  five-year  authority  exceeds the
                                recommended   one-year   period  under  the  NAPF  policy.
                                However,   taking   into   consideration   the   Company's
                                historical  practice of  returning to  shareholders  on an
                                annual basis, we do not oppose this  resolution.  However,
                                we  encourage  the  Company  to  continue  seeking  annual
                                approval from shareholders on this authority.
                    12       Subject to the Passing of Resolution 11,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,700,000
                    13       Authorise 72,000,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/30/07 - A        Red Electrica de Espana                  E42807102                          None                   3,094
                    1        Accept Individual Financial Statements and    For          For                 Mgmt
                             Statutory Reports for Fiscal Year Ended
                             Dec. 31, 2006
                    2        Accept Consolidated Financial Statements      For          For                 Mgmt
                             and Statutory Reports for Fiscal Year Ended
                             Dec. 31, 2006
                    3        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             for Fiscal Year Ended Dec. 31, 2006
                    4        Approve Discharge of Directors                For          For                 Mgmt
                    5.1      Amend Article 11 of Company Bylaws Re:        For          For                 Mgmt
                             Annual General Meeting of Shareholders
                    5.2      Amend Articles 22, 23, and 24 of Company      For          For                 Mgmt
                             Bylaws Re: Board Committees
                    5.3      Amend Article 26 of Company Bylaws Re:        For          For                 Mgmt
                             Board Secretary
                    6.1      Amend Article 3 of General Meeting            For          For                 Mgmt
                             Guidelines Re: Authorities of the General
                             Meetings
                    6.2      Amend Article 5 of General Meeting            For          For                 Mgmt
                             Guidelines Re: Convening of General Meetings
                    6.3      Amend Article 15.8 of General Meeting         For          For                 Mgmt
                             Guidelines Re:Voting During General Meetings
                    7        Approve Remuneration of Directors             For          For                 Mgmt
                    8.1      Authorize Repurchase of Shares                For          For                 Mgmt
                    8.2      Approve Use of Repurchased Shares for         For          For                 Mgmt
                             Executive and Director Remuneration
                    8.3      Revoke Previous Authority to Repurchase       For          For                 Mgmt
                             Shares Granted at May 26, 2006
                    9        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    10       Present and Inform Re: 2006 Corporate         For          For                 Mgmt
                             Governance Report


01/27/07 - C        Reliance Communications Ltd (formerly    Y72317103                          None                  15,791
                    RELIANCE COMMUNICATION
                             Court-Ordered Meeting for Shareholders
                    1        Approve Scheme of Arrangement Among           For                              Mgmt
                             Reliance Communications Ltd, Reliance
                             Telecom Ltd, and Reliance Telecom
                             Infrastructure Ltd
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/14/07 - A        RENEWABLE ENERGY CORPORATION AS          R7199U100                          None                  39,155
                    1        Open Meeting; Registration of Attending       None         None                Mgmt
                             Shareholders and Proxies
                    2        Elect Chairman of Meeting; Designate          For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    5        Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    6        Approve Remuneration of NOK 350,000 for       For          For                 Mgmt
                             Chairman; Approve Remuneration of NOK
                             200,000 for Other Board Members; Approve
                             Remuneration for Committee Work; Approve
                             Remuneration of Nominating Committee
                    7        Approve Remuneration of Auditors in the       For          For                 Mgmt
                             Amount of NOK 1.6 Million
                    8        Reelect Rune Selmar and Marius                For          For                 Mgmt
                             Groenningseter as Nominating Committee
                             Members; Elect Stig Andersen as New
                             Nominating Committee Member
                    9        Approve Issuance of 49 Million Shares         For          For                 Mgmt
                             without Preemptive Rights
                    10       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                    11       Elect Christian Berg and Inger Solhaug as     For          For                 Mgmt
                             Directors
                    12       Amend Articles Re: Set Number of Employee     For          For                 Mgmt
                             Representatives to Four; Increase Max.Size
                             of Board 12 Members; Decide that No
                             Corporate Assembly be Created; Allow for
                             Flexibility in Location of AGM


03/29/07 - A        RENTA CORPORACION REAL ESTATE SA         E84737100                          None                   2,534
                    1        Accept Individual and Consolidated            For          For                 Mgmt
                             Financial Statements for Fiscal Year Ended
                             Dec. 31, 2006
                    2        Accept Individual and Consolidated            For          For                 Mgmt
                             Statutory Reports for Fiscal Year Ended
                             Dec. 31, 2006; Discharge Directors
                    3        Approve Allocation of Income for Fiscal 2006  For          For                 Mgmt
                    4        Amend Article 38 of Company Bylaws Re:        For          For                 Mgmt
                             Compliance with New Unified Code on
                             Corporate Governance
                    5        Amend Article 43 of Company Bylaws Re:        For          For                 Mgmt
                             Compliance with New Unified Code on
                             Corporate Governance
                    6        Amend Article 50 of Company Bylaws Re:        For          For                 Mgmt
                             Compliance with New Unified Code on
                             Corporate Governance
                    7        Amend Article 46 of Company Bylaws Re:        For          For                 Mgmt
                             Compatibility of Executive Directors' Roles
                             on Board with Executive Functions
                    8        Approve Revised Text for the Company's        For          For                 Mgmt
                             Bylaws Incorporating Changes in Items 4
                             through 7
                    9        Amend Articles 5, 8, 25 and 26 of General     For          For                 Mgmt
                             Meeting Guidelines Re: Compliance with New
                             Unified Code on Corporate Governance and
                             Approval of Revised Text as Consequence of
                             Changes
                    10       Recognize Changes Made to Board Guidelines    For          For                 Mgmt
                             in Order to Comply with the New Unified
                             Code on Corporate Governance
                    11       Approve Stock Incentive Plan for Directors,   For          Against             Mgmt
                             Executives and Employees for 2006 and 2007
                             and the Allocation of Shares Under Said
                             Plans
                                Based  on the  possibility  of  zero  cost  equity  awards
                                without performance  criteria and the lack of a rigorously
                                independent  administration  structure,  it is recommended
                                that shareholders oppose this item.
                    12       Elect Cesar Bardaji Vivancos as Director      For          Against             Mgmt
                                Because such lengthy  board terms are not common  practice
                                in Spain and go counter to best practice  principles which
                                advocate    shorter    terms    to    increase    director
                                accountability,  we  recommend  shareholders  vote against
                                the election of both director nominees.
                    13       Elect Enric Venancio Fillat as Director       For          Against             Mgmt
                    14       Approve Maximum Amount Allowed for            For          For                 Mgmt
                             Remuneration of Directors Under Company
                             Bylaws
                    15       Approve Auditors                              For          For                 Mgmt
                    16       Authorize Repurchase of Shares                For          For                 Mgmt
                    17       Authorize Issuance of Equity or               For          For                 Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    18       Authorize the Issuance of Debt Securities     For          For                 Mgmt
                    19       Authorize the Board to Include for or         For          For                 Mgmt
                             Exclude from Trading Any of the Company's
                             Securities on Any Spanish or Other Stock
                             Exchanges; Authorize Related Powers
                    20       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions
                    21       Allow Questions                               None         None                Mgmt


07/17/06 - S        Resolution plc                           G7521P102                          None                  67,294
                    1        Approve Acquisition by Resolution Life        For          For                 Mgmt
                             Limited of Abbey National Plc; Increase
                             Auth. Cap. from GBP 25,000,000 to GBP
                             50,000,000; Issue of Equity with
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 17,500,000 In Connection With
                             the Rights Issue
                                Corporate    Governance        Currently,     Resolution's
                                standing  Committees and the overall Board composition are
                                compliant  with  the  Combined  Code.           The  Board
                                currently  comprises the Executive Chairman Clive Cowdery,
                                seven  independent  NEDs  and  two  Executive   Directors.
                                        Following  the  acquisition,  Ian  Maidens,  Group
                                Chief  Actuary  and  Head of  Corporate  Development,  and
                                Brendan Meehan,  Managing Director,  Resolution Management
                                Services,  will join the Board. The new appointments  will
                                mean that the total  number of  Directors  will be twelve.
                                As,  under   Article  89  of   Resolution's   Articles  of
                                Association,  the maximum number of Directors on the Board
                                is eleven,  a special  resolution  (Resolution  6) will be
                                proposed at the EGM to amend the  Articles of  Association
                                so that the maximum number of Directors  going forwards is
                                fifteen.        If   this   is   approved,   the  two  new
                                Executive  Directors  will be appointed to the Board after
                                the EGM. Subsequent to their appointment,  the composition
                                of the Board will remain in line with the  recommendations
                                of the Combined Code.          Biographies of proposed new
                                Executive  Directors:           Brendan  Meehan.  Managing
                                Director,       Resolution       Management       Services
                                Ltd.        Former  COO  of  Resolution  Life  Group  Ltd.
                                Former director of Royal Nederland  Levensverzekeringen NV
                                and  Finance  Director  of  AMP's  UK  financial  services
                                business.   Chartered  Accountant.           Ian  Maidens.
                                Group    Chief    Actuary    and    Head   of    Corporate
                                Development.        Former   principal   in  the  UK  life
                                consulting practice of Tillinghast.  Former Deputy Actuary
                                of      NPI.               Conclusion       and       Vote
                                Recommendation        The  Board  has  received  financial
                                advice  from  Citigroup,  Goldman  Sachs  and  Lazard.  In
                                providing  their   financial   advice  to  the  Directors,
                                Citigroup,  Goldman  Sachs and Lazard  have each relied on
                                the Directors'  commercial  assessments.        The  Board
                                considers the Acquisition and its financing  arrangements,
                                including the Rights Issue,  and all the Resolutions to be
                                put  to  shareholders  at  the  EGM  to  be  in  the  best
                                interests  of  the  Company  and  its  Shareholders  as  a
                                whole.        We  are not raising any corporate governance
                                objections  to the  acquisition  and  rights  issue and we
                                consider the  proposals  to have been  clearly  explained.
                                However,  we consider  such  proposals to be an investment
                                decision,   which  are  best  left  for   shareholders  to
                                evaluate  in  respect  of  their   individual   investment
                                strategies.
                    2        Conditional Upon Admission of the New         For          For                 Mgmt
                             Shares, Authorise Issue of Equity or
                             Equity-Linked Securities with Pre-emptive
                             Rights up to Aggregate Nominal Amount of
                             GBP 11,870,000
                    3        Conditional Upon the Passing of Item 1,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 17,500,000
                             In Connection With the Rights Issue
                    4        Conditional Upon the Passing of Items 1 and   For          For                 Mgmt
                             2, Authorise Issue of Equity or
                             Equity-Linked Securities without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 1,781,510
                    5        Conditional Upon Admission of the New         For          For                 Mgmt
                             Shares, Authorise up to GBP 3,563,020 for
                             Market Purchase
                    6        Amend Articles of Association Re: Maximum     For          For                 Mgmt
                             Number of Directors
                                We do not consider this proposal to be contentious.


06/21/07 - A        Resorts World Berhad                     Y7368M113                          None                 321,300
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Financial Year Ended Dec.
                             31, 2006
                    2        Approve Final Dividend of MYR 0.15 Per        For          Against             Mgmt
                             Share Less 27 Percent Tax for the Financial
                             Year Ended Dec. 31, 2006
                                In this case,  the company  was found to have  reserves of
                                approximately  MYR  5.7  billion  ($1.6  billion)  for the
                                latest  financial  year end, yet has failed to comply with
                                the  minimum  standard  of 30  percent  for the past  five
                                years.  Given that no adequate  justification was provided
                                for the  retention of capital,  we recommend  shareholders
                                to oppose this dividend request.
                    3        Approve Remuneration of Directors in the      For          For                 Mgmt
                             Amount of MYR 661,900 for the Financial
                             Year Ended Dec. 31, 2006
                    4        Elect Clifford Francis Herbert as Director    For          For                 Mgmt
                    5        Elect Lin See Yan as Director                 For          For                 Mgmt
                    6        Elect Alwi Jantan as Director                 For          For                 Mgmt
                    7        Elect Wan Sidek bin Hj Wan Abdul Rahman as    For          For                 Mgmt
                             Director
                    8        Approve PricewaterhouseCoopers as Auditors    For          For                 Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    9        Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    10       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital


06/01/07 - A        RHI AG (Fm. Radex Heraklith              A65231101                          None                   1,554
                    Industriebeteiligungs AG)
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    4        Approve Remuneration of Supervisory Board     For                              Mgmt
                             Members
                    5        Ratify Auditors                               For                              Mgmt
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares to
                             Employees and Executives
                    7        Amend Articles Re: Board Decisions and        For                              Mgmt
                             Guidelines for Alternate Board Members
                    8        Elect Supervisory Board Members               For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A/S      Rhodia SA                                F7813K101                          04/27/07              37,928
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividend
                    4        Approve Transaction with the CEO Jean         For                              Mgmt
                             Pierre Clamadieu Re: Severance Payment
                    5        Approve Transaction with Jacques Kheliff,     For                              Mgmt
                             Executive director Re: Employment contract
                    6        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 600,000
                    7        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                             Special Business
                    8        Amend Articles of Association Re: Record      For                              Mgmt
                    9        Approve Reverse Stock Split 12 for 1 and      For                              Mgmt
                             Amend Articles Accordingly
                    10       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 600 million
                    11       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 240 million
                    12       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Set Global Limit for Capital Increase to      For                              Mgmt
                             Result from Issuance Requests Pursuant to
                             Items 10 to 12 Above at EUR 600 Million
                    14       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    15       Approve Capital Increase of up to EUR 50      For                              Mgmt
                             million Reserved For Officer and Employees
                             of a Subsidiary Based Outside France
                    16       Authorize up to 2 Percent of Issued Capital   For                              Mgmt
                             for Use in Restricted Stock Plan
                    17       Approve Stock Option Plans Grants             For                              Mgmt
                    18       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/02/07 - A        Rightmove plc                            G75657109                          None                   2,886
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 3 Pence Per         For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Ed Williams as Director              For          For                 Mgmt
                    5        Re-elect Nick McKittrick as Director          For          For                 Mgmt
                    6        Re-elect Stephen Shipperley as Director       For          For                 Mgmt
                                As a  company  listed  in the  FTSE  250,  we  expect  the
                                Company  to  comply  with the  Code's  recommendations  or
                                provide a full  explanation of why the Board considers the
                                current   composition   to   be  in   shareholders'   best
                                interests.        This  is the  first  AGM of the  Company
                                and hence,  we will provide more  flexibility and will not
                                recommend       a       vote        against        Stephen
                                Shipperley.        However,   we  expect  the  Company  to
                                appoint  further  independent  NEDs  so  as  to  ensure  a
                                satisfactory balance of independent  representation on the
                                Board.  We will review this issue prior to arriving at our
                                vote recommendations for the next AGM.
                    7        Reappoint KPMG LLP as Auditors of the         For          For                 Mgmt
                             Company
                    8        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 437,771
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 66,329
                    11       Authorise 13,265,802 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    12       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communication
                    13       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 50,000


06/28/07 - A        Riken Corp. *6462*                       J64855109                          03/31/07               8,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 7
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   32   percent   based   on
                                parent-company earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                14 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       1       and
                                3                Nominee  3 does not meet our criteria for
                                independence.  He is a former  executive of the  company's
                                main  bank.  However,  nominee  1 meets our  criteria  for
                                independence. He is an attorney.                Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and  their  affiliates,  nominee  3  for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 3.1
                    3.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Statutory Auditors
                                The recipients are insiders.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    6        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                   Plan   Duration:   3  years
                                                Trigger  Threshold:  20  percent of shares
                                outstanding                Directors'  Term in  Office:  2
                                years                 Board  Independence:  The board will
                                be composed  entirely of  executive  directors  after this
                                meeting.                Independence       of      Special
                                Committee:  1 out of 3 members of the committee  meets ISS
                                criteria for independence.                  Other Types of
                                Takeover   Defense:    No                Meeting    Notice
                                Released    Three   Weeks   or   More   Before    Meeting:
                                No                Because  the independence of the special
                                committee is  questionable,  because the board is composed
                                entirely  of  executives,   because  the  failure  of  the
                                directors to seek reelection annually,  and because of the
                                late release of the proxy  materials,  we  recommend  that
                                shareholders oppose this resolution.


02/28/07 - A        RINGKJOBING LANDBOBANK                   K81980136                          02/09/07                  65
                    1        Elect Chairman of Meeting                     For          For                 Mgmt
                    2        Receive Report of Board                       None         None                Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Allocation of Income                  For          For                 Mgmt
                    5        Elect Members to Committee of                 For          Against             Mgmt
                             Representatives
                                Most large  Danish  companies  disclose at least the names
                                of  any  nominees  to  the  board  or  the   committee  of
                                representatives   in  the  meeting  notice.   Shareholders
                                consider board and committee of  representative  elections
                                to be one of the  most  important  voting  decisions  that
                                shareholders  make as it is  investors'  most direct means
                                of communicating  satisfaction or dissatisfaction with the
                                board.  When this  information  is not  available  well in
                                advance  of the  meeting,  investors  are  not  left  with
                                sufficient  time to evaluate  the  candidates  and, in the
                                case  of  shareholders  who  will  not be  present  at the
                                meeting  themselves,  to submit voting  instructions via a
                                custodian  bank.          We  recommend that  shareholders
                                contact  Ringkjoebing   Landbobank's   investor  relations
                                department  directly  and express  their desire to receive
                                details   of   proposals    well   in   advance   of   the
                                meeting.        Because  the  names of the  nominees  were
                                not  available  at the time  this  analysis  was  written,
                                which  does not  allow  shareholders  to make an  informed
                                decision,  shareholders  are advised to vote  against this
                                item.
                    6        Ratify Auditors                               For          For                 Mgmt
                    7a       Amend Articles Re: Editorial Changes;         For          Against             Mgmt
                             Extend Time Limit to Increase Share Capital
                             to February 22, 2012; Editorial Changes
                                Due to the excessive  potential dilution that could result
                                from the authorization to issue shares without  preemptive
                                rights,  we recommend that  shareholders vote against this
                                resolution.
                    7b       Approve DKK 200,000 Reduction in Share        For          For                 Mgmt
                             Capital via Share Cancellation
                    7c       Authorize Share Repurchase Program            For          For                 Mgmt
                    7d       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    7e       Authorize Board or Other Designated Person    For          For                 Mgmt
                             to Make Editorial Changes to Adopted
                             Resolutions in Connection with Registration


03/28/07 - A        RISA Partners Inc. *8924*                J6522K101                          12/31/06                   6
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             2000, Special JY 0
                                The  payout  ratio  is 8  percent  based  on  consolidated
                                earnings,  or 9 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company  earnings only. The payout ratio for the
                                year  is low  even by  Japanese  standards.  However,  the
                                company went public in March 2004,  and has posted  strong
                                growth in sales and profits in recent years.  Accordingly,
                                we do not  object to the  retention  of cash at this stage
                                of the company's development.
                    2        Amend Articles to: Authorize Public           For          For                 Mgmt
                             Announcements in Electronic Format - Update
                             Terminology to Match that of New Corporate
                             Law - Limit Liability of Statutory Auditors
                                In this  item,  the  company  first  seeks to  update  the
                                terminology   of  its   articles  to  match  that  of  the
                                Corporate  Law which took  effect in May 2006.  Nearly all
                                Japanese   companies  made  these  changes  in  2006.  The
                                changes  are routine  ones.        Second,  the company is
                                seeking the authority to make public  announcements  in an
                                electronic   format.   These  include   announcements   of
                                financial  results,  record dates for  corporate  actions,
                                and  creditor  and  shareholder   objection   periods  for
                                mergers  and  other  transactions.  The  company  hopes to
                                improve  convenience for its shareholders by allowing them
                                to obtain announcements in a timely  manner.        Third,
                                the company  seeks the  authority to impose  limits on the
                                legal  liability  of  outside  statutory  auditors  in the
                                event of a shareholder  lawsuit.  These  limitations would
                                apply only where the  individual in question acted in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve in these  positions,  and so we do not  oppose  this
                                resolution.
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominees 1, 2, and 4         None  of
                                the nominees for  independent  statutory  auditor meet out
                                criteria for  independence.  They are former executives of
                                Long-Term  Credit  Bank of Japan  (now  known  as  Shinsei
                                Bank),  and  Shinsei  Bank  is the  main  lender  to  RISA
                                Partners.  Nominee 3 is not  designated  by the company as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.        Given   the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  nominees  1, 2, and 4 for  independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    4        Appoint External Audit Firm                   For          Against             Mgmt
                                The board  recommends  that Misuzu Audit  Corp.,  formerly
                                known  as  ChuoAoyama  Audit  Corp.,  be  approved  as the
                                company's   independent   accounting   firm.   Note   that
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo Ltd.  RISA  Partners'  board of statutory  auditors
                                reappointed  the firm on a  provisional  basis  after  the
                                suspension  period.  However,  the  company  now  seeks to
                                formally  reappoint  Misuzu  as its sole  audit  firm,  in
                                order    to    preserve    continuity    in   the    audit
                                process.        Just  as Enron was not  Arthur  Andersen's
                                "first  strike,"  Kanebo  was  not  the  first  accounting
                                problem in which  ChuoAoyama/Misuzu  has been  implicated,
                                and we note that the firm also  audited the books of Nikko
                                Cordial  Corp.,  which was recently hit with a record fine
                                for  falsifying  its earnings for the 2004-05 fiscal year.
                                A number of the firm's  auditors  have  defected  to other
                                firms,  and many client companies have already switched to
                                other audit firms,  or are planning to do so at their next
                                annual meeting.  Other companies have appointed additional
                                audit  firms  to  serve   alongside   Misuzu.           In
                                recognition  of the severe  damage to its  reputation  and
                                its  bottom  line,  Misuzu  decided in  February  to cease
                                audit  operations,  and transfer its  accountants  and its
                                business to a number of other major audit firms.  However,
                                it is not clear  which firm will  ultimately  be  auditing
                                RISA   Partners'   books.   Because  Misuzu  has  suffered
                                sufficient  damage to its reputation  that it now plans to
                                disband,  we cannot support the firm's appointment as RISA
                                Partners'   external   auditor,   and  we  recommend  that
                                shareholders oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Statutory Auditors
                                The  ceiling  would be raised  from JY 20 million per year
                                to JY  40  million  per  year.  (Note  that  this  ceiling
                                applies to the  statutory  auditors,  and not to the audit
                                firm.)  The  ceiling  was last  adjusted  in 1999 when the
                                company was still  privately-held.          This change is
                                being requested  because the number of statutory  auditors
                                will  increase  from 3 to 4, as proposed in Item 3, with a
                                view  to   strengthening   the  internal  audit  function.
                                Because the new ceiling is not  excessive  and because the
                                company has been performing well  financially,  we have no
                                reason to oppose this resolution.  However, we do urge the
                                company to appoint statutory  auditors who have no ties to
                                RISA's lenders or other business partners.


12/22/06 - S        Road King Infrastructure Ltd.            G76058109                          None                  26,000
                    1        Approve Issuance of 20 Million Shares         For          For                 Mgmt
                             Pursuant to a Subscription Agreement with
                             Shenzhen Investment Ltd.
                                This item seeks shareholder  approval for the subscription
                                agreement   entered   into   by  the   company,   Shenzhen
                                Investment  Ltd.  (SIL), a substantial  shareholder of the
                                company  holding  21.9 percent of the  company's  existing
                                issued share  capital,  and UBS AG (UBS),  an  independent
                                third  party  (SIL  Subscription  Agreement).   Under  the
                                subscription   agreement,   SIL  agreed  to  conditionally
                                subscribe  for 20.0 million new shares,  which  represents
                                approximately  3 percent of the company's  existing issued
                                share  capital  and 2.9  percent  of the  company's  share
                                capital as  enlarged  by the SIL  Subscription  Agreement.
                                The  subscription  shares  would  rank pari passu with the
                                existing  issued  shares  of the  company,  and  would  be
                                issued at the  subscription  price of HK$$10.96 ($1.4) per
                                share.  The  subscription  price  represents a discount of
                                0.4  percent,  discount of 5 percent,  and a discount of 6
                                percent  to the  average  closing  price of the  company's
                                shares 60 days prior to the  announcement  of the proposal
                                (Pre-announcement)  on Nov. 14, 2006 (Announcement  Date),
                                a day before the  Announcement  Date  (Initial),  and from
                                the  announcement  date to Dec. 7, 2006, which is the date
                                of   writing   of   this   analysis   (Post-announcement),
                                respectively,  and is  equal  to  the  placing  price  for
                                shares  pursuant to a placing and  subscription  agreement
                                between the company,  Wai Kee Hldgs.  Ltd., holder of 41.8
                                percent of the company's  shares,  Ko Yuk Bing, and UBS on
                                Nov.  9, 2006.  It was also noted that SIL has  undertaken
                                to  UBS  that  from  the  date  of  the  SIL  Subscription
                                Agreement  up to 90 days after the date of the  completion
                                of the SIL Subscription  Agreement, it would not and would
                                procure none of its nominees and  companies  controlled by
                                its  entities  associated  with it  transfer or dispose of
                                any  shares  of the  company  held  by it.  Estimated  net
                                proceeds  upon  completion  of the  SIL  Subscription  are
                                estimated  to be  approximately  HK$212.0  million  ($27.3
                                million),  which would be used for the  company's  general
                                working   capital.   The  directors   consider  that  this
                                proposal would  strengthen the capital base of the company
                                and increase  liquidity of trading in its shares.  This is
                                a reasonable request.


12/22/06 - S        Road King Infrastructure Ltd.            G76058109                          None                  26,000
                    1        Approve Sunco A Subscription Agreement        For          For                 Mgmt
                             Relating to the Subscription of 55 Percent
                             of the Enlarged Issued Capital of Sunco
                             Binhai Land Ltd.
                                I.  Transaction  Summary        Acquirers:  RK Investments
                                (Beijing) Ltd. (RKI (BJ)),  a  wholly-owned  subsidiary of
                                the company;  Elite Rich  Investments Ltd. (Elite Rich), a
                                wholly-owned  subsidiary of Wai Kee Hldgs. Ltd. (Wai Kee),
                                the  controlling  shareholder of the company  holding 41.8
                                percent of the company's  existing  issued share  capital;
                                and Zhang Hauqiao (Mr.  Zhang),  an executive  director of
                                Shenzhen  Investment Ltd., which holds 21.9 percent of the
                                company's  existing  issued share  capital  (collectively,
                                the  Subscribers)        Target:  a total of 55 new shares
                                of $1.0 each in Sunco  Binhai  Ltd.  (Sunco  A), a company
                                owned as to 40 percent by Sunco China Hldgs.  Ltd.  (Sunco
                                China),  a company  indirectly  owned by Sun Hongbin  (Mr.
                                Sun)    (Sunco    A    Subscription)        Consideration:
                                capitalization       of      loans       advanced      and
                                cash        Transaction   Terms:  the  Subscribers   would
                                subscribe  for a total of 55 new  shares  in Sunco A at an
                                aggregate  subscription amount of RMB 500.0 million ($61.9
                                million)        Value  of  Transaction:  RMB 500.0 million
                                ($61.9  million)        Dividends:  Upon completion of the
                                Sunco A Subscription  (Completion),  the Subscribers would
                                be entitled to cash dividend or any other  distribution in
                                specie in each  financial  year  within 36 months from the
                                date of Completion,  with a guaranteed annual return of 20
                                percent to their subscription  monies.        II.  Company
                                Description        Sunco  A, owned as to 88.9  percent and
                                11.1  percent by Sunco China and Sunco  Management  Hldgs.
                                Ltd.,  respectively,  is  an  investment  holding  company
                                together with its  subsidiaries  (Sunco A Group) engage in
                                property  development  in the  People's  Republic of China
                                (PRC).  As at  Sept.  30,  2006,  the  Sunco A  Group  had
                                various   projects   located   in  eight   cities  in  the
                                PRC.        III.   Transaction        Under  the  Sunco  A
                                Subscription,  a total of 55 new  shares  in Sunco A would
                                be subscribed to by the  Subscribers,  as to 49 new shares
                                by RKI (BJ),  5 new shares by Elite Rich,  and 1 new share
                                by Mr. Zhang. Based on arm's length  negotiations  between
                                the parties involved,  the aggregate  subscription  amount
                                of RMB 500.0 million ($61.9 million) was determined  based
                                on the  Subscribers'  knowledge and experience with regard
                                to the  property  development  projects in the PRC,  their
                                perceived  potentials  to be  generated  from the property
                                development projects and the independent  valuation of the
                                property  interests  held by Sunco A Group as at Sept. 30,
                                2006  prepared  by RHL  Appraisal  Ltd.  The  subscription
                                amount  would be satisfied  by the  Subscribers  as to RMB
                                200.0 million ($24.8 million) by the  capitalization  of a
                                loan provided by RKI (BJ) amounting to  approximately  RMB
                                172.7 million ($21.4  million) and Elite Rich amounting to
                                approximately  RMB 27.3 million ($3.4 million) to Sunco A,
                                while the  balance  would be funded by cash.  It was noted
                                that Mr.  Sun,  Sunco  China,  and Sunco  Management  have
                                undertaken to ensure that Sunco A fulfill its  obligations
                                under the Sunco A  Subscription.  Following the completion
                                of the Sunco A Subscription  Agreement,  the company would
                                be  interested  in 49.0  percent  of  Sunco  A.        IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        In  view of the vast potential of the
                                PRC  property  market,  the  company  believes  that it is
                                strategically  appropriate  to  expand  its  PRC  property
                                development  business  in  order  to  broaden  and  secure
                                another  significant  source of profit and  supplement the
                                earnings  of  its  traditional   highway   business.   The
                                proposed  transaction  is  expected  enable the company to
                                achieve  a  significant  and  critical  mass  as well as a
                                considerable  scale of investment and participation in the
                                PRC  property   sector.        V.   Pro  Forma   Financial
                                Summary        Upon  Completion,  the  net  assets  of the
                                company and its  subsidiaries  (Group)  would  increase by
                                HK$69.4   million   ($8.9    million).        VI.    Risks
                                        Among  the  risks  associated  with  the  Sunco  A
                                Subscription are:         1.  Sunco A Group's revenue from
                                the  sale of  properties  in the PRC is  dependent  on the
                                trends of the  PRC's  property  market.        2.  Sunco A
                                Group may not have  adequate  financing to fund their land
                                acquisition and property  developments.        3.  Sunco A
                                Group  may not be  able to  replenish  land  reserves  for
                                development        VII.  Market Reaction (vs. market index
                                during  same  period)        -Pre-announcement:  The share
                                price  increased  by 16.5  percent in the 60 days prior to
                                Oct.  17, 2006 (the  Announcement  Date) vs. a 3.7 percent
                                increase  for the  HSI,  outperforming  the  index by 12.8
                                percentage   points        -Initial:   The   share   price
                                remained  unchanged  a day before the  Announcement  Date,
                                vs. a 0.03 percent  increase for the HSI,  underperforming
                                the         index        by        0.03         percentage
                                points        -Post-analysis:   The  shares  increased  by
                                12.7 percent from the  Announcement  Date to Dec. 8, 2006,
                                vs. a 4 percent  increase for the HSI,  outperforming  the
                                index by 8.7 percentage  points        -  We note that the
                                price of the company's  shares has been  increasing  prior
                                to and after the  release of the  announcement  pertaining
                                to this  acquisition.        VIII.  Governance (Disclosure
                                Level:  Satisfactory)        Following  the  completion of
                                the Sunco A Subscription,  the board of directors of Sunco
                                A would  comprise  nine  members  of whom,  five are to be
                                appointed by RK Properties Hldgs. Ltd. (RK Properties),  a
                                wholly-owned  subsidiary  of the  company  and Elite Rich.
                                Mr. William Zen,  chairman of Wai Kee and the company,  is
                                also  expected  to chair the board of  directors  of Sunco
                                A.        IX.  Conclusion        Based on our analysis, we
                                recommend  that   shareholders   vote  in  favor  of  this
                                resolution.
                    2        Approve Suzhou Sunco Acquisition Agreement    For          For                 Mgmt
                             Relating to the Acquisition by Changzhou
                             Hongxi of the Entire Registered Capital of
                             Suzhou Sunco and the Shareholders Loan
                                I. Transaction Summary        Acquirer:  Changzhou Hongxi,
                                an    indirect     wholly-owned     subsidiary    of    RK
                                Properties.        Target:  Entire  registered  capital of
                                Suzhou  Sunco  and part of the  shareholder's  loan due to
                                Sunco B WFOE (Vendor A), a company  indirectly owned as to
                                40  percent by Sunco  China,  of  approximately  RMB 320.7
                                million        ($39.7        million)        at       face
                                value.        Consideration:                          debt
                                settlement        Transaction   Terms:   Changzhou  Hongxi
                                would  acquire  the  entire  registered  capital of Suzhou
                                Sunco for RMB 49.3 million ($6.1  million) and part of the
                                shareholder's   loan  due  to  Vendor  A,   amounting   to
                                approximately  RMB  320.7  million  ($39.7  million)  from
                                Vendor A and two of its subsidiaries namely,  Vendor B and
                                Vendor  C,  whose   English   names  are  not   disclosed,
                                (collectively,  Vendors)        Value of Transaction:  RMB
                                370.0   million   ($45.8    million)        II.    Company
                                Description        Suzhou  Sunco, a company owned by Sunco
                                B, is an investment  holding  company  engaged in property
                                development  in the PRC.  As at  Sept.  30,  2006,  Suzhou
                                Sunco  has one  project  in the  name  of  "Phoenix
                                Land"  with  three  pieces of land  developable  on
                                hand  located at Suzhou,  Jiangsu,  the PRC.  It was noted
                                that Suzhou  Sunco has not  completed  and  delivered  any
                                properties  to buyers in the two years  ended  Dec.  2005,
                                thus,  no revenue was recorded  during those two financial
                                years.  However,  for the six months  ended June 30, 2006,
                                it  has  completed  certain  properties  which  have  been
                                delivered   to   buyers   and  as   such  a   revenue   of
                                approximately   RMB  304.3  million  ($37.7  million)  was
                                recognized       for       that        period.        III.
                                Transaction        Under    the   proposed    acquisition,
                                Changzhou  Hongxi  would  acquire  the  entire  registered
                                capital  of  Suzhou  Sunco  for   approximately  RMB  49.3
                                million  ($6.1  million)  from the Vendors and part of the
                                shareholder's  loan  due to Sunco B WFOE by  Suzhou  Sunco
                                amounting  to  approximately   RMB  320.7  million  ($39.7
                                million)  on a dollar  for dollar  basis for an  aggregate
                                consideration of RMB 370.0 million ($45.8 million).  Based
                                on  arm's   length   negotiations   between   the  parties
                                involved,   the   aggregate   consideration   amount   was
                                determined  with regard to the perceived  potential of the
                                development  of  the  "Phoenix  Land"   with
                                approximately  197,179  meters squared of gross floor area
                                (GFA)  available for sale and an undeveloped  site area of
                                approximately  671,702  meters  squared,  the value of the
                                underlying  property  assets of  Suzhou  Sunco as at Sept.
                                30,   2006,   the  loan   receivable   in  the  amount  of
                                approximately  RMB 320.7 million ($39.7 million),  and the
                                audited net assets of Suzhou  Sunco as at June 30, 2006 of
                                approximately   RMB   119.1   million   ($14.7   million).
                                        The  consideration  for the  acquisition  would be
                                settled  by the  application  of the  total  consideration
                                amount to repay the principal  amount of loans advanced by
                                wholly-owned  subsidiaries  of RK  Properties of RMB 270.0
                                million  ($33.4  million)  and RMB  100.0  million  ($12.4
                                million)   to   Sunco   Beijing   1  and   Sunco  A  WFOE,
                                respectively,  which  are  companies  indirectly  owned by
                                Sunco  China  as  to  94.7   percent  and  88.9   percent,
                                respectively.        Upon  completion of the  acquisition,
                                Suzhou   Sunco   would  be   wholly-owned   by   Changzhou
                                Hongxi.        IV.  Rationale  Considerations  (Disclosure
                                Level:  Satisfactory)        In view of the vast potential
                                of the PRC property  market,  the company believes that it
                                is  strategically  appropriate  to expand its PRC property
                                development  business  in  order  to  broaden  and  secure
                                another  significant  source of profit and  supplement the
                                earnings  of  its  traditional   highway   business.   The
                                proposed  transaction  is  expected  enable the company to
                                achieve  a  significant  and  critical  mass  as well as a
                                considerable  scale of investment and participation in the
                                PRC  property   sector.        V.   Pro  Forma   Financial
                                Summary        Upon  Completion,  the  net  assets  of the
                                company and its  subsidiaries  (Group)  would  increase by
                                HK$184.6      million     ($23.8      million).        VI.
                                Risks        Among   the   risks   associated   with   the
                                acquisition  of  Suzhou  Sunco  are:           1.   Suzhou
                                Sunco's  revenue from the sale of properties in the PRC is
                                dependent   on   the   trends   of  the   PRC's   property
                                market.        2.  Suzhou  Sunco  may  not  have  adequate
                                financing  to fund their  land  acquisition  and  property
                                developments.        3.  Suzhou  Sunco  may not be able to
                                replenish   land   reserves  for   development        VII.
                                Market    Reaction   (vs.   market   index   during   same
                                period)        -Pre-announcement:    The    share    price
                                increased  by 23 percent  in the 60 days prior to Nov.  1,
                                2006 (the  Announcement  Date) vs. a 5.9 percent  increase
                                for the HSI,  outperforming  the index by 17.1  percentage
                                points        -Initial:    The   share   price    remained
                                unchanged a day before the  Announcement  Date,  vs. a 0.7
                                percent  increase for the HSI,  underperforming  the index
                                by  0.7   percentage   points        -Post-analysis:   The
                                shares  increased  by 5.1  percent  from the  Announcement
                                Date to Dec. 8, 2006,  vs. a 1.5 percent  increase for the
                                HSI,   outperforming   the   index   by   3.6   percentage
                                points        -  We note that the  price of the  company's
                                shares has been increasing  prior to and after the release
                                of     the     announcement     pertaining     to     this
                                acquisition.        VIII.  Governance  (Disclosure  Level:
                                Unsatisfactory)        The   company   did  not   disclose
                                governance  matters  relating to the acquisition of Suzhou
                                Sunco.        IX.     Conclusion        Based    on    our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.
                    3        Approve Advance of a Loan in the Aggregate    For          For                 Mgmt
                             Principal Amount of RMB 363.6 Million to
                             Sunco Real Estate Investment Ltd.
                                This item  seeks to approve a loan to be  advanced  by RKI
                                (BJ) to Sunco B, a company  owned as to 88.9  percent  and
                                11.1   percent  by  Sunco  China  and  Sunco   Management,
                                respectively,   in  the  principal  amount  of  RMB  363.6
                                million ($45.0 million).  The loan would carry an interest
                                rate of 12 percent  per annum,  would  mature on March 16,
                                2008 and  would be  prepaid  in  full,  together  with the
                                acquired  interest,  within five months  after the expiry,
                                termination  or exercise  of an option  granted by Mr. Sun
                                and  Sunco  China  (collectively,  Sunco  Parties)  to  RK
                                Properties   and  Elite  Rich   (collectively,   Principal
                                Investors),  which  grants  the  Principal  Investors  the
                                right to require the Sunco  Parties to procure  that Sunco
                                B issues to them shares  representing 55 percent  interest
                                of Sunco B's enlarged  issued  capital.  The proposed loan
                                is expected to strengthen the financial  position of Sunco
                                Parties and Sunco B, which would in turn,  enable a smooth
                                implementation of the transactions  contemplated under the
                                Sunco A Subscription  Agreement and the Suzhou Acquisition
                                Agreement,   which  were  discussed  in  items  1  and  2,
                                respectively.  This  being  the  case,  a vote in favor of
                                this resolution is recommended.


05/07/07 - S        Road King Infrastructure Ltd.            G76058109                          None                  66,718
                    1        Approve Advance of a Loan by RK Investment    For          For                 Mgmt
                             (Beijing) Ltd. of Up to HK$600.0 Million to
                             Sunco Property Hldgs. Co. Ltd. at an
                             Interest Rate of 6 Percent Per Annum
                                This item  seeks  approval  for  agreements  entered  into
                                between  RK   Investment   (Beijing)   Ltd.  (RKI  BJ),  a
                                wholly-owned   subsidiary   of  the  company,   and  Sunco
                                Property  Hldgs.  Co.  Ltd.  (Sunco  A),  owned  as  to 49
                                percent by the  company,  relating to the advance by RK BJ
                                of a loan of up to  HK$400.0  million  ($51.4  million) to
                                Sunco A (Loan 5) and the  provision by RKI BJ of a further
                                loan of HK$600.0  million ($77.1  million) to Sunco A as a
                                result of RKI BJ's  exercise of its first right of refusal
                                to provide such further loan (Loan  6).        Both Loan 5
                                and Loan 6 would have an  interest  rate of 6 percent  per
                                annum,  be repayable on demand in any event until Oct. 31,
                                2007 and be secured  by fixed and  floating  charges  over
                                the entire assets and  undertakings of Sunco A.         It
                                was noted that Sunco A would use  proceeds  from such loan
                                advances  to fund the  acquisition  of direct or  indirect
                                interest  in land  property  development  projects  in the
                                People's   Republic   of  China   (the   PRC).        This
                                proposal is expected to  facilitate  the  expansion of the
                                company and its subsidiaries  (Group) in the future. Given
                                its 49  percent  interest  in Sunco A, the  Group  expects
                                that  with the  provision  of loans to Sunco A it would be
                                able to capture a  considerable  scale of  investment  and
                                participation  in  the  PRC  property  sector.  This  is a
                                reasonable request.


05/15/07 - A        Road King Infrastructure Ltd.            G76058109                          05/09/07              66,718
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Declare Final Dividend                        For          For                 Mgmt
                                The board  recommends  the payment of a final  dividend of
                                HK$0.26 ($0.03) per share
                    3a       Reelect Hu Aimin as Director                  For          For                 Mgmt
                    3b       Reelect Chan Hing Chiu, Vincent as Director   For          For                 Mgmt
                    3c       Reelect Chow Shiu Kee, Stephen as Director    For          For                 Mgmt
                    3d       Reelect Lau Sai Yung as Director              For          For                 Mgmt
                    3e       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Deloitte Touche Tohmatsu as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                This item seeks  shareholder  approval for the granting of
                                a new  mandate  to  issue  shares,  representing  up to 20
                                percent  of current  issued  capital,  without  preemptive
                                rights.        The  general  mandate  to issue  shares  is
                                supported for companies that limit  discounts to 5 percent
                                of the market  price of shares and who,  at the same time,
                                have no history of  refreshments  as these factors address
                                concerns on the possible  issuance of discounted shares to
                                related  parties as well as further  dilution  to existing
                                shareholders due to frequent  refreshments.        In this
                                case,  the company did not provide  discount  restrictions
                                on the issue  price of shares  under this  mandate.  Given
                                this and  considering  that the mandate  may be  refreshed
                                several  times  within a period of one year,  we recommend
                                shareholders oppose this resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent  from the original  limit of 20 percent  under the
                                general  mandate to issue shares  sought by most Hong Kong
                                companies.  Given that the general mandate to issue shares
                                is subject  to abuse by  companies  that  issue  shares at
                                discounts  to the  market  price,  such  extension  of the
                                general share  issuance  mandate may increase the scope of
                                non-preemptive  placements,  putting minority shareholders
                                at a  disadvantage  as  repurchased  shares  may  also  be
                                reissued  at a discount  to the market  price.  In view of
                                this,  shareholders  are advised to vote against this item
                                unless  a  minimal  discount  of  5  percent  or  less  is
                                specified   for   share    issuances   under   a   general
                                mandate.        In   this  case,   the   company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.
                    6        Approve Issuance of Shares Pursuant to the    For          Against             Mgmt
                             Share Option Scheme
                                The percentage of shares  available under the Share Option
                                Scheme is 10  percent  of the  company's  issued  capital,
                                which is considered an unacceptable level of dilution.  In
                                the  absence  of  set  performance  criteria  and  vesting
                                periods,  this scheme  cannot be  considered  sufficiently
                                well-structured  to  justify a  potential  dilution  of 10
                                percent.


05/10/07 - A        Robert Walters plc                       G7608T118                          None                   6,377
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 2.85 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Philip Aiken as Director             For          For                 Mgmt
                    5        Re-elect Russell Tenzer as Director           For          For                 Mgmt
                    6        Elect Martin Griffiths as Director            For          For                 Mgmt
                    7        Elect Alan Bannatyne as Director              For          For                 Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 7,618,138
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 854,126
                    11       Approve Reduction of GBP 20,000,000 from      For          For                 Mgmt
                             Share Premium Account
                    12       Authorise the Disapplication of the           For          For                 Mgmt
                             Provisions of Section 89(1) of the
                             Companies Act 1985
                    13       Authorise 12,803,058 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


07/06/06 - A        Robert Wiseman Dairies plc               G7608U107                          None                   1,473
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 6.60 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Norman Murray as Director            For          For                 Mgmt
                    5        Re-elect Alan Wiseman as Director             For          For                 Mgmt
                    6        Re-elect Beverley Hodson as Director          For          For                 Mgmt
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,350,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 360,000
                    11       Authorise 7,000,000 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase
                    12       Approve Waiver on Tender-Bid Requirement      For          Against             Mgmt
                    13       Approve Increase in Remuneration of           For          For                 Mgmt
                             Non-Executive Directors to GBP 500,000


03/05/07 - A        Roche Holding AG                         H69293217                          None                  35,431
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 3.40 per Share
                    4        Elect Directors                               For                              Mgmt
                    5        KPMG Klynveld Peat Marwick Goerdeler SA       For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/25/06 - A        Rock Field Co. *2910*                    J65275109                          04/30/06                 639
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 7, Final JY
                             12, Special JY 0
                    2        Amend Articles to: Increase Number of         For          For                 Mgmt
                             Statutory Auditors - Authorize Public
                             Announcements in Electronic Format - Limit
                             Rights of Odd-lot Holders - Limit Liability
                             of Directors and Statutory Auditors
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt


04/25/07 - A        Rockwool International                   K8254S144                          None                     310
                    1        Receive Report of Board                       None         None                Mgmt
                    2        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    3        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Report; Approve Discharge of Directors
                    4        Approve Allocation of Income                  For          For                 Mgmt
                    5        Elect Directors                               For          Against             Mgmt
                                We strongly  believe that publicly listed companies should
                                disclose  details on  proposals  at least 30 days prior to
                                the  meeting.   According   to  Rockwool   International's
                                notice,  the names of the nominees will not be made public
                                until  approximately  eight days before the AGM. When this
                                information  is  not  available  well  in  advance  of the
                                meeting,  investors are not left with  sufficient  time to
                                evaluate the candidates  and, in the case of  shareholders
                                who will not be  present  at the  meeting  themselves,  to
                                submit  voting  instructions  via a custodian  bank.  Most
                                large Danish companies  disclose at least the names of any
                                nominees to the board in the meeting  notice.  Because the
                                names of the nominees  were not available at the time this
                                analysis  was written,  which does not allow  shareholders
                                to make an informed decision,  shareholders are advised to
                                vote against this item.
                    6        Ratify Auditors                               For          For                 Mgmt
                    7a       Approve Remuneration of Directors             For          For                 Mgmt
                    7b       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital


04/30/07 - A/S      RODOBENS NEGOCIOS IMOBILIARIOS SA        P81424106                          None                  22,025
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended 12/31/06
                                This  item   requests   shareholder   acceptance   of  the
                                financial  statements and statutory reports for the fiscal
                                year  ended  2006.  The  company  provided  its  financial
                                statements  and statutory  reports via Bloomberg  news and
                                has  also  submitted  their  financials  to the  Brazilian
                                securities  commission  (CVM).  According  to the board of
                                director  minutes,   the  external   auditors'  (name  not
                                disclosed in meeting  notes)  provided  their  unqualified
                                opinion  and  asserts   that  the   financial   statements
                                accurately  reflect the financial position of the company.
                                ISS recommends shareholder support.
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                This item  requests  to approve the  allocation  of income
                                and dividends as proposed by the board of  directors.  The
                                company  financial   statements   provided  the  following
                                distribution of income for 2006:          Net profits: BRL
                                2.365 million ($1.1 million)        Legal  reserves of BRL
                                118,250 ($55,500)        Proposed  dividend of BRL 629,205
                                ($295,000)        The     cash    dividend    payout    to
                                shareholders  translates  to BRL .0129  ($0.006) per share
                                represents  a 28  percent  payout  ratio of the  total net
                                profits.          As  Rodobens dividend payout has met the
                                Brazilian  law stating that  companies  must  distribute a
                                minimum of 25 percent of their net  income,  and given the
                                newly-listed  status of the company,  this is a reasonable
                                dividend  and  income  allocation  request  that  warrants
                                shareholder support.
                    3        Approve Aggregate Remuneration of Directors   For          For                 Mgmt
                             for Fiscal Year 2007
                                This item requests to approve directors' remuneration.  It
                                is Brazilian  market practice not to disclose the proposed
                                remuneration  levels until the day of the AGM. At the 2006
                                AGM  shareholders  approved  remuneration  of BRL  200,000
                                ($93,800).  We find last year's  remuneration  level to be
                                in line with that of similarly  sized companies in Brazil.
                                As such, this is a routine item that warrants  shareholder
                                support.
                             Special Business
                    1        Discuss Alternatives to be Represented on     For          Against             Mgmt
                             Behalf of the Company and Amend Article 30
                             Accordingly
                                This item  requests  to amend  article  30 of the  company
                                bylaws.   Article  30   describes   the  various  ways  of
                                representing  the  company by the board of  directors  and
                                executives.  We note that the company's  meeting materials
                                did  not  contain  the   complete   text  of  the  article
                                amendments.  ISS was also unable to procure a full text of
                                the  proposed  changes.  As we are  unable to assess  this
                                resolution's  impact on  shareholder  rights,  support for
                                this item is not recommended at this time.


04/20/07 - A        Rotork plc                               G76717126                          None                   6,799
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 11.65 Pence Per     For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Alex Walker as Director              For          For                 Mgmt
                    4        Re-elect Bob Arnold as Director               For          For                 Mgmt
                    5        Elect Peter France as Director                For          For                 Mgmt
                    6        Reappoint KPMG Audit Plc as Auditors of the   For          For                 Mgmt
                             Company
                    7        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    8        Approve Remuneration Report                   For          For                 Mgmt
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             22,706,689 Ordinary Shares
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             4,314,161 Ordinary Shares
                    11       Authorise 8,500,000 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase
                    12       Authorise 44,795 Preference Shares for        For          For                 Mgmt
                             Market Purchase
                    13(a)    Adopt New Articles of Association             For          For                 Mgmt
                    13(b)    Amend Memorandum of Association               For          For                 Mgmt
                                The Company  confirmed to RREV,  that the auditors are not
                                included  within the scope of the  indemnity,  which is in
                                line with best practice.  Therefore, this amendment is not
                                contentious.


04/25/07 - A        Royal Bank of Scotland Group plc         G76891111                          None                 168,511
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 66.4 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Lawrence Fish as Director            For          For                 Mgmt
                    5        Re-elect Sir Fred Goodwin as Director         For          For                 Mgmt
                    6        Re-elect Archie Hunter as Director            For          For                 Mgmt
                    7        Re-elect Charles Koch as Director             For          For                 Mgmt
                    8        Re-elect Joe MacHale as Director              For          For                 Mgmt
                    9        Re-elect Gordon Pell as Director              For          For                 Mgmt
                    10       Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    11       Authorise Audit Committee to Fix              For          For                 Mgmt
                             Remuneration of Auditors
                    12       Authorise Bonus Issue                         For          For                 Mgmt
                                Shareholders  rights  will not be  affected  by this bonus
                                issue,  which  we  consider  adequately  explained  by the
                                Company.
                    13       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 260,052,320
                    14       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 39,401,867
                    15       Authorise 315,214,934 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    16       Approve The Royal Bank of Scotland Group      For          For                 Mgmt
                             Plc 2007 Executive Share Option Plan
                                Analysis   and  Vote   Recommendation        The   Company
                                included  RREV in its  shareholder  consultation  exercise
                                prior    to    the     publication    of    the    meeting
                                circular.        We   welcome  the   replacement   of  the
                                current ESOS,  which we  highlighted in our last report as
                                not complying with good practice,  as it operates a single
                                EPS vesting  hurdle of 3% above RPI per  annum.        The
                                proposed ESOS meets  current good  practice  regarding the
                                threshold   vesting  level,   the  absence  of  retesting,
                                dilution  limits  and  vesting  for  good  leavers  and  a
                                change-in-control  or  other  corporate  events.  We  also
                                welcome  the  introduction  of  significant   shareholding
                                guidelines.        We  have  based  our  analysis  of  the
                                scheme  on  the  indicated  EPS  range   provided  by  the
                                Company,  in the absence of a pre-set scale.  This vesting
                                scale  of  5%  to  10%  growth  p.a.   is  a   significant
                                improvement  on the  current  ESOS  and  appears  suitably
                                challenging  at the upper end.  The lower  target does not
                                appear  challenging  given current broker forecasts of 10%
                                growth  p.a.,  so we urge the  Committee to adjust this at
                                the  time  of  making  grants  if  forecasts  remain  at a
                                similar  level.  RREV will keep the  targets set each year
                                under    review,    to    ensure    they   are    suitably
                                challenging.        The  scheme  award  limit  of  300% of
                                salary is higher than the current  ESOS limit of 250%.  In
                                addition,  in practice  ESOS grants  have  typically  been
                                125% of salary,  other than to the CEO.  The  Company  has
                                informed RREV that the Remuneration  Committee has not yet
                                set  individual  grant  levels  under the new ESOP.  These
                                will  take  account  of  the  change  in  expected   value
                                resulting  from the  introduction  of the tougher  vesting
                                scale.  It is also  possible  that  differentials  between
                                individual  Executive  Directors will be maintained.  RREV
                                accepts  these  points.        Based  on  the  information
                                provided by the Company,  we recommend  that  shareholders
                                approve this scheme.
                    17       Approve The Royal Bank of Scotland Group      For          For                 Mgmt
                             Plc 2007 Sharesave Plan
                    18       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communication
                                As each  shareholder is able to request hard copies at any
                                time,  we consider the  proposal  does not  represent  any
                                weakening of  shareholder  rights.  We therefore  consider
                                this acceptable.


05/15/07 - A        Royal Dutch Shell plc                    G7690A100                          None                 125,349
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Elect Rijkman Groenink as Director            For          For                 Mgmt
                    4        Re-elect Malcolm Brinded as Director          For          For                 Mgmt
                    5        Re-elect Linda Cook as Director               For          For                 Mgmt
                    6        Re-elect Maarten van den Bergh as Director    For          For                 Mgmt
                    7        Re-elect Nina Henderson as Director           For          For                 Mgmt
                    8        Re-elect Christine Morin-Postel as Director   For          For                 Mgmt
                    9        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    10       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of EUR 150,000,000
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of EUR 22,000,000
                    13       Authorise 644,000,000 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    14       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations up to GBP 200,000
                             and to Incur EU Political Expenditure up to
                             GBP 200,000


05/15/07 - A        Royal Dutch Shell plc                    G7690A118                          None                  48,483
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Elect Rijkman Groenink as Director            For          For                 Mgmt
                    4        Re-elect Malcolm Brinded as Director          For          For                 Mgmt
                    5        Re-elect Linda Cook as Director               For          For                 Mgmt
                    6        Re-elect Maarten van den Bergh as Director    For          For                 Mgmt
                    7        Re-elect Nina Henderson as Director           For          For                 Mgmt
                    8        Re-elect Christine Morin-Postel as Director   For          For                 Mgmt
                    9        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    10       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of EUR 150,000,000
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of EUR 22,000,000
                    13       Authorise 644,000,000 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    14       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations up to GBP 200,000
                             and to Incur EU Political Expenditure up to
                             GBP 200,000


08/28/06 - S        Royal KPN NV                             N4297B146                          08/21/06             170,189
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Notification of the Appointment of    None                             Mgmt
                             J.B.P Coopmans to the Management Board
                    3        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/17/07 - A        Royal KPN NV                             N4297B146                          03/19/07             259,473
                    1        Open Meeting and Receive Announcements        None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3        Discussion on Company's Corporate             None                             Mgmt
                             Governance Structure
                    4        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    5        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    6        Approve Dividends of EUR 0.34 Per Share       For                              Mgmt
                    7        Approve Discharge of Management Board         For                              Mgmt
                    8        Approve Discharge of Supervisory Board        For                              Mgmt
                    9        Amend Articles                                For                              Mgmt
                    10       Ratify PricewaterhouseCoopers Accountants     For                              Mgmt
                             NV as Auditors
                    11       Opportunity to Nominate Supervisory Board     None                             Mgmt
                             Member
                    12       Elect M. Bischoff to Supervisory Board        For                              Mgmt
                    13       Elect J.B.M. Streppel to Supervisory Board    For                              Mgmt
                    14       Elect C.M. Colijn-Hooymans to Supervisory     For                              Mgmt
                             Board
                    15       Announce Vacancies on Supervisory Board       None                             Mgmt
                    16       Approve Remuneration of Supervisory Board     For                              Mgmt
                    17       Approve Remuneration Policy for Management    For                              Mgmt
                             Board Members
                    18       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    19       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Shares
                    20       Allow Questions and Close Meeting             None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        RWE AG                                   D6629K109                          03/28/07              26,663
                    1        Receive Financial Statements, Statutory       None                             Mgmt
                             Reports, and Supervisory Board Report for
                             Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 3.50 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares; Authorize Use of Financial
                             Derivatives when Repurchasing Shares
                    7        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Ryobi Ltd. *5851*                        J65629164                          03/31/07               8,190
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 12
                                The payout ratio for the full year is 20 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and 1  non-executive.  The number of outsiders
                                is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Neither   nominee  is   designated   by  the   company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nominations.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 30
                                million  per month (or JY 360  million per year) to JY 420
                                million per year. In addition,  the company wants to raise
                                the ceiling for  statutory  auditors from JY 4 million per
                                month (or JY 48  million  per year) to JY 60  million  per
                                year.  After the  meeting,  the company  will  continue to
                                have      10      directors      and      4      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.


07/06/06 - A/S      S.O.I.TEC SILICON on INSULATOR           F84138118                          None                  42,891
                    TECHNOLOGIES
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Elect Andre-Jacques Auberton-Herve as         For                              Mgmt
                             Director
                    6        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    7        Authorize Issuance of Bonds/Debentures in     For                              Mgmt
                             the Aggregate Value of EUR 300 Million
                             Special Business
                    8        Amend Articles of Association Re: Attend      For                              Mgmt
                             Board of Directors' Meetings by Way of
                             Videoconference and of Telecommunication
                    9        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.2 Million
                    10       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.2 Million
                    11       Set Global Limit for Capital Increase to      For                              Mgmt
                             Result from Above Issuance Requests at EUR
                             1.2 Million and for Debt Issuance Requests
                             at EUR 300 Million
                    12       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Relating to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    14       Authorize Capitalization of up to Full        For                              Mgmt
                             Amount of Reserves for Bonus Issue or
                             Increase in Par Value
                    15       Authorize up to Five Percent of Issued        For                              Mgmt
                             Capital for Use in Restricted Stock Plan
                    16       Approve Capital Increase Reserved for         For                              Mgmt
                             Employees Participating in Savings-Related
                             Share Purchase Plan
                    17       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/30/07 - A/S      SABESP, Companhia Saneamento Basico      P8228H104                          None                 980,000
                    Sao Paulo
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income; Approve         For          For                 Mgmt
                             Transfer of Retained Profits to Investment
                             Reserves in Compliance with Investment Plan
                    3        Elect Board Members and Supervisory Board;    For          For                 Mgmt
                             Elect Their Respective Alternates
                    4        Approve Remuneration of Directors,            For          For                 Mgmt
                             Supervisory Board Members, Audit Committee,
                             and Executive Officer Board
                             Special Business
                    5        Approve 125:1 Reverse Stock Split             For          For                 Mgmt
                    6        Amend Article 2 to Conform with Federal Law   For          For                 Mgmt
                             11,445/07; Article 5 to Reflect Changes in
                             Capital; and Article 28 Related to the
                             Company's Organizational Structure


06/28/07 - A        Sakai Chemical Industry Co. Ltd.         J66489121                          03/31/07              20,000
                    *4078*
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                11 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    2        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    3        Approve Retirement Bonus for Director         For          For                 Mgmt
                                The recipient is an insider.


11/30/06 - A        SALLY MALAY MINING LTD *SMY*             Q82375116                          11/28/06               9,406
                    1        Elect Christopher Langdon as Director         For          For                 Mgmt
                    2        Adopt Remuneration Report for the Fiscal      For          Against             Mgmt
                             Year Ended June 30, 2006
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution   2        -    Non-executive   directors   are
                                entitled   to   termination   benefits   if   removed   by
                                shareholders;  equity granted to executives  does not have
                                demanding  performance  hurdles;  non-executive  directors
                                are  eligible  to  receive  options  on the same  terms as
                                those granted to management.
                    3        Approve the Increase in Non-Executive         For          For                 Mgmt
                             Directors'Remuneration from A$200,000 to
                             A$400,000 Per Annum
                                - As noted  above,  directors  of Sally Malay are entitled
                                to  termination   payments  if  removed  as  directors  by
                                shareholders.  Some  investors  may  wish to vote  against
                                this  proposed  increase  to the fee cap as a  result,  or
                                correspond with the company on this issue.
                    4        Approve the Grant of 250,000 Options at an    For          Against             Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Christopher de Guingand
                                Executive Summary of Reason for Against  Recommendation on
                                Resolutions 4, 5, and 6        -  Resolutions 4 and 5: The
                                resolutions    seek   approval   to   grant   options   to
                                non-executive  directors  on the same terms as those to be
                                granted  to   management.   This  is  not   supported   by
                                Australian  governance  standards.        -  Resolution 6:
                                The  performance  hurdle for the proposed option grants is
                                a  premium-exercise-price  hurdle  which is not  demanding
                                enough to satisfy local market standards.
                    5        Approve the Grant of 250,000 Options at an    For          Against             Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Christopher David James Langdon
                    6        Approve the Grant of 1.5 Million Options at   For          Against             Mgmt
                             an Exercise Price Set at 7.5 Percent Above
                             the Volume Weighted Average Market Price
                             for Five Days Prior to the Date of Grant to
                             Peter John Harold
                    7        Approve the Grant of 750,000 Options at an    For          Against             Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Richard Jordinson, Senior Executive
                                Executive Summary of Reason for Against  Recommendation on
                                Resolutions 7 and  8        - The  performance  hurdle for
                                the  proposed  option  grants is a  premium-exercise-price
                                hurdle,  which is not  demanding  enough to satisfy  local
                                market standards.
                    8        Approve the Grant of 750,000 Options at an    For          Against             Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Trevor Eton, Senior Executive
                    9        Approve the Grant One Million Shares to       For          For                 Mgmt
                             Peter John Harold, Managing Director,
                             Pursuant to the Long Term Share Plan


05/04/07 - S        SALLY MALAY MINING LTD *SMY*             Q82375116                          05/02/07              32,586
                    1        Elect John Rowe as Director                   For          For                 Mgmt
                    2        Elect Brian Phillips as Director              For          For                 Mgmt
                    3        Approve Grant of 500,000 Options              For          Against             Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Christopher de Guingand
                                Summary of Reason for 'Against'  Recommendation on Res. 3,
                                4, 5,  and  6        -  These  resolutions  seek to  grant
                                options to non-executive  directors.  Australian investors
                                generally   oppose  grants  of  options  to  non-executive
                                directors.
                    4        Approve Grant of 500,000 Options              For          Against             Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Christopher Langdon
                    5        Approve Grant of 500,000 Options              For          Against             Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to John Rowe
                    6        Approve Grant of 500,000 Options              For          Against             Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Brian Phillips
                    7        Approve Grant of 5 Million Options            For          Against             Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Peter Harold
                                Summary of Reasons for  'Against'  Recommendation  on Res.
                                7        -  The  vesting  period  for the  options  is too
                                short.  Eighty  percent  of the  options  vest  within two
                                years of grant,  and all options vest after  approximately
                                2.2   years.        -  The  performance  hurdles  are  not
                                demanding enough to satisfy local market standards,  being
                                based on absolute production and NPAT targets.


05/23/07 - A        Salzgitter AG (frmly Preussag Stahl      D80900109                          05/02/07              15,782
                    AG)
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1 per Share and a Special Dividend
                             of EUR 1 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                              Mgmt
                             Auditors for Fiscal 2007
                    6a       Elect Hasan Cakir (Employee Representative)   For                              Mgmt
                             to the Supervisory Board
                    6b       Elect Lothar Hageboelling to the              For                              Mgmt
                             Supervisory Board
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Approve Creation of EUR 64 Million Pool of    For                              Mgmt
                             Capital without Preemptive Rights
                    9        Approve Issuance of Convertible Bonds         For                              Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 1 Billion; Approve Creation
                             of EUR 48.5 Million Pool of Capital to
                             Guarantee Conversion Rights
                    10       Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/28/07 - A        Samsung Electronics Co. Ltd.             Y74718100                          12/31/06               1,821
                    1        Approve Appropriation of Income and Final     For          For                 Mgmt
                             Dividend of KRW 5000 Per Common Share
                    2        Elect Directors                               For          For                 Mgmt
                    2.3      Elect Member of Audit Committee               For          For                 Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


06/26/07 - A        San-in Godo Bank Ltd. *8381*             J67220103                          03/31/07               1,422
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3.5
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,   or   11   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.          The  payout  ratio  for the full year is on
                                the  low  side by  Japanese  standards.  We will  consider
                                recommending votes against future income  allocations,  if
                                profits grow and the dividend payment is not increased.
                    2        Amend Articles to: Streamline Board           For          For                 Mgmt
                             Structure
                                The proposed change is routine.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominees  8  and  17        Background  of
                                non-executive   nominee(s):   Nominee  8  is  the  current
                                president of Hotel Management  Yonago Co., Ltd. Nominee 17
                                is the  president  of his own  company  and he is a former
                                partner and a current senior  adviser to ABeam  Consulting
                                Ltd.                  Board  Profile        Composition of
                                board   after   this   meeting:   15   executives   and  2
                                non-executives.        The    number   of   outsiders   is
                                increasing from 1 to 2.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    3.14     Elect Director --- For
                    3.15     Elect Director --- For
                    3.16     Elect Director --- For
                    3.17     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  2        The nominee does not
                                meet our criteria for independence.  He is an attorney and
                                has served as the company's outside  counsel.        Given
                                the   realities  of  Japanese   business  and  the  strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 4.1
                    5        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                57.66  million to 17  directors,  and JY 7.34 million to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                             and Statutory Auditor
                                All  retirees  have  held  executive  positions  with  the
                                company.  Accordingly,  we have no reason  to oppose  this
                                resolution.


04/24/07 - S        Sanlam Limited                           S7302C137                          None                 209,506
                    1        Approve Specific Repurchase in Terms of the   For          For                 Mgmt
                             Voluntary Tender Offer
                    2        General Authority to a Sanlam Director or     For          For                 Mgmt
                             the CompanySecretary


06/06/07 - A        Sanlam Limited                           S7302C137                          None                 164,406
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended 12-31-06
                    2        Ratify Ernst & Young as Auditors              For          For                 Mgmt
                    3        Reelect J.P. Moller as Director Appointed     For          For                 Mgmt
                             During the Year
                                Due to  the  poor  attendance  records  of  Bakane-Touane,
                                James, and Motsepe we recommend that  shareholders  oppose
                                their reelection.
                    4        Elect Directors                               For          Split               Mgmt
                    4.1      Reelect M.M. Bakane-Tuoane as Director ---
                             Against
                    4.2      Reelect F.A. du Plessis as Director --- For
                    4.3      Reelect W.G. James as Director --- Against
                    4.4      Reelect P.T. Motsepe as Director --- Against
                    4.5      Reelect R.V. Simelane as Director --- For
                    5        Authorize Board to Fix Remuneration of the    For          For                 Mgmt
                             Auditors
                    6        Approve Remuneration of Directors for         For          For                 Mgmt
                             Fiscal 2006
                    7        Approve Remuneration of Directors for         For          For                 Mgmt
                             Fiscal 2007
                    8        Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    9        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    10       Amend Articles of Association Re: Director    For          For                 Mgmt
                             Indemnification
                    11       Amend Articles of Association Re: Third       For          For                 Mgmt
                             Parties


04/27/07 - A        Sartorius AG                             D6705R119                          04/06/07                 186
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.62 per Ordinary Share and 0.64 per
                             Preference Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Amend Articles Re: Electronic Distribution    For                              Mgmt
                             of Company Communication
                    6a       Elect Dirk Basting to the Supervisory Board   For                              Mgmt
                    6b       Elect Lothar Kappich to the Supervisory       For                              Mgmt
                             Board
                    6c       Elect Gerd Krieger to the Supervisory Board   For                              Mgmt
                    6d       Elect Heribert Offermanns to the              For                              Mgmt
                             Supervisory Board
                    6e       Elect Arnold Picot to the Supervisory Board   For                              Mgmt
                    6f       Elect Michael Schulenburg to the              For                              Mgmt
                             Supervisory Board
                    7        Ratify Deloitte & Touche GmbH as Auditors     For                              Mgmt
                             for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/03/06 - S        Sasol Ltd.                               803866102                          None                  12,286
                             Special Meeting Agenda
                    1        Approve Repurchase of 60 Million Ordinary     For          For                 Mgmt
                             Treasury Shares from Sasol Investment
                             Company (Pty) Limited
                    2        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    3        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


11/23/06 - A        Sasol Ltd.                               803866102                          None                   6,623
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Elect Directors                               For          Split               Mgmt
                    2.1      Reelect E. le R. Bradley as Director --- For
                    2.2      Reelect B.P. Connellan as Director --- For
                    2.3      Reelect P.V. Cox as Director --- For
                    2.4      Reelect L.P.A. Davies as Director ---
                             Against
                    2.5      Reelect M.S.V. Gantsho as Director --- For
                    2.6      Reelect J.E. Schrempp as Director --- For
                    3        Elect Directors                               For          For                 Mgmt
                    4        Ratify KPMG, Inc. as Auditors                 For          For                 Mgmt
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Remuneration of Directors             For          For                 Mgmt


06/28/07 - A        Sato Shoji Corp. *8065*                  J69757102                          03/31/07               2,044
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 15
                    2        Amend Articles to: Expand Business Lines      For          Against             Mgmt
                                In the item,  the company  seeks to limit the liability of
                                its  external  audit  firm in the  event of a  shareholder
                                lawsuit.                  Because  we believe the proposal
                                to limit the  liability  of the  external  audit  firm may
                                have a  negative  impact  on  the  quality  of  the  audit
                                function,  we  recommend  that  shareholders  oppose  this
                                resolution.
                    3        Elect Director                                For          For                 Mgmt
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  7  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  2                The  nominee
                                for  independent  auditor  does  not  pass  our  test  for
                                independence.  He is an  attorney  and has been  served as
                                the company's  outside  counsel.                Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 4.1
                    5        Approve Retirement Bonus for Statutory        For          For                 Mgmt
                             Auditor
                                The recipient is an insider.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 12
                                million  per month (or JY 144  million per year) to JY 280
                                million per year. In addition,  the company wants to raise
                                the ceiling for  statutory  auditors from JY 3 million per
                                month (or JY 36  million  per year) to JY 70  million  per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 6 to 7. The  number of  statutory  auditors
                                will decrease from 4 to 3.                Because  the new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.


05/09/07 - A        Savills plc                              G78283119                          None                  15,318
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 11 Pence Per        For          For                 Mgmt
                             Ordinary Share
                    3a       Elect Martin Angle as Director                For          For                 Mgmt
                    3b       Re-elect Charles McVeigh as Director          For          For                 Mgmt
                    3c       Re-elect Rupert Sebag-Montefiore as Director  For          For                 Mgmt
                    4        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    5        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    6        Approve Remuneration Report                   For          For                 Mgmt
                                Although the two issues  highlighted above have been noted
                                by RREV, we consider a vote in favour of the  remuneration
                                report to be appropriate.
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,096,916
                    8        Subject to the Passing of Resolution 7,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 164,537
                    9        Authorise 13,162,999 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


06/22/07 - A        Sawai Pharmaceutical Co., Ltd. *4555*    J69811107                          03/31/07                 376
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 25
                                The payout ratio for the full year,  including the interim
                                dividend,  is 35 percent based on  consolidated  earnings,
                                or 46 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company earnings only.
                    2        Amend Articles to: Increase Maximum Board     For          For                 Mgmt
                             Size
                                The company is increasing  the maximum number of directors
                                on the  board  from 12 to 15, in order to  strengthen  the
                                management  structure.  The company will  continue to have
                                no  outside  directors.  Nevertheless,  in  light  of  the
                                company's  growth  and the fact that the board will not be
                                unduly large by Japanese standards,  we do not oppose this
                                change.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                13 executives and 0  non-executives.  The board  currently
                                includes 11 insiders and no outside directors.  Candidates
                                11,  12 and  13  are  new  to  the  board  (one  incumbent
                                director is stepping down).
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney in private practice.
                    5        Approve Retirement Bonus for Director         For          For                 Mgmt
                                The  retiring  director  is an  insider,  and we  have  no
                                reason to oppose this resolution.


09/20/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                          None                     107
                    Steel AG)
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/20/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                          None                     107
                    Steel AG)
                    1        Issue 11.1 Million Shares in Connection       For                              Mgmt
                             with a Merger
                    2        Change Company Name to SCHMOLZ + BICKENBACH   For                              Mgmt
                             AG
                    3        Convert Form of Securities from Bearer        For                              Mgmt
                             Shares into Registered Shares
                    4        Approve Creation of CHF 30 Million Pool of    For                              Mgmt
                             Capital without Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/12/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                          None                     475
                    Steel AG)
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/12/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                          None                     475
                    Steel AG)
                    1        Convert Form of Securities from Bearer        For                              Mgmt
                             Shares into Registered Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Schmolz + Bickenbach AG (frmly Swiss     H7321K104                          None                     299
                    Steel AG)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 1.25 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Elect Directors                               For                              Mgmt
                    4.2      Ratify Ernst & Young AG as Auditors           For                              Mgmt
                    5        Increase Existing Pool of Capital without     For                              Mgmt
                             Preemptive Rights to CHF 60 Million
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Schoeller-Bleckmann Oilfield             A7362J104                          None                     563
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    4        Approve Remuneration of Supervisory Board     For                              Mgmt
                             Members
                    5        Elect Supervisory Board Members               For                              Mgmt
                    6        Ratify Auditors                               For                              Mgmt
                    7        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    8        Authorize Reissuance or Cancellation of       For                              Mgmt
                             Repurchased Shares
                    9        Authorize Reissuance of Own Shares without    For                              Mgmt
                             Preemptive Rights Through Other Means Than
                             via Stock Exchange or Public Offer
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Schulthess Group AG                      H86243120                          None                      69
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Schulthess Group AG                      H86243120                          None                      69
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 12 per Share
                    5        Approve 10:1 Stock Split                      For                              Mgmt
                    6        Reelect Rudolf Kaegi and Thomas Rutz as       For                              Mgmt
                             Directors
                    7        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - A        Schweiter Technologies AG                H73431142                          None                      23
                    1        Open Meeting (Non-Voting)                     None                             Mgmt
                    2        Receive Presentation on Fiscal 2006           None                             Mgmt
                    3        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    4        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    5        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 6 per Share
                    6        Transact Other Business (Non-Voting)          None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/15/07 - S        SCi Entertainment Group Plc              G7863S102                          None                   1,539
                    1        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 443,044.85
                             Pursuant to a Share Subscription by Warner
                             Bros Entertainment.


01/24/07 - A        SCi Entertainment Group Plc              G7863S102                          None                   2,056
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Reappoint BDO Stoy Hayward LLP as Auditors    For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    4        Re-elect Bill Ennis as Director               For          For                 Mgmt
                    5        Re-elect Tim Ryan as Director                 For          Abstain             Mgmt
                    6        Elect Roger Ames as Director                  For          For                 Mgmt
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,041,881
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 190,406
                    9        Authorise 3,808,119 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase
                    10       Approve Increase in Remuneration of           For          For                 Mgmt
                             Directors to GBP 300,000


05/10/07 - A/S      SECHILIENNE-SIDEC                        F82125109                          05/07/07                 584
                             Ordinary Business
                    1        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    2        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    3        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    4        Approve Dividends of EUR 1.10 per Share       For                              Mgmt
                    5        Ratify Appointment of Claude Rosevegue as     For                              Mgmt
                             Director
                    6        Reelect Claude Rosevegue as Director          For                              Mgmt
                    7        Reelect Patrick de Giovanni as Director       For                              Mgmt
                    8        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    9        Amend Articles to Reflect Changes in Capital  For                              Mgmt
                    10       Amend Articles of Association Re: Record      For                              Mgmt
                             Date, Shareholding Disclosure Threshold,
                             Quorum Requirements, and Nationality of the
                             Company
                    11       Amend Articles Re: Composition of the Board   For                              Mgmt
                             of Directors
                    12       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    13       Approve Stock Option Plans Grants             For                              Mgmt
                    14       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/28/07 - A        SECURED CAPITAL JAPAN CO. LTD. *2392*    J6998L104                          12/31/06                   6
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             1500, Special JY 0
                                Payout  ratio is 9 percent  (consolidated)  or 15  percent
                                (parent company).  This is low by Japanese standards,  but
                                in light of the company's  rapid growth,  we do not object
                                to  the   retention   of  cash  at  this   stage   of  its
                                development.  The company  was  established  in 1997,  and
                                went public only three years ago.
                    2        Amend Articles to: Expand Business Lines -    For          For                 Mgmt
                             Update Terminology to Match that of New
                             Corporate Law - Limit Liability of
                             Statutory Auditors
                                The company  seeks  authority  to limit the  liability  of
                                outside  statutory  auditors in its service contracts with
                                these  individuals.  The  limit  will be no less than JY 1
                                million or two years' worth of compensation,  whichever is
                                greater.  Because such  limitations  are seen as necessary
                                to  attract   qualified   outsiders   to  serve  in  these
                                positions,    we   do   not    generally    oppose    such
                                amendments.        The  new  business  objectives  are the
                                management and collection of debts,  and related  research
                                and consulting activities.
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominees are the company's three  incumbent  statutory
                                auditors,  all of whom are designated as independent.  All
                                three  meet  our  criteria  for  independence.  They  are,
                                respectively,  a former securities firm executive,  a CPA,
                                and an attorney.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The  nominee,  a  former  securities  firm  executive  and
                                president  of a  research  firm,  meets our  criteria  for
                                independence.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The company seeks  approval to provide  non-cash  benefits
                                to  directors,  in the form of  company-owned  housing  at
                                subsidized  rates.  The maximum  annual cost burden to the
                                company  would be limited to JY 24 million per year.  This
                                would be in addition to the cash  compensation  ceiling of
                                JY 200 million per year. We do not oppose this resolution.


10/31/06 - A        SEEK LTD *SEK*                           Q8382E102                          10/29/06               3,386
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports For the Year Ended June 30, 2006
                    2        Adopt Remuneration Report for the Year        For          For                 Mgmt
                             Ended June 30, 2006
                    3        Elect James Packer as Director                For          For                 Mgmt
                                Shareholders  wishing to signify  their  concern  over the
                                composition  of the board are advised to vote  against the
                                reelection   of   Christopher   Anderson,    PBL's   other
                                representative  on  SEEK's  board,  when he is next up for
                                reelection,  as  it  is  considered  counterproductive  to
                                recommend  against the reelection to the SEEK board of the
                                principal executive of SEEK's largest shareholder.


05/22/07 - A        SEGRO plc (formerly Slough Estates       G81821103                          None                  12,255
                    plc)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 12.1 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Elect Nigel Rich as Director                  For          Abstain             Mgmt
                                RREV considers this to be a fundamental  governance  issue
                                and  is  recommending  that  shareholders  register  their
                                concern on this point by actively  withholding  their vote
                                (abstain) on Nigel Rich's re-election.
                    5        Elect Walter Hens as Director                 For          For                 Mgmt
                    6        Elect Lesley MacDonagh as Director            For          For                 Mgmt
                    7        Re-elect Stephen Howard as Director           For          For                 Mgmt
                    8        Re-elect Marshall Lees as Director            For          For                 Mgmt
                    9        Re-elect Andrew Palmer as Director            For          For                 Mgmt
                    10       Re-elect Christopher Peacock as Director      For          For                 Mgmt
                    11       Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    12       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    13       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations up to GBP 20,000 and
                             to Incur EU Political Expenditure up to GBP
                             20,000
                    14       Change Company Name to SEGRO Plc              For          For                 Mgmt
                                RREV does not consider this name change to be contentious.
                    15       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP
                             28,597,878.75
                    16       Subject to the Passing of Resolution 15,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,900,106
                    17       Authorise up to Ten Percent of the Issued     For          For                 Mgmt
                             Ordinary Shares for Market Purchase


10/18/06 - S        Semapa, Sociedade de Investimento e      X7936A113                          None                   1,161
                    Gestao S.A.
                             Special Meeting Agenda
                    1        Approve New Management Structure in Light     For                              Mgmt
                             of the New Commercial Code
                    2        Amend Bylaws                                  For                              Mgmt
                    3        Elect General Meeting Board Members,          For                              Mgmt
                             Supervisory Board, and Statutory Auditor
                             Consequent to Item 1 and Any Vacancies that
                             Might Occur Due to the New Independence
                             Requirements
                    4        Approve Increase in the Size of the Board     For                              Mgmt
                             from Eleven to Thirteen Members and Elect
                             Two Directors to Fill the New Seats
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        Semperit AG Holding                      A76473122                          None                     276
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Boards
                    4        Elect Supervisory Board Members               For                              Mgmt
                    5        Ratify Auditors                               For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/05/06 - S        Senior plc                               G8031U102                          None                   7,276
                    1        Approve Proposed Acquisition of All of the    For          For                 Mgmt
                             Issued and Outstanding Capital Stock of
                             Aerospace Manufacturing Technologies Inc.
                             Pursuant to the Stock Purchase Agreement
                             and the Associated and Ancillary
                             Arrangements Contemplated by the
                             Acquisition Agreement
                                Conclusion        The  Company considers that the Enlarged
                                Group will benefit from its increased  size, and the range
                                of  services  and the  terms of the offer is  expected  to
                                increase   shareholder  value  for  Senior.   Shareholders
                                should note that the rights  issue is not  conditional  on
                                the acquisition.  After  admission,  the rights issue will
                                proceed  even  if the  acquisition  does  not.          We
                                consider these  proposals have been clearly  explained and
                                do not raise any corporate governance  concerns.  However,
                                we consider  this  transaction  is primarily an investment
                                decision for shareholders to determine  according to their
                                individual  investment   strategies.   We  note  that  the
                                Company has received advice from Hoare Govett.
                    2        Approve The Senior Plc 2006 Savings-Related   For          For                 Mgmt
                             Share Option Scheme; Authorise the
                             Directors to Do All Acts and Things
                             Necessary to Establish and Carry the Scheme
                             into Effect
                                This HM Customs and Revenue  approved plan is  broad-based
                                and non-contentious.


04/27/07 - A        Senior plc                               G8031U102                          None                  10,733
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 1.381 Pence Per     For          For                 Mgmt
                             Share
                    4        Re-elect Martin Clark as Director             For          For                 Mgmt
                    5        Re-elect Graham Menzies as Director           For          For                 Mgmt
                    6        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 12,990,000
                    8        Subject to the Passing of Resolution 7,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,949,000
                    9        Authorise 38,990,000 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


06/07/07 - A        Severfield-Rowen plc                     G80568101                          None                   1,713
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 37.00 Pence Net     For          For                 Mgmt
                             Per Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Re-elect Brian Hick as Director               For          For                 Mgmt
                    5        Re-elect John Featherstone as Director        For          Against             Mgmt
                                As  the  Board   refreshment   has  not   resolved   these
                                long-standing   issues,  we  consider  it  appropriate  to
                                revert  back  to  our  previous   recommendation  to  vote
                                against his re-election.
                    6        Re-elect David Ridley as Director             For          For                 Mgmt
                    7        Re-elect Geoff Wright as Director             For          For                 Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 673,265
                    10       Subject to the Passing of Resolution 9,       For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 102,010
                    11       Authorise 2,040,197 Ordinary Shares for       For          For                 Mgmt
                             Market Purchase


02/09/07 - S        Shenzhen Investment (frmrly. Shum Yip    Y7743P120                          None                 104,000
                    Invst.)
                    1        Approve Disposal by Shum Yip Investment       For          For                 Mgmt
                             (Shenzhen) Ltd. of its 26.8 Percent Equity
                             Interest in the Subject Company to Shum Yip
                             Hldgs. Co. Ltd.


02/09/07 - S        Shenzhen Investment (frmrly. Shum Yip    Y7743P120                          None                 104,000
                    Invst.)
                    1        Approve Division and Allocation of All the    For          For                 Mgmt
                             Assets of Shum Yip Logistics (Split
                             Agreement) and the Establishment of
                             Shenzhen Shum Yip Hangfa Logistics Kaifa
                             Shares Co. Ltd. Pursuant to the Split
                             Agreement


05/21/07 - A        Shenzhen Investment (frmrly. Shum Yip    Y7743P120                          05/14/07             024,000
                    Invst.)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2a       Approve Final Dividend                        For          For                 Mgmt
                    2b       Approve Special Dividend                      For          For                 Mgmt
                    3a       Reelect Zhang Yijun as Director               For          For                 Mgmt
                    3b       Reelect Zhang Huaqiao as Director             For          For                 Mgmt
                    3c       Reelect Tam Ping Lung as Director             For          For                 Mgmt
                    3d       Reelect Li Wai Keung as Director              For          For                 Mgmt
                    3e       Reelect Wu Wai Chung, Michael as Director     For          For                 Mgmt
                    3f       Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                    7        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/15/07 - A        SHIN KONG FINANCIAL HOLDING CO LTD       Y7753X104                          04/16/07             271,411
                    1        Accept 2006 Financial Statements              For          For                 Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Amend Use of Proceeds from the Issuance of    For          For                 Mgmt
                             Unsecured Convertible Bonds in 2005
                    4        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    5        Amend Articles of Association                 For          For                 Mgmt
                    6        Amend Rules and Procedures Regarding          For          For                 Mgmt
                             Shareholder Meeting
                    7        Amend Election Rules of Directors and         For          For                 Mgmt
                             Supervisors
                    8        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                    9        Other Business                                None         None                Mgmt


06/28/07 - A        Shin-Etsu Chemical Co. Ltd. *4063*       J72810120                          03/31/07              50,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 45
                                The payout ratio for the full year is 20 percent  based on
                                consolidated    earnings,   or   59   percent   based   on
                                parent-company earnings.
                    2        Amend Articles to: Increase Maximum Board     For          For                 Mgmt
                             Size
                                In this  item,  the  company  is  increasing  the  maximum
                                number of  directors  on the board from 18 to 22, in order
                                to  "strengthen  the  management  structure."  The  actual
                                board size will  increase from 18 to 20 if all nominees in
                                Item 3 are  elected.  Although we question  the need for a
                                board as large as 20,  the  creation  of  vacant  seats to
                                which  shareholder  nominees could  potentially be elected
                                is a positive change. We therefore support this item.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominees 3, 4, and 10        Background of
                                non-executive  nominee(s):  Nominee 3 is a former chairman
                                of  Dow  Chemical  Co.  and is  currently  a  director  of
                                SHINTECH  INC. (a US  subsidiary  of Shin-Etsu  Chemical),
                                nominee 4 is a senior  advisor  to Tokio  Marine & Nichido
                                Fire  Insurance  Co., and nominee 10 is a former  chairman
                                of Mitsubishi Logistics  Corporation.                Board
                                Profile        Composition  of board  after this  meeting:
                                16  executives  and  4   non-executives.   The  number  of
                                outsiders is increasing from 3 to 4. (Shin-Etsu  directors
                                serve for a term of two years,  and one outsider is not up
                                for reelection this year.)
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3                The  nominee
                                meets our  criteria  for  independence.  He is the supreme
                                advisor      to      Jasdaq      Securities      Exchange,
                                Inc.                Nominees  1 and 2 are  not  designated
                                by the  company as  independent,  and we have no reason to
                                oppose the nominations.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  Shin-Nihon,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    6        Approve Retirement Bonus for Statutory        For          Against             Mgmt
                             Auditor
                                The retiring  auditor has been  designated  by the company
                                as independent.  As we believe the payment of such bonuses
                                to  non-executives  is  a  highly  inappropriate  practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing this item.
                    7        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Shin-Etsu seeks to pay its executive  directors a total of
                                JY 282.7  million,  its  outside  directors  a total of JY
                                11.9  million,  and its  statutory  auditors a total of JY
                                9.41 million.
                    8        Approve Executive Stock Option Plan           For          Against             Mgmt
                                Option Plan Summary                Eligibility:  directors
                                and  employees of  company                Exercise  Price:
                                2.5  percent  premium  to  market  price  prior  to  grant
                                date                Potential  Dilution:  0.23  percent of
                                issued capital from this plan;  0.55 percent when combined
                                with  other  option  grants.   ISS  guidelines   call  for
                                potential  dilution of no more than 5 percent for a mature
                                company,       10      percent      for      a      growth
                                company.                Exercise       Period:      Begins
                                immediately  after  grant  date                Performance
                                Hurdles:   None    disclosed.                Because   the
                                exercise  period starts less than one year after the grant
                                date and the plan has an  insufficient  premium  to market
                                price,  suggesting  that this plan is not well  structured
                                to align the  interests of grantees with those of ordinary
                                shareholders  over the  medium-to-long  term, we recommend
                                that shareholders oppose this option plan.
                    9        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan        Duration:        1
                                year                Trigger   Threshold:   20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:   2  years                   Board   Independence:
                                Following  this  meeting,  there  will  be  4  independent
                                directors  (20  percent  of the  board)  according  to ISS
                                criteria.  We are unable to establish  that the  companies
                                for which the outside  directors work (or have worked) are
                                business   partners   of,   or   lenders   to,   Shin-Etsu
                                Chemical        Independence  of  Special  Committee:  The
                                committee   members  are  not   disclosed   in  the  proxy
                                circular.                    Other   Types   of   Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks  or  More  Before   Meeting:   No        Shin-Etsu's
                                failure to disclose  the members of its special  committee
                                in  the  proxy  materials  for  this  meeting  means  that
                                shareholders  cannot determine whether they have conflicts
                                of interest  with ordinary  shareholders.  Executives of a
                                company's   lenders,   customers  or  suppliers   have  an
                                incentive  to reject a  takeover  which  could  affect the
                                terms  of the  business  relationship,  even  if  ordinary
                                shareholders  would  benefit;  and the  same  is true  for
                                attorneys or other  professionals  who provide services to
                                the  company.                Because  it is impossible for
                                shareholders to verify the  independence of the members of
                                the special  committee,  because the directors do not seek
                                reelection   annually,   and  because  company  failed  to
                                release the proxy  materials  at least three weeks  before
                                the meeting date, we recommend  that  shareholders  oppose
                                this resolution.


03/20/07 - A        Shinhan Financial Group Co. Ltd.         Y7749X101                          12/31/06               5,282
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 900 Per Share
                    2        Elect Fifteen Directors                       For          For                 Mgmt
                    3        Elect Four Members of Audit Committee         For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    5        Approve Stock Option Grants                   For          For                 Mgmt


06/28/07 - A        Shinko Plantech Co. Ltd *6379*           J73456105                          03/31/07               6,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 18
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Both  nominees                   Both
                                nominees  do  not  meet  our  criteria  for  independence.
                                Nominee 1 is a current  executive of one of the  company's
                                main banks.  Nominee 2 is a former executive of one of the
                                company's main  banks.                Given  the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   both  nominees  for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 3.1
                    4        Approve Retirement Bonuses for Director and   For          Against             Mgmt
                             Statutory Auditor
                                The retiring  auditor has been  designated  by the company
                                as independent.  As we believe the payment of such bonuses
                                to  non-executives  is  a  highly  inappropriate  practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing this item.


06/28/07 - A        Shinwa Kaiun Kaisha Ltd. *9110*          J74100108                          03/31/07               9,309
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 8
                    2        Amend Articles to: Decrease Maximum Board     For          For                 Mgmt
                             Size
                                The company is decreasing  the maximum number of directors
                                on  the  board  from  15 to 10,  in  connection  with  the
                                introduction  of an executive  officer  system in order to
                                strengthen  the  management  structure  by speeding up the
                                decision-making  process.   Following  this  meeting,  the
                                company  would still have 2 vacant seats on the board,  to
                                which  dissident  nominees  could be  elected.  After this
                                meeting,  there  will be no  vacant  seats on the board to
                                which  dissident  nominees  could be elected.          The
                                proposed changes meet our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    4        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not meet our
                                criteria  for  independence.  He is a former  executive of
                                the company's  main bank.          Given  the realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    5        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  3  retiring   directors  and  1
                                retiring statutory auditor.                  In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 8 continuing  directors and
                                3 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In    this   case,   the   retiring
                                statutory  auditor has been  designated  by the company as
                                independent.  In addition,  2 of the continuing  statutory
                                auditors   have  been   designated   by  the   company  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 240
                                million per year to JY 400 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 50  million  per year to JY 100  million
                                per year. After the meeting,  the number of directors will
                                decrease  11 to 8. The  company  will  continue  to have 4
                                statutory
                                auditors.                                Because  the  new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.


04/16/07 - S        Shire plc                                G8125A103                          None                  89,058
                    1        Approve Increase In Borrowing Powers to USD   For          For                 Mgmt
                             4 Billion; Approve Acquisition of New River
                             Pharmaceuticals Inc
                                Conclusion        We   are  not  raising   any   corporate
                                governance  issues  that  would  cause us to object to the
                                proposed  acquisition  of New River.  For the  increase in
                                borrowing  powers,  we are  sympathetic to the request and
                                recommend that  shareholders  support the resolution,  but
                                more  generally,  the definition of borrowing  powers by a
                                company   remains  an  area  that  we  are  keeping  under
                                review.        Ultimately,  we consider  that the proposal
                                is  an  investment  decision,   which  is  best  left  for
                                shareholders   to   evaluate   in  respect  of  their  own
                                individual  investment  strategies.          We  note that
                                the Company's  directors  have received  financial  advice
                                from Goldman Sachs and Morgan Stanley.


06/20/07 - A        Shire plc                                G8125A103                          None                  67,642
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Re-elect James Cavanaugh as Director          For          For                 Mgmt
                    3        Re-elect Barry Price as Director              For          For                 Mgmt
                    4        Elect Kathleen Nealon as Director             For          For                 Mgmt
                    5        Elect Jeffrey Leiden as Director              For          For                 Mgmt
                    6        Re-elect Matthew Emmens as Director           For          For                 Mgmt
                    7        Re-elect David Kappler as Director            For          For                 Mgmt
                    8        Re-elect Patrick Langlois as Director         For          For                 Mgmt
                    9        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    10       Authorise Audit Committee to Fix              For          For                 Mgmt
                             Remuneration of Auditors
                    11       Approve Remuneration Report                   For          For                 Mgmt
                    12       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 9,208,819
                    13       Subject to the Passing of Resolution 12,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,381,461
                    14       Authorise 55,258,441 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    15       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations up to GBP 25,000 and
                             to Incur EU Political Expenditure up to GBP
                             25,000
                                Shire did not make any  donations to EU political  parties
                                during the year ended  December  31,  2006.  During  2006,
                                Shire set up a Political  Action  Committee in the US. The
                                Committee  is   registered   with  the  Federal   Election
                                Committee  and  attracts   voluntary   donations  from  US
                                citizen  employees  and certain US suppliers  and vendors.
                                The  PAC  is  run  by  a  committee  of  employees   which
                                determines   the   political    campaigns   or   political
                                candidates the Committee will support.  Contributions  are
                                held by the  Committee in a separate and  segregated  fund
                                and Shire does not contribute financially to this fund.
                    16       Approve 2007 Shire Plc Employee Stock         For          For                 Mgmt
                             Purchase Plan
                                This plan is broad-based and non-contentious.


06/26/07 - A        Shizuoka Bank Ltd. *8355*                J74444100                          03/31/07             103,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 8
                                The payout ratio for the full year is 25 percent.
                    2        Amend Articles to: Reduce Directors Term in   For          For                 Mgmt
                             Office - Limit Directors' Legal Liability -
                             Authorize Public Announcements in
                             Electronic Format - Limit Liability of
                             Statutory Auditors
                                The bank  seeks  the  authority  to  impose  limits on the
                                legal   liability   of  outside   directors   and  outside
                                statutory  auditors in the bank's  service  contracts with
                                these  individuals.  These  limitations  would  apply only
                                where the individual in question acted in good faith,  and
                                would not apply in cases of gross  negligence  or criminal
                                behavior.  The  limitations are seen as necessary in order
                                to  attract   qualified   candidates  to  serve  in  these
                                positions.  The bank also seeks to reduce  its  directors'
                                term  in  office  from  2  years  to  1   year.        The
                                proposed changes meet our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently  includes 10 insiders and no outside  directors.
                                Three  incumbent  directors are stepping  down,  and being
                                replaced by candidates 2, 7 and 10.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not meet our
                                criteria  for  independence.  He is an  attorney  and  has
                                served as the bank's outside counsel.
                    5        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       3       retiring
                                directors.                In  addition,  the bank requests
                                shareholder  approval for  payments in lieu of  retirement
                                bonuses  to  7  continuing   directors  and  5  continuing
                                internal statutory  auditors.  The board is requesting the
                                authority to make these  payments in  connection  with the
                                abolition       of       the       retirement        bonus
                                system.                In  this case, 3 of the  continuing
                                statutory  auditors  have been  designated  by the bank as
                                independent.  As we believe the payment of such bonuses to
                                non-executives  at the  discretion  of the  insiders  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The  bank is  proposing  aggregate  bonus  payments  of JY
                                25.472 million to 10 directors,  and JY 4.538 million to 5
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                        The  ceiling for directors would be raised from JY
                                20 million  per month (or JY 240  million  per year) to JY
                                300  million  per year.  In  addition,  the bank  wants to
                                raise  the  ceiling  for  statutory  auditors  from  JY  5
                                million  per  month (or JY 60  million  per year) to JY 90
                                million  per  year.  After  the  meeting,  the  bank  will
                                continue   to   have   10   directors   and  5   statutory
                                auditors.                These     changes    are    being
                                requested  because the bank has  abolished the practice of
                                paying  lump-sum  retirement  bonuses,  which did not fall
                                under the  compensation  ceilings,  and replaced them with
                                other forms of compensation which do.        In  addition,
                                Shizuoka   Bank   seeks  to  divide   the   current   cash
                                compensation  ceiling  for  directors  into a ceiling  for
                                fixed   compensation   and   one   for   performance-based
                                compensation.     There    will    no    performance-based
                                compensation  for the  statutory  auditors.          Under
                                the proposed system,  the  performance-based  compensation
                                will be linked to the  bank's  net  profit.  Note that the
                                bank  posted  net  profit  of JY  36.26  billion  for  the
                                2006-07 fiscal year.          If  Shizuoka Bank achieves a
                                net    profit    below   JY   10    billion,    then   the
                                performance-based  compensation  will be zero. If the bank
                                reaches  a net  profit  between  JY 10  billion  and JY 20
                                billion, then the  performance-based  compensation ceiling
                                will be JY 10  million.  If the bank  reaches a net profit
                                between  JY  20  billion  and  JY  25  billion,  then  the
                                performance-based  compensation  ceiling  will  be  JY  20
                                million.  If the bank  reaches a net profit  between JY 25
                                billion  and JY 30  billion,  then  the  performance-based
                                compensation  ceiling  will be JY 30 million.  If the bank
                                reaches a  consolidated  net profit  between JY 30 billion
                                and   JY   35   billion,    then   the   performance-based
                                compensation  ceiling  will be JY 40 million.  If the bank
                                reaches a  consolidated  net profit  between JY 35 billion
                                and   JY   40   billion,    then   the   performance-based
                                compensation  ceiling  will be JY 60 million.  If the bank
                                reaches a  consolidated  net profit  between JY 40 billion
                                and   JY   45   billion,    then   the   performance-based
                                compensation  ceiling  will be JY 80 million.  If the bank
                                reaches a  consolidated  net  profit  over JY 45  billion,
                                then the  performance-based  compensation  ceiling will be
                                JY 100  million.                Shizuoka  Bank argues that
                                the proposed  compensation  system will give incentives to
                                directors   to  focus   more  on  the   bank's   financial
                                performance.  Because  the  proposal  reflects  the bank's
                                move    away   from   an    essentially    seniority-based
                                compensation  system to one tied to  performance,  we have
                                no reason to oppose this resolution.
                    8        Approve Deep Discount Stock Option Plan       For          For                 Mgmt
                                Option Plan Summary                Eligibility:  Directors
                                of the  bank.                The  exercise  price  will be
                                set at JY 1 per share.                Potential  Dilution:
                                0.014  percent of issued  capital per year from this plan.
                                Although  this is an  "evergreen"  plan -- meaning that as
                                long as the  value  of each  year's  option  grants  falls
                                within a  ceiling  of JY 100  million,  the bank  will not
                                have to go  back  to  shareholders  for  approval  of each
                                year's  grants  --  dilution  from  this  plan will not be
                                significant  even if grants continue for several  decades.
                                Even when  combined  with  other  option  grants,  overall
                                dilution will be less than 1 percent.  ISS guidelines call
                                for  potential  dilution  of no more than 5 percent  for a
                                mature   company,   10  percent  for  a  growth   company.
                                                Exercise   Period:  Options  may  only  be
                                exercised  after the recipient  steps down from his or her
                                position.                    Performance   Hurdles:   None
                                disclosed.           This   plan  meets  ISS   guidelines.
                                Because   this   plan   will   contribute   to  a  greater
                                consciousness  of the  bank's  share  price,  we  have  no
                                reason to oppose this resolution.


03/23/07 - A        Shoei Co. Ltd. (3003) *3003*             J74530106                          12/31/06               1,000
                    1        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                    2        Elect Directors                               For          Split               Mgmt
                    2.1      Elect Director --- For
                                Because  the   benefits  of  adopting  a  US-style   board
                                structure  are  undermined by the  appointment  of outside
                                directors  who  lack  independence,  ISS  recommends  that
                                shareholders   oppose   candidates   4  to  6,   who  have
                                affiliations  that could  compromise  their  independence.
                                ISS does not  recommend  opposition  to candidates 1, 2, 3
                                or 7.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- Against
                    2.5      Elect Director --- Against
                    2.6      Elect Director --- Against
                    2.7      Elect Director --- For


10/23/06 - A        Shoprite Holdings Ltd.                   S76263102                          None                  37,399
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports For The Year Ended 30 June 2006
                    2        Approve Remuneration of Non-Executive         For          For                 Mgmt
                             Directors For The Year Ended June 30, 2006
                    3        Approve PricewaterhouseCoopers as Auditors    For          For                 Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    4        Approve Dividends                             For          For                 Mgmt
                    5        Reelect Mr. JA Louw as Director               For          For                 Mgmt
                                E.L. Nel, who is up for  reelection has attended less than
                                75 percent of board  meetings for the year without a valid
                                reason for the absences.  ISS believes that the purpose of
                                board  membership  is  to  represent  outside  shareholder
                                interests  and to monitor the  activities  of  management.
                                Directors  cannot satisfy their  fiduciary  responsibility
                                to  shareholders  if  they  do  not  attend  meetings.  We
                                therefore   recommend   that   shareholders   oppose  this
                                director nominee.
                    6        Reelect Mr. AN Van Zyl as Director            For          For                 Mgmt
                    7        Reelect Mr BR Weyers as Director              For          For                 Mgmt
                    8        Reelect Mr JF Malherbe as Director            For          For                 Mgmt
                    9        Reelect Mr AE Karp as Director                For          For                 Mgmt
                    10       Reelect Mr EL Nel as Director                 For          Against             Mgmt
                    11       Place Authorized But Unissued Shares under    For          For                 Mgmt
                             Control of Directors
                    12       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights up to a Maximum of 10
                             Percent of Issued Capital
                    13       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    14       Authorize Special Approval to Repurchase Up   For          For                 Mgmt
                             to 35.65 Million Ordinary Shares from
                             Shoprite Checkers(Proprietary) Limited and
                             Up to 481038 Ordinary Shares from The
                             Shoprite Holdings Ltd Share Incentive Trust
                    15       Amend Articles of Association                 For          For                 Mgmt


04/05/07 - A        Siam Commercial Bank PCL                 Y7905M113                          03/15/07              82,000
                    1        Approve Minutes of Previous AGM               For          For                 Mgmt
                    2        Acknowledge 2006 Operational Results          None         None                Mgmt
                    3        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    4        Approve Allocation of Income and Payment of   For          For                 Mgmt
                             Dividend of THB 2 Per Share
                    5        Approve Remuneration and Bonus of Directors   For          For                 Mgmt
                    6        Elect Directors                               For          For                 Mgmt
                    7        Approve Deloitte Touche Tohmatsu Jaiyos as    For          For                 Mgmt
                             Auditors and Fix Their Remuneration
                    8        Amend Clause 4 of the Memorandum of           For          For                 Mgmt
                             Association In Line with Conversion of
                             Preferred Shares


06/12/07 - A        Sidenor Steel Products Manufacturing     X7835U103                          None                   1,900
                    Co. S.A., (frmly Sideno
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Auditors       For                              Mgmt
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                    4        Approve Auditors and Authorize Board to Fix   For                              Mgmt
                             Their Remuneration
                    5        Ratify Appointment of Temporary Directors     For                              Mgmt
                    6        Elect New Board of Directors                  For                              Mgmt
                    7        Approve Director Remuneration                 For                              Mgmt
                    8        Amend Bylaws: Company Representation          For                              Mgmt
                    9        Authorize Issuance of Bonds                   For                              Mgmt
                    10       Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/27/07 - S        Sidenor Steel Products Manufacturing     X7835U103                          None                   1,900
                    Co. S.A., (frmly Sideno
                             Repeat Annual Meeting Agenda
                    1        Authorize Issuance of Bonds                   For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/17/07 - A        Sika AG (formerly Sika Finanz AG)        H7631K158                          None                      45
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 5.20 per Registered Share and CHF
                             31.20 per Bearer Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Elect Directors                               For                              Mgmt
                    4.2      Ratify Ernst & Young AG as Auditors           For                              Mgmt
                    5        Transact Other Business (Non-Voting)          None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/13/07 - A        Siliconware Precision Industries Co.     Y7934R109                          04/14/07             253,000
                    Ltd.
                    1        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                 Mgmt
                    5        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    6        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors
                    7        Other Business                                None         None                Mgmt


05/02/07 - A        Silver Standard Resources Inc. *SSO*     82823L106                          03/15/07                 992
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director John R. Brodie --- For
                                We recommend  withholding  votes from Meyer because he has
                                attended  less than 75 percent of the board and  committee
                                meetings,   which  we  consider  the  minimum   attendance
                                threshold  for  public  company   directors.   Anyone  who
                                accepts  a  nomination  to serve  as  director  should  be
                                prepared to make  attendance  at scheduled  meetings a top
                                priority  particularly  given  the  rigorous  demands  now
                                placed on all directors of public companies.
                    1.2      Elect Director R.E. Gordon Davis --- For
                    1.3      Elect Director David L. Johnston --- For
                    1.4      Elect Director William Meyer --- Against
                    1.5      Elect Director Robert A. Quartermain --- For
                    1.6      Elect Director Peter W. Tomsett --- For
                    2        Approve PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors


03/29/07 - A        Simcorp A/S                              K8851Q111                          03/12/07                 220
                    1        Receive Report of Board                       None         None                Mgmt
                    2        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    3        Approve Allocation of Income                  For          For                 Mgmt
                    4        Elect Directors                               For          For                 Mgmt
                    5        Ratify Auditors                               For          For                 Mgmt
                    6A       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Aggregate Amount of DKK 1.6 Million;
                             Approve Allocation of 4,200 Stock Options
                             to Directors
                    6B       Authorize Board to Allocate Special           For          For                 Mgmt
                             Dividends
                    6C       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6D       Amend Articles Re: Designate VP Investor      For          For                 Mgmt
                             Services A/S as Company Registrar
                    7        Other Business (Non-Voting)                   None         None                Mgmt


06/21/07 - A        SIMPLEX INVESTMENT ADVISORS INC.         J7550K104                          03/31/07                  27
                    *8942*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 850
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,    or   9   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.                The  payout  ratio  for the full year
                                is on the low side by  Japanese  standards.  However,  the
                                company went public only  recently,  and as posted  strong
                                growth in sales and profits in recent years.  Accordingly,
                                we do not  object to the  retention  of cash at this stage
                                of the company's development.
                    2        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                                In the item, the company asks for shareholder  approval to
                                expand  its  permitted   business   objectives.   The  new
                                business  lines  proposed  here  include  classified  loan
                                business  and  financial  commodity.  The change would not
                                require the company to enter the new business;  rather, it
                                would   give  the   board  the  right  to  do  so  at  its
                                discretion.                The  proposed  changes meet our
                                guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:      Nominee     5        Background     of
                                non-executive   nominee(s):   Nominee   5  is  a   current
                                executive  of Japan  Single-residence  Reit  Inc.  and the
                                president   of   his   own   company.                Board
                                Profile        Composition  of board after this meeting: 5
                                executives  and  1  non-executive.        The   number  of
                                outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                                See 3.1
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                241  million  to  5  directors.  We  do  not  oppose  this
                                resolution.


06/22/07 - A        Sinanen Co. Ltd. (formerly Shinagawa     J7554V106                          03/31/07               1,000
                    Fuel Co. Ltd.) *8132*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 20
                                The payout  ratio for the full year is 116  percent  based
                                on   consolidated   earnings,   or  35  percent  based  on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.        In  this case,  the  company is  proposing  a
                                dividend  amount  that  exceeds  EPS for the year,  so the
                                payout  ratio for the full year  exceeds 100  percent.  As
                                the company's  cash  reserves are still  adequate to cover
                                the   dividend,   we  have  no  reason   to  oppose   this
                                resolution.   However,   we  will  examine  future  income
                                allocation  proposals   carefully,   and  consider  voting
                                against income  allocation if the company continues to pay
                                out  dividends  in excess of  earnings in a way that comes
                                to threaten its long-term health.
                    2        Amend Articles to: Decrease Maximum Board     For          For                 Mgmt
                             Size
                                The company is decreasing  the maximum number of directors
                                on  the  board  from  20 to 10,  in  connection  with  the
                                introduction of an executive officer system.  The proposed
                                change meets our guidelines.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  0  non-executives.        The  number  of
                                outsiders is decreasing from 1 to 0.
                    3.2      Elect Director --- For


06/28/07 - A        Sincere Navigation Corp.                 Y7991E108                          04/29/07             199,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The board is  proposing  a cash  dividend of NTD 5 ($0.15)
                                per  share.  This gives the  company a payout  ratio of 88
                                percent.  We use a minimum of 30 percent  and a maximum of
                                100 percent as  benchmarks  to trigger  further  analysis.
                                The  dividend  payout  proposed is  reasonable  and easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Amend Articles of Association                 For          For                 Mgmt
                                Approval  of this item will  allow the  company  to revise
                                its  Articles  of  Association.   Key  amendments  include
                                increasing  the  board  size to six  directors  from  five
                                directors;   and  to  appoint  several  vice   presidents,
                                instead  of just two  vice  presidents,  depending  on the
                                company's  operational  needs.  The increase in board size
                                will allow the  company to  attract  potentially  valuable
                                board members during the year. Meanwhile,  the appointment
                                of additional  vice  presidents may increase  management's
                                efficiency  in  dealing  with  the  company's   day-to-day
                                operations. ISS has no objections to this resolution.
                    4        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                                The  proposal  seeks to revise  the  company's  procedures
                                governing   the   acquisition   or   disposal   of  assets
                                (Acquisition  or Disposal  Procedures) in accordance  with
                                the newly revised  Guidelines for Handling  Acquisition or
                                Disposal  of Assets by Public  Companies  (Acquisition  or
                                Disposal  Guidelines) issued by the Financial  Supervisory
                                Commission,  Executive Yuan (FSC) on Jan. 19, 2007.  Major
                                revisions to the  Acquisition  or Disposal  Guidelines are
                                as follows:  1. To enumerate  the assets that are governed
                                by the Acquisition or Disposal  Guidelines;  2. To require
                                a  company  to have  its  guidelines  for  acquisition  or
                                disposal  of assets  approved  by the board,  supervisors,
                                and  shareholders  once  it  has  been  formulated.  If  a
                                company  has  appointed  independent  directors,  it shall
                                fully  consider the opinion of its  independent  directors
                                regarding  the   formulation  or  revisions  made  to  the
                                guidelines.  Such  opinion must be recorded in the minutes
                                of the board  meeting.  Should the  company  establish  an
                                audit  committee,  its guidelines must be approved by more
                                than  half  of  the   audit   committee   members   before
                                submitting  the  proposal  for  approval to the board.  If
                                less  than  half  of  the  audit  committee  approves  the
                                guidelines,  it must be approved  by more than  two-thirds
                                of the entire board before it can be implemented;  3. If a
                                company  has  appointed  independent  directors,  it shall
                                fully  consider the opinion of its  independent  directors
                                in any discussion  related to the  acquisition or disposal
                                of assets from related parties,  and that the opinion must
                                be added to the minutes of the board  meeting.  Should the
                                company  establish an audit  committee,  the  transactions
                                related to the  acquisition  or  disposal  of assets  from
                                related  parties  must also be  approved by more than half
                                of the  audit  committee  members.  4.  The  company  must
                                obtain an appraisal  report from a professional  appraiser
                                when the  transaction  price for  acquiring  or  disposing
                                real property or other fixed assets  reaches 20 percent of
                                the company's  paid-in capital or at least NTD 300 million
                                ($9.21 million).  Such real property or other fixed assets
                                do not include those transacted with a government  agency,
                                commissioned  to  third  parties  to  build  on its own or
                                rented  land,  or acquired for  operating  use. If special
                                prices  are  required  to be  used  as  reference  for the
                                transaction price, board approval must be obtained.  5. To
                                use  the  latest  audited  financial   statements  of  the
                                company to be  acquired or  disposed  (Target  Company) as
                                the reference in appraising the transaction  price, and to
                                request  for  an   accountant's   opinion   regarding  the
                                reasonableness  of the transaction price should the dollar
                                amount of the  transaction  be equivalent to 20 percent of
                                the Target  Company's  paid-in capital or at least NTD 300
                                million ($9.21  million),  except if: the Target Company's
                                securities  have a publicly  offered  price from an active
                                market,  or otherwise  provided by regulations of the FSC;
                                6. To  require  a  company  to  prepare  a  record  of all
                                pertinent  information  when the  transaction  involves  a
                                merger,  spin-off or  acquisition  of companies  listed or
                                sold on a securities  exchange.  In addition,  some of the
                                information  must be disclosed to the public in accordance
                                with the format  specified  by the  securities  regulatory
                                authorities  two  days  after  such  transaction  has been
                                approved by the board;  and 7. To change all references to
                                the  "Securities & Futures Commission,  Ministry of
                                Finance,  Taiwan"  into the FSC. The amendments are
                                made to comply with the prevailing  relevant  regulations.
                                Given  that  this  will  improve  the  company's  existing
                                Acquisition   or  Disposal   Procedures,   ISS  recommends
                                shareholders to support this resolution.
                             Elect Directors by Cumulative Voting
                    5        Elect Directors                               For          For                 Mgmt
                    5.1      Elect Steve Gee-King Hsu as Director with
                             Shareholder No. 1 --- For
                                Items  5.1 to 5.8  seek to  elect  six  directors  and two
                                supervisors   to  replace  the  retiring   directors   and
                                supervisors  for the coming term.  The tenure of the newly
                                elected  directors and supervisors will be for three years
                                from the meeting  date until June 27,  2010.  The existing
                                directors and  supervisors  shall be discharged from their
                                offices  on  the  same  date  as  the  new  directors  and
                                supervisors  are  elected.   For  the  director  nominees,
                                Orient Dynasty Ltd. and Uppercrest  Enterprises  Ltd. will
                                each  appoint  one  representative;  while the rest of the
                                candidates do not represent  any  shareholder.  Two of the
                                nominees hold posts in Sincere Navigation.  These are Fred
                                Ching-Pen  Tsai,  who is the  chairman  and  president  of
                                Sincere  Navigation;  and Douglas  Fong-Chou Chang, who is
                                one of the vice presidents of Sincere Navigation.  For the
                                supervisor  nominees,   one  of  the  candidates  will  be
                                representing  Ching Shan  Investments  Co. Ltd.  The other
                                candidate,   Henry  C.  Wang,   does  not   represent  any
                                shareholder.  None of the nominees have been classified by
                                Sincere  Navigation  to be  independent.  Further  details
                                regarding  the  nominees  were  not  disclosed.  Taiwanese
                                companies  do not  routinely  disclose the number or names
                                of  nominees  to  their  boards.   While  we  prefer  more
                                disclosure  concerning  the  election  of  directors,  the
                                absence of  comprehensive  disclosure  is common  practice
                                for  most  Taiwanese  companies.  In  the  absence  of any
                                significant concerns regarding the proposed nominees,  ISS
                                recommends that  shareholders  distribute their cumulative
                                votes  equally  among all  director  nominees,  as well as
                                supervisor nominees.
                    5.2      Elect Fred Ching-Pen Tsai as Director with
                             Shareholder No. 5 --- For
                                Refer to Item 5.1.
                    5.3      Elect Jack Chi-Kao Hsu as Director with
                             Shareholder No. 10 --- For
                                Refer to Item 5.1.
                    5.4      Elect a Representative of Orient Dynasty
                             Ltd. as Director with Shareholder No. 88614
                             --- For
                                Refer to Item 5.1.
                    5.5      Elect a Representative of Uppercrest
                             Enterprises Ltd. as Director with
                             Shareholder No. 92013 --- For
                                Refer to Item 5.1.
                    5.6      Elect Douglas Fong-Chou Chang as Director
                             with ID No. N100228475 --- For
                                Refer to Item 5.1.
                             Elect Supervisors by Cumulative Voting
                    5        Elect Directors                               For          For                 Mgmt
                    5.7      Elect Henry C. Wang as Supervisor with
                             Shareholder No. 17 --- For
                                Refer to Item 5.1.
                    5.8      Elect a Representative of Ching Shan
                             Investments Co. Ltd. as Supervisor with
                             Shareholder No. 21 --- For
                                Refer to Item 5.1.
                    6        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors
                                This  request  will allow the  directors of the company to
                                serve on the  boards of other  companies.  This is an item
                                that  is  routinely   proposed  at  Taiwanese   AGMs.   We
                                recommend that shareholders support this request.
                    7        Other Business                                None         None                Mgmt
                                This is a non-voting item.


04/24/07 - A        Singapore Land Ltd.                      V80978113                          None                   3,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of SGD       For          For                 Mgmt
                             0.20 Per Share and Special Dividend of SGD
                             0.25 Per Share
                    3        Approve Directors' Fees of SGD 297,314 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             294,500)
                    4a       Reelect James L. Go as Director               For          Against             Mgmt
                                Due to the company's  failure to provide the annual report
                                for  financial  year 2006,  we are unable to ascertain the
                                level of independence  of these  nominees.  Given this and
                                considering  concerns against executive  directors who are
                                also members of key board  committees,  as their  presence
                                threatens to undermine the purpose of these  committees in
                                providing  independent  oversight and preventing conflicts
                                of  interest,   and  the  best  practice   recommendations
                                stipulated in  Singapore's  Code of Corporate  Governance,
                                which  limits  the  members  of  audit  and   remuneration
                                committees  to  non-executives  only, a vote against these
                                resolutions is recommended.
                    4b       Reelect Lance Y. Gokongwei as Director        For          Against             Mgmt
                    4c       Reelect Gwee Lian Kheng as Director           For          Against             Mgmt
                    4d       Reelect Pang Cheng Lian as Director           For          Against             Mgmt
                    5a       Reelect Wee Cho Yaw as Director               For          Against             Mgmt
                    5b       Reelect John Gokongwei, Jr. as Director       For          Against             Mgmt
                    5c       Reelect Tan Boon Teik as Director             For          Against             Mgmt
                    5d       Reelect Hwang Soo Jin as Director             For          Against             Mgmt
                    5e       Reelect Gabriel C. Singson as Director        For          Against             Mgmt
                    6        Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    7        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    8        Other Business (Voting)                       For          Against             Mgmt
                                While such  requests are usually  routine,  the  potential
                                for  discussion  and  subsequent  approval  of items  that
                                could  be   dangerous  to  minority   shareholders   is  a
                                possibility.  Until  more  detailed  information  is  made
                                available  concerning  these items,  a vote  opposing such
                                requests must be recommended.


05/28/07 - A/S      Sino-Forest Corporation *TRE*            82934H101                          04/26/07               4,212
                    1        Elect Directors Allen T.Y. Chan, Kai Kit      For          Against             Mgmt
                             Poon, Edmund Mak, Simon Murray, James M.E.
                             Hyde and Judson Martin
                    2        Approve BDO McCabe Lo Limited as Auditors     For          For                 Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    3        Amend Stock Option Plan                       For          Against             Mgmt
                                ISS feels that the proposed  amendment  provision provides
                                the board with overly broad discretionary  powers to amend
                                the   company's   equity-based   compensation   plans   as
                                currently approved by shareholders.


06/27/07 - A        Sintokogio Ltd. *6339*                   J75562108                          03/31/07               8,882
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominees  3 and 4          Nominee  3
                                does not  meet  our  criteria  for  independence.  He is a
                                former  executive  director of one of the  company's  main
                                banks.  Nominee 4 meets our criteria for independence.  He
                                is  a  former  executive   director  of  IBM  Japan,  Ltd.
                                        Given  the realities of Japanese  business and the
                                strong   loyalties  to   companies   held  by  those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominee 3 for  independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 2.1.
                    2.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.


06/25/07 - A        SISTEMA-HALS JSC                         82977M108                          05/23/07               9,629
                             Meeting for Holders of ADRs
                    1        ANNUAL BOOKKEEPING REPORTING, INCLUDING       For          For                 Mgmt
                             PROFIT-AND-LOSS REPORTS (PROFIT-AND-LOSS
                             ACCOUNT) OJSC SISTEMA-HALS FOR 2006.
                    2        NOT TO PAY SHARE DIVIDENDS OF OJSC            For          For                 Mgmt
                             SISTEMA-HALS FOR 2006 ACCORDING TO THE
                             RESULTS OF RAS (RUSSIAN ACCOUNTING
                             STANDARDS).
                    3.1      TO APPROVE LLC (LIMITED LIABILITY COMPANY)    For          For                 Mgmt
                             AUDITING COMPANY REFIN AUDIT AS AN AUDITOR
                             OF OJSC SISTEMA-HALS FOR 2007 FOR AUDITING
                             ACCORDING TO STANDARDS RAS (RUSSIAN
                             ACCOUNTING STANDARDS).
                    3.2      TO APPROVE CJSC DELLOITTE & TOUCHE (CIS) AS   For          For                 Mgmt
                             AN AUDITOR OF OJSC SISTEMA-HALS FOR 2007
                             FOR AUDITING ACCORDING TO STANDARDS US GAAP.
                    4        TO PAY MANAGEMENT FEE TO THE BOARD OF         For          For                 Mgmt
                             DIRECTORS COUNCILORS OF OJSC SISTEMA-HALS
                             UNDER THE TOTALS OF 2006 AT THE RATE OF 100
                             (A HUNDRED) THOUSAND US DOLLARS TO EACH.
                    5        TO APPROVE THE PROVISION ON FEES AND          For          For                 Mgmt
                             COMPENSATIONS PAID TO COUNCILORS OF THE
                             CORPORATION BOARD OF DIRECTORS IN A NEW
                             EDITION.
                    6        TO APPROVE THE PROVISION ON THE OPTIONAL      For          Against             Mgmt
                             PROGRAM FOR COUNCILORS OF THE BOARD OF
                             DIRECTORS OF OJSC SISTEMA-HALS .
                                Although the company has  disclosed the terms of the plan,
                                we  note  that  details  such  as  vesting  provisions  or
                                performance  criteria,  if any, are absent from the terms.
                                We note that the shares  will be  offered  for free to all
                                board members, both executives and non-executives.  Absent
                                performance  criteria  or  vesting  provisions,  the  plan
                                participants  will  have an  incentive  to  cash in  their
                                grants  for an  immediate  return  rather  than hold on to
                                their  options  for  future  gains,  thereby  reducing  or
                                eliminating the incentive  value of such awards.  For this
                                reason, we recommend a vote against this proposal.
                    7.1      Fix Number of Directors at Nine               For          For                 Mgmt
                             Elect Nine Directors by Cumulative Voting
                    7.2a     Elect Valery Abramson as Director             None         Withhol             Mgmt
                                ISS   Analysis        We   note  that  the  definition  of
                                independence    contained   in   the   Russian   Corporate
                                Governance  Code,  and  used  by  the  company,  is not as
                                detailed  as ours  and  that we are  therefore  unable  to
                                classify  Daft as an  independent  director  based  on our
                                classification    guidelines.    However,   because   this
                                candidate can be classified  as  independent  based on the
                                company's   definition  of  director   independence,   and
                                because we believe  that  independent  directors  are most
                                capable  of  making  impartial   decisions,   taking  into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote  in  favor  of  Daft  (item  7.2e)  and
                                withhold their votes for the remaining eight nominees.  We
                                believe  that  this  candidate  is most  likely  to  bring
                                independence  to the board and will most likely act in all
                                shareholders' interest.
                    7.2b     Elect Alexey Buyanov as Director              None         Withhol             Mgmt
                    7.2c     Elect John Gummer as Director                 None         Withhol             Mgmt
                    7.2d     Elect Alexander Goncharuk as Director         None         Withhol             Mgmt
                    7.2e     Elect Douglas Daft as Director                None         For                 Mgmt
                    7.2f     Elect Sergey Drozdov as Director              None         Withhol             Mgmt
                    7.2g     Elect Felix Evtushenkov as Director           None         Withhol             Mgmt
                    7.2h     Elect Dmitry Zubov as Director                None         Withhol             Mgmt
                    7.2i     Elect Robert Tsenin as Director               None         Withhol             Mgmt
                             Elect Three Members of Audit Commission
                    8.1      ELECTION OF AUDITING COMMISSION OF OJSC       For          For                 Mgmt
                             "SISTEMA-HALS: TRETIAKOV ALEXANDER
                             VLADIMIROVITCH.
                    8.2      ELECTION OF AUDITING COMMISSION OF OJSC       For          For                 Mgmt
                             SISTEMA-HALS: SOKOLOV IGOR MARKOVITCH.
                    8.3      ELECTION OF AUDITING COMMISSION OF OJSC       For          For                 Mgmt
                             SISTEMA-HALS: SHATOKHIN ALEXEI
                             ANATOLIEVITCH.


03/09/07 - A        SK Corporation (FormerlyYukong Ltd )     Y80662102                          12/31/06               2,390
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividends of KRW 1900 Per Common Share
                    2        Elect Directors                               For          For                 Mgmt
                    2.3.1    Elect Dae-woo Nam as Member of Audit          For          For                 Mgmt
                             Committee
                    2.3.2    Elect Yoon-suk Suh as Member of Audit         For          For                 Mgmt
                             Committee
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


03/09/07 - A        SK Telecom                               Y4935N104                          12/31/06                 747
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Year-End Dividend of KRW 7000 Per Share
                    2        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                    3        Elect Directors                               For          For                 Mgmt
                    3.2      Elect Member of Audit Committee               For          For                 Mgmt


03/09/07 - A        SKC Ltd.                                 Y8065Z100                          12/31/06               2,520
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 300 Per Share
                    2        Elect Executive Director                      For          For                 Mgmt
                    3        Elect Two Members of Audit Committee          For          For                 Mgmt
                    4        Approve Remuneration of Executive Directors   For          Against             Mgmt
                             and Independent Non-Executive Directors
                                ISS  believes  it is unfair to increase  the  remuneration
                                ceiling while the dividend  payout is  relatively  far low
                                even by Korean  Standards.  Therefore,  we recommend  that
                                shareholders vote against this resolution.


05/17/07 - A/S      Skye Resources Ltd. *SKR*                83081N107                          04/17/07               2,727
                    1        Approve Davidson & Company as Auditors and    For          For                 Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                                Davidson & Company  are the  company's  current  auditors.
                                        Multilateral  Instrument 52-110 - Audit Committees
                                requires all  reporting  issuers to disclose the fees paid
                                to external  auditors.  According to the company,  it paid
                                $89,408 for audit,  $15,240 for  audit-related,$9,750  for
                                tax, and $nil for other services  provided by the auditing
                                firm for the most recent  fiscal year.  Tax fees were paid
                                for tax compliance, advice and planning services.
                    2        Fix Number of Directors at Eight              For          For                 Mgmt
                                This is a routine resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director Ian G. Austin --- For
                                We applaud  the company for  providing  shareholders  with
                                the  opportunity  to vote with  respect  to each  director
                                individually.           The   board  will  be  a  majority
                                independent.  The slate is composed  of seven  independent
                                and one inside nominees.          The  offices of Chairman
                                and CEO have been  separated.        The  board has formed
                                a separate Governance & Human Resources  Committee,  which
                                performs     the     function     of    a     compensation
                                committee.        There  are no  insiders on the Audit and
                                Governance  & Human  Resources  committees.        Austin,
                                who is president and CEO of the company, is an insider.
                    3.2      Elect Director Gordon W. Bacon --- For
                                Bacon,  who is an  independent  outsider,  is chair of the
                                board and a member of the  Audit  and  Governance  & Human
                                Resources committees.
                    3.3      Elect Director Robert A. Horn --- For
                                Horn, who is an independent  outsider,  is a member of the
                                Governance & Human Resources Committee.
                    3.4      Elect Director Terry A. Lyons --- For
                                Lyons  is an  independent  outsider  and a  member  of the
                                Audit     and     Governance     &     Human     Resources
                                committees.        Based  on the  information  provided in
                                the circular,  Lyons sits on seven public  company  boards
                                including  this  one.  Due to  the  increased  demands  on
                                directors of public  companies we view best practice to be
                                no more than two  outside  directorships  for a CEO and no
                                more  than six for a  non-employee  director.  We  believe
                                that directors who are  overextended  may be  jeopardizing
                                their  ability to serve as  effective  representatives  of
                                shareholders,  and will continue to monitor this situation
                                at Skye Resources.
                    3.5      Elect Director David Mcintyre --- For
                                McIntyre is an independent outsider.
                    3.6      Elect Director Sheila H. O'Brien --- For
                                O'Brien is an independent outsider.
                    3.7      Elect Director Ronald S. Simkus, --- For
                                Simkus is an independent outsider.
                    3.8      Elect Director David S. Smith --- For
                                Smith  is an  independent  outsider  and a  member  of the
                                Audit Committee.
                    4        Amend Stock Option Plan                       For          Against             Mgmt
                                This item is proposing  to introduce a detailed  amendment
                                provision  in the stock  option  plan which  meets most of
                                ISS  requirements  but is missing one potential  amendment
                                regarding  the  transferability  of options.  The proposed
                                provision does not require  shareholder  approval to amend
                                the plan to allow the  transferability or assignability of
                                options.   ISS  believes  that  this  amendment  provision
                                grants  discretionary power to the board to amend the plan
                                in a way which may not align with shareholder interests.
                    5        Approve Performance Share Units Plan          For          For                 Mgmt
                                This item will  approve a  Performance  Share  Units Plan.
                                Details   of   the   plan:        Eligible   participants:
                                Employees,         executive         directors         and
                                consultants.        Awards:    performance   share   units
                                (PSUs)  credited to the  participant's  account.  PSUs are
                                redeemed  at  the  end of  each  performance  period  upon
                                achievement  of  target  milestones   established  by  the
                                company.  The performance  period  commences  January 1 or
                                immediately  preceding  the grant and ends on  December 31
                                of the third year  following  the  calendar  year in which
                                PSUs were  granted.        Number  of  shares:  1,050,000;
                                Potential    dilution    (non-diluted):    2.4    percent.
                                        Maximum  number of shares:  In any fiscal  year to
                                any one  participant  five percent of shares  outstanding.
                                .        Amendment    provision:    Shareholder   approval
                                required  to amend plan to (a)  increase  number of shares
                                reserved;  (b) change the manner of determining the market
                                value  of the  PSUs.;  (c)  extend  the  termination  date
                                beyond  the  original  expiration  date.        The  total
                                cost  of the PSU  Plan is  compared  to an  allowable  cap
                                using  a  compensation   model.  The  allowable  caps  are
                                industry-specific,  market  cap-based,  and  pegged to the
                                average  amount paid by  companies  performing  in the top
                                quartile    of    their    peer    groupings.     Industry
                                classifications  are established  using standard  industry
                                code (SIC) groups.  Using  historic data tracked by ISS of
                                the value of  authorized  shares for issue at each company
                                ranked in the top  quartile of its  industry,  a benchmark
                                pay  level is  established  for each  industry.  The total
                                cost of the  company's  plan of eight  percent is equal to
                                the  allowable cap for this company of eight  percent.  We
                                note  that the  company  also  has an  option  plan  which
                                reserves a fixed  number of shares  resulting in potential
                                dilution of 10.5  percent.  At this meeting the company is
                                asking for  approval of two new plans,  the PSU Plan and a
                                Deferred  Share  Unit Plan (Item 6),  which when  combined
                                with the option plan could  result in  potential  dilution
                                of 13.5  percent.  Two negative  features of this plan are
                                (i) PSUs have no  exercise  price  and are  valued at zero
                                percent of fair market  value making them more costly than
                                an  award  with an  exercise  price;  (ii)  the  amendment
                                provision  grants  discretionary  power  to the  board  to
                                amend the plan. However,  ISS generally favours plans such
                                as this one which align the  interests  of  employees  and
                                shareholders   by  (i)   including   performance   vesting
                                criteria;    (ii)   excluding    discretionary    director
                                participation.
                    6        Approve Deferred Share Unit Plan              For          For                 Mgmt
                                This  item  will  approve  a  Deferred  Share  Unit  Plan.
                                Details  of  the  plan:           Eligible   participants:
                                Directors     who    are    not     employees    of    the
                                company.        Awards:   Deferred   share  units   (DSUs)
                                credited to the participant's  account.  DSUs are redeemed
                                after the  termination  date which is the earliest date on
                                which the  participant  ceases to be a member of the board
                                of the  company  of a  related  company.        Number  of
                                shares:  300,000;  Potential dilution  (non-diluted):  0.7
                                percent.          Maximum  number of shares: In any fiscal
                                year  to  any  one  participant  five  percent  of  shares
                                outstanding.   .        Amendment  provision:  Shareholder
                                approval  required to amend plan to (a) increase number of
                                shares reserved;  (b) change the manner of determining the
                                market  value of the  DSUs.        The  total  cost of the
                                DSU  Plan  is  compared  to  an  allowable   cap  using  a
                                compensation     model.    The    allowable    caps    are
                                industry-specific,  market  cap-based,  and  pegged to the
                                average  amount paid by  companies  performing  in the top
                                quartile    of    their    peer    groupings.     Industry
                                classifications  are established  using standard  industry
                                code (SIC) groups.  Using  historic data tracked by ISS of
                                the value of  authorized  shares for issue at each company
                                ranked in the top  quartile of its  industry,  a benchmark
                                pay  level is  established  for each  industry.  The total
                                cost of the company's  plan of seven percent is within the
                                allowable cap for this company of eight  percent.  We note
                                that the company also has an option plan which  reserves a
                                fixed number of shares resulting in potential  dilution of
                                10.5  percent.  At this  meeting the company is asking for
                                approval of two new plans,  the PSU Plan and a Performance
                                Share Unit Plan (Item 5),  which  when  combined  with the
                                option  plan could  result in  potential  dilution of 13.5
                                percent.  Negative features of this plan are (i) DSUs have
                                no exercise  price and are valued at zero  percent of fair
                                market  value  making  them more costly than an award with
                                an exercise price; (ii) the board has discretionary  power
                                to amend the plan and  participate  in the plan.  However,
                                ISS  generally  favours plans such as this one which align
                                the interests of directors,  employees and shareholders by
                                including time vesting criteria.
                    7        Approve Shareholder Rights Plan               For          For                 Mgmt
                                Shareholders  are being  asked to  approve  a  shareholder
                                rights plan  adopted by the board of directors on December
                                21, 2006.  If  approved,  the Skye  Resources  rights plan
                                will  have a term of three  years.          Many  Canadian
                                companies in the last five years have adopted  shareholder
                                rights plans which  address the concerns of  institutional
                                investors   by,   among  other   things,   providing   for
                                three-year  sunset  provisions  and  allowing  for partial
                                bids to  proceed  despite  board  opposition.  These  'new
                                generation'  rights  plans  ensure that in a takeover  bid
                                situation  the board has limited  discretion  to interpret
                                the  plan  and   shareholders   receive   fair  and  equal
                                treatment.  The  Skye  Resources  rights  plan  meets  the
                                criteria  of a 'new  generation'  rights  plan.        The
                                Skye Resources  rights plan is a permitted bid plan with a
                                20 percent  ownership  trigger and a minimum share deposit
                                requirement  to approve a takeover  bid. A Permitted  Bid,
                                according to the  provisions of the plan,  must be made to
                                all  holders of voting  shares by means of a takeover  bid
                                circular  and remain open for  deposits  for not less than
                                60 days.  Shares may not be taken up under a Permitted Bid
                                unless  more than 50 percent of the voting  shares held by
                                Independent  Shareholders  are  deposited and in the event
                                that  this   condition  is   satisfied,   the  offeror  is
                                obligated  to make a public  announcement  of the fact and
                                the bid must  remain  open  for  further  deposits  for an
                                additional  ten days.  Based on this  definition,  partial
                                bids are possible  under the Skye  Resources  rights plan.
                                Partial bids are  integral to rights plans since  Canadian
                                takeover  bid  legislation  is  premised  on the  right of
                                shareholders    to   determine    for    themselves    the
                                acceptability  of any bid for  their  shares,  partial  or
                                otherwise.          The  other  definitions  in this  plan
                                also conform to ISS guidelines.  The redemption and waiver
                                provisions  require  prior  shareholder  approval  for any
                                substantive  amendment to the plan. The plan also contains
                                an acceptable  exemption for lockup agreements.  The terms
                                of  the  lock-up   agreement  balance  the  ability  of  a
                                potential  bidder to make a takeover  bid and the  ability
                                of the board to maximize shareholder value.  Finally, this
                                plan has a three-year  sunset provision which ISS supports
                                affording  shareholders the opportunity to review the plan
                                in light of current  market  conditions  and  management's
                                use of the  plan.        On  the  basis of the  foregoing,
                                the Skye  Resources  shareholder  rights  plan  limits the
                                discretion  to  the  board  while  protecting  shareholder
                                interests,  and  is a 'new  generation'  rights  plan.  We
                                recommend voting for its approval.


03/14/07 - A        SLIGRO FOOD GROUP NV(formerly SLIGRO     N8084E106                          None                     973
                    BEHEER NV)
                    1        Open Meeting and Receive Announcements        None                             Mgmt
                    2a       Discuss Minutes of Meeting That Took Place    None                             Mgmt
                             March 22, 2006
                    2b       Discuss Minutes of Meeting That Took Place    None                             Mgmt
                             on June 28, 2006
                    3        Receive Report of Management Board            None                             Mgmt
                    4a       Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4b       Approve Allocation of Income                  For                              Mgmt
                    4c       Approve Discharge of Management Board         For                              Mgmt
                    4d       Approve Discharge of Supervisory Board        For                              Mgmt
                    5        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    6        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    7        Grant Board Authority to Issue Shares Up To   For                              Mgmt
                             10 Percent of Issued Capital Plus
                             Additional 10 Percent in Case of
                             Takeover/Merger and Restricting/Excluding
                             Preemptive Rights
                    8        Approve 1:2 Stock Split                       For                              Mgmt
                    9        Close Meeting and Allow Questions             None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/18/06 - S        Smit Internationale                      N81047164                          10/11/06                 247
                    1        Open Meeting                                  None                             Mgmt
                    2        Amend Articles of Association                 For                              Mgmt
                    3        Allow Questions                               None                             Mgmt
                    4        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/09/07 - A        Smit Internationale                      N81047172                          05/02/07                 733
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report of Management Board            None                             Mgmt
                    3        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    4        Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    5        Approve Dividends of EUR 2.25 Per Share       For                              Mgmt
                    6        Approve Discharge of Management Board         For                              Mgmt
                    7        Approve Discharge of Supervisory Board        For                              Mgmt
                    8        Approve Remuneration of Supervisory Board     For                              Mgmt
                    9        Ratify KPMG Accountants NV as Auditors        For                              Mgmt
                    10       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    11       Grant Board Authority to Issue Shares         For                              Mgmt
                    12       Receive Announcements (non-voting)            None                             Mgmt
                    13       Other Business (Non-Voting)                   None                             Mgmt
                    14       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/20/07 - A        So-Net Entertainment Corp. (formerly     J7620U108                          03/31/07                  12
                    Sony Communication Network Corp.)
                    *3789*
                    1        Elect Directors                               For          For                 Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominee     7        Background     of
                                non-executive    nominee(s):    The    nominee    is    an
                                attorney.        Board    Profile        Composition    of
                                board   after   this   meeting:   6   executives   and   1
                                non-executive.        The    number   of    outsiders   is
                                remaining the same.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  All  nominees        Nominees  1 and 2
                                do not  pass our test  for  independence.  Nominee  1 is a
                                long-time  employee of parent  company Sony Corp.  and its
                                affiliate  Sony  Global  Solutions,  Inc.  Nominee  2 is a
                                current   executive   officer   of  the   second   largest
                                shareholder,  Sony  Finance  International,  which holds a
                                12.56   percent  stake  in  So-Net   Entertainment   Corp.
                                However,  nominee 3 meets our criteria  for  independence.
                                He is the general  manager of the Tokyo branch of Deutsche
                                Bank.          Given  the  realities of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominees  1  and 2  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See item 2.1.
                    2.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Special Payments to Continuing        For          For                 Mgmt
                             Directors in Connection with Abolition of
                             Retirement Bonus System
                                The company requests  shareholder approval for payments in
                                lieu of retirement bonuses to 4 continuing directors.  The
                                board is requesting  the authority to make these  payments
                                in connection  with the abolition of the retirement  bonus
                                system.                  In this case, the recipients have
                                held executive positions with the company,  and we have no
                                reason to oppose this resolution.
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors and
                             Approve Deep Discount Stock Option Plan for
                             Directors
                                In this item,  first, the fixed  compensation  ceiling for
                                directors  would be raised from JY 200 million per year to
                                JY 300  million  per year.          Next,  the  company is
                                proposing  a deep  discount  stock  option  plan  for  its
                                directors.  So-Net  Entertainment  seeks  to  create a new
                                compensation  ceiling of JY 100 million per year set aside
                                for directors'  stock option grants.  The value of options
                                will be calculated  based on financial  models such as the
                                Black--Scholes     model.             Option    Plan
                                Summary        The  exercise price will be set at JY 1 per
                                share.        Potential  Dilution:  The maximum  number of
                                shares  which  could be  issued  per year is 300.  If this
                                resolution is approved,  the company will not need to seek
                                annual  shareholder  approval for future  option grants as
                                long as the  number  of  shares  issued  per year does not
                                exceed the annual limit.  Assuming that the company issues
                                300 shares per year over the next ten years,  the  maximum
                                potential  dilution from this plan comes to 1.2 percent of
                                issued   capital.   ISS  guidelines   call  for  potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth  company.        Exercise  Period:
                                Options may only be exercised  after the  recipient  steps
                                down  from  his  or  her   position.           Performance
                                Hurdles:  None.        This  plan  meets  ISS  guidelines.
                                Because   this   plan   will   contribute   to  a  greater
                                consciousness  of the  company's  share price,  we have no
                                reason to oppose this resolution.
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends that  PricewaterhouseCoopers  Aarata
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed  PricewaterhouseCoopers  Aarata on a provisional
                                basis.   Here,  the  company  seeks  to  formally  appoint
                                PricewaterhouseCoopers  Aarata. We see no reason to oppose
                                this resolution.


01/30/07 - A/S      Sodexho Alliance SA                      F84941123                          None                   2,102
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.95 per Share
                    3        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    4        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    5        Reelect Pierre Bellon as Director             For                              Mgmt
                    6        Reelect Remi Baudin as Director               For                              Mgmt
                    7        Reelect Francois-Xavier Bellon as Director    For                              Mgmt
                    8        Reelect Astrid Bellon as Director             For                              Mgmt
                    9        Reelect Sophie Clamens as Director            For                              Mgmt
                    10       Reelect Nathalie Szabo as Director            For                              Mgmt
                    11       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 472,500
                    12       Authorize Issuance of Bonds/Debentures in     For                              Mgmt
                             the Aggregate Value of EUR 2 Billion.
                             Special Business
                    13       Amend Article 12 of Bylaws Re: Attend Board   For                              Mgmt
                             Meetings Through Videoconference and
                             Telecommunication
                    14       Authorize up to 1 Percent of Issued Capital   For                              Mgmt
                             for Use in Restricted Stock Plan
                    15       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Filling of Required                 For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/11/07 - A        Software AG                              D7045M133                          04/20/07                 679
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.90 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Elect Frank Beelitz and Alf Wulf to the       For                              Mgmt
                             Supervisory Board
                    6        Ratify BDO Detsche Warentreuhand AG as        For                              Mgmt
                             Auditors
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Allow Electronic Distribution of Company      For                              Mgmt
                             Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/15/07 - A        SONIX TECHNOLOGY CO                      Y8071M101                          04/16/07             103,000
                    1        Accept Operating Results and Financial        For          For                 Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                                The board is proposing a cash  dividend of NTD 3.7 ($0.11)
                                per share  and a stock  dividend  of 30  shares  for every
                                1,000 shares held,  or NTD 0.3 ($0.009)  each.  This gives
                                the  company  a  payout  ratio of 80.3  percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                dividend   payout   proposed  is  reasonable   and  easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Approve Capitalization of 2006 Dividends      For          For                 Mgmt
                             and Employee Profit Sharing
                                Taiwanese  companies  routinely  capitalize  dividends and
                                distribute new fully paid shares to  shareholders  free of
                                charge;  there  is no cost  to  shareholders  to  maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.  This  item  is  pursuant  to  the  stock  dividends
                                discussed   in   Item    2.        Meanwhile,    Taiwanese
                                companies  usually state in their  articles of association
                                to allocate not more than 10 percent of the  company's net
                                profit  as  employee  profit  sharing  to  compensate  and
                                motivate  employees of the company.  In this case, a total
                                of NTD 20 million  ($613,686)  is  reserved  for  employee
                                profit  sharing in the form of  shares.        ISS  has no
                                objections to this resolution.
                    4        Amend Articles of Association                 For          Against             Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    5        Amend Procedures Governing the Acquisition    For          Against             Mgmt
                             or Disposal of Assets
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    6        Other Business                                None         None                Mgmt
                                This is a non-voting item.


07/18/06 - A        SP AUSNET *SPN*                          Q8604X102                          07/16/06              25,352
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    2a       Elect Eric Gwee Teck Hai as Director          For          Against             Mgmt
                                Executive  Summary of Reason for 'Against'  Recommendation
                                on   Res.   2(a)        -   Gwee   is  a   non-independent
                                non-executive  director  associated  with the  controlling
                                security   holder  on  a  board   where   executives   and
                                non-executive  directors  affiliated  with the controlling
                                shareholder hold six of the nine  positions.        - Gwee
                                is also a member  of an  audit  committee  with  directors
                                affiliated  with  the  controlling  security  holder  hold
                                three of the six positions.
                    2b       Elect Jeremy Guy Ashcroft Davis as Director   For          For                 Mgmt
                    2c       Elect Antonio Mario (Tony) Iannello as        For          For                 Mgmt
                             Director
                    3        Approve KPMG as Auditors and Authorize        For          For                 Mgmt
                             Board to Fix Their Remuneration
                    4        Adopt Remuneration Report for the Period      For          For                 Mgmt
                             Ended March 31, 2006
                    5        Approve Remuneration of Non-Executive         For          For                 Mgmt
                             Directors in the Amount of A$1 Million Per
                             Year With Effect From April 1, 2006
                    6        Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights Up to
                             15 Percent of the Company's Issued Share
                             Capital


01/31/07 - A        SPAREBANKEN MIDT-NORGE                   R82401101                          None                   1,603
                             Meeting for Holders of Primary Capital
                             Certificates
                    1        Elect Members and Deputy Members of           For          For                 Mgmt
                             Committee of Representatives
                    2        Elect Members and Deputy Members of           For          For                 Mgmt
                             Nominating Committee


10/26/06 - A        SPECIALITY FASHION GROUP LTD             Q60933100                          10/24/06              17,901
                    1        Approve Remuneration Report for the Year      For          For                 Mgmt
                             Ended June 30, 2006
                    2a       Elect Geoffrey Levy as Director               For          Against             Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  2a        - MRL has no independent  directors.
                                Levy is the chairperson,  and in addition, is an affiliate
                                of Investec Wentworth,  a substantial investor via private
                                equity  funds  it  manages,   in  the  company.   Investec
                                Wentworth  executives  and  executive  directors  comprise
                                four of the five  directors  at the time this  report  was
                                written,  and will  continue to comprise a majority of the
                                board even after the retirement  from an executive role of
                                one director.
                    2b       Elect Ian Miller as Director                  For          For                 Mgmt
                    3        Change Company Name to Specialty Fashion      For          For                 Mgmt
                             Group Limited
                    4        Approve Reduction in Share Capital by         For          For                 Mgmt
                             Returning A$0.20 Per Share on Issue as at
                             Nov. 2, 2006
                    5        Approve Eight-for-Ten Reverse Stock Split     For          For                 Mgmt
                    6        Amend Constitution Re: Sale of Unmarketable   For          For                 Mgmt
                             Parcels of Shares


09/06/06 - A        Spice Plc                                G834BB108                          None                     699
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                                The Audit Committee  comprises  Philip Rodgers  (Committee
                                Chairman),  Sir Rodney Walker and John Taylor.  Sir Rodney
                                Walker  is  deemed   non-independent  by  RREV  (see  note
                                below).  We believe  that AIM listed  companies  should be
                                granted  more  flexibility,  and as such,  we only require
                                that a  majority  of the  members  of  this  committee  be
                                independent  NEDs.  The  Company  meets this  requirement.
                                Under  the  NAPF  interpretation  of the  Code,  we do not
                                consider it best  practice  for the  Chairman of the Board
                                to be a member of the Audit  Committee.  We encourage  the
                                Company to address this over the upcoming year.
                    2        Approve Final Dividend of 1.9 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    3        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    4        Re-elect Carl Chambers as Director            For          For                 Mgmt
                    5        Re-elect Sir Rodney Walker as Director        For          Abstain             Mgmt
                                The  individual  up  for   re-election  is  the  Company's
                                Chairman.  He is the Chairman of the Nomination  Committee
                                and a member  of the Audit  and  Remuneration  Committees.
                                Under  the  NAPF  interpretation  of the  Code,  we do not
                                consider it best  practice  for the  Chairman of the Board
                                to be a member  of the  Audit  Committee.  Moving  on,  we
                                encourage  the Company to reconsider  Sir Rodney  Walker's
                                membership  on the Audit  Committee  since his  membership
                                compromises  the  independent  oversight  provided by this
                                committee.   With   regard  to  his   membership   on  the
                                Remuneration  Committee, we are not highlighting this as a
                                significant  corporate  governance issue in the interim as
                                the  Financial   Reporting   Council  (FRC)  is  currently
                                consulting  regarding a possible  amendment to the Code on
                                this point. Consequently,  we will not be recommending any
                                adverse  vote  decision  at  this  time   considering  the
                                limited number of non-executive directors on the Board.
                    6        Approve Increase in Authorised Capital from   For          For                 Mgmt
                             GBP 6,000,000 to GBP 8,000,000
                                The  Board  is  proposing   to  increase   the   Company's
                                authorised  share capital by 33.33 percent by the creation
                                of 20,000,000  additional ordinary shares of 10 pence each
                                ranking  pari  passu  with  the  existing  ordinary  share
                                capital  of the  Company.  We have no  objections  to this
                                increase.
                    7        Subject to the Passing of Item 6, Authorise   For          For                 Mgmt
                             Issue of Equity or Equity-Linked Securities
                             with Pre-emptive Rights up to Aggregate
                             Nominal Amount of GBP 1,648,888.16
                                Pursuant  to Section  80 of the  Companies  Act 1985,  the
                                Board is  proposing  an amount  for share  issuances  with
                                pre-emptive  rights  equivalent  to 33.33  percent  of the
                                current  issued share  capital.  The authority will expire
                                at the Company's AGM in 2007.          We  recommend  that
                                shareholders  approve this authority,  which is within our
                                guidelines for a company of this size and scope.
                    8        Subject to the Passing of Item 7, Authorise   For          For                 Mgmt
                             Issue of Equity or Equity-Linked Securities
                             without Pre-emptive Rights up to Aggregate
                             Nominal Amount of GBP 247,332.22
                                Pursuant  to Section  95 of the  Companies  Act 1985,  the
                                Board is proposing an amount for share  issuances  without
                                pre-emptive  rights  equivalent  to  five  percent  of the
                                current  issued share  capital.  The authority will expire
                                at the Company's AGM in 2007.          We  recommend  that
                                shareholders  approve this authority,  which is within our
                                guidelines for a company of this size and scope.
                    9        Change Company Name to Spice Plc              For          For                 Mgmt
                                The Board is seeking  Shareholder  approval  to change the
                                name of the Company to "Spice  Plc".  The shorter  name of
                                "Spice"   is  more   striking   and   memorable   and  was
                                unavailable at Companies House until recently.
                    10       Approve the Company Entering Into the         For          For                 Mgmt
                             Contract to Purchase Wellfield House
                                The Board is proposing an ordinary  resolution  to approve
                                the   Company   entering   into  a  contract  to  purchase
                                Wellfield  House  for GBP  1,650,000.  Part  of  Wellfield
                                House is  currently  leased by the Company and used as its
                                head office.  During the year, the Company paid GBP 82,500
                                to Tree Tots Limited in consideration  for which an option
                                was  granted  by Tree Tots  Limited to the  Company  which
                                gives the Company the right to  purchase  Wellfield  House
                                for GBP 1,650,000  subject to shareholder  approval of the
                                proposed  contract.   The  wife  of  William  Rigby  is  a
                                Director of Tree Tots  Limited.  Under  Section 320 of the
                                Companies  Act  1985,  shareholder  approval  is  required
                                before  the  Company  may  enter  into  the   contract  to
                                purchase  Wellfield  House  since  William  Rigby and Tree
                                Tots Limited are connected  parties.  The agreed  purchase
                                price for Wellfield  House was determined  after obtaining
                                two independent  valuations from chartered surveyors.  The
                                option fee of GBP 82,500 will be deducted  from the agreed
                                purchase  price  and  is  refundable  in  the  event  that
                                shareholder  approval is not  obtained.  It is  considered
                                that  acquiring  the  freehold  to  Wellfield  House would
                                allow the  Company  maximum  flexibility  to adapt and use
                                the whole of the  premises  to meet head  office and other
                                Group accomodation requirements.


04/04/07 - A        Sponda Oyj                               X84465107                          03/23/07               3,695
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                             Mgmt
                    1.3      Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.40 Per Share
                    1.5      Approve Discharge of Board and President      For                              Mgmt
                    1.6      Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    1.7      Fix Number of Directors at Six                For                              Mgmt
                    1        Elect Directors                               For                              Mgmt
                    1.9      Appoint KPMG Oy Ab and Sixten Nyman APA as    For                              Mgmt
                             Auditors; Elect Riitta Pyykko as Deputy
                             Auditor
                             Shareholder Proposals
                    2        Shareholder Proposal: Establish Nominating    None                             ShrHoldr
                             Committee
                             Ordinary Business
                    3        Amend Articles to Comply with New Finnish     For                              Mgmt
                             Companies Act
                    4        Authorize Repurchase of up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    5        Authorize Reissuance of Repurchased Shares    For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/21/06 - S        SRE Group Ltd.                           G8064F105                          None                  74,000
                    1        Approve Acquisition by Gaken Investment       For          For                 Mgmt
                             Ltd. of the Remaining 30 Percent Equity
                             Interest in Shanghai Qinhai Real Estate
                             Co., Ltd. from Shanghai Chengfu Enterprise
                             Management Co. Ltd.
                                I. Transaction Summary        Acquirer:  Gaken Investments
                                Ltd.  (Purchaser),   a  wholly-owned   subsidiary  of  the
                                company        Target:   30  percent  equity  interest  in
                                Shanghai Qinhai Real Estate Co., Ltd.  (Qinhai),  together
                                with all the  rights  and  obligations  attaching  thereto
                                (Sale                     Interest).        Consideration:
                                cash        Transaction   Terms:   the   Purchaser   would
                                acquire the 30 percent  equity  interest in Qinhai held by
                                Shanghai Chengfu  Enterprise  Management Co. Ltd. (Vendor)
                                at  a  cash  consideration  of  RMB  90.0  million  ($11.1
                                million)        Value  of  Transaction:  RMB 90.0  million
                                ($11.1  million)        Fairness  Opinion:  Baron  Capital
                                Ltd.        Accounting            Treatment:           Not
                                disclosed        Tax             Treatment:            Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        Qinhai,  owned  as  to  70  percent  by
                                Shunlink  Investment  Ltd.   (Shunlink),   a  wholly-owned
                                subsidiary  of the company,  and 30 percent by the Vendor,
                                is  a  limited  liability   company   established  on  the
                                People's  Republic  of China  (the PRC) with a  registered
                                capital of RMB 300.0 million  ($37.2  million).  Qinhai is
                                principally  engaged in the development of a piece of land
                                located to the east of Da Xing Jie of Huanpu  District  in
                                Shanghai,  to the  south of Zhong Hua Lu and Huang Jia Que
                                Lu,  to the west of Ying Xun Lu and to the north of Lu Jia
                                Bang Lu and within  717-719 Jie Lane of Juang Pu District,
                                Shanghai,  the  PRC  with a  site  area  of  approximately
                                37,129 square meters  (sq.m.)  (Property).  It is intended
                                that the property be developed  into a residential  estate
                                with a gross  floor area of  approximately  118,813  sq.m.
                                Currently,   the   property  is  at  its  early  stage  of
                                development,  which  primarily  involves the relocation of
                                the   existing   residents   on   the    site.        III.
                                Transaction        Under  the  proposed  acquisition,  the
                                Purchaser  would acquire the sale interest from the Vendor
                                at a  consideration  of RMB 90.0 million  ($11.1  million)
                                payable  in  cash.  Based  on  arm's  length  negotiations
                                between  the  parties  involved,   the  consideration  was
                                arrived at by reference  to the location of the  Property,
                                the size of the  development,  and the  requirement of the
                                company  to  replenish  its land  reserve  and the  market
                                value  of  the   Property  in   Shanghai,   the  PRC.  The
                                consideration  represents a discount of approximately 16.7
                                percent to the  proportionate  interest in the open market
                                value  of  the   property   in  its   existing   state  of
                                approximately RMB 360.0 million ($44.6 million),  would be
                                payable   within  10  business   days  from  the  date  of
                                completion  of  the  proposed  acquisition  and  would  be
                                funded  out  of  the   proceeds   from  the  8.6   percent
                                guaranteed  notes due on 2013 in the  aggregate  principal
                                amount of $200.0  million  issued by the  company on April
                                24, 2006  (Guaranteed  Notes).        Upon  completion  of
                                the proposed acquisition,  Qinhai would be wholly-owned by
                                the company and its  subsidiaries  (Group)  through the 70
                                percent and 30 percent  equity  interest in Qinhai held by
                                Shunlink   and  the  Vendor,   respectively.           IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        In  this case,  the company  provided
                                satisfactory    information    regarding    the   proposed
                                acquisition.   The  Group  is  primarily  engaged  in  the
                                development  and the sale of  residential  and  commercial
                                properties  in  Shanghai,  with a  specific  focus  on the
                                middle to high end residential  properties.  Acquiring the
                                Property is  expected to provide the Group an  opportunity
                                to  increase  its land bank in  Shanghai  at a  reasonable
                                price as well as  strengthen  its business in the field of
                                property development in Shanghai,  the PRC.        V.  Pro
                                Forma   Financial   Summary        The   company  did  not
                                disclose  information  regarding  its pro forma summary in
                                relation   to  the   acquisition   of   Qinhai.        VI.
                                Risks        The  company did not disclose  possible risks
                                pertaining  to  the  acquisition  of   Qinhai.        VII.
                                Market    Reaction   (vs.   market   index   during   same
                                period)        -Pre-announcement:    The    share    price
                                increased  by 2.9  percent in the 60 days prior to Oct. 4,
                                2006 (the  Announcement  Date) vs. a 4.4 percent  increase
                                for the HSI,  underperforming  the index by 1.5 percentage
                                points        -Initial:  The share price  increased by 2.3
                                percent a day  before  the  Announcement  Date,  vs. a 0.1
                                percent increase for the HSI,  outperforming  the index by
                                2.2  percentage  points        -Post-analysis:  The shares
                                increased by 33.4 percent  from the  Announcement  Date to
                                Dec.  7, 2006,  vs. a 6.1  percent  increase  for the HSI,
                                outperforming     the    index    by    28.5    percentage
                                points        -  We note that the  price of the  company's
                                shares has been increasing  prior to and after the release
                                of   the    announcement    relating   to   the   proposed
                                acquisition.        VIII.  Governance  (Disclosure  Level:
                                Unsatisfactory)        The   company   did  not   disclose
                                governance   matters   relating  to  the   acquisition  of
                                Qinhai.        IX.    Conclusion        Based    on    our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.


01/08/07 - S        SRE Group Ltd.                           G8064F105                          None                  74,000
                    1        Approve Acquisition by Mayson Resources       For          For                 Mgmt
                             Ltd. of a 55 Percent Interest in Shanghai
                             Shuo Cheng Real Estate Ltd.
                                I. Transaction Summary:        Acquirer:  Mayson Resources
                                Ltd. (Mayson Resources),  a wholly-owned subsidiary of the
                                company.        Target:  An aggregate  equity  interest of
                                55 percent in Shanghai  Shuo Cheng Real Estate Ltd.  (Shuo
                                Cheng).        Consideration:      cash        Transaction
                                Terms:  Mayson Resources would acquire equity interests of
                                25  percent,  20 percent and 10 percent in Shuo Cheng from
                                Vendor  A,  Vendor  B and  Vendor  C  (English  names  not
                                provided)  for a cash  consideration  of RMB 15.2  million
                                ($1.9  million),  RMB 12.2 million ($1.5  million) and RMB
                                6.1 million  ($755,605),  respectively.          Value  of
                                Transaction:    RMB   33.5    million    ($4.1    million)
                                        Fairness    Opinion:     None        II.     Asset
                                Description:        Shuo  Cheng is a  company  established
                                in the  People's  Republic of China  (PRC)  engaged in the
                                business  of  owning  and   developing   the  real  estate
                                development  known as Albany Oasis Garden (the  Property).
                                The  Property  has a total  gross  floor  area of  480,000
                                sq.m.,  which is  allocated  for  development  for various
                                uses such as residential,  facilities,  retail, office and
                                hotel use.         At  present,  Shuo Cheng is owned as to
                                45 percent  by  Shanghai  Wingo  Infrastructure  Co.  Ltd.
                                (Wingo  Infrastructure),  a 98 percent owned subsidiary of
                                the  company;  as to 25  percent  by  Vendor  A;  as to 20
                                percent  by  Vendor  B; and as to10  percent  by Vendor C.
                                        III.  Transaction:        This  proposal  involves
                                Mayson Resources'  acquisition of a 25 percent, 20 percent
                                and 10 percent  equity  interest in Shuo Cheng from Vendor
                                A, Vendor B and Vendor C,  respectively,  for an aggregate
                                cash  consideration  of RMB 33.5  million  ($4.1  million)
                                broken down as to RMB 15.2 million ($1.9 million)  payable
                                to  Vendor  A,  as to  RMB  12.2  million  ($1.5  million)
                                payable to Vendor B, and as to RMB 6.1 million  ($755,605)
                                payable  to Vendor C.          The  consideration  for the
                                acquisition  was based on the  location  of the  Property,
                                the size of the  development  and the  requirement  of the
                                company to  replenish  its land  reserve  and the price of
                                property  in  Shanghai.          The  company  intends  to
                                finance the  acquisition by using  proceeds  received from
                                the  issuance  of   guaranteed   notes  in  the  aggregate
                                principal  amount  of $200  million  on  April  24,  2006.
                                        IV.  Rationale  Considerations  (Disclosure Level:
                                Satisfactory)        The   company  and  its  subsidiaries
                                (the  Group)  are  enged  in  property   development   and
                                investment in Shanghai,  the PRC. This proposal is in line
                                with  the  company's   strategy  of  increasing  its  land
                                reserve at a reasonable  price.  Following  completion  of
                                the  acquisition,  the  company  would  have  an  indirect
                                interest  of  approximately  99.1  percent  in Shuo  Cheng
                                through its subsidiaries  namely Wingo  Infrastructure and
                                Mayson        Resources.                 V.         Market
                                Reaction:        -Pre-announcement:  The  company's  share
                                price  increased  by  12.1  percent  in the 60 day  period
                                prior to the  release  of an  announcement  pertaining  to
                                this acquisition on Nov. 3, 2006  (Announcement  Date) vs.
                                a 7.1  percent  increase  in the Hang  Seng  Index  (HSI),
                                outperforming   the  index  by  5.0   percentage   points.
                                        -Initial:   The  share  price   decreased  by  1.5
                                percent  a  day  before  the  Announcement  Date  vs.  0.2
                                percent increase in the HSI,  underperforming the index by
                                1.7  percentage   points.        -Post-announcement:   The
                                share   price   increased   by  28.7   percent   from  the
                                Announcement  Date to the  date of this  report  vs. a 2.8
                                percent  increase in the HSI,  outperforming  the index by
                                25.9 percentage points.          The  market's reaction to
                                the proposed  acquisition  appears  positive.          VI.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the acquisition.         VII.  Conclusion:        Based on
                                our  analysis,  we  recommend  that  shareholders  vote in
                                favor of this resolution.


03/30/07 - A        SSAB Swedish Steel                       W8615U124                          03/24/07              56,000
                    1        Elect Chairman of Meeting                     For          For                 Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    3        Approve Agenda of Meeting                     For          For                 Mgmt
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    6a       Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports; Receive Report of Board
                    6b       Receive President's Report                    None         None                Mgmt
                    6c       Receive Auditor s Report                      None         None                Mgmt
                    7a       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    7b       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of 4.5 SEK per Share
                    7c       Approve Record Date for Dividends             For          For                 Mgmt
                    7d       Approve Discharge of Board and President      For          For                 Mgmt
                    8        Receive Report on Work of Nominating          None         None                Mgmt
                             Committee
                    9        Determine Number of Members (8) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    10       Approve Remuneration of the Chairman of the   For          For                 Mgmt
                             Board in in the Amount of SEK 1 Million;
                             Approve Remuneration of Other Board Members
                             in the Amount of SEK 375,000; Approve
                             Remuneration of Committee Members; Approve
                             Remuneration of Auditors
                    11       Reelect Carl Bennet, Anders Carlberg, Olof    For          Against             Mgmt
                             Faxander, Sverker Martin-Loef, Marianne
                             Nivert, Anders Nyren, Matti Sundberg, and
                             Lars Westerberg as Directors
                                We   recommend  a  vote  against  this  item  because  the
                                president serves on the Remuneration  Committee.  We would
                                have  preferred only to vote against the reelection of the
                                president,  but since the  resolution is bundled,  we must
                                advise  shareholders to vote against the reelection of the
                                other directors as well.
                    12       Reelect Sverker Martin-Loef as Chairman       For          For                 Mgmt
                    13       Ratify PricewaterhouseCoopers as Auditors     For          For                 Mgmt
                    14       Elect Members of Nominating Committee         For          For                 Mgmt
                    15       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                    16       Authorize Reissuance of Repurchased Shares    For          For                 Mgmt
                    17       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    18       Close Meeting                                 None         None                Mgmt


04/27/07 - S        Stagecoach Group plc                     G8403M159                          None                  51,686
                    1        Adopt New Articles of Association             For          For                 Mgmt
                                We do not consider these amendments to be contentious.
                    2        Approve Capital Reorganisation; Authorise     For          For                 Mgmt
                             Issue of Equity with Pre-emptive Rights up
                             to 277,777,777 B Shares and 1,200,000,000 C
                             Shares; Approve the Terms of the Proposed
                             Contract Between Credit Suisse and the
                             Company; Adopt New Articles of Association
                                Conclusion  and  Vote   Recommendation        We  are  not
                                raising any corporate  governance  issues that would cause
                                us  to  object  to  the   proposed   return  of   capital.
                                        Ultimately,  we consider  that the  proposal is an
                                investment  decision,  which is best left for shareholders
                                to evaluate in respect of their own individual  investment
                                strategies and after  consultation  with such professional
                                advisors as each  shareholder  deems  necessary.        We
                                note  that  Credit  Suisse  Securities  (Europe)  Ltd  has
                                advised the Board on the proposal.
                    3        Subject to and Conditional upon the Passing   For          For                 Mgmt
                             of Resolution 2, Authorise Issue of Equity
                             or Equity-Linked Securities with
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 2,316,724
                    4        Subject to and Conditional upon the Passing   For          For                 Mgmt
                             of Resolutions 2 and 3, Authorise Issue of
                             Equity or Equity-Linked Securities without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 347,509


06/04/07 - A/S      STALLERGENES                             F17399118                          05/30/07                 427
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.35 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    6        Ratify Appointment of David Darmon as         For                              Mgmt
                             Director
                             Special Business
                    7        Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    8        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.3 Million
                    9        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.3 Million
                    10       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    11       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    12       Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    13       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    14       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/29/07 - A        STANDARD BANK GROUP LTD (formerly        S80605132                          None                  46,204
                    Standard Bank Investment C
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended 2006
                    2.1      Approve Remuneration of Group Chairman        For          For                 Mgmt
                    2.2      Approve Remuneration of Group Director        For          For                 Mgmt
                    2.3      Approve Remuneration of Group International   For          For                 Mgmt
                             Director
                    2.4      Approve Remuneration of Group Credit          For          For                 Mgmt
                             Committee
                    2.5      Approve Remuneration Large Exposures          For          For                 Mgmt
                             Committee
                    2.6      Approve Remuneration of Directors' Affairs    For          For                 Mgmt
                             Committee
                    2.7      Approve Remuneration of Group Risk            For          For                 Mgmt
                             Management Committee
                    2.8      Approve Remuneration of Group Remuneration    For          For                 Mgmt
                             Committee
                    2.9      Approve Remuneration of Transformation        For          For                 Mgmt
                             Committee
                    2.10     Approve Remuneration of Group Audit           For          For                 Mgmt
                             Committee
                    2.11     Approve Ad Hoc Meeting Attendance Fee         For          For                 Mgmt
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Place Shares for the Equity Growth Scheme     For          Against             Mgmt
                             under Control of Directors
                                Given  the high  level of  potential  dilution  associated
                                with these plans, the potential for insufficient  vesting,
                                and  the  absence  of  performance  conditions  under  the
                                Equity Growth  Scheme,  we recommend  shareholders  oppose
                                placing  shares  under the  control of  directors  for the
                                purpose of satisfying these plans.
                    4.2      Place Shares for the Incentive Scheme under   For          Against             Mgmt
                             Control of Directors
                    4.3      Place Unissued Ordinary Shares under          For          For                 Mgmt
                             Control of Directors
                    4.4      Place Unissued Preference Shares under        For          For                 Mgmt
                             Control of Directors
                    4.5      Give Directors General Authority to Make      For          For                 Mgmt
                             Payments to Shareholders
                    4.6      Amend Clause 5.3 of Company's Equity Growth   For          Against             Mgmt
                             Scheme
                                Since we believe that stock  options  should be limited to
                                the company's employees,  we do not feel this amendment is
                                in the best interests of shareholders.
                    5.1      Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    5.2      Amend Article 87.8 Re: Directors'             For          For                 Mgmt
                             Retirement Age
                    5.3      Amend Article 183 Re: Voting Through          For          For                 Mgmt
                             Electronic Means


05/24/07 - A        Star Micronics Co. Ltd. *7718*           J76680107                          02/28/07               5,316
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 14, Final
                             JY 18, Special JY 0
                                The  payout  ratio  is  24  percent  (consolidated)  or 37
                                percent (parent).
                    2        Amend Articles To: Limit Liability of         For          For                 Mgmt
                             Statutory Auditors
                                This amendment  would allow the board to specify limits on
                                the legal liability of outside  statutory  auditors in the
                                company's  service contracts with these  individuals.  The
                                ceilings  on  liability  would be no less than two  years'
                                worth of  total  compensation.  As  provided  by law,  the
                                limitations  would not apply in cases of gross  negligence
                                or  criminal  behavior,   and  would  only  apply  if  the
                                individual  acted  in  good  faith.  To  the  extent  this
                                amendment   facilitates  the  appointment  of  independent
                                outsiders to these posts,  it has the potential to benefit
                                shareholders.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                If all nominees  are  elected,  the board size will shrink
                                from  eight to  seven,  but the  board  will  continue  to
                                include no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties  to  those  companies  and  their   affiliates,   the
                                nominees  for  independent  auditor  cannot be expected to
                                fulfill the role of  independent  monitor of the company's
                                activities on behalf of all  shareholders.  Candidate 1 is
                                a   managing   director   of   Star   Micronics'   largest
                                shareholder,  Citizen  Holdings,  which owns 16 percent of
                                Star.  Candidate 2 is a former  executive of one of Star's
                                major lenders, Shizuoka Bank.
                    4.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 4.1.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Star  proposes  to  pay  an  aggregate  bonus  of JY  66.4
                                million to the eight  directors in office as of the fiscal
                                year-end,  and an  aggregate  bonus of JY 3.6  million  to
                                three  statutory  auditors.  In  light  of  the  company's
                                performance  and the  size of  these  payments,  we see no
                                reason to oppose this resolution.
                    6        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                The retiring  auditor and the two continuing  auditors are
                                all designated as  independent.  As we believe the payment
                                of such bonuses to  non-executives,  at the  discretion of
                                the   insiders,   is  a  highly   inappropriate   practice
                                anywhere,  we see no alternative but to recommend opposing
                                this item.
                    7        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                Star proposes to raise the ceiling for  directors  from JY
                                7.5 million  per month to JY 130 million per year,  and to
                                establish a separate  ceiling for annual director  bonuses
                                of JY 100  million  per year.  The  ceiling  for  auditors
                                would be  raised  from JY 1.5  million  per month to JY 22
                                million  per  year.  The  increases  are  being  requested
                                because  the  company  plans to  abolish  the  payment  of
                                retirement  bonuses,  which  were  not  covered  by  these
                                ceilings,  and replace such  payments  with other forms of
                                compensation  which will be covered;  and  because  annual
                                bonuses to directors  and  auditors,  which were  formerly
                                treated as part of the annual  allocation  of income,  are
                                now  considered  "compensation"  under  the new  Corporate
                                Law. The number of  directors  is declining  from eight to
                                seven,  but the number of statutory  auditors  will remain
                                at three.  In light of the company's  performance  and the
                                fairly modest size of the new  ceilings,  we do not oppose
                                this item.


07/24/06 - S        STARHUB LTD                              Y8152F108                          None                 656,823
                             Special Business
                    1        Approve Reduction of Issued Capital by a      For          For                 Mgmt
                             Maximum of SGD 666 Million by Cancelling
                             One Ordinary Share for Every Seven Shares
                             and Returning to Each Shareholder SGD 2.13
                             in Cash for Each Share Held


04/18/07 - A        STARHUB LTD                              Y8152F116                          None                 750,991
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Reelect Lim Chin Beng as Director             For          For                 Mgmt
                    3        Reelect Kua Hong Pak as Director              For          For                 Mgmt
                    4        Reelect Lim Ming Seong as Director            For          For                 Mgmt
                    5        Reelect Teo Ek Tor as Director                For          For                 Mgmt
                    6        Reelect Liu Chee Ming as Director             For          For                 Mgmt
                    7        Approve Directors' Fees SGD 844,300 for the   For          For                 Mgmt
                             Year Ended Dec. 31, 2006 (2005: SGD 685,452)
                    8        Declare Final Dividend of SGD 0.035 Per       For          For                 Mgmt
                             Share
                    9        Reappoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    10       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    11       Approve Issuance of Shares Pursuant to the    For          Against             Mgmt
                             StarHub Pte Ltd Share Option Plan
                                In this case,  the  percentage of shares  available  under
                                the  Share  Plans is 15  percent  of the  company's  total
                                issued  capital from time to time,  which is considered an
                                unacceptable  level of dilution.  These share plans cannot
                                be considered  sufficiently  well-structured  to justify a
                                potential  dilution  level of 15  percent.  Moreover,  the
                                option plans allow for the grant of options to  executives
                                at a  discount  to market  prices,  which  undermines  the
                                incentive impact of the share plans.
                    12       Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options and Awards Pursuant to the StarHub
                             Share Option Plan 2004, StarHub Performance
                             Share Plan and StarHub Restricted Stock Plan


04/18/07 - S        STARHUB LTD                              Y8152F116                          None                 750,991
                             Special Business
                    1        Approve Reduction of Issued Share Capital     For          For                 Mgmt
                             of Up to SGD 452.0 Million and Return to
                             Shareholders of SGD 2.86 in Cash for Each
                             Share Held
                             Ordinary Business
                    2        Authorize Share Repurchase Program            For          For                 Mgmt
                    3        Approve Mandate for Transactions with         For          For                 Mgmt
                             Related Parties


03/26/07 - A        STX Pan Ocean Co Ltd                     Y81718101                          12/31/06             582,000
                    1        Approve Financial Statements                  For          For                 Mgmt
                                This is a routine item.
                    2        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of USD 0.023 Per Share
                                The  company is  proposing  a final  dividend of USD 0.023
                                per  ordinary  share less  income tax of 27.5  percent for
                                the financial year ended 31 December 2006.
                    3        Elect Directors                               For          For                 Mgmt
                                This item is to approve the  appointment/re-appointment of
                                Yu Chun-il, Han Gun-suk, Choi Dong-moo,  Cha Duk-keun, and
                                Chee  Wong-seng.  The  executive  director  nominee is the
                                head   of   the   Strategic   Planning   Department.   The
                                independent   non-executive  director  nominees  are  Choi
                                Dong-moo,  the president of PMK Pte Ltd.;  Han Gun-suk,  a
                                former employee of Korea  Development  Bank; Cha Duk-Keun,
                                a former  executive  vice  president at Korea  Circuit Co.
                                There is no information on Chee Wong-seng.
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                This item is to approve the payment of Directors'  Fees of
                                up to KRW 5 billion for the year  ending 31 December  2007
                                and to approve the annual limit of  Severance  Payment for
                                directors  and  executive  officers  of up to  40%  of the
                                annual  salary  and the  individual  severance  payment is
                                subject to approval by the Board of Directors.
                    5        Appove Allocation and Issuance Shares up to   For          For                 Mgmt
                             50 Percent of Total Shares
                                Pursuant  to the  provisions  of Rule  806 of the  Listing
                                Manual  of  the  Singapore  Exchange   Securities  Trading
                                Limited   ("SGX-ST"),   the   Directors   be
                                empowered  to  allot  and  issue  shares  and  convertible
                                securities  in the  capital of the company at any time and
                                upon such terms and  conditions  and for such  purposes as
                                the Directors may, in their absolute discretion,  deem fit
                                provided  that the aggregate  number of shares  (including
                                shares  to be  issued  in  accordance  with  the  terms of
                                convertible  securities  issued,  made or granted pursuant
                                to this  Resolution) to be allotted and issued pursuant to
                                this  Resolution  shall not exceed  fifty per centum (50%)
                                of the issued share  capital of the Company at the time of
                                the  passing of this  resolution,  of which the  aggregate
                                number of shares and  convertible  securities to be issued
                                other than on a pro rata basis to all  shareholders of the
                                Company  shall not exceed  twenty per centum  (20%) of the
                                issued  capital  of the  Company  and that such  authority
                                shall,  unless revoked or varied by the Company in general
                                meeting,  continue  in force (i) until the  conclusion  of
                                the Company's next Annual  General  Meeting or the date by
                                which the next  Annual  General  Meeting of the Company is
                                required  by law  or the  bye-laws  of the  Company  to be
                                held,  whichever  is earlier or (ii) in the case of shares
                                to be issued in accordance  with the terms of  convertible
                                securities  issued,  made  or  granted  pursuant  to  this
                                Resolution,   until  the   issuance   of  such  shares  in
                                accordance with the terms of such convertible securities.
                    6        Renew Shareholders' Mandate for Interested    For          For                 Mgmt
                             Person Transaction
                                This item would  ensure  that 1) approval be and is hereby
                                given for the purposes of Chapter 9 of the SGX-ST  Listing
                                Manual  for  the  Company,  its  subsidiaries  and  target
                                associated  companies  or any of them to enter into any of
                                the  transactions  falling  within the types of Interested
                                Person  Transactions set out in the Company's  Appendix to
                                Shareholders      dated     2     March      2007     (the
                                "Appendix"),  with any  party  who is of the
                                class or classes of  Interested  Persons  described in the
                                Appendix   relating  to  the   proposed   renewal  of  the
                                Shareholders     Mandate    (the     "Shareholders'
                                Mandate"),  provided  that  such  transactions  are
                                carried  out in the normal  course of  business,  at arm's
                                length  and on  commercial  terms in  accordance  with the
                                guidelines and procedures for review of Interested  Person
                                Transactions  as set out in  Company's  Appendix;  2) that
                                the Shareholders'  Mandate shall, unless revoked or varied
                                by the  Company  in  general  meeting,  continue  to be in
                                force  until the  conclusion  of the next  Annual  General
                                Meeting of the Company;  and 3) that the  Directors of the
                                Company and each of them be and are hereby  authorised  to
                                complete  and do  all  such  acts  and  things  (including
                                executing  all such  documents as may be required) as they
                                or he  may  consider  expedient  or  necessary  or in  the
                                interests   of  the   Company   to  give   effect  to  the
                                Shareholders' Mandate and/or this Resolution.
                    7        Amend Articles of Incorporation               For          For                 Mgmt
                                According  to the company,  the Articles of  Incorporation
                                of the  Company  would be altered in the manner and to the
                                extent as set out in the Circular to shareholders  dated 2
                                March  2007.        As  part of its corporate  strategy to
                                establish  its  standing  in the Korean  market as a Korea
                                listed  company,  the  Company  is  presently  considering
                                seeking  a  listing   on  the  KRX  (the   "Proposed   KRX
                                Listing").  As and when the  Company  decides  to go ahead
                                with the  Proposed  KRX  Listing,  the Company is required
                                under  Korea laws to submit a listing  application  to the
                                KRX  together  with,  among  other  things,  a set  of its
                                Articles   which  have  to  be  in  compliance   with  the
                                requirements  stipulated  under  the KSEA and the  listing
                                rules of the KRX. As part of its preliminary  preparations
                                for  the  Proposed  KRX  Listing,  the  Company  therefore
                                proposes to alter  certain  provisions  under its Articles
                                as set out in greater  detail  below in order to bring its
                                Articles in line with the requirements  under the KSEA and
                                the listing  rules of the KRX.  The  Company is  presently
                                targeting  that the  Proposed  KRX Listing  takes place by
                                end  2007,  subject  to  market  conditions.  The  Company
                                currently  contemplates that the Proposed KRX Listing will
                                comprise  an offer of new  common  shares  to be issued by
                                the  Company.  The new common  shares  contemplated  to be
                                listed on the KRX will be a separate  bloc of shares  from
                                those common  shares of the Company  listed on the SGX-ST.
                                The Company  further  contemplates  that the number of new
                                common  shares to be  issued  will not  exceed  20% of its
                                issued share  capital,  in  accordance  with the limit set
                                out   in   Article   5(2)   of  its   existing   Articles.
                                Shareholders  should  however  note that the  Company  may
                                modify the  aforementioned  plans depending on the outcome
                                of discussions with the Korean authorities,  the Company's
                                investment bankers as well as market  conditions.  We have
                                no reason to oppose this resolution.


12/22/06 - S        Sumco Techxiv Corporation *5977*         J35695105                          10/31/06                 471
                    1        Amend Articles to: Change Fiscal Year End -   For          For                 Mgmt
                             Change Company Name to Sumco Techxiv Corp.
                                The name  change  and the  change in the  fiscal  year-end
                                (from March 31 to January  31) both  reflect the change in
                                Komatsu  Electronic  Metals' (KEM's) parent company,  from
                                Komatsu  Ltd. to Sumco Corp.  Sumco  acquired a 51 percent
                                stake in KEM from  Komatsu  in  October  2006.  We have no
                                reason to oppose these amendments.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                The three  director  nominees are all executive  directors
                                of Sumco,  KEM's new parent  company.  Candidates  2 and 3
                                are  designated as outside  directors,  but candidate 1 is
                                not,  which  means he will hold an  executive  position at
                                KEM following his election to the board.  Candidates 2 and
                                3  replace  two  outgoing  directors  from  former  parent
                                company Komatsu Ltd.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those  companies and their  affiliates,  the three
                                nominees for  independent  auditor,  all of whom represent
                                parent  company  Sumco,  cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on  behalf  of all  shareholders.  Candidates  1 and 2 are
                                executives  of  Sumco,  while  candidate  3 is a  standing
                                statutory  auditor  of  that  company  and has  spent  his
                                entire career with related companies.
                    3.2      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1.
                    3.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1.


06/22/07 - A        Sumitomo Corp. *8053*                    J77282119                          03/31/07             219,600
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 15, Final
                             JY 18, Special JY 0
                                The  payout  ratio is 19  percent  based  on  consolidated
                                earnings, or 59 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  12 executives  and 0  non-executives.  The board
                                currently includes 13 insiders and no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee meets our criteria for  independence.  He is a
                                former  partner of audit firm Deloitte  Touche  Tohmatsu &
                                Co. However,  Sumitomo Corp.'s external audit firm is KPMG
                                Azsa & Co.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                949  million  to 13  directors.  This  is  quite  high  by
                                Japanese  standards,  but in light of the company's strong
                                performance  over the past  year,  we do not  oppose  this
                                resolution.
                    5        Approve Stock Option Plan for Directors       For          For                 Mgmt
                                Option  Plan   Summary        Eligibility:   directors  of
                                company        Exercise   Price:  5  percent   premium  to
                                market   price   prior  to  grant   date.        Potential
                                Dilution:  0.005 percent of issued capital from this plan;
                                0.04 percent when combined with other option  grants.  ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.          Exercise  Period: Begins 1 year from the
                                grant date.          Performance  Hurdles: None disclosed.
                                        This  plan meets ISS guidelines.  Accordingly,  we
                                have no reason to oppose this resolution.
                    6        Approve Deep Discount Stock Option Plan       For          For                 Mgmt
                                Option Plan Summary        Eligibility:  The company seeks
                                approval   for   a    deep-discount    option   plan   for
                                directors.        The  exercise  price will be set at JY 1
                                per  share.        Potential  Dilution:  0.006  percent of
                                issued capital from this plan;  0.04 percent when combined
                                with  other  option  grants.   ISS  guidelines   call  for
                                potential  dilution of no more than 5 percent for a mature
                                company,    10    percent    for   a    growth    company.
                                        Exercise  Period:  Options  may only be  exercised
                                within 10 years  after the  recipient  steps down from his
                                or  her  position.           Performance   Hurdles:   None
                                disclosed.          This  plan is  intended to replace the
                                seniority-based  retirement  bonus system,  which Sumitomo
                                Corp.  abolished in 2006, with compensation based on share
                                price performance.  Rather than make a cash payment to the
                                directors  upon their  retirement,  the  company  plans to
                                make  annual   payments  in  the  form  of   deep-discount
                                options.  This is intended to induce the grantees to focus
                                on share price, as unlike the  seniority-based  retirement
                                bonus  system,  grantees will benefit more the greater the
                                appreciation  in  the  company's  stock  price.        ISS
                                applauds   the   idea   of    replacing    seniority-based
                                compensation  with  compensation   based  on  share  price
                                performance,  as  this  should  contribute  to  a  greater
                                consciousness  on the  part of  directors  concerning  the
                                company's share price.  Moreover,  the very modest size of
                                these grants means that dilution to  shareholders is not a
                                concern. We have no reason to oppose this resolution.


06/28/07 - A        Sumitomo Heavy Industry Ltd. *6302*      J77497113                          03/31/07             225,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3.5
                                The  payout  ratio is 11  percent  based  on  consolidated
                                earnings, or 33 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Amend Articles to: Reduce Directors Term in   For          For                 Mgmt
                             Office
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria for independence. He is a CPA.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                See Item 4.1
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    5        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He is a  former  partner  of the
                                company's external audit  firm.        Given the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   the   nominee   for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.


06/28/07 - A        SUMITOMO MITSUI FINANCIAL GROUP INC.     J7771X109                          03/31/07                 186
                    *8316*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend (Ordinary Shares) of JY 7000
                                The payout ratio is 15 percent  based on parent  earnings,
                                or 12 percent based on consolidated  earnings.  This is on
                                the low side even by Japanese  standards,  but in light of
                                the  increase in the  dividend  compared  to the  previous
                                year's JY 3000 per  share,  and the  continuing  burden of
                                dividends on preferred  shares, we do not recommend a vote
                                against this item.
                    2        Amend Articles to: Create New Classes of      For          Against             Mgmt
                             Preferred Shares and Remove Obsolete
                             Provisions on Preferred Shares
                                SMFG first seeks to delete all  references in the articles
                                to Class 1, 2 and 3  preferred  shares,  all of which have
                                been  cancelled.  SMFG also  seeks to reduce the number of
                                authorized  preferred  shares  of  classes  4, 5 and 6, to
                                reflect  the  cancellation  of a portion of those  shares.
                                Finally,  SMFG  seeks  to  create  three  new  classes  of
                                preferred  shares,  Class 7,  Class 8 and  Class  9.  SMFG
                                would be  authorized  to issue up to 167,000,  115,000 and
                                115,000   of   these   shares,   respectively.        SMFG
                                finished  repaying  public  funds  in the  2006-07  fiscal
                                year,   through  the  repurchase  of  Class  1,  2  and  3
                                preferred  shares. It does not plan to issue any more such
                                shares to the government.  However, its core capital ratio
                                is still  on the low  side,  and it  evidently  seeks  the
                                flexibility to issue preferred  shares to client companies
                                or other  financial  institutions  in the future.  No such
                                issuance is on the agenda for this  meeting,  and SMFG has
                                not  disclosed  any  details  of its  plans  for  such  an
                                issuance.   We  note   that   Class  7  shares   would  be
                                convertible into ordinary shares,  at a rate and in a time
                                frame  which have not yet been  determined.  Because it is
                                impossible  for  ordinary   shareholders   to  assess  the
                                ultimate  impact of the  issuance  of such shares on their
                                ownership  interests,  we  recommend a vote  against  this
                                resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Candidates 1-4 are  executives,  while  candidates 5 and 6
                                are outside  directors.  Candidate  4 is the only  nominee
                                who is  new to the  board,  and  he  replaces  a  retiring
                                executive  director.  SMFG has three other  directors  who
                                are not up for  reelection  until next year.  One of those
                                directors   is  an   outsider,   so  the   overall   board
                                composition   after  this   meeting   will   remain  at  6
                                executives  and  3   non-executives.        Candidate   5,
                                Yoshiaki Yamauchi,  is a former partner at Arthur Andersen
                                and joined the board of the former  Sumitomo Bank in 1999.
                                Candidate 6, Yoichiro Yamakawa, is an attorney,  and first
                                joined the board of Sumitomo  Mitsui Bank in 2001. Both of
                                these  directors  serve on the  board of  Sumitomo  Mitsui
                                Bank as well as the board of holding company SMFG.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Candidates 1 and 2 are not designated as independent.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Candidate   3,  an   attorney,   meets  our  criteria  for
                                independence.
                    5        Approve Retirement Bonuses for Director and   For          For                 Mgmt
                             Statutory Auditor
                                Neither retiree is an outsider.


06/27/07 - A        Sumitomo Real Estate Sales Co.           J7786K100                          03/31/07                 656
                    (Sumitomo Fudosan Hanbai) *8870*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 50
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   28   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                11 executives  and 0  non-executives.The  board  currently
                                includes 19 insiders and no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:    None        Neither   nominee   is
                                designated by the company as  independent,  and we have no
                                reason to oppose the nominations.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.
                    5        Amend Articles to: Clarify Director           For          For                 Mgmt
                             Authorities
                                The proposed changes are routine.


06/28/07 - A        Sumitomo Realty & Development Co. Ltd.   J77841112                          03/31/07              41,000
                    *8830*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 8
                                The  full-year  payout ratio is 13 percent  (consolidated)
                                or 14  percent  (parent).  This is low  even  by  Japanese
                                standards,  but in light of the rapid growth in profits in
                                recent  years,  we do not object to the  retention of cash
                                at this time.
                    2        Amend Articles to: Authorize Share            For          Against             Mgmt
                             Repurchases at Board's Discretion
                                The company is seeking to amend its  articles to enable it
                                to  repurchase  shares on the market at the  discretion of
                                the  board,  eliminating  the need to  obtain  shareholder
                                approval in advance.  However,  given the company's recent
                                share  price  gains,  and its current P-E ratio and PBR, a
                                share  buyback  does not seem like an urgent  necessity at
                                this time.  If the company  does see a need to  repurchase
                                shares,  ISS sees no reason why it cannot seek shareholder
                                approval for a share  repurchase  framework at each year's
                                AGM,  giving  shareholders  the  ability to  evaluate  the
                                company's  plans before the fact.  Accordingly,  we oppose
                                this amendment.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently  includes 8 insiders  and no outside  directors.
                                Candidates  5-9 are new appointees or are returning to the
                                board after an absence.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against             Mgmt
                                Plan  Duration:  3  years          Trigger  Threshold:  20
                                percent  of shares  outstanding        Directors'  Term in
                                Office: 1 year         Board Independence:  The board will
                                be composed  entirely of  executive  directors  after this
                                meeting.        Independence  of Special Committee:  2 out
                                of 3  members  of the  committee  meet  ISS  criteria  for
                                independence.  Two members are attorneys,  while the third
                                is a  former  chairman  of the  company's  external  audit
                                firm.        Other     Types    of    Takeover    Defense:
                                No        Meeting  Notice  Released  Three  Weeks  or More
                                Before Meeting:  Yes         The  reason that shareholders
                                of US companies  reluctantly tolerate takeover defenses is
                                that poison  pills do not  automatically  prevent  hostile
                                bids  from   succeeding   in  the  US,  where  boards  are
                                dominated by  independent  directors  who face  meaningful
                                sanctions,  in the form of  lawsuits,  if they take  steps
                                which are contrary to shareholder  value.  That is not the
                                case in Japan, so to ensure that a takeover  defense leads
                                to the  continued  enhancement  of  shareholder  value and
                                does  not  serve  merely  to  entrench  management,  it is
                                vitally  important  that the board include a critical mass
                                of  independent  directors  who can ensure  that the board
                                remains  responsive to the interests of ordinary investors
                                even  after  a  defense  is in  place.        Because  the
                                independence  of the special  committee  is  questionable,
                                and  the  company  has  no   independent   directors,   we
                                recommend that shareholders oppose this resolution.


06/28/07 - A        Sumitomo Seika Chemicals Co. Ltd.        J70445101                          03/31/07               2,977
                    *4008*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 6
                    2        Amend Articles To: Reduce Directors Term in   For          For                 Mgmt
                             Office - Authorize Public Announcements in
                             Electronic Format
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                 Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3                The  nominee
                                does not meet our criteria for  independence.        He is
                                a former  executive of one of the largest  shareholders in
                                the company with a 30 percent  stake.                Given
                                the   realities  of  Japanese   business  and  the  strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 4.1
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  company  seeks to express the  compensation  ceilings
                                for  directors and  statutory  auditors as yearly,  rather
                                than  monthly,  ceilings.  This  will  allow  the  company
                                greater  flexibility  with  respect to the timing of bonus
                                payments,  which  under  the  new  corporate  law  are now
                                included in the  compensation  ceilings.  We do not oppose
                                this resolution.


06/28/07 - A        Sumitomo Trust & Banking Co. Ltd.        J77970101                          03/31/07             265,000
                    *8403*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 8.5
                                The  payout  ratio is 35 percent  of parent  earnings.  By
                                law,  funds  available for dividends in Japan are based on
                                parent company earnings only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                All 13 nominees are insiders.  Candidates 8 and 12 are new
                                appointees,  while  candidate 13 is returning to the board
                                after  a  year.  All  three  replace  outgoing   executive
                                directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee,   an  emeritus   professor   at   Gakushuin
                                University, meets our criteria for independence.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                Sumitomo  Trust  proposes  to pay a total of JY 85 million
                                to the 13 directors in office in 2006-07.


07/07/06 - S        Sunland Group Limited *SDG*              Q8803B109                          07/05/06               2,663
                    1        Approve Issuance of 37.5 Million Ordinary     For          For                 Mgmt
                             Shares and the Grant of an Option to
                             Acquire by Way of Issue a Further 24.9
                             Million Ordinary Shares to Cavalene
                             Holdings Pty Ltd
                    2        Elect James Douglas Packer as Director        For          For                 Mgmt


11/21/06 - A        Sunland Group Limited *SDG*              Q8803B109                          11/19/06              10,003
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Fiscal Year Ended June 30,
                             2006
                    2        Elect Garry Rothwell as Director              For          For                 Mgmt
                    3        Elect Terry Jackman as Director               For          For                 Mgmt
                    4        Adopt Remuneration Report for the Fiscal      For          For                 Mgmt
                             Year Ended June 30, 2006
                    5        Amend Articles of Association                 For          For                 Mgmt


04/25/07 - A/S      Suzano Papel e Celulose S.A.             P06768165                          None                  17,043
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    2        Approve Allocation of Income and Dividends    For          Against             Mgmt
                                Even  though  the  company is meeting  its  minimum  legal
                                obligations  to  shareholders,  we  still  find  that  the
                                company is not adequately  remunerating  shareholders.  We
                                understand  that the company is expanding  its  production
                                capacity  by  investing  in its  "Projeto  Mucuri"  and in
                                Ripasa.  We also  understand  that the paper and cellulose
                                industry is  experiencing  difficult  times  worldwide and
                                that the high  valuation  of the  Brazilian  currency  has
                                hurt the company's  exports.  With that said,  the company
                                still  appears to be in a healthy  financial  position and
                                able to pay higher  dividends than it has been paying.  We
                                feel the  company's  policy of paying close to the minimum
                                legal   requirement   is   unduly    disadvantageous    to
                                shareholders,  and thus we recommend that they oppose this
                                item.          Note  that Suzano is  controlled  by Suzano
                                Holding,  and a vote  against  this item will simply be an
                                expression of dissatisfaction with the company.
                    3        Elect Supervisory Board Members and           For          For                 Mgmt
                             Determine their Remuneration
                    4        Approve Annual Global Remuneration of         For          For                 Mgmt
                             Directors and Executive Officers
                             Special Business
                    1        Ratify Increase in Share Capital Due to the   For          For                 Mgmt
                             Conversion of Bonds, as Approved by the
                             Board of Directors on Jan 15, 2007 and
                             March 15, 2007; Ammend Article 5 Accordingly


06/28/07 - A        Suzuki Motor Corp. *7269*                J78529138                          03/31/07              10,990
                    1        Approve Allocation of Income, with a Final    For          Against             Mgmt
                             Dividend of JY 8
                                The payout  ratio for the full year,  including an interim
                                dividend  of JY 6,  is 8  percent  based  on  consolidated
                                earnings, or 14 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company  earnings  only.        The payout ratio
                                is low even by  Japanese  standards.  The JY 3 increase in
                                the total  dividend  for the year failed to keep pace with
                                the  increase  in earnings  per share,  causing the payout
                                ratios  to drop  from  last  year's  already  low  levels.
                                Moreover,  Suzuki's payout ratios have  consistently  been
                                low for a number of years.  The company has not  conducted
                                substantial  share  buybacks on the open market,  although
                                it did buy back shares once held by strategic  partner and
                                former largest shareholder  General  Motors.        Suzuki
                                is  proposing  to  transfer  JY 35  billion  to a  general
                                reserve account which already  contains JY 298.35 billion,
                                or 47 times  the  total  amount  Suzuki  plans to spend on
                                dividend payments for 2006-07.  Although we recognize that
                                the  company's  growth has rewarded  shareholders  through
                                share price appreciation,  we believe it is clear that the
                                company  is  in  a  position  to  return  a  much  greater
                                percentage  of its profit to  shareholders  in the form of
                                dividends.  Accordingly,  we recommend  that  shareholders
                                oppose this  resolution,  to signal their  dissatisfaction
                                with the company's dividend policies.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  14 executives  and 0  non-executives.  The board
                                currently includes no outside directors.  The 14 incumbent
                                directors are all seeking reelection.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                234  million  to 14  directors,  and  JY 26  million  to 5
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


05/11/07 - A        Swatch Group AG                          H83949141                          None                   1,685
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 0.70 per Registered Share and CHF
                             3.50 per Bearer Share
                    4        Reelect Esther Grether, Nayla Hayek, Peter    For                              Mgmt
                             Gross, Nicolas Hayek, Claude Nicollier,
                             Johann Schneider-Ammann and Ernst Tanner as
                             Directors
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                    6        Approve CHF 3.1 Million Reduction in Share    For                              Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A        SWEDBANK AB                              W9423X102                          04/20/07              39,900
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Approve Agenda of Meeting                     For          For                 Mgmt
                    5        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7a       Receive Board's Report                        None         None                Mgmt
                    7b       Receive CEO's Report                          None         None                Mgmt
                    7c       Receive Auditor's Report                      None         None                Mgmt
                    8        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    9        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK 8.25 per Share
                    10       Approve Discharge of Board and President      For          For                 Mgmt
                    11       Determine Number of Members and Deputy        For          For                 Mgmt
                             Members of Board
                    12       Determine Number of Auditors                  For          For                 Mgmt
                    13       Approve Remuneration of Directors; Approve    For          For                 Mgmt
                             Remuneration of Auditors
                    14       Reelect Ulrika Francke, Goeran Johnsson,      For          For                 Mgmt
                             Berith Haegglund-Marcus, Anders Nyblom,
                             Carls Eric Staalberg, and Caroline
                             Sundewall as Directors; Elect Gail Buyske
                             and Simon F.D. Ellis as New Directors
                    15       Ratify Deloitte AB as Auditors until 2010     For          For                 Mgmt
                             AGM
                    16       Authorize Chairman of Board and               For          For                 Mgmt
                             Representatives of 4 of Company's Largest
                             Shareholders to Serve on Nominating
                             Committee
                    17       Amend Articles Re: Numbering of Articles      For          For                 Mgmt
                    18       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                    19       Authorize Repurchase of Up to Five Percent    For          For                 Mgmt
                             of Issued Share Capital
                    20       Authorization to Raise Customary Credit       For          For                 Mgmt
                             Facilities Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                    21       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    22       Grant Right to Transfer and Issue Interests   For          For                 Mgmt
                             in Swedbank First Securities, LLC (SFS), to
                             Present and Future Employees of SFS
                    23       Approve Merger by Absorption of Soederhamns   For          For                 Mgmt
                             Sparbank AB
                             Shareholder Proposals
                    24       Sharholder Proposal: Decide That a Private    None         Against             ShrHoldr
                             Client Officer Shall Not Be Entitled to Act
                             as Administrator or Trustee to a Present or
                             Prior Customer to the Private Client
                             Officer in Question
                                At this AGM,  while we sympathize  with the  shareholder's
                                concerns  over this issue,  we do not support  shareholder
                                proposals  that  seek  to  micromanage  the  company.   We
                                believe  this kind of decision is best left to  management
                                or  regulated  by  law.  Therefore,  we  recommend  a vote
                                against this proposal.
                    25       Shareholder Proposal: Decide That Swedbank    None         Against             ShrHoldr
                             Shall Become the Most Available Bank for
                             Customers by 2010, i.e., Available for
                             Customers with Defective Vision Who Are
                             Visually Disabled on Legible Media
                                At this AGM,  while we sympathize  with the  shareholder's
                                concerns  over this issue,  we do not support  shareholder
                                proposals  that  seek  to  micromanage  the  company.   We
                                believe  this kind of decision is best left to  management
                                or  regulated  by  law.  Therefore,  we  recommend  a vote
                                against this proposal.
                    26       Shareholder Proposal re: Allocate SEK 100     None         Against             ShrHoldr
                             Million of the 2006 Profit to Establish
                             "The Institute for Integration and Growth
                             in Landskrona"
                                At this AGM,  while we sympathize  with the  shareholder's
                                concerns   over   social   issues,   we  do  not   support
                                shareholder   proposals  that  seek  to  micromanage   the
                                company.  We  believe  the  decision  of whether to donate
                                funds to a  charitable  cause is best left to  management.
                                Therefore, we recommend a vote against this proposal.
                             Management Proposals
                    27       Other Business (Non-Voting)                   None         None                Mgmt
                    28       Close Meeting                                 None         None                Mgmt


05/08/07 - A        Swiss Life Holding                       H7354Q135                          None                     426
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/08/07 - A        Swiss Life Holding                       H7354Q135                          None                     426
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2.1      Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    2.2      Approve CHF 247 Million Reduction in Share    For                              Mgmt
                             Capital; Approve Capital Repayment of CHF 7
                             per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Elect Directors                               For                              Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - A        Swiss Reinsurance (Schweizerische        H84046137                          None                  30,421
                    Rueckversicherungs)
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - A        Swiss Reinsurance (Schweizerische        H84046137                          None                   4,829
                    Rueckversicherungs)
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 3.40 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4.1      Approve CHF 450,535 Reduction in Share        For                              Mgmt
                             Capital
                    4.2      Approve Cancellation of Unused CHF 900,000    For                              Mgmt
                             Pool of Capital
                    4.3      Approve CHF 496,072 Reduction in Existing     For                              Mgmt
                             Pool of Capital Reserved for Issuance Upon
                             Conversion of Convertible Bonds
                    4.4      Authorize Share Repurchase Program and        For                              Mgmt
                             Cancellation of Repurchased Shares
                    5        Elect Directors                               For                              Mgmt
                    5.2      Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/08/07 - A        Sydbank (Formerly Syd Sonerjylland)      K9419V113                          02/20/07               5,000
                    1        Receive Report of Board                       None         None                Mgmt
                    2        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    3        Approve Allocation of Income and Dividends    For          For                 Mgmt
                    4        Elect Members of Committee of                 For          For                 Mgmt
                             Representatives
                    5        Ratify Auditors                               For          For                 Mgmt
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                             Shareholder Proposals
                    7        Formulate Environmental Policy                None         Against             ShrHoldr
                                In this case,  the  company was not in  possession  of any
                                further  information  about the shareholder  resolution in
                                advance  of the  meeting.  Due to a lack  of  information,
                                shareholders  are  therefore  advised to vote against this
                                proposal.
                    8        Other Business (Non-Voting)                   None         None                Mgmt


03/16/07 - A        Taewoong Co.                             Y8365T101                          12/31/06                 257
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 70 Per Share
                                Proposed  dividend  is  KRW  70,  which  corresponds  to a
                                payout  ratio of 4 percent,  slightly  down from 5 percent
                                the previous  year.  The payout ratio is extremely  low by
                                standards.  We call on the  company to improve  its payout
                                ratio in the future.  We recommend that  shareholders vote
                                for this dividend proposal at this time.
                    2        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 400  million,  same as the
                                previous year.  Although last year's actual payout was not
                                disclosed,  the company  paid a total KRW 52.8 million for
                                the two  independent  non-executive  directors.  We see no
                                reason to oppose this resolution.
                    3        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                The  ceiling  for one  auditor  for  2007  will be KRW 100
                                million,  same as the previous  year.  Last year's  actual
                                payout was not disclosed.


05/07/07 - A        Taiwan Semiconductor Manufacturing Co.   Y84629107                          03/08/07             332,315
                    1        Accept 2006 Business Report and Financial     For          For                 Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution              For          For                 Mgmt
                    3        Approve Capitalization of 2006 Dividends,     For          For                 Mgmt
                             Employee Profit Sharing, and Capitalization
                             of Capital Surplus
                    4        Amend Articles of Association                 For          For                 Mgmt
                    5        Amend Internal Rules and Policies             For          For                 Mgmt
                    6        Other Business                                None         Against             Mgmt


06/28/07 - A        Taiyo Nippon Sanso Corp. (formerly       J55440119                          03/31/07              10,000
                    Nippon Sanso Corp.) *4091*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 7
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                All 5 nominees are insiders.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    3        Appoint Alternate Internal Statutory Auditor  For          Against             Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a former executive of one of
                                the  largest  shareholders  in  the  company  with  a  3.8
                                percent  stake.        Given  the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Special Payments to Continuing        For          Against             Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In this item, the company  requests  shareholder  approval
                                for  payments  in  lieu  of   retirement   bonuses  to  16
                                continuing  directors and 4 continuing  internal statutory
                                auditors.  The company has disclosed the aggregate  amount
                                of  the  payments  to the  continuing  directors  (JY  673
                                million)  and the  continuing  auditors  (JY 41 million) .
                                The  board  is  requesting  the  authority  to make  these
                                payments  in   connection   with  the   abolition  of  the
                                retirement   bonus   system.        However,   1  of   the
                                continuing  directors  and 2 of the  continuing  statutory
                                auditors   have  been   designated   by  the   company  as
                                outsiders.          While we applaud the disclosure of the
                                aggregate  payments,  which is still rare in Japan,  it is
                                nevertheless  difficult to evaluate whether the individual
                                payments to the outside  directors and statutory  auditors
                                are set at appropriate levels.  Accordingly,  we recommend
                                that shareholders oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 50
                                million  per  month (or JY 600  million  per year) to JY 1
                                billion per year. In addition,  the company wants to raise
                                the ceiling for statutory  auditors from JY 10 million per
                                month (or JY 120  million  per year) to JY 200 million per
                                year.  After the  meeting,  the company  will  continue to
                                have      16      directors      and      4      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Takagi Securities Co. *8625*             J8039M109                          03/31/07               6,006
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 12
                                The payout ratio for the full year is 40 percent  based on
                                either parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  4 executives and 1 non-executive.  The number of
                                outsiders is remaining the same.
                    2.2      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.


06/28/07 - A        Takeda Pharmaceutical Co. Ltd. *4502*    J8129E108                          03/31/07              46,400
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 68
                                The payout ratio for the full year,  including the interim
                                dividend,  is 33 percent based on  consolidated  earnings,
                                or 51 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company earnings only.
                    2        Amend Articles to: Limit Directors' Legal     For          For                 Mgmt
                             Liability - Limit Liability of Statutory
                             Auditors - Reduce Directors' Term in Office
                                In this item,  the company  seeks the  authority to impose
                                limits on the legal  liability of directors  and statutory
                                auditors  by  way  of a  board  resolution.  In  addition,
                                shareholders  are asked to authorize the company to impose
                                limits on the legal  liability  of outside  directors  and
                                outside  statutory   auditors  in  the  company's  service
                                contracts with these individuals.  These limitations would
                                apply only where the  individual in question acted in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve in these positions;  although we note that Takeda is
                                not proposing to appoint any outside  directors this year.
                                Takeda  also  seeks to  subject  its  directors  to annual
                                reelection, a change which ISS supports.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 7
                                executives  and  0  non-executives.  Candidate  4 is a new
                                appointee,  but replaces an outgoing  executive  director.
                                The board will continue to include no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The  company  seeks  to  appoint  KPMG  Azsa & Co.  as its
                                external audit firm in place of Deloitte  Touche  Tohmatsu
                                & Co. The company has provided no specific  reason for the
                                change,  but we note  that  Tohmatsu's  audit  report  for
                                2006-07  was  unqualified.  We  believe  this is simply an
                                audit firm rotation,  and we have no reason to oppose this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                200  million  to 7  directors,  and  JY  13  million  to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Retirement Bonuses for Director and   For          For                 Mgmt
                             Statutory Auditor
                                Both  retirees  have  held  executive  positions  with the
                                company.  Accordingly,  we have no reason  to oppose  this
                                resolution.


05/04/07 - A        Takkt AG                                 D82824109                          04/13/07                 353
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.25 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify Dr. Ebner, Dr. Stolz und Partner       For                              Mgmt
                             GmbH as Auditors for Fiscal 2007
                    6a       Elect Klaus Truetzschler to the Supervisory   For                              Mgmt
                             Board
                    6b       Elect Eckhard Cordes to the Supervisory       For                              Mgmt
                             Board
                    6c       Elect Michael Klein to the Supervisory Board  For                              Mgmt
                    6d       Elect Thomas Kniehl to the Supervisory Board  For                              Mgmt
                    6e       Elect Arnold Picot to the Supervisory Board   For                              Mgmt
                    6f       Elect Alexander von Witzleben to the          For                              Mgmt
                             Supervisory Board
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A/S      TAM SA (frm. TAM - Cia de                P8947T132                          None                   9,800
                    Investimentos em Transportes TAM
                             Preference Shareholders Can Vote on Item 3
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income and              For          For                 Mgmt
                             Dividends/Interest on Capital
                    3        Elect Board of Directors and Independent      For          For                 Mgmt
                             Directors in Accordance with Level 2 of
                             Bovespa


04/19/07 - A        Tandberg ASA                             R88391108                          None                  11,500
                    1        Open Meeting; Registration of Attending       None         None                Mgmt
                             Shareholders and Proxies
                    2        Elect Chairman of Meeting; Designate          For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Receive Management's Status Report            None         For                 Mgmt
                    5        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of NOK 0.80 per Share
                    6        Approve Remuneration Policy And Other Terms   For          Against             Mgmt
                             of Employment For Executive Management
                                The disclosure  pertaining to the  performance  objectives
                                for the bonus arrangement  --  although not complete
                                --  is at  par  with  market  standards  in  Norway.
                                Nevertheless,  we would like to have seen further  details
                                disclosed about the remuneration  policies  applied.  Such
                                information  should include more detail on the performance
                                criteria  and caps  applied  to the  bonus.  In  addition,
                                there  should  be  clearly  defined  performance  criteria
                                attached to the share  incentive  scheme and the levels of
                                performance   required  to  attain   maximum  and  minimum
                                bonus/shares  should  be  disclosed.   We  recommend  that
                                shareholders  contact  the  company's  investor  relations
                                department   directly   to  request   better   disclosure.
                                        Because  of the lack of information  regarding the
                                performance  criteria of the  restricted  stock  plan,  we
                                recommend a vote against this item.
                    7        Approve Remuneration of Directors,            For          For                 Mgmt
                             Committees, and Auditors
                    8        Reelect Jan Chr. Opsahl, Amund Skarholt,      For          For                 Mgmt
                             Joergen Ole Haslestad, and Barbara
                             Thoralfsson as Directors; Reelect Halvor
                             Loeken, Age Korsvold, and Jan Chr. Opsahl
                             as Members of the Nomination Committee
                    9        Approve NOK 12.1 Million Reduction in Share   For          For                 Mgmt
                             Capital via Share Cancellation
                    10       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital for Use in
                             Connection With Outstanding Share Incentive
                             Plans and Potential Acquisitions; Receive
                             Presentation on Existing Share Incentive
                             Plans in the Company
                    11       Approve Creation of NOK 10.9 Million Pool     For          For                 Mgmt
                             of Capital without Preemptive Rights


07/28/06 - A        TAT HONG HOLDINGS LIMITED                Y8548U124                          None                  15,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.017 Per       For          For                 Mgmt
                             Share and Special Dividend of SGD 0.01 Per
                             Share
                    3        Reelect Tan Chok Kian as Director             For          For                 Mgmt
                    4        Reelect Ong Tiew Siam as Director             For          For                 Mgmt
                    5        Reelect Ng Sun Ho as Director                 For          For                 Mgmt
                    6        Reelect Low Seow Juan as Director             For          For                 Mgmt
                    7        Approve Directors' Fees for the Year Ended    For          For                 Mgmt
                             Mar. 31, 2006
                    8        Reappoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    9        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                                The limit on share  issuances  pursuant to annual mandates
                                sought by the  company  (and  nearly  all other  Singapore
                                companies) is 50 percent  maximum,  with a sub-limit of 20
                                percent of issued  capital for shares  without  preemptive
                                rights.
                    10       Approve Issuance of Shares and Grant of       For          For                 Mgmt
                             Options Pursuant to the Tat Hong Holdings
                             Employees' Share Option Scheme
                                This item seeks  shareholder  approval  for  directors  to
                                grant  options  and  issue  shares  under the terms of Tat
                                Hong  Employees'  Share Option Scheme for the coming year.
                                In this case, the option scheme makes  available 5 percent
                                of the company's  issued capital from time to time,  which
                                is within ISS guidelines. This is a routine request.


12/08/06 - S        TAT HONG HOLDINGS LIMITED                Y8548U124                          None                  15,000
                             Ordinary Business
                    1        Approve Tat Hong Share Option Scheme 2006     For          Against             Mgmt
                                This item seeks  shareholder  approval for the adoption of
                                the Tat Hong  Share  Option  Scheme  2006  (2006  SOS) for
                                employees and  executive  directors of the company and its
                                subsidiaries  (the Group) and  non-executive  directors of
                                the Group (Eligibility  Criteria),  as well as controlling
                                shareholders   and   their   associates   who   meet   the
                                Eligibility   Criteria.   Upon  the  exercise  of  options
                                granted  under  the 2006  SOS,  the  company  may elect to
                                issue new shares,  issue existing or treasury shares,  pay
                                the   equivalent   value  of  the  options  in  cash,   or
                                combinations thereof to the participant.  In the event new
                                shares are issued,  the maximum  number of new shares that
                                may be allotted  and issued  under the 2006 SOS,  together
                                with the Tat Hong Hldgs.  Employee Share Option Plan (1998
                                ESOP)  and the  Tat  Hong  Performance  Share  Plan  (PSP)
                                proposed  in Item 2,  may not  exceed  15  percent  of the
                                company's   issued  capital  from  time  to  time,   which
                                constitutes and excessive  level of dilution  according to
                                ISS'  standards.  Moreover,  we note that with  respect to
                                treasury  shares being issued,  no limit was prescribed by
                                the  company  and  while  we  recognize  the  benefits  to
                                existing  shareholders when repurchased shares are used to
                                fund share  grants,  we require  that limits be set on the
                                number of treasury  shares given that share buybacks still
                                present a real cost to the  company and  shareholders.  As
                                no limit  was  provided  with  respect  to the  number  of
                                treasury  shares that may be  allotted  under the 2006 SOS
                                and  considering  the excessive  level of dilution in case
                                new   shares   would  be   issued,   we   recommend   that
                                shareholders oppose this resolution.
                    2        Approve Tat Hong Performance Share Plan       For          Against             Mgmt
                                This item seeks  shareholder  approval for the adoption of
                                the Tat Hong  Performance  Share Plan (PSP) for  employees
                                and   executive   directors  of  the  Group  and  eligible
                                controlling  shareholders  and  their  associates.  Awards
                                under  the PSP give  participants  the  right  to  receive
                                fully  paid up  shares,  their  equivalent  cash  value or
                                combinations  thereof,  free of charge upon  achieving set
                                performance  targets  and/or  service  conditions or after
                                having   performed   well   and/or   made  a   significant
                                contribution  to the  company.  Awards  would  vest  after
                                achieving   the   performance   targets   and/or   service
                                conditions.  To satisfy  awards,  the compay may issue new
                                shares,   existing   or  treasury   shares,   or  pay  the
                                equivalent value in cash to the participant.  In the event
                                new shares are issued,  the  maximum  number of new shares
                                that may be allotted  and issued  under the PSP,  together
                                with the 2006 SOS  proposed  in Item 1 and the 1998  ESOP,
                                may not exceed 15 percent of the company's  issued capital
                                from time to time,  which  constitutes an excessive  level
                                of dilution  according  to ISS'  standards.  Moreover,  we
                                note that with respect to treasury  shares  being  issued,
                                no  limit  was  prescribed  by the  company  and  while we
                                recognize  the  benefits  to  existing  shareholders  when
                                repurchased  shares  are  used to fund  share  grants,  we
                                require  that  limits  be set on the  number  of  treasury
                                shares  given that  share  buybacks  still  present a real
                                cost to the  company  and  shareholders.  As no limit  was
                                provided  with  respect to the number of  treasury  shares
                                that may be  allotted  under the PSP and  considering  the
                                excessive  level of dilution  in case new shares  would be
                                issued,  we  recommend  that   shareholders   oppose  this
                                resolution.
                    3        Approve Participation of Ng San Tiong,        For          Against             Mgmt
                             Roland, a Controlling Shareholder of the
                             Company, in the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  allow  Ng  San  Tiong,   Roland,  a
                                controlling  shareholder  and  managing  director  of  the
                                company,  to  participate  in the 2006 SOS and PSP.  Given
                                the  unfavorable  terms  of  the  2006  SOS  and  PSP,  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    4        Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             San Tiong, Roland, a Controlling
                             Shareholder of the Company, Pursuant to the
                             Tat Hong Share Option Scheme 2006 and Tat
                             Hong Performance Share Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect of not more than 1.1 million  shares and awards in
                                respect  of not more  than 4.0  million  shares  to Ng San
                                Tiong, Roland under the 2006 SOS and PSP respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    5        Approve Participation of Ng Sun Ho, Tony, a   For          Against             Mgmt
                             Controlling Shareholder of the Company, in
                             the Tat Hong Share Option Scheme 2006 and
                             Tat Hong Performance Share Plan
                                This item seeks to allow Ng Sun Ho,  Tony,  a  controlling
                                shareholder  and  the  deputy  managing  director  of  the
                                company,  to  participate  in the 2006 SOS and PSP.  Given
                                the  unfavorable  terms  of  the  2006  SOS  and  PSP,  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    6        Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             Sun Ho, Tony, a Controlling Shareholder of
                             the Company, Pursuant to the Tat Hong Share
                             Option Scheme 2006 and Tat Hong Performance
                             Share Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  800,000  shares  and  awards in
                                respect of not more than 2.3 million  shares to Ng Sun Ho,
                                Tony under the 2006 SOS and PSP  respectively.  In view of
                                the  unfavorable   terms  of  the  2006  SOS  and  PSP  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    7        Approve Participation of Ng Sang Kuey,        For          Against             Mgmt
                             Michael, an Associate of a Controlling
                             Shareholder of the Company, in the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  allow  Ng Sang  Kuey,  Michael,  an
                                executive   director  and   associate  of  a   controlling
                                shareholder  of the company,  to  participate  in the 2006
                                SOS and PSP. Given the  unfavorable  terms of the 2006 SOS
                                and PSP, as discussed in Items 1 and 2,  respectively,  we
                                recommend that shareholders oppose this resolution.
                    8        Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             Sang Kuey, Michael, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  800,000  shares  and  awards in
                                respect  of not more  than 1.7  million  shares to Ng Sang
                                Kuey, Michael under the 2006 SOS and PSP respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    9        Approve Participation of Ng San Wee, David,   For          Against             Mgmt
                             a Controlling Shareholder of the Company,
                             in the Tat Hong Share Option Scheme 2006
                             and Tat Hong Performance Share Plan
                                This item seeks to allow Ng San Wee,  David,  an executive
                                director and  controlling  shareholder of the company,  to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    10       Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             San Wee, David, a Controlling Shareholder
                             of the Company, Pursuant to the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  500,000  shares  and  awards in
                                respect  of not more  than 1.0  million  shares  to Ng San
                                Wee,  David  under the 2006 SOS and PSP  respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    11       Approve Participation of Ng Sun Hoe,          For          Against             Mgmt
                             Patrick, an Associate of a Controlling
                             Shareholder of the Company, in the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  allow  Ng  Sun  Hoe,  Patrick,   an
                                associate of a controlling  shareholder of the company, to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    12       Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             Sun Hoe, Patrick, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  600,000  shares  and  awards in
                                respect  of not more  than 1.5  million  shares  to Ng Sun
                                Hoe, Patrick under the 2006 SOS and PSP  respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    13       Approve Participation of Ng San Guan,         For          Against             Mgmt
                             William, an Associate of a Controlling
                             Shareholder of the Company, in the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  allow  Ng  San  Guan,   William  an
                                associate of a controlling  shareholder of the company, to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    14       Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             San Guan, William, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  500,000  shares  and  awards in
                                respect  of not more  than 1.0  million  shares  to Ng San
                                Guan, William under the 2006 SOS and PSP respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    15       Approve Participation of Ng Sun Oh, Lewis,    For          Against             Mgmt
                             an Associate of a Controlling Shareholder
                             of the Company, in the Tat Hong Share
                             Option Scheme 2006 and Tat Hong Performance
                             Share Plan
                                This item seeks to allow Ng Sun Oh,  Lewis,  an  associate
                                of  a   controlling   shareholder   of  the  company,   to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    16       Approve Grant of Options and Awards to Ng     For          Against             Mgmt
                             Sun Oh, Lewis, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  400,000  shares  and  awards in
                                respect of not more than 1.0 million  shares to Ng Sun Oh,
                                Lewis under the 2006 SOS and PSP respectively.  In view of
                                the  unfavorable   terms  of  the  2006  SOS  and  PSP  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    17       Authorize Share Repurchase Program            For          For                 Mgmt
                                The board is seeking the  authority to repurchase up to 10
                                percent of issued  capital.  The shares would be cancelled
                                or held as  treasury  shares,  as the  case  may be.  This
                                authority  is  good  for one  year  and may be used at the
                                board's discretion.
                             Special Business
                    1        Amend Articles of Association                 For          For                 Mgmt
                                The company seeks  authorization  to amend its articles of
                                association in order to be consistent  with changes to the
                                Companies  Amendment Act. The  amendments  provide for the
                                abolition  of the  concepts  of par value  and  authorized
                                capital,  as well as allow  repurchased  shares to be held
                                by companies  as treasury  shares.  With the  abolition of
                                the  concept of par value,  shares will no longer have any
                                par or nominal  value,  and the concepts of share  premium
                                and  issuance  of  shares  at  a  discount  will  also  be
                                abolished  accordingly.  In  order  to  comply  with  such
                                changes to the  Companies  Act, the  directors  propose to
                                amend  relevant  provisions in the articles of association
                                so  as  to  delete  references  to  nominal  value,  share
                                premium,  and authorized  capital in conjunction  with the
                                abolition  of these  concepts.          In  addition,  the
                                amended   articles   would   allow  the   company  to  pay
                                commissions  or  brokerage  on any issue of shares at such
                                rate or amount  and in such  manner as the  directors  may
                                deem fit.  The  amendments  also  provide  that any amount
                                unpaid on the shares must also be  specified  in the share
                                certificates  and  enable the  company  to either  hold as
                                treasury  shares or cancel  those  shares it  repurchased.
                                        Given  that the  proposed  changes to the articles
                                are in line with recent  amendments  to the  Companies Act
                                and  relevant  laws  and  regulations,  a vote in favor of
                                this resolution is recommended.


06/29/07 - A        Tata Consultancy Services Ltd.           Y85279100                          06/19/07              10,909
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Interim and Final Dividends of INR    For                              Mgmt
                             11.50 Per Share
                    3        Reappoint A. Mehta as Director                For                              Mgmt
                    4        Reappoint N. Chandra as Director              For                              Mgmt
                    5        Approve S.B. Billimoria & Co. as Auditors     For                              Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    6        Appoint R. Sommer as Director                 For                              Mgmt
                    7        Appoint L.M. Cha as Director                  For                              Mgmt
                    8        Approve Retirement Benefits to                For                              Mgmt
                             Managing/Executive Directors
                    9        Approve Transfer of Register of Members,      For                              Mgmt
                             Documents and Certificates to TSR Darashaw
                             Ltd, Registrar and Share Transfer Agents
                    10       Appoint Branch Auditors and Authorize Board   For                              Mgmt
                             to Fix Their Remuneration
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/17/06 - S        Tata Tea Ltd                             Y85484114                          None                   7,093
                             Postal Ballot
                    1        Amend Object Clause of the Memorandum of      For                              Mgmt
                             Association Re: New Business Opportunities
                    2        Approve Commencement and Undertaking of       For                              Mgmt
                             Businesses Enumerated in Sub-Clauses (62)
                             to (72) of the Object Clause of the
                             Memorandum of Association
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/08/06 - A        Tata Tea Ltd                             Y85484114                          None                   7,093
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Dividend of INR 12 Per Share          For                              Mgmt
                    3        Reappoint R.K.K. Kumar as Director            For                              Mgmt
                    4        Reappoint Y.H. Malegam as Director            For                              Mgmt
                    5        Reappoint D.B. Engineer as Director           For                              Mgmt
                    6        Approve N.M. Raiji & Co. as Auditors and      For                              Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Revision in the Remuneration of       For                              Mgmt
                             P.T. Siganporia, Managing Director, and V.
                             Venkiteswaran and S. Talwar, Executive
                             Directors
                    8        Appoint A. Patel as Director                  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A/S      Teck Cominco Ltd. *TCK.B*                878742204                          03/01/07              23,509
                             Meeting for Class A Common and Class B
                             Subordinate Voting Shares
                    1        Elect Directors J.B. Aune, J.H. Bennett,      For          For                 Mgmt
                             H.J. Bolton, Norman B. Keevil, Norman B.
                             Keevil III, T. Kuriyama, D. R. Lindsay, T.
                             Mochihara, D. G. Pannell, J.G. Rennie,
                             W.S.R. Seyffert, K.E. Steeves, C.M.T.
                             Thompson and R.J. Wright
                    2        Approve PricewaterhouseCoopers LLP as         For          For                 Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors
                    3        Approve 1:2 Stock Split                       For          For                 Mgmt


11/20/06 - S        TECNOCOM TELECOMUNICACIONES YENERGIA     E62436253                          None                     322
                    SA
                             Special Meeting Agenda
                    1        Approve Merger by Absorption of Softgal       For          For                 Mgmt
                             Servicios de Software de Galicia, S.A.U.,
                             Scorpion Sistemas, S.A.U., Scorpion
                             Networking Solutions, S.A.U., Eurocomercial
                             Informatica y Comunicaciones, S.A.,
                             Analysis Proyectos 2000, S.L. and Open
                             Solutions
                                Because the  companies are already  subsidiaries  in which
                                Tecnocom  owns  nearly  all the  equity,  this  resolution
                                consists of  internal  restructuring  measures.  It should
                                not be  viewed  as an  acquisition  proposal.        These
                                absorptions   would   have  no   significant   impact   on
                                shareholder  value,  and they  would  simplify  Tecnocom's
                                accounts and streamline  operations by assuring Tecnocom's
                                full control over the companies.
                    2        Amend Corporate Purpose and Modify Article    For          For                 Mgmt
                             2 of Company By-laws
                    3        Change Location of Registered Office and      For          For                 Mgmt
                             Modify Article 4 of Company By-laws
                    4        Elect Directors                               For          For                 Mgmt
                                Under this item, the company  nominates  Corporacion Caixa
                                Galicia to the board.
                    5        Amend Articles 6 and 11 of the General        For          For                 Mgmt
                             Meeting Guidelines
                                The company is proposing  the  amendment of articles 6 and
                                11 of the General Meeting Guidelines.  The first amendment
                                would be to  change  the  notice  period  for  shareholder
                                meetings  from 15 days to one month  before  the  meeting.
                                The second  modification  in  Article  11 would  stipulate
                                that   proposals   submitted  to  the  meeting  agenda  by
                                shareholders  owning at least 5 percent  of the  company's
                                share   capital   shall  be   included   in  the   meeting
                                notice.        These  are  positive  amendments,  thus  we
                                recommend shareholder support.
                    6        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


04/27/07 - A        Telecom Argentina SA (frml. Telecom      879273209                          03/29/07               5,500
                    Argentina Stet-France)
                             Meeting for Holders of ADRs
                    1        APPOINT TWO SHAREHOLDERS TO APPROVE AND       For          For                 Mgmt
                             SIGN THE MINUTES.
                    2        REVIEW OF THE DOCUMENTS PROVIDED FOR IN LAW   For          For                 Mgmt
                             NO 19,550 AND THE LISTING REGULATIONS AND
                             OF THE ACCOUNTING DOCUMENTS IN ENGLISH
                             LANGUAGE REQUIRED BY THE U.S. SECURITIES &
                             EXCHANGE COMMISSION REGULATION FOR THE 18TH
                             FISCAL YEAR ENDED ON DECEMBER 31, 2006.
                    3        CONSIDERATION OF THE RETAINED EARNINGS AS     For          For                 Mgmt
                             OF DECEMBER 31, 2006.
                    4        REVIEW OF THE PERFORMANCE OF THE BOARD OF     For          For                 Mgmt
                             DIRECTORS AND THE SUPERVISORY COMMITTEE
                             ACTING DURING THE 18TH FISCAL YEAR.
                    5        REVIEW OF THE BOARD OF DIRECTOR S             For          For                 Mgmt
                             COMPENSATION FOR THE FISCAL YEAR ENDED ON
                             DECEMBER 31, 2006.
                    6        AUTHORIZATION OF THE BOARD OF DIRECTORS TO    For          For                 Mgmt
                             MAKE ADVANCE PAYMENTS OF FEES FOR UP TO
                             P$2,000,000 PAYABLE TO DIRECTORS.
                    7        DETERMINATION OF THE FEES PAYABLE TO THE      For          For                 Mgmt
                             SUPERVISORY COMMITTEE ACTING DURING THE
                             18TH FISCAL YEAR.
                    8        ELECTION OF THE REGULAR AND ALTERNATE         For          For                 Mgmt
                             DIRECTORS FOR THE 19TH FISCAL YEAR.
                    9        ELECTION OF THE REGULAR AND ALTERNATE         For          For                 Mgmt
                             MEMBERS OF THE SUPERVISORY COMMITTEE FOR
                             THE 19TH FISCAL YEAR.
                    10       Ratify Auditors                               For          For                 Mgmt
                    11       CONSIDERATION OF THE BUDGET TO BE ASSIGNED    For          For                 Mgmt
                             TO THE AUDIT COMMITTEE FOR FISCAL YEAR 2007.


03/29/07 - A        TELECOM EGYPT                            M87886103                          None                 111,851
                    1        Approve Auditor's Report for Fiscal Year      For                              Mgmt
                             Ended 12-31-06
                    2        Approve Directors' Report for Fiscal Year     For                              Mgmt
                             Ended 12-31-06
                    3        Approve Financial Statements for Fiscal       For                              Mgmt
                             Year Ended 12-31-06
                    4        Approve Dividends                             For                              Mgmt
                    5        Approve Auditor and Fix Their Remuneration    For                              Mgmt
                    6        Discharge Directors                           For                              Mgmt
                    7        Elect Hassan Al-Sayed Abdullah to the Board   For                              Mgmt
                    8        Approve Sale of 2 Percent of Middle East      For                              Mgmt
                             Radio Communications Company to TE Data
                    9        Approve Sale of Assets Allocated to Egypt     For                              Mgmt
                             Net to TE Data
                    10       Authorize Extension of the Term for Ali       For                              Mgmt
                             Gamal El Din Ahmed Abdelaziz Salama as
                             Vice-President of Financial Affairs for a
                             Period of Six Months
                    11       Authorize Extension of the Term for Dawlat    For                              Mgmt
                             Abdel Hamid El Badawy as Vice-President of
                             Projects Planning for a Period of One Year
                    12       Approve Donations Allocated During Fiscal     For                              Mgmt
                             2006 and Authorize Board to Grant Donations
                             During Fiscal 2007
                    13       Approve Addition of Land Not Listed in        For                              Mgmt
                             General Assessment of Assets of 1998
                    14       Approve Directors' Remuneration for 2007      For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/29/07 - S        TELECOM EGYPT                            M87886103                          None                 111,851
                    1        Approve Amendments to Articles 18, 19, 21,    For                              Mgmt
                             24-27, 32, 48 and 60 of the Statutes of the
                             Company
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/09/07 - A        Telefonica S.A. (Formerly Telefonica     879382109                          None                  43,307
                    De Espana, S.A.)
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements, Allocation of Income,
                             and Discharge of Directors
                    2        Elect Directors                               For          For                 Mgmt
                    3        Authorize Repurchase of Shares                For          For                 Mgmt
                    4        Authorize Issuance of Convertible Bonds or    For          For                 Mgmt
                             Other Debt Instruments
                    5        Cancel Treasury Shares; Amend Articles to     For          For                 Mgmt
                             Reflect the Change in Share Capital
                    6.1      Amend Articles 14-16 and 18-20 of Bylaws      For          For                 Mgmt
                             Re: General Meetings
                    6.2      Amend Articles 17, 17 Bis and 20 Bis of       For          For                 Mgmt
                             Bylaws Re: Right of Attendance; Remote
                             Voting
                    6.3      Amend Articles 24, 25, 27, 30 and 31 Bis      For          For                 Mgmt
                             Re: Board of Directors
                    7.1      Amend Article 5 of the General Meeting        For          For                 Mgmt
                             Guidelines Re: General Meeting Competencies
                    7.2      Amend Articles 7-10 of the General Meeting    For          For                 Mgmt
                             Guidelines Re: Calling of the General
                             Meeting
                    7.3      Amend Articles 13, 15, 17 Bis and 20 Bis of   For          For                 Mgmt
                             the General Meeting Guidelines Re: Remote
                             Voting
                    7.4      Amend Articles 21 and 24 of the General       For          For                 Mgmt
                             Meeting Guidelines Re: Voting on Agenda
                             Items
                    8        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


05/31/07 - A/S      TELENET GROUP HOLDINGS N.V.              B89957110                          None                   3,635
                             Annual Meeting Agenda
                    1        Receive Directors' and Auditors' Reports      None                             Mgmt
                    2        Approve Allocation of Income                  For                              Mgmt
                    3        Receive Consolidated Financial Statements     None                             Mgmt
                             and Statutory Reports (Non-Voting)
                    4        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    5        Approve Discharge of Directors                For                              Mgmt
                    6        Approve Discharge of Auditors                 For                              Mgmt
                    7        Approve Remuneration of Directors             For                              Mgmt
                    8        Elect Directors                               For                              Mgmt
                             Extra Ordinary Meeting Agenda
                    1.a      Receive Special Board Report                  None                             Mgmt
                    1.b      Receive Special Auditor Report                None                             Mgmt
                    2        Approve Issuance of Shares                    For                              Mgmt
                    3        Approve Issue Premium                         For                              Mgmt
                    4.a      Authorize Implementation of Approved          For                              Mgmt
                             Resolutions Related to the Issue Premium
                    4.b      Authorize Implementation of Approved          For                              Mgmt
                             Resolutions Related to the Company
                             Personnel Eligible for Inscription
                    4.c      Authorize Implementation of Approved          For                              Mgmt
                             Resolutions Related to the Term of
                             Inscription
                    5        Approve Use of Electronic Registry            For                              Mgmt
                    6        Amend Articles Related to the Elimination     For                              Mgmt
                             of Bearer Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/15/07 - A        Telenor ASA                              R21882106                          None                  24,300
                    1        Approve Notice of Meeting                     For          For                 Mgmt
                    2        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of NOK 2.50 per Share
                    4        Approve Remuneration of Auditors              For          For                 Mgmt
                    5        Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                                The disclosure  pertaining to the  performance  objectives
                                for the bonus arrangement  --  although not complete
                                --  is at  par  with  market  standards  in  Norway.
                                Nevertheless,  we  would  prefer  to see  further  details
                                about the  criteria  used to measure  company  results and
                                the levels of these criteria.  In addition, we believe the
                                company  should  disclose or reference  all aspects of the
                                proposed  remuneration  policy in the meeting  notice.  We
                                consider,  however,  the overall remuneration policy to be
                                satisfactory  despite these shortcomings.  The company has
                                reasonable  overall  levels  of  remuneration,  and it has
                                imposed  reasonable caps on the short-term bonus payments.
                                        As  we  consider  the  overall  structure  of  the
                                proposed  remuneration policy to be shareholder  friendly,
                                we recommend a vote in favor of the proposal.
                    6        Approve NOK 5 Billion Transfer from Share     For          For                 Mgmt
                             Premium Account to Unrestricted
                             Shareholders' Equity
                    7        Authorize Repurchase of Up to 9.80 Percent    For          For                 Mgmt
                             of Issued Share Capital for Acquisition of
                             Businesses; Authorize Repurchase of Up to
                             0.15 Percent of Issued Share Capital in
                             Connection With the Company's Existing
                             Share Incentive Plans
                    8        Elect Members and Deputy Members of           For          For                 Mgmt
                             Corporate Assembly
                    9        Approve Remuneration of Corporate Assembly    For          For                 Mgmt
                    10       Elect Members of Nominating Committee         For          For                 Mgmt


10/20/06 - A        Telkom SA                                S84197102                          None                   4,835
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended March 31, 2006
                    2        Approve Simultaneous Reappointment of         For          Against             Mgmt
                             Retiring Directors
                    2        Elect Directors                               For          Split               Mgmt
                    2.1      Reelect L. Zim --- Against
                                The  proposed  director  nominee  (L.  Zim)  who is up for
                                reelection  under this  resolution  has attended less than
                                75 percent of board  meetings for the year without a valid
                                reason for the absences.  ISS believes that the purpose of
                                board  membership  is  to  represent  outside  shareholder
                                interests  and to monitor the  activities  of  management.
                                Directors  cannot satisfy their  fiduciary  responsibility
                                to  shareholders  if  they  do  not  attend  meetings.  We
                                therefore   recommend   that   shareholders   oppose  this
                                director nominee.
                    2.2      Reelect T. Mosololi --- For
                    3        Ratify Ernst & Young as Auditors              For          For                 Mgmt
                    4        Authorize Repurchase of Up to 20 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    5        Amend Articles of Association                 For          Against             Mgmt
                                Based  on the  fact  that  the  company  is  removing  the
                                provision   regarding   fixed  number  of  directors   and
                                replacing  it with a  range,  given  that  the  new  Human
                                Resources Review and  Remuneration  Committee (which would
                                make  recommendations  on the remuneration for executives)
                                would  include  executives,  and  since  this is a bundled
                                resolution,   we   recommend   shareholders   oppose   the
                                amendments  to  the  articles   because   these   negative
                                provisions outweigh the neutral, editorial ones.


06/01/07 - A        Temenos Group AG                         H8547Q107                          None                   4,521
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/01/07 - A        Temenos Group AG                         H8547Q107                          None                   4,521
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    3        Approve Discharge of Management and           For                              Mgmt
                             Supervisory Board
                    4        Authorize Use of CHF 24.7 Million from        For                              Mgmt
                             Existing Pool of Capital to Guarantee
                             Conversion Rights of Convertible Bonds to
                             be Issued to Metavante Corporation
                    5        Reelect Andreas Andreades as Director         For                              Mgmt
                    6        Ratify PricewaterhouseCoopers SA as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/05/06 - S        Teva Pharmaceutical Industries Ltd.      881624209                          08/29/06               8,141
                             Meeting for Holders of ADRs
                    1        TO APPROVE THE REMUNERATION OF MR. ELI        For          For                 Mgmt
                             HURVITZ IN HIS CAPACITY AS CHAIRMAN OF THE
                             BOARD OF TEVA, IN AN AMOUNT OF THE NIS
                             EQUIVALENT OF $300,000 PER ANNUM PLUS VAT,
                             TO BE ADJUSTED BY THE INCREASE OF THE
                             ISRAELI CONSUMER PRICE INDEX, TOGETHER WITH
                             AN OFFIC
                    2        TO APPROVE THE REMUNERATION OF DR. PHILLIP    For          For                 Mgmt
                             FROST IN HIS CAPACITY AS VICE CHAIRMAN OF
                             THE BOARD OF TEVA AND CHAIRMAN OF THE BOARD
                             S SCIENCE AND TECHNOLOGY COMMITTEE, IN AN
                             AMOUNT OF THE NIS EQUIVALENT OF $275,000
                             PER ANNUM PLUS VAT, TO BE ADJUSTED BY THE


12/27/06 - A        Thai Airways International PCL           Y8615C114                          12/07/06              81,700
                    1        Chairman's Address                            For          For                 Mgmt
                    2        Approve Minutes of Previous AGM               For          For                 Mgmt
                    3        Acknowledge 2006 Operating Results            For          For                 Mgmt
                    4        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    5        Approve Payment of Dividend of Baht 1.65      For          For                 Mgmt
                             Per Share
                    6        Approve Remuneration, Monthly Allowance,      For          For                 Mgmt
                             and Annual Bonus of Directors
                    7        Approve Office of the Auditor General as      For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    8        Amend Article 40 of the Articles of           For          For                 Mgmt
                             Association Re: Accounting Period
                    9        Elect Apinan Sumanaseni, Chaisawasd           For          For                 Mgmt
                             Kittipornpaiboon, Pichai Chunhavajira,
                             Wisudhi Srisuphan, Wichit Na - Ranong, and
                             Pornthip Jala as Directors
                    10       Other Business                                For          Against             Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


04/10/07 - A        THAI OIL PUBLIC CO LTD                   Y8620B119                          03/21/07             121,215
                    1        Approve Minutes of Previous AGM               For          For                 Mgmt
                    2        Accept 2006 Operating Results and Financial   For          For                 Mgmt
                             Statements
                    3        Approve Allocation of Income and Payment of   For          For                 Mgmt
                             Dividend
                    4        Elect Directors                               For          For                 Mgmt
                    5        Approve Remuneration of Directors             For          For                 Mgmt
                    6        Approve KPMG Phoomchai Audit Ltd. as          For          For                 Mgmt
                             Auditors and Fix Their Remuneration
                    7        Authorize Issuance of Debentures not          For          For                 Mgmt
                             exceeding $500 Million or its Equivalent in
                             Other Currency
                    8        Other Business                                For          Against             Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


07/14/06 - A        The British Land Company plc             G15540118                          None                   4,074
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 11.8 Pence Per      For          For                 Mgmt
                             Share
                    3        Re-elect Sir John Ritblat as Director         For          For                 Mgmt
                    4        Re-elect Michael Cassidy as Director          For          For                 Mgmt
                    5        Re-elect Robert Swannell as Director          For          For                 Mgmt
                    6        Re-elect Christopher Gibson-Smith as          For          For                 Mgmt
                             Director
                    7        Re-elect David Michels as Director            For          For                 Mgmt
                    8        Elect Lord Turnbull as Director               For          For                 Mgmt
                    9        Elect Kate Swann as Director                  For          For                 Mgmt
                    10       Elect Andrew Jones as Director                For          For                 Mgmt
                    11       Elect Tim Roberts as Director                 For          For                 Mgmt
                    12       Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    13       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    14       Approve Remuneration Report                   For          For                 Mgmt
                    15       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 43,192,578
                    16       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,489,828
                    17       Authorise 51,918,628 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    18       Approve The British Land Company Plc Fund     For          For                 Mgmt
                             Managers Performance Plan
                    19       Approve The British Land Company Plc          For          For                 Mgmt
                             Matching Share Plan
                    20       Amend The British Land Company Long Term      For          For                 Mgmt
                             Incentive Plan
                    21       Approve Further Plans for Overseas            For          For                 Mgmt
                             Employees Based on the Performance Plan and
                             the Matching Share Plan


12/20/06 - S        The British Land Company plc             G15540118                          None                  62,296
                    1        Amend Articles of Association Re: Real        For          For                 Mgmt
                             Estate Investment Trust
                                Introduction        The   Board  is  proposing   that  the
                                Company  elect for Real  Estate  Investment  Trust  (REIT)
                                status  with  effect  from 1  January  2007  in  order  to
                                benefit  from the  provisions  contained  in Part 4 of the
                                Finance  Act  2006  and  the  related   regulations   (the
                                'REIT  regime'),  which  require  a  change  to the
                                Articles of  Association.          REIT  Status        The
                                amendment  proposed to be made to the  Company's  Articles
                                is required for the Company to be  confident  that it will
                                not  become  subject  to certain  additional  tax  charges
                                provided  under the REIT regime.          By  electing for
                                REIT status,  the Company (and any  subsidiaries)  will no
                                longer  pay UK direct  tax on the  profits  and gains from
                                their  qualifying  property  rental  businesses  in the UK
                                provided    that    they    meet    certain    conditions.
                                Non-qualifying   profits  and  gains  of  the  Group  will
                                continue   to   be   subject   to   corporation   tax   as
                                normal.        On  entering  the REIT  regime,  a  company
                                that carries on a qualifying  property  rental business in
                                the  UK  will  be   subject   to  an  entry   tax   charge
                                approximately  equal to 2% of the  aggregate  market value
                                of the  properties  and  other  assets  involved  in  that
                                business  immediately prior to entry into the REIT regime.
                                The  Company   states   that  the  tax  charge   would  be
                                approximately GBP 315 million (USD 624 million),  based on
                                September 2006 valuations.  Based on these valuations, the
                                Company's  deferred tax liability  would have been reduced
                                by  approximately  GBP  1.7  billion  (USD  3.4  billion).
                                        A   REIT  will  be  required  to   distribute   to
                                shareholders  (by way of  dividend),  within  12 months of
                                the end of the  accounting  period in  question,  at least
                                90% of  the  income  profits  (broadly,  calculated  using
                                normal tax  rules) of the  members of the Group in respect
                                of  their  tax-exempt   business.        Under   the  REIT
                                regime,  a tax charge may be levied on the  Company if the
                                Company  makes  a  distribution  to  a  company  which  is
                                beneficially  entitled  (directly or indirectly) to 10% or
                                more  of  the  shares  or  dividends  of  the  Company  or
                                controls  (directly  or  indirectly)  10% or  more  of the
                                voting rights of the Company  unless the Company has taken
                                reasonable  steps  to  avoid  such  a  distribution  being
                                paid.        The  amendment  proposed  to be  made  to the
                                Company's  Articles  is  intended  to give the  Board  the
                                powers  it  needs  to   demonstrate   to  HMRC  that  such
                                reasonable  steps have been taken by the Company.  The EGM
                                proposal is consistent  with the draft guidance  published
                                by HMRC.  The Board will  review the  guidance  when it is
                                published,  and will reconsider the conversion into a REIT
                                if  the  latest  available  guidance  suggests  there  are
                                material  implications  that the Board  considers would be
                                adverse for the Company or would  affect the  consequences
                                of  conversion   for   shareholders   in  a  way  that  is
                                materially   different  to  that   described  in  the  EGM
                                material  or  if  there  is  material  uncertainty  as  to
                                whether   that  might  be  the   case.        Shareholders
                                should note that the  Company's  election  for REIT status
                                will             affect              their             tax
                                position.        Dividends        The   Company   explains
                                that  an  important   element  of  REITs  is  higher  cash
                                distribution  for  shareholders.  The Company expects that
                                in  respect  of the  Group's  first  year as a  REIT,  the
                                full-year  dividend  will be no less  than GBP  0.33  (USD
                                0.65),  which  presents  a  94  percent  increase  on  the
                                previous       year's       dividend.                Board
                                Recommendation        The   Board   considers   that   the
                                resolution  to be  proposed  at the  EGM  is in  the  best
                                interests  of  shareholders  as a  whole  and  unanimously
                                recommends   shareholders   to  vote  in   favour  of  the
                                Resolution,  as the  Directors  intend to do in respect of
                                their  own  beneficial  shareholdings.          Conclusion
                                and Vote  Recommendation        The  approval of this item
                                will  permit  the  Company  to  achieve   REIT  status  as
                                detailed  above.          We are not raising any corporate
                                governance  issues  that  would  cause us to object to the
                                proposed resolution.          Ultimately, we consider that
                                the  proposal  is an  investment  decision,  which is best
                                left for  shareholders to evaluate in respect of their own
                                individual  investment  strategies and after  consultation
                                with such professional  advisors as each shareholder deems
                                necessary.


12/04/06 - S        The Unite Group plc                      G9283N101                          None                   4,404
                    1        Approve Disposal by UNITE Group Companies     For          For                 Mgmt
                             of a Majority Interest in the Fund; Approve
                             Proposed Transactions by Certain UNITE
                             Group Companies Pursuant to the Property
                             and Asset Management Agreement; Authorise
                             Directors to Implement All the Transactions


06/29/07 - A/S      Theolia                                  F8857Q103                          06/26/07                 779
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                              Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                              Mgmt
                             of Dividends
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Receive Chairman's and Auditor's Reports on   For                              Mgmt
                             Internal Control
                    6        Elect Andrew Marsden as Director              For                              Mgmt
                    7        Elect Yves Menat as Director                  For                              Mgmt
                    8        Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 120,000
                    9        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    10       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                             Special Business
                    11       Approve Acquisitions of EFS Windpark          For                              Mgmt
                             Beteiligungs, EFS Windpark Asleben
                             Beteiligungs GmbH, and of EFS Windpark 1
                             Management GmbH
                    12       Issue 2.78 Million of Shares to EFS-B and     For                              Mgmt
                             Issue 2.47 Million of Shares to General
                             Electric Finance Holding GmbH in Connection
                             with Acquisitions Above
                    13       Delegation of Powers to Board of Directors    For                              Mgmt
                             to Acknowledge Completion of Acquisitions
                    14       Amend Articles to Reflect Changes in          For                              Mgmt
                             Capital Following Acquisitions Above
                    15       Approve Issuance of 1,212,000 Shares          For                              Mgmt
                             Subject to Approval of Item 16 Above
                    16       Eliminate Preemptive Rights to the benefit    For                              Mgmt
                             of EFS-B and General Electric Finance
                             Holding GmbH
                    17       Approve Issuance of 1.5 Million of Warrants   For                              Mgmt
                    18       Reserve Issuance Above to EFS-B and General   For                              Mgmt
                             Electric Finance Holding GmbH
                    19       Approve Issuance of 1.5 Million of Warrants   For                              Mgmt
                    20       Reserve Issuance Above to EFS-B and General   For                              Mgmt
                             Electric Finance Holding
                    21       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15 Million
                    22       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15 Million
                    23       Authorize Board to Set Issue Price for 10     For                              Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    24       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             Above
                    25       Authorize Capital Increase of Up to EUR 15    For                              Mgmt
                             Million for Future Exchange Offers
                    26       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    27       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    28       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    29       Amend Articles of Association Re:             For                              Mgmt
                             Double-voting rights
                    30       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/19/07 - A        ThyssenKrupp AG (formerly Thyssen AG)    D8398Q119                          12/29/06              21,442
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2005/2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2005/2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2006/2007
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Approve Creation of EUR 500 Million Pool of   For                              Mgmt
                             Capital without Preemptive Rights
                    8        Amend Articles Re: Grant Alfried Krupp von    For                              Mgmt
                             Bohlen und Halbach Foundation the Right to
                             Nominate up to Three Supervisory Board
                             Members
                    9        Amend Articles Re: Increase Fixed and         For                              Mgmt
                             Decrease Variable Amount of Compensation
                             for Supervisory Board Members
                    10       Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/14/07 - A        Tiger Brands Ltd. (Formerly Tiger Oats   S84594142                          None                   9,013
                    Ltd.)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Year Ended 9-30-06
                    2        Reelect AC Nissen as Director                 For          For                 Mgmt
                    3        Reelect BL Sibiya as Director                 For          For                 Mgmt
                    4        Reelect LC van Vught as Director              For          For                 Mgmt
                    5        Reelect RM W Dunne as Director                For          For                 Mgmt
                    6        Reelect NP Doyle as Director                  For          For                 Mgmt
                    7        Approve Remuneration of Non-Executive         For          For                 Mgmt
                             Directors, Including the Chairman and
                             Seputy Chairman
                    8        Approve Remuneration of Non-Executive         For          For                 Mgmt
                             Directors Members of the Different Board
                             Committees
                    9        Approve Payment of Fees to Non-Executive      For          For                 Mgmt
                             Directors for Unscheduled Meetings and/or
                             Other Projects
                    10       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital by Company and/or
                             Subsidiary


03/23/07 - A        TK Corp. (formerly Taekwang Bend         Y8363M108                          12/31/06                 757
                    Industry Co.)
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 75 Per Share
                                        Proposed  dividend  is  KRW 75  per  share,  which
                                corresponds  to a payout  ratio of 8  percent,  about same
                                the  previous  year.  The payout ratio is very low even by
                                Korean  standards  and we call on the  company  to improve
                                its payout  ratio in the near future.  However,  we do not
                                oppose this income  allocation  and  dividend  proposal at
                                this time.
                    2        Amend Articles of Incorporation to Increase   For          For                 Mgmt
                             Authorized Shares
                                The  amendment  would  increase the  company's  authorized
                                capital from 20 million  shares to 30 million  shares,  an
                                increase  of 50 percent.  We believe  this  increase  will
                                grant  management  enough  flexibility to issue new shares
                                to raise working capital.
                    3        Elect Executive Director                      For          For                 Mgmt
                                There is an executive  director  nominee to the board. The
                                nominee is Yoon  Sung-deok,  the  representative  director
                                and largest  shareholder  of the  company.  The nominee is
                                incumbent director.  Upon shareholder approval,  Yoon will
                                serve on the board for the next three  years.  The nominee
                                has not engaged in any disclosable  transactions  with the
                                company  during  the  past  three  years.  The  number  of
                                directors  remains  unchanged  at four,  of whom one is an
                                independent non-executive director.
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 500  million,  up from KRW
                                400 million in 2006.  Although  last year's  actual payout
                                was not  disclosed,  the company paid KRW 13.5 million for
                                the  one  independent  non-executive  director.  We see no
                                reason to oppose this resolution.
                    5        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                The  ceiling  for one  auditor  for  2007  will be KRW 100
                                million,  same as the previous  year.  Last year's  actual
                                payout was not disclosed.


05/29/07 - A        TK Development                           K9589G102                          05/18/07               5,700
                    1        Receive Report of Board                       None         None                Mgmt
                    2        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    3        Approve Allocation of Income and Omission     For          For                 Mgmt
                             of Dividends
                    4a       Amend Articles Re: Change Company Registrar   For          For                 Mgmt
                             to VP Investor Services A/S
                    4b       Proposals from Shareholders (None Submitted)  None         None                Mgmt
                    5        Reelect Poul Lauritsen, Torsten Rasmussen,    For          For                 Mgmt
                             Per Pedersen, Kurt Daell, and Jesper
                             Jarlbaek as Members of the Supervisory
                             Board; Elect Niels Roth as New Member of
                             the Supervisory Board
                    6        Ratify Auditors                               For          For                 Mgmt
                    7        Other Business (Non-Voting)                   None         None                Mgmt


01/17/07 - S        TMK OAO                                  87260R102                          12/01/06                  67
                             Meeting for Holders of ADRs
                    1        APPROVAL OF THE AMENDMENT TO THE COMPANY S    For          For                 Mgmt
                             CHARTER.
                                This  item  asks   shareholders  to  amend  the  company's
                                regulations  on  management.   The  document  in  question
                                defines  the  composition,  work,  duties,  and  rights of
                                TMK's  management.  It is  proposed to include a provision
                                in the text of the  regulations  requiring  members of the
                                company's  management  board to disclose in writing to the
                                company's   board  of   directors,   the  internal   audit
                                commission,  and the auditor information pertaining to the
                                members'  ownership  of TMK shares as well as any sales or
                                purchases of TMK stock made by management  board  members.
                                        As  explained by TMK, the Russian  Trading  System
                                (RTS),  the Russian  stock  exchange  where TMK shares are
                                listed and traded,  has  requested  that the company amend
                                the  regulations  on management by including the provision
                                in question in the text of the  regulations.  We note that
                                the company's  regulations  on information  policy,  which
                                contain,  among others,  the company's  internal rules and
                                regulations  regarding  disclosure of company information,
                                already  require  members  of  TMK's  management  board to
                                disclose the required  information  on their  ownership of
                                TMK  shares  as  well  as on  any  transactions  involving
                                company  shares.  However,  the RTS has requested that the
                                company  add  such a  requirement  to the  regulations  on
                                management to avoid any potential  discrepancy between the
                                two  documents.          The  proposed  amendment  is of a
                                technical  nature, as the company already requires members
                                of its management board to disclose information  regarding
                                their holdings in the company as well as any  transactions
                                made  by  them  with  respect  to  company  stock.  As the
                                proposed  amendment  will not have any negative  impact on
                                shareholder  rights  at TMK and  serves  a  technical  and
                                informational  purpose,  a vote in favor of this  proposal
                                is recommended.


06/27/07 - A        TMK OAO                                  87260R102                          05/21/07               4,749
                             Meeting for GDR Holders
                    1        Approve Annual Report and Financial           For          For                 Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of RUB 4.30 Per Ordinary Share
                             Elect Ten Directors by Cumulative Voting
                    3        Elect Directors                               None         Split               Mgmt
                    3.1      Elect Petr Golitsyn as Director --- For
                                ISS Analysis        We  note that the company's definition
                                of  independence  is not as  detailed  as ours and that we
                                are  therefore  unable to classify  Eskindarov,  Golitsyn,
                                Marous,  and Townsend as  independent  directors  based on
                                our classification  guidelines.  We note also that all ten
                                candidates will be elected to the board. However,  because
                                the  four  candidates  can be  classified  as  independent
                                based on TMK's  definition of director  independence,  and
                                because we believe  that  independent  directors  are most
                                capable  of  making  impartial   decisions,   taking  into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of Golitsyn (item 3.1), Marous
                                (item 3.4),  Townsend  (item 3.7),  and  Eskindarov  (item
                                3.10),  and  withhold  their votes for the  remaining  six
                                nominees.  We believe that these four  candidates are most
                                likely  to bring  independence  to the board and will most
                                likely act in all shareholders' interest.
                    3.2      Elect Andrey Kaplunov as Director ---
                             Withhold
                    3.3      Elect Adrian Cobb as Director --- Withhold
                    3.4      Elect Josef Marous as Director --- For
                    3.5      Elect Sergey Papin as Director --- Withhold
                    3.6      Elect Dmitry Pumpyansky as Director ---
                             Withhold
                    3.7      Elect Geoffrey Townsend as Director --- For
                    3.8      Elect Igor Khmelevsky as Director ---
                             Withhold
                    3.9      Elect Alexander Shiryaev as Director ---
                             Withhold
                    3.10     Elect Mukhadin Eskindarov as Director ---
                             For
                             Elect Members of Audit Commission
                    4.1      Elect Alexander Borobiev as Member of Audit   For          For                 Mgmt
                             Commission
                    4.2      Elect Alexander Maximenko as Member of        For          For                 Mgmt
                             Audit Commission
                    4.3      Elect Anna Novokshonova as Member of Audit    For          For                 Mgmt
                             Commission
                    5        Ratify Auditor                                For          For                 Mgmt


04/20/07 - A        TNT N.V.                                 N86672107                          03/21/07              50,908
                    1        Open Meeting                                  None                             Mgmt
                    2        Presentation by M.P. Bakker, CEO              None                             Mgmt
                    3        Receive Annual Report                         None                             Mgmt
                    4        Discussion of the Company's Corporate         None                             Mgmt
                             Governance Chapter in the Annual Report,
                             Chapter 7
                    5        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    6a       Receive Explanation on Company's Reserves     None                             Mgmt
                             and Dividend Policy
                    6b       Approve Dividends of EUR 0.73 Per Share       For                              Mgmt
                    7        Approve Discharge of Management Board         For                              Mgmt
                    8        Approve Discharge of Supervisory Board        For                              Mgmt
                    9        Approve Remuneration Report Containing        For                              Mgmt
                             Remuneration Policy for Management Board
                             Members
                    10a      Announce Vacancies on Supervisory Board       None                             Mgmt
                    10b      Opportunity to Make Recommendations for the   None                             Mgmt
                             Appointment of Members of the Supervisory
                             Board
                    10c      Announcement by the Supervisory Board of      None                             Mgmt
                             the Persons Nominated for Appointment
                    11       Elect R. Dahan to Supervisory Board           For                              Mgmt
                    12       Elect V. Halberstadt to Supervisory Board     For                              Mgmt
                    13       Elect W. Kok to Supervisory Board             For                              Mgmt
                    14       Elect M. Harris to Supervisory Board          For                              Mgmt
                    15       Announce Vacancies on Supervisory Board       None                             Mgmt
                             Expected in 2008
                    16a      Grant Board Authority to Issue Ordinary       For                              Mgmt
                             Shares Up To 10 Percent of Issued Capital
                             Plus Additional 10 Percent in Case of
                             Takeover/Merger
                    16b      Grant Board Authority to Issue All Unissued   For                              Mgmt
                             Preference Shares B
                    17       Authorize Board to Exclude Preemptive         For                              Mgmt
                             Rights from Issuance Under Item 16a
                    18       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    19       Reduction of the Issued Capital by            For                              Mgmt
                             Cancellation of Own Shares
                    20a      Amend Articles Re: Conversion of the          For                              Mgmt
                             Special Share
                    20b      Amend Articles                                For                              Mgmt
                    21       Receive Announcements on the Functioning of   None                             Mgmt
                             the External Auditor
                    22       Allow Questions                               None                             Mgmt
                    23       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/21/07 - A        TOCALO CO LTD (EX JAFCO SIG CO LTD)      J84227123                          03/31/07                 900
                    *3433*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 22.5
                                The payout ratio for the full year is 18 percent  based on
                                consolidated    earnings,   or   19   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:      Nominee     7        Background     of
                                non-executive  nominee(s):  The  nominee is an attorney in
                                private practice.        Board  Profile        Composition
                                of  board  after  this   meeting:   9  executives   and  1
                                non-executive.        The    number   of    outsiders   is
                                remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  reappointed Misuzu
                                on  a  provisional  basis.  Here,  the  company  seeks  to
                                appoint  Shin-Nihon & Co.,  because in  recognition of the
                                severe  damage  to its  reputation  and its  bottom  line,
                                Misuzu decided in February to cease audit  operations this
                                summer. We see no reason to oppose this resolution.
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The two  retiring  directors  are  insiders and we have no
                                reason to oppose this resolution.
                    5        Approve Special Payments to Continuing        For          Against             Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                The company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 7 continuing  directors and
                                3 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 1 of the  continuing
                                directors  has  been  designated  by  the  company  as  an
                                outside  director  and  all  of the  continuing  statutory
                                auditors   have  been   designated   by  the   company  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.


06/25/07 - A        Tokai Rubber Industrial *5191*           J86011103                          03/31/07               1,355
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 10
                                The payout ratio for the full year is 13 percent  based on
                                consolidated    earnings,   or   25   percent   based   on
                                parent-company  earnings.        By  law, funds  available
                                for  dividends  in  Japan  are  based  on   parent-company
                                earnings  only.        The  payout ratio for the full year
                                is on the low  side by  Japanese  standards.  However,  in
                                light of the increase in the dividend  payment,  we do not
                                oppose this  resolution.  We will consider  voting against
                                future  income  allocations,   if  profits  grow  and  the
                                dividend payment is not further increased.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  7  executives  and 0  non-executives.  The board
                                currently  includes 6 insiders  and no outside  directors.
                                Candidate  7 is new  to  the  board  (more  precisely,  is
                                returning  to the  board  after  2 years  as an  executive
                                officer).
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 300 million per year
                                to JY 350  million per  year.        This  change is being
                                requested   because  of  an  increase  in  the  number  of
                                directors  from 6 to 7.                  Because  the  new
                                ceiling  is not  excessive,  we have no  reason  to oppose
                                this resolution.


06/28/07 - A        Tokushima Bank Ltd. *8561*               J86463106                          03/31/07               1,265
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 4
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  8  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a former local government official.
                    4        Appoint Alternate Internal Statutory Auditor  For          For                 Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a former local government official.
                    5        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that Shin-Nihon & Co be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  Shin-Nihon,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    6        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.


06/26/07 - A        Tokuyama Corporation *4043*              J86506102                          03/31/07              12,000
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 3
                                The payout  ratio for the full year is 9 percent  based on
                                consolidated    earnings,   or   11   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.        The  payout ratio for the full year is on the
                                low side by Japanese standards.  However,  the company has
                                posted  strong  growth  in sales  and  profits  in  recent
                                years.  Accordingly,  we do not object to the retention of
                                cash at this stage of the company's development.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                ProfileComposition   of  board  after  this  meeting:   14
                                executives  and  0  non-executives.  The  board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       3       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  11  continuing  directors  and  4
                                continuing  internal  statutory  auditors.  The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.        In   this   case,   2  of  the   continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 545
                                million per year to JY 635 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 60 million per year to JY 75 million per
                                year.  After the  meeting,  the company  will  continue to
                                have      14      directors      and      4      statutory
                                auditors.                These     changes    are    being
                                requested  because the company has  abolished the practice
                                of paying lump-sum retirement bonuses,  which did not fall
                                under the  compensation  ceilings,  and replaced them with
                                other       forms       of       compensation        which
                                do.                Because   the  new   ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Tokyo Tomin Bank Ltd. *8339*             J88505102                          03/31/07               2,000
                    1        Elect Directors                               For          For                 Mgmt
                    2        Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Retirement Bonuses for Director and   For          For                 Mgmt
                             Statutory Auditor
                                The recipients are insiders.


05/28/07 - S        Toll Holdings Limited *TOL*              Q9104H100                          05/26/07             100,315
                    1        Authorize Reduction in Share Capital by an    For          For                 Mgmt
                             Aggregate Sum of A$289.17 Million by
                             Appropriating the Aggregate Sum Among
                             Registered Shareholders in Proportion to
                             the Number of Ordinary Shares Held
                    2        Authorize Reduction in Share Capital by an    For          For                 Mgmt
                             Aggregate Sum of A$2.41 Billion by
                             Appropriating the Aggregate Sum Among
                             Registered Shareholders in Proportion to
                             the Number of Ordinary Shares Held
                    3        Approve Provision of Financial Assistance     For          For                 Mgmt
                             by Granting the Guarantees and Securities
                    4        Approve Issuance of Stapled Securities to     For          For                 Mgmt
                             Mostia Dion Nominees Pty Ltd as Trustee for
                             The Mark Rowthorn Family Trust of that
                             Number of Stapled Securities Having an
                             Aggregate Subscription Price of A$50 Million
                    5        Approve Benefits Payable on Termination of    For          Against             Mgmt
                             Paul Little, Under the Terms of an
                             Executive Service Deed
                                Executive Summary of Reason for "Against"  Recommendations
                                on Res.  5-7        - The termination payment arrangements
                                provide  for  potential  payouts  well in  excess of local
                                market standards, including the ACSI Guidelines.
                    6        Approve Benefits Payable on Termination of    For          Against             Mgmt
                             Neil Chatfield, John Ludeke, Stephen
                             Stanley, and Bernard McInerney, Under the
                             Terms of an Executive Service Deed
                    7        Approve Benefits Granted to Directors on      For          Against             Mgmt
                             Termination in Certain Circumstances
                    8        Approve Benefits Payable on Termination of    For          Against             Mgmt
                             Asciano Executive Mark Rowsthorn, Under the
                             Terms of an Executive Service Deed
                                Executive Summary of Reason for "Against"  Recommendations
                                on  Res.  8  and   9        -  The   termination   payment
                                arrangements  provide for potential payouts well in excess
                                of local market standards, including the ACSI Guidelines.
                    9        Approve Benefits Payable on Termination of    For          Against             Mgmt
                             Asciano Executive Don Telford, Under the
                             Terms of an Executive Service Deed
                    10       Approve Deed of Indemnity, Insurance and      None         For                 Mgmt
                             Access and Financial Benefits Thereunder,
                             with Each Director and Future Director


05/28/07 - C        Toll Holdings Limited *TOL*              Q9104H100                          05/26/07             100,315
                             COURT-ORDERED MEETING FOR SHAREHOLDERS
                             (FIRST SCHEME MEETING)
                    1        Approve Scheme of Arrangement Proposed        For          For                 Mgmt
                             Between the Company and the Holders of its
                             Ordinary Shares to Consider the Unit Scheme


05/28/07 - C        Toll Holdings Limited *TOL*              Q9104H100                          05/26/07             100,315
                             COURT-ORDERED MEETING FOR SHAREHOLDERS
                             (SECOND SCHEME MEETING)
                    1        Approve Scheme of Arrangement Proposed        For          For                 Mgmt
                             Between the Company and the Holders of its
                             Ordinary Shares to Consider the Share Scheme


02/27/07 - A        TOSEI CORP. *8923*                       J8963D109                          11/30/06                  18
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             1400, Special JY 0
                    2        Amend Articles to: Require Supermajority      For          Against             Mgmt
                             Vote to Remove Director - Increase
                             Authorized Capital - Limit Liability of
                             Outside Directors and Statutory Auditors
                                Because the proposed increase in authorized  capital would
                                leave  the  company  with  only  25.1  percent  of the new
                                authorization  on issue,  failing  to meet ISS  guidelines
                                for authorized  capital  increases,  and because we do not
                                believe it is in  shareholders'  interest to increase  the
                                percentage  of votes  required  to remove a director  from
                                office,  we recommend that  shareholders vote against this
                                resolution.
                    3        Elect Director                                For          For                 Mgmt
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceiling for Directors


05/11/07 - A/S      Total SA (Formerly Total Fina Elf S.A    F92124100                          05/07/07              13,979
                    )
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.87 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    6        Reelect Thierry Desmarest as Director         For                              Mgmt
                    7        Reelect Thierry De Rudder as Director         For                              Mgmt
                    8        Reelect Serge Tchuruk as Director             For                              Mgmt
                    9        Reelect Daniel Boeuf as Director              For                              Mgmt
                    10       Elect Philippe Marchandise as Director        Against                          Mgmt
                    11       Elect Mohammed Zaki as Director               Against                          Mgmt
                    12       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 1.1 million
                             Special Business
                    13       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 4 bn
                    14       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.8 bn
                    15       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    16       Approve Stock Option Plans Grants             For                              Mgmt
                    17       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    18       Amend Articles of Association Re: Attend      For                              Mgmt
                             Board Meetings Through Videoconference and
                             Telecommunication
                    19       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    20       Amend Articles of Association Re: Attend      For                              Mgmt
                             and Vote to the General Meetings through
                             Videoconference and Telecommunication
                    A        Amend Articles of Association Re:             Against                          ShrHoldr
                             Appointment of Employee Shareholder
                             Representative
                    B        Authorize up to 0.2 Percent of Issued         Against                          ShrHoldr
                             Capital for Use in Restricted Stock Plan to
                             the Benefit of All Company Employees
                    C        Amend Article 18 al. 7 of Bylaws Re: Remove   Against                          ShrHoldr
                             Voting Rights Limitation
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Towa Pharmaceutical Co. Ltd. *4553*      J90505108                          03/31/07                 601
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 22.5
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                 Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board after this meeting: 7
                                executives  and  0   non-executives.The   board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominees  3  and  4        Nominee  3
                                passes  our  test  for  independence.  He is an  attorney.
                                        However,  nominee 4 does not meet our criteria for
                                independence.  He is a  former  executive  of the  Bank of
                                Tokyo-Mitsubishi  UFJ,  Ltd.,  the  company's  main  bank.
                                        Given  the realities of Japanese  business and the
                                strong   loyalties  to   companies   held  by  those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominee 4 for  independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          Against             Mgmt
                                See Item 3.1
                    4        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The recipients are insiders.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.


06/22/07 - A        Toyota Motor Corp. *7203*                J92676113                          03/31/07             124,833
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 70
                    2        Elect Directors                               For          For                 Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                 Mgmt
                    5        Approve Executive Stock Option Plan           For          For                 Mgmt
                    6        Authorize Share Repurchase Program            For          For                 Mgmt
                                The  limits on the plan are  within  our  guidelines,  and
                                this is a routine request.
                    7        Approve Retirement Bonuses for Statutory      For          Against             Mgmt
                             Auditors
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing this item.
                    8        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors


04/27/07 - A/S      TransCanada Corporation *TRP*            89353D107                          03/01/07                 181
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Amend Stock Option Plan                       For          For                 Mgmt
                                                                                    VI.
                                Vote   Recommendation        In   Canada,   ISS   recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns,  and its CEO also had an increase in total direct
                                compensation  from the prior year, it would require closer
                                scrutiny.  If more  than  half of the  increase  in  total
                                direct    compensation    is    attributable   to   equity
                                compensation,   ISS  may   recommend  a  vote  against  an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the past  two  fiscal  years.  The  company's  one and
                                three-year  fiscal  total  shareholder  returns  are  14.7
                                percent  and 63.5  percent  respectively.  The CEO's total
                                annual  compensation  fell 4.62 percent in the last fiscal
                                year,  due  largely  to a decrease  in the annual  pension
                                expense.        The  estimated  shareholder value transfer
                                of the  company's  plans of 1 percent  is equal to or less
                                than the  allowable  cap for this  company  of 2  percent.
                                        The plan requires  shareholder approval to reprice
                                underwater stock options.          Non-employee  directors
                                are not  eligible  participants  in this  plan.        ISS
                                believes  the  plan's  proposed  amendment  provision  has
                                adequately  limited the board's  unilateral  authority  to
                                amend the plan going forward.
                    4        Amend Shareholder Rights Plan (Poison Pill)   For          For                 Mgmt


04/27/07 - A/S      TransCanada Corporation *TRP*            89353D107                          03/01/07              40,400
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                 Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Amend Stock Option Plan                       For          For                 Mgmt
                                                                                    VI.
                                Vote   Recommendation        In   Canada,   ISS   recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns,  and its CEO also had an increase in total direct
                                compensation  from the prior year, it would require closer
                                scrutiny.  If more  than  half of the  increase  in  total
                                direct    compensation    is    attributable   to   equity
                                compensation,   ISS  may   recommend  a  vote  against  an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the past  two  fiscal  years.  The  company's  one and
                                three-year  fiscal  total  shareholder  returns  are  14.7
                                percent  and 63.5  percent  respectively.  The CEO's total
                                annual  compensation  fell 4.62 percent in the last fiscal
                                year,  due  largely  to a decrease  in the annual  pension
                                expense.        The  estimated  shareholder value transfer
                                of the  company's  plans of 1 percent  is equal to or less
                                than the  allowable  cap for this  company  of 2  percent.
                                        The plan requires  shareholder approval to reprice
                                underwater stock options.          Non-employee  directors
                                are not  eligible  participants  in this  plan.        ISS
                                believes  the  plan's  proposed  amendment  provision  has
                                adequately  limited the board's  unilateral  authority  to
                                amend the plan going forward.
                    4        Amend Shareholder Rights Plan (Poison Pill)   For          For                 Mgmt


06/26/07 - A        transcosmos inc. (frm. Trans Cosmos)     J9297T109                          03/31/07                 465
                    *9715*
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 40
                                The payout ratio for the full year is 23 percent  based on
                                either parent-only or consolidated earnings.
                    2        Amend Articles to: Expand Business Lines      For          For                 Mgmt
                                The company  asks for  shareholder  approval to expand its
                                permitted  business  objectives.  The new  business  lines
                                proposed  here  include  bank agency  service,  and market
                                research.  The change  would not  require  the  company to
                                enter the new  business;  rather,  it would give the board
                                the right to do so at its discretion.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominees     9,     10,     and     11
                                                Background  of  non-executive  nominee(s):
                                        Nominee  9 is a former  vice-president of Sumitomo
                                Life  Insurance  Company.  Nominee  10 is a former  senior
                                advisor  to Nikko  Cordial  Corp.  Nominee  11 is a former
                                director   of   Recruit   Co.,Ltd.                   Board
                                Profile                Composition  of  board  after  this
                                meeting:  8 executives and 3 non-executive.  The number of
                                outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                 Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                16  million  to 6  directors.  Because  the  amount is not
                                excessive, we have no reason to oppose this resolution.


05/16/07 - A        TT ELECTRONICS PLC (formerly TT Group    G91159106                          None                   5,319
                    plc)
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                The 2005 LTIP made its first  grant in 2006.  The LTIP was
                                an  improvement  on the  previous  share  incentive  plans
                                although  current  broker  forecasts  suggest that the EPS
                                targets may be readily achievable.
                    3        Approve Final Dividend of 6.36 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Roderick Weaver as Director          For          For                 Mgmt
                    5        Re-elect David Crowther as Director           For          For                 Mgmt
                    6        Re-elect David Crowe as Director              For          For                 Mgmt
                    7        Re-elect Timothy Reed as Director             For          Against             Mgmt
                                We do not consider Timothy Reed to be independent  because
                                he has served on the Board for 34 years and formerly  held
                                the  position  of  Non-executive  Chairman.  We are  again
                                recommending   that   shareholders  vote  against  Timothy
                                Reed's  re-election  because he is a  non-independent  NED
                                and:        (i)  He is a member of the Audit Committee and
                                Chairman  of  the  Remuneration   Committee,   both  roles
                                reserved for independent NEDs under the  Code.        (ii)
                                He is designated  as the senior  independent  director,  a
                                role   reserved   for  an   independent   NED   under  the
                                Code.        (iii)  Due to Timothy Reed's  non-independent
                                status,  the  Nomination  Committee  does  not  contain  a
                                majority   of   independent   NEDs.   This  is  a  further
                                contravention of the Code.
                    8        Reappoint Grant Thornton UK LLP as Auditors   For          For                 Mgmt
                             of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 12,899,841
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,934,976
                    12       Authorise 15,479,810 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


04/30/07 - A        Tupras Turkiye Petrol Rafinerileri       M8966X108                          None                  14,708
                    A.S.
                    1        Elect Presiding Council of Meeting            For                              Mgmt
                    2        Accept Financial Statements for 2006 and      For                              Mgmt
                             Receive Board of Directors, Auditors and
                             Independent Auditors Reports
                    3        Approve Discharge of Directors and Auditors   For                              Mgmt
                    4        Approve Allocation of Income, and Determine   For                              Mgmt
                             Date of Distribution
                    5        Receive Information on Profit Distribution    None                             Mgmt
                             Policy for 2007 and Following Years
                    6        Fix Number of and Elect Directors, and        For                              Mgmt
                             Determine Their Terms of Office
                    7        Fix Number of and Elect Auditors, and         For                              Mgmt
                             Determine Their Terms of Office
                    8        Approve Monthly Gross Remuneration of         For                              Mgmt
                             Chairman, Directors and Auditors
                    9        Receive Information on Donations Made in      None                             Mgmt
                             2006
                    10       Approve Independent Audit Company Selected    For                              Mgmt
                             by the Board
                    11       Approve Decision on Proceeding with Law       For                              Mgmt
                             Suit Against Former CEO of Tupras
                    12       Approve Decision on Amended Articles of       For                              Mgmt
                             Assocation
                    13       Grant Permission for Board Members to         For                              Mgmt
                             Engage in Commercial Transactions with
                             Company and Be Involved with Companies with
                             Similar Corporate Purpose
                    14       Authorize Presiding Council to Sign Minutes   For                              Mgmt
                             of Meeting
                    15       Wishes                                        None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/24/07 - A        Turk Hava Yollari                        M8926R100                          None                  41,694
                    1        Elect Presiding Council of Meeting            For                              Mgmt
                    2        Authorize Presiding Council to Sign Minutes   For                              Mgmt
                             of Meeting
                    3        Receive Directors and Auditors Reports for    None                             Mgmt
                             2006
                    4        Accept Financial Statements for 2006          For                              Mgmt
                    5        Approve Discharge of Directors and Auditors   For                              Mgmt
                    6        Approve Allocation of Income                  For                              Mgmt
                    7        Approve Independent Audit Company Selected    For                              Mgmt
                             by the Board
                    8        Receive Information on Profit Distribution    None                             Mgmt
                             Policy for 2007 and Following Years
                    9        Receive Information on Donations              None                             Mgmt
                    10       Accept IFRS Accounting Standards as of        For                              Mgmt
                             January 1, 2007
                    11       Elect Board of Directors                      For                              Mgmt
                    12       Elect Internal Auditors                       For                              Mgmt
                    13       Approve Remuneration of Directors and         For                              Mgmt
                             Auditors
                    14       Wishes                                        None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/26/06 - S        TVN S.A.                                 X9283W102                          09/19/06               3,844
                    1        Open Meeting                                  None                             Mgmt
                    2        Elect Meeting Chairman                        For                              Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                              Mgmt
                    4        Approve Agenda of Meeting                     For                              Mgmt
                    5        Elect Members of Vote Counting Commission     For                              Mgmt
                    6        Amend Statute Re: Corporate Purpose           For                              Mgmt
                    7        Authorize Management Board to Sign            For                              Mgmt
                             Agreement with National Depository for
                             Securities Regarding Dematerialization and
                             Registration of Series D Shares and Their
                             Listing on Warsaw Stock Exchange
                    8        Approve Conditional Increase in Share         For                              Mgmt
                             Capital in Connection with Incentive Plan
                             Proposed under Items 10 and 11
                    9        Disapply Preemptive Rights in Connection      For                              Mgmt
                             with Conditional Increase in Share Capital
                             Proposed under Item 8
                    10       Approve Issuance of Warrants                  For                              Mgmt
                    11       Approve Terms of Incentive Plan (Issuance     For                              Mgmt
                             of Warrants)
                    12       Approve Unified Text of Statute               For                              Mgmt
                    13       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/29/06 - S        TVN S.A.                                 X9283W102                          11/22/06                 840
                    1        Open Meeting                                  None                             Mgmt
                    2        Elect Meeting Chairman                        For                              Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                              Mgmt
                    4        Approve Agenda of Meeting                     For                              Mgmt
                    5        Elect Members of Vote Counting Commission     For                              Mgmt
                    6        Approve Merger with TVN-24 Sp. z o.o.         For                              Mgmt
                    7        Approve 5:1 (Five Shares for One Share        For                              Mgmt
                             Currently Held) Stock Split; Amend Statute
                             Accordingly
                    8        Authorize Management Board to Apply for       For                              Mgmt
                             Listing of New Shares and to Enter into
                             Agreement with National Depository of
                             Securities Regarding Registration of New
                             Shares (in Connection with Increase in
                             Share Capital Proposed under Item 7)
                    9        Amend June 8, 2006, AGM Resolution Re:        For                              Mgmt
                             Conditional Increase in Share Capital in
                             Connection with Introduction of Incentive
                             Plan
                    10       Amend June 8, 2006, AGM Resolution Re:        For                              Mgmt
                             Revoke Shareholders' Preemptive Rights to
                             Subscribe to Series C1, C2, and C3 Shares
                             in Connection with Introduction of
                             Incentive Plan
                    11       Amend June 8, 2006, AGM Resolution Re:        For                              Mgmt
                             Issuance of Warrants
                    12       Amend June 8, 2006, AGM Resolution Re:        For                              Mgmt
                             Terms of Incentive Plan
                    13       Amend Sept. 26, 2006, EGM Resolution Re:      For                              Mgmt
                             Conditional Increase in Share Capital in
                             Connection with Introduction of Incentive
                             Plan
                    14       Amend Sept. 26, 2006, EGM Resolution Re:      For                              Mgmt
                             Revoke Shareholders' Preemptive Rights to
                             Subscribe to Series E1, E2, E3, and E4
                             Shares in Connection with Introduction of
                             Incentive Plan
                    15       Amend Sept. 26, 2006, EGM Resolution Re:      For                              Mgmt
                             Issuance of Warrants
                    16       Amend Sept. 26, 2006, EGM Resolution Re:      For                              Mgmt
                             Introduction of Incentive Plan
                    17       Incorporate Any Approved Amendments into      For                              Mgmt
                             Text of Statute and Approve Unified Text of
                             Statute
                    18       Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/05/07 - A        U-Ming Marine Transport Corp.            Y9046H102                          04/06/07             274,000
                    1        Accept 2006 Financial Statements              For          For                 Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                                The board is  proposing  a cash  dividend of NTD 5 ($0.15)
                                per  share for the year  2006.  This  gives the  company a
                                payout  ratio  of 89.6  percent.  We use a  minimum  of 30
                                percent  and a maximum  of 100  percent as  benchmarks  to
                                trigger  further  analysis.          The  resolution  also
                                includes  the  allocation  of  NTD  43.78  million  ($1.34
                                million) to be reserved  for employee  profit  sharing and
                                the  same  amount  as   remuneration   for  directors  and
                                supervisors.  These rates were similar to the amount given
                                out  in  2005.        The   dividend  payout  proposed  is
                                reasonable  and easily  coverable by the company.  ISS has
                                no objections to this proposal.
                    3        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                                The  proposal  seeks to revise  the  company's  procedures
                                governing  the   acquisition  or  disposal  of  assets  in
                                accordance with the newly revised  Guidelines for Handling
                                Acquisition  and  Disposal  of Assets by Public  Companies
                                issued by the Financial Supervisory Commission,  Executive
                                Yuan  (FSC)  on Jan.  19,  2007.  Major  revisions  are as
                                follows:  to include  the fund  underlying  securities  as
                                part of the  assets  to be  handled  by the  company,  and
                                change the term "long- and  short-term  investments"  into
                                "other  investments";  to add that if  special  prices are
                                required  to be used  as  reference  for  the  transaction
                                price,  there is no need to obtain an appraisal report and
                                an  accountant  opinion  regarding  the  transaction;   to
                                specify  that  the  request  for an  accountant's  opinion
                                shall not apply for  acquisition or disposal of securities
                                which  have  a  publicly  offered  price  from  an  active
                                market,  or for other  provisions  that are  determined by
                                the FSC; to add a sentence  indicating that the opinion of
                                an independent  director shall be fully  considered in any
                                discussion  related to the acquisition of real estate from
                                related  parties,  and that the  opinion  must be added to
                                the minutes of the board  meeting;  and to add a paragraph
                                requiring   the   company  to  prepare  a  record  of  all
                                pertinent  information  when the  transaction  involves  a
                                merger,  spin-off or  acquisition  of companies  listed or
                                sold  on  a  securities   exchange.   The  information  is
                                required      to      be      preserved      for      five
                                years.                The  amendments  are made to  comply
                                with the prevailing relevant regulations.  Given that this
                                will improve the company's  existing  rules and procedures
                                governing  the  acquisition  or  disposal  of assets,  ISS
                                recommends shareholders to support this resolution.
                    4        Elect Directors and Supervisors               For          For                 Mgmt
                    5        Approve Release of Restrictions of            For          For                 Mgmt
                             Competitive Activities of Directors
                                This  request  will allow the  directors of the company to
                                serve on the  boards of other  companies.  This is an item
                                that  is  routinely   proposed  at  Taiwanese   AGMs.   We
                                recommend that shareholders support this request.
                    6        Other Business                                None         None                Mgmt
                                This is a non-voting item.


04/18/07 - A        UBS AG                                   H89231338                          None                  26,732
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        UBS AG                                   H89231338                          None                  26,732
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 2.20 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Elect Directors                               For                              Mgmt
                    4.3      Ratify Ernst & Young AG as Auditors           For                              Mgmt
                    5.1      Approve CHF 33 Million Reduction in Share     For                              Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                    5.2      Authorize Share Repurchase Program and        For                              Mgmt
                             Cancellation of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/28/06 - A        ULVAC INC. *6728*                        J94048105                          06/30/06               1,165
                    1        Approve Allocation of Income, Including the   For          For                 Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             37, Special JY 0
                    2        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    3        Amend Articles to: Limit Rights of Odd-lot    For          For                 Mgmt
                             Holders - Update Terminology to Match that
                             of New Corporate Law - Limit Liability of
                             Directors and Statutory Auditors
                    4        Elect Directors                               For          For                 Mgmt
                    5.1      Appoint External Audit Firm                   For          For                 Mgmt
                    5.2      Appoint External Audit Firm                   For          For                 Mgmt
                    6        Approve Retirement Bonuses for Directors      For          Against             Mgmt
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    7        Approve Special Payments to Continuing        For          Against             Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    8        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors


10/24/06 - S        Umicore (frmly Union Miniere S.A.)       B95505119                          10/18/06               8,195
                    1.1      Receive Report of the Board of Directors on   None                             Mgmt
                             the Authorized Capital
                    1.2      Approve Issuance of Equity or Equity-Linked   For                              Mgmt
                             Securities without Preemptive Rights
                    2        Authorize Reissuance of Repurchased Shares    For                              Mgmt
                    3.1      Receive Report of the Board of Directors on   None                             Mgmt
                             the Merger through Absorption of Umicore
                             Immo
                    3.2      Approve Merger by Absorption of Umicore Immo  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - S        Umicore (frmly Union Miniere S.A.)       B95505119                          04/18/07              11,222
                    1.1      Amend Article 7 Regarding the Abolition of    For                              Mgmt
                             Bearer Shares.
                    1.2      Amend Article 18 in Relation to the Conduct   For                              Mgmt
                             of Meetings of Shareholders.
                    2        Change Date of Ordinary General Meeting of    For                              Mgmt
                             Shareholders
                    3        Authorize Board to Acquire Own Shares in      For                              Mgmt
                             the Company
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        Umicore (frmly Union Miniere S.A.)       B95505119                          None                     821
                    1        Receive Directors' Reports                    None                             Mgmt
                    2        Receive Auditors' Reports                     None                             Mgmt
                    3        Approve Annual Accounts, Allocation of        For                              Mgmt
                             Income and Dividends
                    4        Approve Discharge of Directors and Auditors   For                              Mgmt
                    5.a      Elect I. Bouillot as Director                 For                              Mgmt
                    5.b      Elect S. Naito as Director                    For                              Mgmt
                    5.c      Approve Remuneration of Directors             For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A/S      Unibail Holding (frmly. Unibail)         F95094110                          04/24/07                 298
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 5 per Share
                    4        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    5        Reelect Henri Moulard as Director             For                              Mgmt
                    6        Elect Jean Pierre Duport as Director          For                              Mgmt
                    7        Elect Jean Louis Laurens as Director          For                              Mgmt
                    8        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    9        Authorize Capitalization of Reserves for      For                              Mgmt
                             Bonus Issue or Increase in Par Value
                             Special Business
                    10       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    11       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 75 Millions
                    12       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to 25 Percent of Current Share
                             Capital
                    13       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above in Item 11
                    14       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above in Item 12
                    15       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    16       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    17       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/21/07 - S        Unibail Holding (frmly. Unibail)         F95094110                          05/16/07                 298
                             Special Business
                    1        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 75 Million
                    2        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 47 Million
                    3        Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    4        Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    5        Authorize Capital Increase of Up to EUR 240   For                              Mgmt
                             Million for Remuneration of the Share
                             Exhange Offer with Rodamco Europe NV
                    6        Set Global Limit for Capital Increase to      For                              Mgmt
                             Result from All Issuance Requests at EUR
                             400 Million
                    7        Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 200 Million for Bonus Issue or
                             Increase in Par Value
                    8        Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    9        Approve Stock Option Plans Grants             For                              Mgmt
                    10       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    11       Adopt Two-Tiered Board Structure Depending    For                              Mgmt
                             on the Share Exchange Offer with Rodamco
                    12       Amend Article 2 of Association Regarding      For                              Mgmt
                             Company Purpose
                    13       Change Company Name to Unibail-Rodamco        For                              Mgmt
                    14       Adopt New Status, Depending on the Share      For                              Mgmt
                             Exchange Offer with Rodamco
                    15       Allow Delegation of All Outstanding Capital   For                              Mgmt
                             Authorizations to the Management Board in
                             Accordance with Item 11
                             Ordinary Business
                    16       Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                    17       Elect Robert F.W. Van Oordt as Supervisory    For                              Mgmt
                             Board Member
                    18       Elect Francois Jaclot as Supervisory Board    For                              Mgmt
                             Member
                    19       Elect Frans J.G.M. Cremers as Supervisory     For                              Mgmt
                             Board Member
                    20       Elect Jacques Dermagne as Supervisory Board   For                              Mgmt
                             Member
                    21       Elect Rob Ter Haar as Supervisory Board       For                              Mgmt
                             Member
                    22       Elect Jean-Louis Laurens as Supervisory       For                              Mgmt
                             Board Member
                    23       Elect Yves Lyon-Caen as Supervisory Board     For                              Mgmt
                             Member
                    24       Elect Henri Moulard as Supervisory Board      For                              Mgmt
                             Member
                    25       Elect Bart R. Okkens as Supervisory Board     For                              Mgmt
                             Member
                    26       Elect Jos W.BBB. Westerburgen as              For                              Mgmt
                             Supervisory Board Member
                    27       Approve Remuneration of Directors in the      For                              Mgmt
                             Aggregate Amount of EUR 875,000
                    28       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A/S      Unicredito Italiano SpA (Form .Credito   T95132105                          05/08/07             410,011
                    Italiano)
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Extend Mandate of the External Auditing       For                              Mgmt
                             Company KPMG SpA
                    2        Accept Financial Statements, Consolidated     For                              Mgmt
                             Financial Statements, and Statutory Reports
                             for the Fiscal Year 2007
                    3        Approve Allocation of Income                  For                              Mgmt
                    4        Fix Number of Directors on the Board          For                              Mgmt
                    5.1      Appoint Internal Statutory Auditors and       For                              Mgmt
                             their Chairman - Slate 1
                    5.2      Appoint Internal Statutory Auditors and       For                              Mgmt
                             their Chairman - Slate 2
                    6        Approve Remuneration of Board Committees      For                              Mgmt
                    7        Approve Remuneration of Internal Statutory    For                              Mgmt
                             Auditors
                    8        Approve Group Personnel Long-Term Incentive   For                              Mgmt
                             Plan 2007
                             Special Business
                    1        Authorize Board of Directors to Increase      For                              Mgmt
                             Capital up to EUR 525 Million with
                             Preemptive Rights, Through the Issuance of
                             up to 1.05 Billion Shares with Par Value
                             EUR 0.50, within a Five-Year term; Amend
                             Bylaws Accordingly
                    2        Authorize Board of Directors to Increase      For                              Mgmt
                             Capital up to EUR 23.7 Million Through the
                             Issuance of up to 47.35 Million Shares,
                             without Preemptive Rights, to Be Reserved
                             to Managers and Directors of the Group
                             Unicredito; Amend Bylaws Accordingly
                    3        Authorize Board of Directors to Increase      For                              Mgmt
                             Capital up to EUR 23.7 Million Through the
                             Issuance of New Class of Shares to Be
                             Reserved to Managers and Directors of the
                             Group Unicredito; Amend Bylaws Accordingly
                    4        Amend Article 6, 11, 12, 14, 17, 20, 21,      For                              Mgmt
                             23, 27, 36 of the Bylaws; Introduce New
                             Title XII and New Article 40
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Unified Energy Systems RAO               904688108                          05/11/07               5,000
                             Meeting for GDR Holders
                    1        Approve Annual Report, Financial              For          For                 Mgmt
                             Statements, and Allocation of Income
                    2        Approve Omission of Dividends                 For          For                 Mgmt
                    3        Ratify CJSC PricewaterhouseCoopers Audit as   For          For                 Mgmt
                             Auditor
                             Elect 15 Directors by Cumulative Voting
                    4        Elect Directors                               Split        Split               Mgmt
                    4.1      Elect Andrey Akimov as Director --- Against
                                ISS  Analysis  As  Seppo  Remes  can  be   classified   as
                                independent based on ISS' director independence  criteria,
                                which has been  confirmed by the  company,  and because we
                                believe  that  independent  directors  are most capable of
                                making  impartial  decisions,  taking  into  consideration
                                first and foremost  the rights and value of the  company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of Remes  (item 4.12) and  withhold  their votes for
                                the remaining 17 nominees.  We believe that this candidate
                                is most  likely  to bring  independence  to the  board and
                                will most likely act in all shareholders' interest.
                    4.2      Elect Kirill Androsov as Director ---
                             Against
                    4.3      Elect Grigory Berezkin as Director ---
                             Against
                    4.4      Elect Andrey Bugrov as Director --- Against
                    4.5      Elect Alexander Voloshin as Director ---
                             Against
                    4.6      Elect German Gref as Director --- Against
                    4.7      Elect Andrey Dementyev as Director ---
                             Against
                    4.8      Elect Gleb Nikitin as Director --- Against
                    4.9      Elect Sergey Oganesyan as Director ---
                             Against
                    4.10     Elect Olga Pushkareva as Director ---
                             Against
                    4.11     Elect Vladimir Rashevsky as Director ---
                             Against
                    4.12     Elect Seppo Remes as Director --- For
                    4.13     Elect Kirill Seleznev as Director ---
                             Against
                    4.14     Elect Yakov Urinson as Director --- Against
                    4.15     Elect Victor Khristenko as Director ---
                             Against
                    4.16     Elect Anatoly Chubais as Director ---
                             Against
                    4.17     Elect Andrey Sharonov as Director ---
                             Against
                    4.18     Elect Ilya Yuzhanov as Director --- Against
                             Elect Five Members of Audit Commission
                    5.1      Elect Marina Ganeyeva as Member of Audit      For          For                 Mgmt
                             Commission
                    5.2      Elect Andrey Kobzev as Member of Audit        For          For                 Mgmt
                             Commission
                    5.3      Elect Mikhail Kurbatov as Member of Audit     For          For                 Mgmt
                             Commission
                    5.4      Elect Victoria Oseledko as Member of Audit    For          For                 Mgmt
                             Commission
                    5.5      Elect Alexander Rutenberg as Member of        For          For                 Mgmt
                             Audit Commission
                    6        Approve Related-Party Transaction Re:         For          For                 Mgmt
                             Acquisition of 86.9 Billion Shares in JSC
                             FGC UES


06/26/07 - A        Unified Energy Systems RAO               904688207                          05/11/07               1,700
                             Meeting for GDR Holders
                    1        Approve Annual Report, Financial              For          For                 Mgmt
                             Statements, and Allocation of Income
                    2        Approve Omission of Dividends                 For          For                 Mgmt
                    3        Ratify CJSC PricewaterhouseCoopers Audit as   For          For                 Mgmt
                             Auditor
                             Elect 15 Directors by Cumulative Voting
                    4        Elect Directors                               Split        Split               Mgmt
                    4.1      Elect Andrey Akimov as Director --- Against
                                ISS  Analysis  As  Seppo  Remes  can  be   classified   as
                                independent based on ISS' director independence  criteria,
                                which has been  confirmed by the  company,  and because we
                                believe  that  independent  directors  are most capable of
                                making  impartial  decisions,  taking  into  consideration
                                first and foremost  the rights and value of the  company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of Remes  (item 4.12) and  withhold  their votes for
                                the remaining 17 nominees.  We believe that this candidate
                                is most  likely  to bring  independence  to the  board and
                                will most likely act in all shareholders' interest.
                    4.2      Elect Kirill Androsov as Director ---
                             Against
                    4.3      Elect Grigory Berezkin as Director ---
                             Against
                    4.4      Elect Andrey Bugrov as Director --- Against
                    4.5      Elect Alexander Voloshin as Director ---
                             Against
                    4.6      Elect German Gref as Director --- Against
                    4.7      Elect Andrey Dementyev as Director ---
                             Against
                    4.8      Elect Gleb Nikitin as Director --- Against
                    4.9      Elect Sergey Oganesyan as Director ---
                             Against
                    4.10     Elect Olga Pushkareva as Director ---
                             Against
                    4.11     Elect Vladimir Rashevsky as Director ---
                             Against
                    4.12     Elect Seppo Remes as Director --- For
                    4.13     Elect Kirill Seleznev as Director ---
                             Against
                    4.14     Elect Yakov Urinson as Director --- Against
                    4.15     Elect Victor Khristenko as Director ---
                             Against
                    4.16     Elect Anatoly Chubais as Director ---
                             Against
                    4.17     Elect Andrey Sharonov as Director ---
                             Against
                    4.18     Elect Ilya Yuzhanov as Director --- Against
                             Elect Five Members of Audit Commission
                    5.1      Elect Marina Ganeyeva as Member of Audit      For          For                 Mgmt
                             Commission
                    5.2      Elect Andrey Kobzev as Member of Audit        For          For                 Mgmt
                             Commission
                    5.3      Elect Mikhail Kurbatov as Member of Audit     For          For                 Mgmt
                             Commission
                    5.4      Elect Victoria Oseledko as Member of Audit    For          For                 Mgmt
                             Commission
                    5.5      Elect Alexander Rutenberg as Member of        For          For                 Mgmt
                             Audit Commission
                    6        Approve Related-Party Transaction Re:         For          For                 Mgmt
                             Acquisition of 86.9 Billion Shares in JSC
                             FGC UES


05/16/07 - A        Unilever plc                             G92087165                          None                   1,361
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                Deferred  Bonus Plan: As  highlighted  in our 2006 report,
                                the share  matching under the Bonus Plan is not subject to
                                performance  conditions.          We believe that matching
                                should  always  depend on the  achievement  of  stretching
                                performance criteria.  However, we note that the potential
                                awards are not  excessive,  as the original  investment in
                                the  scheme  is  limited  to  25% of a  Director's  annual
                                bonus.  For  this  reason,  we do  not  consider  that  an
                                adverse   voting   recommendation   is  warranted  but  we
                                encourage   the  Company  to  review  the   provision  for
                                matching   without   performance   conditions  (see  Board
                                Commentary).          New Plan: The Company is proposing a
                                new  Global  Share  Incentive  Plan,  which  by 2008  will
                                replace  the  existing   TSR-based  LTIP  and  the  Global
                                Performance  Share  Plan  2005 for all  participants  (see
                                item 26).
                    3        Approve Final Dividend of 32.04 Pence Per     For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Patrick Cescau as Director           For          For                 Mgmt
                    5        Re-elect Kees van der Graaf as Director       For          For                 Mgmt
                    6        Re-elect Ralph Kugler as Director             For          For                 Mgmt
                    7        Re-elect Lord Brittan of Spennithorne as      For          For                 Mgmt
                             Director
                    8        Re-elect Wim Dik as Director                  For          For                 Mgmt
                    9        Re-elect Charles Golden as Director           For          For                 Mgmt
                    10       Re-elect Byron Grote as Director              For          For                 Mgmt
                    11       Re-elect Lord Simon of Highbury as Director   For          For                 Mgmt
                    12       Re-elect Jean-Cyril Spinetta as Director      For          For                 Mgmt
                    13       Re-elect Kornelis Storm as Director           For          For                 Mgmt
                    14       Re-elect Jeroen van der Veer as Director      For          For                 Mgmt
                    15       Elect Genevieve Berger as Director            For          For                 Mgmt
                    16       Elect Narayana Murthy as Director             For          For                 Mgmt
                    17       Elect Hixonia Nyasulu as Director             For          For                 Mgmt
                    18       Elect Michael Treschow as Director            For          For                 Mgmt
                    19       Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    20       Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    21       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 13,450,000
                    22       Subject to the Passing of Resolution 21,      For          For                 Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,000,000
                    23       Authorise 131,000,000 Ordinay Shares for      For          For                 Mgmt
                             Market Purchase
                    24       Amend Articles of Association Re:             For          For                 Mgmt
                             E-Communications and Voting Rights
                    25       Approve Increase in Remuneration of           For          For                 Mgmt
                             Non-Executive Directors to GBP 2,000,000
                    26       Approve Unilever Global Share Incentive       For          For                 Mgmt
                             Plan 2007
                                5.  Analysis  and Vote  Recommendation        The  Company
                                included  RREV in its  shareholder  consultation  exercise
                                prior    to    the     publication    of    the    meeting
                                circular.        The  proposed  plan  meets  current  good
                                practice  regarding  the  absence of  retesting,  dilution
                                limits   and    vesting    for   good    leavers   and   a
                                change-in-control  or other corporate events.          Our
                                main  concern  is  over  the  lack  of  disclosure  of the
                                internally  focused  performance   measures  -  underlying
                                sales growth and ungeared  cash flow. We have engaged with
                                the  Company  which has  provided  this  information  on a
                                confidential  basis.  We are content  that the targets are
                                consistent with the Company's  measures of long-term value
                                creation and  sufficiently  challenging and we are able to
                                recommend shareholders to support this plan.


06/06/07 - A        Union Fenosa                             E93171119                          None                     550
                    1        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements for Fiscal Year Ended
                             12-31-06, and Discharge Directors
                    2        Approve Allocation of Income and Remaining    For          For                 Mgmt
                             Balance if Applicable
                    3        Nominate, Elect or Reelect Auditors for       For          For                 Mgmt
                             Company and Consolidated Group
                    4        Approve Merger Agreement and Absorption of    For          For                 Mgmt
                             Wholly Onwed Subsdiaries Union Fenosa
                             Consultoria SA and Union Fenosa Inversiones
                             SA; Approve Merger Balance Sheet as of
                             12-31-06; Approve Compliance with Tax Regime
                    5        Authorize Issuance of Simple, Exchangeable    For          For                 Mgmt
                             and/or Convertible Fixed Income Securities,
                             Debentures/Bonds, and Warrants by up to EUR
                             5 Billion without Preemptive Rights; And
                             Issuance of EUR 1.5 Billion in Payable
                             Notes and EUR 2 Billion in Preference Notes
                    6        Authorize Board to Increase Capital via       For          For                 Mgmt
                             Cash Contributions and with the Powers to
                             Exclude Preemptive Rights in Accordance
                             with Article 159.2 of Spanish Company Law
                    7        Amend New Corporate Bylaws                    For          Against             Mgmt
                                Conclusion        After   revising   the   entire  set  of
                                proposed changes for the abovementioned  articles,  we can
                                conclude  that most of the  changes  would  not  adversely
                                affect  shareholder  rights.   However,  Union  Fenosa  is
                                including an  amendment to the bylaws that would  increase
                                an  arguably  excessive  five-year  board  term to an even
                                greater term.  Approval of this item would allow directors
                                to be elected  for  six-year  terms,  which is not in line
                                with European best practices.  Because the negative aspect
                                of this  proposal  outweighs  the  positive  modifications
                                proposed   under  this   resolution,   support   for  this
                                resolution is not recommended.
                    8        Amend Preamble of Articles 2, 4, 9, 19, and   For          For                 Mgmt
                             21 of General Meeting Guidelines
                    9        Nominate, Ratify or Reelect Board Members     For          Against             Mgmt
                                We believe  that Union Fenosa  should  adhere more closely
                                to  international  standards of corporate  governance  and
                                present director  elections as individual voting items. We
                                also believe that the company's  choice to adopt  six-year
                                director  terms moves counter to best practice  principles
                                which   advocate   shorter  terms  to  increase   director
                                accountability.  Considering  this new  structure  to be a
                                significant  deficiency  for  a  market-leading  MSCI-EAFE
                                index company,  we cannot  recommend  shareholder  support
                                for this item.
                    10       Authorize Repurchase of Shares and            For          For                 Mgmt
                             Subsequent Cancellation of Shares
                    11       Approve Listing and Delisting of Shares,      For          For                 Mgmt
                             Fixed Income Securities, and Other Debt
                             Instruments from Secundary Stock Exchanges
                    12       Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


04/18/07 - A        Unisteel Technology Limited              Y9163B102                          None                   5,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.035 Per       For          For                 Mgmt
                             Share and Final Special Dividend of SGD
                             0.015 Per Share
                    3        Approve Directors' Fees of SGD 160,000 for    For          For                 Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             150,000)
                    4        Reelect Teo Kiang Kok as Director             For          For                 Mgmt
                    5        Reelect Ng Jui Ping as Director               For          For                 Mgmt
                    6        Reappoint Ernst & Young as Auditors and       For          For                 Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options Pursuant to the Unisteel Employees'
                             Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well-structured  to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options to executives and to non-executive  directors at a
                                discount to market prices,  which undermines the incentive
                                impact of the plan.
                    9        Authorize Share Repurchase Program            For          For                 Mgmt


04/18/07 - S        Unisteel Technology Limited              Y9163B102                          None                   5,000
                             Special Business
                    1        Amend Articles of Association                 For          For                 Mgmt


03/19/07 - S        United Business Media plc                G92272122                          None                  10,049
                    1        Approve Sub-Division of All Issued and        For          For                 Mgmt
                             Unissued Ord. Shares into Intermediate
                             Shares; Approve Consolidation of All
                             Unissued Intermediate Shares into Unissued
                             New Ord. Shares; Approve Consolidation of
                             All Issued Interemediate Shares into New
                             Ord. Shares
                    2        Authorise 25,275,654 New Ordinary Shares      For          For                 Mgmt
                             for Market Purchase


05/10/07 - A        United Business Media plc                G92272130                          None                   8,586
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 13.6 Pence Per      For          For                 Mgmt
                             Share
                    4        Elect Pradeep Kar as Director                 For          For                 Mgmt
                    5        Elect Karen Thomson as Director               For          For                 Mgmt
                    6        Re-elect John Botts as Director               For          For                 Mgmt
                    7        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Authorise 25,285,801 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase
                    9        Authorise 4,133,770 B Shares for Market       For          For                 Mgmt
                             Purchase
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 28,494,416
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,274,162
                    12       Authorise the Company to Make Documents       For          For                 Mgmt
                             Available to Shareholders Via a Website
                    13       Authorise the Company to Make EU Political    For          For                 Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 50,000


10/12/06 - A        United Group Ltd. (formerly United       Q9313R105                          10/10/06               3,091
                    Construction Group) *UGL*
                    1        Elect Directors                               For          For                 Mgmt
                    2        Adopt Remuneration Report for the Year        For          For                 Mgmt
                             Ended June 30, 2006
                    3        Ratify Past Issuance of 660,157 Options       For          For                 Mgmt
                             Over Ordinary Shares of the Company Under
                             the Employee Share Option Plan
                    4        Ratify Past Issuance of 9.4 Million Fully     For          For                 Mgmt
                             Paid Ordinary Shares of the Company at
                             A$12.80 per Share Issued on June 30, 2006
                    5        Approve the Issuance of 339,116 Fully Paid    For          For                 Mgmt
                             Ordinary Shares at A$12.80 Each to Protech
                             Holdings (WA) Pty Ltd for a Private
                             Placement
                    6        Approve Grant of Up to 1.35 Million Options   For          For                 Mgmt
                             to Acquire Fully Paid Ordinary Shares at A$
                             13.77 Each wih an Expiry Date of Aug. 31,
                             2011 to Richard Leupen, CEO
                    7        Approve the Increase in Total Directors'      For          For                 Mgmt
                             Remuneration to A$1.5 Million for the Year
                             Ended June 30, 2006


05/30/07 - A        United Internet AG (formerly 1 & 1 AG)   D8542B125                          None                   1,081
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 0.18 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify Ernst & Young AG as Auditors for       For                              Mgmt
                             Fiscal 2007
                    6        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Amend Articles Re: Allow Electronic           For                              Mgmt
                             Distribution of Company Communications
                    8        Amend Articles Re: Editorial Changes          For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        UOL Group Ltd                            Y9299W103                          None                 397,000
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of SGD       For          For                 Mgmt
                             0.075 Per Share and Special Dividend of SGD
                             0.075 Per Share
                    3        Approve Directors' Fees of SGD 378,100 for    For          For                 Mgmt
                             2006 (2005: SGD 245,000)
                    4        Reelect Wee Cho Yaw as Director               For          For                 Mgmt
                    5        Reelect Alan Choe Fook Cheong as Director     For          For                 Mgmt
                    6        Reelect Lim Kee Ming as Director              For          For                 Mgmt
                    7        Reelect Gwee Lian Kheng as Director           For          For                 Mgmt
                    8        Reelect Wee Ee Chao as Director               For          For                 Mgmt
                    9        Reelect Wee Ee Lim as Director                For          For                 Mgmt
                    10       Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    11       Approve Issuance of Shares and Grant          For          Against             Mgmt
                             Options Pursuant to the UOL 2000 Share
                             Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well-structured  to justify a potential  dilution level of
                                15 percent.
                    12       Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights


06/07/07 - A/S      Uranium One Inc.                         87112P106                          04/27/07               7,900
                    1        Elect Directors                               For          Split               Mgmt
                    1.1      Elect Director Andrew B. Adams --- For
                                We recommend  withholding  votes from Wheatley  because he
                                has  attended  less  than  75  percent  of the  board  and
                                committee   meetings,   which  we  consider   the  minimum
                                attendance threshold for public company directors.  Anyone
                                who accepts a  nomination  to serve as director  should be
                                prepared to make  attendance  at scheduled  meetings a top
                                priority  particularly  given  the  rigorous  demands  now
                                placed on all directors of public companies.
                    1.2      Elect Director Massimo C. Carello --- For
                    1.3      Elect Director Neal J. Froneman --- For
                    1.4      Elect Director David Hodgson --- For
                    1.5      Elect Director Terry Rosenberg --- For
                    1.6      Elect Director Phillip Shirvington --- For
                    1.7      Elect Director Ian Telfer --- For
                    1.8      Elect Director Mark Wheatley --- Against
                    1.9      Elect Director Kenneth Williamson --- For
                    2        Approve Deloitte & Touche LLP as Auditors     For          For                 Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    3        Approve Increase in Size of Board from 10     For          For                 Mgmt
                             to 12
                    4        Change Company Name to Uranium One Inc.       For          For                 Mgmt
                    5        Amend Restricted Stock Plan                   For          For                 Mgmt
                                VI. Vote  Recommendation  The estimated  shareholder value
                                transfer of the  company's  plans of 2 percent is equal to
                                or less  than  the  allowable  cap for this  company  of 5
                                percent.  Plan  provides for director  participation  on a
                                limited basis.  ISS believes that the amendment  provision
                                adequately   restricts   the   amending   powers  of  plan
                                administrators.


06/28/07 - A        Urban Corp. *8868*                       J9442L100                          03/31/07              83,600
                    1        Elect Directors                               For          For                 Mgmt
                    2.1      Appoint Internal Statutory Auditor            For          For                 Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:Nominees  2,  3,  4,  and  5        All
                                nominees meet our criteria for independence.  Nominee 2 is
                                CPA.  Nominee  3 is a former  executive  of The  Hiroshima
                                Bank Ltd.  Nominee 4 is an estate  surveyor.  Nominee 5 is
                                an attorny.
                    2.2      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    2.4      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    2.5      Appoint Internal Statutory Auditor            For          For                 Mgmt
                    3        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The  company  seeks  to  appoint  KPMG  Azsa & Co.  as its
                                external audit firm in place of Deloitte  Touche  Tohmatsu
                                & Co.  We note that the  outgoing  auditors  submitted  an
                                unqualified report for the year under review.


10/03/06 - S        USG People NV (frmely United Services    N9040V109                          None                   1,484
                    Group and Unique International)
                    1        Open Meeting                                  None                             Mgmt
                    2        Receive Report on the Share Split             None                             Mgmt
                    3        Amend Articles                                For                              Mgmt
                    4        Other Business (Non-Voting)                   None                             Mgmt
                    5        Close Meeting                                 None                             Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/10/07 - A        Usinas Siderurgicas De Minas Gerais      P9632E117                          None                   5,200
                    S.A.
                             Preference Shareholders are Entitled to
                             Vote on Item 5 of the Agenda
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income and Dividends;   For          For                 Mgmt
                             Ratify Distribution of Interest on Capital
                    3        Approve Annual Remuneration of Directors      For          For                 Mgmt
                    4        Elect Two Principal and One Alternate         For          For                 Mgmt
                             Members of the Board until 2008
                    5        Elect Supervisory Board Members and           For          For                 Mgmt
                             Alternates


06/28/07 - A        Uyemura (C.) & Co. *4966*                J0845U102                          03/31/07                 254
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 55
                    2        Elect Directors                               For          For                 Mgmt
                    3        Approve Retirement Bonus for Director         For          For                 Mgmt
                                The recipient is an insider.
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                    5        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 250
                                million per year to JY 350 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 30 million per year to JY 50 million per
                                year.  After the  meeting,  the number of  directors  will
                                decrease  from 9 to 8. The company will continue to have 3
                                statutory   auditors.Because  the  new  ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


05/10/07 - A        Valentino Fashion Group                  T9683G108                          05/08/07               1,930
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports for Fiscal Year 2006; Elect Board
                             of Directors, Internal Statutory Auditors
                             and Their Chairmen
                    2        Extend External Auditors' Mandate in          For                              Mgmt
                             compliance with the Legislative Decree
                             58/1998 as Amended by the Legislative
                             Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/02/06 - A        VEDANTA RESOURCES PLC                    G9328D100                          None                  32,773
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                    3        Approve Final Dividend of 14.3 US Cents Per   For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Anil Agarwal as Director             For          For                 Mgmt
                    5        Re-elect Shailendra Tamotia as Director       For          For                 Mgmt
                    6        Re-elect Naresh Chandra as Director           For          For                 Mgmt
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    8        Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                    9        Authorise Issue of Equity with Pre-emptive    For          For                 Mgmt
                             Rights up to USD 3,275,956 Pursuant with
                             the USD 725 Million 4.60 Percent Guaranteed
                             Convertible Bonds Due 2026 Issued by
                             Vedanta Finance (Jersey) Ltd; Otherwise, up
                             to USD 9,558,417
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 1,433,905
                    11       Authorise 28,678,119 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/08/07 - A        VEIDEKKE                                 R9590N107                          None                   1,796
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting; Designate          For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                 Mgmt
                    4        Approve Financial Statements and Statutory    For          Against             Mgmt
                             Reports
                                Conclusion        The  company  did not provide the annual
                                report  for  fiscal  year 2006 in a timely  manner  and no
                                details were  provided  about the  proposed  policy in the
                                meeting  notice or on the company's  Web site.  Therefore,
                                we cannot comment on the remuneration  policy. We strongly
                                believe that  publicly  listed  companies  should make the
                                annual  report  available  at least  30 days  prior to the
                                meeting,  preferably  via  the  internet  in  addition  to
                                traditional  channels.  In  addition,  the meeting  notice
                                should  disclose  the details of all  proposals.  It is of
                                particular  importance  that full  disclosure  is provided
                                with respect to executive  remuneration,  which is subject
                                to much debate.  Shareholders should contact the company's
                                investor relations  department  directly to request better
                                disclosure.  In  addition,  we note that it is not  market
                                practice  in Norway to bundle  resolutions  approving  the
                                financial  statements  of the  company  with the  specific
                                statement on executive compensation.  Because of a lack of
                                information  regarding the proposed  remuneration  policy,
                                we recommend a vote against the entire item.
                    5        Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of NOK 13 per Share
                    6        Approve Remuneration of Auditors              For          For                 Mgmt
                    7        Elect Helge Andresen, Jan Knutsen, Erik       For          For                 Mgmt
                             Must, and Olaug Svarva as Members of
                             Nominating Committee
                    8        Approve Remuneration of Directors             For          For                 Mgmt
                    9        Reelect Goete Dahlin, Peder Loevenskiold,     For          For                 Mgmt
                             and Hilde Aasheim as Directors
                    10.1     Amend Articles Re: Stipulate Composition,     For          For                 Mgmt
                             Range, and Other Terms of Board
                    10.2     Amend Articles Re: Update Principles of       For          For                 Mgmt
                             Instruction and Composition of Nominating
                             Committee
                    10.3     Amend Articles Re: Allow Shareholders the     For          For                 Mgmt
                             Possibility to Elect Alternates to the Board
                    10.4     Amend Articles Re: Stipulate That             For          For                 Mgmt
                             Shareholders Approve Remuneration Policy
                             And Other Terms of Employment For Executive
                             Management at Annual General Meetings
                    10.5     Amend Articles Re: Adopt Deadline for         For          For                 Mgmt
                             Shareholders' Notification of Attendence to
                             General Meetings
                    11       Approve 5:1 Stock Split                       For          For                 Mgmt
                    12       Approve NOK 1.4 Million Reduction in Share    For          For                 Mgmt
                             Capital via Share Cancellation
                    13       Approve Creation of NOK 7 Million Pool of     For          For                 Mgmt
                             Capital without Preemptive Rights
                    14       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital
                    15       Approve NOK 304.8 Million Transfer from       For          For                 Mgmt
                             Share Premium Account to Unrestricted
                             Shareholders' Equity


08/24/06 - A        Venture Link Co. Ltd. *9609*             J9451J103                          05/31/06              10,307
                    1        Approve Allocation of Income, with No         For          For                 Mgmt
                             Dividends
                    2        Amend Articles to: Expand Business Lines -    For          Against             Mgmt
                             Limit Rights of Odd-lot Holders - Update
                             Terminology to Match that of New Corporate
                             Law - Limit Liability of Statutory Auditors
                             - Change Fiscal Year End
                                Because we do not believe it is in shareholders'  interest
                                to  effectively  give the board carte blanche to engage in
                                any  lawful   business   activities,   we  recommend  that
                                shareholders vote against this resolution.
                    3        Elect Directors                               For          For                 Mgmt


05/10/07 - A/S      Vinci (Formerly Societe Generale         F5879X108                          05/07/07               4,080
                    d'Entreprises)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2.65 per Share
                    4        Ratify Appointment and Reelect Pascale        For                              Mgmt
                             Sourisse as Director
                    5        Ratify Appointment and Reelect Robert         For                              Mgmt
                             Castaigne as Director
                    6        Ratify Appointment and Reelect Jean-Bernard   For                              Mgmt
                             Levy as Director
                    7        Ratify Deloitte and Associes as Auditor       For                              Mgmt
                    8        Ratify KPMG SA as Auditor                     For                              Mgmt
                    9        Ratify BEAS Sarl as Alternate Auditor         For                              Mgmt
                    10       Ratify Philippe Mathis as Alternate Auditor   For                              Mgmt
                    11       Authorize Repurchase of Up to Ten Percent     For                              Mgmt
                             of Issued Share Capital
                    12       Approve Shareholders Agreement Between        For                              Mgmt
                             Vinci and ASF Holding
                    13       Approve Transaction with Societe              For                              Mgmt
                             Gastronomique de l'Etoile
                    14       Approve Additional Pension Scheme             For                              Mgmt
                             Benefiting to the Chairman
                             Special Business
                    15       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 200 Million
                    17       Authorize Capitalization of Reserves for      For                              Mgmt
                             Bonus Issue or Increase in Par Value
                    18       Authorize Issuance of Specific Convertible    For                              Mgmt
                             Bonds without Preemptive Rights Named OCEANE
                    19       Approve Issuance of Convertible Bonds         For                              Mgmt
                             without Preemptive Rights Other than OCEANE
                    20       Authorize Board to Increase Capital in the    For                              Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             in Items 16, 18, and 19 Above
                    21       Authorize Capital Increase of up to 10        For                              Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    22       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    23       Authorize Board to Issue Shares Reserved to   For                              Mgmt
                             Share Purchase Plan for Employees of
                             International Subsidiaries
                    24       Approve Issuance of Securities Convertible    For                              Mgmt
                             into Debt
                    25       Authorize Issuance of Bonds with Warrants     For                              Mgmt
                             Attached without Preemptive Rights
                    26       Approve 1 for 2 Stock Split                   For                              Mgmt
                    27       Amend Article 11 of Bylaws Re: Appointment    For                              Mgmt
                             of Employee Shareholder Representative
                    28       Amend Article 17 of Bylaws Re: Record Date    For                              Mgmt
                    29       Amend Article 10 bis of Bylaws Re: Record     For                              Mgmt
                             Date
                    30       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/17/07 - A        VISCOFAN S.A                             E97579192                          None                   3,220
                    1        Reading of Meeting Notice                     For          For                 Mgmt
                    2        Designate Two Shareholders to Approve and     For          For                 Mgmt
                             Sign Minutes of Meeting
                    3        Approve Individual and Consolidated           For          For                 Mgmt
                             Financial Statements and Statutory Reports,
                             Allocation of Income, and Discharge of
                             Management Board for Fiscal Year Ended Dec.
                             31, 2006
                    4        Approve Auditors                              For          For                 Mgmt
                    5        Elect Management Board                        For          Against             Mgmt
                                We continue to believe  that the  excessive  length of the
                                proposed  board terms  warrants  opposition  to this item,
                                even in the  absence  of  performance  concerns,  and that
                                opposing  these items sends a clear message to the company
                                that it  should  attempt  to align its  director  election
                                policies  with  best  practice.  On  this  basis,  we will
                                oppose the  election of any  directors,  whose terms would
                                allow them to serve on the board for six years.
                    6        Approve Reduction in Share Capital and        For          For                 Mgmt
                             Amend Article 5 Accordingly
                    7        Authorize Repurchase of Shares                For          For                 Mgmt
                    8        Authorize Board to Ratify and Execute         For          For                 Mgmt
                             Approved Resolutions


05/23/07 - A        Vislink plc                              G9375E118                          None                  12,363
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          Against             Mgmt
                                As we do not  consider the  Executive  Exit Bonus Plan and
                                the  change in control  provision  to be in line with best
                                practice,  we  are  recommending  that  shareholders  vote
                                against the remuneration report.
                    3        Approve Final Dividend of 1.0 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Timothy Trotter as Director          For          For                 Mgmt
                    5        Re-elect Ian Scott-Gall as Director           For          For                 Mgmt
                    6        Elect Robin Howe as Director                  For          For                 Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 173,072
                    9        Authorise 13,845,278 Ordinary Shares for      For          For                 Mgmt
                             Market Purchase


05/09/07 - A        Vivartia SA (frmly Delta Holdings SA)    X18052104                          None                     991
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                              Mgmt
                             and Statutory Reports
                    3        Approve Discharge of Board and Auditors       For                              Mgmt
                    4        Ratify Auditors                               For                              Mgmt
                    5        Authorize Capitalization of Above Par         For                              Mgmt
                             Account and Increase in Par Value
                    6        Approve Reduction in Share Capital and        For                              Mgmt
                             Decrease in Par Value
                    7        Approve Amendment to Article 5 of Company     For                              Mgmt
                             Bylaws
                    8        Authorize Issuance of Convertible Bonds       For                              Mgmt
                             without Preemptive Rights
                    9        Authorize Board of Directors and Management   For                              Mgmt
                             to Participate in Boards or Management of
                             Other Companies with Similar Interests
                    10       Approve Transaction with a Related Party      For                              Mgmt
                    11       Preapprove Director Remuneration for 2007     For                              Mgmt
                    12       Other Business                                For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A/S      Vivendi SA (Formerly Vivendi             F97982106                          04/16/07             101,013
                    Universal)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                              Mgmt
                             Reports
                    2        Approve Consolidated Financial Statements     For                              Mgmt
                             and Statutory Reports
                    3        Approve Special Auditors' Report Regarding    For                              Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 1.20 per Share
                    5        Ratify Appointment of Mehdi Dazi as           For                              Mgmt
                             Supervisory Board Member
                    6        Authorize Repurchase of Up to 10 Percent of   For                              Mgmt
                             Issued Share Capital
                             Special Business
                    7        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1 Billion
                    8        Authorize Issuance of Equity or               For                              Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 500 Million
                    9        Authorize Capitalization of Reserves of Up    For                              Mgmt
                             to EUR 500 Million for Bonus Issue or
                             Increase in Par Value
                    10       Approve Employee Savings-Related Share        For                              Mgmt
                             Purchase Plan
                    11       Approve Reduction in Share Capital via        For                              Mgmt
                             Cancellation of Repurchased Shares
                    12       Amend Articles Board Related: Election of     For                              Mgmt
                             Employee Representative to the Supervisory
                             Board
                    13       Amend Articles Board Related: Attend          For                              Mgmt
                             Supervisory Board and Management Board
                             Meetings Through Videoconference and
                             Telecommunication
                    14       Amend Articles of Association Re: Record      For                              Mgmt
                             Date
                    15       M0126 Amend Articles of Association Re:       For                              Mgmt
                             Disclosure Threshold Requirements
                    16       Amend Articles of Association Re: Voting      For                              Mgmt
                             Rights
                    17       Authorize Filing of Required                  For                              Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/25/06 - A        Vodafone Group plc                       G93882101                          None                 841,708
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Re-elect Sir John Bond as Director            For          For                 Mgmt
                    3        Re-elect Arun Sarin as Director               For          For                 Mgmt
                    4        Re-elect Thomas Geitner as Director           For          For                 Mgmt
                    5        Re-elect Michael Boskin as Director           For          For                 Mgmt
                    6        Re-elect Lord Broers as Director              For          For                 Mgmt
                    7        Re-elect John Buchanan as Director            For          For                 Mgmt
                    8        Re-elect Andy Halford as Director             For          For                 Mgmt
                    9        Re-elect Jurgen Schrempp as Director          For          For                 Mgmt
                    10       Re-elect Luc Vandevelde as Director           For          For                 Mgmt
                    11       Elect Philip Yea as Director                  For          For                 Mgmt
                    12       Elect Anne Lauvergeon as Director             For          For                 Mgmt
                    13       Elect Anthony Watson as Director              For          For                 Mgmt
                    14       Approve Final Dividend of 3.87 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    15       Approve Remuneration Report                   For          For                 Mgmt
                    16       Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             of the Company
                    17       Authorise the Audit Committee to Fix          For          For                 Mgmt
                             Remuneration of Auditors
                    18       Adopt New Articles of Association             For          For                 Mgmt
                    19       Authorise the Company and Any Company Which   For          For                 Mgmt
                             is or Becomes a Subsidiary of the Company
                             to Make EU Political Organisation Donations
                             up to GBP 50,000 and Incur EU Political
                             Expenditure up to GBP 50,000
                    20       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 900,000,000
                    21       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 260,000,000
                    22       Authorise 5,200,000,000 Ordinary Shares for   For          For                 Mgmt
                             Market Purchase Should the Special
                             Resolution at the Extraordinary General
                             Meeting on 25 July 2006 be Passed;
                             Otherwise up to 6,000,000,000 Ordinary
                             Shares


07/25/06 - S        Vodafone Group plc                       G93882101                          None                 841,708
                    1        Approve Increase in Authorised Capital to     For          For                 Mgmt
                             GBP 9,900,050,000 and USD 7,800,000,000;
                             Authorise Capitalisation up GBP
                             9,990,000,000; Issue Equity with Rights up
                             to 66,600,000,000 B Shares; Capital
                             Reorganisation; Amend Articles of
                             Association


08/11/06 - A        Vtech Holdings Ltd                       G9400S108                          08/03/06               5,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Year Ended Mar. 31, 2006
                    2        Approve Final Dividend for the Year Ended     For          For                 Mgmt
                             Mar. 31, 2006
                    3a       Reelect Allan WONG Chi Yun as Director        For          For                 Mgmt
                    3b       Reelect Albert LEE Wai Kuen as Director       For          For                 Mgmt
                    3c       Approve Total Remuneration of Directors at    For          For                 Mgmt
                             $120,000 with Each Director Entitled to Not
                             More Than $20,000 Per Annum for the Year
                             Ending Mar. 31, 2007 and Each Subsequent
                             Financial Year
                    4        Reappoint KPMG as Auditors and Authorize      For          For                 Mgmt
                             Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                As the share  issuance  amount is subject to abuse by Hong
                                Kong  companies,  in the absence of  language  restricting
                                both  discounts  and the  authority  to refresh  the share
                                issuance  amounts without prior  shareholder  approval,  a
                                vote against is recommended.
                    7        Authorize Reissuance of Repurchased Shares    For          For                 Mgmt


05/29/07 - A        Wacker Chemie AG                         D9540Z106                          05/08/07                 920
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2.00 per Share, and a Special
                             Dividend of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             AG as Auditors for Fiscal 2007
                    6        Approve Affiliation Agreement with            For                              Mgmt
                             Subsidiary Wacker Biotech GmbH
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/27/07 - A        Wan Hai Lines Limited                    Y9507R102                          04/28/07                   1
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve 2006 Profit Distribution Plan         For          For                 Mgmt
                    3        Amend Articles of Association                 For          Against             Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    4        Amend Procedures Governing the Acquisition    For          For                 Mgmt
                             or Disposal of Assets
                    5        Other Business                                None         None                Mgmt


08/24/06 - S        Western Lakota Energy Services Inc.      95852P103                          07/21/06               1,239
                    1        Approve Plan of Arrangement                   For          For                 Mgmt


04/26/07 - A        Wihlborgs Fastigheter AB (formerly       W9899S108                          04/20/07               1,000
                    WIHLBORGS SYD AB)
                    1        Open Meeting                                  None         None                Mgmt
                    2        Elect Chairman of Meeting                     For          For                 Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                 Mgmt
                    4        Designate Inspector or Shareholder            For          For                 Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Approve Agenda of Meeting                     For          For                 Mgmt
                    6        Acknowledge Proper Convening of Meeting       For          For                 Mgmt
                    7        Receive President's Report                    None         None                Mgmt
                    8        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports
                    9a       Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports
                    9b       Approve Allocation of Income and Dividends    For          For                 Mgmt
                             of SEK per Share
                    9c       Approve Discharge of Board and President      For          For                 Mgmt
                    9b       Determine Record Date for Dividends           For          For                 Mgmt
                    10       Determine Number of Members (8) and Deputy    For          For                 Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          Against             Mgmt
                             Aggregate Amount of SEK 900,000; Approve
                             Remuneration of Auditors
                                Conclusion        Auditors'  fees for the previous  fiscal
                                year  are not  disclosed  and  broken  down  into at least
                                audit  and  non-audit   fees.   Disclosure  of  audit  and
                                non-audit  fees is a prerequisite  for evaluating  auditor
                                independence.  An  auditor's  ability to remain  objective
                                becomes  questionable  when fees paid to the  auditor  for
                                non-audit services such as management consulting,  general
                                bookkeeping,  and  special  situation  audits  exceed  the
                                standard annual audit fees.          Companies  in a large
                                number  of  countries  are  either   required  by  law  to
                                disclose audit fees or it is accepted  market  practice to
                                do so. However,  not all companies  disclose audit fees in
                                a timely  manner.  Companies  in the MSCI  EAFE  index are
                                some  of  the  largest,   with  high   international   and
                                institutional  ownership.  As such, those companies should
                                adhere to higher disclosure  standards and are expected to
                                provide the  minimum  disclosure  of  auditors'  fees.  We
                                therefore  target  companies  on this  index  which do not
                                provide  audit fees  broken  down into at least  audit and
                                non-audit  fees.        Our policy requires that fees must
                                be disclosed in a publicly  available source,  such as the
                                annual  report or the company's Web site. As the auditors'
                                fees for the previous  fiscal year are not  disclosed  and
                                broken  down  into at  least  audit  and  non-audit  fees,
                                shareholders are advised to vote against this proposal.
                    12       Reelect Kerstin Fredriksson, Anders Jarl,     For          Against             Mgmt
                             Sten Johnson, Erik Paulsson, Tommy Qvarfort
                             and Johan Qviberg; Elect Helen Olausson and
                             Sara Paulsson Karlsson as Directors
                                Conclusion        Effective  boards  exercise  independent
                                judgment    when    carrying    out    their     fiduciary
                                responsibilities.  By requiring 50 percent of  independent
                                directors,  the  possibility  of  conflicts of interest is
                                reduced,  and the quality of board oversight is increased.
                                We expect the largest  Swedish  companies that are members
                                of the MSCI  EAFE  index to  adhere  to  higher  corporate
                                governance  standards:        For  all  Swedish  MSCI EAFE
                                companies,  we  recommend a vote  against the  election of
                                any  non-independent  director (excluding the CEO) if less
                                than 50 percent  of the  shareholder-elected  members  are
                                independent  non-executive  directors  as  defined  by our
                                director  categorization   guidelines.  In  addition,  for
                                Swedish MSCI EAFE companies with labor  representatives on
                                the board of directors,  we will apply the first criterion
                                above,  plus  require  that  one-third  of the total board
                                (shareholder-elected  members  and labor  representatives)
                                be  independent  non-executive  directors.  If  a  nominee
                                cannot  be   categorized,   we  assume   that   person  is
                                non-independent   and   include   the   nominee   in   the
                                calculation.          Due  to poor  disclosure,  we cannot
                                categorize  six of the eight  directors,  and thus  cannot
                                conclude what percentage of the board is independent.  Due
                                to the absence of  adequate  and timely  disclosure  about
                                the nominees to the board and the  resulting  inability to
                                determine  whether  the board has a  sufficient  number of
                                independent  directors,  we  recommend a vote against this
                                item.
                    13       Approve Principles for Election of Members    For          For                 Mgmt
                             of Nominating Committee
                    14       Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    15       Authorize Repurchase of Up to Ten Percent     For          For                 Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                                This  request  would  authorize   management  to  purchase
                                company  shares  until  the  date  of the  next  AGM.  The
                                authorization  would allow for the purchase of shares at a
                                price quoted on the date of  acquisition  with a deviation
                                of up to 10  percent.  The  maximum  amount of shares that
                                may be purchased is 10 percent of total share capital.  In
                                addition,  the item requests that  shareholders  authorize
                                the  board to use the  repurchased  shares  to  issue  new
                                shares  without  preemptive   rights.   Some  shareholders
                                object to corporations  repurchasing  shares.  They prefer
                                to see extra cash  invested in new  businesses or paid out
                                as  dividends.  We  believe  that  when  timed  correctly,
                                corporate  stock  repurchases  are  a  legitimate  use  of
                                corporate  funds  and  can  add to  long-term  shareholder
                                returns.  For this reason, we recommend a vote in favor of
                                the board's proposal.
                    16       Approve Creation of Pool of Capital without   For          For                 Mgmt
                             Preemptive Rights Corresponding to 10
                             Percent of Issued Share Capital
                                This is a general  capital  request;  that is, the company
                                is seeking the  authority  to issue shares for no specific
                                purpose.   Our  guidelines   allow  for  general   capital
                                increases  without  preemptive  rights to a maximum  of 20
                                percent of the existing  outstanding  share capital;  this
                                amount is  generally  more than  adequate  for  unforeseen
                                contingencies.  Since the potential dilution amounts to 10
                                percent, we recommend a vote in favor of this proposal.
                    17       Other Business (Non-Voting)                   None         None                Mgmt
                    18       Close Meeting                                 None         None                Mgmt


12/05/06 - S        Wimm-Bill-Dann Foods OJSC                97263M109                          10/24/06               4,616
                             Meeting for ADR Holders
                    1        1. TO ANNOUNCE DIVIDENDS PAYMENT UPON 9M      For          For                 Mgmt
                             Y2006 FINANCIAL RESULTS ON ALLOCATED COMMON
                             NOMINAL SHARES OF WBD FOODS OJSC, IN THE
                             DIVIDEND AMOUNT OF 7 (SEVEN) RUBLES 86
                             KOPECKS PER 1 COMMON NOMINAL SHARE. 2. TO
                             SET THE FOLLOWING TERMS AND
                    2        TO REVISE THE AMOUNT OF REMUNERATION PAID     For          For                 Mgmt
                             TO WBD FOODS OJSC BOARD OF DIRECTORS
                             MEMBERS (EXCEPT FOR THE CHAIRMAN OF THE
                             BOARD OF DIRECTORS), APPROVED BY THE
                             GENERAL SHAREHOLDERS MEETING (MINUTES AS OF
                             29.06.2004 No. 22-06), ALL AS MORE FULLY


06/27/07 - A        Wimm-Bill-Dann Foods OJSC                97263M109                          05/15/07                  43
                             Meeting for Holders of ADRs
                    1        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                 Mgmt
                             COUNTING COMMISSION: LIMONOVA, OLGA
                             MIKHAILOVNA
                    2        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                 Mgmt
                             COUNTING COMMISSION: MUKHIN, MIKHAIL
                             MIKHAILOVICH
                    3        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                 Mgmt
                             COUNTING COMMISSION: NOVGORODOVA, MARINA
                             ALEXANDROVNA
                    4        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                 Mgmt
                             COUNTING COMMISSION: SONTSEVA, EVGENIYA
                             SOLOMONOVNA
                    5        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                 Mgmt
                             COUNTING COMMISSION: TYUSINA, IRINA
                             ANATOLIEVNA
                    6        APPROVAL OF WBD FOODS OJSC ANNUAL REPORT.     For          For                 Mgmt
                             BE IT RESOLVED THAT WBD FOODS OJSC ANNUAL
                             REPORT PREPARED ON THE BASIS OF ACCOUNTING
                             DATA ACCORDING TO RUSSIAN STANDARDS FOR
                             2006, BE APPROVED.
                    7        APPROVAL OF THE ANNUAL FINANCIAL              For          For                 Mgmt
                             STATEMENTS, INCLUDING THE INCOME STATEMENT
                             (PROFIT AND LOSS ACCOUNTS) OF WBD FOODS
                             OJSC. BE IT RESOLVED THAT THE ANNUAL
                             FINANCIAL STATEMENTS FOR (Y2006), INCLUDING
                             THE INCOME STATEMENT (PROFIT AND LOSS
                             ACCOUNTS) OF WBD FO
                    8        DISTRIBUTION OF THE PROFIT (INCLUDING         For          For                 Mgmt
                             PAYMENT/DECLARATION OF DIVIDENDS) AND
                             LOSSES OF WBD FOODS OJSC. THE PART OF NET
                             PROFIT REFLECTED IN Y2006 FINANCIAL
                             STATEMENTS IN ACCORDANCE WITH RUSSIAN
                             STANDARDS, IN THE AMOUNT OF 10 852 382 RUR
                             65 KOP. BE TRANSFER
                    9        DISTRIBUTION OF THE PROFIT (INCLUDING         For          For                 Mgmt
                             PAYMENT/DECLARATION OF DIVIDENDS) AND
                             LOSSES OF WBD FOODS OJSC. UPON Y2006
                             FINANCIAL YEAR RESULTS DIVIDENDS PAYMENT ON
                             WBD FOODS ORDINARY NOMINAL SHARES BE
                             ANNOUNCED, IN THE DIVIDEND AMOUNT OF 3
                             (THREE) RUBLES 18 KOP
                    10       DISTRIBUTION OF THE PROFIT (INCLUDING         For          For                 Mgmt
                             PAYMENT/DECLARATION OF DIVIDENDS) AND
                             LOSSES OF WBD FOODS OJSC. THAT THE
                             FOLLOWING TERMS AND CONDITIONS OF DIVIDENDS
                             PAYMENT (ANNOUNCEMENT) BE SET: 4.3.1.
                             METHOD OF DIVIDENDS PAYMENT CASH; 4.3.2.
                             TERM OF DIVIDEND PAY
                    11       APPROVAL OF ERNST & YOUNG LLC AS WBD FOODS    For          For                 Mgmt
                             OJSC AUDITOR FOR 2007.
                    12       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: BRANIS, ALEXANDER
                             MARKOVICH
                                ISS Analysis        We  note that the company's definition
                                of  independence  is not as  detailed  as ours and that we
                                are  therefore  unable to classify de  Selliers,  O'Neill,
                                Sherbak,  Yasin, and Tipton as independent directors based
                                on our  classification  guidelines.  However,  because the
                                five candidates can be classified as independent  based on
                                the  definition  followed  by WBD,  and because we believe
                                that  independent  directors  are most  capable  of making
                                impartial  decisions,  taking into consideration first and
                                foremost   the   rights   and   value  of  the   company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of de Selliers,  O'Neill, Sherbak, Yasin, and Tipton
                                and abstain their votes for the remaining 15 nominees.  We
                                believe  that these  five  candidates  are most  likely to
                                bring  independence  to the board and will most likely act
                                in all shareholders' interest.
                    13       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: MAZALOV, IVAN
                             NIKOLAEVICH
                    14       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: FIL KIN ROMAN ALEXEEVICH
                    15       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: STATSENKO, SERGEY
                             OLEGOVICH
                    16       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: IVASHKOVSKY, SERGEY
                             STANISLAVOVICH
                    17       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                 Mgmt
                             BOARD OF DIRECTORS: DE SELLIERS, GUY
                    18       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: DUBININ, MIKHAIL
                             VLADIMIROVICH
                    19       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                 Mgmt
                             BOARD OF DIRECTORS: O NEILL, MICHAEL
                    20       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: ORLOV, ALEXANDER
                             SERGEEVICH
                    21       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: PLASTININ, SERGEI
                             ARKADIEVICH
                    22       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: TUTELYAN, VIKTOR
                             ALEKSANDROVICH
                    23       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                 Mgmt
                             BOARD OF DIRECTORS: SHERBAK, VLADIMIR
                             NIKOLAEVICH
                    24       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: YUSHVAEV, GAVRIL
                             ABRAMOVICH
                    25       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: LAKOBACHVILI, DAVID
                    26       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                 Mgmt
                             BOARD OF DIRECTORS: YASIN, EVGENY
                             GRIGORIEVICH
                    27       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                 Mgmt
                             BOARD OF DIRECTORS: TIPTON, E. LINWOOD (TIP)
                    28       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: KOSTIKOV, IGOR
                             VLADIMIROVICH
                    29       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: NOTKIN, BORIS ISAEVICH
                    30       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: SKOPINOV, VICTOR
                             GRIGORIEVICH
                    31       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain             Mgmt
                             BOARD OF DIRECTORS: VINCENT, JACQUES
                    32       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION LESHKINA, IRINA
                             NIKOLAEVNA
                    33       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION: LVANOVA, OLGA SERGEEVNA
                    34       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION: KOLESNKOVA, NATALYA
                             NILKOLAEVNA
                    35       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION: DZHEMELINSKAYA,
                             VICTORIA VALERIEVNA
                    36       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION: DAVIDIUK, ALEXANDER
                             ANATOLIEVICH
                    37       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION: NAZAROVA, TATIANA
                             ANATOLIEVNA
                    38       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                 Mgmt
                             AUDITING COMMISSION: GAVRILENKO, LASYA
                             MIKHAILOVNA


01/29/07 - A        Wincor Nixdorf AG                        D9695J105                          01/08/07                 495
                    1        Receive Financial Statements and Statutory    None                             Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of EUR 2.80 per Share
                    3        Approve Discharge of Management Board for     For                              Mgmt
                             Fiscal 2005/2006
                    4        Approve Discharge of Supervisory Board for    For                              Mgmt
                             Fiscal 2005/2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                              Mgmt
                             as Auditors for Fiscal 2005/2006
                    6        Elect Karl-Heinz Stiller to the Supervisory   For                              Mgmt
                             Board
                    7        Authorize Share Repurchase Program and        For                              Mgmt
                             Reissuance of Repurchased Shares
                    8        Approve EUR 16.5 Million Capital Increase     For                              Mgmt
                             for 2:1 Stock Split; Approve EUR 95.4
                             Million Transfer from Capital Reserves to
                             Free Reserves; Approve Proportional
                             Reduction in Conditional Capital Reserved
                             for Stock Option Plan
                    9        Amend Stock Option Plan to Change             For                              Mgmt
                             Allocation of Options Between Groups
                    10       Approve Increase in Remuneration for          For                              Mgmt
                             Supervisory Board Chairman
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Wing Hang Bank Ltd                       Y9588K109                          04/20/07               6,464
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of HK$2.00 Per Share   For          For                 Mgmt
                             With Scrip Option
                    3a       Reelect Simon K Y Lee as Director             For          For                 Mgmt
                    3b       Reelect Tung Chee Chen as Director            For          For                 Mgmt
                    3c       Reelect Patrick Y B Fung as Director          For          For                 Mgmt
                    4        Authorize Board to Fix Directors' Fees        For          For                 Mgmt
                    5        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                    6        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    8        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


04/28/07 - A        Wing Lung Bank                           Y95910108                          04/19/07               1,400
                    1        Approve Financial Statements and              For          For                 Mgmt
                             Declaration of Final Dividend
                    2a       Reelect Lincoln Hung-leung Soo as Director    For          For                 Mgmt
                    2b       Reelect Albert Po-cheung Wu as Director       For          For                 Mgmt
                    2c       Fix Directors' Fees at HK$120,000 for the     For          For                 Mgmt
                             Chairman, HK$100,000 for the Vice-Chairman,
                             HK$80,000 for Director, HK$140,000 for the
                             Director Serving as Chairman of Audit
                             Committee and HK$120,000 for the Directors
                             Serving as Member of Audit Committee
                    3        Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    4        Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                shareholders are recommended to oppose this resolution.
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    6        Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  of up to 5  percent  of the  market  price for the
                                issuance of shares without  preemptive rights. As such, it
                                is  recommended  that   shareholders   vote  against  this
                                resolution.
                    7        Amend Articles Re: Electronic and Corporate   For          For                 Mgmt
                             Communication


10/26/06 - A        Wing Tai Holdings                        V97973107                          None                  28,415
                    1        Adopt Financial Statements and Directors'     For          For                 Mgmt
                             and Auditors' Reports
                    2        Approve First and Final Dividend of SGD       For          For                 Mgmt
                             0.03 Per Share and Special Dividend of SGD
                             0.03 Per Share
                    3        Approve Directors' Fees for the Year Ended    For          For                 Mgmt
                             June 30, 2006
                    4        Reelect Cheng Wai Keung as Director           For          Against             Mgmt
                                We note that Cheng Wai Keung is an executive  director who
                                serves  on the  board's  Nominating  Committee.  We prefer
                                that all key board  committees  comprise only  independent
                                directors.  We believe that  executives ' particularly  on
                                such key board  committees as the audit,  remuneration and
                                nominating  committees ' threaten to undermine the purpose
                                of these  committees  in providing  independent  oversight
                                and preventing  conflicts of  interest.        Given  this
                                concern, a vote against this item is recommended.
                    5        Reelect Boey Tak Hap as Director              For          For                 Mgmt
                    6        Reappoint PricewaterhouseCoopers as           For          For                 Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    7        Reelect Phua Bah Lee as Director              For          For                 Mgmt
                    8        Reelect Lee Han Yang as Director              For          For                 Mgmt
                    9        Approve Issuance of Shares without            For          For                 Mgmt
                             Preemptive Rights
                    10       Approve Issuance of Shares and Grant of       For          Against             Mgmt
                             Options Pursuant to the Wing Tai Holdings
                             Limited (2001) Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15 percent.


10/26/06 - S        Wing Tai Holdings                        V97973107                          None                  28,415
                    1        Amend Memorandum and Articles of Association  For          For                 Mgmt
                    2        Authorize Share Repurchase Program            For          For                 Mgmt


06/22/07 - S        Wing Tai Holdings                        V97973107                          None                  82,830
                    1        Approve Provision by the Company and          For          For                 Mgmt
                             Crossbrook Group Ltd. of an Irrevocable
                             Undertaking to Tender 71.8 Million Shares
                             in the Share Capital of Winsor Properties
                             Hldgs. Ltd. to USI Holdings Ltd.


05/24/07 - A        Wm Morrison Supermarkets plc             G62748119                          None                 297,624
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                RREV  recognises  that at the time the payments were made,
                                the Company paid the minimum legally required.  Also, from
                                July 2007 all Executive  Directors'  contracts  will be in
                                line with good  practice.  As we  raised  concerns  at the
                                time  last  year  and  the  provisions   will  shortly  be
                                removed,  we do not  believe  there is any merit in taking
                                these  payments  into  account when  determining  our vote
                                recommendation     for    this     year's     remuneration
                                report.        Overall,  we  therefore  recommend  support
                                for the remuneration report.
                    3        Approve Final Dividend of 3.375 Pence Per     For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect Roger Owen as Director               For          For                 Mgmt
                    5        Elect Marc Bolland as Director                For          For                 Mgmt
                    6        Elect Martyn Jones as Director                For          For                 Mgmt
                    7        Reappoint KPMG Audit Plc as Auditors and      For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Authorise 151,900,000 Ordinary Shares and     For          For                 Mgmt
                             28,266 Preference Shares for Market Purchase
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 80,300,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 13,387,561
                    11       Approve Wm Morrison Supermarkets Long-Term    For          For                 Mgmt
                             Incentive Plan
                                On  this  basis,  we  consider  that  the  new  levels  of
                                remuneration  resulting from the LTIP have been adequately
                                justified.        We  consider that overall, the structure
                                of  the  proposals  meet  current  good  practice.  We are
                                therefore   recommending  that  shareholders  support  the
                                Company's proposal.
                    12       Approve the Share Incentive Award to Marc     For          For                 Mgmt
                             Bolland
                                Analysis and Vote Recommendation        The  rationale for
                                the  award is  reasonable  in our  view.  The  performance
                                targets appear sufficiently  challenging on the same basis
                                as those in the LTIP  (see Item 11) and are over a shorter
                                time  period to  represent  that the award  relates to the
                                CEO's first financial year.
                    13       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications; Amend Articles of
                             Association
                                As each  shareholder is able to request hard copies at any
                                time,  we consider the  proposal  does not  represent  any
                                weakening of  shareholder  rights.  We therefore  consider
                                this acceptable.


06/12/07 - S        Woolworths Holdings Limited              S98758121                          None                  80,168
                             Special Meeting Agenda
                    1        Approve Reorganization of Company             For          Against             Mgmt
                             Authorized Share Capital to Create
                             Convertible, Redeemable, Non-Cumulative
                             Participating Preference Shares
                                Because the  incorporation of this BEE deal would increase
                                the dilution  associated  with share schemes to well above
                                10 percent,  which we  consider  excessive,  we  recommend
                                that shareholders oppose these items.
                    2        Approve Amendment to the Articles of          For          Against             Mgmt
                             Association of the Company, to Create the
                             Convertible, Redeemable, Non-Cumulative
                             Participating Preference Shares
                             Ordinary Business
                    1        Approve of the Woolworths Employee Share      For          Against             Mgmt
                             Ownership Trust Deed
                    2        Place Authorized But Unissued Shares under    For          Against             Mgmt
                             Control of Directors
                    3        Authorize Board to Ratify and Execute         For          Against             Mgmt
                             Approved Resolutions
                                Based on our  opposition to the BEE  transaction,  we also
                                recommend a vote against this item.


03/29/07 - S        Woongjin Thinkbig Co. (frmly             Y9694Y100                          03/03/07               5,460
                    WoongJin.Com Co.)
                    1        Approve Spin-Off Agreement                    For          For                 Mgmt
                                The  company  seeks  shareholder  approval to spin off its
                                manufacturing    business   from   the   current   company
                                structure.  Once the resolution is approved, there will be
                                two  entities:  Woongjin  Corp.  (26.1519  percent  of the
                                total capital) and Woongjin  Thinkbig  (73.8481 percent of
                                the  total  capital).  Woongjin  Corp.  will  focus on the
                                investment   and  the   brand/licensing   business   while
                                Woongjin    Thinkbig    will    operate   the    company's
                                manufacturing  and educational  businesses.  The effective
                                spin-off  date is May 1, 2007.  The company  plans to list
                                new shares of Woongjin  Corp.  on May 31, 2007, by issuing
                                24.38  million  new  shares.   The  conversion   ratio  is
                                0.738481  Woongjin's  share per each  Woongjin  Thinkbig's
                                share  held.        After  the  spin-off,  Woongjin  Corp.
                                will be  capitalized  at KRW  53.337  billion on assets of
                                KRW 56.211 billion with  liabilities of KRW 2.874 billion.
                                Woongjin  Thinkbig  will  be  capitalized  at KRW  145.504
                                billion on assets of KRW 305.384 billion with  liabilities
                                of KRW  159.88  billion.  The  number  of total  shares of
                                Woongjin  Thinkbig  will  decline  from 33.019  million to
                                24.384   million   while  the  face  value   will   remain
                                unchanged.        For  Woongjin  Corp.,  there will be six
                                executive   directors,   two   independent   non-executive
                                directors and one auditor on the board.  The  remuneration
                                of directors  for the first year in operation  will be set
                                at KRW 1.6 billion for  directors  and KRW 250 million for
                                the   company's   one   auditor.        The   company  has
                                apparently  decided  to carry out this  reorganization  in
                                order  to  ensure  more  independent  business  management
                                between  the  two  units  and  to  increase   each  unit's
                                business  responsibilities.  The company believes that the
                                spin-off will increase the  transparency  of  management's
                                decision  process  and  improve  the  company's  corporate
                                governance overall.          Because  current shareholders
                                will continue to have same proportional  ownership of both
                                entities  following  the spin-off,  the overall  impact of
                                the  transaction  to   shareholders   should  be  limited.
                                Because  the  reorganization  has the  potential  to boost
                                transparency,  we  recommend  that  shareholders  vote for
                                this resolution.
                    2        Elect Directors                               For          For                 Mgmt
                                This item asks  shareholders to elect two  non-independent
                                non-executive  director (NED) nominees and one independent
                                NED  nominee.  The  non-independent  NED nominees are Park
                                Yong-seon,  a former  representative  director of Woongjin
                                Coway Co. and Yoon  Seok-hwan,  an  executive  director of
                                the Strategic  Planning  Department of Woonjin Group.  The
                                independent  NED  nominee  is Jung  Jin-kyu,  a lawyer  of
                                Deryook  In't  Patent & Law  Firm.  The  nominees  are new
                                nominees.   Upon  shareholder  approval,   all  the  three
                                nominees  will  serve  on the  board  for the  next  three
                                years.   None  of  the   nominees   has   engaged  in  any
                                disclosable  transaction  with the company within the last
                                three years.  The number of directors is  increasing  from
                                eight to ten,  due to increases in the number of executive
                                directors  from six to seven and the number of independent
                                non-executive directors from two to three.
                    3        Appoint Auditor                               For          For                 Mgmt
                                This  item  seeks  shareholder  approval  to  elect  a new
                                full-time  auditor  for the  company.  The  nominee is Kim
                                Ki-seon, a former auditor of KRX (Korea Exchange).  Kim is
                                a new  nominee.  Upon  shareholder  approval,  the nominee
                                will  serve  as an  auditor  of the  company  for the next
                                three years.
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 1.5  billion,  up from KRW
                                1.2  billion  the  previous  year.  Although  last  year's
                                actual  payout  was  not  disclosed,  a  total  of  KRW 72
                                million  was  paid for the two  independent  non-executive
                                directors.
                    5        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                Proposed  limit  for  one  auditor  for  2007  is KRW  250
                                million,  up from KRW 220 million the previous year.  Last
                                year's actual payout was not disclosed.


03/29/07 - A        Woongjin Thinkbig Co. (frmly             Y9694Y100                          12/31/06               3,690
                    WoongJin.Com Co.)
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 385 Per Share
                                Proposed dividend is KRW 385 per share,  which corresponds
                                to a total payout ratio of 40 percent,  increased  from 15
                                percent the  previous  year.  The payout  ratio is high by
                                Korean  standards.  Given that the company  increased  its
                                dividend  from  KRW 245 per  share  in the  previous  year
                                despite  a net  income  decline  of 43  percent  year over
                                year,  we  do  not  oppose  this  income   allocation  and
                                dividend proposal.
                    2        Amend Articles of Incorporation               For          For                 Mgmt
                                The first  amendment  would expand the company's  business
                                objectives  by  adding  the  education   related  research
                                consulting  business.  The second  amendment would shorten
                                the director meeting  notification period from one-week to
                                two-weeks  before  board  meetings.  We believe  that this
                                amendment  is  positive,  as it would allow more times for
                                directors  to  prepare  for  the  boarding  meetings.   We
                                recommend that shareholders vote for this resolution.


03/30/07 - A        Woori Finance Holdings Co.               Y9695X119                          12/31/06              14,830
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 600 Per Share
                    2        Elect Director                                For          For                 Mgmt
                    3        Elect Six Members of Audit Committee          For          Against             Mgmt
                                In this  case,  Choi  M.S.  is not  independent  under our
                                classification.  As a result,  given  that the  company is
                                proposing  all  nominees  as  a  single  voting  item,  we
                                recommend a vote against the entire slate.
                    4        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors


04/02/07 - S        Worleyparsons Ltd (frmly WORLEY GROUP    Q9857K102                          03/31/07              77,069
                    LTD) *WOR*
                    1        Approve the Variation of Class Rights         For          For                 Mgmt
                             Through the Issue of the Special Voting
                             Share
                    2        Approve Issuance of 12.23 Million             For          For                 Mgmt
                             Exchangeable Shares to CanCo and the
                             Vendors and Up to 357, 143 Ordinary Shares
                             Under the Caravel Offer to Caravel
                             Shareholders for a Private Placement


06/26/07 - A        WPP Group plc                            G9787H105                          None                 132,479
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 7.61 Pence Per      For          For                 Mgmt
                             Ordinary Share
                    3        Re-elect Philip Lader as Director             For          For                 Mgmt
                    4        Re-elect Esther Dyson as Director             For          For                 Mgmt
                    5        Re-elect Stanley Morten as Director           For          Abstain             Mgmt
                                We have  discussed Bud Morten's  continuing  membership of
                                the Audit  Committee with the Company who advised that his
                                substantial  experience  and time  commitment,  as well as
                                the increased workload since Sarbanes-Oxley  justified his
                                membership  of the  Committee.  Furthermore,  the  Company
                                maintained  that  it  considered  him  independent  and an
                                invaluable  member  of the  Committee.        We  note the
                                large  number  of  independent  NEDs on the  Board and the
                                time which the Company had to find a suitable  replacement
                                for Bud Morten as member of the Audit Committee,  but take
                                into  account  the  Company's   assertion  that  he  is  a
                                valuable  member,  especially  given the Company's need to
                                comply with s.404 under the  Sarbanes-Oxley Act by the end
                                of the  year.          The  Company  stated  to  RREV  its
                                strong   intentions   to  review   the   Audit   Committee
                                composition  before the 2008 AGM. We reiterate our opinion
                                that the  Committee  could  continue  to benefit  from Bud
                                Morten's advice without  retaining him as a voting member,
                                but  recognise  his  continued  value  as  member  of  the
                                Committee    during    the    Company's    work    towards
                                Sarbanes-Oxley  compliance.  However,  due to our concerns
                                regarding   his   independence,    we   are   recommending
                                shareholders  to  actively  abstain  from  voting  on  Bud
                                Morten's  re-election.        We  expect  the  Company  to
                                address   the  above   issues   regarding   Bud   Morten's
                                membership  of the Audit  Committee  and his  position  as
                                Senior  Independent NED and will consider voting action if
                                this situation remains unaddressed during future AGMs.
                    6        Re-elect John Quelch as Director              For          For                 Mgmt
                                As the balance  between  independent  and  non-independent
                                directors on the Board is adequate in accordance  with the
                                Combined  Code and John  Quelch does not sit on any of the
                                Board  Committees,  we do not  have  any  issues  with  an
                                non-independent   NED   sitting   on  the  Board  and  are
                                recommending   shareholders  to  vote  in  favour  of  his
                                re-election.        We  also  positively  note  that  John
                                Quelch, as a long-serving  director,  is required to stand
                                for annual  re-election as a matter of policy in line with
                                the Code recommendation.
                    7        Re-elect Paul Richardson as Director          For          For                 Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                 Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP
                             45,971,683.97
                    10       Authorise 122,579,509 Ordinary Shares for     For          For                 Mgmt
                             Market Purchase
                    11       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,128,975.44
                    12       Approve Remuneration Report                   For          For                 Mgmt
                                Given the Company's  assurances  regarding its  management
                                of  potential   dilution  and  weighing  up  our  concerns
                                regarding  the  matching  of  deferred  bonuses,  and  the
                                operation  and  matching  proportion  under the  LEAP,  we
                                recommend   shareholders   to  vote  in   favour   of  the
                                remuneration report.
                    13       Approve Electronic Communications             For          For                 Mgmt


05/01/07 - A        WSP Group plc                            G98105102                          None                   1,183
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                 Mgmt
                                We are not  raising  any issues  regarding  the  Company's
                                remuneration arrangements.
                    3        Approve Final Dividend of 6.0 Pence Per       For          For                 Mgmt
                             Ordinary Share
                    4        Re-elect David Turner as Director             For          For                 Mgmt
                    5        Re-elect Malcolm Paul as Director             For          For                 Mgmt
                    6        Reappoint PricewaterhouseCoopers LLP as       For          For                 Mgmt
                             Auditors of the Company
                    7        Authorise Board to Fix Remuneration of        For          For                 Mgmt
                             Auditors
                    8        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,000,000
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 154,925
                    10       Authorise up to Ten Percent Ordinary Shares   For          For                 Mgmt
                             for Market Purchase


06/28/07 - A        WUMART STORES INC                        Y97176112                          05/25/07              68,000
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Profit Distribution Plan              For          For                 Mgmt
                    3        Accept Report of the Board of Directors       For          For                 Mgmt
                    4        Accept Report of the Supervisory Committee    For          For                 Mgmt
                    5        Reappoint Deloitte Touche Tohmatsu CPA Ltd.   For          For                 Mgmt
                             and Deloitte Touche Tohmatsu as Domestic
                             and International Auditors Respectively,
                             and Authorize Board to Fix Their
                             Remuneration
                    6        Approve Resignation of Zhang Wen-zhong as     For          For                 Mgmt
                             Director
                    7        Elect Xu Ying as Executive Director           For          For                 Mgmt
                             Special Business
                    1        Approve Issuance of H Shares without          For          Against             Mgmt
                             Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the issue  price of H shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    2        Amend Articles Re: Business Scope             For          For                 Mgmt
                    3        Other Business (Voting)                       For          Against             Mgmt
                                Although  this item is routine and only those  issues that
                                could   legally  be  discussed   could  be  presented  for
                                consideration,  its approval  would create an  opportunity
                                for those who attend the meeting to approve  changes  that
                                are not in the  best  interests  of all  shareholders.  We
                                recommend  that  shareholders  oppose this item unless the
                                company  has  provided  detailed   information  about  the
                                issues that will be discussed.


05/11/07 - A        XINYI GLASS HOLDINGS LTD                 G9828G108                          None                  38,000
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Declare a Final Dividend of HK$0.07 Per       For          For                 Mgmt
                             Share
                                A final  dividend of HK$0.07  ($0.009) is being  proposed.
                                Including  the  interim  dividend,   this  will  give  the
                                company  a full  year  dividend  distribution  of  HK$0.11
                                ($0.014) per share.
                    3a1      Reelect Lee Shing Put as Executive Director   For          For                 Mgmt
                    3a2      Reelect Lee Yau Ching as Executive Director   For          For                 Mgmt
                    3a3      Reelect Li Man Yin as Executive Director      For          For                 Mgmt
                    3a4      Reelect Wong Chat Chor Samuel as              For          For                 Mgmt
                             Independent Non-Executive Director
                    3b       Authorize Board to Fix Remuneration of        For          For                 Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                 Mgmt
                             Fix Their Remuneration
                                PricewaterhouseCoopers    is   being    proposed   to   be
                                reappointed as the company's external auditors.
                    5a       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5b       Approve Issuance of Equity or Equity-Linked   For          Against             Mgmt
                             Securities without Preemptive Rights
                                This item seeks to refresh the company's  mandate to issue
                                shares,  representing  up to 20 percent of current  issued
                                capital,  without  preemptive  rights.        The  general
                                mandate to issue shares is supported  for  companies  that
                                limit  discounts  to 5  percent  of the  market  price  of
                                shares  and who,  at the same  time,  have no  history  of
                                refreshments  as these  factors  address  concerns  on the
                                possible  issuance of discounted shares to related parties
                                as well as further  dilution to existing  shareholders due
                                to  frequent  refreshments.           In  this  case,  the
                                company  did  not  provide  discount  restrictions  on the
                                issue price of shares under this  mandate.  Given this and
                                considering  that the  mandate  may be  refreshed  several
                                times   within  a  period  of  one  year,   we   recommend
                                shareholders oppose this resolution.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against             Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent of issued  capital from the  original  limit of 20
                                percent  under the general  mandate to issue shares sought
                                by most  Hong  Kong  companies.  Given  that  the  general
                                mandate to issue  shares is subject to abuse by  companies
                                that issue shares at discounts to the market  price,  such
                                extension  of  the  general  share  issuance  mandate  may
                                increase the scope of non-preemptive  placements,  putting
                                minority  shareholders  at a  disadvantage  as repurchased
                                shares may also be  reissued  at a discount  to the market
                                price.  In view of this,  shareholders  are recommended to
                                oppose  this item  unless a minimal  discount of 5 percent
                                or less is specified for share  issuances  under a general
                                mandate.           In  this  case,  the  company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.


08/14/06 - S        XSTRATA PLC                              G9826T102                          None                  44,122
                    1        Approve Acquisition by Xstrata Canada Inc.    For          For                 Mgmt
                             of Any and All of the Issued, to be Issued
                             and Outstanding Falconbridge Shares Other
                             Than Any Falconbridge Shares Owned Directly
                             or Indirectly by Xstrata Canada Inc. or Its
                             Affiliates


05/08/07 - A        XSTRATA PLC                              G9826T102                          None                  77,863
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports
                    2        Approve Final Dividend of 30 US Cents Per     For          For                 Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                 Mgmt
                    4        Re-elect Mick Davis as Director               For          For                 Mgmt
                    5        Re-elect Trevor Reid as Director              For          For                 Mgmt
                    6        Re-elect Sir Steve Robson as Director         For          For                 Mgmt
                    7        Re-elect David Rough as Director              For          For                 Mgmt
                    8        Reappoint Ernst & Young LLP as Auditors and   For          For                 Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD
                             161,663,784.50
                    10       Authorise Issue of Equity or Equity-Linked    For          For                 Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD
                             24,249,567.50
                    11       Authorise the Company to Use Electronic       For          For                 Mgmt
                             Communications
                    12       Approve Cancellation of 13,609,948,397 of     For          For                 Mgmt
                             the Authorised But Unissued Ordinary Shares
                             from Share Premium Account


06/27/07 - A        Yakult Honsha Co. Ltd. *2267*            J95468120                          03/31/07              25,335
                    1        Approve Allocation of Income, with a Final    For          For                 Mgmt
                             Dividend of JY 10.5
                                The payout ratio for the full year,  including the interim
                                dividend,  is 21  percent  (consolidated),  or 38  percent
                                (parent).
                    2        Amend Articles to: Authorize Board to         For          Against             Mgmt
                             Determine Income Allocation - Decrease
                             Maximum Board Size - Reduce Directors' Term
                             in Office
                                In  this  item,   the  company  is  first   proposing   to
                                decreasing  the maximum  number of  directors on the board
                                from 40 to 30.  Following this meeting,  the company would
                                still  have  4  vacant  seats  on  the  board,   to  which
                                dissident nominees could be elected.  Yakult also seeks to
                                subject  its  directors  to annual  reelection.        The
                                company  also  seeks to grant the board the  authority  to
                                determine  the  allocation of income,  including  dividend
                                payments,  without a shareholder  vote. The proposal would
                                not  prevent  shareholders  from  submitting   shareholder
                                proposals   related   to   the   allocation   of   income.
                                Nonetheless,  we do  not  believe  it is in  shareholders'
                                interest  to  allow  the  company  to   determine   income
                                allocation  at the board's  discretion,  and we  recommend
                                that shareholders oppose this resolution.
                    3        Elect Directors                               For          For                 Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:  Nomiees  15,  16,  25 and 26.          The
                                nominees   all   represent   Groupe   Danone  SA  and  its
                                affiliates.  Danone is Yakult's largest shareholder,  with
                                a 20.2 percent stake,  and is a business  partner as well.
                                        Composition   of  board  after  this  meeting:  22
                                executives and 4  non-executives.  The number of outsiders
                                is increasing from 2 to 4.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    3.14     Elect Director --- For
                    3.15     Elect Director --- For
                    3.16     Elect Director --- For
                    3.17     Elect Director --- For
                    3.18     Elect Director --- For
                    3.19     Elect Director --- For
                    3.20     Elect Director --- For
                    3.21     Elect Director --- For
                    3.22     Elect Director --- For
                    3.23     Elect Director --- For
                    3.24     Elect Director --- For
                    3.25     Elect Director --- For
                    3.26     Elect Director --- For
                    4        Approve Payment of Annual Bonuses to          For          For                 Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                170.4  million to 26 directors (of which the two incumbent
                                outsiders  will share JY 2.4  million),  and JY 14 million
                                to 6  statutory  auditors.  Because  the  amounts  are not
                                excessive, we have no reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                 Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


06/28/07 - A        Yamazen Corp. *8051*                     J96744115                          03/31/07               4,681
                    1        Elect Directors                               For          For                 Mgmt
                    2        Approve Appointment of External Audit Firm    For          For                 Mgmt
                                The board  recommends  that Deloitte Touche Tohmatsu & Co.
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                reappointed  Misuzu  on a  provisional  basis.  Here,  the
                                company seeks to appoint  Deloitte  Touche Tohmatsu & Co.,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    3        Approve Special Payments to Continuing        For          For                 Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                The company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 7 continuing  directors and
                                4 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.In  this  case,  2  of  the  continuing   statutory
                                auditors   have  been   designated   by  the   company  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    4        Approve Adjustment to Aggregate               For          For                 Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 480
                                million  per year to 720 million  per year.  In  addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 60 million per year to JY 90 million per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 7 to 10. The company will  continue to have
                                4 statutory auditors.


05/10/07 - A        Yara International ASA                   R9900C106                          None                  67,400
                    1        Elect Chairman of Meeting; Designate          For          For                 Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    2        Approve Financial Statements and Statutory    For          For                 Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of NOK 2.50 per Share
                    3        Approve Remuneration Policy And Other Terms   For          For                 Mgmt
                             of Employment For Executive Management
                    4        Approve Remuneration of Auditors              For          For                 Mgmt
                    5        Approve Remuneration of Directors             For          For                 Mgmt
                    6        Approve Remuneration to Nominating Committee  For          For                 Mgmt
                    7        Approve NOK 19.4 Million Reduction in Share   For          For                 Mgmt
                             Capital via Cancellation of 7.3 Million
                             Repurchased Shares and Redemption of 4.1
                             Million Shares Held by Norwegian State
                    8        Authorize Repurchase of Up to Five Percent    For          For                 Mgmt
                             of Issued Share Capital


03/09/07 - A        Youngone Corp.                           Y98573101                          12/31/06              34,560
                    1        Approve Appropriation of Income and           For          For                 Mgmt
                             Dividend of KRW 100 Per Share
                                Proposed dividend is KRW 100 per share,  which corresponds
                                to a payout  ratio of 12  percent,  slightly  down from 17
                                percent the  previous  year.  The payout ratio is low even
                                by Korean  standards.  Given that the company's net income
                                increased  45  percent  year  over  year,  we  call on the
                                company  to  improve  its  payout  ratio as its  financial
                                performance  improves.  However,  we do  not  oppose  this
                                income allocation and dividend proposal at this time.
                    2        Elect Directors                               For          For                 Mgmt
                                This  item  asks  shareholders  to  elect  four  executive
                                directors to the board.  The executive  director  nominees
                                are Sung Ki-hak,  the chairman and largest  shareholder of
                                the  company;  Moon  Hong-woo,  a  senior  executive  vice
                                president;  Chae Gyu-tae,  an executive  vice president of
                                the  company;  and  Sung  Rae-eun,  a team  leader  of the
                                company.  Sung is a son of the largest  shareholder.  Sung
                                K.H and Moon are incumbent  directors  while Chae and Sung
                                R.E are new nominees.  Upon shareholder approval,  all the
                                nominees  will  serve  on the  board  for the  next  three
                                years.   None  of  the   nominees   has   engaged  in  any
                                disclosable  transaction  with the company within the last
                                three years.  The number of directors is  increasing  from
                                nine  to  eleven,  due to an  increase  in the  number  of
                                executive directors from six to eight.
                    3        Approve Remuneration of Executive Directors   For          For                 Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 3 billion,  unchanged from
                                the previous year.  Although last year's actual payout was
                                not  disclosed,  a total of KRW 170.1 million was paid for
                                three  independent  non-executive  directors.  We  see  no
                                reason to oppose this resolution.
                    4        Approve Limit on Remuneration of Auditor      For          For                 Mgmt
                                The  ceiling  for one  auditor  for  2007  will be KRW 160
                                million,  up from KRW 120  million  in 2006.  Last  year's
                                actual payout was not disclosed.


12/07/06 - A        Ytl Corporation Berhad                   Y98610101                          None                 105,800
                    1        Accept Financial Statements and Statutory     For          For                 Mgmt
                             Reports for the Financial Year Ended June
                             30, 2006
                    2        Approve First and Final Dividend of 15        For          Against             Mgmt
                             Percent Gross Less Malaysian Income Tax for
                             the Financial Year Ended June 30, 2006
                                In this case,  the company  was found to have  reserves of
                                approximately  MYR  6.1  billion  ($1.7  billion)  for the
                                latest financial  year-end,  yet has failed to comply with
                                the  minimum  standard  of 30  percent  for the past  five
                                years.  Given that no adequate  justification was provided
                                for  the   retention  of  capital,   we   recommend   that
                                shareholders oppose this dividend request.
                    3        Elect Francis Yeoh Sock Ping as Director      For          Against             Mgmt
                                Again,  we do not support the  reelection  of Francis Yeoh
                                Sock Ping,  Michael  Yeoh Sock Siong,  Yeoh Soo Keng,  and
                                Yeoh Tiong Lay,  executive  directors,  as their  presence
                                may  compromise  the  independent  objectives of the Audit
                                and  Remuneration  Committees.  Shareholders  should  note
                                that we also recommend  voting  against  Francis Yeoh Sock
                                Ping due to his poor attendance.
                    4        Elect Michael Yeoh Sock Siong as Director     For          Against             Mgmt
                    5        Elect Yeoh Soo Keng as Director               For          Against             Mgmt
                    6        Elect Yeoh Tiong Lay as Director              For          Against             Mgmt
                    7        Elect Yahya Bin Ismail as Director            For          For                 Mgmt
                    8        Elect Haron Bin Mohd Taib as Director         For          For                 Mgmt
                    9        Elect Eu Peng Meng @ Leslie Eu as Director    For          For                 Mgmt
                    10       Approve Remuneration of Directors in the      For          For                 Mgmt
                             Amount of MYR 280,000 for the Financial
                             Year Ended June 30, 2006
                    11       Approve Auditors and Authorize Board to Fix   For          For                 Mgmt
                             Their Remuneration
                    12       Approve Issuance of Equity or Equity-Linked   For          For                 Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    13       Authorize Repurchase of Up to 10 Percent of   For          For                 Mgmt
                             Issued Share Capital
                    14       Approve Implementation of Shareholders'       For          For                 Mgmt
                             Mandate for Recurrent Related Party
                             Transactions


08/18/06 - S        Zijin Mining Group Co Ltd (formerly      Y9892H107                          07/20/06             176,000
                    FUJIAN ZIJIN MINING INDU
                    1        Amend Articles of Association                 For          For                 Mgmt
                    2a       Elect Chen Jinghe as Director                 For          For                 Mgmt
                    2b       Elect Liu Xiaochu as Director                 For          For                 Mgmt
                    2c       Elect Luo Yingnan as Director                 For          For                 Mgmt
                    2d       Elect Lan Fusheng as Director                 For          For                 Mgmt
                    2e       Elect Huang Xiaodong as Director              For          For                 Mgmt
                    2f       Elect Zou Laichang as Director                For          For                 Mgmt
                    2g       Elect Ke Xiping as Director                   For          For                 Mgmt
                    2h       Elect Su Congfu as Director                   For          For                 Mgmt
                    2i       Elect Chen Yichuan as Director                For          For                 Mgmt
                    2j       Elect Lin Yongjing as Director                For          For                 Mgmt
                    2k       Elect Loong Ping Kwan as Director             For          For                 Mgmt
                    3a1      Elect Zheng Jingxing as Supervisor            For          For                 Mgmt
                             Representing Shareholders
                    3a2      Elect Xu Qiang as Supervisor Representing     For          For                 Mgmt
                             Shareholders
                    3a3      Elect Lin Jingtian as Supervisor              For          For                 Mgmt
                             Representing Shareholders
                    3b       Elect Lan Liying as Supervisor Representing   For          For                 Mgmt
                             the Staff and Workers
                    3c       Elect Zhang Yumin as Supervisor               For          For                 Mgmt
                             Representing the Staff and Workers
                    4        Authorize Board to Enter into Service         For          For                 Mgmt
                             Contract and/or Appointment Letter With
                             Each of the Newly Elected Directors and
                             Supervisors, Respectively
                    5        Authorize Board to Fix the Remuneration of    For          For                 Mgmt
                             Directors and Supervisors


11/27/06 - A        ZINIFEX LTD *ZFX*                        Q9899H109                          11/25/06              95,348
                    1        Receive Financial Statements and Statutory    None         None                Mgmt
                             Reports for the Fiscal Year Ended June 30,
                             2006
                    2a       Elect Richard Knight as Director              For          For                 Mgmt
                    2b       Elect Anthony Larkin as Director              For          For                 Mgmt
                    3        Adopt Remuneration Report for the Fiscal      For          Against             Mgmt
                             Year Ended June 30, 2006
                                Executive  Summary of Reasons for  Against  Recommendation
                                on  Resolution  3        -  The salary  package of the CEO
                                has doubled  without  adequate  explanation.        -  The
                                CEO is entitled  to a  potentially  excessive  termination
                                payment.        -  The CEO has  been  granted  substantial
                                amounts of equity without shareholder approval.
                    4        Renew Partial Takeover Provision              For          For                 Mgmt


04/03/07 - A        Zurich Financial Services AG             H9870Y105                          None                  10,398
                    1        Share Re-registration Consent                 For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/03/07 - A        Zurich Financial Services AG             H9870Y105                          None                  10,398
                    1        Accept Financial Statements and Statutory     For                              Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                              Mgmt
                             of CHF 11 per Share
                    3        Approve Discharge of Board and Senior         For                              Mgmt
                             Management
                    4        Approve CHF 324,244 Increase in Pool of       For                              Mgmt
                             Capital Reserved for Stock Option Plan
                    5        Elect Directors                               For                              Mgmt
                    5.2      Ratify PricewaterhouseCoopers AG as Auditors  For                              Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.




Fund:  Principal Variable Contracts Fund, Inc. - Equity Growth Account
Sub-Advisor:  T. Rowe Price Associates, Inc.


4420 - Principal Variable Contracts Fund - Equity Growth Series

- ------------------------------------- --------------------- ----------------------------------- -------------- ---------------------
                                                                                                       (g)          (h)       (i)
                                                                                                       Did        Vote       Was
                                                                                                       the        (For,      Vote
                                                (d)                                       (f)        Registrant  Against,    For or
               (a)         (b)      (c)       S/H Mtg.                   (e)           Proposed by      Vote?   Abstain)    Against
             Issuer       Ticker    CUSIP      Date               Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ------------------------------------------------------- ----------------------------------- ---------------------------------
                                                                             
Legg Mason, Inc.            LM    524901105  7/18/2006  Elect Director Carl Bildt           Issuer    Yes      For         For
Legg Mason, Inc.            LM    524901105  7/18/2006  Elect Director John E. Koerner III  Issuer    Yes      For         For
                                                        Elect Director Cheryl Gordon
Legg Mason, Inc.            LM    524901105  7/18/2006  Krongard                            Issuer    Yes      For         For
Legg Mason, Inc.            LM    524901105  7/18/2006  Elect Director James E. Ukrop       Issuer    Yes      For         For
Legg Mason, Inc.            LM    524901105  7/18/2006  Elect Director W. Allen Reed        Issuer    Yes      For         For
Legg Mason, Inc.            LM    524901105  7/18/2006  Increase Authorized Common Stock    Issuer    Yes      For         For
Legg Mason, Inc.            LM    524901105  7/18/2006  Amend Omnibus Stock Plan            Issuer    Yes      For         For
Legg Mason, Inc.            LM    524901105  7/18/2006  Ratify Auditors                     Issuer    Yes      For         For
                                                        APPROVAL OF PROPOSAL TO EFFECT A
                                                        TWO-FOR-ONE STOCK SPLIT OF THE
                                                        COMPANY S COMMON SHARES AS
                                                        DESCRIBED IN THE PROXY STATEMENT
GARMIN LTD                  GRMN  G37260109  7/21/2006  OF THE COMPANY DATED JUNE 8, 2006   Issuer    Yes      For         For
Xilinx, Inc.                XLNX  983919101  7/26/2006  Elect Director Willem P. Roelandts  Issuer    Yes      For         For
Xilinx, Inc.                XLNX  983919101  7/26/2006  Elect Director John L. Doyle        Issuer    Yes      For         For
Xilinx, Inc.                XLNX  983919101  7/26/2006  Elect Director Jerald G. Fishman    Issuer    Yes      For         For
Xilinx, Inc.                XLNX  983919101  7/26/2006  Elect Director Philip T. Gianos     Issuer    Yes      For         For
                                                        Elect Director William G. Howard,
Xilinx, Inc.                XLNX  983919101  7/26/2006  Jr.                                 Issuer    Yes      For         For
                                                        Elect Director J. Michael
Xilinx, Inc.                XLNX  983919101  7/26/2006  Patterson                           Issuer    Yes      For         For
                                                        Elect Director Elizabeth W.
Xilinx, Inc.                XLNX  983919101  7/26/2006  Vanderslice                         Issuer    Yes      For         For
                                                        Amend Qualified Employee Stock
Xilinx, Inc.                XLNX  983919101  7/26/2006  Purchase Plan                       Issuer    Yes      For         For
Xilinx, Inc.                XLNX  983919101  7/26/2006  Approve Omnibus Stock Plan          Issuer    Yes      For         For
Xilinx, Inc.                XLNX  983919101  7/26/2006  Ratify Auditors                     Issuer    Yes      For         For
Red Hat, Inc.               RHT   756577102  8/17/2006  Elect Director W. Steve Albrecht    Issuer    Yes      For         For
Red Hat, Inc.               RHT   756577102  8/17/2006  Elect Director Marye Anne Fox       Issuer    Yes      For         For
Red Hat, Inc.               RHT   756577102  8/17/2006  Ratify Auditors                     Issuer    Yes      For         For
                                                        Approve Executive Incentive Bonus
Red Hat, Inc.               RHT   756577102  8/17/2006  Plan                                Issuer    Yes      For         For
Red Hat, Inc.               RHT   756577102  8/17/2006  Amend Omnibus Stock Plan            Issuer    Yes      For         For
Medtronic,                                              Require a Majority Vote for the
Inc.                        MDT   585055106  8/24/2006  Election of Directors               S/H       Yes      For       Against
Medtronic,
Inc.                        MDT   585055106  8/24/2006  Elect Director Richard H. Anderson  Issuer    Yes      For         For
                                                        Elect Director Michael R.
Medtronic, Inc.             MDT   585055106  8/24/2006  Bonsignore                          Issuer    Yes      For         For
Medtronic,
Inc.                        MDT   585055106  8/24/2006  Elect Director Robert C. Pozen      Issuer    Yes      For         For
Medtronic,
Inc.                        MDT   585055106  8/24/2006  Ratify Auditors                     Issuer    Yes      For         For

Medtronic,
Inc.                        MDT   585055106  8/24/2006  Elect Director Gordon M. Sprenger   Issuer    Yes      Withhold  Against
Harman International
Industries, Inc.            HAR   413086109  11/2/2006  Elect Director Edward H. Meyer      Issuer    Yes      For         For
Harman International
Industries, Inc.            HAR   413086109  11/2/2006  Elect Director Gina Harman          Issuer    Yes      For         For
SYSCO Corporation           SYY   871829107 11/10/2006  Elect Director Jonathan Golden      Issuer    Yes      For         For
                                                        Elect Director Joseph A. Hafner,
SYSCO Corporation           SYY   871829107 11/10/2006  Jr.                                 Issuer    Yes      For         For
SYSCO Corporation           SYY   871829107 11/10/2006  Elect Director Nancy S. Newcomb     Issuer    Yes      For         For
                                                        Elect Director Richard J.
SYSCO Corporation           SYY   871829107 11/10/2006  Schnieders                          Issuer    Yes      For         For
SYSCO Corporation           SYY   871829107 11/10/2006  Elect Director Manuel A. Fernandez  Issuer    Yes      For         For
SYSCO Corporation           SYY   871829107 11/10/2006  Ratify Auditors                     Issuer    Yes      For         For
                                                        Require a Majority Vote for the
SYSCO Corporation           SYY   871829107 11/10/2006  Election of Directors               S/H       Yes      For          NA
Automatic Data Processing,                              Elect Director Gregory D.
Inc.                        ADP   53015103  11/14/2006  Brenneman                           Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Leslie A. Brun       Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Gary C. Butler       Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Leon G. Cooperman    Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director R. Glenn Hubbard     Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director John P. Jones        Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Ann Dibble Jordan    Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Frederic V. Malek    Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Henry Taub           Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Elect Director Arthur F. Weinbach   Issuer    Yes      For         For
Automatic Data Processing,                              Approve Executive Incentive Bonus
Inc.                        ADP   53015103  11/14/2006  Plan                                Issuer    Yes      For         For
Automatic Data Processing,
Inc.                        ADP   53015103  11/14/2006  Ratify Auditors                     Issuer    Yes      For         For
                                                        Cease Product Sales that Can Be
Microsoft Corp.             MSFT  594918104 11/14/2006  Used to Violate Human Rights        S/H       Yes      Against     For
                                                        Amend EEO Statement to Not
Microsoft Corp.             MSFT  594918104 11/14/2006  Reference Sexual Orientation        S/H       Yes      Against     For
                                                        Establish Shareholder Advisory
Microsoft Corp.             MSFT  594918104 11/14/2006  Committee                           S/H       Yes      Against     For
                                                        Elect Director William H. Gates,
Microsoft Corp.             MSFT  594918104 11/14/2006  III                                 Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Elect Director Steven A. Ballmer    Issuer    Yes      For         For
                                                        Elect Director James I. Cash,
Microsoft Corp.             MSFT  594918104 11/14/2006  Jr., Ph.D.                          Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Elect Director Dina Dublon          Issuer    Yes      For         For
                                                        Elect Director Raymond V.
Microsoft Corp.             MSFT  594918104 11/14/2006  Gilmartin                           Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Elect Director David F. Marquardt   Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Elect Director Charles H. Noski     Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Elect Director Helmut Panke         Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Elect Director Jon A. Shirley       Issuer    Yes      For         For
Microsoft Corp.             MSFT  594918104 11/14/2006  Ratify Auditors                     Issuer    Yes      For         For

Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director David W. Bernauer    Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director William C. Foote     Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director James J. Howard      Issuer    Yes      For         For

Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director Alan G. McNally      Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director Cordell Reed         Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director Jeffrey A. Rein      Issuer    Yes      For         For
Walgreen                                                Elect Director Nancy M.
Co.                         WAG   931422109  1/10/2007  Schlichting                         Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director David Y. Schwartz    Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Elect Director James A. Skinner     Issuer    Yes      For         For
Walgreen                                                Elect Director Marilou M. von
Co.                         WAG   931422109  1/10/2007  Ferstel                             Issuer    Yes      For         For
Walgreen                                                Elect Director Charles R.
Co.                         WAG   931422109  1/10/2007  Walgreen, III                       Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Ratify Auditors                     Issuer    Yes      For         For
Walgreen
Co.                         WAG   931422109  1/10/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Samuel H. Armacost   Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Charles Crocker      Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Joseph R. Hardiman   Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Robert D. Joffe      Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Charles B. Johnson   Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Gregory E. Johnson   Issuer    Yes      For         For
Franklin Resources,                                     Elect Director Rupert H. Johnson,
Inc.                        BEN   354613101  1/25/2007  Jr.                                 Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Thomas H. Kean       Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Chutta Ratnathicam   Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Peter M. Sacerdote   Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Laura Stein          Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Anne M. Tatlock      Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Elect Director Louis E. Woodworth   Issuer    Yes      For         For
Franklin Resources,
Inc.                        BEN   354613101  1/25/2007  Ratify Auditors                     Issuer    Yes      For         For
Franklin Resources,                                     Amend Qualified Employee Stock
Inc.                        BEN   354613101  1/25/2007  Purchase Plan                       Issuer    Yes      For         For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  DIRECTORS: NOBUYUKI IDEI.           Issuer    Yes      For         For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  DIRECTORS: MARJORIE MAGNER.         Issuer    Yes      For         For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  DIRECTORS: DENNIS F. HIGHTOWER.     Issuer    Yes      For         For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  DIRECTORS: WILLIAM L. KIMSEY.       Issuer    Yes      For         For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  DIRECTORS: ROBERT I. LIPP.          Issuer    Yes      For         For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  DIRECTORS: WULF VON SCHIMMELMANN.   Issuer    Yes      For         For
ACCENTURE LTD BERMUDA       ACN   G1150G111   2/7/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Elect Director Barbara T.
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Alexander                           Issuer    Yes      For         For
                                                        Elect Director Raymond V.
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Dittamore                           Issuer    Yes      For         For
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Elect Director Irwin Mark Jacobs    Issuer    Yes      For         For
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Elect Director Sherry Lansing       Issuer    Yes      For         For
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Elect Director Peter M. Sacerdote   Issuer    Yes      For         For
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Elect Director Marc I. Stern        Issuer    Yes      For         For
QUALCOMM Inc.               QCOM  747525103  3/13/2007  Ratify Auditors                     Issuer    Yes      For         For
Analog Devices, Inc.        ADI   32654105   3/13/2007  Performance-Based Equity Awards     S/H       Yes      For       Against
                                                        Require a Majority Vote for the
Analog Devices, Inc.        ADI   32654105   3/13/2007  Election of Directors               S/H       Yes      For       Against
Analog Devices, Inc.        ADI   32654105   3/13/2007  Elect Director Jerald G. Fishman    Issuer    Yes      For         For
Analog Devices, Inc.        ADI   32654105   3/13/2007  Elect Director John C. Hodgson      Issuer    Yes      For         For
Analog Devices, Inc.        ADI   32654105   3/13/2007  Elect Director F. Grant Saviers     Issuer    Yes      For         For
Analog Devices, Inc.        ADI   32654105   3/13/2007  Elect Director Paul J. Severino     Issuer    Yes      For         For
Analog Devices, Inc.        ADI   32654105   3/13/2007  Ratify Auditors                     Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Michael H. Armacost  Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Robert H. Brust      Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Deborah A. Coleman   Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Philip V. Gerdine    Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Thomas J. Iannotti   Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Charles Y.S. Liu     Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director James C. Morgan      Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Gerhard H. Parker    Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Willem P. Roelandts  Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Elect Director Michael R. Splinter  Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
                                                        Amend Qualified Employee Stock
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Purchase Plan                       Issuer    Yes      For         For
                                                        Amend Executive Incentive Bonus
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Plan                                Issuer    Yes      For         For
Applied Materials, Inc.     AMAT  38222105   3/14/2007  Ratify Auditors                     Issuer    Yes      For         For
Caremark Rx, Inc.           CMX   141705103  3/16/2007  Approve Merger Agreement            Issuer    Yes      None         NA
Caremark Rx, Inc.           CMX   141705103  3/16/2007  Approve Merger Agreement            Issuer    Yes      For         For
Caremark Rx, Inc.           CMX   141705103  3/16/2007  Adjourn Meeting                     Issuer    Yes      For         For
Caremark Rx, Inc.           CMX   141705103  3/16/2007  Adjourn Meeting                     Issuer    Yes      None         NA
CME Group Inc.              CME   167760107   4/4/2007  Approve Merger Agreement            Issuer    Yes      For         For
CME Group Inc.              CME   167760107   4/4/2007  Adjourn Meeting                     Issuer    Yes      For         For
                                                        Amend Vote Requirements to Amend
Morgan Stanley              MS    617446448  4/10/2007  Articles/Bylaws/Charter             S/H       Yes      For       Against
                                                        Approve Report of the
Morgan Stanley              MS    617446448  4/10/2007  Compensation Committee              S/H       Yes      For       Against
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Klaus Zumwinkel      Issuer    Yes      Against   Against
Morgan Stanley              MS    617446448  4/10/2007  Approve Omnibus Stock Plan          Issuer    Yes      Against   Against
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Roy J. Bostock       Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Erskine B. Bowles    Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Howard J. Davies     Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director C. Robert Kidder     Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director John J. Mack         Issuer    Yes      For         For
                                                        Elect Director Donald T.
Morgan Stanley              MS    617446448  4/10/2007  Nicolaisen                          Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Charles H. Noski     Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Hutham S. Olayan     Issuer    Yes      For         For
                                                        Elect Director Charles E.
Morgan Stanley              MS    617446448  4/10/2007  Phillips, Jr.                       Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Griffith Sexton      Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Elect Director Laura D. Tyson       Issuer    Yes      For         For
Morgan Stanley              MS    617446448  4/10/2007  Ratify Auditors                     Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director P. Camus             Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director J.S. Gorelick        Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director A. Gould             Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director T. Isaac             Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director N. Kudryavtsev       Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director A. Lajous            Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director M.E. Marks           Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director D. Primat            Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director L.R. Reif            Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director T.I. Sandvold        Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director N. Seydoux           Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director L.G. Stuntz          Issuer    Yes      For         For
Schlumberger Ltd.           SLB   806857108  4/11/2007  Elect Director R. Talwar            Issuer    Yes      For         For
                                                        ADOPTION AND APPROVAL OF
Schlumberger Ltd.           SLB   806857108  4/11/2007  FINANCIALS AND DIVIDENDS.           Issuer    Yes      For         For
                                                        APPROVAL OF INDEPENDENT
Schlumberger Ltd.           SLB   806857108  4/11/2007  REGISTERED PUBLIC ACCOUNTING FIRM.  Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director T. Albright          Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director K. Burnes            Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director P. Coym              Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director N. Darehshori        Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director A. Fawcett           Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director A. Goldstein         Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director D. Gruber            Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director L. Hill              Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director C. LaMantia          Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director R. Logue             Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director M. Miskovic          Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director R. Sergel            Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director R. Skates            Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director G. Summe             Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director D. Walsh             Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Elect Director R. Weissman          Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Increase Authorized Common Stock    Issuer    Yes      For         For
State Street Corp. (Boston) STT   857477103  4/18/2007  Ratify Auditors                     Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Elect Director Craig S. Donohue     Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Elect Director Terrence A. Duffy    Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Elect Director Daniel R. Glickman   Issuer    Yes      For         For
                                                        Elect Director William P. Miller,
CME Group Inc.              CME   167760107  4/25/2007  II                                  Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Elect Director James E. Oliff       Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Elect Director John F. Sandner      Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Elect Director Terry L. Savage      Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
                                                        Amend Executive Incentive Bonus
CME Group Inc.              CME   167760107  4/25/2007  Plan                                Issuer    Yes      For         For
CME Group Inc.              CME   167760107  4/25/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Company-Specific -- One Director
General Electric Co.        GE    369604103  4/25/2007  from the Ranks of Retirees          S/H       Yes      Against     For
                                                        Separate Chairman and CEO
General Electric Co.        GE    369604103  4/25/2007  Positions                           S/H       Yes      Against     For
General Electric Co.        GE    369604103  4/25/2007  Report on Charitable Contributions  S/H       Yes      Against     For
General Electric Co.        GE    369604103  4/25/2007  Report on Global Warming            S/H       Yes      Against     For
                                                        Adopt Ethical Criteria for
General Electric Co.        GE    369604103  4/25/2007  Military Contracts                  S/H       Yes      Against     For
General Electric Co.        GE    369604103  4/25/2007  Report on Pay Disparity             S/H       Yes      Against     For
General Electric Co.        GE    369604103  4/25/2007  Provide for Cumulative Voting       S/H       Yes      For       Against
                                                        Company-Specific -- Adopt Policy
General Electric Co.        GE    369604103  4/25/2007  on Overboarded Directors            S/H       Yes      For       Against
                                                        Limit Dividend and Dividend
General Electric Co.        GE    369604103  4/25/2007  Equivalent Payments to Executives   S/H       Yes      For       Against
General Electric Co.        GE    369604103  4/25/2007  Elect Director James I. Cash, Jr.   Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director William M. Castell   Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Ann M. Fudge         Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Susan Hockfield      Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Jerry R. Immelt      Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Andrea Jung          Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Alan G. Lafley       Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Robert W. Lane       Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Ralph S. Larsen      Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Rochelle B. Lazarus  Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Sam Nunn             Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Roger S. Penske      Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Robert J. Swieringa  Issuer    Yes      For         For
                                                        Elect Director Douglas A. Warner
General Electric Co.        GE    369604103  4/25/2007  III                                 Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Robert C. Wright     Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Adopt Majority Vote Standard in
General Electric Co.        GE    369604103  4/25/2007  Director Elections                  Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Approve Omnibus Stock Plan          Issuer    Yes      For         For
                                                        Company-Specific-Approve Material
                                                        Terms of Senior Officer
General Electric Co.        GE    369604103  4/25/2007  Performance Goals                   Issuer    Yes      For         For
General Electric Co.        GE    369604103  4/25/2007  Elect Director Claudio X. Gonzalez  Issuer    Yes      Withhold  Against
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director J.W. Marriott, Jr.   Issuer    Yes      For         For
                                                        Elect Director John W. Marriott,
Marriott International Inc. MAR   571903202  4/27/2007  III                                 Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director Richard S. Braddock  Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director Lawrence W. Kellner  Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director Debra L. Lee         Issuer    Yes      For         For
                                                        Elect Director Floretta Dukes
Marriott International Inc. MAR   571903202  4/27/2007  McKenzie                            Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director George Munoz         Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director Steven S Reinemund   Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director Harry J. Pearce      Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director William J. Shaw      Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Elect Director Lawrence M. Small    Issuer    Yes      For         For
Marriott International Inc. MAR   571903202  4/27/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Amend EEO Policy to Reference
Expeditors International of                             Discrimination based on Sexual
Washington, Inc.            EXPD  302130109   5/2/2007  Orientation                         S/H       Yes      For       Against
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Approve Stock Option Plan           Issuer    Yes      Against   Against
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director Peter J. Rose        Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director James L.K. Wang      Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director R. Jordan Gates      Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director James J. Casey       Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director Dan P. Kourkoumelis  Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director Michael J. Malone    Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Elect Director John W. Meisenbach   Issuer    Yes      For         For
Expeditors International of                             Amend Qualified Employee Stock
Washington, Inc.            EXPD  302130109   5/2/2007  Purchase Plan                       Issuer    Yes      For         For
Expeditors International of
Washington, Inc.            EXPD  302130109   5/2/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Compensation Specific-Adopt
                                                        Policy Concerning Backdating
Broadcom Corp.              BRCM  111320107   5/2/2007  Controversy                         S/H       Yes      For       Against
                                                        Amend Qualified Employee Stock
Broadcom Corp.              BRCM  111320107   5/2/2007  Purchase Plan                       Issuer    Yes      Against   Against
Broadcom Corp.              BRCM  111320107   5/2/2007  Amend Omnibus Stock Plan            Issuer    Yes      Against   Against
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director George L. Farinsky   Issuer    Yes      For         For
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director Nancy H. Handel      Issuer    Yes      For         For
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director Scott A. McGregor    Issuer    Yes      For         For
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director Robert E. Switz      Issuer    Yes      For         For
                                                        Approve Executive Incentive Bonus
Broadcom Corp.              BRCM  111320107   5/2/2007  Plan                                Issuer    Yes      For         For
Broadcom Corp.              BRCM  111320107   5/2/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Elect Director Maureen E.
Broadcom Corp.              BRCM  111320107   5/2/2007  Grzelakowski                        Issuer    Yes      Withhold  Against
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director John Major           Issuer    Yes      Withhold  Against
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director Alan E. Ross         Issuer    Yes      Withhold  Against
                                                        Elect Director Henry Samueli,
Broadcom Corp.              BRCM  111320107   5/2/2007  Ph.D.                               Issuer    Yes      Withhold  Against
Broadcom Corp.              BRCM  111320107   5/2/2007  Elect Director Werner F. Wolfen     Issuer    Yes      Withhold  Against

Kohl's                                                  Require a Majority Vote for the
Corp.                       KSS   500255104   5/2/2007  Election of Directors               S/H       Yes      For       Against
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director Steven A. Burd       Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director Wayne Embry          Issuer    Yes      For         For

Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director James D. Ericson     Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director John F. Herma        Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director William S. Kellogg   Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director Kevin Mansell        Issuer    Yes      For         For
Kohl's                                                  Elect Director R. Lawrence
Corp.                       KSS   500255104   5/2/2007  Montgomery                          Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director Frank V. Sica        Issuer    Yes      For         For
Kohl's                                                  Elect Director Peter M.
Corp.                       KSS   500255104   5/2/2007  Sommerhauser                        Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director Stephen E. Watson    Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Elect Director R. Elton White       Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Ratify Auditors                     Issuer    Yes      For         For
Kohl's
Corp.                       KSS   500255104   5/2/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For

Kohl's                                                  Approve Executive Incentive Bonus
Corp.                       KSS   500255104   5/2/2007  Plan                                Issuer    Yes      For         For
Kohl's                                                  Company Specific-Adopt Majority
Corp.                       KSS   500255104   5/2/2007  Vote for Election of Directors      Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Other Business                      Issuer    Yes      Against   Against
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director James DeFranco       Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Michael T. Dugan     Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Cantey Ergen         Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Charles W. Ergen     Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Steven R. Goodbarn   Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Gary S. Howard       Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director David K. Moskowitz   Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Tom A. Ortolf        Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director C.Michael Schroeder  Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Elect Director Carl E. Vogel        Issuer    Yes      For         For
Echostar Communications Cor DISH  278762109   5/8/2007  Ratify Auditors                     Issuer    Yes      For         For
Wynn Resorts Ltd            WYNN  983134107   5/8/2007  Elect Director Stephen A. Wynn      Issuer    Yes      For         For
Wynn Resorts Ltd            WYNN  983134107   5/8/2007  Elect Director Alvin V. Shoemaker   Issuer    Yes      For         For
Wynn Resorts Ltd            WYNN  983134107   5/8/2007  Elect Director D. Boone Wayson      Issuer    Yes      For         For
                                                        Amend Executive Incentive Bonus
Wynn Resorts Ltd            WYNN  983134107   5/8/2007  Plan                                Issuer    Yes      For         For
Wynn Resorts Ltd            WYNN  983134107   5/8/2007  Ratify Auditors                     Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Develop an Animal Welfare Policy    S/H       Yes      Against     For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Prepare a Sustainability Report     S/H       Yes      Against     For
                                                        Elect Director Frank J. Biondi,
Amgen, Inc.                 AMGN  31162100    5/9/2007  Jr.                                 Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Elect Director Jerry D. Choate      Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Elect Director Frank C. Herringer   Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Elect Director Gilbert S. Omenn     Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Ratify Auditors                     Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Declassify the Board of Directors   Issuer    Yes      For         For
Amgen, Inc.                 AMGN  31162100    5/9/2007  Declassify the Board of Directors   Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director Paul Berg            Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director John F. Cogan        Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director Etienne F. Davignon  Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director James M. Denny       Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director Carla A. Hills       Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director John W. Madigan      Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director John C. Martin       Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director Gordon E. Moore      Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director Nicholas Moore       Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Elect Director Gayle E. Wilson      Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Ratify Auditors                     Issuer    Yes      For         For
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
                                                        Amend Qualified Employee Stock
Gilead Sciences, Inc.       GILD  375558103   5/9/2007  Purchase Plan                       Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Limit Executive Compensation        S/H       Yes      Against     For
CVS Caremark Corp           CVS   126650100   5/9/2007  Prepare Sustainability Report       S/H       Yes      Against     For
                                                        Disclose Information on
CVS Caremark Corp           CVS   126650100   5/9/2007  Compensation Consultant             S/H       Yes      Against     For
                                                        Separate Chairman and CEO
CVS Caremark Corp           CVS   126650100   5/9/2007  Positions                           S/H       Yes      For       Against
                                                        Compensation Specific- Policy on
                                                        Stock Option Grants/Option
CVS Caremark Corp           CVS   126650100   5/9/2007  Backdating                          S/H       Yes      For       Against
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Roger L. Headrick    Issuer    Yes      Against   Against
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director C.A. Lance Piccolo   Issuer    Yes      Against   Against
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Edwin M. Banks       Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director C. David Brown II    Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Edwin Mac Crawford   Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director David W. Dorman      Issuer    Yes      For         For
                                                        Elect Director Kristen E. Gibney
CVS Caremark Corp           CVS   126650100   5/9/2007  Williams                            Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Marian L. Heard      Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director William H. Joyce     Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Jean-Pierre Million  Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Terrence Murray      Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Sheli Z. Rosenberg   Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Thomas M. Ryan       Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Elect Director Richard J. Swift     Issuer    Yes      For         For
CVS Caremark Corp           CVS   126650100   5/9/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Approve Qualified Employee Stock
CVS Caremark Corp           CVS   126650100   5/9/2007  Purchase Plan                       Issuer    Yes      For         For
                                                        Approve Executive Incentive Bonus
CVS Caremark Corp           CVS   126650100   5/9/2007  Plan                                Issuer    Yes      For         For
                                                        Adopt Policies to Protect Freedom
Google Inc                  GOOG  38259P508  5/10/2007  of Access to the Internet           S/H       Yes      Against     For
Google Inc                  GOOG  38259P508  5/10/2007  Amend Omnibus Stock Plan            Issuer    Yes      Against   Against
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Eric Schmidt         Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Sergey Brin          Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Larry Page           Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director L. John Doerr        Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director John L. Hennessy     Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Arthur D. Levinson   Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Ann Mather           Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Paul S. Otellini     Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director K. Ram Shriram       Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Elect Director Shirley M. Tilghman  Issuer    Yes      For         For
Google Inc                  GOOG  38259P508  5/10/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Approve Executive Incentive Bonus
Google Inc                  GOOG  38259P508  5/10/2007  Plan                                Issuer    Yes      For         For
                                                        Report on Feasibility of Adopting
                                                        a Toxic Chemical Elimination
Apple, Inc.                 AAPL  37833100   5/10/2007  Policy                              S/H       Yes      Against     For
Apple, Inc.                 AAPL  37833100   5/10/2007  Stock Retention/Holding Period      S/H       Yes      Against     For
                                                        Report on Computer Recycling
Apple, Inc.                 AAPL  37833100   5/10/2007  Policy                              S/H       Yes      Against     For
                                                        Compensation Specific--Option
Apple, Inc.                 AAPL  37833100   5/10/2007  Dating Policy                       S/H       Yes      For       Against
Apple, Inc.                 AAPL  37833100   5/10/2007  Pay For Superior Performance        S/H       Yes      For       Against
                                                        Advisory Vote to Ratify Named
Apple, Inc.                 AAPL  37833100   5/10/2007  Executive Officers' Compensation    S/H       Yes      For       Against
Apple, Inc.                 AAPL  37833100   5/10/2007  Elect Director Steven P. Jobs       Issuer    Yes      For         For
Apple, Inc.                 AAPL  37833100   5/10/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
                                                        Amend Qualified Employee Stock
Apple, Inc.                 AAPL  37833100   5/10/2007  Purchase Plan                       Issuer    Yes      For         For
                                                        Amend Non-Employee Director Stock
Apple, Inc.                 AAPL  37833100   5/10/2007  Option Plan                         Issuer    Yes      For         For
Apple, Inc.                 AAPL  37833100   5/10/2007  Ratify Auditors                     Issuer    Yes      For         For
Apple, Inc.                 AAPL  37833100   5/10/2007  Elect Director William V. Campbell  Issuer    Yes      Withhold  Against
Apple, Inc.                 AAPL  37833100   5/10/2007  Elect Director Millard S. Drexler   Issuer    Yes      Withhold  Against
Apple, Inc.                 AAPL  37833100   5/10/2007  Elect Director Albert A. Gore, Jr.  Issuer    Yes      Withhold  Against
                                                        Elect Director Arthur D.
Apple, Inc.                 AAPL  37833100   5/10/2007  Levinson, Ph.D.                     Issuer    Yes      Withhold  Against
                                                        Elect Director Eric E. Schmidt,
Apple, Inc.                 AAPL  37833100   5/10/2007  Ph.D.                               Issuer    Yes      Withhold  Against
Apple, Inc.                 AAPL  37833100   5/10/2007  Elect Director Jerome B. York       Issuer    Yes      Withhold  Against
Sepracor Inc.               SEPR  817315104  5/15/2007  Elect Director Digby W. Barrios     Issuer    Yes      For         For
Sepracor Inc.               SEPR  817315104  5/15/2007  Elect Director Alan A. Steigrod     Issuer    Yes      For         For
Sepracor Inc.               SEPR  817315104  5/15/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
Sepracor Inc.               SEPR  817315104  5/15/2007  Ratify Auditors                     Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Stock Retention/Holding Period      S/H       Yes      Against     For
Danaher Corp.               DHR   235851102  5/15/2007  Elect Director Steven M. Rales      Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Elect Director John T. Schwieters   Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Elect Director Alan G. Spoon        Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Ratify Auditors                     Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Increase Authorized Common Stock    Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Approve Omnibus Stock Plan          Issuer    Yes      For         For
                                                        Approve Executive Incentive Bonus
Danaher Corp.               DHR   235851102  5/15/2007  Plan                                Issuer    Yes      For         For
Danaher Corp.               DHR   235851102  5/15/2007  Amend Deferred Compensation Plan    Issuer    Yes      For         For
St. Jude Medical, Inc.      STJ   790849103  5/16/2007  Elect Director Michael A. Rocca     Issuer    Yes      For         For
                                                        Elect Director Stefan K.
St. Jude Medical, Inc.      STJ   790849103  5/16/2007  Widensohler                         Issuer    Yes      For         For
St. Jude Medical, Inc.      STJ   790849103  5/16/2007  Approve Omnibus Stock Plan          Issuer    Yes      For         For
                                                        Approve Qualified Employee Stock
St. Jude Medical, Inc.      STJ   790849103  5/16/2007  Purchase Plan                       Issuer    Yes      For         For
St. Jude Medical, Inc.      STJ   790849103  5/16/2007  Ratify Auditors                     Issuer    Yes      For         For
Wellpoint Inc               WLP   94973V107  5/16/2007  Elect Director Sheila P. Burke      Issuer    Yes      For         For
Wellpoint Inc               WLP   94973V107  5/16/2007  Elect Director Victor S. Liss       Issuer    Yes      For         For
                                                        Elect Director Jane G. Pisano,
Wellpoint Inc               WLP   94973V107  5/16/2007  Ph.D.                               Issuer    Yes      For         For
                                                        Elect Director George A.
Wellpoint Inc               WLP   94973V107  5/16/2007  Schaefer, Jr.                       Issuer    Yes      For         For
Wellpoint Inc               WLP   94973V107  5/16/2007  Elect Director Jackie M. Ward       Issuer    Yes      For         For
Wellpoint Inc               WLP   94973V107  5/16/2007  Elect Director John E. Zuccotti     Issuer    Yes      For         For
                                                        Company Specific--Approve
                                                        Majority Voting for the Non-
Wellpoint Inc               WLP   94973V107  5/16/2007  Contested Election of Directors     Issuer    Yes      For         For
Wellpoint Inc               WLP   94973V107  5/16/2007  Ratify Auditors                     Issuer    Yes      For         For

Intel Corp.                 INTC  458140100  5/16/2007  Limit Executive Compensation        S/H       Yes      Against     For
Intel Corp.                 INTC  458140100  5/16/2007  Elect Director Charlene Barshefsky  Issuer    Yes      Against   Against
Intel Corp.                 INTC  458140100  5/16/2007  Elect Director Craig R. Barrett     Issuer    Yes      For         For

Intel Corp.                 INTC  458140100  5/16/2007  Elect Director Susan L. Decker      Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director D. James Guzy        Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director Reed E. Hundt        Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director Paul S. Otellini     Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director James D. Plummer     Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director David S. Pottruck    Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director Jane E. Shaw         Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Elect Director John L. Thornton     Issuer    Yes      For         For

Intel Corp.                 INTC  458140100  5/16/2007  Elect Director David B. Yoffie      Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Ratify Auditors                     Issuer    Yes      For         For
Intel
Corp.                       INTC  458140100  5/16/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For

Intel                                                   Approve Executive Incentive Bonus
Corp.                       INTC  458140100  5/16/2007  Plan                                Issuer    Yes      For         For
Juniper Networks, Inc.      JNPR  48203R104  5/17/2007  Elect Director Robert M. Calderoni  Issuer    Yes      For         For
Juniper Networks, Inc.      JNPR  48203R104  5/17/2007  Elect Director Pradeep Sindhu       Issuer    Yes      For         For
Juniper Networks, Inc.      JNPR  48203R104  5/17/2007  Ratify Auditors                     Issuer    Yes      For         For
E*Trade Financial Corp.     ETFC  269246104  5/23/2007  Elect Director Ronald D. Fisher     Issuer    Yes      For         For
E*Trade Financial Corp.     ETFC  269246104  5/23/2007  Elect Director George A. Hayter     Issuer    Yes      For         For
E*Trade Financial Corp.     ETFC  269246104  5/23/2007  Elect Director R. Jarrett Lilien    Issuer    Yes      For         For
E*Trade Financial Corp.     ETFC  269246104  5/23/2007  Elect Director Donna L. Weaver      Issuer    Yes      For         For
E*Trade Financial Corp.     ETFC  269246104  5/23/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Elect Director John Maxwell
Lamar Advertising Company   LAMR  512815101  5/24/2007  Hamilton                            Issuer    Yes      For         For
Lamar Advertising Company   LAMR  512815101  5/24/2007  Elect Director Robert M. Jelenic    Issuer    Yes      For         For
Lamar Advertising Company   LAMR  512815101  5/24/2007  Elect Director Stephen P. Mumblow   Issuer    Yes      For         For
                                                        Elect Director Thomas V.
Lamar Advertising Company   LAMR  512815101  5/24/2007  Reifenheiser                        Issuer    Yes      For         For
Lamar Advertising Company   LAMR  512815101  5/24/2007  Elect Director Anna Reilly          Issuer    Yes      For         For
                                                        Elect Director Kevin P. Reilly,
Lamar Advertising Company   LAMR  512815101  5/24/2007  Jr.                                 Issuer    Yes      For         For
Lamar Advertising Company   LAMR  512815101  5/24/2007  Elect Director Wendell Reilly       Issuer    Yes      For         For
Lamar Advertising Company   LAMR  512815101  5/24/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Elect Director Howard W. Barker,
MEDCO Health Solutions Inc  MHS   58405U102  5/24/2007  Jr.                                 Issuer    Yes      For         For
MEDCO Health Solutions Inc  MHS   58405U102  5/24/2007  Elect Director David B. Snow, Jr.   Issuer    Yes      For         For
MEDCO Health Solutions Inc  MHS   58405U102  5/24/2007  Declassify the Board of Directors   Issuer    Yes      For         For
                                                        Approve Qualified Employee Stock
MEDCO Health Solutions Inc  MHS   58405U102  5/24/2007  Purchase Plan                       Issuer    Yes      For         For
MEDCO Health Solutions Inc  MHS   58405U102  5/24/2007  Ratify Auditors                     Issuer    Yes      For         For
Target Corporation          TGT   87612E106  5/24/2007  Report on Political Contributions   S/H       Yes      For       Against
Target Corporation          TGT   87612E106  5/24/2007  Elect Director Calvin Darden        Issuer    Yes      For         For
Target Corporation          TGT   87612E106  5/24/2007  Elect Director Anne M. Mulcahy      Issuer    Yes      For         For
Target Corporation          TGT   87612E106  5/24/2007  Elect Director Stephen W. Sanger    Issuer    Yes      For         For
Target Corporation          TGT   87612E106  5/24/2007  Elect Director Gregg W. Steinhafel  Issuer    Yes      For         For
Target Corporation          TGT   87612E106  5/24/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Approve Executive Incentive Bonus
Target Corporation          TGT   87612E106  5/24/2007  Plan                                Issuer    Yes      For         For
                                                        Company Specific- Require
                                                        Majority Vote for the Election of
Target Corporation          TGT   87612E106  5/24/2007  Directors                           Issuer    Yes      For         For
                                                        Require Director Nominee
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Qualifications                      S/H       Yes      Against     For
                                                        Report on Progress Toward
                                                        Implementing the Company's Wood
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Policy                              S/H       Yes      Against     For
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Declassify the Board of Directors   S/H       Yes      For       Against
                                                        Submit Severance Agreement
                                                        (Change in Control) to
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  shareholder Vote                    S/H       Yes      For       Against
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Pay For Superior Performance        S/H       Yes      For       Against
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Elect Director David W. Bernauer    Issuer    Yes      For         For
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Elect Director Leonard L. Berry     Issuer    Yes      For         For
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Elect Director Dawn E. Hudson       Issuer    Yes      For         For
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Elect Director Robert A. Niblock    Issuer    Yes      For         For
                                                        Amend Qualified Employee Stock
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Purchase Plan                       Issuer    Yes      For         For
Lowe's Companies, Inc.      LOW   548661107  5/25/2007  Ratify Auditors                     Issuer    Yes      For         For
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Establish SERP Policy               S/H       Yes      Against     For
                                                        Performance-Based and/or
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Time-Based Equity Awards            S/H       Yes      For       Against
                                                        Advisory Vote to Ratify Named
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Executive Officers' Compensation    S/H       Yes      For       Against
                                                        Equal Access to the Proxy for
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Purpose of Electing a Director      S/H       Yes      For       Against
                                                        Elect Director William C.
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Ballard, Jr.                        Issuer    Yes      For         For
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Elect Director Richard T. Burke     Issuer    Yes      For         For
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Elect Director Stephen J. Hemsley   Issuer    Yes      For         For
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Elect Director Robert J. Darretta   Issuer    Yes      For         For
                                                        Company Specific--Majority Vote
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  for the Election of Directors       Issuer    Yes      For         For
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Declassify the Board of Directors   Issuer    Yes      For         For
                                                        Reduce Supermajority Vote
                                                        Requirement for Removal of
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Directors                           Issuer    Yes      For         For
                                                        Reduce Supermajority Vote
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Requirement                         Issuer    Yes      For         For
                                                        Amend Articles-Make Stylistic,
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Clarifying and Conforming Changes   Issuer    Yes      For         For
UnitedHealth Group
Incorporated                UNH   91324P102  5/29/2007  Ratify Auditors                     Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director Salvatore Iannuzzi   Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director Robert J. Chrenc     Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director George R. Eisele     Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director John Gaulding        Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director Michael Kaufman      Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director Ronald J. Kramer     Issuer    Yes      For         For
                                                        Elect Director Philip R. Lochner,
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Jr                                  Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Elect Director David A. Stein       Issuer    Yes      For         For
Monster Worldwide, Inc.     MNST  611742107  5/30/2007  Ratify Auditors                     Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Report on Charitable Contributions  S/H       Yes      Against     For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Report on Healthcare Policies       S/H       Yes      Against     For
                                                        Report on Equity Compensation by
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Race and Gender                     S/H       Yes      Against     For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Report on Pay Disparity             S/H       Yes      Against     For
                                                        Prepare Business Social
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Responsibility Report               S/H       Yes      Against     For
                                                        Report on Social and Reputation
                                                        Impact of Failure to Comply with
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  ILO Conventions                     S/H       Yes      Against     For
                                                        Require Director Nominee
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Qualifications                      S/H       Yes      Against     For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Pay For Superior Performance        S/H       Yes      For       Against
                                                        Advisory Vote to Ratify Named
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Executive Officers' Compensation    S/H       Yes      For       Against
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Report on Political Contributions   S/H       Yes      For       Against
                                                        Restore or Provide for Cumulative
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Voting                              S/H       Yes      For       Against
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Jack C. Shewmaker    Issuer    Yes      Against   Against
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Aida M. Alvarez      Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director James W. Breyer      Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director M. Michele Burns     Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director James I. Cash, Jr.   Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Roger C. Corbett     Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Douglas N. Daft      Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director David D. Glass       Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Roland A. Hernandez  Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Allen I. Questrom    Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director H. Lee Scott, Jr.    Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Jim C. Walton        Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director S. Robson Walton     Issuer    Yes      For         For
                                                        Elect Director Christopher J.
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Williams                            Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Elect Director Linda S. Wolf        Issuer    Yes      For         For
Wal-Mart Stores, Inc.       WMT   931142103   6/1/2007  Ratify Auditors                     Issuer    Yes      For         For
                                                        Elect Director Philippe
eBay Inc.                   EBAY  278642103  6/14/2007  Bourguignon                         Issuer    Yes      For         For
eBay Inc.                   EBAY  278642103  6/14/2007  Elect Director Thomas J. Tierney    Issuer    Yes      For         For
eBay Inc.                   EBAY  278642103  6/14/2007  Elect Director Margaret C. Whitman  Issuer    Yes      For         For
eBay Inc.                   EBAY  278642103  6/14/2007  Amend Omnibus Stock Plan            Issuer    Yes      For         For
                                                        Amend Qualified Employee Stock
eBay Inc.                   EBAY  278642103  6/14/2007  Purchase Plan                       Issuer    Yes      For         For
eBay Inc.                   EBAY  278642103  6/14/2007  Ratify Auditors                     Issuer    Yes      For         For




Fund:  Principal Variable Contracts Fund, Inc. - Equity Income Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC-Equity Income Fund - 851

Mtg                 Company/                                              Mgmt          Vote     Record                    Shares
Date/Type           Ballot Issues                            Security     Rec           Cast     Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------ ------------- -------------------- ---------- ----------
- ----------------------------------------------------------------------------------------------------------------------------------

                                                                                                                
01/25/07 - A        Air Products & Chemicals, Inc. *APD*     009158106                           11/30/06                  15,500
                    1        Elect Directors                              For           Split                Mgmt
                    1.1      Elect Director William L. Davis III --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider Margaret G. McGlynn. We recommend
                                that shareholders  WITHHOLD votes from Margaret G. McGlynn
                                for poor attendance.
                    1.2      Elect Director W. Douglas Ford --- For
                    1.3      Elect Director Evert Henkes --- For
                    1.4      Elect Director Margaret G. Mcglynn ---
                             Withhold
                    2        Ratify Auditors                              For           For                  Mgmt


10/25/06 - A        Allco Finance Group Limited (formerly    Q0202W107                           10/23/06                   1,913
                    Record Investments Lim
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports
                    2        Approve Remuneration Report for the Year     For           For                  Mgmt
                             Ended June 30, 2006
                    3a       Elect Bob Mansfield as Director              For           For                  Mgmt
                    3b       Elect Rod Eddington as Director              For           For                  Mgmt
                    3c       Elect Michael Stefanovski as Director        For           Against              Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution   3c -   Stefanovski   is  an  executive
                                director  on  a  board  where  independent   non-executive
                                directors hold four of the eight board seats.
                    3d       Elect David Turnbull as Director             For           Against              Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  3d -  Turnbull is an executive director
                                on a board where independent  non-executive directors hold
                                four of the eight board seats.
                    3e       Elect Neil Lewis as Director                 For           For                  Mgmt
                    4        Approve KPMG as Auditors and Authorize       For           For                  Mgmt
                             Board to Fix Their Remuneration


07/13/06 - S        Aluminium of Greece SA                   X00944136                           None                       2,647
                             Special Meeting Agenda
                    1        Change Location of Registered Office;        For                                Mgmt
                             Amend Article 4 Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/07/07 - S        AM NV (frmely Amstelland N.V.            N0461R131                           03/02/07                  10,366
                    (Formerly NBM Amstelland NV))
                    1        Open Meeting                                 None                               Mgmt
                    2        Receive Announcements                        None                               Mgmt
                    3        Discuss Minutes of Previous Meeting          None                               Mgmt
                    4        Elect P.P. Kohnstamm to Supervisory Board    For                                Mgmt
                    5        Allow Questions                              None                               Mgmt
                    6        Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - A        AM NV (frmely Amstelland N.V.            N0461R131                           None                      10,366
                    (Formerly NBM Amstelland NV))
                    1        Open Meeting                                 None                               Mgmt
                    2        Receive Announcements (non-voting)           None                               Mgmt
                    3        Approve Minutes of Previous Meeting          For                                Mgmt
                    4        Receive Report of Management Board           None                               Mgmt
                    5        Discussion on Company's Corporate            None                               Mgmt
                             Governance Structure
                    6        Approve Financial Statements and Statutory   For                                Mgmt
                             Reports
                    7        Approve Dividends                            For                                Mgmt
                    8a       Approve Discharge of Management Board        For                                Mgmt
                    8b       Approve Discharge of Supervisory Board       For                                Mgmt
                    9        Approve Remuneration of Supervisory Board    For                                Mgmt
                    10       Ratify Auditors                              For                                Mgmt
                    11       Allow Questions                              None                               Mgmt
                    12       Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/29/06 - S        Angang Steel Company Limited             Y0132D105                           08/30/06                 186,000
                    1        Approve the Bayuquan Facility Proposal       For           For                  Mgmt


08/04/06 - S        Ashtead Group PLC                        G05320109                           None                      24,703
                    1        Approve Acquisition of the Entire Issued     For           For                  Mgmt
                             Share Capital of NationsRent
                                Conclusion We  are not  raising any  objections  to
                                the proposed  acquisition.  The Company considers that the
                                Enlarged  Group will benefit from its increased  size, and
                                the  range  of  services  and the  terms  of the  offer is
                                expected    to    increase     shareholder    value    for
                                Ashtead. We  consider  the  proposal  to have  been
                                clearly   explained   and  do  not  raise  any   corporate
                                governance  concerns.  However, we consider such proposals
                                to be an  investment  decision,  which  are best  left for
                                shareholders  to evaluate  in respect of their  individual
                                investment  strategy.   We  note  that  the  directors  of
                                Ashtead have  received  financial  advice from UBS Limited
                                and JP Morgan Cazenove Limited.
                    2        Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 15.3
                             Million in Connection with the Rights Issue


12/15/06 - A        Australia and New Zealand Banking        Q09504137                           12/13/06                  10,638
                    Group Ltd. (formerly Austr *ANZ*
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports for the Year Ended Sept. 30, 2006
                    2a       Elect J.K. Ellis as Director                 For           For                  Mgmt
                    2b       Elect M.A. Jackson as Director               For           For                  Mgmt
                    3        Approve Remuneration Report for the Year     For           For                  Mgmt
                             Ended Sept. 30, 2006


07/26/06 - A        AWG Plc ( Formerly Anglian Water Plc)    G0688X190                           None                       7,593
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Final Dividend of 36 Pence Per       For           For                  Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                  For           For                  Mgmt
                    4        Elect Roger Witcomb as Director              For           For                  Mgmt
                    5        Re-elect Jim McKenna as Director             For           For                  Mgmt
                    6        Reappoint PricewaterhouseCoopers LLP as      For           For                  Mgmt
                             Auditors of the Company
                    7        Authorise the Audit Committee to Fix         For           For                  Mgmt
                             Remuneration of Auditors
                    8        Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 9,385,367
                    9        Authorise 14,148,441 Ordinary Shares for     For           For                  Mgmt
                             Market Purchase
                    10       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities without Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             1,407,804


10/22/06 - S        Banco Santander Central Hispano (frmly   E19790109                           None                      32,547
                    banco Santander)
                    1        Approve Merger Agreement with Riyal SL,      For           For                  Mgmt
                             Lodares Inversiones SL Sociedad
                             Unipersonal, Somaen Dos SL Sociedad
                             Unipersonal, Gessinest Consulting SA
                             Sociedad Unipersonal, and Carvasa
                             Inversiones SL Sociedad Unipersonal;
                             Approve Consolidated Tax Regime
                    2        Authorize Board to Ratify and Execute        For           For                  Mgmt
                             Approved Resolutions


12/07/06 - A        Barry Callebaut AG                       H05072105                           None                         237
                    1        Share Re-registration Consent                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/07/06 - A        Barry Callebaut AG                       H05072105                           None                         237
                    1        Receive Financial Statements and Statutory   None                               Mgmt
                             Reports
                    2        Receive Auditor's Reports                    None                               Mgmt
                    3        Accept Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4.1      Approve Allocation of Income and Omission    For                                Mgmt
                             of Dividends
                    4.2      Approve CHF 54.3 Million Reduction in        For                                Mgmt
                             Share Capital; Approve Capital Repayment
                             of CHF 10.50 per Share
                    5        Approve Discharge of Board and Senior        For                                Mgmt
                             Management
                    6        Elect Directors                              For                                Mgmt
                    7        Ratify KPMG Fides Peat as Auditors           For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/30/07 - A        Becton, Dickinson and Company *BDX*      075887109                           12/06/06                   6,790
                    1        Elect Directors                              For           For                  Mgmt
                    2        Ratify Auditors                              For           For                  Mgmt
                    3        Amend Omnibus Stock Plan                     For           For                  Mgmt
                                V.
                                Vote   Recommendation The   total   cost   of   the
                                company's  plans of 7.61  percent is within the  allowable
                                cap for this company of 8.03 percent.  Additionally,  this
                                plan expressly forbids repricing.
                    4        Restore or Provide for Cumulative Voting     Against       For                  ShrHoldr
                                Although  the  company  substantially  meets the  required
                                corporate governance and performance  guidelines,  it does
                                not  have  an  annually-elected  board.  Accordingly,  ISS
                                believes that this  cumulative  voting  proposal  warrants
                                shareholder support.


07/21/06 - S        BellSouth Corp.                          079860102                           06/01/06                  32,900
                    1        Approve Merger Agreement                     For           For                  Mgmt
                                We  believe  that  based on: 1) the 17.9  percent  one-day
                                premium;  2)  the  sensible  strategic  rationale  of  the
                                merger;  and 3) the  improvement in  shareholders  rights,
                                the merger agreement warrants shareholder support.


11/29/06 - A        BHP Billiton Limited (Formerly BHP       Q1498M100                           11/27/06                   3,291
                    Ltd.) *BHP*
                    1        Receive Financial Statements and Statutory   For           For                  Mgmt
                             Reports for BHP Billiton Plc for the Year
                             Ended June 30, 2006
                    2        Receive Financial Statements and Statutory   For           For                  Mgmt
                             Reports for BHP Billiton Ltd for the Year
                             Ended June 30, 2006
                    3        Elect Paul M. Anderson as Director of BHP    For           For                  Mgmt
                             Billiton Plc
                    4        Elect Paul M. Anderson as Director of BHP    For           For                  Mgmt
                             Billiton Ltd
                    5        Elect Marius J. Kloppers as Director of      For           For                  Mgmt
                             BHP Billiton Plc
                    6        Elect Marius J. Kloppers as Director of      For           For                  Mgmt
                             BHP Billiton Ltd
                    7        Elect Chris J. Lynch as Director of BHP      For           For                  Mgmt
                             Billiton Plc
                    8        Elect Chris J. Lynch as Director of BHP      For           For                  Mgmt
                             Billiton Ltd
                    9        Elect Jacques Nasser as Director of BHP      For           For                  Mgmt
                             Billiton Plc
                    10       Elect Jacques Nasser as Director of BHP      For           For                  Mgmt
                             Billiton Ltd
                    11       Elect David A. Crawford as Director of BHP   For           For                  Mgmt
                             Billiton Plc
                    12       Elect David A. Crawford as Director of BHP   For           For                  Mgmt
                             Billiton Ltd
                    13       Elect Don R. Argus as Director of BHP        For           For                  Mgmt
                             Billiton Plc
                    14       Elect Don R. Argus as Director of BHP        For           For                  Mgmt
                             Billiton Ltd
                    15       Elect David C. Brink as Director of BHP      For           For                  Mgmt
                             Billiton Plc
                    16       Elect David C. Brink as Director of BHP      For           For                  Mgmt
                             Billiton Ltd
                    17       Elect John G.S. Buchanan as Director of      For           For                  Mgmt
                             BHP Billiton Plc
                    18       Elect John G.S. Buchanan as Director of      For           For                  Mgmt
                             BHP Billiton Ltd
                    19       Elect John M. Schubert as Director of BHP    For           For                  Mgmt
                             Billiton Plc
                    20       Elect John M. Schubert as Director of BHP    For           For                  Mgmt
                             Billiton Ltd
                    21       Appoint KPMG Audit Plc as Auditors of BHP    For           For                  Mgmt
                             Billiton Plc
                    22       Approve the Allotment of 553.4 Million       For           For                  Mgmt
                             Unissued Shares to Participants of the
                             Group Incentive Schemes and Other Legacy
                             Employee Share Schemes
                    23       Approve the Issuance of up to 123.4          For           For                  Mgmt
                             Million Shares
                    24       Authorize Share Repurchase Program           For           For                  Mgmt
                    25(i)    Approve Cancellation of Shares in BHP        For           For                  Mgmt
                             Billiton Plc Held by BHP Billiton Ltd or
                             One of Its Subsidiaries on Dec. 31, 2006
                    25(ii    Approve Cancellation of Shares in BHP        For           For                  Mgmt
                             Billiton Plc Held by BHP Billiton Ltd or
                             One of Its Subsidiaries on March 31, 2006
                    25(ii    Approve Cancellation of Shares in BHP        For           For                  Mgmt
                             Billiton Plc Held by BHP Billiton Ltd or
                             One of Its Subsidiaries on May 15, 2007
                    25(iv    Approve Cancellation of Shares in BHP        For           For                  Mgmt
                             Billiton Plc Held by BHP Billiton Ltd or
                             One of Its Subsidiaries on June 30, 2007
                    25(v)    Approve Cancellation of Shares in BHP        For           For                  Mgmt
                             Billiton Plc Held by BHP Billiton Ltd or
                             One of Its Subsidiaries on Sept. 30, 2007
                    25(vi    Approve Cancellation of Shares in BHP        For           For                  Mgmt
                             Billiton Plc Held by BHP Billiton Ltd or
                             One of Its Subsidiaries on Nov. 15, 2007
                    26       Approve Remuneration Report for the Year     For           For                  Mgmt
                             Ended June 30, 2006
                    27       Approve the Grant of Deferred Shares and     For           For                  Mgmt
                             Options Pursuant to the Group Incentive
                             Scheme and Performance Shares Pursuant to
                             the Long Term Incentive Plan to C.W.
                             Goodyear, Chief Executive Officer
                    28       Approve the Grant of Deferred Shares and     For           For                  Mgmt
                             Options Pursuant to the Group Incentive
                             Scheme and Performance Shares Pursuant to
                             the Long Term Incentive Plan to Marius J.
                             Kloppers, Group President Non-Ferrous
                             Materials
                    29       Approve the Grant of Deferred Shares and     For           For                  Mgmt
                             Options Pursuant to the Group Incentive
                             Scheme and Performance Shares Pursuant to
                             the Long Term Incentive Plan to Chris J.
                             Lynch, Group President Carbon Steel
                             Materials
                    30       Approve Global Employee Share Plan           For           For                  Mgmt
                    31       Approve the Maximum Remuneration for         For           For                  Mgmt
                             Non-Executive Directors of BHP Billiton
                             Plc of $3.0 Million
                    32       Approve the Maximum Remuneration for         For           For                  Mgmt
                             Non-Executive Directors of BHP Billiton
                             Ltd of $3.0 Million


07/07/06 - A        C&C GROUP PLC                            G1826G107                           None                       9,486
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Dividends                            For           For                  Mgmt
                    3        Re-elect John Burgess as Director            For           For                  Mgmt
                    4        Re-elect Richard Holroyd as Directors        For           For                  Mgmt
                    5        Re-elect Breege O'Donoghue as Director       For           For                  Mgmt
                    6        Re-elect Maurice Pratt as Director           For           For                  Mgmt
                    7        Authorize Board to Fix Remuneration of       For           For                  Mgmt
                             Auditors
                    8        Approve Remuneration of Directors up to a    For           For                  Mgmt
                             Maximum of EUR 700,000
                    9        Authorize Issuance of Equity or              For           For                  Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to a Maximum of EUR 1,084,000
                    10       Authorize Issuance of Equity or              For           For                  Mgmt
                             Equity-Linked Securities without
                             Preemptive Rights up to a Maximum of EUR
                             162,744
                    11       Authorize Share Repurchase up to 10          For           For                  Mgmt
                             Percent of Issued Share Capital
                    12       Authorize Reissuance of Repurchased Shares   For           For                  Mgmt


10/20/06 - A        CENTRO PROPERTIES GROUP ( Formerly       Q2226X103                           10/18/06                  20,189
                    Centro Properties Ltd.) *CNP*
                             Ordinary Business
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports
                    2a       Elect Samuel Kavourakis as Director          For           For                  Mgmt
                    2b       Elect Peter Wilkinson as Director            For           For                  Mgmt
                    2c       Elect Paul Cooper as Director                For           For                  Mgmt
                             Special Business
                    1        Approve Remuneration Report for the          For           For                  Mgmt
                             Financial Year Ended June 30, 2006


11/22/06 - S        CNP Assurances                           F1876N318                           None                       1,078
                             Special Business
                    1        Authorize Issuance of Equity or              For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 700 Million
                    2        Amend Employee Savings-Related Share         For                                Mgmt
                             Purchase Plan
                    3        Authorize Filing of Required                 For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/03/06 - A        Commonwealth Bank Of Australia *CBA*     Q26915100                           11/01/06                   6,440
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports for the Year Ended June 30, 2006
                    2a       Elect S. Carolyn Kay as Director             For           For                  Mgmt
                    2b       Elect Warwick G. Kent as Director            For           For                  Mgmt
                    2c       Elect Fergus D. Ryan as Director             For           For                  Mgmt
                    2d       Elect David J. Turner as Director            For           For                  Mgmt
                    2e       Elect Jane M. Hemstritch as Director         For           For                  Mgmt
                    3        Approve Remuneration Report for the Year     For           For                  Mgmt
                             Ended June 30, 2006


10/18/06 - A        CSL Ltd *CSL*                            Q3018U109                           10/16/06                   1,395
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports
                    2a       Elect John Shine as Director                 For           For                  Mgmt
                    2b       Elect David Simpson as Director              For           For                  Mgmt
                    2c       Elect Elizabeth A. Alexander as Director     For           For                  Mgmt
                    2d       Elect Antoni M. Cipa as Director             For           For                  Mgmt
                    3        Approve Remuneration Report For the Year     For           For                  Mgmt
                             Ended June 30, 2006
                    4        Renew Partial Takeover Provision             For           For                  Mgmt
                    5        Approve the Issuance of up to 500,000        For           For                  Mgmt
                             Performance Rights to Executive Directors
                             Under the Performance Rights Plan


07/13/06 - A        Csr Ltd. *CSR*                           Q30297115                           07/11/06                  35,606
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports for the Year Ended March 31, 2006
                    2        Adopt the Remuneration Report for the Year   For           For                  Mgmt
                             Ended March 31, 2006
                    3a       Elect Barry Jackson as Director              For           For                  Mgmt
                    3b       Elect John Story as Director                 For           For                  Mgmt
                    4        Amend the Constitution to Renew              For           For                  Mgmt
                             Proportional Takeover Provisions for a
                             Further Three Years


12/01/06 - A        David Jones Limited (DJL) *DJS*          Q31227103                           11/29/06                  38,521
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports
                    2(a)     Elect John Coates as Director                For           For                  Mgmt
                    2(b)     Elect Katie Lahey as Director                For           For                  Mgmt
                    3        Approve Increase of Aggregate Remuneration   For           For                  Mgmt
                             of Non-Executive Directors to A$1.8
                             Million Per Annum
                    4        Adoption of the 2006 Remuneration Report     For           For                  Mgmt
                    5(a)     Approve Issuance of 489,850 Ordinary         For           For                  Mgmt
                             Shares to Mark McInnes, Pursuant to the
                             Long-Term Incentive Plan
                    5(b)     Approve Issuance of 233,601 Ordinary         For           For                  Mgmt
                             Shares to Stephen Goddard, Pursuant to the
                             Long-Term Incentive Plan


07/28/06 - S        Devoteam S.A.                            F26011100                           None                       2,570
                             Special Business
                    1        Authorize Issuance of Equity or              For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 750,000
                    2        Authorize Issuance of Equity or              For                                Mgmt
                             Equity-Linked Securities without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 250,000
                    3        Authorize Board to Increase Capital in the   For                                Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Vote
                             Above
                    4        Authorize Board to Set Issue Price for 10    For                                Mgmt
                             Percent of Issued Capital Pursuant to
                             Issue Authority without Preemptive Rights
                    5        Authorize Capital Increase of up to 10       For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    6        Approve Employee Savings-Related Share       For                                Mgmt
                             Purchase Plan
                    7        Amend Articles of Association Re:            For                                Mgmt
                             Shareholding Disclosure Threshold
                    8        Amend Articles of Association Re:            For                                Mgmt
                             Extraordinary General Meeting Powers
                    9        Authorize Filling of Required                For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/06/06 - A        DSG INTERNATIONAL PLC (formerly Dixons   G28473109                           None                      26,379
                    Group Plc)
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Final Dividend of 6.53 Pence Per     For           For                  Mgmt
                             Ordinary Share
                    3        Re-elect John Whybrow as Director            For           For                  Mgmt
                    4        Re-elect Rita Clifton as Director            For           For                  Mgmt
                    5        Re-elect John Clare as Director              For           For                  Mgmt
                    6        Reappoint Deloitte & Touche LLP as           For           For                  Mgmt
                             Auditors of the Company
                    7        Authorise Board to Fix Remuneration of       For           For                  Mgmt
                             Auditors
                    8        Approve Remuneration Report                  For           For                  Mgmt
                                We are not  raising  any issues  regarding  the  Company's
                                remuneration.
                    9        Authorise the Company to Make EU Political   For           For                  Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditure up to GBP 25,000
                    10       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 15,283,449
                    11       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities without Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             2,292,517
                    12       Authorise 183,000,000 Ordinary Shares for    For           For                  Mgmt
                             Market Purchase


10/13/06 - S        Elec & Eltek International Company       Y22705100                           None                      25,047
                    Ltd.
                             Ordinary Business
                    1        Authorize Share Repurchase Program           For           For                  Mgmt
                    2        Approve Mandate for Transactions with        For           For                  Mgmt
                             Related Parties
                             Special Business
                    1        Amend Memorandum and Articles of             For           For                  Mgmt
                             Association


10/13/06 - A        Elec & Eltek International Company       Y22705100                           None                      25,047
                    Ltd.
                    1        Adopt Financial Statements and Directors'    For           For                  Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of $0.045 Per Share   For           For                  Mgmt
                             and Special Dividend of $0.08 Per Share
                    3        Reelect Cheung Kwok Wing as Director         For           For                  Mgmt
                    4        Reelect Chadwick Mok Cham Hung as Director   For           For                  Mgmt
                    5        Reelect Cheung Kwok Wa as Director           For           For                  Mgmt
                    6        Reelect Claudia Heng Nguan Leng as Director  For           For                  Mgmt
                    7        Approve Directors' Fees of HK$150,000 for    For           For                  Mgmt
                             the Period From July 1, 2006 to Dec. 31,
                             2006 (Financial Year Ended June 30, 2006:
                             HK$300,000)
                    8        Appoint Deloitte & Touche as Auditors and    For           For                  Mgmt
                             Authorize Board to Fix Their Remuneration
                    9a       Approve Issuance of Shares Pursuant to the   For           Against              Mgmt
                             2002 Elec & Eltek Employees' Share Option
                             Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.
                    9b       Approve Issuance of Shares without           For           For                  Mgmt
                             Preemptive Rights


02/06/07 - A        Emerson Electric Co. *EMR*               291011104                           11/28/06                   8,290
                    1        Elect Directors                              For           Split                Mgmt
                    1.1      Elect Director C. Fernandez G --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of  Carlos   Fernandez   Gonzales.   We   recommend   that
                                shareholders   WITHHOLD   votes  from   Carlos   Fernandez
                                Gonzales  for  sitting  on more than  three  boards  while
                                serving as a CEO.
                    1.2      Elect Director W. J. Galvin --- For
                    1.3      Elect Director R. L. Ridgway --- For
                    1.4      Elect Director R. L. Stephenson --- For
                    2        Ratify Auditors                              For           For                  Mgmt


11/14/06 - A        Fletcher Building Ltd. (frmrly.          Q3915B105                           11/12/06                  13,077
                    Fletcher Challenge Building)
                    1        Elect Hugh Alasdair Fletcher as Director     For           For                  Mgmt
                    2        Elect Jonathan Peter Ling as Director        For           For                  Mgmt
                    3        Elect Geoffrey James McGrath as Director     For           For                  Mgmt
                    4        Elect Ralph Graham Waters as Director        For           For                  Mgmt
                    5        Authorize Board to Fix Remuneration of the   For           For                  Mgmt
                             Auditors
                    6        Approve Grants of Up to One Million          For           For                  Mgmt
                             Options to Jonathan Peter Ling, Chief
                             Executive Officer and Managing Director,
                             Pursuant to the 2006 Share Options Plan
                    7        Approve Participation of Jonathan Peter      For           For                  Mgmt
                             Ling, Chief Executive Officer and Managing
                             Director, in the Executive Performance
                             Share Scheme
                    8        Approve the Increase in Non-Executive        For           For                  Mgmt
                             Directors' Remuneration from NZ$900,000 to
                             NZ$1.5 Million Per Annum


10/04/06 - S        Fortis SA/NV                             B4399L102                           None                       6,006
                    1        Open Meeting                                 None                               Mgmt
                    2.1      Receive Special Report on Authorized         None                               Mgmt
                             Capital
                    2.2      Approve Issuance of Equity or                For                                Mgmt
                             Equity-Linked Securities without
                             Preemptive Rights
                    2.3      Authorize Board to Issue Shares in the       For                                Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    3        Amend Articles Regarding Voting Formalities  For                                Mgmt
                    4        Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/16/06 - A        Guoco Group Ltd.                         G42098122                           10/10/06                   7,000
                    1a       Approve Final Dividend                       For           For                  Mgmt
                    1b       Approve Special Dividend                     For           For                  Mgmt
                    2a       Approve Remuneration of Directors            For           For                  Mgmt
                             Amounting to HK$1.9 Million for the Year
                             Ended June 30, 2006
                    2b1      Reelect Quek Leng Chan as Director           For           For                  Mgmt
                    2b2      Reelect Kwek Leng Hai as Director            For           For                  Mgmt
                    3        Approve KPMG as Auditors and Authorize       For           For                  Mgmt
                             Board to Fix Their Remuneration
                    4        Approve Employees' Share Award Scheme        For           Against              Mgmt
                                Given the  unfavorable  terms of the proposed  share award
                                scheme for employees,  we recommend that shareholders vote
                                against this proposal.
                    5        Amend Bylaws                                 For           For                  Mgmt
                    6a       Authorize Repurchase of Up to 10 Percent     For           For                  Mgmt
                             of Issued Share Capital
                    6b       Approve Issuance of Equity or                For           Against              Mgmt
                             Equity-Linked Securities without
                             Preemptive Rights
                                As the share  issuance  amount is subject to abuse by Hong
                                Kong  companies,  in the absence of  language  restricting
                                both  discounts  and the number of times the authority may
                                be refreshed, a vote against is recommended.
                    6c       Authorize Reissuance of Repurchased Shares   For           For                  Mgmt


08/31/06 - S        Hellenic Exchanges Holding SA            X3247C104                           None                       5,774
                    1        Amend Articles Re: Article 1- Company Name   For                                Mgmt
                             and Incorporation, Article 2- Company
                             Purpose
                    2        Other Business                               For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/22/06 - A        Independence Group (frmly INDEPENDENCE   Q48886107                           11/20/06                  37,877
                    GOLD NL) *IGO*
                    1        Adopt Remuneration Report for the Year       For           For                  Mgmt
                             Ended June 30, 2006
                    2        Elect John Christie as Director              For           For                  Mgmt
                    3        Approve the Grant of 500,000 Options to      For           Against              Mgmt
                             Christopher Bonwick, Executive Director
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  3 and 4- The proposed  grants are not subject
                                to  appropriate  vesting  periods  and  lack  sufficiently
                                challenging   performance  hurdles.  There  is  also  full
                                vesting on a  change-of-control  event. These features are
                                not supported by local market standards.
                    4        Approve the Grant of 250,000 Options to      For           Against              Mgmt
                             Kelly Ross, Executive Director


08/24/06 - S        Intralot SA Integrated Lottery           X3968Y103                           None                       2,090
                    (formerly Intralot SA)
                    1        Authorize Issuance of Convertible Bonds      For                                Mgmt
                             without Preemptive Rights
                    2        Amend Stock Option Plan                      For                                Mgmt
                    3        Other Business                               For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/22/06 - A        JUST GROUP LTD *JST*                     Q514B4101                           11/20/06                  45,964
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports for the Fiscal Year Ended July 29,
                             2006
                    2a       Elect Laura Anderson as Director             For           For                  Mgmt
                    2b       Elect Ian Pollard as Director                For           For                  Mgmt
                    3        Approve Remuneration Report for the Fiscal   For           For                  Mgmt
                             Year Ended July 29, 2006
                    4        Approve Remuneration of Directors with an    For           For                  Mgmt
                             Increase of A$200,000 from A$700,000 to
                             A$900,000


11/28/06 - A        MACQUARIE LEISURE TRUST                  Q5701X134                           11/26/06                  31,909
                    1        Elect Bruce Scott as Director                For           For                  Mgmt
                    2        Approve Remuneration Report for the Fiscal   For           For                  Mgmt
                             Year Ended June 30, 2006
                    3        Approve Increase in Remuneration of          For           For                  Mgmt
                             Directors from A$320,000 to A$400,000 Per
                             Annum
                    4        Ratify Past Issuance of 26.1 Million         For           For                  Mgmt
                             Stapled Securities at a Price of A$2.70
                             Each Made on Sept. 5, 2006
                    5        Ratify Past Issuance of 1.7 Million          For           For                  Mgmt
                             Stapled Securities at a Price of A$2.4511
                             Each Made on Sept. 1, 2006
                    6        Approve Issuance of Stapled Securities to    For           For                  Mgmt
                             DRP Underwriter


11/14/06 - A        Microsoft Corp. *MSFT*                   594918104                           09/08/06                  24,470
                    1        Elect Director William H. Gates, III         For           For                  Mgmt
                    2        Elect Director Steven A. Ballmer             For           For                  Mgmt
                    3        Elect Director James I. Cash, Jr., Ph.D.     For           For                  Mgmt
                    4        Elect Director Dina Dublon                   For           For                  Mgmt
                    5        Elect Director Raymond V. Gilmartin          For           For                  Mgmt
                    6        Elect Director David F. Marquardt            For           For                  Mgmt
                    7        Elect Director Charles H. Noski              For           For                  Mgmt
                    8        Elect Director Helmut Panke                  For           For                  Mgmt
                    9        Elect Director Jon A. Shirley                For           For                  Mgmt
                    10       Ratify Auditors                              For           For                  Mgmt
                    11       Cease Product Sales that Can Be Used to      Against       Against              ShrHoldr
                             Violate Human Rights
                                In  this  case,  the  proponent  is  requesting  that  the
                                company  cease  providing  products  that  can be  used to
                                violate  human or labor  rights  to  foreign  governments,
                                departments,  or  agencies.  ISS  is  concerned  with  the
                                potential  negative impact that such actions could have on
                                Microsoft's    competitive   position   and,   ultimately,
                                shareholder  value.  Moreover,  the company  has  publicly
                                outlined the issue in general,  potential options that the
                                company is evaluating,  and its current  policies  related
                                to  government   regulations  on  free  expression.   This
                                information  provides  disclosure to  shareholders  on the
                                potential   impact   of  this   issue  on  the   company's
                                operations and informs  interested  parties of Microsoft's
                                general  approach to  providing  products  and services in
                                such   markets.    Considering    Microsoft's   level   of
                                transparency  on this  issue as well as the  nature of the
                                requested  actions,   ISS  does  not  believe  shareholder
                                support for this resolution is warranted.
                    12       Amend EEO Statement to Not Reference         Against       Against              ShrHoldr
                             Sexual Orientation
                                Therefore,  considering  potential  benefits  that  may be
                                associated  with  Microsoft's  existing  policy,  and  the
                                absence   of   information   suggesting   that  there  are
                                significant  costs or  negative  impacts  associated  with
                                including  reference  to  sexual  orientation  in the  EEO
                                statement,  we do not believe shareholder support for this
                                resolution is warranted.
                    13       Establish Shareholder Advisory Committee     Against       Against              ShrHoldr
                                While we agree with the  proponent  that all  shareholders
                                are  entitled  to   third-party   proxy  advice  which  is
                                independent  from  management,  we are concerned that this
                                proposal  includes  an inherent  conflict of interest  and
                                creates a potential  legal  liability to the  corporation.
                                Microsoft  would be paying a proxy  advisor  directly  for
                                analysis  of its own proxy  matters.  The company may also
                                be  responsible  for any errors or omissions  contained in
                                proxy   analysis.   ISS  is  also   concerned   that  this
                                resolution   could  be  expensive  and   bureaucratic   to
                                administer.  The  proposal  offers no  details  on how the
                                bidding  process  and  advisory  firm  selection  would be
                                handled or what  hidden  costs  might be  associated  with
                                these processes.  Such additional  corporate  expenditures
                                would be hard to  justify  considering  analysis  of proxy
                                voting  matters are  currently  readily  available  to the
                                public  from a variety of vendors,  and  barriers to entry
                                are low.


07/18/06 - A        N Brown Group plc                        G64036109                           None                       8,404
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Remuneration Report                  For           Against              Mgmt
                    3        Approve Final Dividend of 4.45 Pence Per     For           For                  Mgmt
                             Ordinary Share
                    4        Re-elect Alan White as Director              For           For                  Mgmt
                    5        Re-elect Lord Alliance of Manchester as      For           For                  Mgmt
                             Director
                    6        Re-elect Nigel Alliance as Director          For           For                  Mgmt
                    7        Re-elect Ivan Fallon as Director             For           For                  Mgmt
                    8        Reappoint Deloitte & Touche LLP as           For           For                  Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    9        Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP
                             9,846,449.40
                    10       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities without Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             1,476,967.41
                    11       Authorise 29,539,348 Ordinary Shares for     For           For                  Mgmt
                             Market Purchase
                    12       Renew N Brown Group Plc Long-Term            For           Against              Mgmt
                             Incentive Share Plan


07/31/06 - A        National Grid PLC(frmrly. National       G6375K151                           None                      19,120
                    Grid Transco PLC)
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Final Dividend of 15.9 Pence Per     For           For                  Mgmt
                             Ordinary Share
                    3        Re-elect Sir John Parker as Director         For           For                  Mgmt
                    4        Re-elect Steve Lucas as Director             For           For                  Mgmt
                    5        Re-elect Nick Winser as Director             For           For                  Mgmt
                    6        Re-elect Kenneth Harvey as Director          For           For                  Mgmt
                    7        Re-elect Stephen Pettit as Director          For           For                  Mgmt
                    8        Re-elect George Rose as Director             For           For                  Mgmt
                    9        Re-elect Steve Holliday as Director          For           For                  Mgmt
                    10a      Reappoint PricewaterhouseCoopers LLP as      For           For                  Mgmt
                             Auditors of the Company
                    10b      Authorise Board to Fix Remuneration of       For           For                  Mgmt
                             Auditors
                    11       Approve Remuneration Report                  For           For                  Mgmt
                                The cash  bonuses of the US-based  Executive  Director are
                                pensionable.  This is not consistent with UK best practice
                                but reflects US market practice.
                    12       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 103,241,860
                    13       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities without Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             15,497,674
                    14       Authorise 272,000,000 Ordinary Shares for    For           For                  Mgmt
                             Market Purchase
                    15       Authorise 8,500,000 B Shares for Market      For           For                  Mgmt
                             Purchase
                    16       Approve the Broker Contract Between          For           For                  Mgmt
                             Deutsche Bank and the Company for the
                             Repurchase of B Shares
                    17       Approve Increase In Borrowing Powers to      For           For                  Mgmt
                             GBP 30 Billion with Limit of Four Times
                             Adjusted Capital and Reserves
                                RREV considers this proposal acceptable.


07/31/06 - S        National Grid PLC(frmrly. National       G6375K151                           None                      19,120
                    Grid Transco PLC)
                    1        Approve Acquisition of KeySpan Corporation   For           For                  Mgmt
                             Pursuant to the Merger Agreement


11/24/06 - A        New World Development Co. Ltd.           Y63084126                           11/16/06                  55,000
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Final Dividend                       For           For                  Mgmt
                    3a       Reelect Cheng Kar-Shun, Henry as Director    For           For                  Mgmt
                    3b       Reelect Leung Chi-Kin, Stewart as Director   For           For                  Mgmt
                    3c       Reelect Cheng Kar-Shing, Peter as Director   For           For                  Mgmt
                    3d       Reelect Sandberg, Michael as Director        For           For                  Mgmt
                    3e       Reelect Cha Mou-Sing, Payson as Director     For           For                  Mgmt
                    3f       Authorize Board to Fix the Remuneration of   For           For                  Mgmt
                             Directors
                    4        Reappoint Joint Auditors and Authorize       For           For                  Mgmt
                             Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent     For           For                  Mgmt
                             of Issued Share Capital
                    6        Approve Issuance of Equity or                For           Against              Mgmt
                             Equity-Linked Securities without
                             Preemptive Rights
                                As the share  issuance  amount is subject to abuse by Hong
                                Kong  companies,  in the absence of  language  restricting
                                both  discounts  and the number of times the authority may
                                be refreshed, a vote against is recommended.
                    7        Authorize Reissuance of Repurchased Shares   For           For                  Mgmt
                    8        Approve Share Option Scheme                  For           Against              Mgmt
                                Given  the  unfavorable  terms of the  proposed  plan,  we
                                recommend that shareholders vote against this proposal.
                    9        Amend NWS Share Option Scheme                For           Against              Mgmt
                                Given  that  the  unfavorable  terms of the  share  option
                                scheme are not addressed by the amendments  proposed under
                                this item, a vote against this resolution is recommended.


08/31/06 - S        Nutreco Holdings NV                      N6508Y120                           08/24/06                   1,432
                    1        Open Meeting                                 None                               Mgmt
                    2        Approve Dividends of EUR 9 Per Share         For                                Mgmt
                    3        Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/15/06 - A        PEET LIMITED (formerly PEET & COMPANY    Q73763106                           11/13/06                  45,746
                    LTD)
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports
                                Item 1 is a non-voting item.
                    2a       Elect Anthony Wayne Lennon as Director       For           For                  Mgmt
                                This nominee is a non-independent  non-executive  chairman
                                of the board.
                    2b       Elect Graeme William Sinclair as Director    For           For                  Mgmt
                                This nominee is a non-independent non-executive director.
                    3        Adopt Remuneration Report for the Fiscal     For           For                  Mgmt
                             Year Ended June 30, 2006
                                This  proposal  concerns the  company's  submission of its
                                remuneration  report.  Amendments  made to the  Australian
                                Corporations  Act in 2004  introduced  a  requirement  for
                                companies  to  include  in the  annual  report a  separate
                                section,  referred  to as the  remuneration  report and to
                                put this  report  to a  shareholder  vote at the AGM,  for
                                adoption.  The vote on this  resolution  is advisory  only
                                and not binding on the board.   ISS  deems that the
                                overall   remuneration   policies  and  practices  of  the
                                company are  acceptable  and within  reason.  We recommend
                                that shareholders support this request.


11/01/06 - S        Petrochina Company Limited               Y6883Q104                           10/03/06                 241,150
                    1        Approve Continuing Connected Transactions    For           For                  Mgmt
                             Arising from the Acquisition of a 67
                             Percent Interest in PetroKazakhstan Inc.
                             by PetroChina Co. Ltd. through CNPC
                             Exploration and Development Co. Ltd.
                             within the Scope of the Amended
                             Comprehensive Agreement
                    2        Approve Revision of Existing Annual Caps     For           For                  Mgmt
                             of Each of the Continuing Connected
                             Transaction Under the Amended
                             Comprehensive Agreement as a Result of the
                             Acquisition of Petrokazakhstan Inc.
                    3        Approve Revision of Existing Annual Caps     For           For                  Mgmt
                             of Each of the Continuing Connected
                             Transaction Under the Amended
                             Comprehensive Agreement as a Result of
                             Changes to Production and Operational
                             Environment of PetroChina Co. Ltd.
                    4        Approve Revision of Existing Annual Caps     For           For                  Mgmt
                             in Respect of the Products and Services to
                             be Provided by PetroChina Co. Ltd. and its
                             Subsidiaries to China Railway Materials
                             and Suppliers Corp.
                    5        Amend Articles Re: Scope of Business         For           For                  Mgmt


08/28/06 - S        Royal KPN NV                             N4297B146                           08/21/06                  19,828
                    1        Open Meeting                                 None                               Mgmt
                    2        Receive Notification of the Appointment of   None                               Mgmt
                             J.B.P Coopmans to the Management Board
                    3        Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/28/07 - A        Samsung Electronics Co. Ltd.             796050888                           12/29/06                   1,600
                             Meeting for ADR Holders
                    1        Approve Appropriation of Income and Final    For           For                  Mgmt
                             Dividend of KRW 5000 Per Common Share
                    2        Elect Independent Non-Executive Directors    For           For                  Mgmt
                    3        Elect Executive Director                     For           For                  Mgmt
                    4        Elect Members of Audit Committee             For           For                  Mgmt
                    5        Approve Remuneration of Executive            For           For                  Mgmt
                             Directors and Independent Non-Executive
                             Directors


11/30/06 - S        SanPaolo Imi Spa                         T8249V104                           11/30/06                  12,768
                             Special Meeting Agenda
                    1        Approve Plan of Merger by Incorporation of   For                                Mgmt
                             Sanpaolo IMI SpA in Banca Intesa SpA
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/27/06 - A        Scottish & Southern Energy Plc           G7885V109                           None                       8,094
                    (frm.Hydro Electric Power PLC
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports
                    2        Approve Remuneration Report                  For           For                  Mgmt
                    3        Approve Final Dividend of 32.7 Pence Per     For           For                  Mgmt
                             Ordinary Share
                    4        Re-elect Gregor Alexander as Director        For           For                  Mgmt
                    5        Re-elect David Payne as Director             For           For                  Mgmt
                    6        Re-elect Susan Rice as Director              For           For                  Mgmt
                    7        Reappoint KPMG Audit Plc as Auditors of      For           For                  Mgmt
                             the Company
                    8        Authorise Board to Fix Remuneration of       For           For                  Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 143,380,318
                    10       Authorise Issue of Equity or Equity-Linked   For           For                  Mgmt
                             Securities without Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             21,507,047
                    11       Authorise 86,028,191 Ordinary Shares for     For           For                  Mgmt
                             Market Purchase
                    12       Approve Scottish and Southern Energy Plc     For           For                  Mgmt
                             Performance Share Plan


10/18/06 - S        Semapa, Sociedade de Investimento e      X7936A113                           None                      17,675
                    Gestao S.A.
                             Special Meeting Agenda
                    1        Approve New Management Structure in Light    For                                Mgmt
                             of the New Commercial Code
                    2        Amend Bylaws                                 For                                Mgmt
                    3        Elect General Meeting Board Members,         For                                Mgmt
                             Supervisory Board, and Statutory Auditor
                             Consequent to Item 1 and Any Vacancies
                             that Might Occur Due to the New
                             Independence Requirements
                    4        Approve Increase in the Size of the Board    For                                Mgmt
                             from Eleven to Thirteen Members and Elect
                             Two Directors to Fill the New Seats
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/18/06 - S        Smit Internationale                      N81047164                           10/11/06                   1,232
                    1        Open Meeting                                 None                               Mgmt
                    2        Amend Articles of Association                For                                Mgmt
                    3        Allow Questions                              None                               Mgmt
                    4        Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/24/06 - A        Stockland Corporation Ltd.(Trust         Q8773B105                           10/22/06                  12,256
                    Group) *SGP*
                    1        Amend Stockland Trust Constitution Re:       For           For                  Mgmt
                             Supplemental Deed Poll No. 11 - Stockland
                             Trust
                    2        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports
                    3        Elect Lyn Gearing as Director                For           For                  Mgmt
                    4        Elect Terry Williamson as Director           For           For                  Mgmt
                    5        Adopt Remuneration Report For the Year       For           For                  Mgmt
                             Ended June 30, 2006
                    6        Approve Tax Exempt Employee Security Plan    For           For                  Mgmt
                    7        Approve Non-Executive Director Security      For           For                  Mgmt
                             Acquisition Plan
                    8        Approve Performance Rights Plan              For           For                  Mgmt
                    9        Approve Grant of Up to 470,000 Performance   For           For                  Mgmt
                             Rights to Matthew Quinn, Managing
                             Director, Pursuant to the Performance
                             Rights Plan
                    10       Approve Grant of Up to 204,000 Performance   For           For                  Mgmt
                             Rights to Hugh Thorburn, Finance Director,
                             Pursuant to the Performance Rights Plan


12/20/06 - S        The British Land Company plc             G15540118                           None                       3,153
                    1        Amend Articles of Association Re: Real       For           For                  Mgmt
                             Estate Investment Trust
                                Introduction The   Board  is  proposing   that  the
                                Company  elect for Real  Estate  Investment  Trust  (REIT)
                                status  with  effect  from 1  January  2007  in  order  to
                                benefit  from the  provisions  contained  in Part 4 of the
                                Finance  Act 2006 and the related  regulations  (the "REIT
                                regime"),  which  require  a  change  to the  Articles  of
                                Association.    REIT   Status The  amendment
                                proposed to be made to the Company's  Articles is required
                                for the  Company to be  confident  that it will not become
                                subject to certain  additional tax charges  provided under
                                the REIT regime.   By electing for REIT status, the
                                Company  (and  any  subsidiaries)  will no  longer  pay UK
                                direct tax on the profits and gains from their  qualifying
                                property  rental  businesses  in the UK provided that they
                                meet certain conditions.  Non-qualifying profits and gains
                                of the Group will  continue  to be subject to  corporation
                                tax as  normal. On  entering  the  REIT  regime,  a
                                company  that  carries  on a  qualifying  property  rental
                                business  in the UK will be subject to an entry tax charge
                                approximately  equal to 2% of the  aggregate  market value
                                of the  properties  and  other  assets  involved  in  that
                                business  immediately prior to entry into the REIT regime.
                                The  Company   states   that  the  tax  charge   would  be
                                approximately GBP 315 million (USD 624 million),  based on
                                September 2006 valuations.  Based on these valuations, the
                                Company's  deferred tax liability  would have been reduced
                                by  approximately  GBP  1.7  billion  (USD  3.4  billion).
                                 A   REIT  will  be  required  to   distribute   to
                                shareholders  (by way of  dividend),  within  12 months of
                                the end of the  accounting  period in  question,  at least
                                90% of  the  income  profits  (broadly,  calculated  using
                                normal tax  rules) of the  members of the Group in respect
                                of  their  tax-exempt   business. Under   the  REIT
                                regime,  a tax charge may be levied on the  Company if the
                                Company  makes  a  distribution  to  a  company  which  is
                                beneficially  entitled  (directly or indirectly) to 10% or
                                more  of  the  shares  or  dividends  of  the  Company  or
                                controls  (directly  or  indirectly)  10% or  more  of the
                                voting rights of the Company  unless the Company has taken
                                reasonable  steps  to  avoid  such  a  distribution  being
                                paid. The  amendment  proposed  to be  made  to the
                                Company's  Articles  is  intended  to give the  Board  the
                                powers  it  needs  to   demonstrate   to  HMRC  that  such
                                reasonable  steps have been taken by the Company.  The EGM
                                proposal is consistent  with the draft guidance  published
                                by HMRC.  The Board will  review the  guidance  when it is
                                published,  and will reconsider the conversion into a REIT
                                if  the  latest  available  guidance  suggests  there  are
                                material  implications  that the Board  considers would be
                                adverse for the Company or would  affect the  consequences
                                of  conversion   for   shareholders   in  a  way  that  is
                                materially   different  to  that   described  in  the  EGM
                                material  or  if  there  is  material  uncertainty  as  to
                                whether   that  might  be  the   case. Shareholders
                                should note that the  Company's  election  for REIT status
                                will             affect              their             tax
                                position. Dividends The   Company   explains
                                that  an  important   element  of  REITs  is  higher  cash
                                distribution  for  shareholders.  The Company expects that
                                in  respect  of the  Group's  first  year as a  REIT,  the
                                full-year  dividend  will be no less  than GBP  0.33  (USD
                                0.65),  which  presents  a  94  percent  increase  on  the
                                previous       year's       dividend.         Board
                                Recommendation The   Board   considers   that   the
                                resolution  to be  proposed  at the  EGM  is in  the  best
                                interests  of  shareholders  as a  whole  and  unanimously
                                recommends   shareholders   to  vote  in   favour  of  the
                                Resolution,  as the  Directors  intend to do in respect of
                                their  own  beneficial  shareholdings.   Conclusion
                                and Vote  Recommendation The  approval of this item
                                will  permit  the  Company  to  achieve   REIT  status  as
                                detailed  above.   We are not raising any corporate
                                governance  issues  that  would  cause us to object to the
                                proposed resolution.   Ultimately, we consider that
                                the  proposal  is an  investment  decision,  which is best
                                left for  shareholders to evaluate in respect of their own
                                individual  investment  strategies and after  consultation
                                with such professional  advisors as each shareholder deems
                                necessary.


10/03/06 - S        USG People NV (frmely United Services    N9040V109                           None                         547
                    Group and Unique International)
                    1        Open Meeting                                 None                               Mgmt
                    2        Receive Report on the Share Split            None                               Mgmt
                    3        Amend Articles                               For                                Mgmt
                    4        Other Business (Non-Voting)                  None                               Mgmt
                    5        Close Meeting                                None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/11/06 - A        Vtech Holdings Ltd                       G9400S108                           08/03/06                  32,000
                    1        Accept Financial Statements and Statutory    For           For                  Mgmt
                             Reports for the Year Ended Mar. 31, 2006
                    2        Approve Final Dividend for the Year Ended    For           For                  Mgmt
                             Mar. 31, 2006
                    3a       Reelect Allan WONG Chi Yun as Director       For           For                  Mgmt
                    3b       Reelect Albert LEE Wai Kuen as Director      For           For                  Mgmt
                    3c       Approve Total Remuneration of Directors at   For           For                  Mgmt
                             $120,000 with Each Director Entitled to
                             Not More Than $20,000 Per Annum for the
                             Year Ending Mar. 31, 2007 and Each
                             Subsequent Financial Year
                    4        Reappoint KPMG as Auditors and Authorize     For           For                  Mgmt
                             Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent     For           For                  Mgmt
                             of Issued Share Capital
                    6        Approve Issuance of Equity or                For           Against              Mgmt
                             Equity-Linked Securities without
                             Preemptive Rights
                                As the share  issuance  amount is subject to abuse by Hong
                                Kong  companies,  in the absence of  language  restricting
                                both  discounts  and the  authority  to refresh  the share
                                issuance  amounts without prior  shareholder  approval,  a
                                vote against is recommended.
                    7        Authorize Reissuance of Repurchased Shares   For           For                  Mgmt


11/24/06 - S        Wartsila Oyj (Formerly Metra Oy)         X98155116                           11/14/06                   4,600
                    1        Approve Special Dividend of EUR 1.50 Per     For                                Mgmt
                             Each A and B Share
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/27/06 - A        ZINIFEX LTD *ZFX*                        Q9899H109                           11/25/06                  11,489
                    1        Receive Financial Statements and Statutory   None          None                 Mgmt
                             Reports for the Fiscal Year Ended June 30,
                             2006
                    2a       Elect Richard Knight as Director             For           For                  Mgmt
                    2b       Elect Anthony Larkin as Director             For           For                  Mgmt
                    3        Adopt Remuneration Report for the Fiscal     For           Against              Mgmt
                             Year Ended June 30, 2006
                                Executive  Summary of Reasons for  Against  Recommendation
                                on  Resolution  3 -  The salary  package of the CEO
                                has doubled  without  adequate  explanation. -  The
                                CEO is entitled  to a  potentially  excessive  termination
                                payment. -  The CEO has  been  granted  substantial
                                amounts of equity without shareholder approval.
                    4        Renew Partial Takeover Provision             For           For                  Mgmt




Fund Name:  Principal Variable Contracts - Equity Income Account
Sub-Advisor:  Spectrum Asset Management

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.



******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 06/30/2007
Principal Variable Contracts Fund, Inc.- Equity Income Account I
Sub-Advisor:  Edge Asset Management, Inc.

========================= PVC EQUITY INCOME ACCOUNT I ==========================


3M CO

Ticker:       MMM            Security ID:  88579Y101
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Linda G. Alvarado          For       For        Management
1.2   Elect Director George W. Buckley          For       For        Management
1.3   Elect Director Vance D. Coffman           For       For        Management
1.4   Elect Director Michael L. Eskew           For       For        Management
1.5   Elect Director W. James Farrell           For       For        Management
1.6   Elect Director Herbert L. Henkel          For       For        Management
1.7   Elect Director Edward M. Liddy            For       For        Management
1.8   Elect Director Robert S. Morrison         For       For        Management
1.9   Elect Director Aulana L. Peters           For       For        Management
1.10  Elect Director Rozanne L. Ridgway         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Rescind Fair Price Provision              For       For        Management
5     Approve Executive Incentive Bonus Plan    For       For        Management
6     Approve Executive Incentive Bonus Plan    For       For        Management
7     Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

ABBOTT LABORATORIES

Ticker:       ABT            Security ID:  002824100
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director R.S. Austin                For       For        Management
1.2   Elect Director W.M. Daley                 For       For        Management
1.3   Elect Director W.J. Farrell               For       For        Management
1.4   Elect Director H.L. Fuller                For       For        Management
1.5   Elect Director R.A. Gonzalez              For       For        Management
1.6   Elect Director D.A.L. Owen                For       For        Management
1.7   Elect Director B. Powell Jr.              For       For        Management
1.8   Elect Director W.A. Reynolds              For       For        Management
1.9   Elect Director R.S. Roberts               For       For        Management
1.10  Elect Director S.C. Scott III             For       Withhold   Management
1.11  Elect Director W.D. Smithburg             For       For        Management
1.12  Elect Director G.F. Tilton                For       For        Management
1.13  Elect Director M.D. White                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
4     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

ACE LTD.

Ticker:       ACE            Security ID:  G0070K103
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF DIRECTOR: BRIAN DUPERREAULT   For       For        Management
2     ELECTION OF DIRECTOR: ROBERT M. HERNANDEZ For       For        Management
3     ELECTION OF DIRECTOR: PETER MENIKOFF      For       For        Management
4     ELECTION OF DIRECTOR: ROBERT RIPP         For       For        Management
5     ELECTION OF DIRECTOR: DERMOT F. SMURFIT   For       For        Management
6     RATIFICATION OF THE APPOINTMENT OF        For       For        Management
      PRICEWATERHOUSECOOPERS LLP AS THE
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING
      FIRM OF ACE LIMITED FOR THE FISCAL YEAR
      ENDING DECEMBER 31, 2007


- --------------------------------------------------------------------------------

AETNA INC.

Ticker:       AET            Security ID:  00817Y108
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank M. Clark             For       For        Management
1.2   Elect Director Betsy Z. Cohen             For       For        Management
1.3   Elect Director Molly J. Coye, M.D.        For       For        Management
1.4   Elect Director Barbara Hackman Franklin   For       For        Management
1.5   Elect Director Jeffrey E. Garten          For       For        Management
1.6   Elect Director Earl G. Graves, Sr.        For       For        Management
1.7   Elect Director Gerald Greenwald           For       For        Management
1.8   Elect Director Ellen M. Hancock           For       For        Management
1.9   Elect Director Edward J. Ludwig           For       For        Management
1.10  Elect Director Joseph P. Newhouse         For       For        Management
1.11  Elect Director Ronald A. Williams         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company Specific-Majority Vote Standard   For       For        Management
      for the Election of Directors in
      Uncontested Election
4     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
5     Require Director Nominee Qualifications   Against   Against    Shareholder


- --------------------------------------------------------------------------------

AFLAC INCORPORATED

Ticker:       AFL            Security ID:  001055102
Meeting Date: MAY 7, 2007    Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel P. Amos             For       For        Management
1.2   Elect Director John Shelby Amos, II       For       For        Management
1.3   Elect Director Paul S. Amos, II           For       For        Management
1.4   Elect Director Yoshiro Aoki               For       For        Management
1.5   Elect Director Michael H. Armacost        For       For        Management
1.6   Elect Director Kriss Cloninger, III       For       For        Management
1.7   Elect Director Joe Frank Harris           For       For        Management
1.8   Elect Director Elizabeth J. Hudson        For       For        Management
1.9   Elect Director Kenneth S. Janke, Sr.      For       For        Management
1.10  Elect Director Douglas W. Johnson         For       For        Management
1.11  Elect Director Robert B. Johnson          For       For        Management
1.12  Elect Director Charles B. Knapp           For       For        Management
1.13  Elect Director E. Stephen Purdom, M.D.    For       For        Management
1.14  Elect Director Barbara K. Rimer, Ph.D.    For       For        Management
1.15  Elect Director Marvin R. Schuster         For       For        Management
1.16  Elect Director David Gary Thompson        For       For        Management
1.17  Elect Director Robert L. Wright           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ALCATEL-LUCENT

Ticker:       ALU            Security ID:  013904305
Meeting Date: JUN 1, 2007    Meeting Type: Annual
Record Date:  APR 25, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE FINANCIAL STATEMENTS FOR  For       For        Management
      THE FISCAL YEAR ENDED DECEMBER 31, 2006.
2     APPROVAL OF THE CONSOLIDATED FINANCIAL    For       For        Management
      STATEMENTS FOR THE FISCAL YEAR ENDED
      DECEMBER 31, 2006.
3     RESULTS FOR THE FISCAL YEAR -             For       For        Management
      APPROPRIATION.
4     SETTLING OF ATTENDANCE FEES ATTRIBUTED TO For       For        Management
      THE DIRECTORS.
5     SETTLING OF THE REMUNERATION ATTRIBUTED   For       For        Management
      TO THE CENSEURS.
6     RATIFICATION OF THE APPOINTMENT OF LADY   For       For        Management
      JAY AS MEMBER OF THE BOARD OF DIRECTORS.
7     RATIFICATION OF THE APPOINTMENT OF MR     For       For        Management
      JEAN-CYRIL SPINETTA AS MEMBER OF THE
      BOARD OF DIRECTORS.
8     APPROVAL OF RELATED PARTY AGREEMENTS      For       For        Management
      ENTERED INTO OR WHICH REMAINED IN FORCE
      DURING THE FISCAL YEAR.
9     APPROVAL OF AGREEMENTS WITH THE CHIEF     For       For        Management
      EXECUTIVE OFFICER.
10    AUTHORIZATION TO BE GIVEN TO THE BOARD OF For       Against    Management
      DIRECTORS TO ALLOW THE COMPANY TO
      PURCHASE AND SELL ITS OWN SHARES.
11    AUTHORIZATION TO BE GIVEN TO THE BOARD OF For       For        Management
      DIRECTORS TO REDUCE THE SHARE CAPITAL OF
      THE COMPANY.
12    DELEGATION OF AUTHORITY TO THE BOARD OF   For       For        Management
      DIRECTORS TO PROCEED WITH (I) THE ISSUE
      WITHOUT CANCELLATION OF PREFERENTIAL
      SUBSCRIPTION RIGHTS OF ORDINARY SHARES
      AND OF SECURITIES CONFERRING AN IMMEDIATE
      OR FUTURE RIGHT TO THE SHARE CAPITAL OF
      THE COMPANY OR O
13    DELEGATION OF AUTHORITY TO THE BOARD OF   For       For        Management
      DIRECTORS TO PROCEED WITH THE ISSUE OF
      CANCELLATION OF PREFERENTIAL SUBSCRIPTION
      RIGHTS, OF (I) ORDINARY SHARES AND ANY
      SECURITIES CONFERRING AN IMMEDIATE OR
      FUTURE RIGHT TO THE SHARE CAPITAL OF THE
      COMPANY OR OF I
14    DELEGATION OF AUTHORITY TO THE BOARD OF   For       For        Management
      DIRECTORS TO CARRY OUT A SHARE CAPITAL
      INCREASE TO REMUNERATE CONTRIBUTIONS IN
      KIND OF CAPITAL STOCK OR MARKETABLE
      SECURITIES GIVING ACCESS TO THE CAPITAL
      OF THIRD-PARTY COMPANIES.
15    AGGREGATE LIMIT TO THE AMOUNT OF          For       For        Management
      ISSUANCES CARRIED OUT BY VIRTUE OF THE
      12TH, 13TH, AND 14TH RESOLUTIONS.
16    DELEGATION OF AUTHORITY GRANTED TO THE    For       For        Management
      BOARD OF DIRECTORS TO DECIDE ON THE
      DISPOSAL OR INCREASE OF SHARE CAPITAL BY
      THE ISSUANCES OF SHARES RESERVED TO THE
      PARTICIPANTS IN A COMPANY SAVINGS PLAN.
17    AUTHORIZATION GIVEN TO THE BOARD OF       For       Against    Management
      DIRECTORS FOR A FREE BONUS ISSUE OF
      EXISTING SHARES OR OF SHARES TO BE ISSUED
      BY THE COMPANY.
18    MODIFICATION OF BY-LAWS  ARTICLE NUMBER   For       For        Management
      21 RELATING TO SHAREHOLDERS  MEETINGS.
19    POWERS.                                   For       For        Management
20    RESOLUTION A PROPOSED BY SHAREHOLDERS -   Against   For        Shareholder
      NOT AGREED BY THE BOARD OF DIRECTORS:
      MODIFICATION OF ARTICLE 22 OF THE
      BY-LAWS; CANCELLATION OF THE PROVISIONS
      LIMITING VOTING RIGHTS.
21    AMENDMENTS OR NEW RESOLUTIONS PROPOSED AT For       For        Management
      THE MEETING.


- --------------------------------------------------------------------------------

ALCOA INC.

Ticker:       AA             Security ID:  013817101
Meeting Date: APR 20, 2007   Meeting Type: Annual
Record Date:  JAN 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alain J.P. Belda           For       For        Management
1.2   Elect Director Carlos Ghosn               For       For        Management
1.3   Elect Director Henry B. Schacht           For       For        Management
1.4   Elect Director Franklin A. Thomas         For       For        Management
2     Ratify Auditor                            For       For        Management


- --------------------------------------------------------------------------------

ALLSTATE CORP., THE

Ticker:       ALL            Security ID:  020002101
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director F. Duane Ackerman          For       For        Management
2     Elect Director James G. Andress           For       For        Management
3     Elect Director Robert D. Beyer            For       For        Management
4     Elect Director W. James Farrell           For       For        Management
5     Elect Director Jack M. Greenberg          For       For        Management
6     Elect Director Ronald T. LeMay            For       For        Management
7     Elect Director Edward M. Liddy            For       For        Management
8     Elect Director J. Christopher Reyes       For       For        Management
9     Elect Director H. John Riley, Jr.         For       For        Management
10    Elect Director Joshua I. Smith            For       For        Management
11    Elect Director Judith A. Sprieser         For       For        Management
12    Elect Director Mary Alice Taylor          For       For        Management
13    Elect Director Thomas J. Wilson           For       For        Management
14    Ratify Auditors                           For       For        Management
15    Reduce Supermajority Vote Requirement     For       For        Management


- --------------------------------------------------------------------------------

ALLTEL CORP.

Ticker:       AT             Security ID:  020039103
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  APR 11, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Scott T. Ford              For       For        Management
1.2   Elect Director L.L Gellerstedt, III       For       For        Management
1.3   Elect Director Emon A. Mahony, Jr.        For       For        Management
1.4   Elect Director Ronald Townsend            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ALTRIA GROUP, INC.

Ticker:       MO             Security ID:  02209S103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Elizabeth E. Bailey        For       For        Management
1.2   Elect Director Harold Brown               For       For        Management
1.3   Elect Director Mathis Cabiallavetta       For       For        Management
1.4   Elect Director Louis C. Camilleri         For       For        Management
1.5   Elect Director J. Dudley Fishburn         For       For        Management
1.6   Elect Director Robert E. R. Huntley       For       For        Management
1.7   Elect Director Thomas W. Jones            For       For        Management
1.8   Elect Director George Munoz               For       For        Management
1.9   Elect Director Lucio A. Noto              For       For        Management
1.10  Elect Director John S. Reed               For       For        Management
1.11  Elect Director Stephen M. Wolf            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   For        Shareholder
4     Disclose Information on Secondhand Smoke  Against   Against    Shareholder
5     Cease Add Campaigns Oriented to Prevent   Against   Against    Shareholder
      Youth Smoking
6     Cease Production, Promotion, and          Against   Against    Shareholder
      Marketing of Tobacco Products
7     Adopt Animal Welfare Policy               Against   Against    Shareholder


- --------------------------------------------------------------------------------

AMB PROPERTY CORP.

Ticker:       AMB            Security ID:  00163T109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Afsaneh M. Beshloss        For       For        Management
2     Elect Director T. Robert Burke            For       For        Management
3     Elect Director David A. Cole              For       For        Management
4     Elect Director Lydia H. Kennard           For       For        Management
5     Elect Director  J. Michael Losh           For       For        Management
6     Elect Director Hamid R. Moghadam          For       For        Management
7     Elect Director Frederick W. Reid          For       For        Management
8     Elect Director Jeffrey L. Skelton         For       For        Management
9     Elect Director Thomas W. Tusher           For       For        Management
10    Ratify Auditors                           For       For        Management
11    Amend Omnibus Stock Plan                  For       Against    Management
12    Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

AMERICAN EXPRESS CO.

Ticker:       AXP            Security ID:  025816109
Meeting Date: APR 23, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel F. Akerson          For       For        Management
1.2   Elect Director Charlene Barshefsky        For       For        Management
1.3   Elect Director Ursula M. Burns            For       For        Management
1.4   Elect Director Kenneth I. Chenault        For       For        Management
1.5   Elect Director Peter Chernin              For       For        Management
1.6   Elect Director Vernon E. Jordan, Jr.      For       For        Management
1.7   Elect Director Jan Leschly                For       For        Management
1.8   Elect Director Richard C. Levin           For       For        Management
1.9   Elect Director Richard A. McGinn          For       For        Management
1.10  Elect Director Edward D. Miller           For       For        Management
1.11  Elect Director Frank P. Popoff            For       For        Management
1.12  Elect Director Steven S. Reinemund        For       For        Management
1.13  Elect Director Robert D. Walter           For       For        Management
1.14  Elect Director Ronald A. Williams         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Provide for Cumulative Voting             Against   For        Shareholder


- --------------------------------------------------------------------------------

AMERICAN INTERNATIONAL GROUP, INC.

Ticker:       AIG            Security ID:  026874107
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Marshall A. Cohen          For       For        Management
1.2   Elect Director Martin S. Feldstein        For       For        Management
1.3   Elect Director Ellen V. Futter            For       For        Management
1.4   Elect Director Stephen L. Hammerman       For       For        Management
1.5   Elect Director Richard C. Holbrooke       For       For        Management
1.6   Elect Director Fred H. Langhammer         For       For        Management
1.7   Elect Director George L. Miles, Jr.       For       For        Management
1.8   Elect Director Morris W. Offit            For       For        Management
1.9   Elect Director James F. Orr, III          For       For        Management
1.10  Elect Director Virginia M. Rometty        For       For        Management
1.11  Elect Director Martin J. Sullivan         For       For        Management
1.12  Elect Director Michael H. Sutton          For       For        Management
1.13  Elect Director Edmund S.W. Tse            For       For        Management
1.14  Elect Director Robert B. Willumstad       For       For        Management
1.15  Elect Director Frank G. Zarb              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

AMERIPRISE FINANCIAL, INC.

Ticker:       AMP            Security ID:  03076C106
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James M. Cracchiolo        For       For        Management
2     Elect Director Warren D. Knowlton         For       For        Management
3     Elect Director H. Jay Sarles              For       For        Management
4     Elect Director Robert F. Sharpe, Jr.      For       For        Management
5     Amend Omnibus Stock Plan                  For       For        Management
6     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

APPLIED MATERIALS, INC.

Ticker:       AMAT           Security ID:  038222105
Meeting Date: MAR 14, 2007   Meeting Type: Annual
Record Date:  JAN 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael H. Armacost        For       For        Management
1.2   Elect Director Robert H. Brust            For       For        Management
1.3   Elect Director Deborah A. Coleman         For       For        Management
1.4   Elect Director Philip V. Gerdine          For       For        Management
1.5   Elect Director Thomas J. Iannotti         For       For        Management
1.6   Elect Director Charles Y.S. Liu           For       For        Management
1.7   Elect Director James C. Morgan            For       For        Management
1.8   Elect Director Gerhard H. Parker          For       For        Management
1.9   Elect Director Willem P. Roelandts        For       For        Management
1.10  Elect Director Michael R. Splinter        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ARCHSTONE SMITH TRUST

Ticker:       ASN            Security ID:  039583109
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen R. Demeritt        For       For        Management
1.2   Elect Director Ernest A. Gerardi, Jr.     For       For        Management
1.3   Elect Director Ruth Ann M. Gillis         For       For        Management
1.4   Elect Director Ned S. Holmes              For       For        Management
1.5   Elect Director Robert P. Kogod            For       For        Management
1.6   Elect Director James H. Polk, III         For       For        Management
1.7   Elect Director John C. Schweitzer         For       For        Management
1.8   Elect Director R. Scot Sellers            For       For        Management
1.9   Elect Director Robert H. Smith            For       For        Management
2     Pay For Superior Performance              Against   Against    Shareholder
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ASTRAZENECA PLC

Ticker:       AZN            Security ID:  046353108
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE THE COMPANY S ACCOUNTS AND THE For       For        Management
      REPORTS OF THE DIRECTORS AND AUDITOR FOR
      THE YEAR ENDED DECEMBER 31, 2006
2     TO CONFIRM DIVIDENDS                      For       For        Management
3     Ratify Auditors                           For       For        Management
4     TO AUTHORISE THE DIRECTORS TO AGREE THE   For       For        Management
      REMUNERATION OF THE AUDITOR
5(a)  Elect  Director Louis Schweitzer          For       For        Management
5(b)  Elect  Director Hakan Mogren              For       For        Management
5(c)  Elect  Director David R Brennan           For       For        Management
5(d)  Elect  Director John Patterson            For       For        Management
5(e)  Elect  Director Jonathan Symonds          For       For        Management
5(f)  Elect  Director John Buchanan             For       For        Management
5(g)  Elect  Director Jane Henney               For       For        Management
5(h)  Elect  Director Michele Hooper            For       For        Management
5(i)  Elect  Director Joe Jimenez               For       For        Management
5(j)  Elect  Director Dame Nancy Rothwell       For       For        Management
5(k)  Elect  Director John Varley               For       For        Management
5(l)  Elect  Director Marcus Wallenberg         For       For        Management
6     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT FOR THE YEAR ENDED DECEMBER 31,
      2006
7     TO AUTHORISE LIMITED EU POLITICAL         For       For        Management
      DONATIONS
8     TO AUTHORISE THE DIRECTORS TO ALLOT       For       For        Management
      UNISSUED SHARES
9     TO AUTHORISE THE DIRECTORS TO DISAPPLY    For       For        Management
      PRE-EMPTION RIGHTS
10    TO AUTHORISE THE COMPANY TO PURCHASE ITS  For       For        Management
      OWN SHARES
11    TO AUTHORISE ELECTRONIC COMMUNICATION     For       For        Management
      WITH SHAREHOLDERS


- --------------------------------------------------------------------------------

AT&T INC

Ticker:       T              Security ID:  00206R102
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William F. Aldinger III    For       For        Management
2     Elect Director Gilbert F. Amelio          For       For        Management
3     Elect Director Reuben V. Anderson         For       For        Management
4     Elect Director James H. Blanchard         For       For        Management
5     Elect Director August A. Busch III        For       For        Management
6     Elect Director James P. Kelly             For       For        Management
7     Elect Director Charles F. Knight          For       For        Management
8     Elect Director Jon C. Madonna             For       For        Management
9     Elect Director Lynn M. Martin             For       For        Management
10    Elect Director John B. McCoy              For       For        Management
11    Elect Director Mary S. Metz               For       For        Management
12    Elect Director Toni Rembe                 For       For        Management
13    Elect Director Joyce M. Roche             For       For        Management
14    Elect Director Randall L. Stephenson      For       For        Management
15    Elect Director Laura D' Andrea Tyson      For       For        Management
16    Elect Director Patricia P. Upton          For       For        Management
17    Elect Director Edward E. Whitacre, Jr.    For       For        Management
18    Ratify Auditors                           For       For        Management
19    Compensation Specific-Severance Payments  For       For        Management
      to Executives
20    Report on Political Contributions         Against   Against    Shareholder
21    Amend Articles/Bylaws/Charter - Call      Against   For        Shareholder
      Special Meetings
22    Pay For Superior Performance              Against   For        Shareholder
23    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
24    Establish SERP Policy                     Against   For        Shareholder


- --------------------------------------------------------------------------------

BAKER HUGHES INCORPORATED

Ticker:       BHI            Security ID:  057224107
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Larry D. Brady             For       For        Management
1.2   Elect Director Clarence P. Cazalot, Jr.   For       For        Management
1.3   Elect Director Chad C. Deaton             For       For        Management
1.4   Elect Director Edward P. Djerejian        For       For        Management
1.5   Elect Director Anthony G. Fernandes       For       For        Management
1.6   Elect Director Claire W. Gargalli         For       For        Management
1.7   Elect Director Pierre H. Jungels          For       For        Management
1.8   Elect Director James A. Lash              For       For        Management
1.9   Elect Director James F. McCall            For       For        Management
1.10  Elect Director J. Larry Nichols           For       For        Management
1.11  Elect Director H. John Riley, Jr.         For       For        Management
1.12  Elect Director Charles L. Watson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management


- --------------------------------------------------------------------------------

BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William Barnet, III        For       For        Management
2     Elect Director Frank P. Bramble, Sr.      For       For        Management
3     Elect Director John T. Collins            For       For        Management
4     Elect Director Gary L. Countryman         For       For        Management
5     Elect Director Tommy R. Franks            For       For        Management
6     Elect Director Charles K. Gifford         For       For        Management
7     Elect Director W. Steven Jones            For       For        Management
8     Elect Director Kenneth D. Lewis           For       For        Management
9     Elect Director Monica C. Lozano           For       For        Management
10    Elect Director Walter E. Massey           For       For        Management
11    Elect Director Thomas J. May              For       For        Management
12    Elect Director Patricia E. Mitchell       For       For        Management
13    Elect Director Thomas M. Ryan             For       For        Management
14    Elect Director O. Temple Sloan, Jr.       For       For        Management
15    Elect Director Meredith R. Spangler       For       For        Management
16    Elect Director Robert L. Tillman          For       For        Management
17    Elect Director Jackie M. Ward             For       For        Management
18    Ratify Auditors                           For       For        Management
19    Prohibit Executive Stock-Based Awards     Against   Against    Shareholder
20    Change Size of Board of Directors         Against   Against    Shareholder
21    Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

BANK OF NEW YORK CO., INC., THE

Ticker:       BK             Security ID:  064057102
Meeting Date: APR 10, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mr. Biondi                 For       For        Management
1.2   Elect Director Mr. Donofrio               For       For        Management
1.3   Elect Director Mr. Hassell                For       For        Management
1.4   Elect Director Mr. Kogan                  For       For        Management
1.5   Elect Director Mr. Kowalski               For       For        Management
1.6   Elect Director Mr. Luke                   For       For        Management
1.7   Elect Director Ms. Rein                   For       For        Management
1.8   Elect Director Mr. Renyi                  For       For        Management
1.9   Elect Director Mr. Richardson             For       For        Management
1.10  Elect Director Mr. Scott                  For       For        Management
1.11  Elect Director Mr. Vaughan                For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
4     Restore or Provide for Cumulative Voting  Against   For        Shareholder
5     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

BANK OF NEW YORK CO., INC., THE

Ticker:       BK             Security ID:  064057102
Meeting Date: MAY 24, 2007   Meeting Type: Special
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adopt Supermajority Vote Requirement for  For       For        Management
      Mergers
3     Increase Authorized Preferred and Common  For       For        Management
      Stock
4     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

BARCLAYS PLC

Ticker:       BCS            Security ID:  06738E204
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE THE DIRECTORS  AND AUDITORS    For       For        Management
      REPORTS AND THE AUDITED ACCOUNTS FOR THE
      YEAR ENDED 31ST DECEMBER 2006.
2     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT FOR THE YEAR ENDED 31ST DECEMBER
      2006.
3     THAT MARCUS AGIUS BE RE-ELECTED A         For       For        Management
      DIRECTOR OF THE COMPANY.
4     THAT FREDERIK SEEGERS BE RE-ELECTED A     For       For        Management
      DIRECTOR OF THE COMPANY.
5     THAT CHRISTOPHER LUCAS BE RE-ELECTED A    For       For        Management
      DIRECTOR OF THE COMPANY.
6     THAT STEPHEN RUSSELL BE RE-ELECTED A      For       For        Management
      DIRECTOR OF THE COMPANY.
7     THAT RICHARD LEIGH CLIFFORD BE RE-ELECTED For       For        Management
      A DIRECTOR OF THE COMPANY.
8     THAT SIR ANDREW LIKLERMAN BE RE-ELECTED A For       For        Management
      DIRECTOR OF THE COMPANY.
9     THAT JOHN VARLEY BE RE-ELECTED A DIRECTOR For       For        Management
      OF THE COMPANY.
10    THAT NIGEL RUDD BE RE-ELECTED A DIRECTOR  For       For        Management
      OF THE COMPANY.
11    Ratify Auditors                           For       For        Management
12    TO AUTHORISE THE DIRECTORS TO SET THE     For       For        Management
      REMUNERATION OF THE AUDITORS.
13    TO AUTHORISE BARCLAYS BANK PLC TO MAKE EU For       For        Management
      POLITICAL DONATIONS.
14    TO RENEW THE AUTHORITY GIVEN TO THE       For       For        Management
      DIRECTORS TO ALLOT SECURITIES.
15    TO RENEW THE AUTHORITY GIVEN TO THE       For       For        Management
      DIRECTORS TO ALLOT SECURITIES FOR CASH
      OTHER THAN ON A PRO-RATA BASIS TO
      SHAREHOLDERS AND TO SELL TREASURY SHARES.
16    TO RENEW THE COMPANY S AUTHORITY TO       For       For        Management
      PURCHASE ITS OWN SHARES.
17    TO ADOPT NEW ARTICLES OF ASSOCIATION OF   For       For        Management
      THE COMPANY.


- --------------------------------------------------------------------------------

BARRICK GOLD CORP.

Ticker:       ABX            Security ID:  067901108
Meeting Date: MAY 2, 2007    Meeting Type: Annual/Special
Record Date:  MAR 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H. L. Beck                 For       For        Management
1.2   Elect Director C. W. D. Birchall          For       For        Management
1.3   Elect Director D. J. Carty                For       For        Management
1.4   Elect Director G. Cisneros                For       For        Management
1.5   Elect Director M. A. Cohen                For       For        Management
1.6   Elect Director P. A. Crossgrove           For       For        Management
1.7   Elect Director J. W. Crow                 For       For        Management
1.8   Elect Director R. M. Franklin             For       For        Management
1.9   Elect Director P. C. Godsoe               For       For        Management
1.10  Elect Director J. B. Harvey               For       For        Management
1.11  Elect Director B. Mulroney                For       For        Management
1.12  Elect Director A. Munk                    For       For        Management
1.13  Elect Director P. Munk                    For       For        Management
1.14  Elect Director S. J. Shapiro              For       For        Management
1.15  Elect Director G. C. Wilkins              For       For        Management
2     Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix
      Remuneration of Auditors
3     Amend Stock Option Plan                   For       For        Management


- --------------------------------------------------------------------------------

BCE INC.

Ticker:       BCE            Security ID:  05534B760
Meeting Date: JUN 6, 2007    Meeting Type: Annual/Special
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Andre Berard               For       For        Management
1.2   Elect Director Ronald Alvin Brenneman     For       For        Management
1.3   Elect Director Richard James Currie       For       For        Management
1.4   Elect Director Anthony Smithson Fell      For       For        Management
1.5   Elect Director Donna Soble Kaufman        For       For        Management
1.6   Elect Director Brian Michael Levitt       For       For        Management
1.7   Elect Director Edward C. Lumley           For       For        Management
1.8   Elect Director Judith Maxwell             For       For        Management
1.9   Elect Director John Hector McArthur       For       For        Management
1.10  Elect Director Thomas Charles O'Neill     For       For        Management
1.11  Elect Director James Allen Pattison       For       For        Management
1.12  Elect Director Robert Charles Pozen       For       For        Management
1.13  Elect Director Michael Jonathan Sabia     For       For        Management
1.14  Elect Director Paul Mathias Tellier       For       For        Management
1.15  Elect Director Victor Leyland Young       For       For        Management
2     Ratify Deloitte & Touche LLP as Auditors  For       For        Management
3     Change Company Name to Bell Canada Inc.   For       For        Management
4     Amend Stock Option Plan                   For       For        Management


- --------------------------------------------------------------------------------

BLACK & DECKER CORP., THE

Ticker:       BDK            Security ID:  091797100
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Nolan D. Archibald         For       For        Management
1.2   Elect Director Norman R. Augustine        For       For        Management
1.3   Elect Director Barbara L. Bowles          For       For        Management
1.4   Elect Director George W. Buckley          For       For        Management
1.5   Elect Director M. Anthony Burns           For       For        Management
1.6   Elect Director Kim B. Clark               For       For        Management
1.7   Elect Director Manuel A. Fernandez        For       For        Management
1.8   Elect Director Benjamin H. Griswold, IV   For       For        Management
1.9   Elect Director Anthony Luiso              For       For        Management
1.10  Elect Director Robert L. Ryan             For       For        Management
1.11  Elect Director Mark H. Willes             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

BRISTOL-MYERS SQUIBB CO.

Ticker:       BMY            Security ID:  110122108
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lewis B. Campbell          For       For        Management
2     Elect Director James M. Cornelius         For       For        Management
3     Elect Director Louis J. Freeh             For       For        Management
4     Elect Director Laurie H. Glimcher         For       For        Management
5     Elect Director Michael Grobstein          For       For        Management
6     Elect Director Leif Johansson             For       For        Management
7     Elect Director James D. Robinson III      For       For        Management
8     Elect Director Vicki L. Sato              For       For        Management
9     Elect Director R. Sanders Williams        For       For        Management
10    Ratify Auditors                           For       For        Management
11    Approve Omnibus Stock Plan                For       For        Management
12    Approve Executive Incentive Bonus Plan    For       For        Management
13    Increase Disclosure of Executive          Against   Against    Shareholder
      Compensation
14    Claw-back of Payments under Restatements  Against   Against    Shareholder
15    Restore or Provide for Cumulative Voting  Against   For        Shareholder


- --------------------------------------------------------------------------------

BROOKFIELD PROPERTIES CORP.

Ticker:       BPO            Security ID:  112900105
Meeting Date: APR 26, 2007   Meeting Type: Annual/Special
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gordon E. Arnell           For       For        Management
1.2   Elect Director William T. Cahill          For       For        Management
1.3   Elect Director Richard B. Clark           For       For        Management
1.4   Elect Director Jack L. Cockwell           For       For        Management
1.5   Elect Director J. Bruce Flatt             For       For        Management
1.6   Elect Director Roderick D. Fraser         For       For        Management
1.7   Elect Director Paul D. McFarlane          For       For        Management
1.8   Elect Director Allan S. Olson             For       For        Management
1.9   Elect Director Samuel P.S. Pollock        For       For        Management
1.10  Elect Director Linda D. Rabbitt           For       For        Management
1.11  Elect Director Robert L. Stelzl           For       For        Management
1.12  Elect Director Diana L. Taylor            For       For        Management
1.13  Elect Director John E. Zuccotti           For       For        Management
2     Approve Deloitte & Touche LLP as Auditors For       For        Management
      and Authorize Board to Fix Remuneration
      of Auditors
3     Amend Stock Option Plan                   For       For        Management
4     Approve 2:3 Stock Split for Common and    For       For        Management
      Approve 4:9  Stock Spilt for Class A
      Redeemable Voting Preferred Shares


- --------------------------------------------------------------------------------

CADBURY SCHWEPPES PLC

Ticker:       CSG            Security ID:  127209302
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     FINANCIAL STATEMENTS                      For       For        Management
2     DECLARATION OF FINAL DIVIDEND 2006        For       For        Management
3     DIRECTORS  REMUNERATION REPORT            For       For        Management
4     RE-APPOINTMENT OF SIR JOHN SUNDERLAND     For       For        Management
5     RE-APPOINTMENT OF ROSEMARY THORNE         For       For        Management
6     RE-APPOINTMENT OF DAVID THOMPSON          For       For        Management
7     RE-APPOINTMENT OF SANJIV AHUJA            For       For        Management
8     RE-APPOINTMENT OF RAYMOND VIAULT          For       For        Management
9     Ratify Auditors                           For       For        Management
10    REMUNERATION OF AUDITORS                  For       For        Management
11    APPROVE PROPOSED AMENDMENTS TO THE GROUP  For       For        Management
      SHARE PLANS
12    AUTHORITY TO ALLOT RELEVANT SECURITIES    For       For        Management
13    AUTHORITY TO SERVE COMMUNICATIONS BY      For       For        Management
      ELECTRONIC MEANS
14    AUTHORITY TO ALLOT EQUITY SECURITIES      For       For        Management
15    AUTHORITY TO MAKE MARKET PURCHASES        For       For        Management


- --------------------------------------------------------------------------------

CAPITAL ONE FINANCIAL CORP.

Ticker:       COF            Security ID:  14040H105
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director W. Ronald Dietz            For       For        Management
1.2   Elect Director Lewis Hay, III             For       For        Management
1.3   Elect Director Mayo A. Shattuck, III      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles of Incorporation - Remove  For       For        Management
      Provision of Plurality Voting for the
      Election of Directors
4     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

CAREMARK RX, INC.

Ticker:       CMX            Security ID:  141705103
Meeting Date: MAR 16, 2007   Meeting Type: Proxy Contest
Record Date:  JAN 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management
1     Approve Merger Agreement                  Against   Did Not    Management
                                                          Vote
2     Adjourn Meeting                           For       Did Not    Management
                                                          Vote


- --------------------------------------------------------------------------------

CHEVRON CORPORATION

Ticker:       CVX            Security ID:  166764100
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Samuel H. Armacost         For       For        Management
2     Elect Director Linnet F. Deily            For       For        Management
3     Elect Director Robert E. Denham           For       For        Management
4     Elect Director Robert J. Eaton            For       For        Management
5     Elect Director Sam Ginn                   For       For        Management
6     Elect Director Franklyn G. Jenifer        For       For        Management
7     Elect Director Sam Nunn                   For       For        Management
8     Elect Director David J. O'Reilly          For       For        Management
9     Elect Director Donald B. Rice             For       For        Management
10    Elect Director Peter J. Robertson         For       For        Management
11    Elect Director Kevin W. Sharer            For       For        Management
12    Elect Director Charles R. Shoemate        For       For        Management
13    Elect Director Ronald D. Sugar            For       For        Management
14    Elect Director Carl Ware                  For       For        Management
15    Ratify Auditors                           For       For        Management
16    Reduce Supermajority Vote Requirement     For       For        Management
17    Adopt Human Rights Policy                 Against   For        Shareholder
18    Adopt Greenhouse Gas Emission Reduction   Against   Against    Shareholder
      Goals
19    Adopt Animal Welfare Policy               Against   Against    Shareholder
20    Separate Chairman and CEO Positions       Against   For        Shareholder
21    Approve/Amend Terms of Existing Poison    Against   Against    Shareholder
      Pill
22    Report on Market Specific Environmental   Against   Against    Shareholder
      Laws


- --------------------------------------------------------------------------------

CHUBB CORP., THE

Ticker:       CB             Security ID:  171232101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Zoe Bard                   For       For        Management
1.2   Elect Director Sheila P. Burke            For       For        Management
1.3   Elect Director James I. Cash, Jr.         For       For        Management
1.4   Elect Director  Joel J. Cohen             For       For        Management
1.5   Elect Director John D. Finnegan           For       For        Management
1.6   Elect Director Klaus J. Mangold           For       For        Management
1.7   Elect Director David G. Scholey           For       For        Management
1.8   Elect Director Lawrence M. Small          For       For        Management
1.9   Elect Director Daniel E. Somers           For       For        Management
1.10  Elect Director  Karen Hastie Williams     For       For        Management
1.11  Elect Director Alfred W. Zollar           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles/Bylaws/Charter General     For       For        Management
      Matters--Adopt Majority Vote Standard for
      the Election of Directors
4     Report on Political Contributions         Against   For        Shareholder




- --------------------------------------------------------------------------------

CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director C. Michael Armstrong       For       For        Management
2     Elect Director Alain J.P. Belda           For       For        Management
3     Elect Director George David               For       For        Management
4     Elect Director Kenneth T. Derr            For       For        Management
5     Elect Director John M. Deutch             For       For        Management
6     Elect Director Roberto Hernandez Ramirez  For       For        Management
7     Elect Director Klaus Kleinfeld            For       For        Management
8     Elect Director Andrew N. Liveris          For       For        Management
9     Elect Director Anne Mulcahy               For       For        Management
10    Elect Director Richard D. Parsons         For       For        Management
11    Elect Director Charles Prince             For       For        Management
12    Elect Director Judith Rodin               For       For        Management
13    Elect Director Robert E. Rubin            For       For        Management
14    Elect Director Franklin A. Thomas         For       For        Management
15    Ratify Auditors                           For       For        Management
16    Report on Government Service of Employees Against   Against    Shareholder
17    Report on Political Contributions         Against   For        Shareholder
18    Report on Charitable Contributions        Against   Against    Shareholder
19    Approve Report of the Compensation        Against   For        Shareholder
      Committee
20    Report on Pay Disparity                   Against   Against    Shareholder
21    Separate Chairman and CEO Positions       Against   Against    Shareholder
22    Stock Retention/Holding Period            Against   Against    Shareholder
23    Restore or Provide for Cumulative Voting  Against   Against    Shareholder
24    Amend Bylaws to Permit Shareholders to    Against   For        Shareholder
      Call Special Meetings


- --------------------------------------------------------------------------------

COCA-COLA COMPANY, THE

Ticker:       KO             Security ID:  191216100
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Herbert A. Allen           For       For        Management
2     Elect Director Ronald W. Allen            For       For        Management
3     Elect Director Cathleen P. Black          For       For        Management
4     Elect Director Barry Diller               For       Against    Management
5     Elect Director E. Neville Isdell          For       For        Management
6     Elect Director Donald R. Keough           For       For        Management
7     Elect Director Donald F. McHenry          For       For        Management
8     Elect Director Sam Nunn                   For       For        Management
9     Elect Director James D. Robinson, III     For       For        Management
10    Elect Director Peter V. Ueberroth         For       For        Management
11    Elect Director James B. Williams          For       For        Management
12    Ratify Auditors                           For       For        Management
13    Approve Executive Incentive Bonus Plan    For       For        Management
14    Limit Executive Compensation              Against   Against    Shareholder
15    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
16    Report on Chemical and Biological Testing Against   Against    Shareholder
      Data
17    Report on Environmental Liabilities in    Against   Against    Shareholder
      India
18    Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

CONOCOPHILLIPS

Ticker:       COP            Security ID:  20825C104
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James E. Copeland, Jr.     For       For        Management
2     Elect Director Kenneth M. Duberstein      For       For        Management
3     Elect Director Ruth R. Harkin             For       For        Management
4     Elect Director William R. Rhodes          For       For        Management
5     Elect Director J. Stapleton Roy           For       For        Management
6     Elect Director William E. Wade, Jr.       For       For        Management
7     Ratify Auditors                           For       For        Management
8     Report on Political Contributions         Against   Against    Shareholder
9     Report on Renewable Energy Sources        Against   Against    Shareholder
10    Require Director Nominee Qualifications   Against   Against    Shareholder
11    Report on Environmental Damage from       Against   For        Shareholder
      Drilling in the National Petroleum
      Reserve
12    Report on Indigenous Peoples Rights       Against   Against    Shareholder
      Policies
13    Report on Community Impact of Operations  Against   Against    Shareholder


- --------------------------------------------------------------------------------

COUNTRYWIDE FINANCIAL CORP.

Ticker:       CFC            Security ID:  222372104
Meeting Date: JUN 13, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Henry G. Cisneros          For       For        Management
1.2   Elect Director Robert J. Donato           For       For        Management
1.3   Elect Director Harley W. Snyder           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

CVS/CAREMARK CORP

Ticker:       CVS            Security ID:  126650100
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Edwin M. Banks             For       For        Management
2     Elect Director C. David Brown II          For       For        Management
3     Elect Director Edwin Mac Crawford         For       For        Management
4     Elect Director David W. Dorman            For       For        Management
5     Elect Director Kristen E. Gibney Williams For       For        Management
6     Elect Director Roger L. Headrick          For       Against    Management
7     Elect Director Marian L. Heard            For       For        Management
8     Elect Director William H. Joyce           For       For        Management
9     Elect Director Jean-Pierre Million        For       For        Management
10    Elect Director Terrence Murray            For       For        Management
11    Elect Director C.A. Lance Piccolo         For       Against    Management
12    Elect Director Sheli Z. Rosenberg         For       For        Management
13    Elect Director Thomas M. Ryan             For       For        Management
14    Elect Director Richard J. Swift           For       For        Management
15    Ratify Auditors                           For       For        Management
16    Approve Qualified Employee Stock Purchase For       For        Management
      Plan
17    Approve Executive Incentive Bonus Plan    For       For        Management
18    Limit Executive Compensation              Against   Against    Shareholder
19    Separate Chairman and CEO Positions       Against   For        Shareholder
20    Prepare Sustainability Report             Against   For        Shareholder
21    Disclose Information on Compensation      Against   For        Shareholder
      Consultant
22    Compensation Specific- Policy on Stock    Against   For        Shareholder
      Option Grants/Option Backdating


- --------------------------------------------------------------------------------

DEUTSCHE TELEKOM AG

Ticker:       DT             Security ID:  251566105
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RESOLUTION ON THE APPROPRIATION OF NET    For       For        Management
      INCOME.
2     RESOLUTION ON THE APPROVAL OF THE ACTIONS For       For        Management
      OF THE MEMBERS OF THE BOARD OF MANAGEMENT
      FOR THE 2006 FINANCIAL YEAR.
3     RESOLUTION ON THE APPROVAL OF THE ACTIONS For       For        Management
      OF THE MEMBERS OF THE SUPERVISORY BOARD
      FOR THE 2006 FINANCIAL YEAR.
4     Ratify Auditors                           For       For        Management
5     RESOLUTION AUTHORIZING THE CORPORATION TO For       For        Management
      PURCHASE AND USE ITS OWN SHARES WITH
      POSSIBLE EXCLUSION OF SUBSCRIPTION RIGHTS
      AND ANY RIGHT TO PURCHASE.
6     CANCELLATION OF THE EXISTING CONTINGENT   For       For        Management
      CAPITAL I AND III AS WELL AS THE RELEVANT
      AMENDMENT TO SECTION 5 OF THE ARTICLES.
7     APPROVAL OF FORWARDING INFORMATION        For       For        Management
      ELECTRONICALLY TO DEUTSCHE TELEKOM AG
      SHAREHOLDERS.
8     ELECTION OF A SUPERVISORY BOARD MEMBER.   For       For        Management
9     ELECTION OF A SUPERVISORY BOARD MEMBER.   For       For        Management
10    RESOLUTION ON THE APPROVAL OF THE CONTROL For       For        Management
      AND PROFIT AND LOSS TRANSFER AGREEMENT
      WITH T-MOBILE INTERNATIONAL AG.
11    RESOLUTION ON THE APPROVAL OF THE CONTROL For       For        Management
      AND PROFIT AND LOSS TRANSFER AGREEMENT
      WITH PLINIUS TELEKOMMUNIKATIONSDIENSTE
      GMBH.
12    RESOLUTION ON THE APPROVAL OF THE CONTROL For       For        Management
      AND PROFIT AND LOSS TRANSFER AGREEMENT
      WITH SALLUST TELEKOMMUNIKATIONSDIENSTE
      GMBH.
13    RESOLUTION ON THE APPROVAL OF THE CONTROL For       For        Management
      AND PROFIT AND LOSS TRANSFER AGREEMENT
      WITH TIBULL TELEKOMMUNIKATIONSDIENSTE
      GMBH.


- --------------------------------------------------------------------------------

DEVELOPERS DIVERSIFIED REALTY CORP.

Ticker:       DDR            Security ID:  251591103
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Fix Number of Directors                   For       For        Management
2.1   Elect Director Dean S. Adler              For       For        Management
2.2   Elect Director Terrance R. Ahern          For       For        Management
2.3   Elect Director Robert H. Gidel            For       For        Management
2.4   Elect Director Victor B. MacFarlane       For       For        Management
2.5   Elect Director Craig Macnab               For       Withhold   Management
2.6   Elect Director Scott D. Roulston          For       For        Management
2.7   Elect Director Barry A. Sholem            For       For        Management
2.8   Elect Director William B. Summers, Jr.    For       For        Management
2.9   Elect Director Scott A. Wolstein          For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Amend Articles/Bylaws/Charter-Non-Routine For       For        Management
      --authorize the Company to notify
      shareholders of record of shareholder
      meetings by electronic or other means of
      communication authorized by the
      shareholders.
5     Amend Articles/Bylaws/Charter-Non-Routine For       For        Management
      --authorize shareholders and other
      persons entitled to vote at shareholder
      meetings to appoint proxies by electronic
      or other verifiable communications.
6     Company Specific-Equity-Related --Issue   For       For        Management
      Shares without Physical Certificates
7     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DEVON ENERGY CORP.

Ticker:       DVN            Security ID:  25179M103
Meeting Date: JUN 6, 2007    Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas F. Ferguson         For       For        Management
1.2   Elect Director David M. Gavrin            For       For        Management
1.3   Elect Director John Richels               For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

DOMINION RESOURCES, INC.

Ticker:       D              Security ID:  25746U109
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter W. Brown             For       For        Management
1.2   Elect Director George A. Davidson, Jr.    For       For        Management
1.3   Elect Director Thomas F. Farrell, II      For       For        Management
1.4   Elect Director John W. Harris             For       For        Management
1.5   Elect Director Robert S. Jepson, Jr.      For       For        Management
1.6   Elect Director Mark J. Kington            For       For        Management
1.7   Elect Director Benjamin J. Lambert, III   For       For        Management
1.8   Elect Director Margaret A. McKenna        For       For        Management
1.9   Elect Director Frank S. Royal, M.D.       For       For        Management
1.10  Elect Director David A. Wollard           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions        Against   For        Shareholder
4     Report on Impact of Utilizing National    Against   Against    Shareholder
      Interest Electric Transmission Corridor


- --------------------------------------------------------------------------------

DOVER CORPORATION

Ticker:       DOV            Security ID:  260003108
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director D. H. Benson               For       For        Management
1.2   Elect Director R. W. Cremin               For       For        Management
1.3   Elect Director J-P. M. Ergas              For       For        Management
1.4   Elect Directors K. C. Graham              For       For        Management
1.5   Elect Director R. L. Hoffman              For       For        Management
1.6   Elect Director J. L. Koley                For       For        Management
1.7   Elect Director R. K. Lochridge            For       For        Management
1.8   Elect Director T. L. Reece                For       For        Management
1.9   Elect Director B. G. Rethore              For       For        Management
1.10  Elect Director M. B. Stubbs               For       For        Management
1.11  Elect Director M. A. Winston              For       For        Management
2     Sustainability Report                     Against   For        Shareholder
3     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

DUKE ENERGY CORP.

Ticker:       DUK            Security ID:  26441C105
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William Barnet, III        For       For        Management
1.2   Elect Director G. Alex Bernhardt, Sr.     For       For        Management
1.3   Elect Director Michael G. Browning        For       For        Management
1.4   Elect Director Phillip R. Cox             For       For        Management
1.5   Elect Director Ann Maynard Gray           For       For        Management
1.6   Elect Director James H. Hance, Jr         For       For        Management
1.7   Elect Director James T. Rhodes            For       For        Management
1.8   Elect Director James E. Rogers            For       For        Management
1.9   Elect Director Mary L. Schapiro           For       For        Management
1.10  Elect Director Dudley S. Taft             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DUKE REALTY CORPORATION

Ticker:       DRE            Security ID:  264411505
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barrington H. Branch       For       For        Management
1.2   Elect Director Geoffrey Button            For       For        Management
1.3   Elect Director William Cavanaugh III      For       For        Management
1.4   Elect Director Ngaire E. Cuneo            For       For        Management
1.5   Elect Director Charles R. Eitel           For       For        Management
1.6   Elect Director R. Glenn Hubbard           For       For        Management
1.7   Elect Director Martin C. Jischke          For       For        Management
1.8   Elect Director L. Ben Lytle               For       For        Management
1.9   Elect Director William O. Mccoy           For       For        Management
1.10  Elect Director Dennis D. Oklak            For       For        Management
1.11  Elect Director Jack R. Shaw               For       For        Management
1.12  Elect Director Robert J. Woodward, Jr.    For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

E.I. DU PONT DE NEMOURS & CO.

Ticker:       DD             Security ID:  263534109
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard H. Brown           For       For        Management
1.2   Elect Director Robert A. Brown            For       For        Management
1.3   Elect Director Bertrand P. Collomb        For       For        Management
1.4   Elect Director Curtis J. Crawford         For       For        Management
1.5   Elect Director John T. Dillon             For       For        Management
1.6   Elect Director Eleuthere I. du Pont       For       For        Management
1.7   Elect Director Charles O. Holliday, Jr.   For       For        Management
1.8   Elect Director Lois D. Juliber            For       For        Management
1.9   Elect Director Masahisa Naitoh            For       For        Management
1.10  Elect Director Sean O'Keefe               For       For        Management
1.11  Elect Director William K. Reilly          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Report on Genetically Modified Organisms  Against   Against    Shareholder
5     Evaluate Community Impact of Plant        Against   Against    Shareholder
      Closures or Layoffs
6     Report on PFOA Compounds in DuPont        Against   For        Shareholder
      Products
7     Report on Lobbying Expenditures related   Against   Against    Shareholder
      to Environmental Pollution
8     Prepare a Global Warming Report           Against   Against    Shareholder
9     Report on Security of Chemical Facilities Against   Against    Shareholder


- --------------------------------------------------------------------------------

EL PASO CORP

Ticker:       EP             Security ID:  28336L109
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Juan Carlos Braniff        For       For        Management
2     Elect Director James L. Dunlap            For       For        Management
3     Elect Director Douglas L. Foshee          For       For        Management
4     Elect Director Robert W. Goldman          For       For        Management
5     Elect Director Anthony W. Hall, Jr.       For       For        Management
6     Elect Director Thomas R. Hix              For       For        Management
7     Elect Director William H. Joyce           For       For        Management
8     Elect Director Ronald L. Kuehn, Jr.       For       For        Management
9     Elect Director Ferrell P. McClean         For       For        Management
10    Elect Director Steven J. Shapiro          For       For        Management
11    Elect Director J. Michael Talbert         For       For        Management
12    Elect Director Robert F. Vagt             For       For        Management
13    Elect Director John L. Whitmire           For       For        Management
14    Elect Director Joe B. Wyatt               For       For        Management
15    Ratify Auditors                           For       For        Management
16    Amend Articles/Bylaws/Charter -- Call     Against   For        Shareholder
      Special Meetings
17    Company Specific-Policy Abandoning        Against   Against    Shareholder
      Decision by the Board


- --------------------------------------------------------------------------------

ELI LILLY AND CO.

Ticker:       LLY            Security ID:  532457108
Meeting Date: APR 16, 2007   Meeting Type: Annual
Record Date:  FEB 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Sir Winfried Bischoff      For       For        Management
1.2   Elect Director J. Michael Cook            For       For        Management
1.3   Elect Director Franklyn G. Prendergast,   For       For        Management
      M.D., Ph.D.
1.4   Elect Director Kathi P. Seifert           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Report on Animal Welfare                  Against   Against    Shareholder
6     Report on Animal Testing Policies         Against   Against    Shareholder
7     Separate Chairman and CEO Positions       Against   For        Shareholder
8     Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
9     Adopt Simple Majority Vote                Against   For        Shareholder


- --------------------------------------------------------------------------------

EMBARQ CORP

Ticker:       EQ             Security ID:  29078E105
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter C. Brown             For       For        Management
1.2   Elect Director Steven A. Davis            For       For        Management
1.3   Elect Director Daniel R. Hesse            For       For        Management
1.4   Elect Director John P. Mullen             For       For        Management
1.5   Elect Director William A. Owens           For       For        Management
1.6   Elect Director Dinesh C. Paliwal          For       For        Management
1.7   Elect Director Stephanie M. Shern         For       For        Management
1.8   Elect Director Laurie A. Siegel           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

EQUITY RESIDENTIAL

Ticker:       EQR            Security ID:  29476L107
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John W. Alexander          For       For        Management
1.2   Elect Director Charles L. Atwood          For       For        Management
1.3   Elect Director Stephen O. Evans           For       For        Management
1.4   Elect Director Boone A. Knox              For       For        Management
1.5   Elect Director John E. Neal               For       For        Management
1.6   Elect Director David J. Neithercut        For       For        Management
1.7   Elect Director Desiree G. Rogers          For       For        Management
1.8   Elect Director Sheli Z. Rosenberg         For       For        Management
1.9   Elect Director Gerald A. Spector          For       For        Management
1.10  Elect Director B. Joseph White            For       For        Management
1.11  Elect Director Samuel Zell                For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

EXXON MOBIL CORP.

Ticker:       XOM            Security ID:  30231G102
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Boskin          For       For        Management
1.2   Elect Director William W. George          For       For        Management
1.3   Elect Director James R. Houghton          For       For        Management
1.4   Elect Director William R. Howell          For       For        Management
1.5   Elect Director Reatha Clark King          For       For        Management
1.6   Elect Director Philip E. Lippincott       For       For        Management
1.7   Elect Director Marilyn Carlson Nelson     For       For        Management
1.8   Elect Director Samuel J. Palmisano        For       For        Management
1.9   Elect Director Steven S Reinemund         For       For        Management
1.10  Elect Director Walter V. Shipley          For       For        Management
1.11  Elect Director J. Stephen Simon           For       For        Management
1.12  Elect Director Rex W. Tillerson           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   For        Shareholder
4     Amend Articles/Bylaws/Charter -- Call     Against   For        Shareholder
      Special Meetings
5     Separate Chairman and CEO Positions       Against   For        Shareholder
6     Initiate Payment of Cash Dividend         Against   Against    Shareholder
7     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
8     Company-Specific- Amend Article IX of the Against   Against    Shareholder
      Corporation's by-laws
9     Review Executive Compensation             Against   Against    Shareholder
10    Limit Executive Compensation              Against   Against    Shareholder
11    Claw-back of Payments under Restatements  Against   For        Shareholder
12    Report on Political Contributions         Against   For        Shareholder
13    Amend Equal Employment Opportunity Policy Against   For        Shareholder
      to Prohibit Discrimination Based on
      Sexual Orientation
14    Report on Environmental Accountability    Against   Against    Shareholder
15    Report on Emission Reduction Goals        Against   For        Shareholder
16    Report on Carbon Dioxide Emissions        Against   Against    Shareholder
      Information at Gas Stations
17    Adopt Policy to Increase Renewable Energy Against   Against    Shareholder
      Portfolio


- --------------------------------------------------------------------------------

FEDERATED DEPARTMENT STORES, INC.

Ticker:       FD             Security ID:  31410H101
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Sara Levinson              For       For        Management
1.2   Elect Director Joseph Neubauer            For       For        Management
1.3   Elect Director Joseph Pichler             For       For        Management
1.4   Elect Director Joyce M. Roche             For       For        Management
1.5   Elect Director Karl von der Heyden        For       For        Management
1.6   Elect Director Craig E. Weatherup         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Change Company Name                       For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Approve Deferred Compensation Plan        For       For        Management




- --------------------------------------------------------------------------------

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  31620R105
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cary H. Thompson           For       Withhold   Management
1.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
1.3   Elect Director General William Lyon       For       For        Management
1.4   Elect Director Richard N. Massey          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FIDELITY NATIONAL INFORMATION SERVICES INC

Ticker:       FIS            Security ID:  31620M106
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Lee A. Kennedy             For       For        Management
1.2   Elect Director Keith W. Hughes            For       For        Management
1.3   Elect Director James K. Hunt              For       For        Management
1.4   Elect Director Richard N. Massey          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FORTUNE BRANDS, INC.

Ticker:       FO             Security ID:  349631101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anne M. Tatlock            For       For        Management
1.2   Elect Director Norman H. Wesley           For       For        Management
1.3   Elect Director Peter M. Wilson            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Approve Omnibus Stock Plan                For       For        Management
5     Declassify the Board of Directors         Against   For        Shareholder
6     Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

FPL GROUP, INC.

Ticker:       FPL            Security ID:  302571104
Meeting Date: MAY 25, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Sherry S. Barrat           For       For        Management
1.2   Elect Director Robert M. Beall, II        For       For        Management
1.3   Elect Director J. Hyatt Brown             For       Withhold   Management
1.4   Elect Director James L. Camaren           For       For        Management
1.5   Elect Director J. Brian Ferguson          For       For        Management
1.6   Elect Director Lewis Hay, III             For       For        Management
1.7   Elect Director Toni Jennings              For       For        Management
1.8   Elect Director Oliver D. Kingsley, Jr.    For       For        Management
1.9   Elect Director Rudy E. Schupp             For       For        Management
1.10  Elect Director Michael H. Thaman          For       For        Management
1.11  Elect Director Hansel E. Tookes, II       For       For        Management
1.12  Elect Director Paul R. Tregurtha          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Stock       For       For        Management
      Option Plan


- --------------------------------------------------------------------------------

FRANCE TELECOM SA

Ticker:       FTE            Security ID:  35177Q105
Meeting Date: MAY 21, 2007   Meeting Type: Special
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE STATUTORY FINANCIAL       For       For        Management
      STATEMENTS FOR THE FINANCIAL YEAR. FINAL
      DISCHARGE TO DIRECTORS.
2     APPROVAL OF THE CONSOLIDATED FINANCIAL    For       For        Management
      STATEMENTS FOR THE FINANCIAL YEAR. FINAL
      DISCHARGE TO DIRECTORS.
3     ALLOCATION OF THE RESULTS.                For       For        Management
4     APPROVAL OF THE AGREEMENTS REFERRED TO IN For       Against    Management
      ARTICLE L. 225-38 OF THE FRENCH
      COMMERCIAL CODE.
5     AUTHORIZATION TO BE GRANTED TO THE BOARD  For       Against    Management
      OF DIRECTORS TO PURCHASE, RETAIN OR
      TRANSFER FRANCE TELECOM SHARES.
6     APPOINTMENT OF A DIRECTOR: MRS. CLAUDIE   For       Against    Management
      HAIGNERE
7     AMENDMENT OF ARTICLE 21 OF THE BY-LAWS IN For       For        Management
      ORDER TO BRING IT INTO CONFORMITY WITH
      THE DECREE NO. 2007-431 OF MARCH 25,
      2007.
8     DELEGATION OF AUTHORITY TO THE BOARD OF   For       For        Management
      DIRECTORS TO ISSUE ORDINARY SHARES OF THE
      COMPANY AND SECURITIES GIVING ACCESS TO
      ORDINARY SHARES OF THE COMPANY OR OF ONE
      OF ITS SUBSIDIARIES, WITH PREFERENTIAL
      SUBSCRIPTION RIGHTS OF THE SHAREHOLDERS.
9     DELEGATION OF AUTHORITY TO THE BOARD      For       For        Management
      DIRECTORS TO ISSUE ORDINARY SHARES OF THE
      COMPANY AND SECURITIES GIVING ACCESS TO
      THE ORDINARY SHARES OF THE COMPANY OR OF
      ONE OF ITS SUBSIDIARIES, WITHOUT
      PREFERENTIAL SUBSCRIPTION RIGHTS OF THE
      SHAREHOLDERS.
10    AUTHORIZATION GRANTED TO THE BOARD OF     For       Against    Management
      DIRECTORS IN THE EVENT OF THE ISSUANCE,
      WITHOUT PREFERENTIAL SUBSCRIPTION RIGHTS
      OF SHAREHOLDERS, OF ORDINARY SHARES OR
      SECURITIES GIVING ACCESS TO ORDINARY
      SHARES, TO DETERMINE THE ISSUANCE PRICE.
11    AUTHORIZATION GRANTED TO THE BOARD OF     For       For        Management
      DIRECTORS IN THE EVENT OF A CAPITAL
      INCREASE WITH OR WITHOUT PREFERENTIAL
      SUBSCRIPTION RIGHTS FOR SHAREHOLDERS, TO
      INCREASE THE NUMBER OF SECURITIES TO BE
      ISSUED.
12    DELEGATION OF AUTHORITY TO THE BOARD OF   For       Against    Management
      DIRECTORS TO ISSUE ORDINARY SHARES AND
      SECURITIES GIVING ACCESS TO ORDINARY
      SHARES, IN THE EVENT OF A PUBLIC EXCHANGE
      OFFER INITIATED BY THE COMPANY.
13    DELEGATION OF POWERS TO THE BOARD OF      For       For        Management
      DIRECTORS TO ISSUE ORDINARY SHARES AND
      SECURITIES GIVING ACCESS TO ORDINARY
      SHARES, IN CONSIDERATION FOR
      CONTRIBUTIONS IN KIND GRANTED TO THE
      COMPANY AND COMPRISED OF EQUITY
      SECURITIES OR SECURITIES GIVING ACCESS TO
      S
14    DELEGATION OF AUTHORITY TO THE BOARD OF   For       Against    Management
      DIRECTORS TO ISSUE ORDINARY SHARES, AS A
      RESULT OF THE ISSUANCE BY THE COMPANY S
      SUBSIDIARIES OF SECURITIES GIVING ACCESS
      TO ORDINARY SHARES OF THE COMPANY.
15    DELEGATION OF POWERS TO THE BOARD OF      For       For        Management
      DIRECTORS TO ISSUE THE SHARES RESERVED
      FOR PERSONS SIGNING A LIQUIDITY CONTRACT
      WITH THE COMPANY IN THEIR CAPACITY AS
      HOLDERS OF SHARES OR STOCK OPTIONS OF THE
      FIRM ORANGE S.A.
16    DELEGATION OF POWERS TO THE BOARD OF      For       Against    Management
      DIRECTORS TO PROCEED WITH THE FREE
      ISSUANCE OF OPTION-BASED LIQUIDITY
      INSTRUMENTS RESERVED FOR HOLDERS OF STOCK
      OPTIONS OF ORANGE S.A. AND BENEFICIARIES
      OF A LIQUIDITY AGREEMENT.
17    OVERALL LIMITATION OF THE AUTHORIZATIONS. For       For        Management
18    DELEGATION OF AUTHORITY TO THE BOARD OF   For       For        Management
      DIRECTORS TO ISSUE SECURITIES GIVING
      RIGHT TO THE ALLOCATION OF DEBT
      SECURITIES.
19    DELEGATION OF AUTHORITY TO THE BOARD OF   For       For        Management
      DIRECTORS TO INCREASE THE SHARE CAPITAL
      OF THE COMPANY BY INCORPORATION OF
      RESERVES, PROFITS OR PREMIUMS.
20    AUTHORIZATION TO THE BOARD OF DIRECTORS   For       For        Management
      TO ISSUE STOCK SUBSCRIPTION AND/OR
      PURCHASE OPTIONS OF ORDINARY SHARES FROM
      THE COMPANY.
21    DELEGATION OF AUTHORITY TO THE BOARD OF   For       Against    Management
      DIRECTORS TO PROCEED WITH CAPITAL
      INCREASES RESERVED FOR MEMBERS OF THE
      FRANCE TELECOM GROUP SAVINGS PLAN.
22    AUTHORIZATION TO THE BOARD OF DIRECTORS   For       For        Management
      TO REDUCE THE SHARE CAPITAL THROUGH THE
      CANCELLATION OF ORDINARY SHARES.
23    POWERS FOR FORMALITIES.                   For       For        Management


- --------------------------------------------------------------------------------

FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: JUN 8, 2007    Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Barbara T. Alexander       For       For        Management
2     Elect Director Geoffrey T. Boisi          For       For        Management
3     Elect Director Michelle Engler            For       For        Management
4     Elect Director Robert R. Glauber          For       For        Management
5     Elect Director Richard Karl Goeltz        For       For        Management
6     Elect Director Thomas S. Johnson          For       For        Management
7     Elect Director William M. Lewis, Jr       For       For        Management
8     Elect Director Eugene M. McQuade          For       For        Management
9     Elect Director Shaud F. O Malley          For       For        Management
10    Elect Director Jeffrey M. Peek            For       For        Management
11    Elect Director Nicolas P. Retsinas        For       For        Management
12    Elect Director Stephen A. Ross            For       For        Management
13    Elect Director Richard F. Syron           For       For        Management
14    Ratify Auditors                           For       For        Management
15    Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------

GENERAL DYNAMICS CORP.

Ticker:       GD             Security ID:  369550108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Nicholas D. Chabraja       For       For        Management
2     Elect Director James S. Crown             For       For        Management
3     Elect Director William P. Fricks          For       For        Management
4     Elect Director Charles H. Goodman         For       For        Management
5     Elect Director Jay L. Johnson             For       For        Management
6     Elect Director George A. Joulwan          For       For        Management
7     Elect Director Paul G. Kaminski           For       For        Management
8     Elect Director John M. Keane              For       For        Management
9     Elect Director Deborah J. Lucas           For       For        Management
10    Elect Director Lester L. Lyles            For       For        Management
11    Elect Director Carl E. Mundy, Jr.         For       For        Management
12    Elect Director Robert Walmsley            For       For        Management
13    Ratify Auditors                           For       For        Management
14    Pay For Superior Performance              Against   For        Shareholder
15    Performance-Based and/or Equity Based     Against   For        Shareholder
      Awards


- --------------------------------------------------------------------------------

GENERAL ELECTRIC CO.

Ticker:       GE             Security ID:  369604103
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James I. Cash, Jr.         For       For        Management
1.2   Elect Director William M. Castell         For       For        Management
1.3   Elect Director Ann M. Fudge               For       For        Management
1.4   Elect Director Claudio X. Gonzalez        For       Withhold   Management
1.5   Elect Director Susan Hockfield            For       For        Management
1.6   Elect Director Jerry R. Immelt            For       For        Management
1.7   Elect Director Andrea Jung                For       For        Management
1.8   Elect Director Alan G. Lafley             For       For        Management
1.9   Elect Director Robert W. Lane             For       For        Management
1.10  Elect Director Ralph S. Larsen            For       For        Management
1.11  Elect Director Rochelle B. Lazarus        For       For        Management
1.12  Elect Director Sam Nunn                   For       For        Management
1.13  Elect Director Roger S. Penske            For       For        Management
1.14  Elect Director Robert J. Swieringa        For       For        Management
1.15  Elect Director Douglas A. Warner III      For       For        Management
1.16  Elect Director Robert C. Wright           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt Majority Vote Standard in Director  For       For        Management
      Elections
4     Approve Omnibus Stock Plan                For       For        Management
5     Company-Specific-Approve Material Terms   For       For        Management
      of Senior Officer Performance Goals
6     Provide for Cumulative Voting             Against   For        Shareholder
7     Company-Specific -- Adopt Policy on       Against   For        Shareholder
      Overboarded Directors
8     Company-Specific -- One Director from the Against   Against    Shareholder
      Ranks of Retirees
9     Separate Chairman and CEO Positions       Against   For        Shareholder
10    Limit Dividend and Dividend Equivalent    Against   For        Shareholder
      Payments to Executives
11    Report on Charitable Contributions        Against   Against    Shareholder
12    Report on Global Warming                  Against   Against    Shareholder
13    Adopt Ethical Criteria for Military       Against   Against    Shareholder
      Contracts
14    Report on Pay Disparity                   Against   Against    Shareholder


- --------------------------------------------------------------------------------

GLOBALSANTAFE CORPORATION (FORMERLY SANTA FE INTERNATIONAL CORP)

Ticker:       GSF            Security ID:  G3930E101
Meeting Date: JUN 7, 2007    Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward R. Muller          For       For        Management
1.2   Elect  Director John L. Whitmire          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GOLDMAN SACHS GROUP, INC., THE

Ticker:       GS             Security ID:  38141G104
Meeting Date: APR 11, 2007   Meeting Type: Annual
Record Date:  JAN 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lloyd C. Blankfein         For       For        Management
2     Elect Director Lord Browne of Madingley   For       For        Management
3     Elect Director John H. Bryan              For       For        Management
4     Elect Director Gary D. Cohn               For       For        Management
5     Elect Director Claes Dahlback             For       For        Management
6     Elect Director Stephen Friedman           For       For        Management
7     Elect Director William W. George          For       For        Management
8     Elect Director Rajat K. Gupta             For       For        Management
9     Elect Director James A. Johnson           For       For        Management
10    Elect Director Lois D. Juliber            For       For        Management
11    Elect Director Edward M. Liddy            For       For        Management
12    Elect Director Ruth J. Simmons            For       For        Management
13    Elect Director Jon Winkelried             For       For        Management
14    Ratify Auditors                           For       For        Management
15    Report on Charitable Contributions        Against   Against    Shareholder
16    Sustainability Report                     Against   Against    Shareholder
17    Prohibit Executive Stock-Based Awards     Against   Against    Shareholder


- --------------------------------------------------------------------------------

HARTFORD FINANCIAL SERVICES GROUP, INC., THE

Ticker:       HIG            Security ID:  416515104
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ramani Ayer                For       For        Management
1.2   Elect Director Ramon De Oliveira          For       For        Management
1.3   Elect Director Trevor Fetter              For       For        Management
1.4   Elect Director Edward J. Kelly, III       For       For        Management
1.5   Elect Director Paul G. Kirk, Jr.          For       For        Management
1.6   Elect Director Thomas M. Marra            For       For        Management
1.7   Elect Director Gail J. Mcgovern           For       For        Management
1.8   Elect Director Michael G. Morris          For       For        Management
1.9   Elect Director Robert W. Selander         For       For        Management
1.10  Elect Director Charles B. Strauss         For       For        Management
1.11  Elect Director H. Patrick Swygert         For       For        Management
1.12  Elect Director David K. Zwiener           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

HEALTH CARE PROPERTY INVESTORS, INC.

Ticker:       HCP            Security ID:  421915109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mary A. Cirillo-Goldberg   For       For        Management
1.2   Elect Director Robert R. Fanning, Jr.     For       For        Management
1.3   Elect Director James F. Flaherty III      For       For        Management
1.4   Elect Director David B. Henry             For       For        Management
1.5   Elect Director Michael D. McKee           For       Withhold   Management
1.6   Elect Director Harold M. Messmer, Jr.     For       For        Management
1.7   Elect Director Peter L. Rhein             For       For        Management
1.8   Elect Director Kenneth B. Roath           For       For        Management
1.9   Elect Director Richard M. Rosenberg       For       For        Management
1.10  Elect Director Joseph P. Sullivan         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

HESS CORP

Ticker:       HES            Security ID:  42809H107
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director N.F. Brady                 For       Withhold   Management
1.2   Elect Director J.B. Collins               For       For        Management
1.3   Elect Director T.H. Kean                  For       For        Management
1.4   Elect Director F.A. Olsen                 For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         None      For        Shareholder


- --------------------------------------------------------------------------------

HEWLETT-PACKARD CO.

Ticker:       HPQ            Security ID:  428236103
Meeting Date: MAR 14, 2007   Meeting Type: Annual
Record Date:  JAN 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director L.T. Babbio, Jr.           For       For        Management
2     Elect Director S.M. Baldauf               For       For        Management
3     Elect Director R.A. Hackborn              For       For        Management
4     Elect Director J.H. Hammergren            For       For        Management
5     Elect Director M.V. Hurd                  For       For        Management
6     Elect Director R.L. Ryan                  For       For        Management
7     Elect Director L.S. Salhany               For       For        Management
8     Elect Director G.K.Thompson               For       For        Management
9     Ratify Auditors                           For       For        Management
10    Require Director Nominee Qualifications   Against   For        Shareholder
11    Separate Chairman and CEO Positions       Against   Against    Shareholder
12    Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
13    Performance-Based Equity Awards           Against   For        Shareholder


- --------------------------------------------------------------------------------

HILTON HOTELS CORP.

Ticker:       HLT            Security ID:  432848109
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 29, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director A. Steven Crown            For       For        Management
2     Elect Director John H. Myers              For       For        Management
3     Elect Director Donna F. Tuttle            For       For        Management
4     Ratify Auditors                           For       For        Management
5     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

HONEYWELL INTERNATIONAL, INC.

Ticker:       HON            Security ID:  438516106
Meeting Date: APR 23, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Gordon M. Bethune          For       For        Management
2     Elect Director Jaime Chico Pardo          For       For        Management
3     Elect Director David M. Cote              For       For        Management
4     Elect Director D. Scott Davis             For       For        Management
5     Elect Director Linnet F. Deily            For       For        Management
6     Elect Director Clive R. Hollick           For       For        Management
7     Elect Director James J. Howard            For       For        Management
8     Elect Director Ivan G. Seidenberg         For       For        Management
9     Elect Director Bradley T. Sheares         For       For        Management
10    Elect Director Eric K. Shinseki           For       For        Management
11    Elect Director John R. Stafford           For       For        Management
12    Elect Director Michael W. Wright          For       For        Management
13    Ratify Auditors                           For       For        Management
14    Approve Nonqualified Employee Stock       For       For        Management
      Purchase Plan
15    Claw-back of Payments under Restatements  Against   Against    Shareholder
16    Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
17    Amend Articles/Bylaws/Charter -- Call     Against   For        Shareholder
      Special Meetings
18    Remove Six Sigma Terminology              Against   Against    Shareholder


- --------------------------------------------------------------------------------

HOST HOTELS & RESORTS, INC.

Ticker:       HST            Security ID:  44107P104
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 29, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Roberts M. Baylis          For       For        Management
2     Elect Director Terence C. Golden          For       Against    Management
3     Elect Director Ann M. Korologos           For       For        Management
4     Elect Director Richard E. Marriott        For       For        Management
5     Elect Director Judith A. Mchale           For       For        Management
6     Elect Director John B. Morse Jr           For       For        Management
7     Elect Director Christopher J. Nassetta    For       For        Management
8     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

IDEARC INC.

Ticker:       IAR            Security ID:  451663108
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John J. Mueller            For       For        Management
1.2   Elect Director Jerry V. Elliott           For       For        Management
1.3   Elect Director Katherine J. Harless       For       For        Management
1.4   Elect Director Donald B. Reed             For       For        Management
1.5   Elect Director Stephen L. Robertson       For       For        Management
1.6   Elect Director Thomas S. Rogers           For       For        Management
1.7   Elect Director Paul E. Weaver             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ING GROEP NV

Ticker:       ING            Security ID:  456837103
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ANNUAL ACCOUNTS FOR 2006.                 For       For        Management
2     DIVIDEND FOR 2006.                        For       For        Management
3     MAXIMUM NUMBER OF STOCK OPTIONS AND       For       For        Management
      PERFORMANCE SHARES TO BE GRANTED TO
      MEMBERS OF THE EXECUTIVE BOARD FOR 2006.
4     AMENDMENT OF THE ARTICLES OF ASSOCIATION. For       For        Management
5     DISCHARGE OF THE EXECUTIVE BOARD IN       For       For        Management
      RESPECT OF THE DUTIES PERFORMED DURING
      THE YEAR 2006.
6     DISCHARGE OF THE SUPERVISORY BOARD IN     For       For        Management
      RESPECT OF THE DUTIES PERFORMED DURING
      THE YEAR 2006.
7     COMPOSITION OF THE EXECUTIVE BOARD:       For       For        Management
      APPOINTMENT OF MR. JOHN HELE.
8     COMPOSITION OF THE EXECUTIVE BOARD:       For       For        Management
      APPOINTMENT OF MR. KOOS TIMMERMANS.
9     COMPOSITION OF THE SUPERVISORY BOARD:     For       For        Management
      REAPPOINTMENT OF MR. CLAUS DIETER
      HOFFMANN.
10    COMPOSITION OF THE SUPERVISORY BOARD:     For       For        Management
      REAPPOINTMENT OF MR. WIM KOK.
11    COMPOSITION OF THE SUPERVISORY BOARD:     For       For        Management
      APPOINTMENT OF MR. HENK BREUKINK.
12    COMPOSITION OF THE SUPERVISORY BOARD:     For       For        Management
      APPOINTMENT OF MR. PETER ELVERDING.
13    COMPOSITION OF THE SUPERVISORY BOARD:     For       For        Management
      APPOINTMENT OF MR. PIET HOOGENDOORN.
14    AUTHORISATION TO ISSUE ORDINARY SHARES    For       For        Management
      WITH OR WITHOUT PREFERENTIAL RIGHTS.
15    AUTHORISATION TO ISSUE PREFERENCE B       For       For        Management
      SHARES WITH OR WITHOUT PREFERENTIAL
      RIGHTS.
16    AUTHORISATION TO ACQUIRE ORDINARY SHARES  For       For        Management
      OR DEPOSITARY RECEIPTS FOR ORDINARY
      SHARES IN THE COMPANY S OWN CAPITAL.
17    AUTHORISATION TO ACQUIRE PREFERENCE A     For       For        Management
      SHARES OR DEPOSITARY RECEIPTS FOR
      PREFERENCE A SHARES IN THE COMPANY S OWN
      CAPITAL.
18    CANCELLATION OF (DEPOSITARY RECEIPTS OF)  For       For        Management
      PREFERENCE A SHARES WHICH ARE HELD BY ING
      GROEP N.V.


- --------------------------------------------------------------------------------

INTEL CORP.

Ticker:       INTC           Security ID:  458140100
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Craig R. Barrett           For       For        Management
2     Elect Director Charlene Barshefsky        For       Against    Management
3     Elect Director Susan L. Decker            For       For        Management
4     Elect Director D. James Guzy              For       For        Management
5     Elect Director Reed E. Hundt              For       For        Management
6     Elect Director Paul S. Otellini           For       For        Management
7     Elect Director James D. Plummer           For       For        Management
8     Elect Director David S. Pottruck          For       For        Management
9     Elect Director Jane E. Shaw               For       For        Management
10    Elect Director John L. Thornton           For       For        Management
11    Elect Director David B. Yoffie            For       For        Management
12    Ratify Auditors                           For       For        Management
13    Amend Omnibus Stock Plan                  For       For        Management
14    Approve Executive Incentive Bonus Plan    For       For        Management
15    Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

INTERNATIONAL BUSINESS MACHINES CORP.

Ticker:       IBM            Security ID:  459200101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cathleen Black             For       For        Management
1.2   Elect Director Kenneth I. Chenault        For       For        Management
1.3   Elect Director Juergen Dormann            For       For        Management
1.4   Elect Director Michael L. Eskew           For       For        Management
1.5   Elect Director Shirley Ann Jackson        For       For        Management
1.6   Elect Director Minoru Makihara            For       For        Management
1.7   Elect Director Lucio A. Noto              For       For        Management
1.8   Elect Director James W. Owens             For       For        Management
1.9   Elect Director Samuel J. Palmisano        For       For        Management
1.10  Elect Director Joan E. Spero              For       For        Management
1.11  Elect Director Sidney Taurel              For       For        Management
1.12  Elect Director Lorenzo H. Zambrano        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Reduce Supermajority Vote Requirement     For       For        Management
5     Reduce Supermajority Vote Requirement     For       For        Management
6     Reduce Supermajority Vote Requirement     For       For        Management
7     Restore or Provide for Cumulative Voting  Against   For        Shareholder
8     Evaluate Age Discrimination in Retirement Against   Against    Shareholder
      Plans
9     Review Executive Compensation             Against   For        Shareholder
10    Report on Outsourcing                     Against   Against    Shareholder
11    Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

INTERNATIONAL PAPER CO.

Ticker:       IP             Security ID:  460146103
Meeting Date: MAY 7, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Directors David J. Bronczek         For       For        Management
1.2   Elect Directors Martha F. Brooks          For       Withhold   Management
1.3   Elect Directors Lynn Laverty Elsenhans    For       For        Management
1.4   Elect Directors John L. Townsend, III     For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  For       For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

ITT CORP.

Ticker:       ITT            Security ID:  450911102
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven R. Loranger         For       For        Management
1.2   Elect Director Curtis J. Crawford         For       For        Management
1.3   Elect Director Christina A. Gold          For       For        Management
1.4   Elect Director Ralph F. Hake              For       For        Management
1.5   Elect Director John J. Hamre              For       For        Management
1.6   Elect Director Raymond W. LeBoeuf         For       For        Management
1.7   Elect Director Frank T. MacInnis          For       For        Management
1.8   Elect Director Linda S. Sanford           For       For        Management
1.9   Elect Director Markos I. Tambakeras       For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

JOHNSON & JOHNSON

Ticker:       JNJ            Security ID:  478160104
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mary Sue Coleman           For       For        Management
1.2   Elect Director James G. Cullen            For       For        Management
1.3   Elect Director Michael M.E. Johns         For       For        Management
1.4   Elect Director Arnold G. Langbo           For       For        Management
1.5   Elect Director Susan L. Lindquist         For       For        Management
1.6   Elect Director Leo F. Mullin              For       For        Management
1.7   Elect Director Christine A. Poon          For       For        Management
1.8   Elect Director Charles Prince             For       For        Management
1.9   Elect Director Steven S Reinemund         For       For        Management
1.10  Elect Director David Satcher              For       For        Management
1.11  Elect Director William C. Weldon          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
4     Submit Supplemental Executive Retirement  Against   For        Shareholder
      Plans to Shareholder vote




- --------------------------------------------------------------------------------

JPMORGAN CHASE & CO.

Ticker:       JPM            Security ID:  46625H100
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Crandall C. Bowles         For       For        Management
1.2   Elect Director Stephen B. Burke           For       For        Management
1.3   Elect Director James S. Crown             For       For        Management
1.4   Elect Director James Dimon                For       For        Management
1.5   Elect Director Ellen V. Futter            For       For        Management
1.6   Elect Director William H. Gray, III       For       For        Management
1.7   Elect Director Laban P. Jackson, Jr.      For       For        Management
1.8   Elect Director Robert I. Lipp             For       For        Management
1.9   Elect Director David C. Novak             For       For        Management
1.10  Elect Director Lee R. Raymond             For       For        Management
1.11  Elect Director William C. Weldon          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote
4     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
5     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Provide for Cumulative Voting             Against   For        Shareholder
8     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
9     Report on Political Contributions         Against   Against    Shareholder
10    Report on Management Initiatives to       Against   Against    Shareholder
      Address Links to Slavery and Human Rights
      Abuse


- --------------------------------------------------------------------------------

KIMBERLY-CLARK CORP.

Ticker:       KMB            Security ID:  494368103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James M. Jenness           For       For        Management
2     Elect Director Linda Johnson Rice         For       For        Management
3     Elect Director Marc J. Shapiro            For       For        Management
4     Ratify Auditors                           For       For        Management
5     Declassify the Board of Directors         For       For        Management
6     Adopt Simple Majority Vote                Against   For        Shareholder
7     Adopt ILO Standards                       Against   Against    Shareholder
8     Report on Feasibility of Phasing Out the  Against   Against    Shareholder
      Use of Non-certified Wood Fiber


- --------------------------------------------------------------------------------

KIMCO REALTY CORP.

Ticker:       KIM            Security ID:  49446R109
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Martin S. Kimmel           For       For        Management
1.2   Elect Director Milton Cooper              For       Withhold   Management
1.3   Elect Director Richard G. Dooley          For       Withhold   Management
1.4   Elect Director Michael J. Flynn           For       Withhold   Management
1.5   Elect Director Joe Grills                 For       For        Management
1.6   Elect Director David B. Henry             For       Withhold   Management
1.7   Elect Director F. Patrick Hughes          For       For        Management
1.8   Elect Director Frank Lourenso             For       Withhold   Management
1.9   Elect Director Richard Saltzman           For       For        Management
2     Company Specific-Equity-Related           For       For        Management
      --Increase  Number of Shares of
      Authorized Stock to Issue, Common Stock
      and Excess Stock
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

KRAFT FOODS INC

Ticker:       KFT            Security ID:  50075N104
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ajay Banga                 For       For        Management
1.2   Elect Director Jan Bennink                For       For        Management
1.3   Elect Director Louis C. Camilleri         For       For        Management
1.4   Elect Director Mark D. Ketchum            For       For        Management
1.5   Elect Director Richard A. Lemer           For       For        Management
1.6   Elect Director John C. Pope               For       For        Management
1.7   Elect Director Irene B. Rosenfeld         For       For        Management
1.8   Elect Director Mary L. Shapiro            For       For        Management
1.9   Elect Director Deborah C. Wright          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

KROGER CO., THE

Ticker:       KR             Security ID:  501044101
Meeting Date: JUN 28, 2007   Meeting Type: Annual
Record Date:  APR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Reuben V. Anderson         For       For        Management
1.2   Elect Director John L. Clendenin          For       For        Management
1.3   Elect Director David B. Dillon            For       For        Management
1.4   Elect Director David B. Lewis             For       For        Management
1.5   Elect Director Don W. McGeorge            For       For        Management
1.6   Elect Director W. Rodney McMullen         For       For        Management
1.7   Elect Director Jorge P. Montoya           For       For        Management
1.8   Elect Director Clyde R. Moore             For       For        Management
1.9   Elect Director Susan M. Phillips          For       For        Management
1.10  Elect Director Steven R. Rogel            For       For        Management
1.11  Elect Director James A. Runde             For       For        Management
1.12  Elect Director Ronald L. Sargent          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Articles/Regulations--i)Rules of    For       For        Management
      Conduct in Connection with Shareholder
      Meetings and (ii) Meetings Outside
      Cincinnati
4     Ratify Auditors                           For       For        Management
5     Report on Climate Change                  Against   For        Shareholder


- --------------------------------------------------------------------------------

L-3 COMMUNICATIONS HOLDINGS, INC.

Ticker:       LLL            Security ID:  502424104
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael T. Strianese       For       For        Management
1.2   Elect Director Claude R. Canizares        For       For        Management
1.3   Elect Director Thomas A. Corcoran         For       For        Management
1.4   Elect Director Alan H. Washkowitz         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

LEHMAN BROTHERS HOLDINGS INC.

Ticker:       LEH            Security ID:  524908100
Meeting Date: APR 12, 2007   Meeting Type: Annual
Record Date:  FEB 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Michael L. Ainslie         For       For        Management
2     Elect Director John F. Akers              For       For        Management
3     Elect Director Roger S. Berlind           For       For        Management
4     Elect Director Thomas H. Cruikshank       For       For        Management
5     Elect Director Marsha Johnson Evans       For       For        Management
6     Elect Director Richard S. Fuld, Jr.       For       For        Management
7     Elect Director Christopher Gent           For       For        Management
8     Elect Director Roland A. Hernandez        For       For        Management
9     Elect Director Henry Kaufman              For       For        Management
10    Elect Director John D. Macomber           For       For        Management
11    Ratify Auditors                           For       For        Management
12    Amend Omnibus Stock Plan                  For       Against    Management
13    Publish Political Contributions           Against   Against    Shareholder


- --------------------------------------------------------------------------------

LINCOLN NATIONAL CORP.

Ticker:       LNC            Security ID:  534187109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William J. Avery           For       For        Management
1.2   Elect Director William H. Cunningham      For       For        Management
1.3   Elect Director William Porter Payne       For       For        Management
1.4   Elect Director Patrick S. Pittard         For       For        Management
1.5   Elect Director Jill S. Ruckelshaus        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve Non-Employee Director Stock       For       For        Management
      Option Plan


- --------------------------------------------------------------------------------

LOEWS CORP.

Ticker:       LTR            Security ID:  540424108
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ann E. Berman              For       For        Management
1.2   Elect Director Joseph L. Bower            For       For        Management
1.3   Elect Director Charles M. Diker           For       For        Management
1.4   Elect Director Paul J. Fribourg           For       For        Management
1.5   Elect Director Walter L. Harris           For       For        Management
1.6   Elect Director Philip A. Laskawy          For       For        Management
1.7   Elect Director Gloria R. Scott            For       For        Management
1.8   Elect Director Andrew H. Tisch            For       For        Management
1.9   Elect Director James S. Tisch             For       For        Management
1.10  Elect Director Jonathan M. Tisch          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Provide for Cumulative Voting             Against   Against    Shareholder
5     Social Proposal                           Against   Against    Shareholder


- --------------------------------------------------------------------------------

LOWE'S COMPANIES, INC.

Ticker:       LOW            Security ID:  548661107
Meeting Date: MAY 25, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David W. Bernauer          For       For        Management
1.2   Elect Director Leonard L. Berry           For       For        Management
1.3   Elect Director Dawn E. Hudson             For       For        Management
1.4   Elect Director Robert A. Niblock          For       For        Management
2     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management
4     Require Director Nominee Qualifications   Against   Against    Shareholder
5     Report on Progress Toward Implementing    Against   Against    Shareholder
      the Company's Wood Policy
6     Declassify the Board of Directors         Against   For        Shareholder
7     Submit Severance Agreement (Change in     Against   For        Shareholder
      Control) to shareholder Vote
8     Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

MACERICH CO., THE

Ticker:       MAC            Security ID:  554382101
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward C. Coppola          For       For        Management
1.2   Elect Director Fred S. Hubbell            For       For        Management
1.3   Elect Director William P. Sexton          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------

MARSH & MCLENNAN COMPANIES, INC.

Ticker:       MMC            Security ID:  571748102
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Zachary W. Carter          For       For        Management
2     Elect Director Oscar Fanjul               For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Report on Political Contributions         Against   For        Shareholder


- --------------------------------------------------------------------------------

MCDONALD'S CORP.

Ticker:       MCD            Security ID:  580135101
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Edward A. Brennan          For       For        Management
2     Elect Director Walter E. Massey           For       For        Management
3     Elect Director John W. Rogers, Jr.        For       For        Management
4     Elect Director Roger W. Stone             For       For        Management
5     Ratify Auditors                           For       For        Management
6     Label Genetically Modified Organisms      Against   Against    Shareholder
7     Adopt and Implement ILO Based Code of     Against   Against    Shareholder
      Conduct


- --------------------------------------------------------------------------------

MELLON FINANCIAL CORP.

Ticker:       MEL            Security ID:  58551A108
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jared L. Cohon             For       For        Management
1.2   Elect Director Ira J. Gumberg             For       For        Management
1.3   Elect Director Robert P. Kelly            For       For        Management
1.4   Elect Director David S. Shapira           For       For        Management
1.5   Elect Director John P. Surma              For       Withhold   Management
2     Declassify the Board of Directors         For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MELLON FINANCIAL CORP.

Ticker:       MEL            Security ID:  58551A108
Meeting Date: MAY 24, 2007   Meeting Type: Special
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adopt Supermajority Vote Requirement for  For       For        Management
      Mergers
3     Increase Authorized Preferred and Common  For       For        Management
      Stock
4     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

METLIFE, INC

Ticker:       MET            Security ID:  59156R108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Burton A. Dole, Jr.        For       For        Management
1.2   Elect Director R. Glenn Hubbard           For       For        Management
1.3   Elect Director James M. Kilts             For       For        Management
1.4   Elect Director Charles M. Leighton        For       For        Management
1.5   Elect Director David Satcher              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MGIC INVESTMENT CORP.

Ticker:       MTG            Security ID:  552848103
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director James A. Abbott            For       For        Management
2.2   Elect Director Thomas M. Hagerty          For       For        Management
2.3   Elect Director Michael E. Lehman          For       For        Management
3     Ratify Auditors                           For       For        Management
4     Adjourn Meeting                           For       For        Management



- --------------------------------------------------------------------------------

MITSUBISHI UFJ FINANCIAL GROUP

Ticker:       8306           Security ID:  606822104
Meeting Date: JUN 28, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROPRIATION OF SURPLUS                  For       For        Management
2     PARTIAL AMENDMENTS TO THE ARTICLES OF     For       For        Management
      INCORPORATION
3     ELECTION OF 15 (FIFTEEN) DIRECTORS        For       Against    Management
4     ELECTION OF 1 (ONE) CORPORATE AUDITOR     For       Against    Management
5     GRANTING OF RETIREMENT GRATUITIES TO      For       For        Management
      RETIRING DIRECTORS AND CORPORATE AUDITOR
      AND PAYMENT OF LUMP-SUM RETIREMENT
      GRATUITIES TO DIRECTORS AND CORPORATE
      AUDITORS DUE TO THE ABOLITION OF
      RETIREMENT GRATUITIES PROGRAM FOR
      OFFICERS
6     REVISION OF THE AMOUNT OF REMUNERATION,   For       For        Management
      ETC. FOR DIRECTORS AND CORPORATE
      AUDITORS, AND DETERMINATION OF THE AMOUNT
      AND DETAILS OF STOCK OPTION REMUNERATION,
      ETC.


- --------------------------------------------------------------------------------

MOLSON COORS BREWING CO

Ticker:       TAP            Security ID:  60871R209
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John E. Cleghorn           For       For        Management
1.2   Elect Director Charles M. Herington       For       For        Management
1.3   Elect Director David P. O'Brien           For       For        Management


- --------------------------------------------------------------------------------

MORGAN STANLEY

Ticker:       MS             Security ID:  617446448
Meeting Date: APR 10, 2007   Meeting Type: Annual
Record Date:  FEB 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Roy J. Bostock             For       For        Management
2     Elect Director Erskine B. Bowles          For       For        Management
3     Elect Director Howard J. Davies           For       For        Management
4     Elect Director C. Robert Kidder           For       For        Management
5     Elect Director John J. Mack               For       For        Management
6     Elect Director Donald T. Nicolaisen       For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Hutham S. Olayan           For       For        Management
9     Elect Director Charles E. Phillips, Jr.   For       For        Management
10    Elect Director Griffith Sexton            For       For        Management
11    Elect Director Laura D. Tyson             For       For        Management
12    Elect Director Klaus Zumwinkel            For       Against    Management
13    Ratify Auditors                           For       For        Management
14    Approve Omnibus Stock Plan                For       Against    Management
15    Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
16    Approve Report of the Compensation        Against   For        Shareholder
      Committee


- ---------------------------------------------------------------------------

NEWS CORPORATION

Ticker:       NWS            Security ID:  65248E203
Meeting Date: APR 3, 2007    Meeting Type: Special
Record Date:  FEB 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Share Exchange Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management



- --------------------------------------------------------------------------------

NOKIA CORP.

Ticker:       NOK            Security ID:  654902204
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          For       For        Management
      Statutory Reports, Including Auditors'
      Report; Accept Financial Statements and
      Statutory Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 0.43 Per Share
3     Approve Discharge of Board and President  For       For        Management
4     Amend Articles to Comply with New Finnish For       For        Management
      Companies Act
5     Approve Remuneration of Directors         For       For        Management
6     Fix Number of Directors at 11             For       For        Management
7.1   Elect Director Georg Ehrnrooth            For       For        Management
7.2   Elect Director Daniel R. Hesse            For       For        Management
7.3   Elect Director Bengt Holmstrom            For       For        Management
7.4   Elect Director Per Karlsson               For       For        Management
7.5   Elect Director Jorma Ollila               For       For        Management
7.6   Elect Director Marjorie Scardino          For       For        Management
7.7   Elect Director Keijo Suila                For       For        Management
7.8   Elect Director Vesa Vainio                For       For        Management
7.9   Elect Director Lalita D. Gupte            For       For        Management
7.10  Elect Director Henning Kagermann          For       For        Management
7.11  Elect Director Olli-Pekka Kallasvuo       For       For        Management
8     Approve Remuneration of Auditors          For       For        Management
9     Reelect PricewaterhouseCoopers Oy as      For       For        Management
      Auditor
10    Approve Stock Option Plan for Key         For       For        Management
      Employees; Approve Creation of Pool of
      Conditional Capital to Guarantee
      Conversion Rights
11    Approve Minimum EUR 2.3 Billion Reduction For       For        Management
      in Share Premium Account
12    Amend 2001, 2003, and 2005 Stock Option   For       For        Management
      Plans Re: Record Subscription Prices in
      Invested Non-restricted Equity Fund
13    Approve Creation of Pool of Capital       For       For        Management
      without Preemptive Rights Consisting of
      up to 800 Million Shares
14    Authorize Repurchase of up to 10 Percent  For       For        Management
      of Issued Share Capital
15    Mark The Box If you wish to Instruct      None      Abstain    Management
      Nokia S Legal Counsels To Vote In their
      Discretion On Your behalf Only Upon Item
      15 *NOTE* Voting Options For Props 5-6,
      8-9 are FOR or ABSTAIN


- --------------------------------------------------------------------------------

NORFOLK SOUTHERN CORP.

Ticker:       NSC            Security ID:  655844108
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alston D. Correll          For       For        Management
1.2   Elect Director Landon Hilliard            For       For        Management
1.3   Elect Director Burton M. Joyce            For       For        Management
1.4   Elect Director Jane Margaret O' Brien     For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

NOVARTIS AG

Ticker:       NVS            Security ID:  66987V109
Meeting Date: MAR 6, 2007    Meeting Type: Annual
Record Date:  JAN 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE ANNUAL REPORT, THE        For       For        Management
      FINANCIAL STATEMENTS OF NOVARTIS AG AND
      THE GROUP CONSOLIDATED FINANCIAL
      STATEMENTS FOR THE YEAR 2006.
2     APPROVAL OF THE ACTIVITIES OF THE BOARD   For       For        Management
      OF DIRECTORS
3     APPROPRIATION OF AVAILABLE EARNINGS OF    For       For        Management
      NOVARTIS AG AS PER BALANCE SHEET AND
      DECLARATION OF DIVIDEND
4     ELECTION TO THE BOARD OF DIRECTORS:       For       For        Management
      RE-ELECTION OF HANS-JOERG RUDLOFF FOR A
      THREE-YEAR TERM
5     ELECTION TO THE BOARD OF DIRECTORS:       For       For        Management
      RE-ELECTION OF DR. DANIEL VASELLA FOR A
      THREE-YEAR TERM
6     ELECTION TO THE BOARD OF DIRECTORS:       For       For        Management
      ELECTION OF NEW MEMBER MARJORIE M. YANG
      FOR A TERM OF OFFICE BEGINNING ON 1
      JANUARY 2008 AND ENDING ON THE DAY OF THE
      AGM IN 2010
7     Ratify Auditors                           For       For        Management
8     VOTES REGARDING ADDITIONAL AND/OR         For       Against    Management
      COUNTER-PROPOSALS AT THE AGM OF NOVARTIS
      AG IF YOU GIVE NO INSTRUCTIONS ON AGENDA
      ITEM 6, YOUR VOTES WILL BE CAST IN
      ACCORDANCE WITH THE PROPOSALS OF THE
      BOARD OF DIRECTORS. MARKING THE BOX  FOR
      IS A VOTE FOR THE PROPOS


- --------------------------------------------------------------------------------

OCCIDENTAL PETROLEUM CORP.

Ticker:       OXY            Security ID:  674599105
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Spencer Abraham            For       Against    Management
2     Elect Director Ronald W. Burkle           For       For        Management
3     Elect Director John S. Chalsty            For       Against    Management
4     Elect Director Edward P. Djerejian        For       For        Management
5     Elect Director R. Chad Dreier             For       Against    Management
6     Elect Director John E. Feick              For       For        Management
7     Elect Director Ray R. Irani               For       For        Management
8     Elect Director Irvin W. Maloney           For       Against    Management
9     Elect Director Rodolfo Segovia            For       Against    Management
10    Elect Director Aziz D. Syriani            For       For        Management
11    Elect Director Rosemary Tomich            For       Against    Management
12    Elect Director Walter L. Weisman          For       For        Management
13    Ratify Auditors                           For       For        Management
14    Amend Omnibus Stock Plan                  For       Against    Management
15    Publish a Scientific Global Warming       Against   Against    Shareholder
      Report
16    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers Compensation
17    Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

PENN WEST ENERGY TRUST

Ticker:       PWT.U          Security ID:  707885109
Meeting Date: JUN 8, 2007    Meeting Type: Annual
Record Date:  APR 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Fix Number of Directors of PWPL at Nine   For       For        Management
2     Elect James E. Allard, William E. Andrew, For       For        Management
      George H. Brookman, John A. Brussa,
      Shirley A. McClellan, Murray N. Nunns,
      Thomas E. Phillips, Frank Potter and
      James C. Smith as Directors of PWPL
3     Approve KPMG LLP as Auditors and          For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors


- --------------------------------------------------------------------------------

PINNACLE WEST CAPITAL CORP.

Ticker:       PNW            Security ID:  723484101
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Declassify the Board of Directors         For       For        Management
2.1   Elect Director Roy A. Herberger, Jr.      For       For        Management
2.2   Elect Director Humberto S. Lopez          For       For        Management
2.3   Elect Director Kathryn L. Munro           For       For        Management
2.4   Elect Director William L. Stewart         For       For        Management
2.5   Elect Director Edward N. Basha, Jr.       For       For        Management
2.6   Elect Director Jack E. Davis              For       For        Management
2.7   Elect Director Michael L. Gallagher       For       For        Management
2.8   Elect Director Pamela Grant               For       For        Management
2.9   Elect Director William S. Jamieson, Jr.   For       For        Management
2.10  Elect Director Bruce J. Nordstrom         For       For        Management
2.11  Elect Director William J. Post            For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Rick R. Holley             For       For        Management
2     Elect Director Ian B. Davidson            For       For        Management
3     Elect Director Robin Josephs              For       For        Management
4     Elect Director John G. McDonald           For       For        Management
5     Elect Director Robert B. McLeod           For       For        Management
6     Elect Director  John F. Morgan, Sr.       For       For        Management
7     Elect Director John H. Scully             For       For        Management
8     Elect Director Stephen C. Tobias          For       For        Management
9     Elect Director Carl B. Webb               For       For        Management
10    Elect Director Martin A. White            For       For        Management
11    Ratify Auditors                           For       For        Management
12    Report on Political Contributions         Against   For        Shareholder
13    Pay For Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------

PNC FINANCIAL SERVICES GROUP, INC.

Ticker:       PNC            Security ID:  693475105
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mr. Berndt                 For       For        Management
1.2   Elect Director Mr. Bunch                  For       For        Management
1.3   Elect Director Mr. Chellgren              For       For        Management
1.4   Elect Director  Mr. Clay                  For       For        Management
1.5   Elect Director Mr. Davidson               For       For        Management
1.6   Elect Director Ms. James                  For       For        Management
1.7   Elect Director Mr. Kelson                 For       For        Management
1.8   Elect Director Mr. Lindsay                For       For        Management
1.9   Elect Director Mr. Massaro                For       For        Management
1.10  Elect Director Ms. Pepper                 For       For        Management
1.11  Elect Director Mr. Rohr                   For       For        Management
1.12  Elect Director Mr. Shepard                For       For        Management
1.13  Elect Director Ms. Steffes                For       For        Management
1.14  Elect Director Mr. Strigl                 For       For        Management
1.15  Elect Director Mr. Thieke                 For       For        Management
1.16  Elect Director Mr. Usher                  For       For        Management
1.17  Elect Director Mr. Walls                  For       For        Management
1.18  Elect Director Mr. Wehmeier               For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

PROGRESS ENERGY, INC.

Ticker:       PGN            Security ID:  743263105
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James E. Bostic, Jr.       For       For        Management
2     Elect Director David L. Burner            For       For        Management
3     Elect Director Richard L. Daugherty       For       For        Management
4     Elect Director Harris E. DeLoach, Jr.     For       For        Management
5     Elect Director Robert W. Jones            For       For        Management
6     Elect Director W. Steven Jones            For       For        Management
7     Elect Director Robert B. McGehee          For       For        Management
8     Elect Director E. Marie McKee             For       For        Management
9     Elect Director John H. Mullin, III        For       For        Management
10    Elect Director Carlos A. Saladrigas       For       For        Management
11    Elect Director Theresa M. Stone           For       For        Management
12    Elect Director Alfred C. Tollison, Jr.    For       For        Management
13    Ratify Auditors                           For       For        Management
14    Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

PROLOGIS

Ticker:       PLD            Security ID:  743410102
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director K. Dane Brooksher          For       For        Management
1.2   Elect Director Stephen L. Feinberg        For       For        Management
1.3   Elect Director George L. Fotiades         For       For        Management
1.4   Elect Director Christine N. Garvey        For       For        Management
1.5   Elect Director Donald P. Jacobs           For       For        Management
1.6   Elect Director Walter C. Rakowich         For       For        Management
1.7   Elect Director Nelson C. Rising           For       For        Management
1.8   Elect Director Jeffrey H. Schwartz        For       For        Management
1.9   Elect Director D. Michael Steuert         For       For        Management
1.10  Elect Director J. Andre Teixeira          For       For        Management
1.11  Elect Director William D. Zollars         For       Withhold   Management
1.12  Elect Director Andrea M. Zulberti         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PRUDENTIAL FINANCIAL INC

Ticker:       PRU            Security ID:  744320102
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frederic K. Becker         For       For        Management
1.2   Elect Director Gordon M. Bethune          For       For        Management
1.3   Elect Director Gaston Caperton            For       For        Management
1.4   Elect Director Gilbert F. Casellas        For       For        Management
1.5   Elect Director James G. Cullen            For       For        Management
1.6   Elect Director William H. Gray, III       For       For        Management
1.7   Elect Director Jon F. Hanson              For       For        Management
1.8   Elect Director Constance J. Horner        For       For        Management
1.9   Elect Director Karl J. Krapek             For       For        Management
1.10  Elect Director Christine A. Poon          For       For        Management
1.11  Elect Director Arthur F. Ryan             For       For        Management
1.12  Elect Director James A. Unruh             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PUBLIC STORAGE, INC.

Ticker:       PSA            Security ID:  74460D109
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director B. Wayne Hughes            For       For        Management
1.2   Elect Director Ronald L. Havner, Jr.      For       For        Management
1.3   Elect Director Dann V. Angeloff           For       For        Management
1.4   Elect Director William C. Baker           For       For        Management
1.5   Elect Director John T. Evans              For       For        Management
1.6   Elect Director Uri P. Harkham             For       For        Management
1.7   Elect Director B. Wayne Hughes, Jr.       For       For        Management
1.8   Elect Director Harvey Lenkin              For       For        Management
1.9   Elect Director Gary E. Pruitt             For       For        Management
1.10  Elect Director Daniel C. Staton           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Change State of Incorporation [From       For       Against    Management
      California Corporation to Maryland Real
      Estate Investment Trust]
5     Adjourn Meeting                           For       Against    Management


- --------------------------------------------------------------------------------

QUALCOMM INC.

Ticker:       QCOM           Security ID:  747525103
Meeting Date: MAR 13, 2007   Meeting Type: Annual
Record Date:  JAN 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara T. Alexander       For       For        Management
1.2   Elect Director Raymond V. Dittamore       For       For        Management
1.3   Elect Director Irwin Mark Jacobs          For       For        Management
1.4   Elect Director Sherry Lansing             For       For        Management
1.5   Elect Director Peter M. Sacerdote         For       For        Management
1.6   Elect Director Marc I. Stern              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

QUEST DIAGNOSTICS, INCORPORATED

Ticker:       DGX            Security ID:  74834L100
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John C. Baldwin, M.D.      For       For        Management
1.2   Elect Director Surya N. Mohapatra, Ph.D.  For       For        Management
1.3   Elect Director Gary M. Pfeiffer           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SCHERING-PLOUGH CORP.

Ticker:       SGP            Security ID:  806605101
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Hans W. Becherer           For       For        Management
1.2   Elect Director Thomas J. Colligan         For       For        Management
1.3   Elect Director Fred Hassan                For       For        Management
1.4   Elect Director C. Robert Kidder           For       For        Management
1.5   Elect Director Philip Leder, M.D.         For       For        Management
1.6   Elect Director Eugene R. McGrath          For       For        Management
1.7   Elect Director Carl E. Mundy, Jr.         For       For        Management
1.8   Elect Director Antonio M. Perez           For       For        Management
1.9   Elect Director Patricia F. Russo          For       For        Management
1.10  Elect Director Jack L. Stahl              For       For        Management
1.11  Elect Director Kathryn C. Turner          For       For        Management
1.12  Elect Director Robert F.W. van Oordt      For       For        Management
1.13  Elect Director Arthur F. Weinbach         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Company Specific--Adopt Majority Voting   For       Against    Management
5     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards


- -------------------------------------------------------------------------------

SIMON PROPERTY GROUP, INC.

Ticker:       SPG            Security ID:  828806109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Birch Bayh                 For       For        Management
1.2   Elect Director Melvyn E. Bergstein        For       For        Management
1.3   Elect Director Linda Walker Bynoe         For       For        Management
1.4   Elect Director Karen N. Horn, Ph.D.       For       For        Management
1.5   Elect Director Reuben S. Leibowitz        For       For        Management
1.6   Elect Director J. Albert Smith, Jr.       For       For        Management
1.7   Elect Director Pieter S. van den Berg     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Pay for Superior Performance              Against   For        Shareholder
4     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
5     Submit Severance Agreement (Change in     Against   For        Shareholder
      Control) to shareholder Vote


- --------------------------------------------------------------------------------

SOUTHWEST AIRLINES CO.

Ticker:       LUV            Security ID:  844741108
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Colleen C. Barrett         For       Withhold   Management
1.2   Elect Director David W. Biegler           For       For        Management
1.3   Elect Director Louis E. Caldera           For       For        Management
1.4   Elect Director C. Webb Crockett           For       Withhold   Management
1.5   Elect Director William H. Cunningham,     For       For        Management
      Ph.D.
1.6   Elect Director Travis C. Johnson          For       For        Management
1.7   Elect Director Herbert D. Kelleher        For       Withhold   Management
1.8   Elect Director Gary C. Kelly              For       Withhold   Management
1.9   Elect Director Nancy B. Loeffler          For       Withhold   Management
1.10  Elect Director John T. Montford           For       For        Management
2     Reduce Supermajority Vote Requirement     For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Ratify Auditors                           For       For        Management
5     Company Specific-Adopt Simple Majority    Against   Against    Shareholder
      Vote


- --------------------------------------------------------------------------------

SPRINT NEXTEL CORP

Ticker:       S              Security ID:  852061100
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Keith J. Bane              For       For        Management
2     Elect Director Robert R. Bennett          For       For        Management
3     Elect Director Gordon M. Bethune          For       For        Management
4     Elect Director Frank M. Drendel           For       For        Management
5     Elect Director Gary D. Forsee             For       For        Management
6     Elect Director James H. Hance, Jr.        For       For        Management
7     Elect Director V. Janet Hill              For       For        Management
8     Elect Director Irvine O. Hockaday, Jr.    For       For        Management
9     Elect Director Linda Koch Lorimer         For       For        Management
10    Elect Director  William H. Swanson        For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Omnibus Stock Plan                For       For        Management
13    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

STMICROELECTRONICS N.V.

Ticker:       STM            Security ID:  861012102
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1a    TO ADOPT OUR STATUTORY ANNUAL ACCOUNTS    For       For        Management
      FOR THE 2006 FINANCIAL YEAR, ALL AS MORE
      FULLY DESCRIBED IN THE PROXY STATEMENT.
1b    TO DISTRIBUTE A DIVIDEND IN CASH OF US    For       For        Management
      $0.30 PER ORDINARY SHARE, IN LINE WITH
      OUR DIVIDEND POLICY AS COMMUNICATED.
1c    TO DISCHARGE THE SOLE MEMBER OF OUR       For       For        Management
      MANAGING BOARD FOR HIS MANAGEMENT DURING
      THE 2006 FINANCIAL YEAR.
1d    TO DISCHARGE THE MEMBERS OF OUR           For       For        Management
      SUPERVISORY BOARD FOR THEIR SUPERVISION
      DURING THE 2006 FINANCIAL YEAR.
2a    TO APPOINT MR. ALESSANDRO OVI AS A MEMBER For       Against    Management
      OF OUR SUPERVISORY BOARD FOR A THREE-YEAR
      TERM EFFECTIVE AS OF OUR 2007 AGM.
2b    TO APPOINT MR. RAY BINGHAM AS A MEMBER OF For       For        Management
      OUR SUPERVISORY BOARD FOR A THREE-YEAR
      TERM EFFECTIVE AS OF OUR 2007 AGM.
3     TO APPROVE THE MODIFICATION TO THE THREE  For       Against    Management
      YEAR STOCK-BASED COMPENSATION PLAN.
4     TO APPROVE THE DELEGATION TO OUR          For       For        Management
      SUPERVISORY BOARD OF THE POWER TO GRANT
      MR. C. BOZOTTI UP TO A MAXIMUM NUMBER OF
      100,000 ORDINARY SHARES.
5     TO DESIGNATE OUR SUPERVISORY BOARD AS THE For       Against    Management
      CORPORATE BODY AUTHORIZED TO RESOLVE UPON
      ISSUANCE OF ANY NUMBER OF SHARES AS
      COMPRISED IN THE AUTHORIZED SHARE
      CAPITAL.
6     TO AUTHORIZE OUR MANAGING BOARD TO        For       For        Management
      ACQUIRE FOR A CONSIDERATION ON A STOCK
      EXCHANGE.
7     TO AMEND OUR ARTICLES OF ASSOCIATION, ALL For       For        Management
      AS MORE FULLY DESCRIBED IN THE PROXY
      STATEMENT.


- --------------------------------------------------------------------------------

SUNCOR ENERGY INC

Ticker:       SU             Security ID:  867229106
Meeting Date: APR 26, 2007   Meeting Type: Annual/Special
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mel E. Benson              For       For        Management
1.2   Elect Director Brian A. Canfield          For       For        Management
1.3   Elect Director Bryan P. Davies            For       For        Management
1.4   Elect Director Brian A. Felesky           For       For        Management
1.5   Elect Director John T. Ferguson           For       For        Management
1.6   Elect Director W. Douglas Ford            For       For        Management
1.7   Elect Director Richard L. George          For       For        Management
1.8   Elect Director John R. Huff               For       For        Management
1.9   Elect Director M. Ann McCaig              For       For        Management
1.10  Elect Director Michael W. O'Brien         For       For        Management
1.11  Elect Director Eira M. Thomas             For       For        Management
2     Ratify PricewaterhouseCoopers LLP as      For       For        Management
      Auditors
3     Amend Equity Compensation Plan            For       For        Management
4     Approve Performance Stock Options         For       Against    Management
5     Amend Bylaws                              For       For        Management


- --------------------------------------------------------------------------------

SUNTRUST BANKS, INC.

Ticker:       STI            Security ID:  867914103
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert M. Beall, II        For       For        Management
1.2   Elect Director Jeffrey C. Crowe           For       For        Management
1.3   Elect Director J. Hicks Lanier            For       Withhold   Management
1.4   Elect Director Larry L. Prince            For       For        Management
1.5   Elect Director Frank S. Royal, M.D.       For       For        Management
1.6   Elect Director Phail Wynn, Jr.            For       For        Management
1.7   Elect Director James M. Wells, III        For       For        Management
2     Amend Rights and Preferences of Preferred For       For        Management
      Stock
3     Declassify the Board of Directors         For       For        Management
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
5     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

T. ROWE PRICE GROUP, INC.

Ticker:       TROW           Security ID:  74144T108
Meeting Date: APR 12, 2007   Meeting Type: Annual
Record Date:  FEB 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward C. Bernard          For       For        Management
1.2   Elect Director James T. Brady             For       For        Management
1.3   Elect Director J. Alfred Broaddus, Jr.    For       For        Management
1.4   Elect Director Donald B. Hebb, Jr.        For       For        Management
1.5   Elect Director James A.C. Kennedy         For       For        Management
1.6   Elect Director Brian C. Rogers            For       For        Management
1.7   Elect Director Dr. Alfred Sommer          For       For        Management
1.8   Elect Director Dwight S. Taylor           For       For        Management
1.9   Elect Director Anne Marie Whittemore      For       For        Management
2     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
3     Ratify Auditors                           For       For        Management
4     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

TARGET CORPORATION

Ticker:       TGT            Security ID:  87612E106
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Calvin Darden              For       For        Management
1.2   Elect Director Anne M. Mulcahy            For       For        Management
1.3   Elect Director Stephen W. Sanger          For       For        Management
1.4   Elect Director Gregg W. Steinhafel        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Company Specific- Require Majority Vote   For       For        Management
      for the Election of Directors
5     Report on Political Contributions         Against   For        Shareholder


- --------------------------------------------------------------------------------

TEXAS INSTRUMENTS INC.

Ticker:       TXN            Security ID:  882508104
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James R. Adams             For       For        Management
2     Elect Director David L. Boren             For       For        Management
3     Elect Director Daniel A. Carp             For       Against    Management
4     Elect Director Carrie S. Cox              For       For        Management
5     Elect Director Thomas J. Engibous         For       For        Management
6     Elect Director David R. Goode             For       For        Management
7     Elect Director Pamela H. Patsley          For       For        Management
8     Elect Director Wayne R. Sanders           For       For        Management
9     Elect Director Ruth J. Simmons            For       Against    Management
10    Elect Director Richard K. Templeton       For       For        Management
11    Elect Director Christine Todd Whitman     For       Against    Management
12    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TIME WARNER INC

Ticker:       TWX            Security ID:  887317105
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Barksdale         For       For        Management
1.2   Elect Director Jeffrey L. Bewkes          For       For        Management
1.3   Elect Director Stephen F. Bollenbach      For       For        Management
1.4   Elect Director Frank J. Caufield          For       For        Management
1.5   Elect Director Robert C. Clark            For       For        Management
1.6   Elect Director Mathias Dopfner            For       For        Management
1.7   Elect Director Jessica P. Einhorn         For       For        Management
1.8   Elect Director Reuben Mark                For       For        Management
1.9   Elect Director Michael A. Miles           For       For        Management
1.10  Elect Director Kenneth J. Novack          For       For        Management
1.11  Elect Director Richard D. Parsons         For       For        Management
1.12  Elect Director Francis T. Vincent, Jr.    For       For        Management
1.13  Elect Director Deborah C. Wright          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers'Compensation
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Company Specific- Adopt Simple Majority   Against   For        Shareholder
      Vote
7     Amend Articles/Bylaws/Charter -- Call     Against   For        Shareholder
      Special Meetings
8     Company-Specific- Stockholder             Against   Against    Shareholder
      Ratification of Director Compensation,
      When a Stockholder Rights Plan Has Been
      Adopted


- --------------------------------------------------------------------------------

TRIBUNE CO.

Ticker:       TRB            Security ID:  896047107
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jeffrey Chandler           For       For        Management
1.2   Elect Director William A. Osborn          For       For        Management
1.3   Elect Director Miles D. White             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------

U.S. BANCORP

Ticker:       USB            Security ID:  902973304
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Victoria Buynisk Gluckman  For       For        Management
1.2   Elect Director Arthur D. Collins, Jr.     For       For        Management
1.3   Elect Director Olivia F. Kirtley          For       For        Management
1.4   Elect Director Jerry W. Levin             For       For        Management
1.5   Elect Director Richard G. Reiten          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Declassify the Board of Directors         For       For        Management
5     Approve Report of the Compensation        Against   For        Shareholder
      Committee
6     Establish SERP Policy                     Against   For        Shareholder


- --------------------------------------------------------------------------------

UBS AG

Ticker:       UBSN           Security ID:  H89231338
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ANNUAL REPORT, GROUP AND PARENT COMPANY   For       For        Management
      ACCOUNTS FOR FINANCIAL YEAR 2006, REPORTS
      OF THE GROUP AND STATUTORY AUDITORS
2     APPROPRIATION OF RETAINED EARNINGS        For       For        Management
      DIVIDEND FOR FINANCIAL YEAR 2006
3     DISCHARGE OF THE MEMBERS OF THE BOARD OF  For       For        Management
      DIRECTORS AND THE GROUP EXECUTIVE BOARD
4     RE-ELECTION OF BOARD MEMBER: STEPHAN      For       For        Management
      HAERINGER
5     RE-ELECTION OF BOARD MEMBER: HELMUT PANKE For       For        Management
6     RE-ELECTION OF BOARD MEMBER: PETER        For       For        Management
      SPUHLER
7     ELECTION OF NEW BOARD MEMBER: SERGIO      For       For        Management
      MARCHIONNE
8     ELECTION OF THE GROUP AND STATUTORY       For       For        Management
      AUDITORS
9     CAPITAL REDUCTION: CANCELLATION OF SHARES For       For        Management
      REPURCHASED UNDER THE 2006/2007 SHARE
      BUYBACK PROGRAM AND RESPECTIVE AMENDMENT
      OF ARTICLE 4 PARA 1 OF THE ARTICLES OF
      ASSOCIATION
10    CAPITAL REDUCTION: APPROVAL OF A NEW      For       For        Management
      SHARE BUYBACK PROGRAM FOR 2007-2010
11    IN CASE OF AD-HOC SHAREHOLDERS  MOTIONS   For       Against    Management
      DURING THE ANNUAL GENERAL MEETING, I/WE
      AUTHORIZE MY/OUR PROXY TO ACT IN
      ACCORDANCE WITH THE BOARD OF DIRECTORS


- --------------------------------------------------------------------------------

UNION PACIFIC CORP.

Ticker:       UNP            Security ID:  907818108
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  FEB 22, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Andrew H. Card, Jr.        For       For        Management
1.2   Elect Director Erroll B. Davis, Jr.       For       For        Management
1.3   Elect Director Thomas J. Donohue          For       For        Management
1.4   Elect Director Archie W. Dunham           For       For        Management
1.5   Elect Director Judith Richards Hope       For       For        Management
1.6   Elect Director Charles C. Krulak          For       For        Management
1.7   Elect Director Michael W. McConnell       For       For        Management
1.8   Elect Director Thomas F. McLarty III      For       For        Management
1.9   Elect Director Steven R. Rogel            For       For        Management
1.10  Elect Director James R. Young             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
4     Report on Political Contributions         Against   For        Shareholder


- --------------------------------------------------------------------------------

UNUM GROUP

Ticker:       UNM            Security ID:  91529Y106
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director E. Michael Caulfield       For       For        Management
1.2   Elect Director Ronald E. Goldsberry       For       For        Management
1.3   Elect Director Michael J. Passarella      For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

VERIZON COMMUNICATIONS

Ticker:       VZ             Security ID:  92343V104
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James R. Barker            For       For        Management
2     Elect Director Richard L. Carrion         For       For        Management
3     Elect Director M. Frances Keeth           For       For        Management
4     Elect Director Robert W. Lane             For       For        Management
5     Elect Director Sandra O. Moose            For       For        Management
6     Elect Director Joseph Neubauer            For       For        Management
7     Elect Director Donald T. Nicolaisen       For       For        Management
8     Elect Director Thomas H. O'Brien          For       For        Management
9     Elect Director Clarence Otis, Jr.         For       For        Management
10    Elect Director Hugh B. Price              For       For        Management
11    Elect Director Ivan G. Seidenberg         For       For        Management
12    Elect Director Walter V. Shipley          For       For        Management
13    Elect Director John W. Snow               For       For        Management
14    Elect Director John R. Stafford           For       For        Management
15    Elect Director Robert D. Storey           For       For        Management
16    Ratify Auditors                           For       For        Management
17    Limit Executive Compensation              Against   Against    Shareholder
18    Eliminate or Restrict Severance           Against   For        Shareholder
      Agreements (Change-in-Control)
19    Disclose Information on Compensation      Against   For        Shareholder
      Consultant
20    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officer's Compensation
21    Adopt Policy on Overboarded Director      Against   Against    Shareholder
22    Approve Terms of Existing Poison Pill     Against   Against    Shareholder
23    Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

VF CORP.

Ticker:       VFC            Security ID:  918204108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward E. Crutchfield      For       For        Management
1.2   Elect Director George Fellows             For       For        Management
1.3   Elect Director Daniel R. Hesse            For       For        Management
1.4   Elect Director Clarence Otis, Jr.         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert P. Kogod           For       For        Management
1.2   Elect  Director David Mandelbaum          For       For        Management
1.3   Elect  Director Richard R. West           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

WASHINGTON MUTUAL, INC

Ticker:       WM             Security ID:  939322103
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anne V. Farrell            For       For        Management
1.2   Elect Director Stephen E. Frank           For       For        Management
1.3   Elect Director Kerry K. Killinger         For       For        Management
1.4   Elect Director Thomas C. Leppert          For       For        Management
1.5   Elect Director Charles M. Lillis          For       For        Management
1.6   Elect Director Phillip D. Matthews        For       For        Management
1.7   Elect Director Regina T. Montoya          For       For        Management
1.8   Elect Director Michael K. Murphy          For       For        Management
1.9   Elect Director Margaret Osmer Mcquade     For       For        Management
1.10  Elect Director Mary E. Pugh               For       For        Management
1.11  Elect Director William G. Reed, Jr.       For       For        Management
1.12  Elect Director Orin C. Smith              For       For        Management
1.13  Elect Director James H. Stever            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Establish SERP Policy                     Against   For        Shareholder
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
5     Require Director Nominee Qualifications   Against   Against    Shareholder


- --------------------------------------------------------------------------------

WASTE MANAGEMENT, INC.

Ticker:       WMI            Security ID:  94106L109
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Pastora San Juan Cafferty  For       For        Management
2     Elect Director Frank M. Clark, Jr.        For       For        Management
3     Elect Director Patrick W. Gross           For       For        Management
4     Elect Director Thomas I. Morgan           For       For        Management
5     Elect Director John C. Pope               For       For        Management
6     Elect Director W. Robert Reum             For       For        Management
7     Elect Director Steven G. Rothmeier        For       For        Management
8     Elect Director David P. Steiner           For       For        Management
9     Elect Director Thomas H. Weidemeyer       For       For        Management
10    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WELLS FARGO & COMPANY

Ticker:       WFC            Security ID:  949746101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John S. Chen               For       For        Management
1.2   Elect Director Lloyd H. Dean              For       For        Management
1.3   Elect Director Susan E. Engel             For       For        Management
1.4   Elect Director Enrique Hernandez, Jr.     For       For        Management
1.5   Elect Director Robert L. Joss             For       For        Management
1.6   Elect Director Richard M. Kovacevich      For       For        Management
1.7   Elect Director Richard D. McCormick       For       For        Management
1.8   Elect Director Cynthia H. Milligan        For       Against    Management
1.9   Elect Director Nicholas G. Moore          For       For        Management
1.10  Elect Director Philip J. Quigley          For       Against    Management
1.11  Elect Director Donald B. Rice             For       Against    Management
1.12  Elect Director Judith M. Runstad          For       For        Management
1.13  Elect Director Stephen W. Sanger          For       For        Management
1.14  Elect Director Susan G. Swenson           For       For        Management
1.15  Elect Director John G. Stumpf             For       For        Management
1.16  Elect Director Michael W. Wright          For       Against    Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   For        Shareholder
4     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
5     Establish SERP Policy                     Against   For        Shareholder
6     Report on Racial and Ethnic Disparities   Against   Against    Shareholder
      in Loan Pricing
7     Report on Emission Reduction Goals        Against   For        Shareholder


- --------------------------------------------------------------------------------

WEYERHAEUSER CO.

Ticker:       WY             Security ID:  962166104
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven R. Rogel            For       Withhold   Management
1.2   Elect Director Debra A. Cafaro            For       For        Management
1.3   Elect Director Richard H. Sinkfield       For       Withhold   Management
1.4   Elect Director D. Michael Steuert         For       Withhold   Management
1.5   Elect Director James N. Sullivan          For       Withhold   Management
1.6   Elect Director Kim Williams               For       For        Management
2     Report on Political Contributions         Against   Against    Shareholder
3     Adopt Simple Majority Vote                Against   For        Shareholder
4     Report on Wood Sourcing                   Against   Against    Shareholder
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WILLIAMS COMPANIES, INC., THE

Ticker:       WMB            Security ID:  969457100
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Kathleen B. Cooper         For       For        Management
2     Elect Director William R. Granberry       For       For        Management
3     Elect Director Charles M. Lillis          For       For        Management
4     Elect Director William G. Lowrie          For       For        Management
5     Ratify Auditors                           For       For        Management
6     Approve Omnibus Stock Plan                For       For        Management
7     Approve Qualified Employee Stock Purchase For       For        Management
      Plan


- --------------------------------------------------------------------------------

WINDSTREAM CORP.

Ticker:       WIN            Security ID:  97381W104
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Samuel E. Beall, III       For       For        Management
1.2   Elect Director Dennis E. Foster           For       For        Management
1.3   Elect Director Francis X. Frantz          For       For        Management
1.4   Elect Director Jeffery R. Gardner         For       For        Management
1.5   Elect Director Jeffrey T. Hinson          For       For        Management
1.6   Elect Director Judy K. Jones              For       For        Management
1.7   Elect Director William A. Montgomery      For       For        Management
1.8   Elect Director Frank E. Reed              For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management
4     Stock Retention/Holding Period            Against   Against    Shareholder


- --------------------------------------------------------------------------------

WM. WRIGLEY JR. CO.

Ticker:       WWY            Security ID:  982526105
Meeting Date: MAR 14, 2007   Meeting Type: Annual
Record Date:  JAN 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas A. Knowlton         For       For        Management
1.2   Elect Director Steven B. Sample           For       For        Management
1.3   Elect Director Alex Shumate               For       For        Management
1.4   Elect Director William D. Perez           For       For        Management
2     Amend Bylaws to Require a Majority Vote   For       For        Management
      for the Election of Directors
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

XCEL ENERGY INC.

Ticker:       XEL            Security ID:  98389B100
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 29, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director C. Coney Burgess           For       For        Management
1.2   Elect Director Fredric W. Corrigan        For       For        Management
1.3   Elect Director Richard K. Davis           For       Withhold   Management
1.4   Elect Director Roger R. Hemminghaus       For       For        Management
1.5   Elect Director A. Barry Hirschfeld        For       For        Management
1.6   Elect Director Richard C. Kelly           For       For        Management
1.7   Elect Director Douglas W. Leatherdale     For       For        Management
1.8   Elect Director Albert F. Moreno           For       For        Management
1.9   Elect Director Margaret R. Preska         For       For        Management
1.10  Elect Director A. Patricia Sampson        For       For        Management
1.11  Elect Director Richard H. Truly           For       For        Management
1.12  Elect Director David A. Westerlund        For       For        Management
1.13  Elect Director Timothy V. Wolf            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   For        Shareholder
4     Pay For Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------

XTO ENERGY INC

Ticker:       XTO            Security ID:  98385X106
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lane G. Collins            For       For        Management
2     Elect Director Scott G. Sherman           For       For        Management
3     Elect Director Bob R. Simpson             For       For        Management
4     Ratify Auditors                           For       For        Management



Fund:  Principal Variable Contracts Fund, Inc. - Equity Value Account
Sub-Advisor:  American Century Investment Management, Inc.

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

American Century Equity Value Account (Principal)

Mtg                 Company/                                              Mgmt         Vote       Record                    Shares
Date/Type           Ballot Issues                           Security      Rec          Cast       Date        Prpnent        Voted
- ------------------- --------------------------------------- ------------- ------------ ---------- ----------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                       
04/27/07 - A        Abbott Laboratories *ABT*               002824100                             02/28/07                   1,880
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    4       Separate Chairman and CEO Positions           Against      Against                ShrHoldr


04/26/07 - A        Altria Group, Inc. *MO*                 02209S103                             03/05/07                   1,140
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Provide for Cumulative Voting                 Against      For                    ShrHoldr
                    4       Disclose Information on Secondhand Smoke      Against      Against                ShrHoldr
                    5       Cease Add Campaigns Oriented to Prevent       Against      Against                ShrHoldr
                            Youth Smoking
                    6       Cease Production, Promotion, and Marketing    Against      Against                ShrHoldr
                            of Tobacco Products
                    7       Adopt Animal Welfare Policy                   Against      Against                ShrHoldr


05/16/07 - A        American International Group, Inc.      026874107                             03/23/07                   1,790
                    *AIG*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    4       Performance-Based and/or Time-Based Equity    Against      Against                ShrHoldr
                            Awards


05/09/07 - A        Amgen, Inc. *AMGN*                      031162100                             03/12/07                     290
                    1       Elect Director Frank J. Biondi, Jr.           For          For                    Mgmt
                    2       Elect Director Jerry D. Choate                For          For                    Mgmt
                    3       Elect Director Frank C. Herringer             For          For                    Mgmt
                    4       Elect Director Gilbert S. Omenn               For          For                    Mgmt
                    5       Ratify Auditors                               For          For                    Mgmt
                    6       Declassify the Board of Directors             For          For                    Mgmt
                    7       Declassify the Board of Directors             For          For                    Mgmt
                    8       Develop an Animal Welfare Policy              Against      Against                ShrHoldr
                    9       Prepare a Sustainability Report               Against      Against                ShrHoldr


05/16/07 - A        Anadarko Petroleum Corp. *APC*          032511107                             03/21/07                     530
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/14/07 - A        Applied Materials, Inc. *AMAT*          038222105                             01/19/07                     490
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt
                    4       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    5       Ratify Auditors                               For          For                    Mgmt


07/21/06 - S        AT&T Inc *T*                            00206R102                             06/01/06                   3,080
                    1       Approve Merger Agreement                      For          For                    Mgmt


04/27/07 - A        AT&T Inc *T*                            00206R102                             02/28/07                   5,280
                    1       Elect Director William F. Aldinger III        For          For                    Mgmt
                    2       Elect Director Gilbert F. Amelio              For          For                    Mgmt
                    3       Elect Director Reuben V. Anderson             For          For                    Mgmt
                    4       Elect Director James H. Blanchard             For          For                    Mgmt
                    5       Elect Director August A. Busch III            For          For                    Mgmt
                    6       Elect Director James P. Kelly                 For          For                    Mgmt
                    7       Elect Director Charles F. Knight              For          For                    Mgmt
                    8       Elect Director Jon C. Madonna                 For          For                    Mgmt
                    9       Elect Director Lynn M. Martin                 For          For                    Mgmt
                    10      Elect Director John B. McCoy                  For          For                    Mgmt
                    11      Elect Director Mary S. Metz                   For          For                    Mgmt
                    12      Elect Director Toni Rembe                     For          For                    Mgmt
                    13      Elect Director Joyce M. Roche                 For          For                    Mgmt
                    14      Elect Director Randall L. Stephenson          For          For                    Mgmt
                    15      Elect Director Laura D' Andrea Tyson          For          For                    Mgmt
                    16      Elect Director Patricia P. Upton              For          For                    Mgmt
                    17      Elect Director Edward E. Whitacre, Jr.        For          For                    Mgmt
                    18      Ratify Auditors                               For          For                    Mgmt
                    19      Compensation Specific-Severance Payments to   For          For                    Mgmt
                            Executives
                    20      Report on Political Contributions             Against      Against                ShrHoldr
                    21      Amend Articles/Bylaws/Charter - Call          Against      For                    ShrHoldr
                            Special Meetings
                    22      Pay For Superior Performance                  Against      Against                ShrHoldr
                    23      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    24      Establish SERP Policy                         Against      Against                ShrHoldr


04/25/07 - A        Bank of America Corp. *BAC*             060505104                             03/02/07                   4,440
                    1       Elect Director William Barnet, III            For          For                    Mgmt
                    2       Elect Director Frank P. Bramble, Sr.          For          For                    Mgmt
                    3       Elect Director John T. Collins                For          For                    Mgmt
                    4       Elect Director Gary L. Countryman             For          For                    Mgmt
                    5       Elect Director Tommy R. Franks                For          For                    Mgmt
                    6       Elect Director Charles K. Gifford             For          For                    Mgmt
                    7       Elect Director W. Steven Jones                For          For                    Mgmt
                    8       Elect Director Kenneth D. Lewis               For          For                    Mgmt
                    9       Elect Director Monica C. Lozano               For          For                    Mgmt
                    10      Elect Director Walter E. Massey               For          For                    Mgmt
                    11      Elect Director Thomas J. May                  For          For                    Mgmt
                    12      Elect Director Patricia E. Mitchell           For          For                    Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                    Mgmt
                    14      Elect Director O. Temple Sloan, Jr.           For          For                    Mgmt
                    15      Elect Director Meredith R. Spangler           For          For                    Mgmt
                    16      Elect Director Robert L. Tillman              For          For                    Mgmt
                    17      Elect Director Jackie M. Ward                 For          For                    Mgmt
                    18      Ratify Auditors                               For          For                    Mgmt
                    19      Prohibit Executive Stock-Based Awards         Against      Against                ShrHoldr
                    20      Change Size of Board of Directors             Against      Against                ShrHoldr
                    21      Separate Chairman and CEO Positions           Against      Against                ShrHoldr


07/21/06 - S        BellSouth Corp.                         079860102                             06/01/06                   1,560
                    1       Approve Merger Agreement                      For          For                    Mgmt


06/13/07 - A        Caterpillar Inc. *CAT*                  149123101                             04/16/07                     490
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    4       Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors


04/25/07 - A        Chevron Corporation *CVX*               166764100                             03/12/07                   2,750
                    1       Elect Director Samuel H. Armacost             For          For                    Mgmt
                    2       Elect Director Linnet F. Deily                For          For                    Mgmt
                    3       Elect Director Robert E. Denham               For          For                    Mgmt
                    4       Elect Director Robert J. Eaton                For          For                    Mgmt
                    5       Elect Director Sam Ginn                       For          For                    Mgmt
                    6       Elect Director Franklyn G. Jenifer            For          For                    Mgmt
                    7       Elect Director Sam Nunn                       For          For                    Mgmt
                    8       Elect Director David J. O'Reilly              For          For                    Mgmt
                    9       Elect Director Donald B. Rice                 For          For                    Mgmt
                    10      Elect Director Peter J. Robertson             For          For                    Mgmt
                    11      Elect Director Kevin W. Sharer                For          For                    Mgmt
                    12      Elect Director Charles R. Shoemate            For          For                    Mgmt
                    13      Elect Director Ronald D. Sugar                For          For                    Mgmt
                    14      Elect Director Carl Ware                      For          For                    Mgmt
                    15      Ratify Auditors                               For          For                    Mgmt
                    16      Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    17      Adopt Human Rights Policy                     Against      Against                ShrHoldr
                    18      Adopt Greenhouse Gas Emission Reduction       Against      Against                ShrHoldr
                            Goals
                    19      Adopt Animal Welfare Policy                   Against      Against                ShrHoldr
                    20      Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    21      Approve/Amend Terms of Existing Poison Pill   Against      Against                ShrHoldr
                    22      Report on Market Specific Environmental Laws  Against      Against                ShrHoldr


04/17/07 - A        Citigroup Inc. *C*                      172967101                             02/21/07                   5,760
                    1       Elect Director C. Michael Armstrong           For          For                    Mgmt
                    2       Elect Director Alain J.P. Belda               For          For                    Mgmt
                    3       Elect Director George David                   For          For                    Mgmt
                    4       Elect Director Kenneth T. Derr                For          For                    Mgmt
                    5       Elect Director John M. Deutch                 For          For                    Mgmt
                    6       Elect Director Roberto Hernandez Ramirez      For          For                    Mgmt
                    7       Elect Director Klaus Kleinfeld                For          For                    Mgmt
                    8       Elect Director Andrew N. Liveris              For          For                    Mgmt
                    9       Elect Director Anne Mulcahy                   For          For                    Mgmt
                    10      Elect Director Richard D. Parsons             For          For                    Mgmt
                    11      Elect Director Charles Prince                 For          For                    Mgmt
                    12      Elect Director Judith Rodin                   For          For                    Mgmt
                    13      Elect Director Robert E. Rubin                For          For                    Mgmt
                    14      Elect Director Franklin A. Thomas             For          For                    Mgmt
                    15      Ratify Auditors                               For          For                    Mgmt
                    16      Report on Government Service of Employees     Against      Against                ShrHoldr
                    17      Report on Political Contributions             Against      Against                ShrHoldr
                    18      Report on Charitable Contributions            Against      Against                ShrHoldr
                    19      Approve Report of the Compensation Committee  Against      Against                ShrHoldr
                    20      Report on Pay Disparity                       Against      Against                ShrHoldr
                    21      Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    22      Stock Retention/Holding Period                Against      Against                ShrHoldr
                    23      Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    24      Amend Bylaws to Permit Shareholders to Call   Against      For                    ShrHoldr
                            Special Meetings


07/31/06 - A        Computer Sciences Corporation *CSC*     205363104                             06/02/06                     470
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Non-Employee Director Omnibus Stock   For          For                    Mgmt
                            Plan
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Board Diversity                               Against      Against                ShrHoldr


05/09/07 - A        ConocoPhillips *COP*                    20825C104                             03/12/07                   1,960
                    1       Elect Director James E. Copeland, Jr.         For          For                    Mgmt
                    2       Elect Director Kenneth M. Duberstein          For          For                    Mgmt
                    3       Elect Director Ruth R. Harkin                 For          For                    Mgmt
                    4       Elect Director William R. Rhodes              For          For                    Mgmt
                    5       Elect Director J. Stapleton Roy               For          For                    Mgmt
                    6       Elect Director William E. Wade, Jr.           For          For                    Mgmt
                    7       Ratify Auditors                               For          For                    Mgmt
                    8       Report on Political Contributions             Against      Against                ShrHoldr
                    9       Report on Renewable Energy Sources            Against      Against                ShrHoldr
                    10      Require Director Nominee Qualifications       Against      Against                ShrHoldr
                    11      Report on Environmental Damage from           Against      Against                ShrHoldr
                            Drilling in the National Petroleum Reserve
                    12      Report on Indigenous Peoples Rights Policies  Against      Against                ShrHoldr
                    13      Report on Community Impact of Operations      Against      Against                ShrHoldr


02/28/07 - A        Deere & Co. *DE*                        244199105                             12/31/06                     500
                    1       Elect Director Robert W. Lane                 For          For                    Mgmt
                    2       Elect Director Antonio Madero B.              For          For                    Mgmt
                    3       Elect Director Aulana L. Peters               For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


06/06/07 - A        Devon Energy Corp. *DVN*                25179M103                             04/09/07                     460
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/17/07 - A        Dover Corporation *DOV*                 260003108                             02/28/07                     940
                    1       Elect Directors                               For          For                    Mgmt
                    2       Sustainability Report                         Against      For                    ShrHoldr
                    3       Other Business                                For          Against                Mgmt


04/25/07 - A        E.I. Du Pont De Nemours & Co. *DD*      263534109                             03/02/07                   1,290
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    4       Report on Genetically Modified Organisms      Against      Against                ShrHoldr
                    5       Evaluate Community Impact of Plant Closures   Against      Against                ShrHoldr
                            or Layoffs
                    6       Report on PFOA Compounds in DuPont Products   Against      Against                ShrHoldr
                    7       Report on Lobbying Expenditures related to    Against      Against                ShrHoldr
                            Environmental Pollution
                    8       Prepare a Global Warming Report               Against      Against                ShrHoldr
                    9       Report on Security of Chemical Facilities     Against      Against                ShrHoldr


04/16/07 - A        Eli Lilly and Co. *LLY*                 532457108                             02/15/07                     550
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Declassify the Board of Directors             For          For                    Mgmt
                    4       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    5       Report on Animal Welfare                      Against      Against                ShrHoldr
                    6       Report on Animal Testing Policies             Against      Against                ShrHoldr
                    7       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    8       Amend Vote Requirements to Amend              Against      For                    ShrHoldr
                            Articles/Bylaws/Charter
                    9       Adopt Simple Majority Vote                    Against      For                    ShrHoldr


05/08/07 - A        Exelon Corp. *EXC*                      30161N101                             03/19/07                   1,580
                    1       Elect Director Nicholas DeBenedictis          For          Against                Mgmt
                    2       Elect Director Sue L. Gin                     For          For                    Mgmt
                    3       Elect Director William C. Richardson, Ph.D.   For          For                    Mgmt
                    4       Elect Director Thomas J. Ridge                For          For                    Mgmt
                    5       Elect Director Don Thompson                   For          For                    Mgmt
                    6       Elect Director Stephen D. Steinour            For          For                    Mgmt
                    7       Ratify Auditors                               For          For                    Mgmt
                    8       Declassify the Board of Directors             For          For                    Mgmt
                    9       Submit Severance Agreement (Change in         Against      Against                ShrHoldr
                            Control) to shareholder Vote


05/30/07 - A        Exxon Mobil Corp. *XOM*                 30231G102                             04/05/07                   4,310
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    4       Amend Articles/Bylaws/Charter -- Call         Against      For                    ShrHoldr
                            Special Meetings
                    5       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    6       Initiate Payment of Cash Dividend             Against      Against                ShrHoldr
                    7       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    8       Company-Specific- Amend Article IX of the     Against      Against                ShrHoldr
                            Corporation's by-laws
                    9       Review Executive Compensation                 Against      Against                ShrHoldr
                    10      Limit Executive Compensation                  Against      Against                ShrHoldr
                    11      Claw-back of Payments under Restatements      Against      Against                ShrHoldr
                    12      Report on Political Contributions             Against      Against                ShrHoldr
                    13      Amend Equal Employment Opportunity Policy     Against      Against                ShrHoldr
                            to Prohibit Discrimination Based on Sexual
                            Orientation
                    14      Report on Environmental Accountability        Against      Against                ShrHoldr
                    15      Report on Emission Reduction Goals            Against      Against                ShrHoldr
                    16      Report on Carbon Dioxide Emissions            Against      Against                ShrHoldr
                            Information at Gas Stations
                    17      Adopt Policy to Increase Renewable Energy     Against      Against                ShrHoldr
                            Portfolio


05/23/07 - A        Fiserv, Inc. *FISV*                     337738108                             03/20/07                     680
                    1       Elect Directors                               For          For                    Mgmt
                    2       Company Specific- Provide Majority Vote for   For          Against                Mgmt
                            the Election of Directors
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


09/08/06 - A        Freddie Mac *FRE*                       313400301                             06/30/06                   2,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Report on Charitable Contributions            Against      Against                ShrHoldr


06/08/07 - A        Freddie Mac *FRE*                       313400301                             03/30/07                   2,680
                    1       Elect Director Barbara T. Alexander           For          For                    Mgmt
                    2       Elect Director Geoffrey T. Boisi              For          For                    Mgmt
                    3       Elect Director Michelle Engler                For          For                    Mgmt
                    4       Elect Director Robert R. Glauber              For          For                    Mgmt
                    5       Elect Director Richard Karl Goeltz            For          For                    Mgmt
                    6       Elect Director Thomas S. Johnson              For          For                    Mgmt
                    7       Elect Director William M. Lewis, Jr           For          For                    Mgmt
                    8       Elect Director Eugene M. McQuade              For          For                    Mgmt
                    9       Elect Director Shaud F. O Malley              For          For                    Mgmt
                    10      Elect Director Jeffrey M. Peek                For          For                    Mgmt
                    11      Elect Director Nicolas P. Retsinas            For          For                    Mgmt
                    12      Elect Director Stephen A. Ross                For          For                    Mgmt
                    13      Elect Director Richard F. Syron               For          For                    Mgmt
                    14      Ratify Auditors                               For          For                    Mgmt
                    15      Amend Omnibus Stock Plan                      For          Against                Mgmt


04/24/07 - A        Gannett Co., Inc. *GCI*                 364730101                             02/28/07                   1,260
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Declassify the Board of Directors             For          For                    Mgmt
                    4       Company Specific-Governance                   Against      Against                ShrHoldr
                            Related--Require Chairman to be Independent


04/25/07 - A        General Electric Co. *GE*               369604103                             02/26/07                   2,560
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Adopt Majority Vote Standard in Director      For          For                    Mgmt
                            Elections
                    4       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    5       Company-Specific-Approve Material Terms of    For          Against                Mgmt
                            Senior Officer Performance Goals
                    6       Provide for Cumulative Voting                 Against      For                    ShrHoldr
                    7       Company-Specific -- Adopt Policy on           Against      Against                ShrHoldr
                            Overboarded Directors
                    8       Company-Specific -- One Director from the     Against      Against                ShrHoldr
                            Ranks of Retirees
                    9       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    10      Limit Dividend and Dividend Equivalent        Against      Against                ShrHoldr
                            Payments to Executives
                    11      Report on Charitable Contributions            Against      Against                ShrHoldr
                    12      Report on Global Warming                      Against      Against                ShrHoldr
                    13      Adopt Ethical Criteria for Military           Against      Against                ShrHoldr
                            Contracts
                    14      Report on Pay Disparity                       Against      Against                ShrHoldr


09/07/06 - A        H&R Block, Inc. *HRB*                   093671105                             07/05/06                     510
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Stock Option Plan                     For          Against                Mgmt
                    3       Approve/Amend Executive Incentive Bonus Plan  For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


03/14/07 - A        Hewlett-Packard Co. *HPQ*               428236103                             01/16/07                   2,270
                    1       Elect Director L.T. Babbio, Jr.               For          For                    Mgmt
                    2       Elect Director S.M. Baldauf                   For          For                    Mgmt
                    3       Elect Director R.A. Hackborn                  For          For                    Mgmt
                    4       Elect Director J.H. Hammergren                For          For                    Mgmt
                    5       Elect Director M.V. Hurd                      For          For                    Mgmt
                    6       Elect Director R.L. Ryan                      For          For                    Mgmt
                    7       Elect Director L.S. Salhany                   For          For                    Mgmt
                    8       Elect Director G.K.Thompson                   For          For                    Mgmt
                    9       Ratify Auditors                               For          For                    Mgmt
                    10      Require Director Nominee Qualifications       Against      For                    ShrHoldr
                    11      Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    12      Submit Shareholder Rights Plan (Poison        Against      For                    ShrHoldr
                            Pill) to Shareholder Vote
                    13      Performance-Based Equity Awards               Against      For                    ShrHoldr


05/24/07 - A        Home Depot, Inc. *HD*                   437076102                             03/26/07                   1,340
                    1       Elect Director David H. Batchelder            For          For                    Mgmt
                    2       Elect Director Francis S. Blake               For          For                    Mgmt
                    3       Elect Director Gregory D. Brenneman           For          For                    Mgmt
                    4       Elect Director John L. Clendenin              For          For                    Mgmt
                    5       Elect Director Claudio X. Gonzalez            For          For                    Mgmt
                    6       Elect Director Milledge A. Hart, III          For          For                    Mgmt
                    7       Elect Director Bonnie G. Hill                 For          For                    Mgmt
                    8       Elect Director Laban P. Jackson, Jr.          For          For                    Mgmt
                    9       Elect Director Helen Johnson-Leipold          For          For                    Mgmt
                    10      Elect Director Lawrence R. Johnston           For          For                    Mgmt
                    11      Elect Director Kenneth G. Langone             For          For                    Mgmt
                    12      Ratify Auditors                               For          For                    Mgmt
                    13      Submit Shareholder Rights Plan (Poison        Against      Against                ShrHoldr
                            Pill) to Shareholder Vote
                    14      Prepare Employment Diversity Report           Against      Against                ShrHoldr
                    15      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    16      Claw-back of Payments under Restatements      Against      Against                ShrHoldr
                    17      Submit Supplemental Executive Retirement      Against      Against                ShrHoldr
                            Plans to Shareholder vote
                    18      Performance-Based Equity Awards               Against      Against                ShrHoldr
                    19      Pay for Superior Performance                  Against      Against                ShrHoldr
                    20      Affirm Political Non-partisanship             Against      Against                ShrHoldr
                    21      Separate Chairman and CEO Positions           Against      Against                ShrHoldr


06/06/07 - A        Ingersoll-Rand Company Limited *IR*     G4776G101                             04/09/07                   1,420
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For          For                    Mgmt
                    2       ADOPTION OF THE INCENTIVE STOCK PLAN OF       For          Against                Mgmt
                            2007.
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       SHAREHOLDER PROPOSAL TO REQUIRE A             Against      Against                ShrHoldr
                            SHAREHOLDER VOTE ON AN ADVISORY RESOLUTION
                            WITH RESPECT TO EXECUTIVE COMPENSATION.


05/16/07 - A        Intel Corp. *INTC*                      458140100                             03/19/07                   1,490
                    1       Elect Director Craig R. Barrett               For          For                    Mgmt
                    2       Elect Director Charlene Barshefsky            For          Against                Mgmt
                    3       Elect Director Susan L. Decker                For          For                    Mgmt
                    4       Elect Director D. James Guzy                  For          For                    Mgmt
                    5       Elect Director Reed E. Hundt                  For          For                    Mgmt
                    6       Elect Director Paul S. Otellini               For          For                    Mgmt
                    7       Elect Director James D. Plummer               For          For                    Mgmt
                    8       Elect Director David S. Pottruck              For          For                    Mgmt
                    9       Elect Director Jane E. Shaw                   For          For                    Mgmt
                    10      Elect Director John L. Thornton               For          For                    Mgmt
                    11      Elect Director David B. Yoffie                For          For                    Mgmt
                    12      Ratify Auditors                               For          For                    Mgmt
                    13      Amend Omnibus Stock Plan                      For          Against                Mgmt
                    14      Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    15      Limit Executive Compensation                  Against      Against                ShrHoldr


04/24/07 - A        International Business Machines Corp.   459200101                             02/23/07                     850
                    *IBM*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    4       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    5       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    6       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    7       Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    8       Evaluate Age Discrimination in Retirement     Against      Against                ShrHoldr
                            Plans
                    9       Review Executive Compensation                 Against      Against                ShrHoldr
                    10      Report on Outsourcing                         Against      Against                ShrHoldr
                    11      Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors


04/26/07 - A        Johnson & Johnson *JNJ*                 478160104                             02/27/07                   1,480
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors
                    4       Submit Supplemental Executive Retirement      Against      Against                ShrHoldr
                            Plans to Shareholder vote


05/15/07 - A        JPMorgan Chase & Co. *JPM*              46625H100                             03/16/07                   3,280
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Put Repricing of Stock Options to             Against      Against                ShrHoldr
                            Shareholder Vote
                    4       Performance-Based and/or Time-Based Equity    Against      For                    ShrHoldr
                            Awards
                    5       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    6       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    7       Provide for Cumulative Voting                 Against      For                    ShrHoldr
                    8       Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors
                    9       Report on Political Contributions             Against      Against                ShrHoldr
                    10      Report on Management Initiatives to Address   Against      Against                ShrHoldr
                            Links to Slavery and Human Rights Abuse


05/17/07 - A        Liz Claiborne, Inc. *LIZ*               539320101                             03/19/07                   1,070
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors


08/03/06 - S        Loews Corp.                             540424108                             06/22/06                   1,130
                    1       Increase Authorized Common Stock              For          Against                Mgmt
                    2       Adjust Par Value of Common Stock              For          For                    Mgmt


05/08/07 - A        Loews Corp.                             540424108                             03/15/07                   1,330
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    4       Provide for Cumulative Voting                 Against      For                    ShrHoldr
                    5       Social Proposal                               Against      Against                ShrHoldr


05/17/07 - A        Marsh & McLennan Companies, Inc.        571748102                             03/20/07                   1,280
                    *MMC*
                    1       Elect Director Zachary W. Carter              For          For                    Mgmt
                    2       Elect Director Oscar Fanjul                   For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt
                    5       Report on Political Contributions             Against      Against                ShrHoldr


05/24/07 - A        McDonald's Corp. *MCD*                  580135101                             03/26/07                   1,390
                    1       Elect Director Edward A. Brennan              For          For                    Mgmt
                    2       Elect Director Walter E. Massey               For          For                    Mgmt
                    3       Elect Director John W. Rogers, Jr.            For          For                    Mgmt
                    4       Elect Director Roger W. Stone                 For          For                    Mgmt
                    5       Ratify Auditors                               For          For                    Mgmt
                    6       Label Genetically Modified Organisms          Against      Against                ShrHoldr
                    7       Adopt and Implement ILO Based Code of         Against      Against                ShrHoldr
                            Conduct


04/24/07 - A        Merck & Co., Inc. *MRK*                 589331107                             02/23/07                   1,050
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    4       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    5       Establish Range For Board Size                For          For                    Mgmt
                    6       Replace Cumulative Voting to Majority Vote    For          Against                Mgmt
                            Standard for the Election of Directors
                    7       Publish Political Contributions               Against      Against                ShrHoldr
                    8       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation


04/27/07 - A        Merrill Lynch & Co., Inc.               590188108                             02/28/07                   1,170
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    4       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    5       Performance-Based and/or Time-Based Equity    Against      Against                ShrHoldr
                            Awards


11/14/06 - A        Microsoft Corp. *MSFT*                  594918104                             09/08/06                   3,370
                    1       Elect Director William H. Gates, III          For          For                    Mgmt
                    2       Elect Director Steven A. Ballmer              For          For                    Mgmt
                    3       Elect Director James I. Cash, Jr., Ph.D.      For          For                    Mgmt
                    4       Elect Director Dina Dublon                    For          For                    Mgmt
                    5       Elect Director Raymond V. Gilmartin           For          For                    Mgmt
                    6       Elect Director David F. Marquardt             For          For                    Mgmt
                    7       Elect Director Charles H. Noski               For          For                    Mgmt
                    8       Elect Director Helmut Panke                   For          For                    Mgmt
                    9       Elect Director Jon A. Shirley                 For          For                    Mgmt
                    10      Ratify Auditors                               For          For                    Mgmt
                    11      Cease Product Sales that Can Be Used to       Against      Against                ShrHoldr
                            Violate Human Rights
                    12      Amend EEO Statement to Not Reference Sexual   Against      Against                ShrHoldr
                            Orientation
                    13      Establish Shareholder Advisory Committee      Against      Against                ShrHoldr


04/10/07 - A        Morgan Stanley                          617446448                             02/09/07                   1,310
                    1       Elect Director Roy J. Bostock                 For          For                    Mgmt
                    2       Elect Director Erskine B. Bowles              For          For                    Mgmt
                    3       Elect Director Howard J. Davies               For          For                    Mgmt
                    4       Elect Director C. Robert Kidder               For          For                    Mgmt
                    5       Elect Director John J. Mack                   For          For                    Mgmt
                    6       Elect Director Donald T. Nicolaisen           For          For                    Mgmt
                    7       Elect Director Charles H. Noski               For          For                    Mgmt
                    8       Elect Director Hutham S. Olayan               For          For                    Mgmt
                    9       Elect Director Charles E. Phillips, Jr.       For          For                    Mgmt
                    10      Elect Director Griffith Sexton                For          For                    Mgmt
                    11      Elect Director Laura D. Tyson                 For          For                    Mgmt
                    12      Elect Director Klaus Zumwinkel                For          For                    Mgmt
                    13      Ratify Auditors                               For          For                    Mgmt
                    14      Approve Omnibus Stock Plan                    For          Against                Mgmt
                    15      Amend Vote Requirements to Amend              Against      For                    ShrHoldr
                            Articles/Bylaws/Charter
                    16      Approve Report of the Compensation Committee  Against      Against                ShrHoldr


05/07/07 - PC       Motorola, Inc. *MOT*                    620076109                             03/08/07                     880
                            Management Proxy (White Card)
                    1       Elect Directors                               For          DoNotVote              Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  For          DoNotVote              Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      DoNotVote              ShrHoldr
                            Officers' Compensation
                    4       Claw-back of Payments under Restatements      Against      DoNotVote              ShrHoldr
                            Dissident Proxy (Gold Card)
                    1       Elect Directors (Opposition Slate)            For          For                    Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  None         For                    Mgmt
                    3       Advisory Vote to Ratify Named Executive       For          Against                ShrHoldr
                            Officers' Compensation
                    4       Claw-back of Payments under Restatements      None         For                    ShrHoldr


04/24/07 - A        National City Corp. *NCC*               635405103                             03/02/07                      40
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Pay For Superior Performance                  Against      Against                ShrHoldr


05/08/07 - A        Newell Rubbermaid Inc. *NWL*            651229106                             03/15/07                   1,430
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Adopt Simple Majority Vote                    Against      For                    ShrHoldr
                    4       Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors


05/08/07 - A        NiSource Inc. *NI*                      65473P105                             03/13/07                   1,600
                    1       Elect Director Steven C. Beering              For          For                    Mgmt
                    2       Elect Director Dennis E. Foster               For          For                    Mgmt
                    3       Elect Director Marty K. Kittrell              For          For                    Mgmt
                    4       Elect Director Peter McCausland               For          For                    Mgmt
                    5       Elect Director Steven R. McCracken            For          For                    Mgmt
                    6       Elect Director W. Lee Nutter                  For          For                    Mgmt
                    7       Elect Director Ian M. Rolland                 For          For                    Mgmt
                    8       Elect Director Robert C. Skaggs, Jr           For          For                    Mgmt
                    9       Elect Director Richard L. Thompson            For          For                    Mgmt
                    10      Elect Director Carolyn Y. Woo                 For          For                    Mgmt
                    11      Elect Director Roger A. Young                 For          For                    Mgmt
                    12      Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        Northrop Grumman Corp. *NOC*            666807102                             03/20/07                     840
                    1       Elect Director Lewis W. Coleman               For          For                    Mgmt
                    2       Elect Director Victor H. Fazio                For          For                    Mgmt
                    3       Elect Director Donald E. Felsinger            For          For                    Mgmt
                    4       Elect Director Stephen E. Frank               For          For                    Mgmt
                    5       Elect Director Charles R. Larson              For          For                    Mgmt
                    6       Elect Director Richard B. Myers               For          For                    Mgmt
                    7       Elect Director Philip A. Odeen                For          For                    Mgmt
                    8       Elect Director Aulana L. Peters               For          For                    Mgmt
                    9       Elect Director Kevin W. Sharer                For          For                    Mgmt
                    10      Elect Director Ronald D. Sugar                For          For                    Mgmt
                    11      Ratify Auditors                               For          For                    Mgmt
                    12      Approve Non-Employee Director Omnibus Stock   For          Against                Mgmt
                            Plan
                    13      Report on Foreign Arms Sales                  Against      Against                ShrHoldr
                    14      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    15      Separate Chairman and CEO Positions           Against      Against                ShrHoldr


05/10/07 - A        Nucor Corp. *NUE*                       670346105                             03/12/07                     490
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Require a Majority Vote for the Election of   Against      Against                ShrHoldr
                            Directors


10/09/06 - A        Oracle Corp. *ORCL*                     68389X105                             08/14/06                   2,430
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Amend Non-Employee Director Omnibus Stock     For          Against                Mgmt
                            Plan


10/25/06 - A        Parker-Hannifin Corp. *PH*              701094104                             08/31/06                     460
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Declassify the Board of Directors             Against      For                    ShrHoldr


04/26/07 - A        Pfizer Inc. *PFE*                       717081103                             03/01/07                   5,040
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    4       Report on Animal Testing Policies             Against      Against                ShrHoldr
                    5       Amend Animal Welfare Policy                   Against      Against                ShrHoldr
                    6       Require Director Nominee Qualifications       Against      Against                ShrHoldr


04/24/07 - A        PNC Financial Services Group, Inc.      693475105                             02/28/07                     610
                    *PNC*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/19/07 - A        PPG Industries, Inc. *PPG*              693506107                             02/16/07                   1,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Articles/Bylaws/Charter General         For          Against                Mgmt
                            Matters
                    4       Eliminate Cumulative Voting                   For          For                    Mgmt
                    5       Submit Severance Agreement (Change in         Against      Against                ShrHoldr
                            Control) to shareholder Vote


05/23/07 - A        PPL Corp. *PPL*                         69351T106                             02/28/07                   2,270
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Adopt Simple Majority Vote                    Against      For                    ShrHoldr


05/24/07 - A        R. R. Donnelley & Sons Co. *RRD*        257867101                             04/05/07                   1,280
                    1       Elect Director Thomas J. Quinlan, III         For          For                    Mgmt
                    2       Elect Director Oliver R. Sockwell             For          For                    Mgmt
                    3       Elect Director Stephen M. Wolf                For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt
                    5       Declassify the Board of Directors             For          For                    Mgmt
                    6       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    7       Prepare a Sustainability Report               Against      Against                ShrHoldr
                    8       Declassify the Board of Directors             Against      For                    ShrHoldr


05/15/07 - A        Royal Dutch Shell plc                   780259206                             04/04/07                   2,670
                            Meeting for Holders of ADRs
                    1       ADOPTION OF ANNUAL REPORT AND ACCOUNTS        For          For                    Mgmt
                    2       APPROVAL OF REMUNERATION REPORT               For          For                    Mgmt
                    3       ELECTION OF RIJKMAN GROENINK AS A DIRECTOR    For          For                    Mgmt
                            OF THE COMPANY
                    4       RE-ELECTION OF MALCOLM BRINDED AS A           For          For                    Mgmt
                            DIRECTOR OF THE COMPANY
                    5       RE-ELECTION OF LINDA COOK AS A DIRECTOR OF    For          For                    Mgmt
                            THE COMPANY
                    6       RE-ELECTION OF MAARTEN VAN DEN BERGH AS A     For          For                    Mgmt
                            DIRECTOR OF THE COMPANY
                    7       RE-ELECTION OF NINA HENDERSON AS A DIRECTOR   For          For                    Mgmt
                            OF THE COMPANY
                    8       RE-ELECTION OF CHRISTINE MORIN-POSTEL AS A    For          For                    Mgmt
                            DIRECTOR OF THE COMPANY
                    9       Ratify Auditors                               For          For                    Mgmt
                    10      REMUNERATION OF AUDITORS                      For          For                    Mgmt
                    11      AUTHORITY TO ALLOT SHARES                     For          For                    Mgmt
                    12      DISAPPLICATION OF PRE-EMPTION RIGHTS          For          For                    Mgmt
                    13      AUTHORITY TO PURCHASE OWN SHARES              For          For                    Mgmt
                    14      AUTHORITY FOR CERTAIN DONATIONS AND           For          For                    Mgmt
                            EXPENDITURE


10/26/06 - A        Sara Lee Corp. *SLE*                    803111103                             09/01/06                   1,580
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    4       Approve Report of the Compensation Committee  Against      Against                ShrHoldr


05/08/07 - A        Sprint Nextel Corp *S*                  852061100                             03/20/07                   3,230
                    1       Elect Director Keith J. Bane                  For          For                    Mgmt
                    2       Elect Director Robert R. Bennett              For          For                    Mgmt
                    3       Elect Director Gordon M. Bethune              For          For                    Mgmt
                    4       Elect Director Frank M. Drendel               For          For                    Mgmt
                    5       Elect Director Gary D. Forsee                 For          For                    Mgmt
                    6       Elect Director James H. Hance, Jr.            For          For                    Mgmt
                    7       Elect Director V. Janet Hill                  For          For                    Mgmt
                    8       Elect Director Irvine O. Hockaday, Jr.        For          For                    Mgmt
                    9       Elect Director Linda Koch Lorimer             For          For                    Mgmt
                    10      Elect Director William H. Swanson             For          For                    Mgmt
                    11      Ratify Auditors                               For          For                    Mgmt
                    12      Approve Omnibus Stock Plan                    For          For                    Mgmt
                    13      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation


05/15/07 - A        The Allstate Corp. *ALL*                020002101                             03/16/07                   1,390
                    1       Elect Director F. Duane Ackerman              For          For                    Mgmt
                    2       Elect Director James G. Andress               For          For                    Mgmt
                    3       Elect Director Robert D. Beyer                For          For                    Mgmt
                    4       Elect Director W. James Farrell               For          For                    Mgmt
                    5       Elect Director Jack M. Greenberg              For          For                    Mgmt
                    6       Elect Director Ronald T. LeMay                For          For                    Mgmt
                    7       Elect Director Edward M. Liddy                For          For                    Mgmt
                    8       Elect Director J. Christopher Reyes           For          For                    Mgmt
                    9       Elect Director H. John Riley, Jr.             For          For                    Mgmt
                    10      Elect Director Joshua I. Smith                For          For                    Mgmt
                    11      Elect Director Judith A. Sprieser             For          For                    Mgmt
                    12      Elect Director Mary Alice Taylor              For          For                    Mgmt
                    13      Elect Director Thomas J. Wilson               For          For                    Mgmt
                    14      Ratify Auditors                               For          For                    Mgmt
                    15      Reduce Supermajority Vote Requirement         For          For                    Mgmt


04/10/07 - A        The Bank Of New York Mellon Corp.       064057102                             02/20/07                   1,550
                    *BK*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Vote Requirements to Amend              Against      For                    ShrHoldr
                            Articles/Bylaws/Charter
                    4       Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    5       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation


05/24/07 - S        The Bank Of New York Mellon Corp.       064057102                             04/12/07                   1,590
                    *BK*
                    1       Approve Merger Agreement                      For          For                    Mgmt
                    2       Adopt Supermajority Vote Requirement for      For          For                    Mgmt
                            Mergers
                    3       Increase Authorized Preferred and Common      For          For                    Mgmt
                            Stock
                    4       Adjourn Meeting                               For          For                    Mgmt


04/18/07 - A        The Coca-Cola Company *KO*              191216100                             02/20/07                   1,590
                    1       Elect Director Herbert A. Allen               For          For                    Mgmt
                    2       Elect Director Ronald W. Allen                For          For                    Mgmt
                    3       Elect Director Cathleen P. Black              For          For                    Mgmt
                    4       Elect Director Barry Diller                   For          For                    Mgmt
                    5       Elect Director E. Neville Isdell              For          For                    Mgmt
                    6       Elect Director Donald R. Keough               For          For                    Mgmt
                    7       Elect Director Donald F. McHenry              For          For                    Mgmt
                    8       Elect Director Sam Nunn                       For          For                    Mgmt
                    9       Elect Director James D. Robinson, III         For          For                    Mgmt
                    10      Elect Director Peter V. Ueberroth             For          For                    Mgmt
                    11      Elect Director James B. Williams              For          For                    Mgmt
                    12      Ratify Auditors                               For          For                    Mgmt
                    13      Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    14      Limit Executive Compensation                  Against      Against                ShrHoldr
                    15      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    16      Report on Chemical and Biological Testing     Against      Against                ShrHoldr
                            Data
                    17      Report on Environmental Liabilities in India  Against      Against                ShrHoldr
                    18      Performance-Based and/or Time-Based Equity    Against      Against                ShrHoldr
                            Awards


06/05/07 - A        The Gap, Inc. *GPS*                     364760108                             04/09/07                   2,080
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        The Hartford Financial Services         416515104                             03/20/07                     840
                    Group, Inc. *HIG*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


06/28/07 - A        The Kroger Co. *KR*                     501044101                             04/30/07                   1,570
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Amend Articles/Regulations--i)Rules of        For          For                    Mgmt
                            Conduct in Connection with Shareholder
                            Meetings and (ii) Meetings Outside
                            Cincinnati
                    4       Ratify Auditors                               For          For                    Mgmt
                    5       Report on Climate Change                      Against      Against                ShrHoldr


05/23/07 - A        The Pepsi Bottling Group, Inc. *PBG*    713409100                             03/26/07                   1,600
                    1       Elect Director Linda G. Alvarado              For          For                    Mgmt
                    2       Elect Director Barry H. Beracha               For          For                    Mgmt
                    3       Elect Director Eric J. Foss                   For          For                    Mgmt
                    4       Elect Director Ira D. Hall                    For          For                    Mgmt
                    5       Elect Director Hugh F. Johnston               For          For                    Mgmt
                    6       Elect Director Susan D. Kronick               For          For                    Mgmt
                    7       Elect Director Blythe J. McGarvie             For          For                    Mgmt
                    8       Elect Director Margaret D. Moore              For          For                    Mgmt
                    9       Elect Director John A. Quelch                 For          For                    Mgmt
                    10      Elect Director Javier G. Teruel               For          For                    Mgmt
                    11      Ratify Auditors                               For          For                    Mgmt


05/18/07 - A        Time Warner Inc *TWX*                   887317105                             03/30/07                   5,950
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    4       Advisory Vote to Ratify Named Executive       Against      For                    ShrHoldr
                            Officers'Compensation
                    5       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    6       Company Specific- Adopt Simple Majority Vote  Against      For                    ShrHoldr
                    7       Amend Articles/Bylaws/Charter -- Call         Against      For                    ShrHoldr
                            Special Meetings
                    8       Company-Specific- Stockholder Ratification    Against      Against                ShrHoldr
                            of Director Compensation, When a
                            Stockholder Rights Plan Has Been Adopted


04/26/07 - A        Torchmark Corp. *TMK*                   891027104                             03/02/07                     650
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    4       Commit to Board Diversity                     Against      Against                ShrHoldr


03/08/07 - A        Tyco International Ltd. *TYC*           902124106                             01/12/07                   2,490
                            Meeting for ADR Holders
                    1       Elect Directors                               For                                 Mgmt
                    2       Ratify Auditors                               For                                 Mgmt
                               Not voted due to shareblocking  restriction.  The potential
                               impact on trading/loan  share activities would outweigh the
                               economic value of the vote.


03/08/07 - S        Tyco International Ltd. *TYC*           902124106                             01/12/07                   2,490
                            Meeting for ADR Holders
                    1       APPROVAL OF REVERSE STOCK SPLIT OF THE        For                                 Mgmt
                            COMPANYS COMMON SHARES AT A SPLIT RATIO OF
                            1 FOR 4
                    2       APPROVAL OF CONSEQUENTIAL AMENDMENT TO THE    For                                 Mgmt
                            COMPANY S AMENDED AND RESTATED BYE-LAWS.
                               Not voted due to shareblocking  restriction.  The potential
                               impact on trading/loan  share activities would outweigh the
                               economic value of the vote.


05/03/07 - A        Verizon Communications *VZ*             92343V104                             03/05/07                   2,300
                    1       Elect Director James R. Barker                For          For                    Mgmt
                    2       Elect Director Richard L. Carrion             For          For                    Mgmt
                    3       Elect Director M. Frances Keeth               For          For                    Mgmt
                    4       Elect Director Robert W. Lane                 For          For                    Mgmt
                    5       Elect Director Sandra O. Moose                For          For                    Mgmt
                    6       Elect Director Joseph Neubauer                For          For                    Mgmt
                    7       Elect Director Donald T. Nicolaisen           For          For                    Mgmt
                    8       Elect Director Thomas H. O'Brien              For          For                    Mgmt
                    9       Elect Director Clarence Otis, Jr.             For          For                    Mgmt
                    10      Elect Director Hugh B. Price                  For          For                    Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                    Mgmt
                    12      Elect Director Walter V. Shipley              For          For                    Mgmt
                    13      Elect Director John W. Snow                   For          For                    Mgmt
                    14      Elect Director John R. Stafford               For          For                    Mgmt
                    15      Elect Director Robert D. Storey               For          For                    Mgmt
                    16      Ratify Auditors                               For          For                    Mgmt
                    17      Limit Executive Compensation                  Against      Against                ShrHoldr
                    18      Eliminate or Restrict Severance Agreements    Against      Against                ShrHoldr
                            (Change-in-Control)
                    19      Disclose Information on Compensation          Against      Against                ShrHoldr
                            Consultant
                    20      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officer's Compensation
                    21      Adopt Policy on Overboarded Director          Against      Against                ShrHoldr
                    22      Approve Terms of Existing Poison Pill         Against      Against                ShrHoldr
                    23      Report on Charitable Contributions            Against      Against                ShrHoldr


04/24/07 - A        VF Corp. *VFC*                          918204108                             03/06/07                     560
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


08/31/06 - S        Wachovia Corp. *WB*                     929903102                             07/11/06                   1,560
                    1       Issue Shares in Connection with an            For          Against                Mgmt
                            Acquisition
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt


04/17/07 - A        Wachovia Corp. *WB*                     929903102                             02/12/07                   1,830
                    1       Elect Directors                               For          For                    Mgmt
                    2       Declassify the Board of Directors             For          For                    Mgmt
                    3       Company Specific--Provide for Majority        For          Against                Mgmt
                            Voting
                    4       Ratify Auditors                               For          For                    Mgmt
                    5       Approve Report of the Compensation Committee  Against      Against                ShrHoldr
                    6       Require Director Nominee Qualifications       Against      Against                ShrHoldr
                    7       Report on Political Contributions             Against      Against                ShrHoldr
                    8       Separate Chairman and CEO Positions           Against      Against                ShrHoldr


06/01/07 - A        Wal-Mart Stores, Inc. *WMT*             931142103                             04/05/07                   1,330
                    1       Elect Director Aida M. Alvarez                For          For                    Mgmt
                    2       Elect Director James W. Breyer                For          For                    Mgmt
                    3       Elect Director M. Michele Burns               For          For                    Mgmt
                    4       Elect Director James I. Cash, Jr.             For          For                    Mgmt
                    5       Elect Director Roger C. Corbett               For          For                    Mgmt
                    6       Elect Director Douglas N. Daft                For          For                    Mgmt
                    7       Elect Director David D. Glass                 For          For                    Mgmt
                    8       Elect Director Roland A. Hernandez            For          For                    Mgmt
                    9       Elect Director Allen I. Questrom              For          For                    Mgmt
                    10      Elect Director H. Lee Scott, Jr.              For          For                    Mgmt
                    11      Elect Director Jack C. Shewmaker              For          Against                Mgmt
                    12      Elect Director Jim C. Walton                  For          For                    Mgmt
                    13      Elect Director S. Robson Walton               For          For                    Mgmt
                    14      Elect Director Christopher J. Williams        For          For                    Mgmt
                    15      Elect Director Linda S. Wolf                  For          For                    Mgmt
                    16      Ratify Auditors                               For          For                    Mgmt
                    17      Report on Charitable Contributions            Against      Against                ShrHoldr
                    18      Report on Healthcare Policies                 Against      Against                ShrHoldr
                    19      Pay For Superior Performance                  Against      Against                ShrHoldr
                    20      Report on Equity Compensation by Race and     Against      Against                ShrHoldr
                            Gender
                    21      Report on Pay Disparity                       Against      Against                ShrHoldr
                    22      Prepare Business Social Responsibility        Against      Against                ShrHoldr
                            Report
                    23      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    24      Report on Political Contributions             Against      Against                ShrHoldr
                    25      Report on Social and Reputation Impact of     Against      Against                ShrHoldr
                            Failure to Comply with ILO Conventions
                    26      Restore or Provide for Cumulative Voting      Against      For                    ShrHoldr
                    27      Require Director Nominee Qualifications       Against      Against                ShrHoldr


05/04/07 - A        Waste Management, Inc. *WMI*            94106L109                             03/09/07                   1,010
                    1       Elect Director Pastora San Juan Cafferty      For          For                    Mgmt
                    2       Elect Director Frank M. Clark, Jr.            For          For                    Mgmt
                    3       Elect Director Patrick W. Gross               For          For                    Mgmt
                    4       Elect Director Thomas I. Morgan               For          For                    Mgmt
                    5       Elect Director John C. Pope                   For          For                    Mgmt
                    6       Elect Director W. Robert Reum                 For          For                    Mgmt
                    7       Elect Director Steven G. Rothmeier            For          For                    Mgmt
                    8       Elect Director David P. Steiner               For          For                    Mgmt
                    9       Elect Director Thomas H. Weidemeyer           For          For                    Mgmt
                    10      Ratify Auditors                               For          For                    Mgmt


04/24/07 - A        Wells Fargo & Company *WFC*             949746101                             03/06/07                   4,140
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director John S. Chen --- For
                    1.2     Elect Director Lloyd H. Dean --- For
                    1.3     Elect Director Susan E. Engel --- For
                    1.4     Elect Director Enrique Hernandez, Jr. ---
                            For
                    1.5     Elect Director Robert L. Joss --- For
                    1.6     Elect Director Richard M. Kovacevich --- For
                    1.7     Elect Director Richard D. McCormick --- For
                    1.8     Elect Director Cynthia H. Milligan ---
                            Against
                    1.9     Elect Director Nicholas G. Moore --- For
                    1.10    Elect Director Philip J. Quigley --- Against
                    1.11    Elect Director Donald B. Rice --- Against
                    1.12    Elect Director Judith M. Runstad --- For
                    1.13    Elect Director Stephen W. Sanger --- For
                    1.14    Elect Director Susan G. Swenson --- For
                    1.15    Elect Director John G. Stumpf --- For
                    1.16    Elect Director Michael W. Wright --- Against
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    4       Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation
                    5       Establish SERP Policy                         Against      Against                ShrHoldr
                    6       Report on Racial and Ethnic Disparities in    Against      Against                ShrHoldr
                            Loan Pricing
                    7       Report on Emission Reduction Goals            Against      Against                ShrHoldr


04/26/07 - A        Wyeth *WYE*                             983024100                             03/02/07                   1,790
                    1       Elect Director Robert Essner                  For          For                    Mgmt
                    2       Elect Director John D. Feerick                For          For                    Mgmt
                    3       Elect Director Frances D. Fergusson           For          For                    Mgmt
                    4       Elect Director Victor F. Ganzi                For          For                    Mgmt
                    5       Elect Director Robert Langer                  For          For                    Mgmt
                    6       Elect Director John P. Mascotte               For          For                    Mgmt
                    7       Elect Director Raymond J. McGuire             For          For                    Mgmt
                    8       Elect Director Mary Lake Polan                For          For                    Mgmt
                    9       Elect Director Bernard Poussot                For          For                    Mgmt
                    10      Elect Director Gary L. Rogers                 For          For                    Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                    Mgmt
                    12      Elect Director Walter V. Shipley              For          For                    Mgmt
                    13      Elect Director John R. Torell III             For          For                    Mgmt
                    14      Ratify Auditors                               For          For                    Mgmt
                    15      Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    16      Amend Omnibus Stock Plan                      For          For                    Mgmt
                    17      Adopt Animal Welfare Policy                   Against      Against                ShrHoldr
                    18      Report on Policy to Limit Drug Supply to      Against      Against                ShrHoldr
                            Canada
                    19      Report on Political Contributions             Against      Against                ShrHoldr
                    20      Claw-back of Payments under Restatements      Against      For                    ShrHoldr
                    21      Company-Specific - Interlocking Directorship  Against      Against                ShrHoldr
                    22      Disclose Information-Proposal Withdrawn. No   Against      Abstain                ShrHoldr
                            Vote Required
                    23      Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    24      Advisory Vote to Ratify Named Executive       Against      Against                ShrHoldr
                            Officers' Compensation


05/24/07 - A        Xerox Corp. *XRX*                       984121103                             03/26/07                   2,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Adopt ILO Based Vendor Standards              Against      Against                ShrHoldr




Fund:  Principal Variable Contracts Fund, Inc. - Government & High Quality Bond Account
Sub-Advisor:  Principal Global Investors

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.





Fund:  Variable Contracts Fund, Inc. - Growth Account
Sub-Advisor:  Columbus Circle Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

Principal Variable Contracts Fund, Inc.-Growth - 4420

Mtg                 Company/                                              Mgmt         Vote          Record                  Shares
Date/Type           Ballot Issues                           Security      Rec          Cast          Date        Prpnent      Voted
- ------------------- --------------------------------------- ------------- ------------ ------------- ----------- -------- ----------
- ------------------------------------------------------------------------------------------------------------------------------------

                                                                                                               
04/27/07 - A        Abbott Laboratories *ABT*               002824100                                02/28/07               130,000
                    1       Elect Directors                               For          Split                     Mgmt
                    1.1     Elect Director R.S. Austin --- For
                    1.2     Elect Director W.M. Daley --- For
                    1.3     Elect Director W.J. Farrell --- For
                    1.4     Elect Director H.L. Fuller --- For
                    1.5     Elect Director R.A. Gonzalez --- For
                    1.6     Elect Director D.A.L. Owen --- For
                    1.7     Elect Director B. Powell Jr. --- For
                    1.8     Elect Director W.A. Reynolds --- For
                    1.9     Elect Director R.S. Roberts --- For
                    1.10    Elect Director S.C. Scott III --- Withhold
                    1.11    Elect Director W.D. Smithburg --- For
                    1.12    Elect Director G.F. Tilton --- For
                    1.13    Elect Director M.D. White --- For
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      For                       ShrHoldr
                            Officers' Compensation
                    4       Separate Chairman and CEO Positions           Against      Against                   ShrHoldr


05/09/07 - A        Alcon Inc. *ACL*                        H01301102                                03/26/07                34,000
                            Meeting for Holders of ADRs
                    1       APPROVAL OF THE 2006 ANNUAL REPORT AND        For          For                       Mgmt
                            ACCOUNTS OF ALCON, INC. AND THE 2006
                            CONSOLIDATED FINANCIAL STATEMENTS OF ALCON,
                            INC. AND SUBSIDIARIES
                    2       APPROPRIATION OF AVAILABLE EARNINGS AND       For          For                       Mgmt
                            PROPOSED DIVIDEND TO SHAREHOLDERS FOR THE
                            FINANCIAL YEAR 2006
                    3       DISCHARGE OF THE MEMBERS OF THE BOARD OF      For          For                       Mgmt
                            DIRECTORS FOR THE FINANCIAL YEAR 2006
                    4       ELECTION OF KPMG KLYNVELD PEAT MARWICK        For          For                       Mgmt
                            GOERDELER SA, ZURICH, AS GROUP AND PARENT
                            COMPANY AUDITORS
                    5       ELECTION OF ZENSOR REVISIONS AG, ZUG, AS      For          For                       Mgmt
                            SPECIAL AUDITORS
                    6       ELECTION TO THE BOARD OF DIRECTORS: WERNER    For          For                       Mgmt
                            J. BAUER
                    7       ELECTION TO THE BOARD OF DIRECTORS:           For          For                       Mgmt
                            FRANCISCO CASTANER
                    8       ELECTION TO THE BOARD OF DIRECTORS:           For          For                       Mgmt
                            LODEWIJK J.R. DE VINK
                    9       ELECTION TO THE BOARD OF DIRECTORS: GERHARD   For          For                       Mgmt
                            N. MAYR
                    10      APPROVAL OF SHARE CANCELLATION                For          For                       Mgmt


05/02/07 - A        Allegheny Technologies, Inc. *ATI*      01741R102                                03/05/07                74,379
                    1       Elect Directors                               For          For                       Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt
                    4       Prepare a Sustainability Report               Against      For                       ShrHoldr
                               Detailed   information  on  how  these  issues  affect  the
                               company's  strategic  position,  how the  company is
                               overseeing the  implementation  of these policies,  and how
                               Allegheny  Technologies is performing  relative to industry
                               peers and/or internally  established  goals,  provides both
                               management   and  its   shareholders   insight   into   the
                               effectiveness   of   its   established    commitments   and
                               guidelines  relating  to  sustainability.  We believe  that
                               more comprehensive  reporting on sustainability issues will
                               benefit  Allegheny  Technologies by helping the company and
                               its  shareholders  better  assess the  financial  risks and
                               opportunities  that certain  sustainability  issues pose to
                               its  business  model and future  development.  As such,  we
                               believe that this resolution merits shareholder support.


06/06/07 - A        Alliance Data Systems Corp. *ADS*       018581108                                04/12/07                 1,470
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


05/02/07 - A        Apache Corp. *APA*                      037411105                                03/13/07                99,100
                    1       Elect Director Eugene C. Fiedorek             For          For                       Mgmt
                    2       Elect Director Patricia Albjerg Graham        For          Against                   Mgmt
                    3       Elect Director F. H. Merelli                  For          For                       Mgmt
                    4       Elect Director Raymond Plank                  For          For                       Mgmt
                    5       Approve Omnibus Stock Plan                    For          For                       Mgmt
                    6       Company-Specific --Reimbursement of Proxy     Against      Against                   ShrHoldr
                            Expenses


05/10/07 - A        Apple, Inc. *AAPL*                      037833100                                03/20/07               171,522
                    1       Elect Directors                               For          Split                     Mgmt
                    1.1     Elect Director William V. Campbell ---
                            Withhold
                    1.2     Elect Director Millard S. Drexler ---
                            Withhold
                    1.3     Elect Director Albert A. Gore, Jr. ---
                            Withhold
                    1.4     Elect Director Steven P. Jobs --- For
                    1.5     Elect Director Arthur D. Levinson, Ph.D.
                            --- Withhold
                    1.6     Elect Director Eric E. Schmidt, Ph.D. ---
                            Withhold
                    1.7     Elect Director Jerome B. York --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                       Mgmt
                    4       Amend Non-Employee Director Stock Option      For          For                       Mgmt
                            Plan
                    5       Ratify Auditors                               For          For                       Mgmt
                    6       Compensation Specific--Option Dating Policy   Against      For                       ShrHoldr
                    7       Pay For Superior Performance                  Against      For                       ShrHoldr
                    8       Report on Feasibility of Adopting a Toxic     Against      Against                   ShrHoldr
                            Chemical Elimination Policy
                    9       Stock Retention/Holding Period                Against      For                       ShrHoldr
                    10      Report on Computer Recycling Policy           Against      Against                   ShrHoldr
                    11      Advisory Vote to Ratify Named Executive       Against      For                       ShrHoldr
                            Officers' Compensation


05/03/07 - A        Avon Products, Inc. *AVP*               054303102                                03/15/07               115,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Amend Articles/Bylaws/Charter-Adopt           For          For                       Mgmt
                            Majority Voting
                    4       Pay For Superior Performance                  Against      For                       ShrHoldr


05/01/07 - A        Baxter International Inc. *BAX*         071813109                                03/02/07               208,100
                    1       Elect Director Blake E. Devitt                For          For                       Mgmt
                    2       Elect Director John D. Forsyth                For          For                       Mgmt
                    3       Elect Director Gail D. Fosler                 For          For                       Mgmt
                    4       Elect Director Carole J. Shapazian            For          For                       Mgmt
                    5       Ratify Auditors                               For          For                       Mgmt
                    6       Approve Omnibus Stock Plan                    For          For                       Mgmt


07/19/06 - A        BEA Systems, Inc. *BEAS*                073325102                                05/26/06               133,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                       Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    4       Ratify Auditors                               For          For                       Mgmt
                    5       Act on Shareholder Resolutions that Receive   Against      For                       ShrHoldr
                            Majority Support
                    6       Declassify the Board of Directors             Against      For                       ShrHoldr


03/16/07 - PC       Caremark Rx, Inc.                       141705103                                01/15/07               118,262
                            Management Proxy (White Card)
                    1       Approve Merger Agreement                      For          Against                   Mgmt
                    2       Adjourn Meeting                               For          Against                   Mgmt
                            Dissident Proxy (Gold Card)
                    1       Approve Merger Agreement                      Against      DoNotVote                 Mgmt
                    2       Adjourn Meeting                               For          DoNotVote                 Mgmt


06/12/07 - A        Celgene Corp. *CELG*                    151020104                                04/26/07                   917
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


11/15/06 - A        Cisco Systems, Inc. *CSCO*              17275R102                                09/18/06               140,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Performance-Based and/or Time-Based Equity    Against      For                       ShrHoldr
                            Awards
                    4       Report on Pay Disparity                       Against      Against                   ShrHoldr
                    5       Report on Internet Fragmentation              Against      For                       ShrHoldr


06/07/07 - A        Cognizant Technology Solutions Corp.    192446102                                04/17/07                71,800
                    *CTSH*
                    1       Elect Directors                               For          For                       Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt
                    4       Other Business                                For          Against                   Mgmt


05/23/07 - A        Comcast Corp. *CMCSA*                   20030N101                                03/15/07                 1,860
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Prohibit Executive Stock-Based Awards         Against      Against                   ShrHoldr
                    4       Separate Chairman and CEO Positions           Against      For                       ShrHoldr
                    5       Prepare Sustainability Report                 Against      For                       ShrHoldr
                    6       Company-Specific -- Adopt Recapitalization    Against      For                       ShrHoldr
                            Plan
                    7       Advisory Vote to Ratify Named Executive       Against      Against                   ShrHoldr
                            Officers' Compensation
                    8       Report on Pay Disparity                       Against      Against                   ShrHoldr
                    9       Report on Political Contributions             Against      Against                   ShrHoldr


03/15/07 - S        CVS Caremark Corp *CVS*                 126650100                                01/19/07               374,500
                    1       Amend Articles/Increase Common Stock and      For          For                       Mgmt
                            Change Company Name
                    2       Issue Shares in Connection with an            For          For                       Mgmt
                            Acquisition
                    3       Adjourn Meeting                               For          For                       Mgmt


05/09/07 - A        CVS Caremark Corp *CVS*                 126650100                                03/30/07               380,000
                    1       Elect Director Edwin M. Banks                 For          For                       Mgmt
                    2       Elect Director C. David Brown II              For          For                       Mgmt
                    3       Elect Director Edwin Mac Crawford             For          For                       Mgmt
                    4       Elect Director David W. Dorman                For          For                       Mgmt
                    5       Elect Director Kristen E. Gibney Williams     For          For                       Mgmt
                    6       Elect Director Roger L. Headrick              For          Against                   Mgmt
                    7       Elect Director Marian L. Heard                For          For                       Mgmt
                    8       Elect Director William H. Joyce               For          For                       Mgmt
                    9       Elect Director Jean-Pierre Million            For          For                       Mgmt
                    10      Elect Director Terrence Murray                For          For                       Mgmt
                    11      Elect Director C.A. Lance Piccolo             For          Against                   Mgmt
                    12      Elect Director Sheli Z. Rosenberg             For          For                       Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                       Mgmt
                    14      Elect Director Richard J. Swift               For          For                       Mgmt
                    15      Ratify Auditors                               For          For                       Mgmt
                    16      Approve Qualified Employee Stock Purchase     For          For                       Mgmt
                            Plan
                    17      Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    18      Limit Executive Compensation                  Against      Against                   ShrHoldr
                    19      Separate Chairman and CEO Positions           Against      For                       ShrHoldr
                    20      Prepare Sustainability Report                 Against      For                       ShrHoldr
                    21      Disclose Information on Compensation          Against      For                       ShrHoldr
                            Consultant
                    22      Compensation Specific- Policy on Stock        Against      For                       ShrHoldr
                            Option Grants/Option Backdating


06/06/07 - A        Devon Energy Corp. *DVN*                25179M103                                04/09/07               124,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


06/14/07 - A        eBay Inc. *EBAY*                        278642103                                04/16/07               158,853
                    1       Elect Directors                               For          For                       Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                       Mgmt
                    4       Ratify Auditors                               For          For                       Mgmt


02/06/07 - A        Emerson Electric Co. *EMR*              291011104                                11/28/06                26,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


05/23/07 - A        Fidelity National Information           31620M106                                04/16/07               102,000
                    Services Inc *FIS*
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


04/20/07 - A        Genentech, Inc. *DNA*                   368710406                                02/20/07               108,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


05/09/07 - A        Gilead Sciences, Inc. *GILD*            375558103                                03/22/07               211,500
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                       Mgmt


05/10/07 - A        Google Inc *GOOG*                       38259P508                                03/22/07                37,590
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Amend Omnibus Stock Plan                      For          Against                   Mgmt
                               The plan allows  repricing of underwater stock options in a
                               variety of methods (see Plan Features) without  shareholder
                               approval,  which we believe  reduces the incentive value of
                               the plan.
                    4       Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    5       Adopt Policies to Protect Freedom of Access   Against      Against                   ShrHoldr
                            to the Internet


06/18/07 - A        Guess?, Inc. *GES*                      401617105                                04/23/07               148,860
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


03/14/07 - A        * Hewlett-Packard Co. *HPQ*             428236103                                01/16/07               283,643
                    1       Elect Director L.T. Babbio, Jr.               For          For                       Mgmt
                    2       Elect Director S.M. Baldauf                   For          For                       Mgmt
                    3       Elect Director R.A. Hackborn                  For          For                       Mgmt
                    4       Elect Director J.H. Hammergren                For          For                       Mgmt
                    5       Elect Director M.V. Hurd                      For          For                       Mgmt
                    6       Elect Director R.L. Ryan                      For          For                       Mgmt
                    7       Elect Director L.S. Salhany                   For          For                       Mgmt
                    8       Elect Director G.K.Thompson                   For          For                       Mgmt
                    9       Ratify Auditors                               For          For                       Mgmt
                    10      Require Director Nominee Qualifications       Against      For                       ShrHoldr
                    11      Separate Chairman and CEO Positions           Against      Against                   ShrHoldr
                    12      Submit Shareholder Rights Plan (Poison        Against      For                       ShrHoldr
                            Pill) to Shareholder Vote
                    13      Performance-Based Equity Awards               Against      For                       ShrHoldr


04/24/07 - A        International Business Machines Corp.   459200101                                02/23/07                91,800
                    *IBM*
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                       Mgmt
                    4       Reduce Supermajority Vote Requirement         For          For                       Mgmt
                    5       Reduce Supermajority Vote Requirement         For          For                       Mgmt
                    6       Reduce Supermajority Vote Requirement         For          For                       Mgmt
                    7       Restore or Provide for Cumulative Voting      Against      For                       ShrHoldr
                    8       Evaluate Age Discrimination in Retirement     Against      Against                   ShrHoldr
                            Plans
                    9       Review Executive Compensation                 Against      For                       ShrHoldr
                    10      Report on Outsourcing                         Against      Against                   ShrHoldr
                    11      Require a Majority Vote for the Election of   Against      For                       ShrHoldr
                            Directors


04/27/07 - A        Intuitive Surgical Inc *ISRG*           46120E602                                02/28/07                   550
                    1       Elect Directors                               For          For                       Mgmt


05/02/07 - A        Kohl's Corp. *KSS*                      500255104                                03/07/07                97,200
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    4       Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    5       Company Specific-Adopt Majority Vote for      For          For                       Mgmt
                            Election of Directors
                    6       Require a Majority Vote for the Election of   Against      Against                   ShrHoldr
                            Directors


05/24/07 - A        Lamar Advertising Company *LAMR*        512815101                                04/02/07                66,663
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


06/07/07 - A        LAS VEGAS SANDS CORP *LVS*              517834107                                04/20/07                   697
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


04/27/07 - A        Marriott International Inc. *MAR*       571903202                                03/06/07               111,000
                    1       Elect Director J.W. Marriott, Jr.             For          For                       Mgmt
                    2       Elect Director John W. Marriott, III          For          For                       Mgmt
                    3       Elect Director Richard S. Braddock            For          For                       Mgmt
                    4       Elect Director Lawrence W. Kellner            For          For                       Mgmt
                    5       Elect Director Debra L. Lee                   For          For                       Mgmt
                    6       Elect Director Floretta Dukes McKenzie        For          For                       Mgmt
                    7       Elect Director George Munoz                   For          For                       Mgmt
                    8       Elect Director Steven S Reinemund             For          For                       Mgmt
                    9       Elect Director Harry J. Pearce                For          For                       Mgmt
                    10      Elect Director William J. Shaw                For          For                       Mgmt
                    11      Elect Director Lawrence M. Small              For          For                       Mgmt
                    12      Ratify Auditors                               For          For                       Mgmt


06/07/07 - A        MasterCard Incorporated *MA*            57636Q104                                04/09/07                41,834
                    1       Elect Directors                               For          For                       Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    3       Approve Conversion of Securities              For          For                       Mgmt
                    4       Ratify Auditors                               For          For                       Mgmt


05/24/07 - A        McDonald's Corp. *MCD*                  580135101                                03/26/07               218,300
                    1       Elect Director Edward A. Brennan              For          For                       Mgmt
                    2       Elect Director Walter E. Massey               For          For                       Mgmt
                    3       Elect Director John W. Rogers, Jr.            For          For                       Mgmt
                    4       Elect Director Roger W. Stone                 For          For                       Mgmt
                    5       Ratify Auditors                               For          For                       Mgmt
                    6       Label Genetically Modified Organisms          Against      Against                   ShrHoldr
                    7       Adopt and Implement ILO Based Code of         Against      Against                   ShrHoldr
                            Conduct


05/24/07 - A        MEDCO Health Solutions Inc *MHS*        58405U102                                03/29/07                63,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Declassify the Board of Directors             For          For                       Mgmt
                    3       Approve Qualified Employee Stock Purchase     For          For                       Mgmt
                            Plan
                    4       Ratify Auditors                               For          For                       Mgmt


08/18/06 - A        Microchip Technology, Inc. *MCHP*       595017104                                06/22/06                50,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    4       Ratify Auditors                               For          For                       Mgmt


12/05/06 - A        Micron Technology, Inc. *MU*            595112103                                10/11/06               129,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt
                    4       Amend EEO Policy to Prohibit Discrimination   Against      For                       ShrHoldr
                            Based on Sexual Orientation or Gender
                            Identity


04/10/07 - A        Morgan Stanley                          617446448                                02/09/07               199,400
                    1       Elect Director Roy J. Bostock                 For          For                       Mgmt
                    2       Elect Director Erskine B. Bowles              For          For                       Mgmt
                    3       Elect Director Howard J. Davies               For          For                       Mgmt
                    4       Elect Director C. Robert Kidder               For          For                       Mgmt
                    5       Elect Director John J. Mack                   For          For                       Mgmt
                    6       Elect Director Donald T. Nicolaisen           For          For                       Mgmt
                    7       Elect Director Charles H. Noski               For          For                       Mgmt
                    8       Elect Director Hutham S. Olayan               For          For                       Mgmt
                    9       Elect Director Charles E. Phillips, Jr.       For          For                       Mgmt
                    10      Elect Director Griffith Sexton                For          For                       Mgmt
                    11      Elect Director Laura D. Tyson                 For          For                       Mgmt
                    12      Elect Director Klaus Zumwinkel                For          Against                   Mgmt
                    13      Ratify Auditors                               For          For                       Mgmt
                    14      Approve Omnibus Stock Plan                    For          Against                   Mgmt
                    15      Amend Vote Requirements to Amend              Against      For                       ShrHoldr
                            Articles/Bylaws/Charter
                    16      Approve Report of the Compensation Committee  Against      For                       ShrHoldr


05/08/07 - A        Newell Rubbermaid Inc. *NWL*            651229106                                03/15/07               258,600
                    1       Elect Directors                               For          Split                     Mgmt
                    1.1     Elect Director Scott S. Cowen --- Withhold
                    1.2     Elect Director Cynthia A. Montgomery ---
                            Withhold
                    1.3     Elect Director Gordon R. Sullivan ---
                            Withhold
                    1.4     Elect Director Michael A. Todman --- For
                    2       Ratify Auditors                               For          For                       Mgmt
                    3       Adopt Simple Majority Vote                    Against      For                       ShrHoldr
                    4       Require a Majority Vote for the Election of   Against      For                       ShrHoldr
                            Directors


05/03/07 - A/S      Potash Corporation of Saskatchewan      73755L107                                03/12/07                35,800
                    Inc. *POT*
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Deloitte & Touche LLP as Auditors      For          For                       Mgmt
                    3       Approve Performance Option Plan               For          For                       Mgmt


03/13/07 - A        QUALCOMM Inc. *QCOM*                    747525103                                01/12/07               210,554
                    1       Elect Directors                               For          For                       Mgmt
                    2       Ratify Auditors                               For          For                       Mgmt


05/16/07 - A        Safeway Inc. *SWY*                      786514208                                03/19/07               207,500
                    1       Elect Director Steven A. Burd                 For          For                       Mgmt
                    2       Elect Director Janet E. Grove                 For          For                       Mgmt
                    3       Elect Director Mohan Gyani                    For          For                       Mgmt
                    4       Elect Director Paul Hazen                     For          For                       Mgmt
                    5       Elect Director Robert I. MacDonnell           For          For                       Mgmt
                    6       Elect Director Douglas J. MacKenzie           For          For                       Mgmt
                    7       Elect Director Rebecca A. Stirn               For          For                       Mgmt
                    8       Elect Director William Y. Tauscher            For          For                       Mgmt
                    9       Elect Director Raymond G. Viault              For          For                       Mgmt
                    10      Approve Omnibus Stock Plan                    For          For                       Mgmt
                    11      Amend Executive Incentive Bonus Plan          For          For                       Mgmt
                    12      Ratify Auditors                               For          For                       Mgmt
                    13      Provide for Cumulative Voting                 Against      Against                   ShrHoldr
                    14      Separate Chairman and CEO Positions           Against      Against                   ShrHoldr
                    15      Label Genetically Modified Organisms          Against      Against                   ShrHoldr
                    16      Prepare Sustainability Report                 Against      Against                   ShrHoldr
                    17      Report on Feasibility of Improving Animal     Against      Against                   ShrHoldr
                            Welfare Standards


06/06/07 - A        Saks Incorporated *SKS*                 79377W108                                04/02/07               300,700
                    1       Elect Directors                               For          For                       Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt
                    4       Provide for Cumulative Voting                 Against      Against                   ShrHoldr


04/16/07 - S        Shire plc                               82481R106                                03/20/07                86,000
                            Meeting for Holders of ADR's
                    1       TO APPROVE THE ACQUISITION BY THE COMPANY     For          For                       Mgmt
                            OF NEW RIVER PHARMACEUTICALS, INC. AND
                            APPROVE THE INCREASE IN THE BORROWING
                            LIMITS OF THE COMPANY.


06/20/07 - A        Shire plc                               82481R106                                05/08/07                62,727
                            Meeting for Holders of ADRs
                    1       TO RECEIVE THE DIRECTORS REPORT AND           For          For                       Mgmt
                            ACCOUNTS FOR THE YEAR ENDED DECEMBER 31,
                            2006.
                    2       TO RE-ELECT DR JAMES HENRY CAVANAUGH AS A     For          For                       Mgmt
                            DIRECTOR.
                    3       TO RE-ELECT DR BARRY JOHN PRICE AS A          For          For                       Mgmt
                            DIRECTOR.
                    4       TO ELECT MS KATHLEEN ANNE NEALON AS A         For          For                       Mgmt
                            DIRECTOR.
                    5       TO ELECT DR JEFFREY MARC LEIDEN AS A          For          For                       Mgmt
                            DIRECTOR.
                    6       TO RE-ELECT MR MATTHEW WILLIAM EMMENS AS A    For          For                       Mgmt
                            DIRECTOR.
                    7       TO RE-ELECT MR DAVID JOHN KAPPLER AS A        For          For                       Mgmt
                            DIRECTOR.
                    8       TO RE-ELECT MR PATRICK LANGLOIS AS A          For          For                       Mgmt
                            DIRECTOR.
                    9       Ratify Auditors                               For          For                       Mgmt
                    10      TO AUTHORISE THE AUDIT COMMITTEE TO           For          For                       Mgmt
                            DETERMINE THE REMUNERATION OF THE AUDITORS.
                    11      TO APPROVE THE DIRECTORS REMUNERATION         For          For                       Mgmt
                            REPORT FOR THE YEAR ENDED DECEMBER 31, 2006.
                    12      TO AUTHORISE THE ALLOTMENT OF SHARES.         For          For                       Mgmt
                    13      TO AUTHORISE THE DISAPPLICATION OF            For          For                       Mgmt
                            PRE-EMPTION RIGHTS.
                    14      TO AUTHORISE MARKET PURCHASES.                For          For                       Mgmt
                    15      TO AUTHORISE DONATIONS TO EU POLITICAL        For          For                       Mgmt
                            ORGANISATIONS AND THE INCURRING OF EU
                            POLITICAL EXPENDITURE.
                    16      TO APPROVE THE RULES OF THE 2007 SHIRE PLC    For          For                       Mgmt
                            EMPLOYEE STOCK PURCHASE PLAN AND TO
                            AUTHORISE THE DIRECTORS TO MAKE
                            MODIFICATIONS AND TO ESTABLISH FURTHER
                            PLANS.


05/16/07 - A        St. Jude Medical, Inc. *STJ*            790849103                                03/19/07               145,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                       Mgmt
                    3       Approve Qualified Employee Stock Purchase     For          For                       Mgmt
                            Plan
                    4       Ratify Auditors                               For          For                       Mgmt


03/21/07 - A        Starbucks Corp. *SBUX*                  855244109                                01/12/07                63,351
                    1       Elect Directors                               For          For                       Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt


04/18/07 - A        State Street Corp. (Boston) *STT*       857477103                                02/23/07               140,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Increase Authorized Common Stock              For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt


04/18/07 - A        The Coca-Cola Company *KO*              191216100                                02/20/07               279,133
                    1       Elect Director Herbert A. Allen               For          For                       Mgmt
                    2       Elect Director Ronald W. Allen                For          For                       Mgmt
                    3       Elect Director Cathleen P. Black              For          For                       Mgmt
                    4       Elect Director Barry Diller                   For          Against                   Mgmt
                    5       Elect Director E. Neville Isdell              For          For                       Mgmt
                    6       Elect Director Donald R. Keough               For          For                       Mgmt
                    7       Elect Director Donald F. McHenry              For          For                       Mgmt
                    8       Elect Director Sam Nunn                       For          For                       Mgmt
                    9       Elect Director James D. Robinson, III         For          For                       Mgmt
                    10      Elect Director Peter V. Ueberroth             For          For                       Mgmt
                    11      Elect Director James B. Williams              For          For                       Mgmt
                    12      Ratify Auditors                               For          For                       Mgmt
                    13      Approve Executive Incentive Bonus Plan        For          For                       Mgmt
                    14      Limit Executive Compensation                  Against      Against                   ShrHoldr
                    15      Advisory Vote to Ratify Named Executive       Against      For                       ShrHoldr
                            Officers' Compensation
                    16      Report on Chemical and Biological Testing     Against      Against                   ShrHoldr
                            Data
                    17      Report on Environmental Liabilities in India  Against      Against                   ShrHoldr
                    18      Performance-Based and/or Time-Based Equity    Against      For                       ShrHoldr
                            Awards


04/11/07 - A        The Goldman Sachs Group, Inc.           38141G104                                01/26/07                73,700
                    1       Elect Director Lloyd C. Blankfein             For          For                       Mgmt
                    2       Elect Director Lord Browne of Madingley       For          For                       Mgmt
                    3       Elect Director John H. Bryan                  For          For                       Mgmt
                    4       Elect Director Gary D. Cohn                   For          For                       Mgmt
                    5       Elect Director Claes Dahlback                 For          For                       Mgmt
                    6       Elect Director Stephen Friedman               For          For                       Mgmt
                    7       Elect Director William W. George              For          For                       Mgmt
                    8       Elect Director Rajat K. Gupta                 For          For                       Mgmt
                    9       Elect Director James A. Johnson               For          For                       Mgmt
                    10      Elect Director Lois D. Juliber                For          For                       Mgmt
                    11      Elect Director Edward M. Liddy                For          For                       Mgmt
                    12      Elect Director Ruth J. Simmons                For          For                       Mgmt
                    13      Elect Director Jon Winkelried                 For          For                       Mgmt
                    14      Ratify Auditors                               For          For                       Mgmt
                    15      Report on Charitable Contributions            Against      Against                   ShrHoldr
                    16      Sustainability Report                         Against      Against                   ShrHoldr
                    17      Prohibit Executive Stock-Based Awards         Against      Against                   ShrHoldr


10/10/06 - A        The Procter & Gamble Company *PG*       742718109                                08/11/06                19,000
                    1       Elect Directors                               For          For                       Mgmt
                    2       Approve Decrease in Size of Board             For          For                       Mgmt
                    3       Ratify Auditors                               For          For                       Mgmt
                    4       Amend Omnibus Stock Plan                      For          For                       Mgmt
                    5       Put Repricing of Stock Options to             Against      Against                   ShrHoldr
                            Shareholder Vote


05/15/07 - A        Thermo Fisher Scientific Inc. *TMO*     883556102                                03/29/07               139,000
                    1       Elect Director Marijn E. Dekkers              For          For                       Mgmt
                    2       Approve Qualified Employee Stock Purchase     For          For                       Mgmt
                            Plan
                    3       Ratify Auditors                               For          For                       Mgmt


05/10/07 - A        UAL Corporation *UAUA*                  902549807                                03/12/07                27,206
                    1       Elect Directors                               For          For                       Mgmt


03/14/07 - A        Wm. Wrigley Jr. Co. *WWY*               982526105                                01/12/07                67,639
                    1       Elect Directors                               For          For                       Mgmt
                    2       Amend Bylaws to Require a Majority Vote for   For          For                       Mgmt
                            the Election of Directors
                    3       Ratify Auditors                               For          For                       Mgmt


06/12/07 - A        Yahoo!, Inc. *YHOO*                     984332106                                04/16/07                 1,980
                    1       Elect Director Terry S. Semel                 For          For                       Mgmt
                    2       Elect Director Jerry Yang                     For          For                       Mgmt
                    3       Elect Director Roy J. Bostock                 For          Against                   Mgmt
                    4       Elect Director Ronald W. Burkle               For          Against                   Mgmt
                    5       Elect Director Eric Hippeau                   For          For                       Mgmt
                    6       Elect Director Vyomesh Joshi                  For          For                       Mgmt
                    7       Elect Director Arthur H. Kern                 For          Against                   Mgmt
                    8       Elect Director Robert A. Kotick               For          For                       Mgmt
                    9       Elect Director Edward R. Kozel                For          For                       Mgmt
                    10      Elect Director Gary L. Wilson                 For          For                       Mgmt
                    11      Amend Omnibus Stock Plan                      For          For                       Mgmt
                    12      Amend Qualified Employee Stock Purchase Plan  For          For                       Mgmt
                    13      Ratify Auditors                               For          For                       Mgmt
                    14      Pay For Superior Performance                  Against      For                       ShrHoldr
                    15      Adopt Policies to Protect Freedom of Access   Against      For                       ShrHoldr
                            to the Internet
                    16      Amend Bylaws to Establish a Board Committee   Against      Against                   ShrHoldr
                            on Human Rights


******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 06/30/2007
Principal Variable Contracts Fund, Inc.-Income Account
Sub-Advisor:  Edge Asset Management, Inc.



=========================== PVC INCOME ACCOUNT ===========================
No Proxies Voted.



Fund:  Principal Variable Contracts Fund, Inc. - International Emerging Markets Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC- International Emerging Markets - 431

Mtg                 Company/                                               Mgmt         Vote           Record                 Shares
Date/Type           Ballot Issues                            Security      Rec          Cast           Date        Prpnent     Voted
- ------------------- ---------------------------------------- ------------- ------------ -------------- ----------- -----------------
- ------------------------------------------------------------------------------------------------------------------------------------

                                                                                                               
08/24/06 - S        Akcansa Cimento SA                       M03343122                                 None                   51,073
                    1        Elect Presiding Council of Meeting            For                                     Mgmt
                    2        Authorize Presiding Council to Sign Minutes   For                                     Mgmt
                             of Meeting
                    3        Amend Articles 6 and 27, and Delete           For                                     Mgmt
                             Temporary Article 1 of Bylaws
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/18/07 - A        ALUMINUM CORPORATION OF CHINA LTD        Y0094N109                                 04/18/07              602,000
                    1        Accept Report of the Directors                For          For                        Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                        Mgmt
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Profit Distribution Proposal and      For          For                        Mgmt
                             Final Dividend
                    5        Approve Remuneration of Directors and         For          For                        Mgmt
                             Supervisors
                    6        Elect Xiao Yaqing; Luo Jianchuan; Chen        For          Against                    Mgmt
                             Jihua; Helmut Wieser; Shi Chungui; Poon Yiu
                             Kin, Samuel; Kang Yi; Zhang Zuoyuan; and
                             Liu Xiangmin as Directors
                                In this  case,  we note  that  the  proposed  election  of
                                directors  is bundled into one  resolution.  Consolidating
                                director   elections   into  one  voting  item   restricts
                                shareholders'   ability   to   block   the   election   of
                                individuals  unfit to hold  office and gives  shareholders
                                an all-or-nothing  choice.  Given that bundling  restricts
                                shareholders'  ability  to elect  directors  individually,
                                shareholders are advised to vote against this resolution.
                    7        Elect Ao Hong; Yuan Li; and Zhang Zhankui     For          Against                    Mgmt
                             as Supervisors
                                In this  case,  we note  that  the  proposed  election  of
                                supervisors is bundled into one resolution.  Consolidating
                                supervisor   elections  into  one  voting  item  restricts
                                shareholders'   ability   to   block   the   election   of
                                individuals  unfit to hold  office and gives  shareholders
                                an all-or-nothing  choice.  Given that bundling  restricts
                                shareholders'  ability to elect supervisors  individually,
                                shareholders are advised to vote against this resolution.
                    8        Approve PricewaterhouseCoopers, Hong Kong     For          For                        Mgmt
                             Certified Public Accountants, and
                             PricewaterhouseCoopers Zhong Tian CPAs Ltd.
                             Co. as Independent Auditors and PRC
                             Auditors, Respectively, and Authorize Board
                             to Fix Their Remuneration
                    9        Other Business (Voting)                       For          Against                    Mgmt
                                Although  this item is routine and only those  issues that
                                could   legally  be  discussed   could  be  presented  for
                                consideration,  its approval  would create an  opportunity
                                for those who attend the meeting to approve  changes  that
                                are not in the  best  interests  of all  shareholders.  We
                                recommend  that  shareholders  oppose this item unless the
                                company  has  provided  detailed   information  about  the
                                issues that will be discussed.
                    10       Approve Issuance of H Shares without          For          Against                    Mgmt
                             Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    11       Authorize Issuance of Short-term Bonds with   For          Against                    Mgmt
                             a Principal Amount of Up to RMB 5.0 Billion
                                We  note,  however,  that  the  company  did  not  provide
                                further  details  regarding  the  terms  and  the  use  of
                                proceeds for the Proposed  Short-Term Bond Issue, which is
                                not  usual  market  practice.  As such,  we are  unable to
                                ascertain  whether  approval  of this item  would have any
                                negative  impact on shareholder  rights or value.  In view
                                of this, we recommend a vote against this resolution.


08/22/06 - C        Ambuja Cements Ltd (Formerly Gujarat     Y2943F147                                 None                  124,106
                    Ambuja Cements Ltd.)
                             Court-Ordered Meeting for Shareholders
                    1        Approve Scheme of Amalgamation of Ambuja      For                                     Mgmt
                             Cement Eastern Ltd with Gujarat Ambuja
                             Cements Ltd
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - S        America Movil SAB de CV (formerly        02364W105                                 04/16/07               71,212
                    America Movil SA de CV)
                             Meeting for Holders of ADR's
                    1        Elect Representatives of Class L Shares to    For          For                        Mgmt
                             the Board of Directors
                    2        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting


06/13/07 - A        AMTRAN TECHNOLOGY                        Y0124Y109                                 04/14/07              706,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The board is proposing a cash  dividend of NTD 0.8 ($0.02)
                                per share  and a stock  dividend  of 80  shares  for every
                                1,000 shares  held,  or NTD 0.8 ($0.02)  each.  This gives
                                the  company  a  payout  ratio of 74.1  percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                dividend   payout   proposed  is  reasonable   and  easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Amend Articles of Association                 For          Against                    Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    4        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                                Taiwanese  companies  routinely  capitalize  dividends and
                                distribute new fully paid shares to  shareholders  free of
                                charge;  there  is no cost  to  shareholders  to  maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.  This  item  is  pursuant  to  the  stock  dividends
                                discussed   in   Item    2.        Meanwhile,    Taiwanese
                                companies  usually state in their  articles of association
                                to allocate not more than 10 percent of the  company's net
                                profit  as  employee  profit  sharing  to  compensate  and
                                motivate  employees of the company.  In this case, a total
                                of NTD 102.6  million  ($3.15  million)  is  reserved  for
                                employee profit sharing,  out of which a total of NTD 51.3
                                million  ($1.57  million) will be  distributed in the form
                                of   shares.        ISS   has  no   objections   to   this
                                resolution.
                    5        Amend Procedures Governing the Acquisition    For          Against                    Mgmt
                             or Disposal of Assets
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    6        Amend Trading Procedures Governing            For          For                        Mgmt
                             Derivative Products
                                This item seeks to require the company's  finance  officer
                                to record  all  details  of the  derivatives  transactions
                                entered  into by the  company in a  memorandum  book.  The
                                information  that must be recorded  shall be in accordance
                                with  those  stipulated  in the  Guidelines  for  Handling
                                Acquisition  or  Disposal  of Assets  by Public  Companies
                                issued by the Financial Supervisory Commission,  Executive
                                Yuan.  In addition,  all  transactions  must be subject to
                                the board's  approval.  These proposals shall be reflected
                                in   the   company's   procedures   governing   derivative
                                products.        If  approved, the company will be able to
                                comply with the prevailing  laws. ISS has no objections to
                                this resolution.
                    7        Amend Rules and Procedures Regarding          For          For                        Mgmt
                             Shareholder Meeting
                                Approval  of this item will  allow the  company  to revise
                                its rules and procedures regarding  shareholder  meetings.
                                Details of the  amendments  are as  follows:        1.  To
                                allow  shareholders  to cast  their  votes in  writing  or
                                through  electronic  form;  and        2.  To  add  a  new
                                article  specifying  that  shareholders  who casted  their
                                votes  in  writing  or  through  electronic  form  will be
                                treated as personally attending the meeting.  However, for
                                proposals  raised under  "Other  Business" or should there
                                be any  changes  to the  existing  shareholder  proposals,
                                their votes will be  considered  as  "Abstain."        The
                                amendments  are made to comply with the latest  changes to
                                the Company Law of Taiwan.  ISS has no  objections to this
                                item.
                    8        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


09/29/06 - S        Angang Steel Company Limited             Y0132D105                                 08/30/06              229,000
                    1        Approve the Bayuquan Facility Proposal        For          For                        Mgmt


03/26/07 - S        Angang Steel Company Limited             Y0132D105                                 02/23/07               74,000
                    1        Elect Zhang Xiaogang as Executive Director    For          For                        Mgmt


05/29/07 - S        Angang Steel Company Limited             Y0132D105                                 04/27/07              446,000
                             Special Business
                    1a       Approve Class and Par Value of Shares to be   For          For                        Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    1b       Approve Ratio and Number of Shares to be      For          For                        Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    1c       Approve Pricing of Shares to be Issued        For          For                        Mgmt
                             Pursuant to the Proposed Rights Issue
                    1d       Approve Target Subscribers of Shares to be    For          For                        Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    1e       Approve Use of Proceeds from the Proposed     For          For                        Mgmt
                             Rights Issue
                    1f       Approve Validity of the Proposed Rights       For          For                        Mgmt
                             Issue
                    1g       Authorize Board to Take Any Action and        For          For                        Mgmt
                             Execute Any Document Necessary to Implement
                             the Proposed Rights Issue
                             Ordinary Business
                    2        Approve Use of Proceeds from the Proposed     For          For                        Mgmt
                             Rights Issue for the Bayuquan Project
                    3        Approve Distribution of Undistributed         For          For                        Mgmt
                             Retained Profits Accrued Before the
                             Completion of the Proposed Rights Issue
                    4        Approve the Previous Fund Use Report          For          For                        Mgmt


05/29/07 - S        Angang Steel Company Limited             Y0132D105                                 04/27/07              446,000
                             Meeting for H Shareholders
                             Special Business
                    1        Approve Class and Par Value of Shares to be   For          For                        Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    2        Approve Ratio and Number of Shares to be      For          For                        Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    3        Approve Pricing of Shares to be Issued        For          For                        Mgmt
                             Pursuant to the Proposed Rights Issue
                    4        Approve Target Subscribers of Shares to be    For          For                        Mgmt
                             Issued Pursuant to the Proposed Rights Issue
                    5        Approve Use of Proceeds from the Proposed     For          For                        Mgmt
                             Rights Issue
                    6        Approve Validity of the Proposed Rights       For          For                        Mgmt
                             Issue
                    7        Authorize Board to Take Any Action and        For          For                        Mgmt
                             Execute Any Document Necessary to Implement
                             the Proposed Rights Issue


06/08/07 - A        Angang Steel Company Limited             Y0132D105                                 04/27/07              446,000
                    1        Accept Report of the Board of Directors       For          For                        Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                        Mgmt
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Proposed Distribution of Profits      For          For                        Mgmt
                    5        Approve Remuneration of Directors and         For          For                        Mgmt
                             Senior Management
                    6        Approve Remuneration of Supervisors           For          For                        Mgmt
                    7        Appoint KPMG and KPMG Huazhen as Overseas     For          For                        Mgmt
                             and Domestic Auditors, Respectively, and
                             Authorize Board to Fix Their Remuneration


03/30/07 - A        Anglo Platinum Ltd (frmly Anglo          S9122P108                                 None                    9,991
                    American Platinum Corp. Ltd.)
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended December 31, 2006
                    2        Elect Directors                               For          For                        Mgmt
                    3        Ratify Deloitte & Touche as Auditors          For          For                        Mgmt
                    4        Authorize Repurchase of Up to 20 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    5.1      Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    5.2      Approve Non-Executive Director Fees           For          For                        Mgmt
                    5.3      Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


12/12/06 - S        Anhui Conch Cement Company Ltd           Y01373102                                 11/22/06              174,000
                    1        Approve Acquisition of the Three Target       For          For                        Mgmt
                             Assets from Anhui Conch Hldgs Co Ltd at an
                             Aggregate Consideration of RMB 302.6
                             Million (Conch Hldgs Consideration) and
                             Issuance of New A Shares as Payment for the
                             Conch Hldgs Consideration (Conch Hldgs
                             Transaction)
                    2        Approve Acquisition of the Four Target        For          For                        Mgmt
                             Assets from Anhui Conch Venture Investment
                             Co Ltd at an Aggregate Consideration of RMB
                             3.8 Billion (Venture Consideration) and
                             Issuance of New A Shares as Payment for the
                             Venture Consideration (Venture Transaction)
                    3        Authorize Board to Do Such Things or Make     For          For                        Mgmt
                             Arrangements Relating to the Conch Hldgs
                             Transaction and Venture Transaction
                    4        Allow Same Rights to Distributable Profits    For          For                        Mgmt
                             to Existing Shareholders of the Company and
                             A Shareholders as a Result of the A Share
                             Issue Under the Conch Hldgs Transaction and
                             Venture Transaction
                    5        Waive Requirement for Mandatory Offer to A    For          For                        Mgmt
                             Shareholders
                    6        Waive Requirement for Mandatory Offer to      For          For                        Mgmt
                             All Shareholders


12/12/06 - S        Anhui Conch Cement Company Ltd           Y01373102                                 11/22/06              174,000
                             Meeting For H Shareholders
                             Special Business
                    1        Approve Acquisition of the Three Target       For          For                        Mgmt
                             Assets from Anhui Conch Hldgs Co Ltd at an
                             Aggregate Consideration of RMB 302.6
                             Million (Conch Hldgs Consideration) and
                             Issuance of New A Shares as Payment for the
                             Conch Hldgs Consideration
                    2        Approve Acquisition of the Four Target        For          For                        Mgmt
                             Assets from Anhui Conch Venture Investment
                             Co Ltd at an Aggregate Consideration of RMB
                             3.8 Billion (Venture Consideration) and
                             Issuance of New A Shares as Payment for the
                             Venture Consideration


12/15/06 - S        Anhui Conch Cement Company Ltd           Y01373102                                 11/10/06              174,000
                    1        Approve Continuing Connected Transactions     For          For                        Mgmt
                             and Annual Caps


06/13/07 - A        Antofagasta plc                          G0398N128                                 None                   64,393
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                        Mgmt
                    3        Approve Final Dividend of USD 0.43 Per        For          For                        Mgmt
                             Ordinary Share
                    4        Re-elect Daniel Yarur as Director             For          For                        Mgmt
                                Considering  that  Daniel  Yarur  makes  up  part  of  the
                                independent influence on the Board and its Committees,  we
                                are  recommending  shareholders  to vote in  favour of his
                                re-election.  However,  we encourage the Company to ensure
                                his  attendance  at  Board  and  Committee  meetings  on a
                                regular basis for future years.
                    5        Re-elect Charles Bailey as Director           For          Against                    Mgmt
                                Therefore,  the Board is  satisfied  that  Charles  Bailey
                                remains    independent   in   character   and   judgement,
                                notwithstanding  that he has  served on the Board for more
                                than nine years. We have carefully  reviewed the Company's
                                explanation,  but note that the Combined  Code states that
                                length  of   tenure   alone   may   effect   independence,
                                regardless  of  additional  remuneration  or other issues.
                                Therefore,    RREV   does   not   accept   the   Company's
                                explanation.  This is especially clear given the length of
                                time    involved,    which   is    currently   20   years.
                                        Charles  Bailey  is  a  member  of  the  Company's
                                Nomination,   Remuneration  and  Audit   Committees,   the
                                compositions  of  which  do not  comply  with  the  Code's
                                provisions.  Only  independent  NEDs  should be members of
                                these  Committees (a majority of  independent  NEDs in the
                                case of the  Nomination  Committee).  For that  reason  we
                                continue to recommend that  shareholders  vote against the
                                re-election of Charles Bailey.
                    6        Re-elect Gonzalo Menendez as Director         For          Against                    Mgmt
                                We have reviewed the Company's explanation,  but note that
                                the  Combined  Code states that length of tenure alone may
                                effect    independence,     regardless    of    additional
                                remuneration  or other  issues.  Therefore,  RREV does not
                                accept  the  Company's  explanation.  This  is  especially
                                clear  given  the  length  of  time  involved,   which  is
                                currently  22  years.        Gonzalo  Menendez is a member
                                of  the  Company's  Nomination,   Remuneration  and  Audit
                                Committees,  the  composition  of which do not comply with
                                the Code's  provisions.  For that  reason we  continue  to
                                recommend that  shareholders  vote against the re-election
                                of Gonzalo Menendez.
                    7        Elect William Hayes as Director               For          For                        Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                        Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise 98,585,669 Ordinary Shares for      For          For                        Mgmt
                             Market Purchase


08/24/06 - S        Banco do Brasil S.A.                     P11427112                                 None                   21,568
                    1        Amend Article 7 of Bylaws Re: Capital         For          For                        Mgmt
                             Increase Resulting from the Subcription of
                             Series B
                    2        Amend Article 42 of Bylwas Re: Guarantee      For          For                        Mgmt
                             Flexibility for the Creation of Statutory
                             Reserves In Order to Preserve the
                             Maintenance of the Company's Operational
                             Marging
                    3        Amend Articles 50, 51, and 52 Re: Comply      For          For                        Mgmt
                             with Bovespa's Novo Mercado Regulations


04/25/07 - A/S      Banco do Brasil S.A.                     P11427112                                 None                   24,000
                             Ordinary Business
                    1        Approve Capital Budget                        For          For                        Mgmt
                    2        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for 2006 Fiscal Year
                    3        Approve Allocation of Income and Dividends    For          For                        Mgmt
                    4        Elect Supervisory Board Members               For          For                        Mgmt
                    5        Approve Remuneration of Supervisory Board     For          For                        Mgmt
                    6        Elect Board Members                           For          For                        Mgmt
                    7        Approve Global Annual Remuneration of Board   For          For                        Mgmt
                             Members and Executive Officer Board
                             Special Business
                    8        Approve 3:1 Stock Split                       For          For                        Mgmt
                    9        Authorize Capitalization of Expansion         For          For                        Mgmt
                             Reserves Account and Capital Reserves
                             Without Issuance of Shares
                    10       Amend Article 7 to Reflect Changes in         For          For                        Mgmt
                             Capital Presented in Items 8 and 9


09/01/06 - S        Banco Macro SA                           05961W105                                 08/11/06               10,857
                             Meeting for Holders of ADRs
                    1        APPOINT TWO SHAREHOLDERS TO SIGN THE          For          For                        Mgmt
                             MINUTES OF THE SHAREHOLDERS MEETING.
                    2        EVALUATE THE CREATION OF A GLOBAL PROGRAM     For          Against                    Mgmt
                             FOR THE ISSUANCE OF SIMPLE SHORT, MEDIUM OR
                             LONG-TERM NOTES, EITHER SUBORDINATED OR
                             NOT, SECURED OR UNSECURED, PURSUANT TO THE
                             PROVISIONS OF LAW 23,576, AS AMENDED BY LAW
                             23,962.
                                Items  2  through  6  concern   the   issuance  of  bonds/
                                debentures.   The  board  is  seeking   approval  for  the
                                issuance  of up to US$400  million  in bonds/  debentures.
                                While  the  maximum   amount  that  could  be  issued  was
                                disclosed by the  company,  other bond terms such as time,
                                form,  duration,  price,  terms  of  payment,   guarantee,
                                placement,   and  use  of  the  bond  proceeds,  were  not
                                disclosed.        The  maximum amount that could be issued
                                under this  authority is high and would have  considerable
                                impact on the company's  financial standing if the maximum
                                authority  were  used,  therefore  it is  imperative  with
                                requests  of this  size  that the  company  emit  detailed
                                information  so  shareholders  may  consider the merits of
                                such a proposal.  In  particular,  it is not clear whether
                                these bonds are convertible or not,  therefore there could
                                be a potential for dilution to current  shareholders.  The
                                ratio  for the  conversion  of  such  bonds  into  company
                                shares would not be determined  until the company  decides
                                to issue the bonds.  However,  based on the  company's ADR
                                share price of US$20.40 on Aug. 14, 2006,  the  conversion
                                of the bonds  would  result in the  issuance of up to 19.6
                                million new shares,  representing a potential  increase of
                                29 percent over currently  issued  capital.  This proposal
                                would give the board  flexibility  to act  throughout  the
                                year in the  event  that it  needs to  issue  such  bonds.
                                However,  the potential dilution to shareholders likely to
                                arise   from  this   particular   issuance   exceeds   the
                                20-percent   limit   established  by  our  guidelines  for
                                issuances  without  preemptive   rights.           Because
                                Banco Macro  Bansud,  S.A. has omitted  important  details
                                concerning this issuance  request and there is a potential
                                for  excessive  dilution  to  shareholders'  economic  and
                                voting  rights,  we  cannot  recommend  support  for  this
                                resolution.
                    3        EVALUATE HOW THE PROCEEDS RAISED AS A         For          Against                    Mgmt
                             RESULT OF THE PLACEMENT OF THE NOTES TO BE
                             ISSUED UNDER THE PROGRAM SHALL BE APPLIED.
                    4        EVALUATE THE REQUEST OF AUTHORIZATION (I)     For          Against                    Mgmt
                             FOR THE CREATION OF THE PROGRAM BEFORE THE
                             COMISION NACIONAL DE VALORES ( CNV ); AND
                             (II) OF THE PROGRAM FOR THE POSSIBLE
                             LISTING AND/OR NEGOTIATION OF THE NOTES
                             ISSUED UNDER THE PROGRAM.
                    5        DELEGATE THE NECESSARY POWERS TO THE BOARD    For          Against                    Mgmt
                             SO THAT IT MAY (I) DETERMINE AND ESTABLISH
                             ALL TERMS AND CONDITIONS OF THE PROGRAM;
                             (II) CARRY OUT ALL THE NECESSARY ACTS
                             BEFORE THE CNV; (III) CARRY OUT ALL THE
                             NECESSARY ACTS BEFORE THE BCRA; (IV) CARRY
                             OUT TH
                    6        AUTHORIZE THE BOARD OF DIRECTORS TO           For          Against                    Mgmt
                             SUB-DELEGATE TO ONE OR MORE OF ITS MEMBERS,
                             OR TO THE PERSON SUCH MEMBERS MAY DEEM
                             APPROPRIATE, THE EXERCISE OF THE POWERS
                             LISTED IN PARAGRAPH 5) ABOVE.
                    7        EVALUATE THE TRANSACTION WITH A RELATED       For          Against                    Mgmt
                             PARTY, REGARDING THE SALE OF THE
                             CERTIFICATES REPRESENTING A PARTICIPATING
                             INTEREST IN PUERTO MADERO SIETE TRUST, IN
                             FAVOR OF THE DIRECTOR FERNANDO A. SANSUSTE.
                                Due to a lack of disclosure  regarding  this  transaction,
                                ISS  recommends  that   shareholders   vote  against  this
                                request.


11/09/06 - S        BANCO NOSSA CAIXA                        ADPV07972                                 None                   12,800
                             Special Meeting Agenda
                    1        Approve Interest on Capital Payments          For          For                        Mgmt
                             Totalling BRL 91.5 Million
                    2        Elect Alternate Supervisory Board Member      For          For                        Mgmt
                             and Reinstatement of Said Board


03/26/07 - A        Bank Millennium SA (frmly Bank           X05407105                                 03/16/07              178,441
                    Millennium Spolka Akcyjna)
                    1        Open Meeting                                  None                                    Mgmt
                    2        Receive Information about Voting Rules        None                                    Mgmt
                    3        Elect Meeting Chairman                        For                                     Mgmt
                    4        Acknowledge Proper Convening of Meeting       For                                     Mgmt
                    5        Approve Agenda of Meeting                     For                                     Mgmt
                    6        Elect Members of Vote Counting Commission     For                                     Mgmt
                    7        Approve Financial Statements and Statutory    For                                     Mgmt
                             Reports
                    8        Approve Consolidated Financial Statements     For                                     Mgmt
                    9        Approve Discharge of Management and           For                                     Mgmt
                             Supervisory Boards
                    10       Decide on Allocation of Undistributed         For                                     Mgmt
                             Profit (as Result of Changes in Accounting
                             Principles)
                    11       Approve Allocation of Income                  For                                     Mgmt
                    12       Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/09/07 - S        BANK OF COMMUNICATIONS CO LTD            Y06988102                                 12/08/06              379,500
                             Special Business
                    1a       Approve Issuance of Equity or Equity-Linked   For          For                        Mgmt
                             Securities without Preemptive Rights
                                This item  seeks to grant a general  mandate  to allow the
                                board  of  directors  to  allot,   issue,  and  deal  with
                                additional  shares  representing 20 percent of each of the
                                aggregate  nominal  amount of Bank of  Communications  Co.
                                Ltd.'s  (the Bank)  domestic  shares  and  overseas-listed
                                foreign  shares (H  Shares)  in issue  without  preemptive
                                rights.  This  request  is made  in  connection  with  the
                                proposed  issuance of up to 4.5 billion domestic  ordinary
                                shares  (A  Shares)  by way of a  public  offering  in the
                                Shanghai Stock Exchange  (SSE),  as discussed in item 2 (A
                                Share  Issue).  If  approved,  the  authority  would lapse
                                after one year or at the next  annual  general  meeting of
                                the  Bank.        ISS  typically  issues a  recommendation
                                against the general  mandate to issue  shares in Hong Kong
                                as the  authority  is subject to abuse by  companies  that
                                issue  shares at steep  discounts  to related  parties and
                                renew the share  issuance  amount  several  times within a
                                period of one year.  In this  case  however,  we note that
                                authority  given  under this item would  facilitate  the A
                                Share Issue,  which would involve the issuance of A Shares
                                to  individuals,  entities and other  institutions  in the
                                People's  Republic  of China (PRC) who have  maintained  A
                                Share  accounts  with the  SSE,  except  those  prohibited
                                under  PRC laws  and  regulations  applicable  to the Bank
                                (Target  Subscribers),  at an issue  price  that  would be
                                determined  based on the prevailing  market  conditions at
                                the  time  of the A  Share  Issue,  but in no case be less
                                than the net asset value per share of the  Bank.        In
                                view of the  benefits  of the  proposed A Share  Issue and
                                considering  that the  issuance of A Shares  would rely on
                                the general  mandate  proposed in this item,  we recommend
                                that shareholders vote in favor of this resolution.
                    1b       Authorize Board to Increase Registered        For          For                        Mgmt
                             Capital and Amend Articles of Association
                             to Reflect Such Changes
                                This item seeks to grant board  authority  to increase the
                                registered  capital of the Bank and amend the  articles of
                                association  in order to  reflect  the  issue of shares in
                                the Bank  authorized  under item 1a.  Given our support of
                                item 1a and the  proposed  issuance of A Shares in item 2,
                                a vote in favor of this resolution is recommended.
                    2        Approve Public Offering of A Shares on the    For          For                        Mgmt
                             Shanghai Stock Exchange
                                This  item  seeks to  approve  the  terms of the  proposed
                                issuance by the Bank of up to 4.5 billion A Shares,  which
                                are to be listed on the SSE, by way of public  offering of
                                new  shares  subject to  approval  of items 1a and 1b, and
                                conditional  upon  obtaining   approvals  from  the  China
                                Securities   Regulatory   Commission   (CSRC),  the  China
                                Banking   Regulatory   Commission,   and  other   relevant
                                regulatory  authorities.  Details of the  proposed A Share
                                Issue   are  as   follows:        Class   of   Shares:   A
                                Shares        Number  of A Shares to be  issued:  Not more
                                than 4.5 billion A Shares,  representing approximately 9.8
                                percent  and 8.9  percent  of the  existing  and  enlarged
                                total  issued share  capital of the Bank after  completion
                                of the A Share Issue,  respectively.        Nominal Value:
                                RMB 1.0 ($0.1) for each A Share        Rights  Attached to
                                A  Shares:  The  A  Shares  would  rank  pari  passu  with
                                existing  domestic  shares and H Shares of the  company in
                                all  respects,  except as  otherwise  provided  for in the
                                articles   of   association    and   relevant   laws   and
                                regulations.        Target    Subscribers:    The   target
                                subscribers  would be  individuals,  entities,  and  other
                                institutions  in the PRC  which  have  maintained  A Share
                                accounts with SSE, except for those  prohibited  under PRC
                                laws and  regulations.          Basis  for determining the
                                issue  price:  The  pricing  of the A  Share  Issue  would
                                follow   the   market-driven   principle   and   would  be
                                determined  based on the prevailing  conditions of the PRC
                                securities  market  at the  time  when  the A Share  Issue
                                takes  place by way of market  consultation  or such other
                                methods as approved by the CSRC.  The issue price would be
                                no less than the net asset  value per share of the Bank at
                                the  time of the A Share  Issue.        Use  of  Proceeds:
                                The net  proceeds  from the A Share Issue would be used to
                                strengthen      the      capital      base      of     the
                                Bank.        Distribution  plan for the accumulated profit
                                before the issue: The distributable  profit of the Bank as
                                at Dec. 31, 2006 would be distributed to the  shareholders
                                then  existing  prior to the A Share  Issue in  accordance
                                with the share  distribution  plan to be  approved  in the
                                2006 annual general  meeting of the Bank. The  accumulated
                                profit as at Dec.  31,  2006 after such  distribution  and
                                the  distributable  profit  that arise  after Jan. 1, 2007
                                would be distributed to all new  shareholders  under the A
                                Share Issue and the existing  shareholders  in  proportion
                                to their  shareholding.        Validity of Resolution: The
                                A Share  Issue  would  be  effective  for a  period  of 12
                                months from the date of  approval.        Board  Authority
                                in  Relation  to the A  Share  Issue:  The  board  and its
                                attorney  would be given full  authority and discretion to
                                determine  and deal  with  matters  in  relation  to the A
                                Share  Issue  including  the  specific  timing  of  issue,
                                number  of A  shares  to be  issued,  offering  structure,
                                target  subscribers,  method of issue,  pricing mechanism,
                                the issue  price,  size of the  over-allotment  option and
                                other  matters  relating  to the A  Share  Issue  and  the
                                listing  of A Shares in  accordance  with this  resolution
                                and with  reference  to the status of the  approval by the
                                CSRC and  conditions of the  securities  market.        It
                                was  noted  that  the Bank  has  been  advised  by its PRC
                                counsel   that   according   to  relevant   PRC  laws  and
                                regulations in force and the relevant  requirements of the
                                CSRC and the SSE,  domestic  shares  issued  before  the A
                                Share Issue will all be converted  into  tradable A Shares
                                upon completion of the A Share Issue. In addition,  it was
                                expected  that  the  conversion  of  the  existing  issued
                                domestic  shares  into A  Shares  would  not  involve  any
                                payment of  compensation  by the holders of such  domestic
                                shares to the holders of the A Shares  issued  under the A
                                Share   Issue.        The   proposed  A  Share   Issue  is
                                expected  to provide  the Bank with  funds  needed for its
                                ongoing   business   development  and  an  opportunity  to
                                establish a new financing  platform.  The  directors  also
                                believe  that the A Share  Issue  could  resolve the share
                                re-designation  issue and improve the  competitiveness  of
                                the Bank.  Given the benefits of and the purpose for which
                                the proceeds  from the A Share Issue would be used, a vote
                                in favor of this resolution is recommended.
                    3        Amend Articles of Association                 For          For                        Mgmt
                                This item seeks to amend the  articles of  association  of
                                the company in light of the A Share Issue and  pursuant to
                                the  requirements  of applicable PRC laws and  regulations
                                and  relevant  rules of the stock  exchange on which the A
                                Shares would be listed.  The proposed  amendments  pertain
                                to the  alteration  of the Bank's  registered  capital and
                                shareholding  structure;  restriction on share transfer by
                                directors,  supervisors,  senior management personnel, and
                                shareholders  holding certain  percentage of shares in the
                                Bank;   repurchase   of  the  shares  of  the  Bank;   and
                                regulations    on   the   rights   and    obligations   of
                                shareholders.  Among others,  amendments are being made to
                                reflect   the  Bank's   registered   capital   and  equity
                                structure  after  completion  of  the  A  Share  Issue  in
                                accordance with actual circumstances.  The amendments also
                                provide  that the  Bank's  shares  held by any  directors,
                                supervisors,  and senior  management  personnel should not
                                be  transferred  within one year after the listing date of
                                the shares in the Bank.  In  addition,  transfer of shares
                                held  by   directors,   supervisors,   and  other   senior
                                management  personnel  during  their terms of office would
                                be  restricted  to not more than 25  percent  of the total
                                number of shares held by them. The  amendments  also state
                                that the Bank may  repurchase  its  issued  shares if such
                                shares are  distributed  to its  employees  as bonus;  and
                                such shares are  repurchased  by the Bank upon  request of
                                any shareholder  opposing a resolution  regarding a merger
                                or  division  at  a  general  meeting.  In  addition,  the
                                amendments  provide that shareholders would have the right
                                to request,  convene,  preside,  attend or appoint a proxy
                                to  attend  shareholder's  meetings  and to  exercise  his
                                right  to  vote  in  accordance  with  the  laws;  receive
                                information  on the  minutes  of  shareholders'  meetings,
                                resolutions of the board meetings,  supervisory  committee
                                meetings,    financial   and   accounting    reports   and
                                counterfoil  of debt  securities of the Bank;  and require
                                the Bank to repurchase  their shares when they object to a
                                resolution  on  merger  or  division  of the  Bank.  Other
                                amendments  also  include  changes  to  procedures  of the
                                proceedings  of  general  meetings;   regulations  on  the
                                rights and  obligations  of  directors,  supervisors,  and
                                senior  management  personnel;  and  other  provisions  as
                                required by applicable  laws and  regulations  for A Share
                                listed companies. This is a reasonable request.
                    4        Amend Procedural Rules of Shareholders        For          For                        Mgmt
                             General Meeting
                                This  item  seeks  to  approve   amendments  made  to  the
                                Procedural  Rules  of  Shareholders'  General  Meeting  in
                                accordance  with  applicable PRC and CSRC  requirements in
                                light  of  the  A  Share  Issue.  The  amended  procedures
                                provide  that an  independent  director,  the  supervisory
                                committee,   or  shareholders   individually  or  jointly,
                                holding  more than 10 percent of the voting  rights of the
                                shares  having  the right to vote in such a meeting  would
                                have the  right to  request  the  board  of  directors  to
                                convene an  extraordinary  general  meeting.  In addition,
                                the amended  rules  provide that  shareholders  may attend
                                the shareholders'  general meeting in person, or appoint a
                                proxy to  attend  the  meeting  and vote on their  behalf.
                                Amendments  were also  made  regarding  the  requirements,
                                delivery,  and  information  to be disclosed in the notice
                                of meeting  when a resolution  pertaining  to the election
                                of  directors  or  supervisors  is  proposed.  The amended
                                rules  also  state   that  the  board,   the   supervisory
                                committee,  or shareholders  individually or in aggregate,
                                holding  more than 3 percent  of the Bank's  shares  would
                                have the right to  propose  resolutions  to the Bank.  The
                                amendments  also clarify  procedures for voting and making
                                resolutions at the general meeting;  who presides over the
                                general  meetings;  where the meetings  should be held; as
                                well as issues to be  classified  as ordinary  resolutions
                                and special resolutions. This is a reasonable request.
                    5        Amend Procedural Rules of the Board           For          For                        Mgmt
                                This  item  seeks  to  approve   amendments  made  to  the
                                Procedural   Rules  of  the  Board  in   accordance   with
                                applicable  PRC and  CSRC  requirements  in light of the A
                                Share   Issue.    The   amended   rules    enumerate   the
                                responsibilities,  functions  and  powers  of the board as
                                well as the  functions  and powers of the  chairman of the
                                board.   The  amendments   also  provide  details  on  the
                                meetings of the board  which is  classified  into  routine
                                meetings  and  temporary  meetings;  frequency  of holding
                                meetings;  circumstances for holding a temporary  meeting;
                                and  who  presides  over  these  meetings  as  well as the
                                manner of sending  out of notices for these  meetings  and
                                the information  required to be disclosed in such notices.
                                The amended rules also allow  supervisors and non-director
                                senior management members to attend a board meeting;  give
                                opinion on  relevant  subjects;  and have  their  views be
                                recorded in the minutes of the board  meeting,  but do not
                                allow them to vote on  resolutions  at the board  meeting.
                                The  amended  rules also state that the quorum for a board
                                meeting  should be more than one half of the directors and
                                that a  director  who  appoints  another  director  on his
                                behalf  should be deemed as having  attended  the  meeting
                                provided  that the power of  attorney  should  specify the
                                names of the  appointing  director and the director  being
                                appointed;   matters  of  proxy;  authority  and  term  of
                                validity  of the power of  attorney;  and should be signed
                                or sealed by the appointing director.  The amendments also
                                state the circumstances  where directors should abstain on
                                from  voting  certain  resolutions.  This is a  reasonable
                                request.
                    6        Amend Procedural Rules of the Supervisory     For          For                        Mgmt
                             Committee
                                This  item  seeks  to  approve   amendments  made  to  the
                                Procedural   Rules  of  the   Supervisory   Committee   in
                                accordance  with  applicable PRC and CSRC  requirements in
                                light of the A Share Issue.  The amended  rules state that
                                the  supervisory  committee  should  hold  at  least  four
                                routine  meetings  every  year with at least  one  meeting
                                every six months.  The amendments  also provide details on
                                the  manner  the  notice  of  the  supervisory   committee
                                meeting  would be  served as well as the  contents  of the
                                notice  of  meeting.   The   amendments   also  allow  the
                                supervisory  committee  to  request  directors  and senior
                                management  personnel,   internal  and  external  auditing
                                personnel of the Bank to attend the supervisory  committee
                                meeting to answer all  questions of concern.  In addition,
                                the  amended  rules  provide  details  on  voting  at  the
                                supervisory   committee   meeting  such  that  it  may  be
                                conducted by show of hands,  votes bearing names, or other
                                means of communication  and that resolutions would only be
                                approved when passed by over  two-thirds  of  supervisors.
                                This is a reasonable request.
                    7        Approve Issuance of Subordinated Bonds in     For          For                        Mgmt
                             an Aggregate Principal Amount Not
                             Exceeeding RMB 25 Billion
                                This  item  seeks to  approve  the  terms of the  proposed
                                issuance by the company of subordinated bonds.  Details of
                                the  proposed  issuance  are as  follows:        Aggregate
                                principal  amount:  No  more  than  RMB 25  billion  ($3.1
                                billion)            Maturities:    Not   less    than   10
                                years        Interest  rate:  The  interest  rate would be
                                determined  with reference to market interest rate and the
                                method of  issue.        Repayment of the principal amount
                                and payment of interests:  Interests would be payable once
                                every  year and the  principal  amount  would be repaid in
                                full  on the  maturity  date or the  date  of  redemption.
                                Payments   would   be  made   through   China   Government
                                Securities     Depository    Trust    &    Clearing    Co.
                                Ltd.        Target bondholders:  members of the inter-bank
                                bond  market.        Use  of Proceeds:  The proceeds would
                                be used  to  replenish  the  subordinated  capital  of the
                                Bank,    increase   capital   adequacy   ratio,    improve
                                intermediate  and long term  equity-debt  structure of the
                                company  and  support  the  development  of the Bank's new
                                intermediate    and    long    term    asset    management
                                business.        Method  of  issue:  The  bonds  would  be
                                issued  by  way  of  public   offering  in  the   national
                                inter-bank  bond  market.        Validity  period  of this
                                resolution:  This  resolution  would  be  effective  for a
                                period of 12 months  from the date of the  passing of this
                                resolution.          Authorization:  The senior management
                                would be  authorized  for 12  months  from the date of the
                                passing  of  this  resolution  to  determine   matters  in
                                relation  to  the  issuance  of  the  subordinated   bonds
                                including  but not  limited  to the size and  terms of the
                                issue,  maturity  term,  and  range  of  interest  of  the
                                subordinated   bonds.        The   proposed   issuance  of
                                subordinated  bonds  would  enable  the  company  to raise
                                additional  funds to improve  its  capital  structure  and
                                finance  its  future  business   development.   Given  the
                                purpose for which  proceeds from the proposed  issuance of
                                subordinated  bonds  would  be  used,  we  recommend  that
                                shareholders vote in favor of this resolution.
                             Ordinary Business
                    8        Elect Li Ka-cheung, Eric as Independent       For          For                        Mgmt
                             Non-Executive Director and Authorize Board
                             to Fix His Remuneration


04/26/07 - A        Bank Polska Kasa Opieki SA (PEKAO)       X0641X106                                 04/19/07               14,800
                    1        Open Meeting                                  None                                    Mgmt
                    2        Elect Meeting Chairman                        For                                     Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                                     Mgmt
                    4        Elect Members of Vote Counting Commission     For                                     Mgmt
                    5        Approve Agenda of Meeting                     For                                     Mgmt
                    6        Receive Management Board Report on            None                                    Mgmt
                             Company's Operations in 2006
                    7        Receive Financial Statements                  None                                    Mgmt
                    8        Receive Management Board Report on            None                                    Mgmt
                             Operations of Bank's Capital Group in 2006
                    9        Receive Consolidated Financial Statements     None                                    Mgmt
                    10       Receive Management Board's Proposal on        None                                    Mgmt
                             Allocation of Income
                    11       Receive Supervisory Board Report              None                                    Mgmt
                    12.1     Approve Management Board Report on            For                                     Mgmt
                             Company's Operations in 2006
                    12.2     Approve Financial Statements                  For                                     Mgmt
                    12.3     Approve Management Board Report on            For                                     Mgmt
                             Operations of Bank's Capital Group in 2006
                    12.4     Approve Consolidated Financial Statements     For                                     Mgmt
                    12.5     Approve Allocation of Income                  For                                     Mgmt
                    12.6     Approve Report on Supervisory Board's         For                                     Mgmt
                             Activities in 2006
                    12.7     Approve Discharge of Supervisory Board        For                                     Mgmt
                    12.8     Approve Discharge of Management Board         For                                     Mgmt
                    13       Ratify Auditor for Fiscal Years 2007-2009     For                                     Mgmt
                    14       Transact Other Business (Voting)              For                                     Mgmt
                    15       Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - S        Bank Polska Kasa Opieki SA (PEKAO)       X0641X106                                 04/20/07                7,400
                    1        Open Meeting                                  None                                    Mgmt
                    2        Elect Meeting Chairman                        For                                     Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                                     Mgmt
                    4        Elect Members of Vote Counting Commission     For                                     Mgmt
                    5        Approve Agenda of Meeting                     For                                     Mgmt
                    6        Approve Integration of Company with Bank      For                                     Mgmt
                             BPH S.A. via Transferring of Some of Bank
                             BPH S.A.'s Assets under Company's
                             Ownership; Amend Company Statute
                    7        Approve Allocation of Funds from Reserve      For                                     Mgmt
                             Capital to Brokerage Activities Fund
                    8        Transact Other Business (Voting)              For                                     Mgmt
                    9        Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/25/07 - A        Barloworld Limited (formerly Barlow      S08470189                                 None                   22,384
                    Ltd.)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended Sept. 30, 2006
                    2        Reelect P.J. Blackbeard                       For          For                        Mgmt
                    3        Reelect W.A.M. Clewlow                        For          For                        Mgmt
                    4        Reelect B.P. Diamond                          For          For                        Mgmt
                    5        Reelect J.E. Goversall                        For          For                        Mgmt
                    6        Reelect S.B. Pfeiffer                         For          For                        Mgmt
                    7        Reelect G. Rodriguez de Castro                For          For                        Mgmt
                    8        Reelect R.C. Tomkinson                        For          For                        Mgmt
                    9        Reelect S. Mkhabela                           For          For                        Mgmt
                    10       Reelect D.G. Wilson                           For          For                        Mgmt
                    11       Ratify Deloitte & Touche as Auditors          For          For                        Mgmt
                    12.1     Approve Remuneration of Chairman              For          For                        Mgmt
                    12.2     Approve Remuneration of Resident              For          For                        Mgmt
                             Non-Executive Directors
                    12.3     Approve Remuneration of Non-Resident          For          For                        Mgmt
                             Non-Executive Directors
                    12.4     Approve Remuneration of Audit Committee       For          For                        Mgmt
                             Chairman
                    12.5     Approve Remuneration of Resident Members of   For          For                        Mgmt
                             the Audit Committee
                    12.6     Approve Remuneration of Non-Resident          For          For                        Mgmt
                             Members of the Audit Committee
                    12.7     Approve Remuneration of Resident Members of   For          For                        Mgmt
                             Other Committees (Except Risk and
                             Sustainability and EMpowerment and
                             Transformation Committees)
                    12.8     Approve Remuneration of Non-Resident          For          For                        Mgmt
                             Members of Other Committees (Except Risk
                             and Sustainability and EMpowerment and
                             Transformation Committees)
                    12.9     Approve Remuneration of Resident Members of   For          For                        Mgmt
                             the Empowerment and Transformation Committee
                    12.10    Approve Remuneration of Non-Resident          For          For                        Mgmt
                             Members of the Empowerment and
                             Transformation Committee
                    13       Authorize Repurchase of Up to 20 Percent of   For          For                        Mgmt
                             Issued Share Capital


06/08/07 - S        Barloworld Limited (formerly Barlow      S08470189                                 None                   37,134
                    Ltd.)
                             Please note that the holders of the 6
                             percent non-redeemable cumulative
                             preference shares are eligible to vote on
                             items 1-3 of this agenda.
                    1        Approve Spin-Off of PPC, Subject to           For          For                        Mgmt
                             Parliamentary Approval of the Corporate
                             Laws Amendment Act, 2006
                    2        Approve Spin-Off of PPC                       For          For                        Mgmt
                    3        Approve Authority to Distribute Cash to       For          For                        Mgmt
                             Shareholders by Way of Reduction of Share
                             Premium Account
                    4        Amend 1985 Stock Option Scheme Re: Special    For          Against                    Mgmt
                             Dividend
                                Although   these  article   amendments   appear  to  be  a
                                well-intentioned   attempt  to  give  the   company   some
                                flexibility  to adjust the terms offered to  optionholders
                                in the case of a spin-off,  the company has not  disclosed
                                the  magnitude of the  proposed  adjustment.  As such,  we
                                believe  these  amendments  could  lead  to  shares  being
                                offered at an unduly  high  discount.  In the absence of a
                                provision  that  specifies  the criteria  used to readjust
                                the option  price,  we must  recommend  that  shareholders
                                vote against items 4 and 5.
                    5        Amend 1985 Stock Option Scheme Re:            For          Against                    Mgmt
                             Subsidiary Directors
                    6        Amend 1979 Share Purchase Scheme              For          For                        Mgmt
                    7        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


12/20/06 - S        Bezeq The Israeli Telecom Corp           M2012Q100                                 12/10/06              311,933
                    1        Approve Cash Dividend                         For          For                        Mgmt
                                Although  the  payout  ratio  for  the  proposed  dividend
                                likely exceeds the  recommended  guideline of 100 percent,
                                given the  advisability  of resolving  the labor  contract
                                and  completing  the  privatization   process,  this  item
                                merits shareholder support.
                    2        Amend Articles Regarding Director/Officer     For          Against                    Mgmt
                             Indemnification
                                Given  the   excessive   indemnification   and   liability
                                protections   allowed   under   Israeli   law,   including
                                indemnification  that exceeds legal expenses,  shareholder
                                approval is not warranted.


12/28/06 - S        Bezeq The Israeli Telecom Corp           M2012Q100                                 12/18/06              311,933
                    1        Approve Distribution of Dividend              For          For                        Mgmt
                                Although  the  payout  ratio  for  the  proposed  dividend
                                likely exceeds the  recommended  guideline of 100 percent,
                                given the  advisability  of resolving  the labor  contract
                                and  completing  the  privatization   process,  this  item
                                merits shareholder support.


01/17/07 - S        Bezeq The Israeli Telecom Corp           M2012Q100                                 12/20/06              311,933
                    1        Elect R. Numkin and Y. Forat as Directors     For          For                        Mgmt
                                In the  absence  of  negative  press  coverage,  this item
                                merits shareholder approval.
                    2        Approve Grant of Indemnity Undertakings to    For          For                        Mgmt
                             Directors
                                This item warrants shareholder approval.


02/01/07 - S        Bezeq The Israeli Telecom Corp           M2012Q100                                 01/04/07              311,933
                    1a       Elect D. Blumberg as External Director        For          For                        Mgmt
                                Despite the poor level of disclosure  regarding the board,
                                a  situation  that  is  common  in  Israel,  it  would  be
                                counterproductive  to withhold  support from the directors
                                in the  absence of a specific  controversy  involving  the
                                company.
                    1b       Elect A. Yaniv as External Director           For          For                        Mgmt
                    2        Approve Compensation and Grant of Indemnity   For          For                        Mgmt
                             to External Directors
                                As the company's  liability and  indemnification  policies
                                meet the benchmark  established  under Delaware  Corporate
                                Law, these items merit support.
                    3        Approve Increase in Authorized Capital        For          For                        Mgmt
                                Given the reasonable size of the proposed  increase,  this
                                item merits shareholder approval.
                    4        Approve Grant of Options to Company           For          For                        Mgmt
                             Employees
                                Given the reasonable 4.5 percent dilution  associated with
                                this proposal, shareholder approval is warranted.


09/15/06 - A        Bharat Heavy Electricals Ltd.            Y0882L117                                 09/05/06               12,951
                    1        Accept Financial Statements and Statutory     For                                     Mgmt
                             Reports
                    2        Approve Dividend of INR 2 Per Share           For                                     Mgmt
                    3        Reappoint V. Nayyar as Director               For                                     Mgmt
                    4        Reappoint N. Chaturvedi as Director           For                                     Mgmt
                    5        Authorize Board to Fix Remuneration of        For                                     Mgmt
                             Auditors
                    6        Appoint S.M. Dadlika as Director              For                                     Mgmt
                    7        Appoint A.K. Aggarwal as Director             For                                     Mgmt
                    8        Appoint M. Gupta as Director                  For                                     Mgmt
                    9        Appoint S. Datta as Director                  For                                     Mgmt
                    10       Appoint R.S. Sidhu as Director                For                                     Mgmt
                    11       Appoint Madhukar as Director                  For                                     Mgmt
                    12       Appoint C.P. Singh as Director                For                                     Mgmt
                    13       Amend Articles of Association Re: Delegated   For                                     Mgmt
                             Powers to the Board of Navratna Public
                             Sector Enterprises
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/31/06 - A        Bidvest Group Ltd.                       S1201R154                                 None                   42,966
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Approve Remuneration of Directors for         For          For                        Mgmt
                             Fiscal 2007
                    3        Ratify KPMG, Inc. as Auditors                 For          For                        Mgmt
                    4.1      Authorize Repurchase of Up to 20 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    4.2      Adopt New Articles of Association             For          Against                    Mgmt
                                Although  the  proposed   amendments  appear  routine  and
                                mostly  compliance  in nature,  the  available  disclosure
                                does  not  allow  a  further  inspection  of the  proposed
                                documents  for  unrelated  amendments  that  could  have a
                                negative  impact on  shareholder  value.  Given  that full
                                public  disclosure  of  article   amendments  is  standard
                                market practice in South Africa,  support for this item is
                                not recommended.
                    4.3      Authorize Specific Repurchase of Shares       For          For                        Mgmt
                             from Company Subsidiary
                    5.1      Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    5.2      Approve Issuance of Shares without            For          For                        Mgmt
                             Preemptive Rights up to a Maximum of 30
                             Million Shares
                    5.3      Approve Cash Distribution to Shareholders     For          For                        Mgmt
                             by Way of Reduction of Share Premium Account
                    5.4      Amend Bidvest Incentive Scheme                For          Against                    Mgmt
                                Due to the lack of information  regarding the key features
                                of the  plan and of the  amendments  proposed  under  this
                                item,  we recommend  that  shareholders  vote against this
                                resolution.
                    6        Elect Directors                               For          Against                    Mgmt
                    6.1      Reelect D.B.D. Band as Director --- Against
                                Given  the  lack  of  information  due  to  the  company's
                                failure to disclose the annual report in a timely  manner,
                                we  recommend   shareholders  vote  against  the  director
                                nominees.
                    6.2      Reelect B.L. Berson as Director --- Against
                    6.3      Reelect L.G. Boyle as Director --- Against
                    6.4      Reelect M.B.N. Dube as Director --- Against
                    6.5      Reelect l.I. Jacobs as Director --- Against
                    6.6      Reelect R.M. Kunene as Director --- Against
                    6.7      Reelect D. Masson as Director --- Against
                    6.8      Reelect S.G. Pretorius as Director ---
                             Against
                    7        Elect Directors                               For          Against                    Mgmt


04/30/07 - A        BRADESPAR SA                             P1808W104                                 None                   61,600
                             Preferred Holders can vote on items 2 & 3
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006,
                             and Allocate Income for the Year
                    2        Elect Directors                               For          For                        Mgmt
                    3        Elect Supervisory Board Members               For          For                        Mgmt
                    4        Approve Global Remuneration of Directors      For          For                        Mgmt
                             and Executive Officers


11/23/06 - S        Bumiputra-Commerce Holdings Bhd          Y1002C102                                 None                  276,200
                    (Formerly Commerce Asset-Hol
                    1        Approve Ex-Gratia Payment of MYR 1.59         For          Against                    Mgmt
                             Million to Mohd Desa Pachi, Former
                             Chairman/Independent Non-Executive Director
                                ISS is wary of exceptional  payments such as these as they
                                may compromise the  independence of independent  directors
                                and  may  set  a  precedent  of   substantial   retirement
                                payments  to  non-executive  directors.   These  directors
                                should   represent   the   interests   of  the   company's
                                shareholders,  and their decisions and their tenure should
                                not be tainted by expectations  of substantial  retirement
                                payments  and  the  like.  We  therefore   recommend  that
                                shareholders vote against this proposal.


04/26/07 - S        Bumiputra-Commerce Holdings Bhd          Y1002C102                                 04/18/07              344,200
                    (Formerly Commerce Asset-Hol
                    1        Amend Articles of Association                 For          For                        Mgmt


04/26/07 - A        Bumiputra-Commerce Holdings Bhd          Y1002C102                                 04/18/07              344,200
                    (Formerly Commerce Asset-Hol
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for the Financial Year Ended Dec.
                             31, 2006
                    2        Approve First and Final Dividend of MYR       For          For                        Mgmt
                             0.15 Per Share Less Income Tax of 27
                             Percent for the Financial Year Ended Dec.
                             31, 2006
                    3        Elect Roslan A. Ghaffar as Director           For          For                        Mgmt
                                We recommend that  shareholders  vote against Robert Cheim
                                Dau Meng,  an  executive  director,  as his  presence  may
                                compromise the independent  objective of the  Remuneration
                                Committee.
                    4        Elect Md Nor Md Yusof as Director             For          For                        Mgmt
                    5        Elect Haidar Mohamed Nor as Director          For          For                        Mgmt
                    6        Elect Hamzah Bakar as Director                For          For                        Mgmt
                    7        Elect Zainal Abidin Putih as Director         For          For                        Mgmt
                    8        Elect Syed Muhamad Syed Abdul Kadir as        For          For                        Mgmt
                             Director
                    9        Elect Robert Cheim Dau Meng as Director       For          Against                    Mgmt
                    10       Elect Cezar Peralta Consing as Director       For          For                        Mgmt
                    11       Approve Remuneration of Directors in the      For          For                        Mgmt
                             Amount of MYR 90,000 Per Director Per Annum
                             for the Financial Year Ended Dec. 31, 2006
                    12       Approve PricewaterhouseCoopers as Auditors    For          For                        Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    13       Approve Issuance of Equity or Equity-Linked   For          For                        Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    14       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital


04/20/07 - A        Carso Global Telecom SA de CV            P2142R108                                 None                  190,900
                             Only A1 Shareholders Who are Mexican
                             National Can Vote at This Meeting
                    1        Accept Board of Directors and Audit           For          For                        Mgmt
                             Committee Reports; Accept Compliance of
                             Fiscal Obligations Report for 2006 Fiscal
                             Year; Approve Discharge of Directors;
                             Accept Individual and Consolidated
                             Financial Statements and Statutory Reports
                                This is the company's  routine  submission of the board of
                                directors'  report,  the board  committees'  reports,  the
                                CEO's report,  and the annual income corporate tax report.
                                In Mexico,  these  documents are not  routinely  available
                                outside   the   company's   headquarters   prior   to  the
                                meeting.                Although   the   reports  are  not
                                available,  ISS sees no reason to object to this  proposal
                                unless  we  are  aware  of a  specific  problem  with  the
                                company's   performance,   financial   statements,   audit
                                procedures,  or actions of the  board.  We are  unaware of
                                any   problems   with  the   company   or  its   auditors.
                                        Mexican  companies  have  begun to  present at the
                                AGM, a report including all  transactions  regarding their
                                fiscal  responsibilities  during the last fiscal year,  as
                                mandated  by the  Mexican  Income  Tax  Law  (Article  86,
                                section  XXI). We recommend  approval of this request,  as
                                it would enhance transparency to shareholders.
                    2        Approve Allocation of Income                  For          For                        Mgmt
                                This resolution  seeks approval of management's  plans for
                                allocating  income for the year,  including  the  proposed
                                dividend.  No  information  was  available  on  how  Carso
                                Global  Telecom  plans  to  allocate  its  income  or  its
                                proposed dividend.  However, most Mexican companies do not
                                disclose this  information.        We use a minimum payout
                                ratio  of 30  percent  and a  maximum  of 100  percent  as
                                benchmarks  to  trigger  further  analysis.   Although  no
                                information  was  available  on how Carso  Global  Telecom
                                plans to allocate  income,  most Mexican  companies do not
                                disclose income allocation details.  Nevertheless, we note
                                that  the  company  has  not   distributed  and  paid  any
                                dividends  since 1999 due to  investment  and debt service
                                commitments  (source:  2005 annual report,  pp. 24-25). In
                                addition,  the  company  has a rigorous  share  repurchase
                                program,  which has returned  capital to  shareholders  in
                                the  amount of a  7.5-percent  reduction  in the number of
                                shares  outstanding  between the fiscal  years of 2002 and
                                2005.   In  this   context,   we   believe   it  would  be
                                counterproductive  not to support this routine item on the
                                basis  of lack of  disclosure  unless  we were  aware of a
                                problem with the proposed allocation.  ISS is not aware of
                                any such problems
                    3        Approve Discharge of Management Board;        For          For                        Mgmt
                             Elect/Reelect Directors and Chair to Audit
                             Committee and Fix Their Remuneration
                                Items 2-3: This is a two-part  resolution.  The first part
                                requests that  shareholders  approve the formal  discharge
                                of the  directors  and  supervisory  board members for the
                                previous  fiscal  year.  This  annual  request  represents
                                shareholder  endorsement of actions taken during the year.
                                Discharge is a tacit vote of  confidence  in the company's
                                management   and   policies.   It  does  not   necessarily
                                eliminate the  possibility of future  shareholder  action,
                                although  it does  make  such  action  more  difficult  to
                                pursue.        Discharge  generally  is  granted  unless a
                                shareholder  states a specific  reason for withholding it.
                                Withholding   discharge   is   advisable   only   when   a
                                shareholder  has concrete  evidence of negligence or abuse
                                on the part of the board or management,  has plans to take
                                legal  action,  or has  knowledge  of other  shareholders'
                                plans to take  legal  action.  We are  unaware of any such
                                instance.        The  second  part  asks  shareholders  to
                                elect   directors,   supervisory   board  members,   their
                                respective  alternates,  committee members and chairman of
                                the audit  committee  for fiscal  year 2007.  The  company
                                also asks shareholders to approve their remuneration.  The
                                company  failed to disclose  the names of the  nominees to
                                the board and their proposed remuneration.  Given the lack
                                of  disclosure,  ISS is unable to comment  on the  current
                                composition  of the company's  board.        Most  Mexican
                                companies'  boards  are  unclassified,  meaning  that each
                                director must stand for reelection each year.  Supervisory
                                boards  carry  out  internal  auditing  functions  and are
                                usually  composed of external  officers.        ISS  notes
                                that in the April 28,  2006  AGM,  shareholders  elect the
                                following  individuals  to the board of  directors:  Jaime
                                Chico  Pardo   (chairman),   Carlos  Slim  Helu  (honorary
                                chairman),  Carlos  Slim  Domit  (vicechairman),  Humberto
                                Gutierrez,   Claudio   Gonzalez   and   Juan   A.   Perez.
                                Shareholders  also  elected  a same  amount  of  alternate
                                directors.  Alberto  Turcio  and  Fernando  Espinosa  were
                                ratified  as  principal  and  alternate   members  of  the
                                supervisory  board,  respectively.  At the  same  meeting,
                                shareholders  set  individual  directors  and  supervisory
                                board members  remuneration levels as follows:  MXN 12,000
                                ($1,076)        per        each        meeting        they
                                participate.        According   to   Carso   Global,   and
                                meeting  the  criteria  and  recommendations  of  the  New
                                Mexican   Securities   Law,   shareholders   ratified  the
                                qualification  as  independent   directors  of  Jose  Kuri
                                Harfush,  Claudio  Gonzalez and Juan A.  Perez.        The
                                Audit  committee was also elected and  shareholders  chose
                                the  following  members:  Jose Kuri Harfush  (chairman and
                                alternate   director),   Eduardo  Valdes  Acra  (alternate
                                director) and Juan A. Perez.  The individual  remuneration
                                for this  committee  was set at MXN 6,000  ($538) per each
                                meeting they participate.        The  nominees' names were
                                not disclosed prior to the meeting,  and the elections are
                                presented  as a single  voting  item.  Although we believe
                                that  withholding  director names prior to the meeting and
                                presenting  director  elections  as a single  voting  item
                                disenfranchises   the  growing  number  of   institutional
                                shareholders  voting by proxy and precludes  institutional
                                shareholders  from  their  rights as owners to assess  the
                                performance  of individual  directors,  we recognize  that
                                changing   this   practice   is  best   achieved   through
                                engagement  with  Mexican  issuers.  Thus,  we will engage
                                with  companies  in  raising  awareness  about  this issue
                                during 2007; in 2008, we will recommend that  shareholders
                                oppose  routine  director   elections  where  no  director
                                nominee information is available.
                    4        Elect Board Committees and Fix Their          For          For                        Mgmt
                             Remuneration
                    5        Set Aggregate Nominal Amount of Share         For          For                        Mgmt
                             Repurchase Reserve; Approve Share
                             Repurchase Policy
                                This is the company's  submission of the share  repurchase
                                reserves  report in accordance  with the  requirements  of
                                the  Mexican   Banking  and   Securities   Commission  and
                                Securities  Market  law  passed  on March 19,  2003.  This
                                resolution  would  inform  shareholders  about  the  share
                                repurchases  carried out with funds  either from  revenues
                                or reserve  accounts during the fiscal year ended Dec. 31,
                                2006.        Although   no   information   was   disclosed
                                regarding  the  proposed  or  current  amount  set  by the
                                company for its share repurchase  program,  ISS notes that
                                as of Dec. 31, 2005,  the company had 41.4 million  shares
                                in  treasury,   which  represented  1.18  percent  of  the
                                outstanding  capital.                The  ordinary general
                                meeting  would have to decide,  for each fiscal year,  the
                                maximum   amount  of  funds  to  be   allocated   for  the
                                repurchase  of shares,  which in no case would  exceed the
                                total of the net profits,  including the retained earnings
                                fund.  The company can only make a general  repurchase  of
                                shares subject to the following  conditions:        -- The
                                repurchase  of  securities  must  be  implemented  on  the
                                Mexican  Stock  Exchange  and  authorized  by the  Mexican
                                Banking   and   Securities    Commission.        --    The
                                company's  articles  of  association  must  authorize  and
                                state  the   limits  of  the   repurchase.        --   The
                                repurchase  must be authorized by  shareholders.        --
                                The repurchase  must be made at market prices.          --
                                The  repurchase  of more  than 3  percent  of  outstanding
                                shares in one or more  transactions,  within  20  business
                                days,  must be made  through  a tender  offer.          We
                                recommend  support for the board's  request to make public
                                this information before the meeting.
                    6        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                                This item  seeks to appoint an  inspector  or  shareholder
                                representative(s)  to keep  the  minutes  of the  meeting.
                                        This  is a routine  formality that does not affect
                                shareholder value.


06/28/07 - A        Catcher Technology Co Ltd                Y1148A101                                 04/29/07              115,870
                    1        Accept 2006 Financial Statements              For          For                        Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Amend Articles of Association                 For          For                        Mgmt
                    4        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                    5        Amend Endorsement and Guarantee Operating     For          For                        Mgmt
                             Guidelines
                    6        Amend Operating Procedures for Loan of        For          For                        Mgmt
                             Funds to Other Parties
                    7        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    8        Amend Rules and Procedures Regarding          For          For                        Mgmt
                             Shareholder Meeting
                    9        Other Business                                For          Against                    Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


06/15/07 - A        CATHAY FINANCIAL HOLDING CO., LTD.       Y11654103                                 04/16/07              164,727
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Amend Articles of Association                 For          For                        Mgmt
                    4        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    5        Amend Election Rules of Directors and         For          For                        Mgmt
                             Supervisors
                    6        Elect Directors                               For          For                        Mgmt
                    7        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors


12/07/06 - S        CEMEX S.A.B. de C.V.                     P22561321                                 None                  503,994
                             Each CPO is Composed of 2 Class A Shares
                             and 1 Class B Shares; Only Mexican
                             Nationals Who Own Class A Shares Are
                             Entitled to Vote
                    1        Discuss and Authorize a Corporate             For          For                        Mgmt
                             Transaction after Listening to the Report
                             of the CEO and the Opinion of the Board of
                             Directors
                    2        Approve Minutes of Meeting; Designate         For          For                        Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting


04/26/07 - A        CEMEX S.A.B. de C.V.                     P22561321                                 None                  638,094
                             Each CPO is Composed of 2 Class A Shares
                             and 1 Class B Shares; Only Mexican
                             Nationals Who Own Class A Shares Are
                             Entitled to Vote
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for 2006 Fiscal Year
                    2        Approve Allocation of Income; Set Aggregate   For          For                        Mgmt
                             Nominal Amount of Share Repurchase
                    3        Authorize Increase in Variable Portion of     For          For                        Mgmt
                             Capital via Capitalization of Accumulated
                             Profits Account
                    4        Elect Board Members; Elect Members and        For          For                        Mgmt
                             Chairman of Both Audit and Corporate
                             Practices Committee
                    5        Approve Remuneration of Directors and         For          For                        Mgmt
                             Members of the Board Committees
                    6        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting


06/22/07 - S        Cemig, Companhia Energetica De Minas     P2577R110                                 None                   76,800
                    Gerais
                    1        Elect Directors                               For          For                        Mgmt


04/23/07 - A        Cez A.S.                                 X2337V121                                 04/17/07                5,065
                    1        Open Meeting; Elect Chairman and Other        For                                     Mgmt
                             Meeting Officials; Approve Procedural Rules
                    2        Accept Report on Operations in 2006           For                                     Mgmt
                    3        Accept Supervisory Board Report               For                                     Mgmt
                    4        Approve Liquidation of Social Fund and        For                                     Mgmt
                             Rewards Fund
                    5        Amend Statute                                 For                                     Mgmt
                    6        Accept Financial Statements and Statutory     For                                     Mgmt
                             Reports; Accept Consolidated Financial
                             Statements and Statutory Reports
                    7        Approve Allocation of Income and Dividends    For                                     Mgmt
                    8        Approve Renewal of System of Management       For                                     Mgmt
                             Control in Power Plant Dukovany - Modules
                             M3-M5
                    9        Decide on Volume of Company's Sponsorship     For                                     Mgmt
                             Funds
                    10       Approve Share Repurchase Program              For                                     Mgmt
                    11       Approve Changes to Composition of             For                                     Mgmt
                             Supervisory Board
                    12       Approve Contracts and Related Benefits        For                                     Mgmt
                    13       Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/13/07 - A        China Construction Bank Corporation      Y1397N101                                 05/21/07            3,748,000
                    1        Accept Report of the Board of Directors       For          For                        Mgmt
                    2        Accept Report of the Board of Supervisors     For          For                        Mgmt
                    3a       Reelect Guo Shuqing as Executive Director     For          For                        Mgmt
                    3b       Reelect Zhang Jianguo as Executive Director   For          For                        Mgmt
                    3c       Reelect Zhao Lin as Executive Director        For          For                        Mgmt
                    3d       Reelect Luo Zhefu as Executive Director       For          For                        Mgmt
                    3e       Reelect Wang Shumin as Non-Executive          For          For                        Mgmt
                             Director
                    3f       Reelect Wang Yonggang as Non-Executive        For          For                        Mgmt
                             Director
                    3g       Reelect Liu Xianghui as Non-Executive         For          For                        Mgmt
                             Director
                    3h       Reelect Zhang Xiangdong as Non-Executive      For          For                        Mgmt
                             Director
                    3i       Reelect Gregory L. Curl as Non-Executive      For          For                        Mgmt
                             Director
                    3j       Reelect Song Fengming as Independent          For          For                        Mgmt
                             Non-Executive Director
                    3k       Reelect Tse Hau Yin, Aloysius as              For          For                        Mgmt
                             Independent Non-Executive Director
                    3l       Reelect Elaine La Roche as Independent        For          For                        Mgmt
                             Non-Executive Director
                    3m       Reelect Peter Levene as Independent           For          For                        Mgmt
                             Non-Executive Director
                    3n       Elect Wang Yong as Non-Executive Director     For          For                        Mgmt
                    3o       Elect Li Xiaoling as Non-Executive Director   For          For                        Mgmt
                    4a       Reelect Xie Duyang as Supervisor              For          For                        Mgmt
                    4b       Reelect Liu Jin as Supervisor                 For          For                        Mgmt
                    4c       Reelect Jin Panshi as Supervisor              For          For                        Mgmt
                    4d       Reelect Guo Feng as External Supervisor       For          For                        Mgmt
                    4e       Elect Dai Deming as External Supervisor       For          For                        Mgmt
                    5        Approve Final Emoluments Distribution Plan    For          For                        Mgmt
                             for Directors and Supervisors
                    6        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    7        Approve Profit Distribution Plan and          For          For                        Mgmt
                             Dividend
                    8        Authorize Board to Deal with Matters          For          For                        Mgmt
                             Related to the Declaration of Interim
                             Dividend of 2007, the Interim Dividend of
                             2007 Should be 45 Percent of the After-Tax
                             Net Profit of the Bank in the First Half of
                             2007
                    9        Accept Final Accounts                         For          For                        Mgmt
                    10       Approve Capital Expenditure Budget for 2007   For          For                        Mgmt
                    11       Approve Cooperation Agreement Between the     For          For                        Mgmt
                             Company and Bank of America Corporation and
                             Establishment of a Joint Venture
                    12       Authorize Directors to Deal with Matters      For          Against                    Mgmt
                             Related to Liability Insurance of
                             Directors, Supervisors and Senior
                             Management in Accordance with Market
                             Practice
                                Due to the company's  failure to provide  specific details
                                regarding  the scope and the  terms of this  proposal,  we
                                are  unable to  ascertain  whether  approval  of this item
                                would have any negative  impact on  shareholder  rights or
                                shareholder  value.  In view of this,  we recommend a vote
                                against this resolution.
                    13       Reappoint KPMG Huazhen and KPMG as Domestic   For          For                        Mgmt
                             and International Auditors Respectively and
                             Authorize Board to Fix Their Remuneration
                    14       Authorize Issuance of Subordinated Bonds      For          For                        Mgmt


10/16/06 - S        CHINA LIFE INSURANCE CO LTD              Y1477R204                                 09/15/06              301,000
                             Special Business
                    1a       Approve Issuance of A Shares                  For          For                        Mgmt
                    1b       Approve Issuance of Not More Than 1.5         For          For                        Mgmt
                             Billion A Shares
                    1c       Approve Nominal Value of Each A Share at      For          For                        Mgmt
                             RMB 1.0 Each
                    1d       Approve Target Subscribers of A Shares        For          For                        Mgmt
                    1e       Approve Issue Price of A Shares               For          For                        Mgmt
                    1f       Approve Shanghai Stock Exchange as Place of   For          For                        Mgmt
                             Listing of A Shares
                    1g       Approve Use of Proceeds from the A Share      For          For                        Mgmt
                             Issue
                    1h       Approve Entitlement to Accumulated Retained   For          For                        Mgmt
                             Earnings of the Company of Existing and New
                             Shareholders Whose Names Appear on the
                             Register of Members of the Company after
                             Completion of A Share Issue
                    1i       Approve Effectivity of A Share Issue for a    For          For                        Mgmt
                             Period of 12 Months from the Date of
                             Approval
                    1j       Authorize Board to Determine and Deal with,   For          For                        Mgmt
                             at Their Discretion and Full Authority,
                             Matters in Relation to the A Share Issue
                    1k       Authorize Board to Determine Matters in       For          For                        Mgmt
                             Relation to Strategic Investors
                    1l       Authorize Board to Execute All Documents      For          For                        Mgmt
                             and Do All Acts Necessary to Give Effect to
                             A Share Issue
                    2        Amend Articles Re: A Share Issuance           For          For                        Mgmt
                             Ordinary Business
                    3        Adopt Procedural Rules of the Shareholders'   For          For                        Mgmt
                             General Meetings
                    4        Adopt Procedural Rules of the Board Meetings  For          For                        Mgmt
                    5        Adopt Procedural Rules of the Supervisory     For          For                        Mgmt
                             Committee Meetings
                    6        Approve Establishment of the China Life       For          For                        Mgmt
                             Charity Fund


12/29/06 - S        CHINA LIFE INSURANCE CO LTD              Y1477R204                                 11/29/06              301,000
                    1        Approve Employee Share Incentive Plan         For          Against                    Mgmt
                                We note, however,  that the company would be allocating up
                                to 10 percent of its net  profits for the  incentive  fund
                                and an equivalent  of 10 percent of the  company's  issued
                                capital  for  share   awards   without   providing   clear
                                performance  targets and vesting  periods on which to base
                                share  awards.  Given the cost to the  company  of funding
                                the  incentive  awards and in the  absence of  performance
                                targets and vesting  periods,  we  recommend  shareholders
                                vote against this resolution.
                    2        Elect Ngai Wai Fung as Independent            For          For                        Mgmt
                             Non-Executive Director


06/12/07 - A        CHINA LIFE INSURANCE CO LTD              Y1477R204                                 05/11/07              205,000
                    1        Accept Report of the Board of Directors       For          For                        Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                        Mgmt
                    3        Accept Financial Statements and Auditors'     For          For                        Mgmt
                             Report
                    4        Approve Profit Distribution and Cash          For          For                        Mgmt
                             Dividend Distribution Plan
                    5        Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors and Supervisors
                    6        Approve Purchase of Liability Insurance for   For          Against                    Mgmt
                             Directors and Management and Authorize
                             Board to Organize and Implement It
                                Due to the company's  failure to provide  specific details
                                regarding  the scope and the  terms of this  proposal,  we
                                are  unable to  ascertain  whether  approval  of this item
                                would have any negative  impact on  shareholder  rights or
                                shareholder  value.  In view of this,  we recommend a vote
                                against this resolution.
                    7        Reappoint PricewaterhouseCoopers Zhong Tian   For          For                        Mgmt
                             CPAs Co. Ltd., Certified Public Accountants
                             and PricewaterhouseCoopers, Certified
                             Public Accountants as PRC and International
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    8        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.


06/22/07 - A        CHINA MENGNIU DAIRY CO LTD               G21096105                                 06/18/07              211,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                        Mgmt
                    3a       Reelect Jiao Shuge as Director and            For          For                        Mgmt
                             Authorize Board to Fix His Remuneration
                    3b       Reelect Lu Jun as Director and Authorize      For          For                        Mgmt
                             Board to Fix Her Remuneration
                    3c       Reelect Wang Huibao as Director and           For          For                        Mgmt
                             Authorize Board to Fix His Remuneration
                    4        Reappoint Ernst & Young as Auditors and       For          For                        Mgmt
                             Authorize Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/15/07 - A        CHINA MERCHANTS BANK CO LTD              Y14896115                                 05/15/07              303,000
                    1        Accept Report of the Board of Directors       For          For                        Mgmt
                    2        Accept Report of the Board of Supervisors     For          For                        Mgmt
                    3        Accept Audited Financial Statements and       For          For                        Mgmt
                             Statutory Reports
                    4        Accept Final Financial Report                 For          For                        Mgmt
                    5        Approve Profit Appropriations Plan            For          For                        Mgmt
                             Including the Distribution of Final Dividend
                                This  item  seeks  shareholder  approval  for  the  profit
                                appropriation   proposal  for  the  year  2006.   Relevant
                                regulations  in the  People's  Republic  of China  and the
                                articles of association of the company  require 10 percent
                                of  profits to be  transferred  to the  statutory  surplus
                                reserve  account and the  transfer to this reserve must be
                                made   before   the    distribution    of   dividends   to
                                shareholders.                   In   addition,  the  board
                                recommends  the  payment of a first and final  dividend of
                                RMB 0.12 ($0.015) per share,  up from RMB 0.08 ($0.010) in
                                the  previous  period.  This  gives  the  company a payout
                                ratio of 22.6  percent,  down  from  23.5  percent  in the
                                previous    period.                We    use   a   minimum
                                30-percent  and a maximum  100-percent  ratio as  triggers
                                for further  analysis.  When the payout  ratio falls below
                                our minimum standard of 30 percent,  we recommend a closer
                                analysis of the  allocation  proposal.  As the company had
                                its initial  public  offering  in May 9, 2002,  we believe
                                that the board is using the company's  cash to reinvest in
                                the company for growth and  expansion.  We typically  give
                                newly listed  companies a period of five years to bring up
                                their  payout  ratios to meet our  guidelines.  Given that
                                the company is in its fifth year as a listed  company,  we
                                recommend   that   shareholders   support  this   dividend
                                proposal.                This  is  a  common  request  for
                                companies  incorporated in the People's  Republic of China
                                and we see no reason to oppose such requests.
                    6        Appoint Auditors and Authorize Board to Fix   For          For                        Mgmt
                             Their Remuneration
                                The board  seeks to appoint  auditors  of the  company for
                                the  year.  We  note  however  that  the  auditors  report
                                contained  in the annual  report is  unqualified,  meaning
                                that  in  the  opinion  of  the  auditors,  the  financial
                                statements  are  fairly   presented  in  accordance   with
                                International   Financial   Reporting  Standards  and  the
                                disclosure   requirements   of  the  Hong  Kong  Companies
                                Ordinance.  Also included in this  resolution is the grant
                                of  board  authority  to  fix  the   remuneration  of  the
                                auditors.   In  the  absence  of  issues   concerning  the
                                auditors  and the  way the  audit  was  conducted,  a vote
                                supporting this proposal is recommended.
                    7a       Reelect Qin Xiao as Non-Executive Director    For          For                        Mgmt
                    7b       Reelect Fu Yuning as Non-Executive Director   For          For                        Mgmt
                    7c       Reelect Li Yinquan as Non-Executive Director  For          For                        Mgmt
                    7d       Reelect Huang Dazhan as Non-Executive         For          For                        Mgmt
                             Director
                    7e       Elect Ding An Hua, Edward as Non-Executive    For          For                        Mgmt
                             Director
                    7f       Reelect Wei Jiafu as Non-Executive Director   For          For                        Mgmt
                    7g       Reelect Sun Yueying as Non-Executive          For          For                        Mgmt
                             Director
                    7h       Reelect Wang Daxiong as Non-Executive         For          For                        Mgmt
                             Director
                    7i       Reelect Fu Junyuan as Non-Executive Director  For          For                        Mgmt
                    7j       Reelect Ma Weihua as Executive Director       For          For                        Mgmt
                    7k       Elect Zhang Guanghua as Executive Director    For          For                        Mgmt
                    7l       Elect Li Hao as Executive Director            For          For                        Mgmt
                    7m       Reelect Wu Jiesi as Independent               For          For                        Mgmt
                             Non-Executive Director
                    7n       Elect Yan Lan as Independent Non-Executive    For          For                        Mgmt
                             Director
                    7o       Elect Song Lin as Independent Non-Executive   For          For                        Mgmt
                             Director
                    7p       Reelect Chow Kwong Fai, Edward as             For          For                        Mgmt
                             Independent Non-Executive Director
                    7q       Reelect Liu Yongzhang as Independent          For          For                        Mgmt
                             Non-Executive Director
                    7r       Reelect Liu Hongxia as Independent            For          For                        Mgmt
                             Non-Executive Director
                    7s       Elect Hong Xiaoyuan as Non-Executive          For          For                        Mgmt
                             Director
                    8a       Reelect Zhu Genlin as Shareholder             For          For                        Mgmt
                             Representative Supervisor
                    8b       Reelect Chen Haoming as Shareholder           For          For                        Mgmt
                             Representative Supervisor
                    8c       Elect Dong Xiande as Shareholder              For          For                        Mgmt
                             Representative Supervisor
                    8d       Elect Li Jiangning as Shareholder             For          For                        Mgmt
                             Representative Supervisor
                    8e       Reelect Shi Jiliang as External Supervisor    For          For                        Mgmt
                    8f       Reelect Shao Ruiqing as External Supervisor   For          For                        Mgmt
                    9        Accept Duty Performance and                   For          For                        Mgmt
                             Cross-Evaluation Reports of Independent
                             Non-Executive Directors
                    10       Accept Assessment Report on the Duty          For          For                        Mgmt
                             Performance of Directors
                    11       Accept Duty Performance and                   For          For                        Mgmt
                             Cross-Evaluation Reports of External
                             Supervisors
                    12       Accept Related Party Transaction Report       For          For                        Mgmt


05/16/07 - A        China Mobile (Hong Kong) Limited         Y14965100                                 05/11/07              260,959
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2a       Approve Final Dividend                        For          For                        Mgmt
                    2b       Approve Special Dividend                      For          For                        Mgmt
                    3a       Reelect Wang Jianzhou as Director             For          For                        Mgmt
                    3b       Reelect Li Yue as Director                    For          For                        Mgmt
                    3c       Reelect Zhang Chenshuang as Director          For          For                        Mgmt
                    3d       Reelect Frank Wong Kwong Shing as Director    For          For                        Mgmt
                    3e       Reelect Paul Michael Donovan as Director      For          For                        Mgmt
                    4        Reappoint KPMG as Auditors and Authorize      For          For                        Mgmt
                             Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


01/22/07 - S        China Petroleum & Chemical Corp.         Y15010104                                 12/22/06            1,595,108
                             Special Business
                    1        Approve Issuance of Equity or Equity-Linked   For          For                        Mgmt
                             Securities without Preemptive Rights
                    2        Approve Issuance of Up to $1.5 Billion        For          For                        Mgmt
                             Convertible Bonds within 12 Months from the
                             Date of Approval
                    3        Authorize Board to Deal with All Matters in   For          For                        Mgmt
                             Connection with the Issuance of Convertible
                             Bonds
                    4        Approve Issuance of Up to RMB 10 Billion      For          For                        Mgmt
                             Domestic Corporate Bonds within 12 Months
                             from the Date of Approval
                    5        Authorize Board to Deal with All Matters in   For          For                        Mgmt
                             Connection with the Issuance of Domestic
                             Corporate Bonds


05/29/07 - A        China Petroleum & Chemical Corp.         Y15010104                                 04/30/07            1,580,554
                    1        Accept the Report of the Board of Directors   For          For                        Mgmt
                    2        Accept the Report of the Supervisory          For          For                        Mgmt
                             Committee
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Profit Distribution Plan and Final    For          For                        Mgmt
                             Dividend
                    5        Approve KPMG Huazhen and KPMG as Domestic     For          For                        Mgmt
                             and Overseas Auditors and Authorize Board
                             to Fix Their Remuneration
                    6        Approve Sichuan-to-East China Gas Project     For          For                        Mgmt
                    7        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Approve Issuance of Corporate Bonds           For          For                        Mgmt
                    9        Authorize Board to Deal with All Matters in   For          For                        Mgmt
                             Connection with the Issuance of Corporate
                             Bonds and Formulation and Execution of All
                             Necessary Legal Documents for Such Purpose


12/06/06 - S        CHINA POWER INTERNATIONAL DEVELOPMENT    Y1508G102                                 12/05/06            1,129,000
                    LTD
                    1        Approve Acquisition of 390.9 Million Shares   For          For                        Mgmt
                             in the Issued Capital of Shanghai Electric
                             Power Co., Ltd. from China Power Investment
                             Corp. for a Total Consideration of RMB 1.7
                             Billion
                                I. Transaction Summary        Acquirer:  China Power Int'l
                                Development   Ltd.  (the   company)        Target:   390.9
                                million shares,  representing  approximately 25 percent of
                                the total issued  capital of Shanghai  Electric Power Co.,
                                Ltd. (Shanghai Power) (Sale  Shares)        Consideration:
                                cash        Transaction  Terms:  the company would acquire
                                390.9 million  shares,  representing  a 25 percent  equity
                                interest  in Shanghai  Power from China  Power  Investment
                                Corp.  (CPI  Group)  at a total  consideration  of RMB 1.7
                                billion ($206.3  million)        Value of Transaction: RMB
                                1.7  billion  ($206.3  million)        Fairness   Opinion:
                                CLSA   Equity   Capital   Markets   Ltd.        Accounting
                                Treatment:   Not   disclosed        Tax   Treatment:   Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        Shanghai  Power  is the  largest  power
                                provider  in   Shanghai  in  terms  of  total   controlled
                                capacity and is principally  engaged in the production and
                                supply of  electricity  and heat.  Shanghai Power has four
                                wholly-owned  power plants as well as various  investments
                                in power plants in Shanghai and is gradually  expanding to
                                neighboring  provinces  such as  Jiangsu  Province,  Anhui
                                Province,  and Zheijiang  Province.  Shanghai Power has an
                                attributable  installed capacity of approximately 4,260 MW
                                as at Dec. 31, 2006, and its gross electricity  generation
                                reached  approximately  22,554 GWh for the year ended Dec.
                                31, 2005.  Also,  it has, in the past few years,  expanded
                                itself in the East China  region.  The  compounded  annual
                                growth rate of attributable  capacity achieved by Shanghai
                                Power  from  2003  to  2005  was  23  percent.        III.
                                Transaction        Under  the  proposed  acquisition,  the
                                company would  acquire the Sale Shares from CPI Group,  an
                                indirect  controlling  shareholder  of the company,  for a
                                total  consideration  of RMB 1.7 billion ($206.3  million)
                                or RMB 4.26  ($0.5) per Sale  Share,  which was arrived at
                                after arm's  length  negotiations  between the company and
                                CPI  Group.  The  consideration  amount,  based on the net
                                asset  value  per share of  Shanghai  Power as at June 30,
                                2006 of RMB 3.927 ($0.5) per share,  represents a discount
                                of approximately  4.1 percent off the closing price of the
                                A shares  of  Shanghai  Power on Nov.  2, 2006 of RMB 4.44
                                ($0.5) per share;  while  based on the  audited  financial
                                statements  of  Shanghai  Power,  represents  a premium of
                                approximately   8.5  percent  over  the  net  asset  value
                                attributable  to the Sale Shares as at June 30, 2006.  The
                                consideration  amount would be satisfied by the company in
                                cash through two  installments  and would be financed from
                                the proceeds of the company's  initial public  offering in
                                2004,   the   company's   working   capital  and  external
                                financing.        Upon  payment  of the  consideration  in
                                full, the Sale Shares would be transferred  and registered
                                in the name of the company,  which would become the second
                                largest  shareholder  of Shanghai  Power.  Thus,  Shanghai
                                Power   would   become  an   associated   company  of  the
                                company.        IV.  Rationale Considerations  (Disclosure
                                Level:  Satisfactory)        In  this  case,  the  company
                                provided  satisfactory  information regarding the proposed
                                acquisition.  The  proposed  acquisition  is  expected  to
                                significantly  enlarge the company's  operational scale by
                                leveraging   on   Shanghai   Power's   market   leadership
                                position.  The company is also  expected to tap the growth
                                potential  of Shanghai  Power by enabling it to enter into
                                the  Shanghai  market,  a region  with the  highest  Gross
                                Domestic Product per capita in China.        V.  Pro Forma
                                Financial        Summary         (Disclosure        Level:
                                Satisfactory)        The    company   did   not   disclose
                                information  regarding  its pro forma  summary in relation
                                to  the  acquisition  of  Shanghai  Power        VI.   ISS
                                Financial        Valuation        (Disclosure       Level:
                                Satisfactory)        The  consideration of RMB 4.26 ($0.5)
                                per  Sale  Share  represents:        -A  premium  of about
                                0.04  percent  to the  60-day  average  closing  price  of
                                Shanghai  Power  shares prior to the  announcement  of the
                                proposal  on Nov. 2, 2006  (Announcement  Date).        -A
                                discount  of about  3.2  percent  to the  average  closing
                                price of Shanghai  Power shares prior to the  Announcement
                                Date.        -A  discount  of  about  2.2  percent  to the
                                average  closing  price of Shanghai  Power shares from the
                                Announcement   Date   to   Nov.   20,    2006.        VII.
                                Risks        The  company did not disclose  possible risks
                                pertaining    to    the     acquisition     of    Shanghai
                                Power        VIII.   Market  Reaction  (vs.  market  index
                                during  same  period)        -The   market  reaction  with
                                respect       to       the       Acquisition       appears
                                positive.        -Pre-announcement:    The   share   price
                                increased  by 34.3 percent in the 60 days prior to Nov. 2,
                                2006 (the  Announcement  Date) vs. a 7.4 percent  increase
                                for the HSI,  outperforming  the index by 26.9  percentage
                                points        -Initial:  The share price  increased by 2.2
                                percent a day  before  the  Announcement  Date,  vs. a 1.4
                                percent increase for the HSI,  outperforming  the index by
                                0.8  percentage  points        -Post-analysis:  The shares
                                increased by 14.2 percent  from the  Announcement  Date to
                                Nov.  20,  2006,  vs. a 1.6 percent  increase for the HSI,
                                outperforming     the    index    by    12.6    percentage
                                points        IX.     Governance     (Disclosure    Level:
                                Satisfactory)        Upon  completion of the  acquisition,
                                the company  intends to nominate at least two directors to
                                the      board      of      Shanghai      Power.        X.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.


04/27/07 - A        CHINA POWER INTERNATIONAL DEVELOPMENT    Y1508G102                                 04/20/07              956,721
                    LTD
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Final Dividend of RMB 0.08 Per Share  For          For                        Mgmt
                    3        Reelect Hu Jiandong as Director               For          For                        Mgmt
                    4        Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors
                    5        Reappoint PricewaterhouseCoopers as           For          For                        Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    6a       Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6b       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6c       Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


09/04/06 - S        CHINA RESOURCES POWER HOLDINGS CO LTD    Y1503A100                                 None                  728,000
                    1        Approve Acquisition by China Resources        For          For                        Mgmt
                             Power Hldgs. Co. Ltd. (the Company) of 55.0
                             Percent Effective Interest in Fuyang China
                             Resources Power Co., Ltd. from China
                             Resources (Hldgs) Co. Ltd. (CRH) (Fuyang
                             Acquisition)
                                XI.  Conclusion        Based on our analysis, we recommend
                                that shareholders vote in favor of this resolution.
                    2        Approve Acquisition by the company of 65.0    For          For                        Mgmt
                             Percent Effective Interest in Yunnan China
                             Resources Power (Honghe) Co., Ltd. from CRH
                             (Yunpeng Acquisition)


05/30/07 - A        CHINA RESOURCES POWER HOLDINGS CO LTD    Y1503A100                                 05/21/07              954,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                        Mgmt
                    3a       Reelect Tang Cheng as Director                For          For                        Mgmt
                    3b       Reelect Zhang Shen Wen as Director            For          For                        Mgmt
                    3c       Reelect Jiang Wei as Director                 For          For                        Mgmt
                    3d       Reelect Anthony H. Adams as Director          For          For                        Mgmt
                    3e       Reelect Ma Chiu-Cheung, Andrew as Director    For          For                        Mgmt
                    3f       Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors
                    4        Reappoint Deloitte Touche Tohmatsu as         For          For                        Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


05/15/07 - A        CHINA SHENHUA ENERGY CO LTD              Y1504C113                                 04/14/07              146,500
                    1        Accept Report of the Board of Directors       For          For                        Mgmt
                    2        Accept Report of the Board of Supervisors     For          For                        Mgmt
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Profit Distribution Plan              For          For                        Mgmt
                    5        Approve Remuneration of Directors and         For          For                        Mgmt
                             Supervisors
                    6        Reappoint KPMG Hauzhen and KPMG as the PRC    For          For                        Mgmt
                             and International Auditors, Respectively,
                             and Authorize Board to Fix Their
                             Remuneration
                    7        Approve Renewal of Certain Connected          For          For                        Mgmt
                             Transactions for 2008 to 2010 and Relevant
                             Annual Caps
                    8        Approve Adjustments to the Annual Caps for    For          For                        Mgmt
                             Certain Connected Transactions in 2007
                    9        Elect Yun Gongmin as Non-Executive Director   For          For                        Mgmt
                    10       Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.


06/21/07 - A        China Steel Corporation                  Y15041109                                 04/22/07              849,000
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                        Mgmt
                    5        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    6        Amend Election Rules of Directors and         For          For                        Mgmt
                             Supervisors
                             Elect Directors by Cumulative Voting
                    7        Elect Directors                               For          Split                      Mgmt
                    7.1      Elect Yao-Chung Chiang, a Representative of
                             the Ministry of Economic Affairs, R.O.C.,
                             as Director with Shareholder No. Y00001 ---
                             Against
                                ISS believes that  directors and  supervisors  function as
                                the  representatives  of shareholders  throughout the year
                                and are  therefore a crucial  avenue of ongoing  influence
                                on   management.   As  such,  it  is  important  to  elect
                                directors   and   supervisors   who   have   no   material
                                connection,   either   directly  or  indirectly,   to  the
                                company,  to enable  them to act in the best  interest  of
                                shareholders.   In  this   case,   ISS   recommends   that
                                shareholders  concentrate  their cumulative votes in favor
                                of all independent director nominees,  namely:  San-Shiung
                                Hong,  Ken  H.C.  Chiu  and  Wei-Sheng   Hwang.   For  the
                                supervisor  nominees,  given the  absence of any  negative
                                concern   regarding   these   candidates,    ISS   advises
                                shareholders  to allocate their  cumulative  votes equally
                                for all  supervisor  nominees.  These  are  Iuan-Yuan  Lu,
                                Jing-Yi Wang, and Ying-Yuan Lee.
                    7.2      Elect Fadah Hsieh, a Representative of the
                             Ministry of Economic Affairs, R.O.C., as
                             Director with Shareholder No. Y00001 ---
                             Against
                    7.3      Elect Jung-Chiou Hwang, a Representative of
                             the Ministry of Economic Affairs, R.O.C.,
                             as Director with Shareholder No. Y00001 ---
                             Against
                    7.4      Elect Yuan-Cheng Chen, a Representative of
                             Chiun Yu Investment Corporation., as
                             Director with Shareholder No. V01357 ---
                             Against
                    7.5      Elect Lo-Min Chung, a Representative of
                             Ever Wealthy International Corporation, as
                             Director with Shareholder No. V02376 ---
                             Against
                    7.6      Elect Cheng-I Weng, a Representative of Gau
                             Ruei Investment Corporation as Director
                             with Shareholder No. V01360 --- Against
                    7.7      Elect Shun-Tsai Wu, a Representative of
                             China Steel Labor Union, as Director with
                             Shareholder No. X00012 --- Against
                    7.8      Elect Ho-Chong Chen, a Representative of
                             Shin Mao Investment Corporation, as
                             Director with Shareholder No. V01369 ---
                             Against
                    7.9      Elect San-Shiung Hong as Independent
                             Director with ID No. A101349114 --- For
                    7.10     Elect Ken H.C. Chiu as Independent Director
                             with ID No. E100588951 --- For
                    7.11     Elect Wei-Sheng Hwang as Independent
                             Director with ID No. T102103672 --- For
                             Elect Supervisors by Cumulative Voting
                    7        Elect Directors                               For          For                        Mgmt
                    8        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors
                    9        Other Business                                For          Against                    Mgmt


05/16/07 - A        CITIC Pacific Ltd                        Y1639J116                                 05/09/07              216,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Final Dividend and Special Dividend   For          For                        Mgmt
                    3a       Reelect Larry Yung Chi Kin as Director        For          For                        Mgmt
                    3b       Reelect Peter Lee Chung Hing as Director      For          For                        Mgmt
                    3c       Reelect Vernon Francis Moore as Director      For          For                        Mgmt
                    3d       Reelect Liu Jifu as Director                  For          For                        Mgmt
                    3e       Reelect Willie Chang as Director              For          For                        Mgmt
                    3f       Reelect Norman Ho Hau Chong as Director       For          For                        Mgmt
                    3g       Reelect Chang Zhenming as Director            For          For                        Mgmt
                    4        Reappoint PricewaterhouseCoopers as           For          For                        Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    8        Adopt CITIC 1616 Holdings Limited Share       For          Against                    Mgmt
                             Option Plan
                                Given  the  unfavorable  terms of the  proposed  plan,  we
                                recommend that shareholders vote against this proposal.


09/29/06 - S        CNOOC LTD                                Y1662W117                                 09/25/06              595,000
                    1        Approve Revised Annual Caps for Connected     For          For                        Mgmt
                             Transactions


12/18/06 - S        COCA COLA ICECEK SANAYI A.S.             M253EL109                                 None                   41,816
                    1        Open Meeting                                  None                                    Mgmt
                    2        Authorize Presiding Council to Sign Minutes   For                                     Mgmt
                             of Meeting
                    3        Accept Special Financial Statements as of     For                                     Mgmt
                             30 June 2006 Prepared for Merger Agreement
                    4        Approve Merger Agreement With Efes Sinai      For                                     Mgmt
                             Yatirim Holdings A.S.
                    5        Increase Authorized Capital to YTL 254.37     For                                     Mgmt
                             Million From YTL 249.59 Million
                    6        Approve Auditors for Year-End and Special     For                                     Mgmt
                             Audit
                    7        Wishes                                        None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/05/06 - S        Coca-Cola FEMSA SAB de CV                P2861Y136                                 None                  163,300
                    1        Amend Bylaws in Order to Comply with New      For          For                        Mgmt
                             Mexican Securities Law
                                These  changes  come  as  a  result  of  Mexico's   recent
                                adoption  of a  series  of  capital  market  reforms  that
                                increase   transparency   and   protection   of   minority
                                shareholders.  As  the  amendments  would  be  changed  to
                                conform to company law,  and because  there is no evidence
                                that the company has  included  other  amendments  outside
                                the  scope of the new  law,  shareholder  support  of this
                                item is recommended.
                    2        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Minutes of Meeting                    For          For                        Mgmt


12/05/06 - S        Coca-Cola FEMSA SAB de CV                P2861Y136                                 None                  163,300
                    1        Elect Members of Board of Directors, Board    For          For                        Mgmt
                             Secretaries and their Respective
                             Alternates, Including Independent Members
                             in Accordance with New Mexican Securities
                             Law; Approve their Remuneration
                                Items  1-2.  These  items  seek  shareholder  approval  of
                                director   and  board   committee   member   positions  as
                                stipulated  in the  new  Mexican  Securities  Market  Law.
                                Though  the  names of the  committee  members  and/or  new
                                directors  will  not  be  disclosed  before  the  meeting,
                                (Which is common  market  practice  in  Mexico) we do know
                                that the  proposed  changes are  designed  to  guarantee a
                                minimum level of board and committee  independence.  For a
                                company with the size and status of Coca-Cola Femsa,  such
                                inadequate  disclosure is  inexcusable.  However,  because
                                the   changes   are  being  made  to   improve   corporate
                                governance,  and because it appears that the board and key
                                committees  will have a  greater  portion  of  independent
                                members  as  a  result  of  this  meeting,   it  would  be
                                counterproductive  to oppose  these  items for  inadequate
                                disclosure.   Support   for   items   1-2   is   therefore
                                recommended.
                    2        Approve Integration of Board Committees       For          For                        Mgmt
                             including Audit and Corporate Practices
                             Committees, Elect the Chairman of Each
                             Board Committee and Approve their
                             Remuneration
                    3        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    4        Approve Minutes of Meeting                    For          For                        Mgmt


04/27/07 - A/S      Companhia Vale Do Rio Doce               P2605D109                                 None                  101,836
                             Ordinary Business
                    1.1      Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    1.2      Approve Allocation of Income and Dividends    For          For                        Mgmt
                             for 2006 and Approve the Capital Budget Plan
                    1        Elect Directors                               For          For                        Mgmt
                    1        Elect Supervisory Board Member                For          For                        Mgmt
                    1.5      Approve Remuneration of Directors,            For          For                        Mgmt
                             Executive Officers, and Supervisory Board
                             Members
                             Special Business
                    2.1      Authorize Capitalization of Reserves for      For          For                        Mgmt
                             Increase in Share Capital with no Issuance
                             of Shares, and Ammend Article 5 Accordingly


04/18/07 - A        Compania Cervecerias Unidas SA           P24905104                                 None                   61,462
                    1        Accept Chairman's Report                      For          For                        Mgmt
                    2        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for the Fiscal Year Ended Dec. 31,
                             2006
                    3        Approve Allocation of Income and Dividends    For          For                        Mgmt
                    4        Approve Dividend Policy                       For          For                        Mgmt
                    5        Elect Directors                               For          For                        Mgmt
                    6        Approve Remuneration of Directors for         For          For                        Mgmt
                             Fiscal Year 2007
                    7        Approve Director's Committee Report for       For          For                        Mgmt
                             Fiscal Year 2006
                    8        Fix Remuneration of Director's Committee      For          For                        Mgmt
                             for Fiscal Year 2007
                    9        Fix Remuneration of Audit Committee for       For          For                        Mgmt
                             Fiscal Year 2007
                    10       Approve External Auditors for Fiscal Year     For          For                        Mgmt
                             2007
                    11       Approve Special Auditors' Report Regarding    None         None                       Mgmt
                             Related-Party Transactions
                    12       Other Business (Voting)                       For          For                        Mgmt


04/27/07 - A        COPEL, Companhia Paranaense de Energia   P30557139                                 None                6,700,968
                             Preference Shareholders are Entitled to
                             Vote on Item 5 of the Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income and Share        For          For                        Mgmt
                             Profits Distribution
                    3        Authorize Capitalization of Reserves Via      For          For                        Mgmt
                             Incorporation of Retained Earnings Reserves
                    4        Elect Board of Directors                      For          For                        Mgmt
                    5        Elect Supervisory Board Members               For          For                        Mgmt
                    6        Approve Remuneration of Directors and         For          For                        Mgmt
                             Supervisory Board Members
                    7        Raification of Designated Newspaper to        For          For                        Mgmt
                             Publish Meeting Announcements


04/27/07 - A        Corporacion Geo SAB de CV                P3142C117                                 None                  101,600
                    1        Present Statutory Reports for Fiscal Year     For          For                        Mgmt
                             Ended 12-31-06
                    2        Accept Financial Statements                   For          For                        Mgmt
                    3        Approve Discharge of Board of Directors       For          For                        Mgmt
                    4        Approve Allocation of Income                  For          For                        Mgmt
                    5        Elect/Ratify Board Members and Secretary of   For          For                        Mgmt
                             the Board
                    6        Elect Chairmen of Audit Committee and         For          For                        Mgmt
                             Corporate Practices Committee
                    7        Approve Remuneration of Directors, Members    For          For                        Mgmt
                             of the Board Committees, and Secretaries of
                             the Board
                    8        Set Aggregate Nominal Amount of Share         For          For                        Mgmt
                             Repurchase
                    9        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    10       Approve Minutes of Meeting                    For          For                        Mgmt


03/16/07 - A        Daewoo Engineering & Construction        Y1888W107                                 12/31/06               21,910
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 500 Per Share
                    2        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    3        Amend Articles of Incorporation to Expand     For          For                        Mgmt
                             Business Objectives, to Allow Stock Options
                             Converted to Preferred Shares, and to Allow
                             Interim Dividends


06/06/07 - A        Denway Motors Ltd. (formerly Denway      Y2032Y106                                 05/30/07            2,368,000
                    Investment)
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Declare Final Dividend                        For          For                        Mgmt
                    3a       Elect ZHANG Fangyou as Director               For          For                        Mgmt
                    3b       Elect ZENG Qinghong as Director               For          For                        Mgmt
                    3c       Elect CHEUNG Doi Shu as Director              For          For                        Mgmt
                    3d       Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                        Mgmt
                             Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


05/08/07 - A        Digi.com Berhad (formerly Digi           Y2070F100                                 None                  105,143
                    Swisscom)
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for the Financial Year Ended Dec.
                             31, 2006
                    2        Approve Dividends of MYR 0.575 Per Share      For          For                        Mgmt
                             Less 27 Percent Income Tax for the
                             Financial Year Ended Dec. 31, 2006
                    3        Elect Christian Storm as Director             For          For                        Mgmt
                    4        Elect Ragnar Holmen Korsaeth as Director      For          For                        Mgmt
                    5        Approve Ernst & Young as Auditors and         For          For                        Mgmt
                             Authorize Board to Fix Their Remuneration
                    6        Approve Issuance of Equity or Equity-Linked   For          For                        Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    7        Approve Renewal of Shareholders' Mandate      For          For                        Mgmt
                             for Recurrent Related Party Transactions


06/14/07 - A        Dongbu Insurance Co.                     Y2096K109                                 03/31/07               81,580
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 450 Per Share
                    2        Elect Three Directors                         For          For                        Mgmt
                    3        Elect Members of Audit Committee Who Is       For          For                        Mgmt
                             Independent
                    4        Elect Members of Audit Committee Who is Not   For          Against                    Mgmt
                             Independent
                                In this case,  because the nominee is not independent,  we
                                recommend that shareholders vote against this resolution.
                    5        Approve Limit on Remuneration of Directors    For          Against                    Mgmt
                                Due  to  the  lack  of   disclosure,   we  recommend  that
                                shareholders vote against this resolution.


04/30/07 - A        DUFRY SOUTH AMERICA LTD                  264340209                                 None                   36,434
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                                The  company   has  not  yet   published   its   financial
                                statements  for fiscal year 2006.  Nonetheless,  this is a
                                routine  request  and  in  the  absence  of  any  specific
                                concerns regarding the company,  we recommend  shareholder
                                support for this item.
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The company has not  disclosed  its  allocation  of income
                                plans.  However,  since  Dufry South  America  went public
                                only in December  of 2006,  we do not expect much in terms
                                of a dividend  payout  relative to 2006.  We see no reason
                                to oppose this item.
                    3        Ratify Ernst & Young as Auditors              For          For                        Mgmt
                                This is a routine,  non-contentious issue and we recommend
                                shareholder support.
                    4        Authorize Board to Fix Remuneration of        For          For                        Mgmt
                             Auditors
                                Once again,  no information  was disclosed,  but we expect
                                the  company  to pay  market  rates to  Ernst & Young.  We
                                recommend shareholder support for this item.
                    5        Approve Discharge of Management and           For          For                        Mgmt
                             Supervisory Board
                                This item  requests that  shareholders  approve the formal
                                discharge of the directors and  supervisory  board members
                                for  the  previous   fiscal  year.   This  annual  request
                                represents   shareholder   endorsement  of  actions  taken
                                during the year.  Discharge is a tacit vote of  confidence
                                in the  company's  management  and  policies.  It does not
                                necessarily    eliminate   the   possibility   of   future
                                shareholder  action,  although  it does make  such  action
                                more  difficult  to  pursue.                Although  this
                                request is rare in Brazil,  it is common in other markets.
                                Discharge   generally  is  granted  unless  a  shareholder
                                states a specific reason for  withholding it.  Withholding
                                discharge  is  advisable  only  when  a  shareholder   has
                                concrete  evidence of  negligence  or abuse on the part of
                                the board or  management,  has plans to take legal action,
                                or has  knowledge  of  other  shareholders'  plans to take
                                legal action. We are unaware of any such instance.


07/12/06 - A        Edgars Consolidated Stores (Formerly     S24179111                                 None                   69,767
                    Edgars Stores Ltd.)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended April 1, 2006
                    2.1      Approve Remuneration of Chairman of the       For          For                        Mgmt
                             Board
                    2.2      Approve Remuneration of Chairman of the       For          For                        Mgmt
                             Audit and Risk Committee
                    2.3      Approve Remuneration of Chairman of the       For          For                        Mgmt
                             Remuneration and Nominations Committee
                    2.4      Approve Remuneration of Members of the Board  For          For                        Mgmt
                    2.5      Approve Remuneration of Members of the        For          For                        Mgmt
                             Audit and Risk Committee
                    2.6      Approve Remuneration of Members of the        For          For                        Mgmt
                             Remuneration and Nominations Committee
                    2.7      Approve Remuneration of Members of the        For          For                        Mgmt
                             Customer Service Committee
                    2.8      Approve Remuneration of Members of the        For          For                        Mgmt
                             Transformation Committee
                    3        Elect Directors                               For          Split                      Mgmt
                    3.1      Approve Appointment of H.S.P. Mashaba as
                             Director --- For
                                S.D.M.   Zungu,  who  is  up  for  reelection  under  this
                                resolution,  has  attended  less than 75  percent of board
                                meetings  for the  year  without  a valid  reason  for the
                                absences.  We believe that the purpose of board membership
                                is to  represent  outside  shareholder  interests  and  to
                                monitor the  activities of  management.  Directors  cannot
                                satisfy their fiduciary  responsibility to shareholders if
                                they do not attend meetings.  We therefore  recommend that
                                shareholders oppose this director nominee.
                    3.2      Reelect H.S.P. Mashaba as Director --- For
                    3.3      Reelect S.R. Binnie as Director --- For
                    3.4      Reelect A. van A. Boshoff as Director ---
                             For
                    3.5      Reelect Z.B. Ebrahim as Director --- For
                    3.6      Reelect S.D.M. Zungu as Director --- Against
                    4        Increase Authorized Share Capital by the      For          For                        Mgmt
                             Creation of B Preference Shares
                    5        Amend Memorandum of Association Re: Include   For          For                        Mgmt
                             Reference to B Preference Shares
                    6        Amend Articles of Association Re: Set Out     For          For                        Mgmt
                             Rights and Privileges of B Preference
                             Shares; Quorums for Board Meetings;
                             Description of CEO as Managing Director
                    7        Authorize Issuance of B Preference Shares     For          For                        Mgmt
                             in a Private Placement
                    8        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


07/24/06 - S        EVRAZ GROUP S A *EVGPF*                  30050A103                                 None                   27,936
                             Meeting For ADR Holders
                    A        Amend Articles of Incorporation re:           For          For                        Mgmt
                             Condition Precedent
                    B        Amend Articles of Incorporation to Provide    For          For                        Mgmt
                             that Shares of the Company are in
                             Registered Form Only
                    C        Amend Articles of Incorporation Re: Calling   For          For                        Mgmt
                             of Board Meetings, Quorum at Board
                             Meetings, Election of Chairman, Appointment
                             of CEO, and Clarify Authority of CEO to
                             Sign Transactional Documents on Behalf of
                             Company
                    D        Increase Number of Directors to Nine; Elect   For          For                        Mgmt
                             Directors; Confirm Decision Not to Adjust
                             Level of Remuneration of Directors;
                             Authorize Chairman of the Board to Sign
                             Management Service Agreements with Each
                             Independent Non-Executive Director
                    E        Authorize Board of Directors to Appoint       For          For                        Mgmt
                             Valery I. Khoroshkovsky as CEO and to
                             Delegate Day to Day Management to the CEO
                    F        Amend Articles of Incorporation Re:           For          For                        Mgmt
                             Amendment Date, Cut Off Date


06/20/07 - A        EVRAZ GROUP S A *EVGPF*                  30050A103                                 05/29/07               25,737
                             Meeting for GDR Holders
                    1        Approve Reports of the Board of Directors     For          For                        Mgmt
                             and of the Statutory Auditor for the Year
                             Ending on Dec. 31, 2006
                    2        Approve Financial Statements and Allocation   For          For                        Mgmt
                             of Income for as of Dec. 31, 2006
                    3        Approve Reports of the Board of Directors     For          For                        Mgmt
                             and of the External Auditor on the
                             Consolidated Financial Statements on Dec.
                             31, 2005 and Dec. 31, 2006
                    4        Accept Consolidated Financial Statements      For          For                        Mgmt
                             for the Years Ending on Dec. 31, 2005 and
                             Dec. 31, 2006
                    5        Approve Discharge of Directors and Auditors   For          For                        Mgmt
                    6        Statutory Elections                           For          For                        Mgmt
                    7        Allow Board to Delegate Daily Management of   For          For                        Mgmt
                             the Company and to Appoint Mr. Alexander V.
                             Frolov as Managing Director of the Company
                    8        Transact Other Business (Voting)              For          Against                    Mgmt
                                Because  "other  business"  could  include  provisions  or
                                motions that would negatively affect  shareholder  rights,
                                we cannot support this proposal.


06/15/07 - A        First Financial Holding Co. Ltd.         Y2518F100                                 04/16/07              537,000
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                    4        Amend Articles of Association                 For          For                        Mgmt
                    5        Amend Election Rules of Directors and         For          For                        Mgmt
                             Supervisors
                    6        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    7        Other Business                                None         None                       Mgmt


06/08/07 - A        Formosa Chemical & Fiber Co. Corp.       Y25946107                                 04/09/07              352,000
                    1        Accept 2006 Financial Statements              For          For                        Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                                The board is proposing a cash  dividend of NTD 4.8 ($0.15)
                                per share.  This gives the company a payout  ratio of 81.4
                                percent,  up from the 74 percent  achieved  last year.  We
                                use a minimum of 30 percent  and a maximum of 100  percent
                                as    benchmarks    to    trigger    further     analysis.
                                                The    resolution    also   includes   the
                                allocation  of  NTD  37.42  million  ($1.15   million)  as
                                directors' and  supervisors'  remuneration,  while a total
                                of NTD 142.26 million ($4.37  million) in  compensation is
                                linked to  employee  profit  sharing.        The  dividend
                                proposed is reasonable  and could be easily covered by the
                                company.   ISS   recommends   a  vote  in  favor  of  this
                                resolution.
                    3        Amend Articles of Association and Approve     For          For                        Mgmt
                             Other Important Matters
                                Approval  of this item will  allow the  company  to modify
                                its Articles of Association  (AA).  Major revisions are as
                                follows:  to specify the company matters that the chairman
                                of the board is  authorized  to handle;  and to  authorize
                                the board to determine the  remuneration  of directors and
                                supervisors based on their  participation and contribution
                                to  the  company  and  based  on  the  industry  standard.
                                        Also  included  in this  item is the  approval  of
                                other important  matters  proposed by the company's board.
                                This includes amending the company's  Procedures Governing
                                the  Acquisition or Disposal of Assets (PG), and releasing
                                of  restrictions  of competitive  activities of directors.
                                Modifications  to the PG  include:  to  include  the  fund
                                underlying  securities as part of the assets to be handled
                                by the company,  and change the term "long- and short-term
                                investments"  into  "other  investments";  to add  that if
                                special  prices are required to be used as  reference  for
                                the  transaction  price,  there  is no need to  obtain  an
                                appraisal report and an accountant  opinion  regarding the
                                transaction;   to  specify   that  the   request   for  an
                                accountant's  opinion shall not apply for  acquisition  or
                                disposal  of  securities  which  have a  publicly  offered
                                price from an active market,  or for other provisions that
                                are  determined by the Financial  Supervisory  Commission,
                                Executive  Yuan ; to add a  sentence  indicating  that the
                                opinion  of  an   independent   director  shall  be  fully
                                considered in any  discussion  related to the  acquisition
                                of real estate from related parties,  and that the opinion
                                must be added to the minutes of the board meeting;  and to
                                add a paragraph  requiring the company to prepare a record
                                of  all  pertinent   information   when  the   transaction
                                involves a merger,  spin-off or  acquisition  of companies
                                listed or sold on a securities  exchange.  The information
                                is     required     to    be     preserved     for    five
                                years.                The   revisions   will  be  made  to
                                comply with the latest  amendments to the prevailing  laws
                                and to  address  the  operational  needs  of the  company.
                                Meanwhile,  setting the remuneration standard will provide
                                the  company  with   flexibility  in   determining   board
                                remuneration.  Likewise, the proposal regarding permitting
                                the  directors  of the  company  to serve on the boards of
                                other  companies is an item that is routinely  proposed at
                                Taiwanese   AGMs.   In  view  of  this,   ISS   recommends
                                shareholders to support this resolution.


08/04/06 - S        FOXCONN INTERNATIONAL HOLDINGS LTD       G36550104                                 None                  283,884
                    1        Amend Share Scheme                            For          For                        Mgmt
                                ISS  notes  that the  company  provided  no  details  with
                                respect  to this  proposal.  As  such,  we are  unable  to
                                ascertain  whether  approval  of this item  would have any
                                negative  impact on  shareholder  rights or value.  A vote
                                against this resolution is recommended.


10/23/06 - S        FOXCONN INTERNATIONAL HOLDINGS LTD       G36550104                                 10/19/06              283,884
                    1        Approve Revision of Annual Caps               For          For                        Mgmt


06/29/07 - A        Gazprom OAO                              368287207                                 06/06/07              796,642
                             Meeting for ADR Holders
                    1        Approve Annual Report                         For          For                        Mgmt
                    2        Approve Financial Statements                  For          For                        Mgmt
                    3        Approve Allocation of Income                  For          For                        Mgmt
                    4        Approve Dividends of RUB 2.54 per Ordinary    For          For                        Mgmt
                             Share
                    5        Approve Remuneration of Directors and         For          Against                    Mgmt
                             Members of Audit Commission
                                Because the company did not provide any  justification for
                                such high remuneration, ISS cannot support this proposal.
                    6        Ratify CJSC PricewaterhouseCoopers Audit as   For          For                        Mgmt
                             Auditor
                    7        Amend Charter                                 For          For                        Mgmt
                    8        Approve Series of Related-Party               For          For                        Mgmt
                             Transactions in Connection with
                             Implementation of Nord Stream Project
                    9.1      Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.2      Approve Related-Party Transaction with        For          For                        Mgmt
                             Sberbank
                    9.3      Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.4      Approve Related-Party Transaction with        For          For                        Mgmt
                             Sberbank
                    9.5      Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.6      Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.7      Approve Related-Party Transaction with        For          For                        Mgmt
                             Sberbank
                    9.8      Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.9      Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.10     Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.11     Approve Related-Party Transaction with        For          For                        Mgmt
                             Sberbank
                    9.12     Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             AB Gazprombank
                    9.13     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Severneftegazprom
                    9.14     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Severneftegazprom
                    9.15     Approve Related-Party Transaction with        For          For                        Mgmt
                             Mezhregiongaz LLC
                    9.16     Approve Related-Party Transaction with        For          For                        Mgmt
                             Mezhregiongaz LLC
                    9.17     Approve Related-Party Transaction with        For          For                        Mgmt
                             Mezhregiongaz LLC
                    9.18     Approve Related-Party Transaction with CJSC   For          For                        Mgmt
                             Northgas
                    9.19     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Novatek
                    9.20     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Tomskgazprom
                    9.21     Approve Related-Party Transaction with        For          For                        Mgmt
                             Mezhregiongaz LLC
                    9.22     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Gazprom Neft
                    9.23     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Novatek
                    9.24     Approve Related-Party Transaction with OJSC   For          For                        Mgmt
                             Novatek
                    9.25     Approve Related-Party Transaction with        For          For                        Mgmt
                             Latvijas Gaze a/s
                    9.26     Approve Related-Party Transaction with AB     For          For                        Mgmt
                             Lietuvos dujos
                    9.27     Approve Related-Party Transaction with UAB    For          For                        Mgmt
                             Kauno Termofikacijos Elektrine
                    9.28     Approve Related-Party Transaction with        For          For                        Mgmt
                             MoldovaGaz S.A.
                    9.29     Approve Related-Party Transaction with        For          For                        Mgmt
                             MoldovaGaz S.A.
                             Elect 11 Directors by Cumulative Voting
                    10       Elect Directors                               Split        Split                      Mgmt
                    10.1     Elect Andrey Akimov as Director --- Against
                                ISS  Analysis As declared in a written  statement  to ISS,
                                Fedorov fulfills ISS' criteria for independent  directors.
                                Because we believe  that  independent  directors  are most
                                capable  of  making  impartial   decisions,   taking  into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of  Fedorov  (item  10.14) and
                                withhold  their votes for the  remaining 18  nominees.  We
                                believe  that  this  candidate  is most  likely  to  bring
                                independence  to the board and will most likely act in all
                                shareholders' interest.
                    10.2     Elect Alexander Ananenkov as Director ---
                             Against
                    10.3     Elect Burckhard Bergmann as Director ---
                             Against
                    10.4     Elect Farit Gazizullin as Director ---
                             Against
                    10.5     Elect German Gref as Director --- Against
                    10.6     Elect Elena Karpel as Director --- Against
                    10.7     Elect Dmitry Medvedev as Director ---
                             Against
                    10.8     Elect Yury Medvedev as Director --- Against
                    10.9     Elect Alexey Miller as Director --- Against
                    10.10    Elect Victor Nikolaev as Director ---
                             Against
                    10.11    Elect Sergey Oganesyan as Director ---
                             Against
                    10.12    Elect Alexander Potyomkin as Director ---
                             Against
                    10.13    Elect Mikhail Sereda as Director --- Against
                    10.14    Elect Boris Fedorov as Director --- For
                    10.15    Elect Robert Foresman as Director ---
                             Against
                    10.16    Elect Victor Khristenko as Director ---
                             Against
                    10.17    Elect Alexander Shokhin as Director ---
                             Against
                    10.18    Elect Igor Yusufov as Director --- Against
                    10.19    Elect Evgeny Yasin as Director --- Against
                             Elect Nine Members of Audit Commission
                    11.1     Elect Dmitry Arkhipov as Member of Audit      For          For                        Mgmt
                             Commission
                                As  shareholders  must  vote for only up to nine of the 11
                                nominees,  and  based on a lack of  controversy  regarding
                                the  current  composition  of  the  audit  commission,  we
                                recommend   that   shareholders   vote  in  favor  of  the
                                incumbents:  Arkhipov,  Bikulov,  Ishutin,  Lobanova,  and
                                Sinyov and  withhold  their  votes for the  remaining  six
                                candidates.
                    11.2     Elect Denis Askinadze as Member of Audit      For          Against                    Mgmt
                             Commission
                    11.3     Elect Vadim Bikulov as Member of Audit        For          For                        Mgmt
                             Commission
                    11.4     Elect Rafael Ishutin as Member of Audit       For          For                        Mgmt
                             Commission
                    11.5     Elect Andrey Kobzev as Member of Audit        For          Against                    Mgmt
                             Commission
                    11.6     Elect Nina Lobanova as Member of Audit        For          For                        Mgmt
                             Commission
                    11.7     Elect Yury Nosov as Member of Audit           For          Against                    Mgmt
                             Commission
                    11.8     Elect Victoria Oseledko as Member of Audit    For          Against                    Mgmt
                             Commission
                    11.9     Elect Vladislav Sinyov as Member of Audit     For          For                        Mgmt
                             Commission
                    11.10    Elect Andrey Fomin as Member of Audit         For          Against                    Mgmt
                             Commission
                    11.11    Elect Yury Shubin as Member of Audit          For          Against                    Mgmt
                             Commission


03/21/07 - S        Genting Berhad                           Y26926116                                 None                   79,850
                             Ordinary Business
                    1        Approve Share Split Involving the             For          For                        Mgmt
                             Subdivision of Every One Existing Share of
                             MYR 0.50 Each into Five Shares of MYR 0.10
                             Each
                             Special Business
                    1        Amend Memorandum and Articles of              For          For                        Mgmt
                             Association to Reflect Changes in
                             Authorized Share Capital


04/27/07 - A        Gerdau S.A.                              P2867P113                                 None                   34,549
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                    3        Elect Directors and Determine the             For          For                        Mgmt
                             Remuneration of the Company's Administrators
                    4        Elect Supervisory Board Members and           For          For                        Mgmt
                             Determine their Remuneration


06/21/07 - A        Gloria Heavy Industrial Co Ltd           Y2726B107                                 04/22/07              244,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The board is proposing a cash  dividend of NTD 2.3 ($0.07)
                                per share.  This gives the company a payout  ratio of 71.9
                                percent.  We use a minimum of 30 percent  and a maximum of
                                100 percent as  benchmarks  to trigger  further  analysis.
                                        The  dividend  payout  proposed is reasonable  and
                                easily coverable by the company.  ISS has no objections to
                                this proposal.
                    3        Acknowledge Issuance of Shares for a          For          For                        Mgmt
                             Private Placement in 2003
                                This  item  seeks  shareholder   acknowledgement  for  the
                                issuance of 200,000 in 2003.  Issue price was fixed at NTD
                                10  ($0.31)  per  share,  which was  based on the  average
                                closing price of the company's  shares two months prior to
                                the pricing date. All subscribers  met the  qualifications
                                stipulated in Article 43-6 of the  Securities and Exchange
                                Act.   Proceeds  were  used  to  purchase   machinery  and
                                equipment    in   order   to   enhance   its    production
                                capabilities.  Given  that  the  lock-up  period  of three
                                years  has  passed,  the  company  will now  apply for the
                                listing  of such  shares.        The  dilution  associated
                                with  issuance of ordinary  shares is 0.69  percent of the
                                company's   outstanding   shares,   which  is  within  ISS
                                guidelines on share issuances  without  preemptive  rights
                                of 20 percent.  Given that this  issuance  has enabled the
                                company to raise  proceeds to expand its  operations,  ISS
                                recommends shareholders to support this resolution.
                    4        Amend Articles of Association                 For          Against                    Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    5        Amend Election Rules of Directors and         For          Against                    Mgmt
                             Supervisors
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    6        Amend Procedures Governing the Acquisition    For          Against                    Mgmt
                             or Disposal of Assets
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    7        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


04/25/07 - A        GLOW ENERGY PUBLIC CO LTD                Y27290124                                 04/12/07              305,304
                    1        Approve Minutes of Previous AGM               For          For                        Mgmt
                    2        Acknowledge 2006 Operating Results and        For          For                        Mgmt
                             Directors' Report
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Allocation of Income and Payment of   For          For                        Mgmt
                             Dividend
                    5        Reelect Dirk Achiel Marc Beeuwsaert, Guido    For          For                        Mgmt
                             Geeraerts, Kovit Poshyananda, and Supapan
                             Ruttanaporn as Directors
                    6        Approve Remuneration and Allowance of         For          For                        Mgmt
                             Directors and Audit Committee Members
                    7        Approve Deloitte Touche Tohmatsu Jaiyos Co.   For          For                        Mgmt
                             Ltd. as Auditors and Authorize Board to Fix
                             Their Remuneration
                    8        Authorize Issuance of Debentures not          For          For                        Mgmt
                             exceeding THB 15 Billion or Its Equivalent
                             in Other Currency
                    9        Other Business                                For          Against                    Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


11/10/06 - A        Gold Fields Limited                      S31755101                                 None                   19,023
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Reelect J.G. Hopwood as Director              For          For                        Mgmt
                                We   recommend    shareholders   oppose   J.G.   Gerwell's
                                reelection  as he has attended less than 75 percent of the
                                board meetings without a valid reason.
                    3        Reelect D.M.J. Ncube as Director              For          For                        Mgmt
                    4        Reelect I.D. Cockerill as Director            For          For                        Mgmt
                    5        Reelect G.J. Gerwel as Director               For          Against                    Mgmt
                    6        Reelect N.J. Holland as Director              For          For                        Mgmt
                    7        Reelect R.L. Pennant-Rea as Director          For          For                        Mgmt
                    8        Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    9        Approve Issuance of Shares without            For          For                        Mgmt
                             Preemptive Rights up to a Maximum of 10
                             Percent of Issued Capital
                    10       Revocation of Erroneous Prior Placement of    For          For                        Mgmt
                             Unissued Shares Under the Control of
                             Directors for the Purpose of the Gold
                             Fields Limited 2005 Share Plan
                    11       Revocation of Erroneous Prior Placement of    For          For                        Mgmt
                             Unissued Shares Under the Control of
                             Directors for the Goldfields Management
                             Incentive Scheme
                    12       Approve Issuance of Shares Pursuant to the    For          For                        Mgmt
                             Gold Fields Limited 2005 Share Plan
                    13       Approve Remuneration of Directors             For          For                        Mgmt
                    14       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital


01/17/07 - S        Grasim Industries Ltd.                   Y28523135                                 None                   17,281
                             Postal Ballot
                    1        Approve Employee Stock Option Scheme-2006     For                                     Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/18/06 - S        GRENDENE SA                              P49516100                                 None                   34,800
                             Special Meeting Agenda
                    1        Elect Director in Light of Resignation of     For          For                        Mgmt
                             Ana Dolores Moura Carneiro de Novaes


01/31/07 - S        GRUPO AEROPORTUARIO DEL CENTRONORTE S    400501102                                 01/09/07                8,851
                    A B DE C V
                             Meeting for ADR Holders
                    1        APPROVAL OF THE SHAREHOLDER OF THE COMPANY,   For          For                        Mgmt
                             AEROINVEST S.A. DE C.V. TO ENTER INTO A
                             FINANCING FACILITY IN ACCORDANCE WITH
                             NUMERAL (II) OF ARTICLE THIRTY-FIVE OF THE
                             BYLAWS OF THE COMPANY.
                                Under this item,  the board asks  shareholders  to approve
                                that  Aeroinvest SA de CV, a  shareholder  of the company,
                                to carry out  negotiation  with financial  institutions to
                                refinance the existin  credit  agreement  called  Existing
                                Facility,  in which  the  shareholder  entered  into  with
                                WestLB AG, for the amount of US$180  million to be paid in
                                Jun  2007.   These   funds  were  used  to   finance   the
                                acquisition  of 35.3  percent of Grupo  Aeroportuario  del
                                Centro   Norte  SAB  de  CV  (GACN).           Under   the
                                conditions  of the  Existing  Facility,  GACN  will not be
                                liable in any event for the  payment  of any  amounts  due
                                under  the  credit   agreement   not  from  the   proposed
                                refinancing.        Aeroinvest    is   a   subsidiary   of
                                Empresas  Ica  SAB  de CV  and  it  currently  holds  35.3
                                percent  of GACN's  capital in the form of series B shares
                                and 75.5 percent of the shares of Servicios de  Tecnologia
                                Aeroportuaria  SA de CV  (SETA),  which in turn holds 16.7
                                percent  of  GACN's  capital  in the  form  of  series  BB
                                shares.        The  proposed  transaction  consists on the
                                issuance of US$236  million  that would be  allocated  for
                                the  prepayment of the Existing  Facility,  related costs,
                                fees,  reserves  and  corporate  purposes.  Under  the new
                                agreement,  two  classes of notes will be issued.  Class A
                                notes for the amount of US$199.7 million;  7.5 years term,
                                and   quarterly   principal   payments   and   one   final
                                amortization payment upon maturity,  commencing in July of
                                2009  until  June  2014.  Class B notes for the  amount of
                                US$36.3 million;  7.5 years term; and quarterly  principal
                                payments   equivalent  to  all  amounts   remaining  after
                                servicingthe  Class  A  Notes  and any  reserve  or  other
                                amounts  ,  commencing  in June  of 2009 to june of  2014.
                                After  the  Class B Notes  have  been  paid in  full,  the
                                remaining  cash (after  having paid the amounts due on the
                                Class    A    Notes)     shall    be     available     for
                                Aeroinvest.        Although   ISS  does  not  usually  see
                                proposals   in  which  there  is  an  existing   concerted
                                agreement   between   shareholders   and   its   financial
                                creditors,  we note  that all  types  of debt  refinancing
                                agreements  are  required  to be put  on for  shareholders
                                approval  according  to  Literal  II of  Article 35 of the
                                company's bylaws; a provision  included in the bylaws as a
                                result of the company's privatization.  Thus, knowing that
                                GACN will not be an obligated  party to the refinancing of
                                the  Existing  Facility,  nor will it assume  any  payment
                                obligations  related  to  the  proposed  refinancing,   we
                                recommend support for this request.
                    2        APPROVAL TO MAKE A QUARTERLY DISTRIBUTION     For          For                        Mgmt
                             OF THE DIVIDENDS PREVIOUSLY APPROVED BY THE
                             SHAREHOLDERS OF THE COMPANY.
                                Under  this  resolution,  the board asks  shareholders  to
                                approve the dividends  under the terms approved at the las
                                AGM.  The  prospectus   states  that  the  amount  of  the
                                dividends  shall  have a fixed and a  variable  component.
                                The fixed component of the dividends  contemplated by GACN
                                shall be MNX$325  million ($29.7 million) per fiscal year.
                                The  variable  component  shall  depend  of the  amount of
                                dunds available for  distribution  determined in excess of
                                the  fixed  component.   Thus,  the  company  proposes  to
                                distribute  dividends  in four  installments  or quarterly
                                payments  due on July 15,  October  15,  January  15,  and
                                April  15 of  each  fiscla  year.  We  see  no  reason  to
                                recommend opposition to this resolution.
                    3        DESIGNATION OF THE PROPOSED OFFICERS TO       For          For                        Mgmt
                             FORMALIZE AND EXECUTE THE RESOLUTIONS
                             ADOPTED BY THE SHAREHOLDERS.


04/27/07 - A        GRUPO AEROPORTUARIO DEL CENTRONORTE S    400501102                                 04/11/07               11,840
                    A B DE C V
                             Meeting for ADR's Holders
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for the Period Ended Dec. 31, 2006
                    2        Accept Tax Report                             For          For                        Mgmt
                    3        Accept Audit Committee Report                 For          For                        Mgmt
                    4        Accept Corporate Practices Committee Report   For          For                        Mgmt
                    5        Approve Financial Statements and Statutory    For          For                        Mgmt
                             Reports
                    6        Approve Allocation of Income, Increase in     For          For                        Mgmt
                             Reserves, Allocation of Stock Repurchase
                             Reserve and Dividends
                    7        Elect/Ratify Directors, Alternate Directors   For          For                        Mgmt
                             and Chairmen of Committees
                    8        Approve Remuneration of Directors and         For          For                        Mgmt
                             Members of Committees
                    9        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


12/07/06 - S        Grupo Carso Sa De Cv                     P46118108                                 None                  228,200
                             Only Series A Shareholders and Mexican
                             Nationals Can Vote
                    1        Amend Bylaws in Order to Comply with New      For          For                        Mgmt
                             Mexeican Securities Law
                                These  changes  come  as  a  result  of  Mexico's   recent
                                adoption  of a  series  of  capital  market  reforms  that
                                increase   transparency   and   protection   of   minority
                                shareholders.  As  the  amendments  would  be  changed  to
                                conform to company law,  and because  there is no evidence
                                that the company has included  other  amenedments  outside
                                the  scope of the new  law,  shareholder  support  of this
                                item is recommended.
                    2        Adopt Resolutions Related to the Previous     For          Against                    Mgmt
                             Item
                                Because we cannot know what  issues  will be raised,  even
                                though we support the previous  item, we cannot  recommend
                                support for this request.
                    3        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


04/26/07 - A        Grupo Carso Sa De Cv                     P46118108                                 None                  189,917
                             Only Series A Shareholders and Mexican
                             Nationals Can Vote
                    1        Accept Board of Directors and Board           For          For                        Mgmt
                             Committees' Reports; Accept Compliance of
                             Fiscal Obligations Report for 2006 Fiscal
                             Year; Accept Individual and Consolidated
                             Financial Statements and Statutory Reports
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                             of MXN 0.50 Per Share

                    3        Set Aggregate Nominal Amount of Share         For          For                        Mgmt
                             Repurchase Reserve
                    4        Approve Discharge of Management Board for     For          For                        Mgmt
                             Fiscal Year 2006
                    5        Elect Directors and Supervisory Board         For          For                        Mgmt
                             Members; Elect Chairs to Audit and
                             Corporate Practices Committees; Fix Their
                             Remuneration
                    6        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting


08/17/06 - S        Grupo Financiero Banorte SA de CV        P49501201                                 None                  196,900
                    1        Approve Absorption of Banco del Centro        For          For                        Mgmt
                    2        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions
                    3        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting


10/12/06 - S        Grupo Financiero Banorte SA de CV        P49501201                                 None                  271,800
                    1        Approve Cash Dividends of MXN 0.375 Per       For          For                        Mgmt
                             Share
                    2        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Minutes of Meeting                    For          For                        Mgmt


12/13/06 - S        Grupo Financiero Banorte SA de CV        P49501201                                 None                  271,800
                             Special Business
                    1        Amend Bylaws in Order to Comply with New      For          For                        Mgmt
                             Mexeican Securities Law
                    2        Amend Bylaws Re: Compliance with Various      For          For                        Mgmt
                             Credit Institutions Laws
                    3        Approve Spin-Off of Finanzas Banorte, S.A.    For          For                        Mgmt
                             de C.V.
                    4        Amend Bylaws Re: Record Changes to            For          For                        Mgmt
                             Arrendadora Banorte, Factor Banorte and
                             Creditos Pronegocio as Companies with
                             Diverse Business Objectives
                    5        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Approve Minutes of Meeting                    For          For                        Mgmt


12/13/06 - S        Grupo Financiero Banorte SA de CV        P49501201                                 None                  271,800
                             Ordinary Business
                    1        Elect Members and Chairman to the Audit and   For          For                        Mgmt
                             Corporate Practices Committee; Fix Their
                             Remuneration; Revoke Nomination of
                             Supervisory Board Members
                    2        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Minutes of Meeting                    For          For                        Mgmt


03/30/07 - A        Grupo Financiero Banorte SA de CV        P49501201                                 None                  271,800
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec. 31, 2006
                    2        Accept Auditors' Report                       For          For                        Mgmt
                    3        Approve Allocation of Income                  For          For                        Mgmt
                    4        Elect Members, Verify Director's              For          For                        Mgmt
                             Independency as Per New Mexican Securities
                             Law, and Approve Their Respective
                             Remuneration
                    5        Elect Members to Audit Committee and          For          For                        Mgmt
                             Corporate Practices, Elect Their Respective
                             Chairman, and Approve Their Remuneration
                    6        Present Report on Company's 2006 Share        For          For                        Mgmt
                             Repurchase Program; Set Maximum Nominal
                             Amount of Share Repurchase Reserve for 2007
                    7        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                    8        Approve Minutes of Meeting                    For          For                        Mgmt


01/17/07 - S        Grupo Mexico SA de CV (fm. Nueva Gr.     P49538112                                 None                  131,525
                    Mexico SACV)
                    1        Accept Balance Sheet and 'Proforma' Balance   For          For                        Mgmt
                             Sheet as of 9-30-06
                    2        Approve Merger by Absorption of Subsidiary    For          For                        Mgmt
                             Grupo Minero Mexico Internacional SA de CV
                             to be Effective 12-31-06
                    3        Approve Cancellation, Issuance, and           For          Against                    Mgmt
                             Exchange of Shares Representatives of
                             Company's Capital
                                Recognizing  that it would be unwise for  shareholders  to
                                grant  open   authorizations   and  because  of  potential
                                excessive  dilution to their  economic and voting  rights,
                                we cannot recommend support for this request.
                    4        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting


03/16/07 - A        GS Holdings Corp.                        Y2901P103                                 12/31/06                9,520
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 1000 Per Common Share
                    2        Elect Directors                               For          For                        Mgmt
                    3        Elect Members of Audit Committee              For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


04/18/07 - A        GVT HOLDING SA                           P5145T104                                 None                   45,465
                    1        Approve Financial Statements, and             For          For                        Mgmt
                             Allocation of Income
                                        The  company's  external  auditor,  KPMG,  asserts
                                that  the  financial  statements  accurately  portray  the
                                financial  position of the firm.  The company  experienced
                                losses of BRL 71.8 million ($35.3  million) in 2006.  This
                                value  will be added to the  accumulated  losses  account.
                                Given these losses,  the company will not  distribute  any
                                money to  shareholders.          Since  we are  unaware of
                                any concerns about the company's  audit  procedures and we
                                do  not   believe  it  is  prudent   for  the  company  to
                                distribute   dividends   given   its   current   financial
                                position,  we  recommend  that  shareholders  approve this
                                proposal.


12/18/06 - S        HOLTEK SEMICONDUCTOR INC                 Y3272F104                                 11/18/06              278,747
                    1        Amend Articles of Association                 For          For                        Mgmt
                                In this  item,  the board is  proposing  to amend  certain
                                articles     of     the     company's      Articles     of
                                Incorporation:        Article  12  - To  add  restrictions
                                pertaining to voting rights,  whereby company shares which
                                fall under  Chapter  179 of the Company Law of Taiwan will
                                not  have  voting  rights;        Article  14 - To  add  a
                                clause   requiring  the  company  to  have  at  least  two
                                independent directors,  and they must occupy not less than
                                one-fifth of the total board seats.  Independent directors
                                will be elected through nomination  procedures and elected
                                by shareholders  at the same time as the other  directors.
                                In addition,  details regarding the nominees' professional
                                qualifications,  limits on shares  held,  conditions  that
                                constitute      independence,      nominating      method,
                                representation of attendance,  and other stipulations must
                                be based on the rules  specified by the Taiwan  securities
                                supervisory  authority;        Article 16 - To require the
                                company  to comply  with the Rules and  Review  Procedures
                                for  Director and  Supervisor  Share  Ownership  Ratios at
                                Public  Companies  (Ownership   Procedures)  in  terms  of
                                disclosing   director   and   supervisor    shareholdings;
                                        Article   17  -  To  delete  this  article   which
                                requires  the  company's   directors  and  supervisors  to
                                maintain their total  shareholdings  within the percentage
                                stipulated in the Ownership  Procedures.        Article 24
                                - To remove a sentence  authorizing  the  shareholders  to
                                adjust  the  percentage  for  income  allocation  and cash
                                dividend  distribution.  To ensure that  shareholders will
                                be able to receive a reasonable  amount of dividends,  the
                                board  has also  specify  in this  article  that the total
                                cash  dividends  to be paid out must not be lower  than 10
                                percent  of  the  total  dividends  paid  out  last  year.
                                        This   is  the  9th  time  the  company   will  be
                                modifying  its  Articles of  Association.  Therefore,  the
                                date  of the  9th  amendment,  which  is the  same  as the
                                meeting  date,  will be  added to  Article  26.        The
                                amendments  are made to comply  with the recent  revisions
                                made in the  Company  Law of Taiwan and the  Securities  &
                                Exchange Act of Taiwan.  ISS recommends that  shareholders
                                support this resolution.


06/12/07 - A        Huaku Construction Co Ltd                Y3742X107                                 04/13/07              270,000
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                In Items 2 and 3, the board is  proposing a cash  dividend
                                of NTD 4 ($0.12)  per share  and a stock  dividend  at the
                                ratio of 100 shares for every 1,000 shares held,  or NTD 1
                                ($0.03) per share. The proposed  distribution of dividends
                                is equivalent to a payout ratio of 69.8 percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                resolution  also  includes  the  allocation  of NTD  18.59
                                million   ($570,420)   as  directors'   and   supervisors'
                                remuneration.  In addition,  a total of NTD 46.47  million
                                ($1.12  million) is reserved for employee  profit sharing,
                                out  of  which   NTD  12   million   ($368,211)   will  be
                                distributed  in the  form of  shares.        In  addition,
                                the  board  is  intending  to  capitalize   the  company's
                                reserves to facilitate the bonus  issuance of shares.  The
                                issuance of such shares  shall be on the basis of 60 bonus
                                shares for every 1,000 existing  shares held by registered
                                holders.        It  is also proposed that Huaku's  capital
                                be  increased  through  the  capitalization  of the  stock
                                dividends  worth NTD 172.88  million  ($5.3  million)  and
                                employee  profit  sharing  in the form of shares  totaling
                                NTD  12  million  ($368,211).  This  will  be  taken  from
                                Huaku's 2006 earnings for working capital  purposes.  Upon
                                completion,  Huaku's total paid-in  capital is expected to
                                increase to NTD 1.91  billion  ($58.61  million)  from NTD
                                1.73 billion  ($53.08  million) with a par value of NTD 10
                                ($0.31) per share.        The  dividend payout proposed is
                                reasonable  and  easily  coverable  by  the  company.   In
                                addition,  Taiwan companies routinely capitalize dividends
                                and distribute new fully paid shares to shareholders  free
                                of charge;  there is no cost to  shareholders  to maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.          Meanwhile,  Taiwan companies  usually state
                                in their  articles of  association  to  allocate  not more
                                than 10 percent of the  company's  net profit as  employee
                                profit  sharing to  compensate  and motivate  employees of
                                the  company.        With  regard to the  bonus  issuance,
                                this is considered a direct  medium in which  shareholders
                                are rewarded by the company.  Moreover, the proposed bonus
                                issuance would not dilute  shareholdings as the shares are
                                given   out   in    direct    proportion    to    existing
                                shareholdings.        ISS   has  no  objections  to  these
                                proposals.
                    3        Approve Capitalization of 2006 Dividends,     For          For                        Mgmt
                             Reserves for Bonus Issue, and Employee
                             Profit Sharing
                                Refer to Item 2.
                    4        Amend Articles of Association                 For          For                        Mgmt
                                The proposal  seeks  shareholder  approval to increase its
                                registered  capital to NTD 3 billion ($92.05 million) from
                                NTD 2 billion  ($61.37  million).  This is to  accommodate
                                the  distribution  of 2006 stock dividends and bonus issue
                                of shares as  discussed  in Items 2 and 3.  Changes in the
                                registered  capital  will be  reflected  in the  company's
                                Articles   of   Association.                Increases   in
                                registered   capital  are   requested   both  for  general
                                financing  flexibility  and  to  provide  for  a  specific
                                purpose.  Companies  need an  adequate  buffer of unissued
                                capital  in  order  to  take  advantage  of  opportunities
                                during  the year;  thus,  they often  request  this for no
                                specific  purpose  other than to retain this  flexibility.
                                ISS believes that approving such requests is reasonable.
                    5        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


05/22/07 - A        Huaneng Power International Inc.         Y3744A105                                 04/20/07              376,150
                    1        Accept Working Report of the Directors        For          For                        Mgmt
                    2        Accept Working Report of the Supervisory      For          For                        Mgmt
                             Committee
                    3        Accept Financial Statements                   For          For                        Mgmt
                    4        Approve Profit Distribution Plan              For          For                        Mgmt
                    5        Reappoint Auditors and Authorize Board to     For          For                        Mgmt
                             Fix Their Remuneration
                    6        Approve Liability Insurance for Directors     For          Against                    Mgmt
                             and Senior Management
                                Given  the  absence  of the  disclosure  of  any  concrete
                                provisions   prohibiting   the  company  to  provide  such
                                protection  in  exception  to the  above  conditions,  ISS
                                recommends shareholders to vote against this resolution.
                    7        Approve Issuance of Short-Term Debentures     For          Against                    Mgmt
                             with a Principal Amount of Up to RMB 5.0
                             Billion within the PRC
                                We  note,  however,  that  the  company  did  not  provide
                                further  details  regarding  the  terms  and  the  use  of
                                proceeds for the Proposed  Short-Term Bond Issue, which is
                                not  usual  market  practice.  As such,  we are  unable to
                                ascertain  whether  approval  of this item  would have any
                                negative  impact  on  shareholder  rights  or  shareholder
                                value.  In view of this,  we recommend a vote against this
                                resolution.


06/21/07 - A        Huang Hsiang Construction Corp           Y3744Z100                                 04/22/07              333,086
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The board is  proposing  a cash  dividend of NTD 7 ($0.21)
                                per share.  This gives the company a payout  ratio of 62.7
                                percent.  We use a minimum of 30 percent  and a maximum of
                                100 percent as  benchmarks  to trigger  further  analysis.
                                        The  dividend  payout  proposed is reasonable  and
                                easily coverable by the company.  ISS has no objections to
                                this proposal.
                    3        Amend Articles of Association                 For          For                        Mgmt
                                The proposal  seeks  shareholder  approval to increase its
                                registered  capital to NTD 3 billion ($92.05 million) from
                                NTD 2.2 billion ($67.51  million).  This is to accommodate
                                future share issuances.  Changes in the registered capital
                                will  be   reflected   in  the   company's   Articles   of
                                Association.                Increases     in    registered
                                capital  are   requested   both  for   general   financing
                                flexibility  and  to  provide  for  a  specific   purpose.
                                Companies need an adequate  buffer of unissued  capital in
                                order to take advantage of opportunities  during the year;
                                thus,  they often  request  this for no  specific  purpose
                                other than to retain this  flexibility.  ISS believes that
                                approving such a request is reasonable.
                    4        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                                The  proposal  seeks to revise  the  company's  procedures
                                governing   the   acquisition   or   disposal   of  assets
                                (Acquisition  or Disposal  Procedures) in accordance  with
                                the newly revised  Guidelines for Handling  Acquisition or
                                Disposal  of Assets by Public  Companies  (Acquisition  or
                                Disposal  Guidelines) issued by the Financial  Supervisory
                                Commission,  Executive Yuan (FSC) on Jan. 19, 2007.  Major
                                revisions to the  Acquisition  or Disposal  Guidelines are
                                as follows:                  1.  To  enumerate  the assets
                                that  are   governed  by  the   Acquisition   or  Disposal
                                Guidelines;                  2.  To  require a company  to
                                have its guidelines for  acquisition or disposal of assets
                                approved by the board, supervisors,  and shareholders once
                                it  has  been  formulated.  If  a  company  has  appointed
                                independent   directors,   it  shall  fully  consider  the
                                opinion  of  its  independent   directors   regarding  the
                                formulation  or  revisions  made to the  guidelines.  Such
                                opinion  must be  recorded  in the  minutes  of the  board
                                meeting.  Should the company establish an audit committee,
                                its  guidelines  must be approved by more than half of the
                                audit  committee  members  before  submitting the proposal
                                for approval to the board.  If less than half of the audit
                                committee approves the guidelines,  it must be approved by
                                more than  two-thirds of the entire board before it can be
                                implemented;                3.  If a company has appointed
                                independent   directors,   it  shall  fully  consider  the
                                opinion of its  independent  directors  in any  discussion
                                related to the  acquisition  or  disposal  of assets  from
                                related  parties,  and that the  opinion  must be added to
                                the  minutes  of the board  meeting.  Should  the  company
                                establish an audit committee,  the transactions related to
                                the   acquisition  or  disposal  of  assets  from  related
                                parties  must  also be  approved  by more than half of the
                                audit  committee  members.                4.  The  company
                                must  obtain  an  appraisal  report  from  a  professional
                                appraiser  when the  transaction  price for  acquiring  or
                                disposing  real property or other fixed assets  reaches 20
                                percent of the company's  paid-in  capital or at least NTD
                                300 million ($9.21  million).  Such real property or other
                                fixed  assets  do  not  include  those  transacted  with a
                                government agency,  commissioned to third parties to build
                                on its own or rented land, or acquired for operating  use.
                                If special  prices are  required  to be used as  reference
                                for  the  transaction   price,   board  approval  must  be
                                obtained.                5.  To  use  the  latest  audited
                                financial  statements  of the  company to be  acquired  or
                                disposed  (Target  Company) as the reference in appraising
                                the transaction  price, and to request for an accountant's
                                opinion  regarding the  reasonableness  of the transaction
                                price  should  the  dollar  amount of the  transaction  be
                                equivalent to 20 percent of the Target  Company's  paid-in
                                capital  or at  least  NTD 300  million  ($9.21  million),
                                except  if:  the  Target   Company's   securities  have  a
                                publicly   offered  price  from  an  active   market,   or
                                otherwise    provided   by   regulations   of   the   FSC;
                                                6.  To  require  a  company  to  prepare a
                                record of all pertinent  information  when the transaction
                                involves a merger,  spin-off or  acquisition  of companies
                                listed    or    sold    on    a    securities    exchange;
                                and                7.  To  change  all  references  to the
                                "Securities  & Futures  Commission,  Ministry  of Finance,
                                Taiwan" into the  FSC.                The  amendments  are
                                made to comply with the prevailing  relevant  regulations.
                                Given  that  this  will  improve  the  company's  existing
                                Acquisition   or  Disposal   Procedures,   ISS  recommends
                                shareholders to support this resolution.


03/29/07 - A        Hynix Semiconductor Inc. (frmrly.        Y3817W109                                 12/31/06               22,213
                    Hyundai Electronic Ind.)
                    1        Approve Financial Statements                  For          For                        Mgmt
                    2        Elect Six Directors                           For          For                        Mgmt
                    3        Elect Four Members of Audit Committee         For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


03/16/07 - A        Hyundai Heavy Industries                 Y3838M106                                 12/31/06                4,372
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 2500 Per Share
                    2        Amend Articles of Incorporation to Change     For          For                        Mgmt
                             Executive Title
                    3        Elect Two Directors                           For          For                        Mgmt
                    4        Elect Member of Audit Committee               For          For                        Mgmt
                    5        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


03/09/07 - A        Hyundai Motor Co.                        Y38472109                                 12/31/06                5,318
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividends of KRW 1000 Per Common Share
                    2        Amend Articles of Incorporation to Shorten    For          For                        Mgmt
                             Share Registry Cancellation Period and to
                             Allow Sub-Committees
                    3        Elect Three Directors                         For          For                        Mgmt
                    4        Elect Three Members of Audit Committee        For          For                        Mgmt
                    5        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


04/25/07 - A/S      IGUATEMI EMPRESA SHOPPING CENTERS SA,    P5352J104                                 None                   31,025
                    SAO PAULO
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended 12/31/06
                    2        Approve 2007 Captial Budget                   For          For                        Mgmt
                    3        Approve Allocation of Income                  For          For                        Mgmt
                             Special Business
                    1        Amend Article 17 of Company Bylaws to         For          For                        Mgmt
                             Reflect (Item 2 Below) Consolidation of
                             Company Bylaws
                    2        Approve to Consolidate Company Bylaws to      For          For                        Mgmt
                             Reflect Numerical Changes Made in Item 1
                             above in Special Business
                                SHORT FORM  NOTE:        This  amendment  would  alter the
                                rights of preference  shareholders  in accordance with the
                                provisions  established in the recently-revised  corporate
                                law.  A  number  of  Brazilian   companies  are  proposing
                                amendments  to adopt one or more of the  options  provided
                                for in the law. The company  proposes to grant  preference
                                shareholders  the right to  receive at least 80 percent of
                                a tender  offer  made to common  shareholders.  Since this
                                resolution would allow preference  shareholders,  who have
                                traditionally   been  neglected  with  respect  to  tender
                                offers, we recommend support for this resolution.


07/04/06 - S        Impala Platinum Holdings Ltd.            S37840105                                 None                    6,144
                             Special Meeting Agenda
                    1        Authorize Increase in Implats Authorized      For          For                        Mgmt
                             Capital through the Creation of Implats A
                             Ordinary Shares
                    2        Amend Articles of Association Re: Rights      For          For                        Mgmt
                             and Conditions of New Shares
                    3        Approve Issuance of Implats A Ordinary        For          For                        Mgmt
                             Shares to RBTIH
                    4        Acquire RBTIH's 49 Percent Stake in the IRS   For          For                        Mgmt
                             Business
                    5        Authorize Repurchase of Implats A Ordinary    For          For                        Mgmt
                             Shares from RBTIH
                    6        Approve Issuance of Implats Ordinary Shares   For          For                        Mgmt
                             (Conversion and Top-Up Shares) to RBTIH
                    7        Adopt the Morokotso Employee Share            For          Against                    Mgmt
                             Ownership Program
                                Although  the plan does  contain  some of the  elements we
                                favor  in a  standard  share  incentive  plan,  and  it is
                                expected  help  the  company  meet  its  black   ownership
                                targets ahead of schedule,  we believe the total  dilution
                                of  equity-based  plans at  Implats is too high to support
                                and not in the interest of current  shareholders.  On this
                                basis, we recommend a vote against these items.
                    8        Approve Issuance of Implats Ordinary Shares   For          Against                    Mgmt
                             to the Morokotso Trust
                                See Item 7.
                    9        Authorize Repurchase of Implats Ordinary      For          Against                    Mgmt
                             Shares from the Morokotso Trust
                                See Item 7.
                    10       Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


10/12/06 - A        Impala Platinum Holdings Ltd.            S37840105                                 None                    3,132
                             Ordinary Business
                    1        Reelect S Bessit as Director                  For          For                        Mgmt
                    2        Reelect K Mokhele as Director                 For          For                        Mgmt
                    3        Reelect KC Rumble as Director                 For          For                        Mgmt
                    4        Reelect LC van Vught as Director              For          For                        Mgmt
                    5        Reelect NDB Orleyn as Director                For          For                        Mgmt
                    6        Approve Remuneration of Directors             For          For                        Mgmt
                    7        Place Authorized But Unissued Shares up to    For          For                        Mgmt
                             10 Percent of Issued Capital under Control
                             of Directors
                             Special Business
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    9        Approve Stock Split                           For          For                        Mgmt


04/18/07 - S        Impala Platinum Holdings Ltd.            S37840113                                 None                   53,193
                             Special Meeting Agenda
                    1        Approve Revision of Agreement between         For          For                        Mgmt
                             Impala and Various Royal Bafokeng Entities
                    2        Approve Issuance of Four Implats Ordinary     For          For                        Mgmt
                             Shares for ZAR 1.9 Million
                    3        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


11/02/06 - S        IndiaBulls Financial Services Ltd.       Y39129104                                 11/01/06               34,310
                             Postal Ballot
                    1        Approve Issuance of 7.25 Million Shares to    For                                     Mgmt
                             Crown Capital Ltd. at a Price of INR 417
                             Per Share
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/30/07 - S        IndiaBulls Financial Services Ltd.       Y39129104                                 None                   34,310
                    1        Amend Employees Stock Option Scheme           For                                     Mgmt
                    2        Amend Employees Stock Option Plan 2005        For                                     Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/07/07 - S        Indiabulls Real Estate Ltd               Y3912A101                                 03/31/07               34,310
                             Postal Ballot
                    1        Approve Issuance of up to 15 Million          For                                     Mgmt
                             Warrants Convertible into Equity Shares at
                             a Converstion Price of INR 300 Per Equity
                             Share to Promoters
                    2        Approve Issuance of Equity or Equity-Linked   For                                     Mgmt
                             Securities without Preemptive Rights up to
                             an Aggregate Amount of $600 Million
                    3        Approve Issuance of Equity or Equity-Linked   For                                     Mgmt
                             Securities without Preemptive Rights up to
                             an Aggregate Amount of INR 26 Billion to
                             Qualified Institutional Buyers
                    4        Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Realtech Ltd up to INR 5 Billion
                    5        Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Realtech Ltd up to INR 5 Billion
                    6        Approve Investment in Indiabulls Realtech     For                                     Mgmt
                             Ltd up to INR 5 Billion
                    7        Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Realcon Ltd up to INR 5 Billion
                    8        Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Realcon Ltd up to INR 5 Billion
                    9        Approve Investment in Indiabulls Realcon      For                                     Mgmt
                             Ltd up to INR 5 Billion
                    10       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Realtors Ltd up to INR 5 Billion
                    11       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Realtors Ltd up to INR 5 Billion
                    12       Approve Investment in Indiabulls Realtors     For                                     Mgmt
                             Ltd up to INR 5 Billion
                    13       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Infratech Ltd up to INR 5 Billion
                    14       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Infratech Ltd up to INR 5 Billion
                    15       Approve Investment in Indiabulls Infratech    For                                     Mgmt
                             Ltd up to INR 5 Billion
                    16       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Infracon Ltd up to INR 5 Billion
                    17       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Infracon Ltd up to INR 5 Billion
                    18       Approve Investment in Indiabulls Infracon     For                                     Mgmt
                             Ltd up to INR 5 Billion
                    19       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Infraestate Ltd up to INR 5 Billion
                    20       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Infraestate Ltd up to INR 5 Billion
                    21       Approve Investment in Indiabulls              For                                     Mgmt
                             Infraestate Ltd up to INR 5 Billion
                    22       Approve Corporate Loans to Indiabulls Home    For                                     Mgmt
                             Developers Ltd up to INR 5 Billion
                    23       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Home Developers Ltd up to INR 5 Billion
                    24       Approve Investment in Indiabulls Home         For                                     Mgmt
                             Developers Ltd up to INR 5 Billion
                    25       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Estate Developers Ltd up to INR 5 Billion
                    26       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Estate Developers Ltd up to INR 5 Billion
                    27       Approve Investment in Indiabulls Estate       For                                     Mgmt
                             Developers Ltd up to INR 5 Billion
                    28       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Commercial Properties Ltd up to INR 5
                             Billion
                    29       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Commercial Properties Ltd up to INR 5
                             Billion
                    30       Approve Investment in Indiabulls Commercial   For                                     Mgmt
                             Properties Ltd up to INR 5 Billion
                    31       Approve Corporate Loans to Indiabulls         For                                     Mgmt
                             Buildwell Ltd up to INR 5 Billion
                    32       Approve Corporate Guarantee to Indiabulls     For                                     Mgmt
                             Buildwell Ltd up to INR 5 Billion
                    33       Approve Investment in Indiabulls Buildwell    For                                     Mgmt
                             Ltd up to INR 5 Billion
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/30/07 - A        Industrias CH SA de CV                   P52413138                                 None                  145,092
                    1        Approve Individual and Consolidated           For          For                        Mgmt
                             Financial Statements for Fiscal Year 2006;
                             Report on Share Repurchase Program; Present
                             Report from Audit Committee and Supervisory
                             Board; Present Report on Adherence to
                             Fiscal Obligations; Discharge Directors
                                This is the company's  routine  submission of the board of
                                directors'  report,  the board  committees'  reports,  the
                                annual income  corporate tax report or fiscal  obligations
                                report,   the   individual  and   consolidated   financial
                                statements,  and the share repurchase  program report.  In
                                Mexico,   these  documents  are  not  routinely  available
                                outside   the   company's   headquarters   prior   to  the
                                meeting.        Although  the reports  are not  available,
                                ISS sees no reason to  object to this  proposal  unless we
                                are  aware  of  a  specific  problem  with  the  company's
                                performance,  financial statements,  audit procedures,  or
                                actions of the board.  We are unaware of any problems with
                                the  company or its  auditors.          Mexican  companies
                                have begun to present at the AGM, a report  including  all
                                transactions   regarding  their  fiscal   responsibilities
                                during the last  fiscal  year,  as mandated by the Mexican
                                Income Tax Law (Article  86,  section  XXI).  We recommend
                                approval   of   this   request,   as  it   would   enhance
                                transparency to shareholders.
                    2        Approve Allocation of Income and Set          For          For                        Mgmt
                             Maximum Nominal Amount for Share Repurchase
                             Plan
                                This item seeks shareholders  approval for allocating last
                                fiscal  year's  income.  It also asks the  approval to set
                                the  maximum  nominal  amount  for share  repurchase  plan
                                during 2007.No  further  information  was disclosed by the
                                company.          As  of April 28,  2006,  the company had
                                2.51  million  shares  in  treasury,   which   represented
                                0.57percent  of the  outstanding  capital.        Although
                                no  information  was available on how  Industrias CH plans
                                to  allocate  income  and  use  such  funds  for  a  share
                                repurchase   plan,   ISS  notes  that  in  the  2006  AGM,
                                shareholders  approved  that 5  percent  of  distributable
                                earnings  were  applied to Legal  Reserve,  while the rest
                                were applied to Retained Earnings.  In effect, the company
                                has not paid  dividends  since 1999 since its policy is to
                                invest earnings to carry out current and future  projects.
                                It  also  seeks  to  reduce  debt.   Given  the  company's
                                above-average  growth,  there is no reason  to refuse  the
                                non payment of dividends at this time.
                    3        Elect Directors, Supervisory Board Members,   For          For                        Mgmt
                             Executive Committee, Audit Committee and
                             Corporate Practices Committee; Fix Their
                             Remuneration
                                This  item asks  shareholders  to elect  directors,  board
                                committees'  members,  and supervisory board members.  The
                                company   also  asks   shareholders   to   approve   their
                                remuneration.  No information was disclosed  regarding the
                                candidates  and their  current  or  proposed  remuneration
                                levels.           Most   Mexican   companies'  boards  are
                                unclassified,  meaning that each  director  must stand for
                                reelection  each  year.   Supervisory   boards  carry  out
                                internal  auditing  functions and are usually  composed of
                                external   officers.            The   current   board   of
                                directors,  elected  in the 2006 AGM,  has seven  members:
                                Rufino Vigil Gonzalez (chairman),  Eduardo Vigil Gonzalez,
                                Raul Vigil Gonzalez,  Gerardo Arturo  Avendano,  Jose Luis
                                Rico Maciel,  Arturo Perez Trejo and Rodolfo Jesus Garcia.
                                Based  on  the  information  available  we are  unable  to
                                provide an objective and complete  classification  of this
                                board of directors.          According to the company, and
                                meeting  the  criteria  and  recommendations  of  the  New
                                Mexican   Securities   Law,   shareholders   elected   and
                                classified  as   independent   directors  Jose  Luis  Rico
                                Maciel,  Arturo  Perez  Trejo and  Rodolfo  Jesus  Garcia.
                                        The  company  has a combined  audit and  corporate
                                governance   committee.   The  current   members  of  this
                                committee,  also  appointed  during  the last  year's  AGM
                                meeting are Gerardo  Arturo  Avendano,  Arturo Perez Trejo
                                (chairman)  and Rodolfo  Jesus  Garcia.        During  the
                                AGM of April,  28, 2006,  shareholders  accepted the board
                                of  directors'  proposal to receive no payment or any type
                                of bonus for  attending  to the board and board  committee
                                meetings as well as for  providing  their  services to the
                                company.  In  the  same  meeting,   shareholders   elected
                                Humberto  Valdez Mier as principle  and only member of the
                                supervisory    board.                ISS    supports   the
                                establishment   of  board  committees  since  boards  with
                                clearly  defined  and  separate  committees  allow  better
                                accountability  to shareholders.  Ideally,  we like to see
                                that   companies   maintain   audit,   nominations,    and
                                remuneration committees.          The nominees' names were
                                not disclosed prior to the meeting,  and the elections are
                                presented  as a single  voting  item.  Although we believe
                                that  withholding  director names prior to the meeting and
                                presenting  director  elections  as a single  voting  item
                                disenfranchises   the  growing  number  of   institutional
                                shareholders  voting by proxy and precludes  institutional
                                shareholders  from  their  rights as owners to assess  the
                                performance  of individual  directors,  we recognize  that
                                changing   this   practice   is  best   achieved   through
                                engagement  with  Mexican  issuers.  Thus,  we will engage
                                with  companies  in  raising  awareness  about  this issue
                                during 2007; in 2008, we will recommend that  shareholders
                                oppose  routine  director   elections  where  no  director
                                nominee information is available.
                    4        Designate Inspector or Shareholder            For          For                        Mgmt
                             Representative(s) of Minutes of Meeting
                                This item  seeks to appoint an  inspector  or  shareholder
                                representative(s)  to keep  the  minutes  of the  meeting.
                                        This  is a routine  formality that does not affect
                                shareholder value.


11/07/06 - S        Infosys Technologies Ltd                 456788108                                 10/13/06               18,554
                             Meeting for ADR Holders
                    1        TO AUTHORIZE THE BOARD OF DIRECTORS TO        For          For                        Mgmt
                             SPONSOR AN ISSUE OF AMERICAN DEPOSITARY
                             SHARES AGAINST EXISTING EQUITY SHARES.
                    2        TO AUTHORIZE THE COMPANY TO ISSUE             For          For                        Mgmt
                             DEPOSITARY RECEIPTS.
                                See Item 1 for analysis.
                    3        TO AUTHORIZE THE BOARD AND OFFICERS IN        For          For                        Mgmt
                             CONNECTION WITH THE EARLIER RESOLUTIONS.
                                See Item 1 for analysis.
                    4        TO AUTHORIZE THE UNDERWRITERS TO DETERMINE    For          For                        Mgmt
                             THE PRICE OF THE SPONSORED ADS OFFERING.
                                See Item 1 for analysis.
                    5        TO AUTHORIZE THE BOARD TO DETERMINE THE       For          For                        Mgmt
                             TERMS AND CONDITIONS.
                                See Item 1 for analysis.
                    6        TO AUTHORIZE THE BOARD OF DIRECTORS TO        For          For                        Mgmt
                             DELEGATE ITS POWERS.
                                See Item 1 for analysis.


06/22/07 - A        Infosys Technologies Ltd                 456788108                                 05/04/07               29,942
                             Meeting for Holders of ADRs
                    1        TO RECEIVE, CONSIDER AND ADOPT THE BALANCE    For          For                        Mgmt
                             SHEET AS AT MARCH 31, 2007 AND THE PROFIT
                             AND LOSS ACCOUNT FOR THE YEAR.
                    2        TO DECLARE A FINAL DIVIDEND FOR THE           For          For                        Mgmt
                             FINANCIAL YEAR ENDED MARCH 31, 2007.
                    3        TO APPOINT A DIRECTOR IN PLACE OF MR.         For          For                        Mgmt
                             DEEPAK M. SATWALEKAR, WHO RETIRES BY
                             ROTATION AND, OFFERS HIMSELF FOR
                             RE-ELECTION.
                    4        TO APPOINT A DIRECTOR IN PLACE OF PROF.       For          For                        Mgmt
                             MARTI G. SUBRAHMANYAM, WHO RETIRES BY
                             ROTATION AND, OFFERS HIMSELF FOR
                             RE-ELECTION.
                    5        TO APPOINT A DIRECTOR IN PLACE OF MR. S.      For          For                        Mgmt
                             GOPALAKRISHNAN, WHO RETIRES BY ROTATION
                             AND, OFFERS HIMSELF FOR RE-ELECTION.
                    6        TO APPOINT A DIRECTOR IN PLACE OF MR. S.D.    For          For                        Mgmt
                             SHIBULAL, WHO RETIRES BY ROTATION AND,
                             OFFERS HIMSELF FOR RE-ELECTION.
                    7        TO APPOINT A DIRECTOR IN PLACE OF MR. T.V.    For          For                        Mgmt
                             MOHANDAS PAI, WHO RETIRES BY ROTATION AND,
                             OFFERS HIMSELF FOR RE-ELECTION.
                    8        Ratify Auditors                               For          For                        Mgmt
                    9        TO APPOINT MR. N.R. NARAYANA MURTHY AS A      For          For                        Mgmt
                             DIRECTOR LIABLE TO RETIRE BY ROTATION.
                    10       TO APPROVE THE RE-APPOINTMENT OF MR. NANDAN   For          For                        Mgmt
                             M. NILEKANI AS A WHOLE-TIME DIRECTOR FOR 5
                             YEARS EFFECTIVE 5/1/2007.
                    11       TO APPROVE THE APPOINTMENT OF MR. S.          For          For                        Mgmt
                             GOPALAKRISHNAN AS THE CHIEF EXECUTIVE
                             OFFICER AND MANAGING DIRECTOR.
                    12       TO APPROVE THE RE-APPOINTMENT OF MR. K.       For          For                        Mgmt
                             DINESH AS A WHOLE-TIME DIRECTOR FOR 5 YEARS
                             EFFECTIVE 5/1/2007.
                    13       TO APPROVE THE RE-APPOINTMENT OF MR. S.D.     For          For                        Mgmt
                             SHIBULAL AS A WHOLE- TIME DIRECTOR FOR A
                             PERIOD OF 5 YEARS EFFECTIVE 1/10/2007.
                    14       TO APPROVE PAYMENT OF AN ANNUAL               For          For                        Mgmt
                             REMUNERATION BY COMMISSION OF A SUM NOT
                             EXCEEDING 1% PER ANNUM OF THE NET PROFITS.


10/31/06 - A        Irsa (Inversiones Y Representaciones)    450047204                                 10/12/06                7,600
                             Meeting for Holders of ADRs
                    1        DESIGNATION OF TWO SHAREHOLDERS TO SIGN THE   For          For                        Mgmt
                             MINUTES OF THE MEETING.
                    2        TREATMENT OF THE PERTINENT DOCUMENTATION TO   For          For                        Mgmt
                             FISCAL YEAR ENDED ON JUNE 30, 2006,
                             PURSUANT TO SECTION 234, SUBSECTION 1 OF
                             LAW 19,550.
                    3        DELIBERATION OF THE BOARD OF DIRECTORS        For          For                        Mgmt
                             PERFORMANCE.
                    4        DELIBERATION OF THE SUPERVISORY COMMITTEE S   For          For                        Mgmt
                             PERFORMANCE.
                    5        TREATMENT AND ALLOCATION OF PS.96,573,000     For          For                        Mgmt
                             OF PROFITS AS OF FISCAL YEAR ENDED ON JUNE
                             30, 2006.
                    6        DELIBERATION OF THE BOARD S REMUNERATION AS   For          For                        Mgmt
                             OF FISCAL YEAR ENDED ON JUNE 30, 2006, FOR
                             AN AMOUNT OF PS.7,400,000.
                    7        TREATMENT OF THE SUPERVISORY COMMITTEE S      For          For                        Mgmt
                             REMUNERATION PERTINENT TO FISCAL YEAR ENDED
                             ON JUNE 30, 2006.
                    8        DETERMINATION OF THE NUMBER AND APPOINTMENT   For          For                        Mgmt
                             OF PERMANENT DIRECTORS AS WELL AS ALTERNATE
                             DIRECTORS, IF DEEMED NECESSARY.
                    9        APPOINTMENT OF PERMANENT AND ALTERNATE        For          For                        Mgmt
                             MEMBERS OF THE SUPERVISORY COMMITTEE.
                    10       APPOINTMENT OF THE CERTIFIED PUBLIC           For          For                        Mgmt
                             ACCOUNTANT FOR THE NEXT FISCAL YEAR AND
                             DETERMINATION OF HIS REMUNERATION.
                    11       CONFIRMATION OF THE DECISIONS ARRIVED AT      For          Against                    Mgmt
                             THE SHAREHOLDERS MEETING OF OCTOBER 22,
                             2004.
                                Since  the  company  failed  once  again  the to  disclose
                                essential  information  in advance of the meeting,  making
                                impossible  for  us  to  know  whether  the   ratification
                                proposed  would be in  shareholders'  best  interests,  we
                                cannot recommend support for this request.
                    12       CONSIDERATION OF A GLOBAL PROGRAMME FOR THE   For          For                        Mgmt
                             ISSUANCE OF NON-CONVERTIBLE NEGOTIABLE
                             NOTES WORTH US$ 200,000,000.


04/27/07 - A/S      Itausa, Investimentos Itau S.A.          P58711105                                 None                  114,000
                             Preferred Holders can vote on items 3
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                    3        Elect Directors                               For          For                        Mgmt
                    4        Elect Supervisory Board Members, Respecting   For          For                        Mgmt
                             the Rights of Preferred Shareholders to
                             Elect one Member to the Supervisory Board
                             in Accordance with Article 161 of Law
                             6404/76.
                    5        Approve Remuneration of Directors,            For          For                        Mgmt
                             Executive Officers, and Supervisory Board
                             Members
                             Special Business
                    6        Cancel Company Treasury Shares                For          For                        Mgmt
                    7        Authorize Capitalization of Reserves for      For          For                        Mgmt
                             Bonus Issue of Shares
                    8        Amend Articles to Reflect Changes in Capital  For          For                        Mgmt
                    9        Approve Issuance of Shares for a Private      For          For                        Mgmt
                             Placement


03/23/07 - A        Kookmin Bank                             Y4822W100                                 12/31/06               17,609
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 3650 Per Share
                    2        Elect Jacques P.M. Kemp as Independent        For          For                        Mgmt
                             Non-Executive Director
                    3        Elect Four Members of Audit Committee         For          For                        Mgmt
                    4        Approve Stock Options Previous Granted by     For          For                        Mgmt
                             Board
                    5        Approve Stock Option Grants                   For          For                        Mgmt


08/09/06 - S        Korea Electric Power Corp                Y48406105                                 07/05/06               16,256
                    1        Elect Three Executive Directors               For          For                        Mgmt


03/23/07 - A        Korea Electric Power Corp                Y48406105                                 12/31/06               13,080
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 1000 Per Share
                    2        Elect President of Company                    For          For                        Mgmt


03/26/07 - A        Korea Gas Corp.                          Y48861101                                 12/31/06               13,690
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 1100 Per Share
                    2        Amend Articles of Incorporation               For          For                        Mgmt
                    3        Elect Directors                               For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    5        Approve Limit on Remuneration of Auditors     For          For                        Mgmt
                    6        Aprrove 2007 Business Plan                    For          For                        Mgmt


03/16/07 - A        Korean Air Co. Ltd. (formerly Korean     Y4936S102                                 12/31/06               15,320
                    Air Lines)
                    1        Approve Appropriation of Income and Cash      For          For                        Mgmt
                             Dividend of KRW 100 Per Common Share
                    2        Elect Three Executive Directors               For          For                        Mgmt
                    3        Elect Two Members of Audit Committee          For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


03/14/07 - A        KT&G Corp. (Formerly Korea Tobacco &     Y49904108                                 12/31/06                8,697
                    Ginseng)
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 2400 Per Share
                    2        Elect President of the Company                For          For                        Mgmt
                    3        Elect Three Independent Non-Executive         For          For                        Mgmt
                             Directors
                    4        Elect Member of Audit Committee who is also   For          For                        Mgmt
                             Independent Non-Executive Director
                    5        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    6        Amend Terms of Severance Payments to          For          For                        Mgmt
                             Executive Directors
                    7        Amend Terms of Severance Payments to          For          For                        Mgmt
                             Executives


05/24/07 - A        Kumba Iron Ore Ltd.                      S4341C103                                 None                   27,852
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended 2006
                    2        Elect Directors                               For          For                        Mgmt
                    3        Approve Remuneration of Directors             For          For                        Mgmt
                    4        Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    5        Approve Issuance of Shares without            For          For                        Mgmt
                             Preemptive Rights up to a Maximum of 5
                             Percent of Issued Ordinary Share Capital
                             Special Business
                    1        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital


03/26/07 - A        LG Card Co.                              Y5275T106                                 12/31/06                9,920
                    1        Approve Financial Statements                  For          For                        Mgmt
                    2        Elect Six Directors                           For          For                        Mgmt
                    3        Elect Three Members of Audit Committee        For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    5        Amend Articles of Incorporation               For          Against                    Mgmt
                                Because  the  company  has  not   specified  any  business
                                objectives  the company is  proposing,  we recommend  that
                                shareholders vote against this resolution.


03/09/07 - A        LG Dacom Corporation (frmly Dacom        Y5252V108                                 12/31/06               23,630
                    Corp.)
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 600 Per Share
                    2        Elect Independent Non-Executive Director      For          For                        Mgmt
                    3        Elect Member of Audit Committee               For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


03/23/07 - A        LG Electronics Inc.                      Y5275H177                                 12/31/06               10,960
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 750 Per Common Share
                    2        Elect Directors                               For          For                        Mgmt
                    3        Elect Members of Audit Committee              For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


06/14/07 - A        LIG Insurance Co. (frmly LG Insurance    Y5277H100                                 03/31/07               42,500
                    Co.)
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 150 Per Share
                    2        Elect Two Directors                           For          For                        Mgmt
                    3        Approve Limit on Remuneration of Directors    For          For                        Mgmt


10/03/06 - S        Lojas Renner                             P6332C102                                 None                    5,358
                    1        Approve 1:5 Stock Split                       For          For                        Mgmt
                    2        Amend Bylaws to Conform with Bovespa's Novo   For          For                        Mgmt
                             Mercado Regulations
                    3        Amend Company's Option Plan Approved at the   For          Against                    Mgmt
                             5-25-06 EGM Re: Total Number of Shares of
                             up to 4.5 Percent of the Outstanding
                             Capital and the Share Price Shall be the
                             Average Market Price 30 Days Prior to the
                             Grant Date
                                Because of the  potential  for the  granting of options to
                                executives  at a  discount  to fair  market  value,  it is
                                recommended that shareholders oppose this item.


03/16/07 - A        LS Cable Co. (formerly LG Cable)         Y5274S109                                 12/31/06               17,520
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 1000 Per Share
                    2        Elect Executive Director                      For          For                        Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


06/28/07 - A        Lukoil Oao                               677862104                                 05/11/07              529,332
                             Meeting for ADR Holders
                    1        TO APPROVE THE ANNUAL REPORT OF OAO LUKOIL    For          For                        Mgmt
                             FOR 2006, INCLUDING: THE NET PROFIT OF OAO
                             LUKOIL FOR DISTRIBUTION FOR 2006 WAS EQUAL
                             TO 55,129,760,000
                             Elect 11 Directors by Cumulative Voting
                    2        Elect Directors                               None         Split                      Mgmt
                    2.1      Elect Vagit Alekperov as Director ---
                             Withhold
                                ISS  Analysis        As  declared  by  Lukoil in a written
                                statement to ISS,  Belikov,  Kutafin,  Matzke,  Mikhailov,
                                and  Shokhin   fulfill  ISS'   criteria  for   independent
                                directors.  Because we believe that independent  directors
                                are most  capable of making  impartial  decisions,  taking
                                into  consideration  first and  foremost  the  rights  and
                                value of the  company's  shareholders,  we recommend  that
                                shareholders vote in favor of Belikov (item 2.2),  Kutafin
                                (item 2.6),  Matzke (item 2.8),  Mikhailov (item 2.9), and
                                Shokhin  (item  2.12)  and  withhold  their  votes for the
                                remaining  seven  nominees.  We  believe  that  these five
                                candidates  are most likely to bring  independence  to the
                                board  and  will  most  likely  act in  all  shareholders'
                                interest.
                    2.2      Elect Igor Belikov as Director --- For
                    2.3      Elect Mikhail Berezhnoy as Director ---
                             Withhold
                    2.4      Elect Donald Wallette (Jr.) as Director ---
                             Withhold
                    2.5      Elect Valery Grayfer as Director ---
                             Withhold
                    2.6      Elect Oleg Kutafin as Director --- For
                    2.7      Elect Ravil Maganov as Director --- Withhold
                    2.8      Elect Richard Matzke as Director --- For
                    2.9      Elect Sergey Mikhailov as Director --- For
                    2.10     Elect Nikolay Tsvetkov as Director ---
                             Withhold
                    2.11     Elect Igor Sherkunov as Director ---
                             Withhold
                    2.12     Elect Alexander Shokhin as Director --- For
                             Elect Three Members of Audit Commission
                    3        TO ELECT THE AUDIT COMMISSION FROM THE LIST   For          For                        Mgmt
                             OF CANDIDATES APPROVED BY THE BOARD OF
                             DIRECTORS OF OAO LUKOIL ON 3 FEBRUARY 2007
                             (MINUTES NO.4): BULAVINA,
                    4        TO ELECT THE AUDIT COMMISSION FROM THE LIST   For          For                        Mgmt
                             OF CANDIDATES APPROVED BY THE BOARD OF
                             DIRECTORS OF OAO LUKOIL ON 3 FEBRUARY 2007
                             (MINUTES NO.4): KONDRATIEV,
                    5        TO ELECT THE AUDIT COMMISSION FROM THE LIST   For          For                        Mgmt
                             OF CANDIDATES APPROVED BY THE BOARD OF
                             DIRECTORS OF OAO LUKOIL ON 3 FEBRUARY 2007
                             (MINUTES NO.4): NIKITENKO,
                    6        TO PAY REMUNERATION AND REIMBURSE EXPENSES    For          For                        Mgmt
                             TO MEMBERS OF THE BOARD OF DIRECTORS AND
                             THE AUDIT COMMISSION OF OAO LUKOIL
                             ACCORDING TO APPENDIX 1.
                    7        TO ESTABLISH REMUNERATION FOR NEWLY ELECTED   For          For                        Mgmt
                             MEMBERS OF THE BOARD OF DIRECTORS AND THE
                             AUDIT COMMISSION OF OAO LUKOIL ACCORDING TO
                             APPENDIX 2. TO INVALIDATE
                    8        TO APPROVE THE INDEPENDENT AUDITOR OF OAO     For          For                        Mgmt
                             LUKOIL - CLOSED JOINT STOCK COMPANY KPMG.
                    9        TO DETERMINE THE NUMBER OF AUTHORISED         For          For                        Mgmt
                             SHARES OF OAO LUKOIL AS EIGHTY-FIVE MILLION
                             (85,000,000) ORDINARY REGISTERED SHARES,
                             WITH A PAR VALUE OF TWO AND A HALF
                    10       TO APPROVE AMENDMENTS AND ADDENDA TO THE      For          For                        Mgmt
                             CHARTER OF OPEN JOINT STOCK COMPANY OIL
                             COMPANY LUKOIL , PURSUANT TO THE APPENDIX.
                    11       TO APPROVE AMENDMENTS TO THE REGULATIONS ON   For          For                        Mgmt
                             THE PROCEDURE FOR PREPARING AND HOLDING THE
                             GENERAL SHAREHOLDERS MEETING OF OAO LUKOIL
                             , PURSUANT TO THE
                    12       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                        Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SUPPLEMENTAL
                             AGREEMENT TO LOAN CONTRACT
                    13       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                        Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SUPPLEMENTAL
                             AGREEMENT TO OIL SUPPLY
                    14       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                        Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SHAREHOLDER LOAN
                             AGREEMENT BETWEEN OAO
                    15       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                        Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: SHAREHOLDER LOAN
                             AGREEMENT BETWEEN OAO
                    16       TO APPROVE THE FOLLOWING INTERESTED-PARTY     For          For                        Mgmt
                             TRANSACTIONS ON THE TERMS AND CONDITIONS
                             INDICATED IN THE APPENDIX: POLICY
                             (CONTRACT) ON INSURING THE
                    17       TO APPROVE MEMBERSHIP OF OAO LUKOIL IN THE    For          For                        Mgmt
                             RUSSIAN NATIONAL ASSOCIATION SWIFT.


02/01/07 - S        Maanshan Iron & Steel Company Ltd.       Y5361G109                                 12/29/06              567,000
                    1        Approve Issuance of One-Year Short-Term       For          Against                    Mgmt
                             Commercial Papers for an Aggregate Amount
                             Not Exceeding RMB 3.0 Billion
                                As the  issuance of  short-term  commercial  papers  would
                                increase the company's  liabilities,  and  considering the
                                full authority given to the board to determine  details of
                                the issuance  including  the use of proceeds,  the lack of
                                sufficient   information   on  this   proposal   makes  it
                                difficult  to  ascertain  whether  approval  of this  item
                                would negatively affect the company and its shareholders.


06/12/07 - A        Maanshan Iron & Steel Company Ltd.       Y5361G109                                 05/11/07            1,102,000
                    1        Accept Work Report of the Board of Directors  For          For                        Mgmt
                    2        Accept Work Report of the Supervisory         For          For                        Mgmt
                             Committee
                    3        Accept Financial Statements                   For          For                        Mgmt
                    4        Approve Profit Appropriation                  For          For                        Mgmt
                    5        Appoint Ernst & Young Hua Ming and Ernst &    For          For                        Mgmt
                             Young as Auditors and Authorize Board to
                             Fix Their Remuneration


07/26/06 - A        Mahindra & Mahindra Ltd                  Y54164135                                 07/01/06               53,533
                    1        Accept Financial Statements and Statutory     For                                     Mgmt
                             Reports
                    2        Approve Dividend of INR 7.50 Per Share        For                                     Mgmt
                    3        Reappoint D.S. Parekh as Director             For                                     Mgmt
                    4        Reappoint N. Vaghul as Director               For                                     Mgmt
                    5        Reappoint A.K. Nanda as Director              For                                     Mgmt
                    6        Reappoint B. Doshi as Director                For                                     Mgmt
                    7        Approve A.F. Ferguson & Co. as Auditors and   For                                     Mgmt
                             Authorize Board to Fix Their Remuneration
                    8        Appoint Thomas Mathew T. as Director          For                                     Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - S        Mahindra & Mahindra Ltd                  Y54164135                                 None                   47,328
                    1        Approve Increase in Borrowing Powers to INR   For                                     Mgmt
                             60 Billion
                    2        Approve Investments in Various Entities of    For                                     Mgmt
                             up to INR 15 Billion
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/31/07 - S        Mahindra & Mahindra Ltd                  Y54164135                                 04/27/07               47,328
                             Postal Ballot
                    1        Approve Issuance of Equity or Equity-Linked   For                                     Mgmt
                             Securities without Preemptive Rights up to
                             an Aggregate Amount of $300 Million with a
                             Greenshoe Option of up to 15 Percent
                    2        Approve Corporate Guarantee of up to INR 15   For                                     Mgmt
                             Billion
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/11/07 - A        MediaTek Inc.                            Y5945U103                                 04/12/07               82,480
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                        Mgmt
                    5        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    6        Approve Increase of Registered Capital and    For          For                        Mgmt
                             Issuance of Ordinary Shares to Participate
                             in the Issuance of Global Depository Receipt
                    7        Other Business                                None         None                       Mgmt


06/15/07 - A        Mega Financial Holding Co. Ltd. (frm     Y1822Y102                                 04/16/07            1,111,000
                    CTB FINANCIAL HOLDING C
                    1        Accept 2006 Operating Results, Financial      For          For                        Mgmt
                             Statements, and Consolidated Financial
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    4        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors
                    5        Other Business                                None         None                       Mgmt


04/05/07 - A        MIGROS Turkey                            M7009U105                                 None                   37,143
                    1        Elect Presiding Council of Meeting            For                                     Mgmt
                    2        Accept Financial Statements and Statutory,    For                                     Mgmt
                             Auditors and Independent Auditors Reports
                    3        Approve Changes in the Composition of the     For                                     Mgmt
                             Board of Directors
                    4        Approve Discharge of Directors and Auditors   For                                     Mgmt
                    5        Approve Allocation of Income for the Year     For                                     Mgmt
                             2006
                    6        Fix Number of and Elect Directors, and        For                                     Mgmt
                             Determine Their Terms of Office
                    7        Fix Number of and Elect Auditors, and         For                                     Mgmt
                             Determine Their Terms of Office
                    8        Approve Remuneration of Directors and         For                                     Mgmt
                             Auditors
                    9        Decision on Setting off the Previous Year     For                                     Mgmt
                             Losses
                    10       Receive Information on Donations Made in      None                                    Mgmt
                             2006
                    11       Elect Independent Audit Company               For                                     Mgmt
                    12       Receive Information on Dividend Policies      None                                    Mgmt
                             for 2007 and the Following Years
                    13       Grant Permission for Board Members to         For                                     Mgmt
                             Engage in Commercial Transactions with
                             Company and Be Involved with Companies with
                             Similar Corporate Purpose
                    14       Authorize Presiding Council to Sign Minutes   For                                     Mgmt
                             of Meeting
                    15       Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/11/07 - A        Mittal Steel South Africa(frm Ispat      S51418101                                 None                   25,982
                    Iscor(frmly Iscor Ltd.))
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended 12-31-06
                    2        Elect Directors                               For          For                        Mgmt
                    3        Approve Remuneration of Directors for         For          For                        Mgmt
                             Fiscal 2006
                    4        Approve Remuneration of Directors for         For          For                        Mgmt
                             Fiscal 2007
                    5        Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    6        Approve Issuance of Shares without            For          For                        Mgmt
                             Preemptive Rights up to a Maximum of 15
                             Percent of Issued Capital
                    7        Approve Cash Distribution to Shareholders     For          For                        Mgmt
                             by Way of Reduction of Share Premium Account
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital


03/27/07 - S        Mizrahi Tefahot Bank Ltd (formerly       M9540S110                                 02/26/07               64,775
                    United Mizrahi Bank)
                    1        Approve Director/Officer Liability and        For          For                        Mgmt
                             Indemnification Insurance
                                As the company's  liability and  indemnification  policies
                                meet the benchmark  established  under Delaware  Corporate
                                Law, this item merits support.


11/24/06 - S        MMC Norilsk Nickel                       46626D108                                 10/06/06                7,206
                             Meeting for ADR Holders
                    1        TO APPROVE THE PAYMENT OF INTERIM CASH        For          For                        Mgmt
                             DIVIDENDS FOR 9 MONTHS OF 2006 IN THE
                             AMOUNT OF RUB 56 PER SHARE, AND TO PAY
                             THESE DIVIDENDS WITHIN 60 DAYS AFTER THE
                             DATE OF THIS RESOLUTION.


06/28/07 - A        MMC Norilsk Nickel                       46626D108                                 05/15/07                7,206
                             Meeting for ADR Holders
                    1        Approve Annual Report, Financial              For          For                        Mgmt
                             Statements, and Allocation of Income
                    2        Approve Dividends of RUB 176 per Ordinary     For          For                        Mgmt
                             Share, Including Special Dividends of RUB
                             56 for First Nine Months of Fiscal 2006
                             Approved at Company's Nov. 24, 2006, EGM
                             Elect Nine Directors by Cumulative Voting
                    3        Elect Directors                               Split        Split                      Mgmt
                    3.1      Elect Andrey Bugrov as Director --- Against
                                ISS  Analysis  We note that the  company's  definition  of
                                independence  is not as  detailed  as ours and that we are
                                therefore   unable  to  classify  de  Selliers,   Dolgikh,
                                Ugolnikov,  and  Schimmelbusch  as  independent  directors
                                based on our classification  guidelines.  However, because
                                the  four  candidates  can be  classified  as  independent
                                based on the definition of director  independence  adopted
                                by  MMC  Norilsk  Nickel,  and  because  we  believe  that
                                independent   directors   are  most   capable   of  making
                                impartial  decisions,  taking into consideration first and
                                foremost   the   rights   and   value  of  the   company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of de  Selliers  (item  3.2),  Dolgikh  (item  3.3),
                                Ugolnikov (item 3.10), and  Schimmelbusch  (item 3.11) and
                                withhold their votes for the remaining seven nominees.  We
                                believe  that these  four  candidates  are most  likely to
                                bring  independence  to the board and will most likely act
                                in all shareholders' interests.
                    3.2      Elect Guy de Selliers as Director --- For
                    3.3      Elect Vladimir Dolgikh as Director --- For
                    3.4      Elect Andrey Klishas as Director --- Against
                    3.5      Elect Ralph Morgan as Director --- Against
                    3.6      Elect Denis Morozov as Director --- Against
                    3.7      Elect Kirill Parinov as Director --- Against
                    3.8      Elect Vladimir Potanin as Director ---
                             Against
                    3.9      Elect Ekaterina Salnikova as Director ---
                             Against
                    3.10     Elect Kirill Ugolnikov as Director --- For
                    3.11     Elect Heinz Schimmelbusch as Director ---
                             For
                             Elect Five Members of Audit Commission
                    4.1      Elect Julia Basova as Member of Audit         For          For                        Mgmt
                             Commission
                    4.2      Elect Vadim Meshcheryakov as Member of        For          For                        Mgmt
                             Audit Commission
                    4.3      Elect Nikolay Morozov as Member of Audit      For          For                        Mgmt
                             Commission
                    4.4      Elect Olga Rompel as Member of Audit          For          For                        Mgmt
                             Commission
                    4.5      Elect Olesya Firsik as Member of Audit        For          For                        Mgmt
                             Commission
                    5        Ratify Rosexpertiza LLC as Auditor            For          For                        Mgmt
                    6        Approve Remuneration of Directors             For          For                        Mgmt
                    7        Approve Price of Liability Insurance for      For          For                        Mgmt
                             Directors and Executives
                    8        Approve Related-Party Transaction Re:         For          For                        Mgmt
                             Liability Insurance for Directors and
                             Executives
                    9        Approve Value of Assets Subject to            For          For                        Mgmt
                             Compensation Agreement with Directors and
                             Executives
                    10       Approve Related-Party Transaction Re:         For          For                        Mgmt
                             Compensation of Expenses to Directors and
                             Executives
                    11       Approve Revised Edition of Charter            For          Against                    Mgmt
                                In this  case,  we  believe  that the  negative  provision
                                under this item  outweighs  any  positive  ones.  For this
                                reason, we must recommend a vote against this resolution.
                    12       Approve Revised Edition of Regulations on     For          For                        Mgmt
                             Board of Directors
                    13       Cancel Company's Membership in Cobalt         For          For                        Mgmt
                             Development Institute
                    14       Cancel Company's Membership in Palladium      For          For                        Mgmt
                             Council


10/25/06 - A        Murray & Roberts Holdings Ltd.           S52800133                                 None                  114,315
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Reelect R.C. Andersen                         For          For                        Mgmt
                    3        Reelect N. Jorek                              For          For                        Mgmt
                    4        Reelect M.J. Shaw                             For          For                        Mgmt
                    5        Reelect J.J.M. van Zyl                        For          For                        Mgmt
                    6        Ratify Deloitte and Touche as Auditors        For          For                        Mgmt
                    7        Approve Remuneration of Directors             For          For                        Mgmt
                    8        Place 30 Million Authorized But Unissued      For          For                        Mgmt
                             Shares under Control of Directors
                    9        Authorize Repurchase of Up to 20 Percent of   For          For                        Mgmt
                             Issued Share Capital


12/07/06 - S        Nedbank Group(frmly Nedcor Ltd.)         S5518R104                                 None                   26,139
                             Special Meeting Agenda
                    1        Approve the NedNamibia Holdings LTIP          For          For                        Mgmt
                    2        Approve the Black Management Scheme           For          For                        Mgmt
                    3        Approve the Broad-based Employee Scheme       For          For                        Mgmt
                    4        Approve the Education Trust Scheme            For          For                        Mgmt
                    5        Approve the Long-term Strategic Allocation    For          For                        Mgmt
                    6        Approve Specific Issuance of Shares           For          For                        Mgmt
                             Pursuant to Private Placement
                    7        Authorize Specific Repurchase of Shares       For          For                        Mgmt
                    8        Approve Specific Authority to Issuance of     For          For                        Mgmt
                             Shares to Various Special Purpose Vehicles
                    9        Approve Specific Authority to Issue Share     For          For                        Mgmt
                             Relating to Annual Performance Fees
                    10       Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


12/13/06 - S        Novatek OAO (formerly Novafininvest      669888208                                 10/23/06               17,863
                    OAO)
                             Meeting for Holders of ADRs
                    1        APPROVAL OF THE PRE-SCHEDULED TERMINATION     None         For                        ShrHoldr
                             OF POWERS OF MEMBERS OF BOARD OF DIRECTORS.
                    2        TO ELECT AKIMOV, ANDREY IGOREVICH AS THE      None         Against                    ShrHoldr
                             BOARD OF DIRECTOR OF JOINT STOCK COMPANY
                             NOVATEK.
                    3        TO ELECT VARDANIAN, RUBEN KARLENOVICH AS      None         For                        ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    4        TO ELECT GYETVAY, MARK ANTHONY AS THE BOARD   None         Against                    ShrHoldr
                             OF DIRECTOR OF JOINT STOCK COMPANY NOVATEK.
                    5        TO ELECT DMITRIEV, VLADIMIR ALEXANDROVICH     None         For                        ShrHoldr
                             AS THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    6        TO ELECT MIKHELSON, LEONID VIKTOROVICH AS     None         Against                    ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    7        TO ELECT NATALENKO, ALEXANDER YEGOROVICH AS   None         For                        ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    8        TO ELECT SELEZNEV, KIRILL GENNADYEVICH AS     None         Against                    ShrHoldr
                             THE BOARD OF DIRECTOR OF JOINT STOCK
                             COMPANY NOVATEK.
                    9        TO ELECT YUZHANOV, ILYA ARTUROVICH AS THE     None         For                        ShrHoldr
                             BOARD OF DIRECTOR OF JOINT STOCK COMPANY
                             NOVATEK.
                    10       APPROVAL OF THE PRE-SCHEDULED TERMINATION     None         For                        ShrHoldr
                             OF POWERS OF MEMBERS OF THE REVISION
                             COMMITTEE.
                    11       TO ELECT KONOVALOVA, MARIA ALEXEEVNA AS A     None         For                        ShrHoldr
                             MEMBER OF THE REVISION COMMITTEE.
                    12       TO ELECT RYASKOV, IGOR ALEXANDROVICH AS A     None         For                        ShrHoldr
                             MEMBER OF THE REVISION COMMITTEE.
                    13       TO ELECT SHTREHOBER, FELIX AS A MEMBER OF     None         For                        ShrHoldr
                             THE REVISION COMMITTEE.
                    14       TO ELECT SHULIKIN, NIKOLAY KONSTANTINOVICH    None         For                        ShrHoldr
                             AS A MEMBER OF THE REVISION COMMITTEE.


09/29/06 - S        Novolipetsk Steel (frmly Novolipetsk     67011E105                                 08/31/06               26,346
                    Ferrous Metal Factory)
                             Meeting for Holders of ADRs
                    1        TO APPROVE THE DIVIDENDS FOR THE FIRST HALF   For          For                        Mgmt
                             OF 2006 IN THE AMOUNT OF 1.5 RUBLE PER
                             COMMON SHARE.


06/05/07 - A        Novolipetsk Steel (frmly Novolipetsk     67011E105                                 04/16/07                6,607
                    Ferrous Metal Factory)
                             Meeting for Holders of ADR's
                    1        TO APPROVE THE COMPANY S 2006 ANNUAL          For          For                        Mgmt
                             REPORT, ANNUAL FINANCIAL STATEMENTS, P&L
                             ACCOUNT, DISTRIBUTION OF THE COMPANY S
                             PROFIT AND LOSS IN 2006 FINANCIAL YEAR.
                    2        TO DECLARE PAYMENT OF DIVIDENDS ON PLACED     For          For                        Mgmt
                             COMMON SHARES FOR THE YEAR OF 2006 IN THE
                             AMOUNT OF 3.00 RUBLE PER COMMON SHARE.
                             CONSIDERING THE INTERIM DIVIDENDS PAID FOR
                             H1 2006 IN THE AMOUNT OF 1.50 RUBLE PER
                             COMMON SHARE, TO PAY ADDITIONALLY 1.50
                             RUBLES PE
                    3        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain                    Mgmt
                             OLEG VLADIMIROVICH BAGRIN.
                                ISS Analysis        We  note that the company's definition
                                of  director  independence  is not as detailed as ours and
                                that  we  are  therefore   unable  to  classify   Doering,
                                Reynolds,  and Gindin as  independent  directors  based on
                                our classification guidelines.  However, because the three
                                candidates  can be  classified  as  independent  based  on
                                Novolipetsk  Steel's definition of director  independence,
                                and  because we believe  that  independent  directors  are
                                most capable of making  impartial  decisions,  taking into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of Gindin  (item  6),  Doering
                                (item 7), and Reynolds  (item 9), while  abstaining  their
                                votes for the  remaining  six  nominees.  We believe  that
                                these   three   candidates   are  most   likely  to  bring
                                independence  to  Novolipetsk  Steel's board and will most
                                likely act in all shareholders' interest.
                    4        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain                    Mgmt
                             BRUNO BOLFO.
                    5        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain                    Mgmt
                             NIKOLAI ALEKSEEVICH GAGARIN.
                    6        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                        Mgmt
                             DMITRY ARONOVICH GINDIN.
                    7        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                        Mgmt
                             KARL DOERING.
                    8        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain                    Mgmt
                             VLADIMIR SERGEEVICH LISIN.
                    9        ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         For                        Mgmt
                             RANDOLPH REYNOLDS.
                    10       ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain                    Mgmt
                             VLADIMIR NIKOLAYEVICH SKOROHODOV.
                    11       ELECTION OF MEMBER OF BOARD OF DIRECTOR:      None         Abstain                    Mgmt
                             IGOR PETROVICH FYODOROV.
                    12       TO ELECT PRESIDENT OF THE COMPANY (CHAIRMAN   For          For                        Mgmt
                             OF THE MANAGEMENT BOARD) - LAPSHIN ALEXEY
                             ALEXEEVICH.
                    13       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          For                        Mgmt
                             AUDIT COMMISSION: VALERY SERAFIMOVICH
                             KULIKOV.
                                Because  of a lack of  controversy  regarding  the work of
                                the  audit  commission  in the  past,  we  recommend  that
                                shareholders   vote  for  the   incumbents   (Kulikov  and
                                Shipilova),  while abstain  votes for the  remaining  five
                                candidates.
                    14       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain                    Mgmt
                             AUDIT COMMISSION: JULIA VLADIMIROVNA
                             KUNIHINA.
                    15       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain                    Mgmt
                             AUDIT COMMISSION: LUDMILA ALEXANDROVNA
                             LAZARENKO.
                    16       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain                    Mgmt
                             AUDIT COMMISSION: LARISA MIKHAILOVNA
                             OVSIANNIKOVA.
                    17       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          For                        Mgmt
                             AUDIT COMMISSION: GALINA IVANOVNA SHIPILOVA.
                    18       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain                    Mgmt
                             AUDIT COMMISSION: TATYANA VLADIMIROVNA
                             GORBUNOVA.
                    19       TO ELECT MEMBER TO THE COMPANY S INTERNAL     For          Abstain                    Mgmt
                             AUDIT COMMISSION: LUDMILA VLADIMIROVNA
                             KLADIENKO.
                    20       APPROVAL OF THE COMPANY AUDITOR, CJSC         For          For                        Mgmt
                             PRICEWATERHOUSECOOPERS AUDIT .
                    21       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                        Mgmt
                             COMPANY CHARTER.
                    22       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                        Mgmt
                             REGULATIONS OF THE BOARD OF DIRECTORS.
                    23       APPROVAL OF REVISED CORPORATE DOCUMENTS:      For          For                        Mgmt
                             NLMK DIVIDEND POLICY.
                    24       APPROVAL OF RELATED PARTY TRANSACTION.        For          For                        Mgmt
                    25       PAYMENT OF REMUNERATION TO THE MEMBERS OF     For          For                        Mgmt
                             THE BOARD OF DIRECTORS.


11/30/06 - S        Organizacion Soriana SAB de CV           P8728U167                                 None                   45,323
                    1        Approve Three-for-One Stock Split             For          For                        Mgmt
                    2        Amend Articles to Reflect Stock Split         For          For                        Mgmt
                    3        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


04/04/07 - A        PACIFIC BASIN SHIPPING LIMITED           G68437139                                 03/30/07            1,102,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                        Mgmt
                    3a       Reelect Christopher R. Buttery as Executive   For          For                        Mgmt
                             Director
                    3b       Reelect Klaus Nyborg as Executive Director    For          For                        Mgmt
                    3c       Reelect Wang Chunlin as Executive Director    For          For                        Mgmt
                    3d       Reelect Jan Rindbo as Executive Director      For          For                        Mgmt
                    3e       Reelect Daniel R. Bradshaw as Non-Executive   For          For                        Mgmt
                             Director
                    3f       Reelect Robert C. Nicholson as Independent    For          For                        Mgmt
                             Non-Executive Director
                    3g       Reelect Patrick B. Paul as Independent        For          For                        Mgmt
                             Non-Executive Director
                    3h       Reelect David M. Turnbull as Independent      For          For                        Mgmt
                             Non-Executive Director
                    3i       Authorize Board to Fix Remuneration of        For          For                        Mgmt
                             Directors
                    4        Reappoint PricewaterhouseCoopers as           For          For                        Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    8        Approve Renewal of the 2 Percent Annual Cap   For          Against                    Mgmt
                             Within the Issue Mandate Under the Long
                             Term Incentive Scheme
                                The  Incentive  Scheme,  under whose terms this request is
                                made,  fails to meet  acceptable  standards  for  dilution
                                given the absence of  performance  conditions  and vesting
                                periods.   In   addition,    the   Incentive   Scheme   is
                                administered by the full board,  including  executives who
                                may  participate  under the  plan,  thereby  exposing  the
                                Incentive  Scheme  to  potential  back-scratching  abuses.
                                Given  these  concerns,  shareholders  are advised to vote
                                against this resolution.


05/17/07 - A        PARKSON RETAIL GROUP LTD                 G69370107                                 04/20/07               73,250
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Declare Final Dividend of RMB 0.27 Per Share  For          For                        Mgmt
                    3a1      Reelect Chew Fook Seng as Director            For          For                        Mgmt
                    3a2      Reelect Cheng Heng Jem as Director            For          For                        Mgmt
                    3a3      Reelect Yau Ming King, Robert as Director     For          For                        Mgmt
                    3b       Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors
                    4        Appoint Ernst & Young as Auditors and         For          For                        Mgmt
                             Authorize Board to Fix Their Remuneration
                    5a       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    5b       Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


11/01/06 - S        Petrochina Company Limited               Y6883Q104                                 10/03/06            1,873,990
                    1        Approve Continuing Connected Transactions     For          For                        Mgmt
                             Arising from the Acquisition of a 67
                             Percent Interest in PetroKazakhstan Inc. by
                             PetroChina Co. Ltd. through CNPC
                             Exploration and Development Co. Ltd. within
                             the Scope of the Amended Comprehensive
                             Agreement
                    2        Approve Revision of Existing Annual Caps of   For          For                        Mgmt
                             Each of the Continuing Connected
                             Transaction Under the Amended Comprehensive
                             Agreement as a Result of the Acquisition of
                             Petrokazakhstan Inc.
                    3        Approve Revision of Existing Annual Caps of   For          For                        Mgmt
                             Each of the Continuing Connected
                             Transaction Under the Amended Comprehensive
                             Agreement as a Result of Changes to
                             Production and Operational Environment of
                             PetroChina Co. Ltd.
                    4        Approve Revision of Existing Annual Caps in   For          For                        Mgmt
                             Respect of the Products and Services to be
                             Provided by PetroChina Co. Ltd. and its
                             Subsidiaries to China Railway Materials and
                             Suppliers Corp.
                    5        Amend Articles Re: Scope of Business          For          For                        Mgmt


05/16/07 - A        Petrochina Company Limited               Y6883Q104                                 04/13/07            1,219,990
                    1        Accept Report of the Board of Directors       For          For                        Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                        Mgmt
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Final Dividend                        For          For                        Mgmt
                    5        Authorize Board to Determine the              For          For                        Mgmt
                             Distribution of Interim Dividends for the
                             Year 2007
                    6        Reappoint PricewaterhouseCoopers,CPA and      For          For                        Mgmt
                             PricewaterhouseCoopers Zhong Tian CPAs Co.
                             Ltd., CPA as International and Domestic
                             Auditors, Respectively, and Authorize Board
                             to Fix Their Remuneration
                    7        Reelect Jiang Jiemin as Director              For          For                        Mgmt
                    8        Reelect Zhou Jiping as Director               For          For                        Mgmt
                    9        Reelect Duan Wende as Director                For          For                        Mgmt
                    10       Reelect Sun Xianfeng as Supervisor            For          For                        Mgmt
                    11       Reelect Zhang Jinzhu as Supervisor            For          For                        Mgmt
                    12       Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    13       Approve Disposal of 70 Percent Equity         For          For                        Mgmt
                             Interest in China National United Oil
                             Corporation to China National Petroleum
                             Corporation
                    14       Other Business (Voting)                       For          Against                    Mgmt
                                Although  this item is routine and only those  issues that
                                could   legally  be  discussed   could  be  presented  for
                                consideration,  its approval  would create an  opportunity
                                for those who attend the meeting to approve  changes  that
                                are not in the  best  interests  of all  shareholders.  We
                                recommend  that  shareholders  oppose this item unless the
                                company  has  provided  detailed   information  about  the
                                issues that will be discussed.


06/22/07 - A        PICC PROPERTY AND CASUALTY COMPANY LTD   Y6975Z103                                 05/22/07              558,000
                    1        Accept Report of Directors                    For          For                        Mgmt
                    2        Accept Report of the Supervisory Committee    For          For                        Mgmt
                    3        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    4        Approve Profit Distribution Plan              For          For                        Mgmt
                    5        Approve Remuneration of Directors             For          For                        Mgmt
                    6        Approve Remuneration of Supervisors           For          For                        Mgmt
                    7        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Reappoint Ernst & Young and Ernst & Young     For          For                        Mgmt
                             Hua Ming as International and Domestic
                             Auditors, Respectively and Authorize Board
                             to Fix Their Remuneration


03/16/07 - A        Poongsan Corp                            Y70692101                                 12/31/06               22,150
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 700 Per Share
                    2        Elect Two Executive Directors                 For          For                        Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    4        Approve Limit on Remuneration of Auditor      For          For                        Mgmt


02/23/07 - A        POSCO (formerly Pohang Iron & Steel)     693483109                                 12/28/06                2,500
                             Meeting for ADR Holders
                    1        APPROVAL OF BALANCE SHEET, INCOME             For          For                        Mgmt
                             STATEMENT, AND THE STATEMENT OF
                             APPROPRIATION OF RETAINED EARNINGS FOR THE
                             39TH FISCAL YEAR
                    2        PARTIAL AMENDMENTS TO ARTICLES OF             For          For                        Mgmt
                             INCORPORATION: INTRODUCTION OF NEW
                             BUSINESSES
                    3        PARTIAL AMENDMENTS TO ARTICLES OF             For          For                        Mgmt
                             INCORPORATION: AMENDMENT TO RULES FOR
                             ISSUANCE OF NEW SHARES, CB, AND BW
                    4        PARTIAL AMENDMENTS TO ARTICLES OF             For          For                        Mgmt
                             INCORPORATION: SUPPLEMENT TO EXISTING
                             CUMULATIVE VOTING RULES
                    5        ELECTION OF INDEPENDENT NON-EXECUTIVE         For          For                        Mgmt
                             DIRECTOR: JUN, KWANG-WOO
                                ISS  Analysis        The  company proposes the election of
                                both  nominees as a single  voting item.  We disapprove in
                                principle  of bundling  together  proposals  that could be
                                presented  as  separate   voting  items  because   bundled
                                resolutions  leave  shareholders  with  an  all-or-nothing
                                choice,  skewing  power  disproportionately   towards  the
                                board and away from  shareholders.  ISS considers director
                                elections  to  be  one  of  the  most   important   voting
                                decisions that  shareholders  make.  Therefore,  directors
                                should be held accountable and elected  individually,  and
                                we call on POSCO to adopt such a practice  in the  future.
                                However,  it is still  market  practice  in South Korea to
                                elect a single  slate,  and we would not  recommend a vote
                                against this  resolution  on the basis of bundling  unless
                                there  were also  other  concerns,  such as poor  director
                                attendance    or   any    evidence    of    improprieties.
                                        Unlike  most Korean companies,  POSCO has provided
                                shareholders  more  detailed  information  with respect to
                                each   individual   director's   affiliation   and   share
                                ownership.   In  Korea,   this  type  of   information  is
                                generally  available only for current nominees.  Unless we
                                are  aware  of  a   serious   performance   or   corporate
                                governance  problem  with  the  company,   its  board,  or
                                individual  directors,  we recommend  supporting  director
                                elections  at  Korean  companies.  We are not aware of any
                                such problems here.
                    6        ELECTION OF INDEPENDENT NON-EXECUTIVE         For          For                        Mgmt
                             DIRECTOR: PARK, WON-SOON
                    7        ELECTION OF INDEPENDENT NON-EXECUTIVE         For          For                        Mgmt
                             DIRECTOR AS AUDIT COMMITTEE:JEFFREY D. JONES
                                ISS supports  the role of audit  committees  in Korea,  as
                                the  market  has  lacked  such   oversight  in  the  past.
                                Although  we  recognize  that more  Korean  companies  are
                                making efforts to nominate more independent  non-executive
                                directors  to  audit  committees,   our  policy  for  core
                                companies  in  Korea  is  that  the  membership  of  audit
                                committees  should be restricted to independent  directors
                                only.  In  this  case,   the  nominee  is  an  independent
                                non-executive  director,  and  there  are no  concerns  of
                                which  ISS is aware  that  would  lead us to  oppose  this
                                resolution.
                    8        ELECTION OF EXECUTIVE DIRECTOR: LEE, KU-TAEK  For          For                        Mgmt
                                ISS  Analysis        The  company proposes the election of
                                all three  nominees as a single voting item. We disapprove
                                in principle of bundling together  proposals that could be
                                presented  as  separate   voting  items  because   bundled
                                resolutions  leave  shareholders  with  an  all-or-nothing
                                choice,  skewing  power  disproportionately   towards  the
                                board and away from  shareholders.  ISS considers director
                                elections  to  be  one  of  the  most   important   voting
                                decisions that  shareholders  make.  Therefore,  directors
                                should be held accountable and elected  individually,  and
                                we call on POSCO to adopt such a practice  in the  future.
                                However,  it is still  market  practice  in South Korea to
                                elect a single  slate,  and we would not  recommend a vote
                                against this  resolution  on the basis of bundling  unless
                                there  were also  other  concerns,  such as poor  director
                                attendance    or   any    evidence    of    improprieties.
                                        Unless  we are aware of a serious  performance  or
                                corporate  governance problem with the company, its board,
                                or individual directors,  we recommend supporting director
                                elections  at  Korean  companies.  We are not aware of any
                                such problems here.
                    9        ELECTION OF EXECUTIVE DIRECTOR: YOON,         For          For                        Mgmt
                             SEOK-MAN
                    10       ELECTION OF EXECUTIVE DIRECTOR: CHUNG,        For          For                        Mgmt
                             JOON-YANG
                    11       APPROVAL OF LIMITS OF TOTAL REMUNERATION      For          For                        Mgmt
                             FOR DIRECTORS
                                This level of fees is not high for a company  like  POSCO,
                                even by Korean  standards,  and  companies  usually do not
                                pay out the entire amount  authorized.  Last year's actual
                                payout  was KRW 4.7  billion  ($5.1  million),  of which a
                                total  of KRW 600  million  ($650,000)  was  paid for nine
                                independent  non-executive directors. We recommend support
                                for this resolution.


02/14/07 - S        POWERTECH TECHNOLOGY INC                 Y7083Y103                                 01/15/07              168,000
                    1        Approve Issuance of Unsecured Convertible     For          For                        Mgmt
                             Bonds through Private Placement
                                This item seeks  shareholder  approval  to issue  domestic
                                unsecured  convertible bonds (Convertible Bonds) valued up
                                to not more  than NTD 3.5  billion  ($107.39  million)  to
                                selected investors (Bond Issuance).  The Convertible Bonds
                                will have a face value of NTD 100,000  ($3,068)  each with
                                a coupon rate of 3.5  percent  per annum,  and will expire
                                after five years. In addition,  the Convertible  Bonds may
                                be  issued  at one time or from  time to time  within  one
                                year from the date of approval by  shareholders.  Proceeds
                                from the Bond  Issuance  will be used for working  capital
                                purposes.        The  proposal  would also  authorize  the
                                board to do all  acts  deemed  necessary  in order to give
                                effect to the Bond  Issuance,  which  includes  making the
                                terms  and   conditions  of  the   Convertible   Bonds  in
                                accordance   with   the   relevant   Taiwanese   laws  and
                                regulations.                Given  that the proposed  Bond
                                Issuance may allow the company to explore a new  financing
                                channel to raise  funds for its  businesses,  and to bring
                                in strategic  partners  that would support and enhance the
                                company's  operations,  a vote in favor of this resolution
                                is recommended.
                    2        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


06/15/07 - A        POWERTECH TECHNOLOGY INC                 Y7083Y103                                 04/16/07              168,000
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Approve Increase in Registered Capital        For          For                        Mgmt
                    4        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                    5        Amend Articles of Association                 For          For                        Mgmt
                    6        Approve Investment in People's Republic of    For          For                        Mgmt
                             China
                    7        Amend Election Rules of Directors and         For          Against                    Mgmt
                             Supervisors
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.


06/15/07 - A        PRESIDENT SECURITIES CORP                Y7083F104                                 04/16/07              545,000
                    1        Accept 2006 Financial Statements              For          For                        Mgmt
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The board is proposing a cash  dividend of NTD 0.9 ($0.03)
                                per share  and a stock  dividend  of 35  shares  for every
                                1,000 shares held,  or NTD 0.35 ($0.01)  each.  This gives
                                the  company  a  payout  ratio of 65.6  percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                dividend   payout   proposed  is  reasonable   and  easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                                Taiwanese  companies  routinely  capitalize  dividends and
                                distribute new fully paid shares to  shareholders  free of
                                charge;  there  is no cost  to  shareholders  to  maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.  This  item  is  pursuant  to  the  stock  dividends
                                discussed in Item  2.        ISS has no objections to this
                                resolution.
                    4        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                                        The   proposal   seeks  to  revise  the  company's
                                procedures   governing  the  acquisition  or  disposal  of
                                assets (Acquisition or Disposal  Procedures) in accordance
                                with   the   newly   revised   Guidelines   for   Handling
                                Acquisition  or  Disposal  of Assets  by Public  Companies
                                (Acquisition  or  Disposal   Guidelines)   issued  by  the
                                Financial Supervisory Commission,  Executive Yuan (FSC) on
                                Jan.  19, 2007.  Major  revisions  to the  Acquisition  or
                                Disposal Guidelines are as follows:                 1.  To
                                enumerate the assets that are governed by the  Acquisition
                                or Disposal  Guidelines;                  2.  To require a
                                company  to  have  its  guidelines   for   acquisition  or
                                disposal  of assets  approved  by the board,  supervisors,
                                and  shareholders  once  it  has  been  formulated.  If  a
                                company  has  appointed  independent  directors,  it shall
                                fully  consider the opinion of its  independent  directors
                                regarding  the   formulation  or  revisions  made  to  the
                                guidelines.  Such  opinion must be recorded in the minutes
                                of the board  meeting.  Should the  company  establish  an
                                audit  committee,  its guidelines must be approved by more
                                than  half  of  the   audit   committee   members   before
                                submitting  the  proposal  for  approval to the board.  If
                                less  than  half  of  the  audit  committee  approves  the
                                guidelines,  it must be approved  by more than  two-thirds
                                of    the    entire     board    before    it    can    be
                                implemented;                3.  If a company has appointed
                                independent   directors,   it  shall  fully  consider  the
                                opinion of its  independent  directors  in any  discussion
                                related to the  acquisition  or  disposal  of assets  from
                                related  parties,  and that the  opinion  must be added to
                                the  minutes  of the board  meeting.  Should  the  company
                                establish an audit committee,  the transactions related to
                                the   acquisition  or  disposal  of  assets  from  related
                                parties  must  also be  approved  by more than half of the
                                audit  committee  members.                4.  The  company
                                must  obtain  an  appraisal  report  from  a  professional
                                appraiser  when the  transaction  price for  acquiring  or
                                disposing  real property or other fixed assets  reaches 20
                                percent of the company's  paid-in  capital or at least NTD
                                300 million ($9.21  million).  Such real property or other
                                fixed  assets  do  not  include  those  transacted  with a
                                government agency,  commissioned to third parties to build
                                on its own or rented land, or acquired for operating  use.
                                If special  prices are  required  to be used as  reference
                                for  the  transaction   price,   board  approval  must  be
                                obtained.                5.  To  use  the  latest  audited
                                financial  statements  of the  company to be  acquired  or
                                disposed  (Target  Company) as the reference in appraising
                                the transaction  price, and to request for an accountant's
                                opinion  regarding the  reasonableness  of the transaction
                                price  should  the  dollar  amount of the  transaction  be
                                equivalent to 20 percent of the Target  Company's  paid-in
                                capital  or at  least  NTD 300  million  ($9.21  million),
                                except  if:  the  Target   Company's   securities  have  a
                                publicly   offered  price  from  an  active   market,   or
                                otherwise    provided   by   regulations   of   the   FSC;
                                                6.  To  require  a  company  to  prepare a
                                record of all pertinent  information  when the transaction
                                involves a merger,  spin-off or  acquisition  of companies
                                listed    or    sold    on    a    securities    exchange;
                                and                7.  To  change  all  references  to the
                                "Securities  & Futures  Commission,  Ministry  of Finance,
                                Taiwan" into the  FSC.                The  amendments  are
                                made to comply with the prevailing  relevant  regulations.
                                Given  that  this  will  improve  the  company's  existing
                                Acquisition   or  Disposal   Procedures,   ISS  recommends
                                shareholders to support this resolution.
                    5        Other Business                                None         None                       Mgmt


12/29/06 - S        PROFARMA DISTRIBUIDORA DE PRODUTOS       P7913E103                                 None                   47,888
                    FARMACEUTICOS SA
                             Special Meeting Agenda
                    1        Approve Removal of Director and Elect         For          Against                    Mgmt
                             Replacement
                                The board  proposes  to remove one member of the board and
                                elect  a  replacement.   However,   the  company  has  not
                                provided any detailed  information  regarding  the reasons
                                for the removal of the board  member.  ISS  contacted  the
                                company several times to obtain further  information  with
                                regards to the proposed  resolutioni but all attempts went
                                unanswered.  Without additional  disclosure by the company
                                regarding  the reasons  for the  removal of the  director,
                                shareholders are advised to vote against this proposal.


05/16/07 - A        PT Astra Agro Lestari Tbk                Y7116Q119                                 None                  746,010
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income                  For          For                        Mgmt
                    3A       Elect Directors and Commissioners             For          For                        Mgmt
                    3B       Approve Remuneration of Directors and         For          For                        Mgmt
                             Commissioners
                    4        Approve Auditors and Authorize Board to Fix   For          For                        Mgmt
                             Their Remuneration


05/15/07 - A        PT Bank Central Asia TBK                 Y7123P120                                 04/27/07            1,671,500
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income                  For          For                        Mgmt
                    3        Approve Remuneration of Directors and         For          For                        Mgmt
                             Commissioners
                    4        Approve Auditors and Authorize Board to Fix   For          For                        Mgmt
                             Their Remuneration
                    5        Approve Dividends                             For          For                        Mgmt
                    6        Change Location of Headquarters               For          For                        Mgmt


05/15/07 - S        PT Bank Central Asia TBK                 Y7123P120                                 04/27/07            1,671,500
                    1        Authorize Share Repurchase Program            For          For                        Mgmt


05/22/07 - A        PT Bank Rakyat Indonesia (Persero) Tbk   Y0697U104                                 05/07/07            2,292,500
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income                  For          For                        Mgmt
                    3        Approve Auditors and Authorize Board to Fix   For          For                        Mgmt
                             Their Remuneration
                    4        Approve Remuneration of Directors and         For          For                        Mgmt
                             Commissioners
                    5        Approve Write-off of Non-Performing Loans     For          Against                    Mgmt
                                Until the bank  provides  full  disclosure on the terms of
                                this resolution,  shareholders are advised to vote against
                                this request.
                    6        Amend Articles of Association                 For          Against                    Mgmt
                                Because  Bank  Rakyat  Indonesia  has  failed to  disclose
                                essential   information   regarding   this  item,   it  is
                                uncertain whether or not the proposed  modifications would
                                negatively  impact  shareholder  value.  Therefore,   this
                                request cannot be supported.
                    7        Elect Commissioners                           For          For                        Mgmt
                    8        Amend Retirement Plan                         For          Against                    Mgmt
                                Until further  information  has been  disclosed  regarding
                                the  details  of  the  plan,   it  is   recommended   that
                                shareholders vote against this proposal.


03/14/07 - S        PT International Nickel Indonesia Tbk    Y39128130                                 02/27/07               76,500
                    1        Open Meeting                                  For          For                        Mgmt
                    2        Elect Commissioners                           For          For                        Mgmt


03/30/07 - A        PT International Nickel Indonesia Tbk    Y39128130                                 03/14/07               76,500
                    1        Open Meeting                                  For          For                        Mgmt
                    2        Accept Directors' Report                      For          For                        Mgmt
                    3        Accept Commissioners' Report                  For          For                        Mgmt
                    4        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    5        Approve Allocation of Income                  For          For                        Mgmt
                    6        Elect Commissioners                           For          For                        Mgmt
                    7        Elect Directors                               For          For                        Mgmt
                    8        Approve Haryanto Sahari & Rekan as Auditors   For          For                        Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    9        Other Business                                For          Against                    Mgmt
                                It is  recommended  that  shareholders  oppose  this  item
                                unless  the  company  has  provided  detailed  information
                                about the issues that will be discussed.


01/26/07 - S        PT Telekomunikasi Indonesia Tbk          Y71474137                                 None                  329,000
                    1        Amend Employeee and Management Stock Option   For          Against                    Mgmt
                             Plan to Use Treasury Shares
                                Conclusion        Although  the company is to be commended
                                for  providing  a  greater  level  of  disclosure  than is
                                generally  seen in this  market,  the plan  does not merit
                                support due to the presence of discounted  options and the
                                lack of corresponding performance criteria.


02/28/07 - S        PT Telekomunikasi Indonesia Tbk          Y71474137                                 02/12/07              329,000
                    1        Amend Retirement Plan                         For          Against                    Mgmt
                                Until further  information  has been  disclosed  regarding
                                the  details  of  the  plan,   it  is   recommended   that
                                shareholders vote against this proposal.
                    2        Amend Utilization of Repurchased Shares       For          Against                    Mgmt
                                Conclusion        Although  the company is to be commended
                                for  providing  a  greater  level  of  disclosure  than is
                                generally  seen in this  market,  the plan  does not merit
                                support due to the presence of discounted  options and the
                                lack of corresponding performance criteria.
                    3        Approve Stock Option Plan                     For          Against                    Mgmt
                    4        Elect Commissioners                           For          For                        Mgmt
                    5        Elect Directors                               For          For                        Mgmt


06/29/07 - A        PT Telekomunikasi Indonesia Tbk          Y71474137                                 06/06/07              329,000
                    1        Accept Annual Report                          For          For                        Mgmt
                    2        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    3        Approve Allocation of Income                  For          For                        Mgmt
                    4        Approve Auditors and Authorize Board to Fix   For          For                        Mgmt
                             Their Remuneration
                    5        Elect Directors and Commissioners             For          For                        Mgmt
                    6        Approve Remuneration of Directors and         For          For                        Mgmt
                             Commissioners
                    7        Approve Delegation of Duties for Directors    For          For                        Mgmt
                    8        Elect Commissioners                           For          For                        Mgmt
                    9        Authorize Share Repurchase Program            For          For                        Mgmt
                    10       Amend Articles of Association                 For          For                        Mgmt


06/15/07 - A        Quanta Computer Inc.                     Y7174J106                                 04/16/07              440,000
                    1        Accept 2006 Financial Statements              For          For                        Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                        Mgmt
                    5        Amend Internal Rules and Policies             For          For                        Mgmt
                             Elect Directors by Cumulative Voting
                    6        Elect Directors                               For          Split                      Mgmt
                    6.1      Elect Barry Lam as Director with
                             Shareholder No. 1 --- Against
                                We believe that directors and supervisors  function as the
                                representatives  of  shareholders  throughout the year and
                                are  therefore a crucial  avenue of ongoing  influence  on
                                management.  As such,  it is important to elect  directors
                                and  supervisors who have no material  connection,  either
                                directly or indirectly,  to the company, to enable them to
                                act in the best  interest of  shareholders.  In this case,
                                we   recommend   that   shareholders   concentrate   their
                                cumulative  votes  equally  in  favor  of the  independent
                                director  nominees,   Wei-Ta  Pan  and  Chan  Lu-Min,  and
                                distribute   their  cumulative  votes  equally  among  all
                                supervisor  nominees,  namely:  S.C. Liang, Eddie Lee, and
                                Chang Ching-Yi.
                    6.2      Elect C. C. Leung as Director with
                             Shareholder No. 5 --- Against
                    6.3      Elect Michael Wang as Director with
                             Shareholder No. 14 --- Against
                    6.4      Elect Wei-Ta Pan as Director with
                             Shareholder No. 99044 --- For
                    6.5      Elect Chan Lu-Min as Director with ID No.
                             K101713364 --- For
                             Elect Supervisors by Cumulative Voting
                    6        Elect Directors                               For          For                        Mgmt
                    7        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors
                    8        Other Business                                None         None                       Mgmt


06/05/07 - A        Raiffeisen International Bank-Holding    A7111G104                                 None                      869
                    AG
                    1        Receive Financial Statements and Statutory    None                                    Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                                     Mgmt
                    3        Approve Discharge of Management Board         For                                     Mgmt
                    4        Approve Discharge of Supervisory Board        For                                     Mgmt
                    5        Approve Remuneration of Supervisory Board     For                                     Mgmt
                             Members
                    6        Ratify Auditors                               For                                     Mgmt
                    7        Approve Increase in Authorized Capital via    For                                     Mgmt
                             a Capitalization of Reserves
                    8        Approve Creation of EUR 217.7 Million Pool    For                                     Mgmt
                             of Capital with Preemptive Rights
                    9        Amend Articles to Reflect Changes in Capital  For                                     Mgmt
                    10       Authorize Share Repurchase Program and        For                                     Mgmt
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/18/07 - S        Realtek Semiconductor Corp.              Y7220N101                                 12/19/06              658,000
                    1        Approve Reduction in Stated Capital           For          For                        Mgmt
                    2        Other Business                                For          Against                    Mgmt
                                This  routine  item would allow  other  issues of concern,
                                not  contained in the  company's  official  agenda,  to be
                                raised at the general meeting without giving  shareholders
                                ample time to review  their  details.  Consequently,  this
                                would create an  opportunity  to pass  resolutions  not in
                                the best interest of the shareholders.  In view of this, a
                                vote against  this item is  recommended  until  details on
                                the issues have been provided.


03/29/07 - S        Reliance Industries Ltd.                 Y72596102                                 02/27/07               48,738
                             Postal Ballot
                    1        Approve Issuance of up to 120 Million         For                                     Mgmt
                             Warrants Convertible into Equity Shares to
                             the Promoter/Promoter Group
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/21/07 - C        Reliance Industries Ltd.                 Y72596102                                 None                   61,982
                             Court-Ordered Meeting for Shareholders
                    1        Approve Scheme of Amalgamtion of Indian       For                                     Mgmt
                             Petrochemicals Corp Ltd with Reliance
                             Industries Ltd
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/21/07 - A        Resorts World Berhad                     Y7368M113                                 None                  863,200
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for the Financial Year Ended Dec.
                             31, 2006
                    2        Approve Final Dividend of MYR 0.15 Per        For          Against                    Mgmt
                             Share Less 27 Percent Tax for the Financial
                             Year Ended Dec. 31, 2006
                                In this case,  the company  was found to have  reserves of
                                approximately  MYR  5.7  billion  ($1.6  billion)  for the
                                latest  financial  year end, yet has failed to comply with
                                the  minimum  standard  of 30  percent  for the past  five
                                years.  Given that no adequate  justification was provided
                                for the  retention of capital,  we recommend  shareholders
                                to oppose this dividend request.
                    3        Approve Remuneration of Directors in the      For          For                        Mgmt
                             Amount of MYR 661,900 for the Financial
                             Year Ended Dec. 31, 2006
                    4        Elect Clifford Francis Herbert as Director    For          For                        Mgmt
                    5        Elect Lin See Yan as Director                 For          For                        Mgmt
                    6        Elect Alwi Jantan as Director                 For          For                        Mgmt
                    7        Elect Wan Sidek bin Hj Wan Abdul Rahman as    For          For                        Mgmt
                             Director
                    8        Approve PricewaterhouseCoopers as Auditors    For          For                        Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    9        Approve Issuance of Equity or Equity-Linked   For          For                        Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    10       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital


05/07/07 - S        Road King Infrastructure Ltd.            G76058109                                 None                   74,431
                    1        Approve Advance of a Loan by RK Investment    For          For                        Mgmt
                             (Beijing) Ltd. of Up to HK$600.0 Million to
                             Sunco Property Hldgs. Co. Ltd. at an
                             Interest Rate of 6 Percent Per Annum
                                This item  seeks  approval  for  agreements  entered  into
                                between  RK   Investment   (Beijing)   Ltd.  (RKI  BJ),  a
                                wholly-owned   subsidiary   of  the  company,   and  Sunco
                                Property  Hldgs.  Co.  Ltd.  (Sunco  A),  owned  as  to 49
                                percent by the  company,  relating to the advance by RK BJ
                                of a loan of up to  HK$400.0  million  ($51.4  million) to
                                Sunco A (Loan 5) and the  provision by RKI BJ of a further
                                loan of HK$600.0  million ($77.1  million) to Sunco A as a
                                result of RKI BJ's  exercise of its first right of refusal
                                to provide such further loan (Loan  6).        Both Loan 5
                                and Loan 6 would have an  interest  rate of 6 percent  per
                                annum,  be repayable on demand in any event until Oct. 31,
                                2007 and be secured  by fixed and  floating  charges  over
                                the entire assets and  undertakings of Sunco A.         It
                                was noted that Sunco A would use  proceeds  from such loan
                                advances  to fund the  acquisition  of direct or  indirect
                                interest  in land  property  development  projects  in the
                                People's   Republic   of  China   (the   PRC).        This
                                proposal is expected to  facilitate  the  expansion of the
                                company and its subsidiaries  (Group) in the future. Given
                                its 49  percent  interest  in Sunco A, the  Group  expects
                                that  with the  provision  of loans to Sunco A it would be
                                able to capture a  considerable  scale of  investment  and
                                participation  in  the  PRC  property  sector.  This  is a
                                reasonable request.


05/15/07 - A        Road King Infrastructure Ltd.            G76058109                                 05/09/07               74,431
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Declare Final Dividend                        For          For                        Mgmt
                                The board  recommends  the payment of a final  dividend of
                                HK$0.26 ($0.03) per share
                    3a       Reelect Hu Aimin as Director                  For          For                        Mgmt
                    3b       Reelect Chan Hing Chiu, Vincent as Director   For          For                        Mgmt
                    3c       Reelect Chow Shiu Kee, Stephen as Director    For          For                        Mgmt
                    3d       Reelect Lau Sai Yung as Director              For          For                        Mgmt
                    3e       Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors
                    4        Reappoint Deloitte Touche Tohmatsu as         For          For                        Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                                This item seeks  shareholder  approval for the granting of
                                a new  mandate  to  issue  shares,  representing  up to 20
                                percent  of current  issued  capital,  without  preemptive
                                rights.        The  general  mandate  to issue  shares  is
                                supported for companies that limit  discounts to 5 percent
                                of the market  price of shares and who,  at the same time,
                                have no history of  refreshments  as these factors address
                                concerns on the possible  issuance of discounted shares to
                                related  parties as well as further  dilution  to existing
                                shareholders due to frequent  refreshments.        In this
                                case,  the company did not provide  discount  restrictions
                                on the issue  price of shares  under this  mandate.  Given
                                this and  considering  that the mandate  may be  refreshed
                                several  times  within a period of one year,  we recommend
                                shareholders oppose this resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent  from the original  limit of 20 percent  under the
                                general  mandate to issue shares  sought by most Hong Kong
                                companies.  Given that the general mandate to issue shares
                                is subject  to abuse by  companies  that  issue  shares at
                                discounts  to the  market  price,  such  extension  of the
                                general share  issuance  mandate may increase the scope of
                                non-preemptive  placements,  putting minority shareholders
                                at a  disadvantage  as  repurchased  shares  may  also  be
                                reissued  at a discount  to the market  price.  In view of
                                this,  shareholders  are advised to vote against this item
                                unless  a  minimal  discount  of  5  percent  or  less  is
                                specified   for   share    issuances   under   a   general
                                mandate.        In   this  case,   the   company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.
                    6        Approve Issuance of Shares Pursuant to the    For          Against                    Mgmt
                             Share Option Scheme
                                The percentage of shares  available under the Share Option
                                Scheme is 10  percent  of the  company's  issued  capital,
                                which is considered an unacceptable level of dilution.  In
                                the  absence  of  set  performance  criteria  and  vesting
                                periods,  this scheme  cannot be  considered  sufficiently
                                well-structured  to  justify a  potential  dilution  of 10
                                percent.


04/30/07 - A/S      RODOBENS NEGOCIOS IMOBILIARIOS SA        P81424106                                 None                   59,062
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended 12/31/06
                                This  item   requests   shareholder   acceptance   of  the
                                financial  statements and statutory reports for the fiscal
                                year  ended  2006.  The  company  provided  its  financial
                                statements  and statutory  reports via Bloomberg  news and
                                has  also  submitted  their  financials  to the  Brazilian
                                securities  commission  (CVM).  According  to the board of
                                director  minutes,   the  external   auditors'  (name  not
                                disclosed in meeting  notes)  provided  their  unqualified
                                opinion  and  asserts   that  the   financial   statements
                                accurately  reflect the financial position of the company.
                                ISS recommends shareholder support.
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                This item  requests  to approve the  allocation  of income
                                and dividends as proposed by the board of  directors.  The
                                company  financial   statements   provided  the  following
                                distribution of income for 2006:          Net profits: BRL
                                2.365 million ($1.1 million)        Legal  reserves of BRL
                                118,250 ($55,500)        Proposed  dividend of BRL 629,205
                                ($295,000)        The     cash    dividend    payout    to
                                shareholders  translates  to BRL .0129  ($0.006) per share
                                represents  a 28  percent  payout  ratio of the  total net
                                profits.          As  Rodobens dividend payout has met the
                                Brazilian  law stating that  companies  must  distribute a
                                minimum of 25 percent of their net  income,  and given the
                                newly-listed  status of the company,  this is a reasonable
                                dividend  and  income  allocation  request  that  warrants
                                shareholder support.
                    3        Approve Aggregate Remuneration of Directors   For          For                        Mgmt
                             for Fiscal Year 2007
                                This item requests to approve directors' remuneration.  It
                                is Brazilian  market practice not to disclose the proposed
                                remuneration  levels until the day of the AGM. At the 2006
                                AGM  shareholders  approved  remuneration  of BRL  200,000
                                ($93,800).  We find last year's  remuneration  level to be
                                in line with that of similarly  sized companies in Brazil.
                                As such, this is a routine item that warrants  shareholder
                                support.
                             Special Business
                    1        Discuss Alternatives to be Represented on     For          Against                    Mgmt
                             Behalf of the Company and Amend Article 30
                             Accordingly
                                This item  requests  to amend  article  30 of the  company
                                bylaws.   Article  30   describes   the  various  ways  of
                                representing  the  company by the board of  directors  and
                                executives.  We note that the company's  meeting materials
                                did  not  contain  the   complete   text  of  the  article
                                amendments.  ISS was also unable to procure a full text of
                                the  proposed  changes.  As we are  unable to assess  this
                                resolution's  impact on  shareholder  rights,  support for
                                this item is not recommended at this time.


04/30/07 - A/S      SABESP, Companhia Saneamento Basico      P8228H104                                 None                5,380,000
                    Sao Paulo
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income; Approve         For          For                        Mgmt
                             Transfer of Retained Profits to Investment
                             Reserves in Compliance with Investment Plan
                    3        Elect Board Members and Supervisory Board;    For          For                        Mgmt
                             Elect Their Respective Alternates
                    4        Approve Remuneration of Directors,            For          For                        Mgmt
                             Supervisory Board Members, Audit Committee,
                             and Executive Officer Board
                             Special Business
                    5        Approve 125:1 Reverse Stock Split             For          For                        Mgmt
                    6        Amend Article 2 to Conform with Federal Law   For          For                        Mgmt
                             11,445/07; Article 5 to Reflect Changes in
                             Capital; and Article 28 Related to the
                             Company's Organizational Structure


02/28/07 - A        Samsung Electronics Co. Ltd.             Y74718100                                 12/31/06                5,205
                    1        Approve Appropriation of Income and Final     For          For                        Mgmt
                             Dividend of KRW 5000 Per Common Share
                    2        Elect Directors                               For          For                        Mgmt
                    2.3      Elect Member of Audit Committee               For          For                        Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


04/24/07 - S        Sanlam Limited                           S7302C137                                 None                  566,474
                    1        Approve Specific Repurchase in Terms of the   For          For                        Mgmt
                             Voluntary Tender Offer
                    2        General Authority to a Sanlam Director or     For          For                        Mgmt
                             the CompanySecretary


06/06/07 - A        Sanlam Limited                           S7302C137                                 None                  441,648
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended 12-31-06
                    2        Ratify Ernst & Young as Auditors              For          For                        Mgmt
                    3        Reelect J.P. Moller as Director Appointed     For          For                        Mgmt
                             During the Year
                                Due to  the  poor  attendance  records  of  Bakane-Touane,
                                James, and Motsepe we recommend that  shareholders  oppose
                                their reelection.
                    4        Elect Directors                               For          Split                      Mgmt
                    4.1      Reelect M.M. Bakane-Tuoane as Director ---
                             Against
                    4.2      Reelect F.A. du Plessis as Director --- For
                    4.3      Reelect W.G. James as Director --- Against
                    4.4      Reelect P.T. Motsepe as Director --- Against
                    4.5      Reelect R.V. Simelane as Director --- For
                    5        Authorize Board to Fix Remuneration of the    For          For                        Mgmt
                             Auditors
                    6        Approve Remuneration of Directors for         For          For                        Mgmt
                             Fiscal 2006
                    7        Approve Remuneration of Directors for         For          For                        Mgmt
                             Fiscal 2007
                    8        Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    9        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    10       Amend Articles of Association Re: Director    For          For                        Mgmt
                             Indemnification
                    11       Amend Articles of Association Re: Third       For          For                        Mgmt
                             Parties


10/03/06 - S        Sasol Ltd.                               803866102                                 None                   37,030
                             Special Meeting Agenda
                    1        Approve Repurchase of 60 Million Ordinary     For          For                        Mgmt
                             Treasury Shares from Sasol Investment
                             Company (Pty) Limited
                    2        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    3        Authorize Board to Ratify and Execute         For          For                        Mgmt
                             Approved Resolutions


11/23/06 - A        Sasol Ltd.                               803866102                                 None                   20,208
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended June 30, 2006
                    2        Elect Directors                               For          Split                      Mgmt
                    2.1      Reelect E. le R. Bradley as Director --- For
                    2.2      Reelect B.P. Connellan as Director --- For
                    2.3      Reelect P.V. Cox as Director --- For
                    2.4      Reelect L.P.A. Davies as Director ---
                             Against
                    2.5      Reelect M.S.V. Gantsho as Director --- For
                    2.6      Reelect J.E. Schrempp as Director --- For
                    3        Elect Directors                               For          For                        Mgmt
                    4        Ratify KPMG, Inc. as Auditors                 For          For                        Mgmt
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6        Approve Remuneration of Directors             For          For                        Mgmt


02/09/07 - S        Shenzhen Investment (frmrly. Shum Yip    Y7743P120                                 None                3,716,000
                    Invst.)
                    1        Approve Disposal by Shum Yip Investment       For          For                        Mgmt
                             (Shenzhen) Ltd. of its 26.8 Percent Equity
                             Interest in the Subject Company to Shum Yip
                             Hldgs. Co. Ltd.


02/09/07 - S        Shenzhen Investment (frmrly. Shum Yip    Y7743P120                                 None                3,716,000
                    Invst.)
                    1        Approve Division and Allocation of All the    For          For                        Mgmt
                             Assets of Shum Yip Logistics (Split
                             Agreement) and the Establishment of
                             Shenzhen Shum Yip Hangfa Logistics Kaifa
                             Shares Co. Ltd. Pursuant to the Split
                             Agreement


05/21/07 - A        Shenzhen Investment (frmrly. Shum Yip    Y7743P120                                 05/14/07            2,256,000
                    Invst.)
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2a       Approve Final Dividend                        For          For                        Mgmt
                    2b       Approve Special Dividend                      For          For                        Mgmt
                    3a       Reelect Zhang Yijun as Director               For          For                        Mgmt
                    3b       Reelect Zhang Huaqiao as Director             For          For                        Mgmt
                    3c       Reelect Tam Ping Lung as Director             For          For                        Mgmt
                    3d       Reelect Li Wai Keung as Director              For          For                        Mgmt
                    3e       Reelect Wu Wai Chung, Michael as Director     For          For                        Mgmt
                    3f       Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                        Mgmt
                             Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against                    Mgmt
                             Securities without Preemptive Rights
                    7        Authorize Reissuance of Repurchased Shares    For          Against                    Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/15/07 - A        SHIN KONG FINANCIAL HOLDING CO LTD       Y7753X104                                 04/16/07              665,478
                    1        Accept 2006 Financial Statements              For          For                        Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Amend Use of Proceeds from the Issuance of    For          For                        Mgmt
                             Unsecured Convertible Bonds in 2005
                    4        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    5        Amend Articles of Association                 For          For                        Mgmt
                    6        Amend Rules and Procedures Regarding          For          For                        Mgmt
                             Shareholder Meeting
                    7        Amend Election Rules of Directors and         For          For                        Mgmt
                             Supervisors
                    8        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                    9        Other Business                                None         None                       Mgmt


03/20/07 - A        Shinhan Financial Group Co. Ltd.         Y7749X101                                 12/31/06               16,139
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 900 Per Share
                    2        Elect Fifteen Directors                       For          For                        Mgmt
                    3        Elect Four Members of Audit Committee         For          For                        Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    5        Approve Stock Option Grants                   For          For                        Mgmt


10/23/06 - A        Shoprite Holdings Ltd.                   S76263102                                 None                  112,028
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports For The Year Ended 30 June 2006
                    2        Approve Remuneration of Non-Executive         For          For                        Mgmt
                             Directors For The Year Ended June 30, 2006
                    3        Approve PricewaterhouseCoopers as Auditors    For          For                        Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    4        Approve Dividends                             For          For                        Mgmt
                    5        Reelect Mr. JA Louw as Director               For          For                        Mgmt
                                E.L. Nel, who is up for  reelection has attended less than
                                75 percent of board  meetings for the year without a valid
                                reason for the absences.  ISS believes that the purpose of
                                board  membership  is  to  represent  outside  shareholder
                                interests  and to monitor the  activities  of  management.
                                Directors  cannot satisfy their  fiduciary  responsibility
                                to  shareholders  if  they  do  not  attend  meetings.  We
                                therefore   recommend   that   shareholders   oppose  this
                                director nominee.
                    6        Reelect Mr. AN Van Zyl as Director            For          For                        Mgmt
                    7        Reelect Mr BR Weyers as Director              For          For                        Mgmt
                    8        Reelect Mr JF Malherbe as Director            For          For                        Mgmt
                    9        Reelect Mr AE Karp as Director                For          For                        Mgmt
                    10       Reelect Mr EL Nel as Director                 For          Against                    Mgmt
                    11       Place Authorized But Unissued Shares under    For          For                        Mgmt
                             Control of Directors
                    12       Approve Issuance of Shares without            For          For                        Mgmt
                             Preemptive Rights up to a Maximum of 10
                             Percent of Issued Capital
                    13       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    14       Authorize Special Approval to Repurchase Up   For          For                        Mgmt
                             to 35.65 Million Ordinary Shares from
                             Shoprite Checkers(Proprietary) Limited and
                             Up to 481038 Ordinary Shares from The
                             Shoprite Holdings Ltd Share Incentive Trust
                    15       Amend Articles of Association                 For          For                        Mgmt


06/13/07 - A        Siliconware Precision Industries Co.     Y7934R109                                 04/14/07              290,000
                    Ltd.
                    1        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                    4        Amend Articles of Association                 For          For                        Mgmt
                    5        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                    6        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors
                    7        Other Business                                None         None                       Mgmt


06/28/07 - A        Sincere Navigation Corp.                 Y7991E108                                 04/29/07              515,000
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The board is  proposing  a cash  dividend of NTD 5 ($0.15)
                                per  share.  This gives the  company a payout  ratio of 88
                                percent.  We use a minimum of 30 percent  and a maximum of
                                100 percent as  benchmarks  to trigger  further  analysis.
                                The  dividend  payout  proposed is  reasonable  and easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Amend Articles of Association                 For          For                        Mgmt
                                Approval  of this item will  allow the  company  to revise
                                its  Articles  of  Association.   Key  amendments  include
                                increasing  the  board  size to six  directors  from  five
                                directors;   and  to  appoint  several  vice   presidents,
                                instead  of just two  vice  presidents,  depending  on the
                                company's  operational  needs.  The increase in board size
                                will allow the  company to  attract  potentially  valuable
                                board members during the year. Meanwhile,  the appointment
                                of additional  vice  presidents may increase  management's
                                efficiency  in  dealing  with  the  company's   day-to-day
                                operations. ISS has no objections to this resolution.
                    4        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                                The  proposal  seeks to revise  the  company's  procedures
                                governing   the   acquisition   or   disposal   of  assets
                                (Acquisition  or Disposal  Procedures) in accordance  with
                                the newly revised  Guidelines for Handling  Acquisition or
                                Disposal  of Assets by Public  Companies  (Acquisition  or
                                Disposal  Guidelines) issued by the Financial  Supervisory
                                Commission,  Executive Yuan (FSC) on Jan. 19, 2007.  Major
                                revisions to the  Acquisition  or Disposal  Guidelines are
                                as follows:  1. To enumerate  the assets that are governed
                                by the Acquisition or Disposal  Guidelines;  2. To require
                                a  company  to have  its  guidelines  for  acquisition  or
                                disposal  of assets  approved  by the board,  supervisors,
                                and  shareholders  once  it  has  been  formulated.  If  a
                                company  has  appointed  independent  directors,  it shall
                                fully  consider the opinion of its  independent  directors
                                regarding  the   formulation  or  revisions  made  to  the
                                guidelines.  Such  opinion must be recorded in the minutes
                                of the board  meeting.  Should the  company  establish  an
                                audit  committee,  its guidelines must be approved by more
                                than  half  of  the   audit   committee   members   before
                                submitting  the  proposal  for  approval to the board.  If
                                less  than  half  of  the  audit  committee  approves  the
                                guidelines,  it must be approved  by more than  two-thirds
                                of the entire board before it can be implemented;  3. If a
                                company  has  appointed  independent  directors,  it shall
                                fully  consider the opinion of its  independent  directors
                                in any discussion  related to the  acquisition or disposal
                                of assets from related parties,  and that the opinion must
                                be added to the minutes of the board  meeting.  Should the
                                company  establish an audit  committee,  the  transactions
                                related to the  acquisition  or  disposal  of assets  from
                                related  parties  must also be  approved by more than half
                                of the  audit  committee  members.  4.  The  company  must
                                obtain an appraisal  report from a professional  appraiser
                                when the  transaction  price for  acquiring  or  disposing
                                real property or other fixed assets  reaches 20 percent of
                                the company's  paid-in capital or at least NTD 300 million
                                ($9.21 million).  Such real property or other fixed assets
                                do not include those transacted with a government  agency,
                                commissioned  to  third  parties  to  build  on its own or
                                rented  land,  or acquired for  operating  use. If special
                                prices  are  required  to be  used  as  reference  for the
                                transaction price, board approval must be obtained.  5. To
                                use  the  latest  audited  financial   statements  of  the
                                company to be  acquired or  disposed  (Target  Company) as
                                the reference in appraising the transaction  price, and to
                                request  for  an   accountant's   opinion   regarding  the
                                reasonableness  of the transaction price should the dollar
                                amount of the  transaction  be equivalent to 20 percent of
                                the Target  Company's  paid-in capital or at least NTD 300
                                million ($9.21  million),  except if: the Target Company's
                                securities  have a publicly  offered  price from an active
                                market,  or otherwise  provided by regulations of the FSC;
                                6. To  require  a  company  to  prepare  a  record  of all
                                pertinent  information  when the  transaction  involves  a
                                merger,  spin-off or  acquisition  of companies  listed or
                                sold on a securities  exchange.  In addition,  some of the
                                information  must be disclosed to the public in accordance
                                with the format  specified  by the  securities  regulatory
                                authorities  two  days  after  such  transaction  has been
                                approved by the board;  and 7. To change all references to
                                the   "Securities  &  Futures   Commission,   Ministry  of
                                Finance,  Taiwan" into the FSC. The amendments are made to
                                comply with the  prevailing  relevant  regulations.  Given
                                that this will improve the company's existing  Acquisition
                                or Disposal  Procedures,  ISS recommends  shareholders  to
                                support this resolution.
                             Elect Directors by Cumulative Voting
                    5        Elect Directors                               For          For                        Mgmt
                    5.1      Elect Steve Gee-King Hsu as Director with
                             Shareholder No. 1 --- For
                                Items  5.1 to 5.8  seek to  elect  six  directors  and two
                                supervisors   to  replace  the  retiring   directors   and
                                supervisors  for the coming term.  The tenure of the newly
                                elected  directors and supervisors will be for three years
                                from the meeting  date until June 27,  2010.  The existing
                                directors and  supervisors  shall be discharged from their
                                offices  on  the  same  date  as  the  new  directors  and
                                supervisors  are  elected.   For  the  director  nominees,
                                Orient Dynasty Ltd. and Uppercrest  Enterprises  Ltd. will
                                each  appoint  one  representative;  while the rest of the
                                candidates do not represent  any  shareholder.  Two of the
                                nominees hold posts in Sincere Navigation.  These are Fred
                                Ching-Pen  Tsai,  who is the  chairman  and  president  of
                                Sincere  Navigation;  and Douglas  Fong-Chou Chang, who is
                                one of the vice presidents of Sincere Navigation.  For the
                                supervisor  nominees,   one  of  the  candidates  will  be
                                representing  Ching Shan  Investments  Co. Ltd.  The other
                                candidate,   Henry  C.  Wang,   does  not   represent  any
                                shareholder.  None of the nominees have been classified by
                                Sincere  Navigation  to be  independent.  Further  details
                                regarding  the  nominees  were  not  disclosed.  Taiwanese
                                companies  do not  routinely  disclose the number or names
                                of  nominees  to  their  boards.   While  we  prefer  more
                                disclosure  concerning  the  election  of  directors,  the
                                absence of  comprehensive  disclosure  is common  practice
                                for  most  Taiwanese  companies.  In  the  absence  of any
                                significant concerns regarding the proposed nominees,  ISS
                                recommends that  shareholders  distribute their cumulative
                                votes  equally  among all  director  nominees,  as well as
                                supervisor nominees.
                    5.2      Elect Fred Ching-Pen Tsai as Director with
                             Shareholder No. 5 --- For
                                Refer to Item 5.1.
                    5.3      Elect Jack Chi-Kao Hsu as Director with
                             Shareholder No. 10 --- For
                                Refer to Item 5.1.
                    5.4      Elect a Representative of Orient Dynasty
                             Ltd. as Director with Shareholder No. 88614
                             --- For
                                Refer to Item 5.1.
                    5.5      Elect a Representative of Uppercrest
                             Enterprises Ltd. as Director with
                             Shareholder No. 92013 --- For
                                Refer to Item 5.1.
                    5.6      Elect Douglas Fong-Chou Chang as Director
                             with ID No. N100228475 --- For
                                Refer to Item 5.1.
                             Elect Supervisors by Cumulative Voting
                    5        Elect Directors                               For          For                        Mgmt
                    5.7      Elect Henry C. Wang as Supervisor with
                             Shareholder No. 17 --- For
                                Refer to Item 5.1.
                    5.8      Elect a Representative of Ching Shan
                             Investments Co. Ltd. as Supervisor with
                             Shareholder No. 21 --- For
                                Refer to Item 5.1.
                    6        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors
                                This  request  will allow the  directors of the company to
                                serve on the  boards of other  companies.  This is an item
                                that  is  routinely   proposed  at  Taiwanese   AGMs.   We
                                recommend that shareholders support this request.
                    7        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


03/09/07 - A        SK Corporation (FormerlyYukong Ltd )     Y80662102                                 12/31/06                7,230
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividends of KRW 1900 Per Common Share
                    2        Elect Directors                               For          For                        Mgmt
                    2.3.1    Elect Dae-woo Nam as Member of Audit          For          For                        Mgmt
                             Committee
                    2.3.2    Elect Yoon-suk Suh as Member of Audit         For          For                        Mgmt
                             Committee
                    3        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


03/09/07 - A        SK Telecom                               Y4935N104                                 12/31/06                2,254
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Year-End Dividend of KRW 7000 Per Share
                    2        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                    3        Elect Directors                               For          For                        Mgmt
                    3.2      Elect Member of Audit Committee               For          For                        Mgmt


06/15/07 - A        SONIX TECHNOLOGY CO                      Y8071M101                                 04/16/07              241,000
                    1        Accept Operating Results and Financial        For          For                        Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                                The board is proposing a cash  dividend of NTD 3.7 ($0.11)
                                per share  and a stock  dividend  of 30  shares  for every
                                1,000 shares held,  or NTD 0.3 ($0.009)  each.  This gives
                                the  company  a  payout  ratio of 80.3  percent.  We use a
                                minimum  of 30  percent  and a maximum  of 100  percent as
                                benchmarks  to  trigger  further   analysis.           The
                                dividend   payout   proposed  is  reasonable   and  easily
                                coverable by the company.  ISS has no  objections  to this
                                proposal.
                    3        Approve Capitalization of 2006 Dividends      For          For                        Mgmt
                             and Employee Profit Sharing
                                Taiwanese  companies  routinely  capitalize  dividends and
                                distribute new fully paid shares to  shareholders  free of
                                charge;  there  is no cost  to  shareholders  to  maintain
                                their  stakes  and no risk  of  dilution.  This  procedure
                                transfers    wealth   to   shareholders   and   does   not
                                significantly  impact  share  value.  The only  impact  on
                                shareholders  is that by  increasing  the number of shares
                                on issue,  the company could increase  liquidity,  enhance
                                marketability,   and  ultimately  expand  its  shareholder
                                base.  This  item  is  pursuant  to  the  stock  dividends
                                discussed   in   Item    2.        Meanwhile,    Taiwanese
                                companies  usually state in their  articles of association
                                to allocate not more than 10 percent of the  company's net
                                profit  as  employee  profit  sharing  to  compensate  and
                                motivate  employees of the company.  In this case, a total
                                of NTD 20 million  ($613,686)  is  reserved  for  employee
                                profit  sharing in the form of  shares.        ISS  has no
                                objections to this resolution.
                    4        Amend Articles of Association                 For          Against                    Mgmt
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    5        Amend Procedures Governing the Acquisition    For          Against                    Mgmt
                             or Disposal of Assets
                                At the time of the delivery of this analysis,  the company
                                had not disclosed adequate information.  Therefore, a vote
                                against  the  resolution  must  be  advised  due  to  poor
                                disclosure.
                    6        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


05/29/07 - A        STANDARD BANK GROUP LTD (formerly        S80605132                                 None                  123,453
                    Standard Bank Investment C
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended 2006
                    2.1      Approve Remuneration of Group Chairman        For          For                        Mgmt
                    2.2      Approve Remuneration of Group Director        For          For                        Mgmt
                    2.3      Approve Remuneration of Group International   For          For                        Mgmt
                             Director
                    2.4      Approve Remuneration of Group Credit          For          For                        Mgmt
                             Committee
                    2.5      Approve Remuneration Large Exposures          For          For                        Mgmt
                             Committee
                    2.6      Approve Remuneration of Directors' Affairs    For          For                        Mgmt
                             Committee
                    2.7      Approve Remuneration of Group Risk            For          For                        Mgmt
                             Management Committee
                    2.8      Approve Remuneration of Group Remuneration    For          For                        Mgmt
                             Committee
                    2.9      Approve Remuneration of Transformation        For          For                        Mgmt
                             Committee
                    2.10     Approve Remuneration of Group Audit           For          For                        Mgmt
                             Committee
                    2.11     Approve Ad Hoc Meeting Attendance Fee         For          For                        Mgmt
                    3        Elect Directors                               For          For                        Mgmt
                    4.1      Place Shares for the Equity Growth Scheme     For          Against                    Mgmt
                             under Control of Directors
                                Given  the high  level of  potential  dilution  associated
                                with these plans, the potential for insufficient  vesting,
                                and  the  absence  of  performance  conditions  under  the
                                Equity Growth  Scheme,  we recommend  shareholders  oppose
                                placing  shares  under the  control of  directors  for the
                                purpose of satisfying these plans.
                    4.2      Place Shares for the Incentive Scheme under   For          Against                    Mgmt
                             Control of Directors
                    4.3      Place Unissued Ordinary Shares under          For          For                        Mgmt
                             Control of Directors
                    4.4      Place Unissued Preference Shares under        For          For                        Mgmt
                             Control of Directors
                    4.5      Give Directors General Authority to Make      For          For                        Mgmt
                             Payments to Shareholders
                    4.6      Amend Clause 5.3 of Company's Equity Growth   For          Against                    Mgmt
                             Scheme
                                Since we believe that stock  options  should be limited to
                                the company's employees,  we do not feel this amendment is
                                in the best interests of shareholders.
                    5.1      Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    5.2      Amend Article 87.8 Re: Directors'             For          For                        Mgmt
                             Retirement Age
                    5.3      Amend Article 183 Re: Voting Through          For          For                        Mgmt
                             Electronic Means


03/26/07 - A        STX Pan Ocean Co Ltd                     Y81718101                                 12/31/06            1,756,000
                    1        Approve Financial Statements                  For          For                        Mgmt
                                This is a routine item.
                    2        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of USD 0.023 Per Share
                                The  company is  proposing  a final  dividend of USD 0.023
                                per  ordinary  share less  income tax of 27.5  percent for
                                the financial year ended 31 December 2006.
                    3        Elect Directors                               For          For                        Mgmt
                                This item is to approve the  appointment/re-appointment of
                                Yu Chun-il, Han Gun-suk, Choi Dong-moo,  Cha Duk-keun, and
                                Chee  Wong-seng.  The  executive  director  nominee is the
                                head   of   the   Strategic   Planning   Department.   The
                                independent   non-executive  director  nominees  are  Choi
                                Dong-moo,  the president of PMK Pte Ltd.;  Han Gun-suk,  a
                                former employee of Korea  Development  Bank; Cha Duk-Keun,
                                a former  executive  vice  president at Korea  Circuit Co.
                                There is no information on Chee Wong-seng.
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                                This item is to approve the payment of Directors'  Fees of
                                up to KRW 5 billion for the year  ending 31 December  2007
                                and to approve the annual limit of  Severance  Payment for
                                directors  and  executive  officers  of up to  40%  of the
                                annual  salary  and the  individual  severance  payment is
                                subject to approval by the Board of Directors.
                    5        Appove Allocation and Issuance Shares up to   For          For                        Mgmt
                             50 Percent of Total Shares
                                Pursuant  to the  provisions  of Rule  806 of the  Listing
                                Manual  of  the  Singapore  Exchange   Securities  Trading
                                Limited  ("SGX-ST"),  the  Directors be empowered to allot
                                and  issue  shares  and  convertible   securities  in  the
                                capital  of the  company  at any time and upon such  terms
                                and  conditions  and for such  purposes  as the  Directors
                                may, in their absolute discretion,  deem fit provided that
                                the  aggregate  number of shares  (including  shares to be
                                issued  in  accordance   with  the  terms  of  convertible
                                securities  issued,  made  or  granted  pursuant  to  this
                                Resolution)  to be  allotted  and issued  pursuant to this
                                Resolution  shall not exceed fifty per centum (50%) of the
                                issued  share  capital  of the  Company at the time of the
                                passing of this resolution,  of which the aggregate number
                                of shares and  convertible  securities  to be issued other
                                than  on a pro  rata  basis  to  all  shareholders  of the
                                Company  shall not exceed  twenty per centum  (20%) of the
                                issued  capital  of the  Company  and that such  authority
                                shall,  unless revoked or varied by the Company in general
                                meeting,  continue  in force (i) until the  conclusion  of
                                the Company's next Annual  General  Meeting or the date by
                                which the next  Annual  General  Meeting of the Company is
                                required  by law  or the  bye-laws  of the  Company  to be
                                held,  whichever  is earlier or (ii) in the case of shares
                                to be issued in accordance  with the terms of  convertible
                                securities  issued,  made  or  granted  pursuant  to  this
                                Resolution,   until  the   issuance   of  such  shares  in
                                accordance with the terms of such convertible securities.
                    6        Renew Shareholders' Mandate for Interested    For          For                        Mgmt
                             Person Transaction
                                This item would  ensure  that 1) approval be and is hereby
                                given for the purposes of Chapter 9 of the SGX-ST  Listing
                                Manual  for  the  Company,  its  subsidiaries  and  target
                                associated  companies  or any of them to enter into any of
                                the  transactions  falling  within the types of Interested
                                Person  Transactions set out in the Company's  Appendix to
                                Shareholders  dated 2 March  2007 (the  "Appendix"),  with
                                any  party who is of the class or  classes  of  Interested
                                Persons   described  in  the  Appendix   relating  to  the
                                proposed   renewal  of  the   Shareholders   Mandate  (the
                                "Shareholders' Mandate"),  provided that such transactions
                                are  carried  out in the  normal  course of  business,  at
                                arm's length and on commercial  terms in  accordance  with
                                the  guidelines  and  procedures  for review of Interested
                                Person Transactions as set out in Company's  Appendix;  2)
                                that the  Shareholders'  Mandate shall,  unless revoked or
                                varied by the Company in general  meeting,  continue to be
                                in force until the  conclusion of the next Annual  General
                                Meeting of the Company;  and 3) that the  Directors of the
                                Company and each of them be and are hereby  authorised  to
                                complete  and do  all  such  acts  and  things  (including
                                executing  all such  documents as may be required) as they
                                or he  may  consider  expedient  or  necessary  or in  the
                                interests   of  the   Company   to  give   effect  to  the
                                Shareholders' Mandate and/or this Resolution.
                    7        Amend Articles of Incorporation               For          For                        Mgmt
                                According  to the company,  the Articles of  Incorporation
                                of the  Company  would be altered in the manner and to the
                                extent as set out in the Circular to shareholders  dated 2
                                March  2007.        As  part of its corporate  strategy to
                                establish  its  standing  in the Korean  market as a Korea
                                listed  company,  the  Company  is  presently  considering
                                seeking  a  listing   on  the  KRX  (the   "Proposed   KRX
                                Listing").  As and when the  Company  decides  to go ahead
                                with the  Proposed  KRX  Listing,  the Company is required
                                under  Korea laws to submit a listing  application  to the
                                KRX  together  with,  among  other  things,  a set  of its
                                Articles   which  have  to  be  in  compliance   with  the
                                requirements  stipulated  under  the KSEA and the  listing
                                rules of the KRX. As part of its preliminary  preparations
                                for  the  Proposed  KRX  Listing,  the  Company  therefore
                                proposes to alter  certain  provisions  under its Articles
                                as set out in greater  detail  below in order to bring its
                                Articles in line with the requirements  under the KSEA and
                                the listing  rules of the KRX.  The  Company is  presently
                                targeting  that the  Proposed  KRX Listing  takes place by
                                end  2007,  subject  to  market  conditions.  The  Company
                                currently  contemplates that the Proposed KRX Listing will
                                comprise  an offer of new  common  shares  to be issued by
                                the  Company.  The new common  shares  contemplated  to be
                                listed on the KRX will be a separate  bloc of shares  from
                                those common  shares of the Company  listed on the SGX-ST.
                                The Company  further  contemplates  that the number of new
                                common  shares to be  issued  will not  exceed  20% of its
                                issued share  capital,  in  accordance  with the limit set
                                out   in   Article   5(2)   of  its   existing   Articles.
                                Shareholders  should  however  note that the  Company  may
                                modify the  aforementioned  plans depending on the outcome
                                of discussions with the Korean authorities,  the Company's
                                investment bankers as well as market  conditions.  We have
                                no reason to oppose this resolution.


04/25/07 - A/S      Suzano Papel e Celulose S.A.             P06768165                                 None                   46,572
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended Dec 31 2006
                    2        Approve Allocation of Income and Dividends    For          Against                    Mgmt
                                Even  though  the  company is meeting  its  minimum  legal
                                obligations  to  shareholders,  we  still  find  that  the
                                company is not adequately  remunerating  shareholders.  We
                                understand  that the company is expanding  its  production
                                capacity  by  investing  in its  "Projeto  Mucuri"  and in
                                Ripasa.  We also  understand  that the paper and cellulose
                                industry is  experiencing  difficult  times  worldwide and
                                that the high  valuation  of the  Brazilian  currency  has
                                hurt the company's  exports.  With that said,  the company
                                still  appears to be in a healthy  financial  position and
                                able to pay higher  dividends than it has been paying.  We
                                feel the  company's  policy of paying close to the minimum
                                legal   requirement   is   unduly    disadvantageous    to
                                shareholders,  and thus we recommend that they oppose this
                                item.          Note  that Suzano is  controlled  by Suzano
                                Holding,  and a vote  against  this item will simply be an
                                expression of dissatisfaction with the company.
                    3        Elect Supervisory Board Members and           For          For                        Mgmt
                             Determine their Remuneration
                    4        Approve Annual Global Remuneration of         For          For                        Mgmt
                             Directors and Executive Officers
                             Special Business
                    1        Ratify Increase in Share Capital Due to the   For          For                        Mgmt
                             Conversion of Bonds, as Approved by the
                             Board of Directors on Jan 15, 2007 and
                             March 15, 2007; Ammend Article 5 Accordingly


05/07/07 - A        Taiwan Semiconductor Manufacturing Co.   Y84629107                                 03/08/07              943,224
                    1        Accept 2006 Business Report and Financial     For          For                        Mgmt
                             Statements
                    2        Approve 2006 Profit Distribution              For          For                        Mgmt
                    3        Approve Capitalization of 2006 Dividends,     For          For                        Mgmt
                             Employee Profit Sharing, and Capitalization
                             of Capital Surplus
                    4        Amend Articles of Association                 For          For                        Mgmt
                    5        Amend Internal Rules and Policies             For          For                        Mgmt
                    6        Other Business                                None         Against                    Mgmt


04/27/07 - A/S      TAM SA (frm. TAM - Cia de                P8947T132                                 None                   26,200
                    Investimentos em Transportes TAM
                             Preference Shareholders Can Vote on Item 3
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income and              For          For                        Mgmt
                             Dividends/Interest on Capital
                    3        Elect Board of Directors and Independent      For          For                        Mgmt
                             Directors in Accordance with Level 2 of
                             Bovespa


06/29/07 - A        Tata Consultancy Services Ltd.           Y85279100                                 06/19/07               29,518
                    1        Accept Financial Statements and Statutory     For                                     Mgmt
                             Reports
                    2        Approve Interim and Final Dividends of INR    For                                     Mgmt
                             11.50 Per Share
                    3        Reappoint A. Mehta as Director                For                                     Mgmt
                    4        Reappoint N. Chandra as Director              For                                     Mgmt
                    5        Approve S.B. Billimoria & Co. as Auditors     For                                     Mgmt
                             and Authorize Board to Fix Their
                             Remuneration
                    6        Appoint R. Sommer as Director                 For                                     Mgmt
                    7        Appoint L.M. Cha as Director                  For                                     Mgmt
                    8        Approve Retirement Benefits to                For                                     Mgmt
                             Managing/Executive Directors
                    9        Approve Transfer of Register of Members,      For                                     Mgmt
                             Documents and Certificates to TSR Darashaw
                             Ltd, Registrar and Share Transfer Agents
                    10       Appoint Branch Auditors and Authorize Board   For                                     Mgmt
                             to Fix Their Remuneration
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/17/06 - S        Tata Tea Ltd                             Y85484114                                 None                   20,973
                             Postal Ballot
                    1        Amend Object Clause of the Memorandum of      For                                     Mgmt
                             Association Re: New Business Opportunities
                    2        Approve Commencement and Undertaking of       For                                     Mgmt
                             Businesses Enumerated in Sub-Clauses (62)
                             to (72) of the Object Clause of the
                             Memorandum of Association
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/08/06 - A        Tata Tea Ltd                             Y85484114                                 None                   20,973
                    1        Accept Financial Statements and Statutory     For                                     Mgmt
                             Reports
                    2        Approve Dividend of INR 12 Per Share          For                                     Mgmt
                    3        Reappoint R.K.K. Kumar as Director            For                                     Mgmt
                    4        Reappoint Y.H. Malegam as Director            For                                     Mgmt
                    5        Reappoint D.B. Engineer as Director           For                                     Mgmt
                    6        Approve N.M. Raiji & Co. as Auditors and      For                                     Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Revision in the Remuneration of       For                                     Mgmt
                             P.T. Siganporia, Managing Director, and V.
                             Venkiteswaran and S. Talwar, Executive
                             Directors
                    8        Appoint A. Patel as Director                  For                                     Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A        Telecom Argentina SA (frml. Telecom      879273209                                 03/29/07               17,100
                    Argentina Stet-France)
                             Meeting for Holders of ADRs
                    1        APPOINT TWO SHAREHOLDERS TO APPROVE AND       For          For                        Mgmt
                             SIGN THE MINUTES.
                    2        REVIEW OF THE DOCUMENTS PROVIDED FOR IN LAW   For          For                        Mgmt
                             NO 19,550 AND THE LISTING REGULATIONS AND
                             OF THE ACCOUNTING DOCUMENTS IN ENGLISH
                             LANGUAGE REQUIRED BY THE U.S. SECURITIES &
                             EXCHANGE COMMISSION REGULATION FOR THE 18TH
                             FISCAL YEAR ENDED ON DECEMBER 31, 2006.
                    3        CONSIDERATION OF THE RETAINED EARNINGS AS     For          For                        Mgmt
                             OF DECEMBER 31, 2006.
                    4        REVIEW OF THE PERFORMANCE OF THE BOARD OF     For          For                        Mgmt
                             DIRECTORS AND THE SUPERVISORY COMMITTEE
                             ACTING DURING THE 18TH FISCAL YEAR.
                    5        REVIEW OF THE BOARD OF DIRECTOR S             For          For                        Mgmt
                             COMPENSATION FOR THE FISCAL YEAR ENDED ON
                             DECEMBER 31, 2006.
                    6        AUTHORIZATION OF THE BOARD OF DIRECTORS TO    For          For                        Mgmt
                             MAKE ADVANCE PAYMENTS OF FEES FOR UP TO
                             P$2,000,000 PAYABLE TO DIRECTORS.
                    7        DETERMINATION OF THE FEES PAYABLE TO THE      For          For                        Mgmt
                             SUPERVISORY COMMITTEE ACTING DURING THE
                             18TH FISCAL YEAR.
                    8        ELECTION OF THE REGULAR AND ALTERNATE         For          For                        Mgmt
                             DIRECTORS FOR THE 19TH FISCAL YEAR.
                    9        ELECTION OF THE REGULAR AND ALTERNATE         For          For                        Mgmt
                             MEMBERS OF THE SUPERVISORY COMMITTEE FOR
                             THE 19TH FISCAL YEAR.
                    10       Ratify Auditors                               For          For                        Mgmt
                    11       CONSIDERATION OF THE BUDGET TO BE ASSIGNED    For          For                        Mgmt
                             TO THE AUDIT COMMITTEE FOR FISCAL YEAR 2007.


03/29/07 - A        TELECOM EGYPT                            M87886103                                 None                  303,667
                    1        Approve Auditor's Report for Fiscal Year      For                                     Mgmt
                             Ended 12-31-06
                    2        Approve Directors' Report for Fiscal Year     For                                     Mgmt
                             Ended 12-31-06
                    3        Approve Financial Statements for Fiscal       For                                     Mgmt
                             Year Ended 12-31-06
                    4        Approve Dividends                             For                                     Mgmt
                    5        Approve Auditor and Fix Their Remuneration    For                                     Mgmt
                    6        Discharge Directors                           For                                     Mgmt
                    7        Elect Hassan Al-Sayed Abdullah to the Board   For                                     Mgmt
                    8        Approve Sale of 2 Percent of Middle East      For                                     Mgmt
                             Radio Communications Company to TE Data
                    9        Approve Sale of Assets Allocated to Egypt     For                                     Mgmt
                             Net to TE Data
                    10       Authorize Extension of the Term for Ali       For                                     Mgmt
                             Gamal El Din Ahmed Abdelaziz Salama as
                             Vice-President of Financial Affairs for a
                             Period of Six Months
                    11       Authorize Extension of the Term for Dawlat    For                                     Mgmt
                             Abdel Hamid El Badawy as Vice-President of
                             Projects Planning for a Period of One Year
                    12       Approve Donations Allocated During Fiscal     For                                     Mgmt
                             2006 and Authorize Board to Grant Donations
                             During Fiscal 2007
                    13       Approve Addition of Land Not Listed in        For                                     Mgmt
                             General Assessment of Assets of 1998
                    14       Approve Directors' Remuneration for 2007      For                                     Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/29/07 - S        TELECOM EGYPT                            M87886103                                 None                  303,667
                    1        Approve Amendments to Articles 18, 19, 21,    For                                     Mgmt
                             24-27, 32, 48 and 60 of the Statutes of the
                             Company
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/20/06 - A        Telkom SA                                S84197102                                 None                   14,646
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended March 31, 2006
                    2        Approve Simultaneous Reappointment of         For          Against                    Mgmt
                             Retiring Directors
                    2        Elect Directors                               For          Split                      Mgmt
                    2.1      Reelect L. Zim --- Against
                                The  proposed  director  nominee  (L.  Zim)  who is up for
                                reelection  under this  resolution  has attended less than
                                75 percent of board  meetings for the year without a valid
                                reason for the absences.  ISS believes that the purpose of
                                board  membership  is  to  represent  outside  shareholder
                                interests  and to monitor the  activities  of  management.
                                Directors  cannot satisfy their  fiduciary  responsibility
                                to  shareholders  if  they  do  not  attend  meetings.  We
                                therefore   recommend   that   shareholders   oppose  this
                                director nominee.
                    2.2      Reelect T. Mosololi --- For
                    3        Ratify Ernst & Young as Auditors              For          For                        Mgmt
                    4        Authorize Repurchase of Up to 20 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    5        Amend Articles of Association                 For          Against                    Mgmt
                                Based  on the  fact  that  the  company  is  removing  the
                                provision   regarding   fixed  number  of  directors   and
                                replacing  it with a  range,  given  that  the  new  Human
                                Resources Review and  Remuneration  Committee (which would
                                make  recommendations  on the remuneration for executives)
                                would  include  executives,  and  since  this is a bundled
                                resolution,   we   recommend   shareholders   oppose   the
                                amendments  to  the  articles   because   these   negative
                                provisions outweigh the neutral, editorial ones.


10/05/06 - S        Teva Pharmaceutical Industries Ltd.      881624209                                 08/29/06               23,414
                             Meeting for Holders of ADRs
                    1        TO APPROVE THE REMUNERATION OF MR. ELI        For          For                        Mgmt
                             HURVITZ IN HIS CAPACITY AS CHAIRMAN OF THE
                             BOARD OF TEVA, IN AN AMOUNT OF THE NIS
                             EQUIVALENT OF $300,000 PER ANNUM PLUS VAT,
                             TO BE ADJUSTED BY THE INCREASE OF THE
                             ISRAELI CONSUMER PRICE INDEX, TOGETHER WITH
                             AN OFFIC
                    2        TO APPROVE THE REMUNERATION OF DR. PHILLIP    For          For                        Mgmt
                             FROST IN HIS CAPACITY AS VICE CHAIRMAN OF
                             THE BOARD OF TEVA AND CHAIRMAN OF THE BOARD
                             S SCIENCE AND TECHNOLOGY COMMITTEE, IN AN
                             AMOUNT OF THE NIS EQUIVALENT OF $275,000
                             PER ANNUM PLUS VAT, TO BE ADJUSTED BY THE


12/27/06 - A        Thai Airways International PCL           Y8615C114                                 12/07/06              232,600
                    1        Chairman's Address                            For          For                        Mgmt
                    2        Approve Minutes of Previous AGM               For          For                        Mgmt
                    3        Acknowledge 2006 Operating Results            For          For                        Mgmt
                    4        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports
                    5        Approve Payment of Dividend of Baht 1.65      For          For                        Mgmt
                             Per Share
                    6        Approve Remuneration, Monthly Allowance,      For          For                        Mgmt
                             and Annual Bonus of Directors
                    7        Approve Office of the Auditor General as      For          For                        Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    8        Amend Article 40 of the Articles of           For          For                        Mgmt
                             Association Re: Accounting Period
                    9        Elect Apinan Sumanaseni, Chaisawasd           For          For                        Mgmt
                             Kittipornpaiboon, Pichai Chunhavajira,
                             Wisudhi Srisuphan, Wichit Na - Ranong, and
                             Pornthip Jala as Directors
                    10       Other Business                                For          Against                    Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


04/10/07 - A        THAI OIL PUBLIC CO LTD                   Y8620B119                                 03/21/07              245,594
                    1        Approve Minutes of Previous AGM               For          For                        Mgmt
                    2        Accept 2006 Operating Results and Financial   For          For                        Mgmt
                             Statements
                    3        Approve Allocation of Income and Payment of   For          For                        Mgmt
                             Dividend
                    4        Elect Directors                               For          For                        Mgmt
                    5        Approve Remuneration of Directors             For          For                        Mgmt
                    6        Approve KPMG Phoomchai Audit Ltd. as          For          For                        Mgmt
                             Auditors and Fix Their Remuneration
                    7        Authorize Issuance of Debentures not          For          For                        Mgmt
                             exceeding $500 Million or its Equivalent in
                             Other Currency
                    8        Other Business                                For          Against                    Mgmt
                                In view of this, a vote  against this item is  recommended
                                until details on the issues have been provided.


02/14/07 - A        Tiger Brands Ltd. (Formerly Tiger Oats   S84594142                                 None                   20,989
                    Ltd.)
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Year Ended 9-30-06
                    2        Reelect AC Nissen as Director                 For          For                        Mgmt
                    3        Reelect BL Sibiya as Director                 For          For                        Mgmt
                    4        Reelect LC van Vught as Director              For          For                        Mgmt
                    5        Reelect RM W Dunne as Director                For          For                        Mgmt
                    6        Reelect NP Doyle as Director                  For          For                        Mgmt
                    7        Approve Remuneration of Non-Executive         For          For                        Mgmt
                             Directors, Including the Chairman and
                             Seputy Chairman
                    8        Approve Remuneration of Non-Executive         For          For                        Mgmt
                             Directors Members of the Different Board
                             Committees
                    9        Approve Payment of Fees to Non-Executive      For          For                        Mgmt
                             Directors for Unscheduled Meetings and/or
                             Other Projects
                    10       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital by Company and/or
                             Subsidiary


06/27/07 - A        TMK OAO                                  87260R102                                 05/21/07               12,980
                             Meeting for GDR Holders
                    1        Approve Annual Report and Financial           For          For                        Mgmt
                             Statements
                    2        Approve Allocation of Income and Dividends    For          For                        Mgmt
                             of RUB 4.30 Per Ordinary Share
                             Elect Ten Directors by Cumulative Voting
                    3        Elect Directors                               None         Split                      Mgmt
                    3.1      Elect Petr Golitsyn as Director --- For
                                ISS Analysis        We  note that the company's definition
                                of  independence  is not as  detailed  as ours and that we
                                are  therefore  unable to classify  Eskindarov,  Golitsyn,
                                Marous,  and Townsend as  independent  directors  based on
                                our classification  guidelines.  We note also that all ten
                                candidates will be elected to the board. However,  because
                                the  four  candidates  can be  classified  as  independent
                                based on TMK's  definition of director  independence,  and
                                because we believe  that  independent  directors  are most
                                capable  of  making  impartial   decisions,   taking  into
                                consideration  first and  foremost the rights and value of
                                the   company's    shareholders,    we   recommend    that
                                shareholders  vote in favor of Golitsyn (item 3.1), Marous
                                (item 3.4),  Townsend  (item 3.7),  and  Eskindarov  (item
                                3.10),  and  withhold  their votes for the  remaining  six
                                nominees.  We believe that these four  candidates are most
                                likely  to bring  independence  to the board and will most
                                likely act in all shareholders' interest.
                    3.2      Elect Andrey Kaplunov as Director ---
                             Withhold
                    3.3      Elect Adrian Cobb as Director --- Withhold
                    3.4      Elect Josef Marous as Director --- For
                    3.5      Elect Sergey Papin as Director --- Withhold
                    3.6      Elect Dmitry Pumpyansky as Director ---
                             Withhold
                    3.7      Elect Geoffrey Townsend as Director --- For
                    3.8      Elect Igor Khmelevsky as Director ---
                             Withhold
                    3.9      Elect Alexander Shiryaev as Director ---
                             Withhold
                    3.10     Elect Mukhadin Eskindarov as Director ---
                             For
                             Elect Members of Audit Commission
                    4.1      Elect Alexander Borobiev as Member of Audit   For          For                        Mgmt
                             Commission
                    4.2      Elect Alexander Maximenko as Member of        For          For                        Mgmt
                             Audit Commission
                    4.3      Elect Anna Novokshonova as Member of Audit    For          For                        Mgmt
                             Commission
                    5        Ratify Auditor                                For          For                        Mgmt


04/30/07 - A        Tupras Turkiye Petrol Rafinerileri       M8966X108                                 None                   39,930
                    A.S.
                    1        Elect Presiding Council of Meeting            For                                     Mgmt
                    2        Accept Financial Statements for 2006 and      For                                     Mgmt
                             Receive Board of Directors, Auditors and
                             Independent Auditors Reports
                    3        Approve Discharge of Directors and Auditors   For                                     Mgmt
                    4        Approve Allocation of Income, and Determine   For                                     Mgmt
                             Date of Distribution
                    5        Receive Information on Profit Distribution    None                                    Mgmt
                             Policy for 2007 and Following Years
                    6        Fix Number of and Elect Directors, and        For                                     Mgmt
                             Determine Their Terms of Office
                    7        Fix Number of and Elect Auditors, and         For                                     Mgmt
                             Determine Their Terms of Office
                    8        Approve Monthly Gross Remuneration of         For                                     Mgmt
                             Chairman, Directors and Auditors
                    9        Receive Information on Donations Made in      None                                    Mgmt
                             2006
                    10       Approve Independent Audit Company Selected    For                                     Mgmt
                             by the Board
                    11       Approve Decision on Proceeding with Law       For                                     Mgmt
                             Suit Against Former CEO of Tupras
                    12       Approve Decision on Amended Articles of       For                                     Mgmt
                             Assocation
                    13       Grant Permission for Board Members to         For                                     Mgmt
                             Engage in Commercial Transactions with
                             Company and Be Involved with Companies with
                             Similar Corporate Purpose
                    14       Authorize Presiding Council to Sign Minutes   For                                     Mgmt
                             of Meeting
                    15       Wishes                                        None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/24/07 - A        Turk Hava Yollari                        M8926R100                                 None                  112,735
                    1        Elect Presiding Council of Meeting            For                                     Mgmt
                    2        Authorize Presiding Council to Sign Minutes   For                                     Mgmt
                             of Meeting
                    3        Receive Directors and Auditors Reports for    None                                    Mgmt
                             2006
                    4        Accept Financial Statements for 2006          For                                     Mgmt
                    5        Approve Discharge of Directors and Auditors   For                                     Mgmt
                    6        Approve Allocation of Income                  For                                     Mgmt
                    7        Approve Independent Audit Company Selected    For                                     Mgmt
                             by the Board
                    8        Receive Information on Profit Distribution    None                                    Mgmt
                             Policy for 2007 and Following Years
                    9        Receive Information on Donations              None                                    Mgmt
                    10       Accept IFRS Accounting Standards as of        For                                     Mgmt
                             January 1, 2007
                    11       Elect Board of Directors                      For                                     Mgmt
                    12       Elect Internal Auditors                       For                                     Mgmt
                    13       Approve Remuneration of Directors and         For                                     Mgmt
                             Auditors
                    14       Wishes                                        None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/26/06 - S        TVN S.A.                                 X9283W102                                 09/19/06               11,515
                    1        Open Meeting                                  None                                    Mgmt
                    2        Elect Meeting Chairman                        For                                     Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                                     Mgmt
                    4        Approve Agenda of Meeting                     For                                     Mgmt
                    5        Elect Members of Vote Counting Commission     For                                     Mgmt
                    6        Amend Statute Re: Corporate Purpose           For                                     Mgmt
                    7        Authorize Management Board to Sign            For                                     Mgmt
                             Agreement with National Depository for
                             Securities Regarding Dematerialization and
                             Registration of Series D Shares and Their
                             Listing on Warsaw Stock Exchange
                    8        Approve Conditional Increase in Share         For                                     Mgmt
                             Capital in Connection with Incentive Plan
                             Proposed under Items 10 and 11
                    9        Disapply Preemptive Rights in Connection      For                                     Mgmt
                             with Conditional Increase in Share Capital
                             Proposed under Item 8
                    10       Approve Issuance of Warrants                  For                                     Mgmt
                    11       Approve Terms of Incentive Plan (Issuance     For                                     Mgmt
                             of Warrants)
                    12       Approve Unified Text of Statute               For                                     Mgmt
                    13       Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/29/06 - S        TVN S.A.                                 X9283W102                                 11/22/06                2,516
                    1        Open Meeting                                  None                                    Mgmt
                    2        Elect Meeting Chairman                        For                                     Mgmt
                    3        Acknowledge Proper Convening of Meeting       For                                     Mgmt
                    4        Approve Agenda of Meeting                     For                                     Mgmt
                    5        Elect Members of Vote Counting Commission     For                                     Mgmt
                    6        Approve Merger with TVN-24 Sp. z o.o.         For                                     Mgmt
                    7        Approve 5:1 (Five Shares for One Share        For                                     Mgmt
                             Currently Held) Stock Split; Amend Statute
                             Accordingly
                    8        Authorize Management Board to Apply for       For                                     Mgmt
                             Listing of New Shares and to Enter into
                             Agreement with National Depository of
                             Securities Regarding Registration of New
                             Shares (in Connection with Increase in
                             Share Capital Proposed under Item 7)
                    9        Amend June 8, 2006, AGM Resolution Re:        For                                     Mgmt
                             Conditional Increase in Share Capital in
                             Connection with Introduction of Incentive
                             Plan
                    10       Amend June 8, 2006, AGM Resolution Re:        For                                     Mgmt
                             Revoke Shareholders' Preemptive Rights to
                             Subscribe to Series C1, C2, and C3 Shares
                             in Connection with Introduction of
                             Incentive Plan
                    11       Amend June 8, 2006, AGM Resolution Re:        For                                     Mgmt
                             Issuance of Warrants
                    12       Amend June 8, 2006, AGM Resolution Re:        For                                     Mgmt
                             Terms of Incentive Plan
                    13       Amend Sept. 26, 2006, EGM Resolution Re:      For                                     Mgmt
                             Conditional Increase in Share Capital in
                             Connection with Introduction of Incentive
                             Plan
                    14       Amend Sept. 26, 2006, EGM Resolution Re:      For                                     Mgmt
                             Revoke Shareholders' Preemptive Rights to
                             Subscribe to Series E1, E2, E3, and E4
                             Shares in Connection with Introduction of
                             Incentive Plan
                    15       Amend Sept. 26, 2006, EGM Resolution Re:      For                                     Mgmt
                             Issuance of Warrants
                    16       Amend Sept. 26, 2006, EGM Resolution Re:      For                                     Mgmt
                             Introduction of Incentive Plan
                    17       Incorporate Any Approved Amendments into      For                                     Mgmt
                             Text of Statute and Approve Unified Text of
                             Statute
                    18       Close Meeting                                 None                                    Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/05/07 - A        U-Ming Marine Transport Corp.            Y9046H102                                 04/06/07              645,000
                    1        Accept 2006 Financial Statements              For          For                        Mgmt
                    2        Approve 2006 Profit Distribution Plan         For          For                        Mgmt
                                The board is  proposing  a cash  dividend of NTD 5 ($0.15)
                                per  share for the year  2006.  This  gives the  company a
                                payout  ratio  of 89.6  percent.  We use a  minimum  of 30
                                percent  and a maximum  of 100  percent as  benchmarks  to
                                trigger  further  analysis.          The  resolution  also
                                includes  the  allocation  of  NTD  43.78  million  ($1.34
                                million) to be reserved  for employee  profit  sharing and
                                the  same  amount  as   remuneration   for  directors  and
                                supervisors.  These rates were similar to the amount given
                                out  in  2005.        The   dividend  payout  proposed  is
                                reasonable  and easily  coverable by the company.  ISS has
                                no objections to this proposal.
                    3        Amend Procedures Governing the Acquisition    For          For                        Mgmt
                             or Disposal of Assets
                                The  proposal  seeks to revise  the  company's  procedures
                                governing  the   acquisition  or  disposal  of  assets  in
                                accordance with the newly revised  Guidelines for Handling
                                Acquisition  and  Disposal  of Assets by Public  Companies
                                issued by the Financial Supervisory Commission,  Executive
                                Yuan  (FSC)  on Jan.  19,  2007.  Major  revisions  are as
                                follows:  to include  the fund  underlying  securities  as
                                part of the  assets  to be  handled  by the  company,  and
                                change the term "long- and  short-term  investments"  into
                                "other  investments";  to add that if  special  prices are
                                required  to be used  as  reference  for  the  transaction
                                price,  there is no need to obtain an appraisal report and
                                an  accountant  opinion  regarding  the  transaction;   to
                                specify  that  the  request  for an  accountant's  opinion
                                shall not apply for  acquisition or disposal of securities
                                which  have  a  publicly  offered  price  from  an  active
                                market,  or for other  provisions  that are  determined by
                                the FSC; to add a sentence  indicating that the opinion of
                                an independent  director shall be fully  considered in any
                                discussion  related to the acquisition of real estate from
                                related  parties,  and that the  opinion  must be added to
                                the minutes of the board  meeting;  and to add a paragraph
                                requiring   the   company  to  prepare  a  record  of  all
                                pertinent  information  when the  transaction  involves  a
                                merger,  spin-off or  acquisition  of companies  listed or
                                sold  on  a  securities   exchange.   The  information  is
                                required      to      be      preserved      for      five
                                years.                The  amendments  are made to  comply
                                with the prevailing relevant regulations.  Given that this
                                will improve the company's  existing  rules and procedures
                                governing  the  acquisition  or  disposal  of assets,  ISS
                                recommends shareholders to support this resolution.
                    4        Elect Directors and Supervisors               For          For                        Mgmt
                    5        Approve Release of Restrictions of            For          For                        Mgmt
                             Competitive Activities of Directors
                                This  request  will allow the  directors of the company to
                                serve on the  boards of other  companies.  This is an item
                                that  is  routinely   proposed  at  Taiwanese   AGMs.   We
                                recommend that shareholders support this request.
                    6        Other Business                                None         None                       Mgmt
                                This is a non-voting item.


06/26/07 - A        Unified Energy Systems RAO               904688108                                 05/11/07               11,800
                             Meeting for GDR Holders
                    1        Approve Annual Report, Financial              For          For                        Mgmt
                             Statements, and Allocation of Income
                    2        Approve Omission of Dividends                 For          For                        Mgmt
                    3        Ratify CJSC PricewaterhouseCoopers Audit as   For          For                        Mgmt
                             Auditor
                             Elect 15 Directors by Cumulative Voting
                    4        Elect Directors                               Split        Split                      Mgmt
                    4.1      Elect Andrey Akimov as Director --- Against
                                ISS  Analysis  As  Seppo  Remes  can  be   classified   as
                                independent based on ISS' director independence  criteria,
                                which has been  confirmed by the  company,  and because we
                                believe  that  independent  directors  are most capable of
                                making  impartial  decisions,  taking  into  consideration
                                first and foremost  the rights and value of the  company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of Remes  (item 4.12) and  withhold  their votes for
                                the remaining 17 nominees.  We believe that this candidate
                                is most  likely  to bring  independence  to the  board and
                                will most likely act in all shareholders' interest.
                    4.2      Elect Kirill Androsov as Director ---
                             Against
                    4.3      Elect Grigory Berezkin as Director ---
                             Against
                    4.4      Elect Andrey Bugrov as Director --- Against
                    4.5      Elect Alexander Voloshin as Director ---
                             Against
                    4.6      Elect German Gref as Director --- Against
                    4.7      Elect Andrey Dementyev as Director ---
                             Against
                    4.8      Elect Gleb Nikitin as Director --- Against
                    4.9      Elect Sergey Oganesyan as Director ---
                             Against
                    4.10     Elect Olga Pushkareva as Director ---
                             Against
                    4.11     Elect Vladimir Rashevsky as Director ---
                             Against
                    4.12     Elect Seppo Remes as Director --- For
                    4.13     Elect Kirill Seleznev as Director ---
                             Against
                    4.14     Elect Yakov Urinson as Director --- Against
                    4.15     Elect Victor Khristenko as Director ---
                             Against
                    4.16     Elect Anatoly Chubais as Director ---
                             Against
                    4.17     Elect Andrey Sharonov as Director ---
                             Against
                    4.18     Elect Ilya Yuzhanov as Director --- Against
                             Elect Five Members of Audit Commission
                    5.1      Elect Marina Ganeyeva as Member of Audit      For          For                        Mgmt
                             Commission
                    5.2      Elect Andrey Kobzev as Member of Audit        For          For                        Mgmt
                             Commission
                    5.3      Elect Mikhail Kurbatov as Member of Audit     For          For                        Mgmt
                             Commission
                    5.4      Elect Victoria Oseledko as Member of Audit    For          For                        Mgmt
                             Commission
                    5.5      Elect Alexander Rutenberg as Member of        For          For                        Mgmt
                             Audit Commission
                    6        Approve Related-Party Transaction Re:         For          For                        Mgmt
                             Acquisition of 86.9 Billion Shares in JSC
                             FGC UES


04/10/07 - A        Usinas Siderurgicas De Minas Gerais      P9632E117                                 None                   14,000
                    S.A.
                             Preference Shareholders are Entitled to
                             Vote on Item 5 of the Agenda
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for Fiscal Year Ended 12-31-06
                    2        Approve Allocation of Income and Dividends;   For          For                        Mgmt
                             Ratify Distribution of Interest on Capital
                    3        Approve Annual Remuneration of Directors      For          For                        Mgmt
                    4        Elect Two Principal and One Alternate         For          For                        Mgmt
                             Members of the Board until 2008
                    5        Elect Supervisory Board Members and           For          For                        Mgmt
                             Alternates


12/05/06 - S        Wimm-Bill-Dann Foods OJSC                97263M109                                 10/24/06                4,733
                             Meeting for ADR Holders
                    1        1. TO ANNOUNCE DIVIDENDS PAYMENT UPON 9M      For          For                        Mgmt
                             Y2006 FINANCIAL RESULTS ON ALLOCATED COMMON
                             NOMINAL SHARES OF WBD FOODS OJSC, IN THE
                             DIVIDEND AMOUNT OF 7 (SEVEN) RUBLES 86
                             KOPECKS PER 1 COMMON NOMINAL SHARE. 2. TO
                             SET THE FOLLOWING TERMS AND
                    2        TO REVISE THE AMOUNT OF REMUNERATION PAID     For          For                        Mgmt
                             TO WBD FOODS OJSC BOARD OF DIRECTORS
                             MEMBERS (EXCEPT FOR THE CHAIRMAN OF THE
                             BOARD OF DIRECTORS), APPROVED BY THE
                             GENERAL SHAREHOLDERS MEETING (MINUTES AS OF
                             29.06.2004 No. 22-06), ALL AS MORE FULLY


06/27/07 - A        Wimm-Bill-Dann Foods OJSC                97263M109                                 05/15/07                2,514
                             Meeting for Holders of ADRs
                    1        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                        Mgmt
                             COUNTING COMMISSION: LIMONOVA, OLGA
                             MIKHAILOVNA
                    2        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                        Mgmt
                             COUNTING COMMISSION: MUKHIN, MIKHAIL
                             MIKHAILOVICH
                    3        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                        Mgmt
                             COUNTING COMMISSION: NOVGORODOVA, MARINA
                             ALEXANDROVNA
                    4        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                        Mgmt
                             COUNTING COMMISSION: SONTSEVA, EVGENIYA
                             SOLOMONOVNA
                    5        ELECTION OF MEMBER OF WBD FOODS OJSC          For          For                        Mgmt
                             COUNTING COMMISSION: TYUSINA, IRINA
                             ANATOLIEVNA
                    6        APPROVAL OF WBD FOODS OJSC ANNUAL REPORT.     For          For                        Mgmt
                             BE IT RESOLVED THAT WBD FOODS OJSC ANNUAL
                             REPORT PREPARED ON THE BASIS OF ACCOUNTING
                             DATA ACCORDING TO RUSSIAN STANDARDS FOR
                             2006, BE APPROVED.
                    7        APPROVAL OF THE ANNUAL FINANCIAL              For          For                        Mgmt
                             STATEMENTS, INCLUDING THE INCOME STATEMENT
                             (PROFIT AND LOSS ACCOUNTS) OF WBD FOODS
                             OJSC. BE IT RESOLVED THAT THE ANNUAL
                             FINANCIAL STATEMENTS FOR (Y2006), INCLUDING
                             THE INCOME STATEMENT (PROFIT AND LOSS
                             ACCOUNTS) OF WBD FO
                    8        DISTRIBUTION OF THE PROFIT (INCLUDING         For          For                        Mgmt
                             PAYMENT/DECLARATION OF DIVIDENDS) AND
                             LOSSES OF WBD FOODS OJSC. THE PART OF NET
                             PROFIT REFLECTED IN Y2006 FINANCIAL
                             STATEMENTS IN ACCORDANCE WITH RUSSIAN
                             STANDARDS, IN THE AMOUNT OF 10 852 382 RUR
                             65 KOP. BE TRANSFER
                    9        DISTRIBUTION OF THE PROFIT (INCLUDING         For          For                        Mgmt
                             PAYMENT/DECLARATION OF DIVIDENDS) AND
                             LOSSES OF WBD FOODS OJSC. UPON Y2006
                             FINANCIAL YEAR RESULTS DIVIDENDS PAYMENT ON
                             WBD FOODS ORDINARY NOMINAL SHARES BE
                             ANNOUNCED, IN THE DIVIDEND AMOUNT OF 3
                             (THREE) RUBLES 18 KOP
                    10       DISTRIBUTION OF THE PROFIT (INCLUDING         For          For                        Mgmt
                             PAYMENT/DECLARATION OF DIVIDENDS) AND
                             LOSSES OF WBD FOODS OJSC. THAT THE
                             FOLLOWING TERMS AND CONDITIONS OF DIVIDENDS
                             PAYMENT (ANNOUNCEMENT) BE SET: 4.3.1.
                             METHOD OF DIVIDENDS PAYMENT CASH; 4.3.2.
                             TERM OF DIVIDEND PAY
                    11       APPROVAL OF ERNST & YOUNG LLC AS WBD FOODS    For          For                        Mgmt
                             OJSC AUDITOR FOR 2007.
                    12       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: BRANIS, ALEXANDER
                             MARKOVICH
                                ISS Analysis        We  note that the company's definition
                                of  independence  is not as  detailed  as ours and that we
                                are  therefore  unable to classify de  Selliers,  O'Neill,
                                Sherbak,  Yasin, and Tipton as independent directors based
                                on our  classification  guidelines.  However,  because the
                                five candidates can be classified as independent  based on
                                the  definition  followed  by WBD,  and because we believe
                                that  independent  directors  are most  capable  of making
                                impartial  decisions,  taking into consideration first and
                                foremost   the   rights   and   value  of  the   company's
                                shareholders,  we  recommend  that  shareholders  vote  in
                                favor of de Selliers,  O'Neill, Sherbak, Yasin, and Tipton
                                and abstain their votes for the remaining 15 nominees.  We
                                believe  that these  five  candidates  are most  likely to
                                bring  independence  to the board and will most likely act
                                in all shareholders' interest.
                    13       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: MAZALOV, IVAN
                             NIKOLAEVICH
                    14       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: FIL KIN ROMAN ALEXEEVICH
                    15       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: STATSENKO, SERGEY
                             OLEGOVICH
                    16       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: IVASHKOVSKY, SERGEY
                             STANISLAVOVICH
                    17       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                        Mgmt
                             BOARD OF DIRECTORS: DE SELLIERS, GUY
                    18       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: DUBININ, MIKHAIL
                             VLADIMIROVICH
                    19       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                        Mgmt
                             BOARD OF DIRECTORS: O NEILL, MICHAEL
                    20       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: ORLOV, ALEXANDER
                             SERGEEVICH
                    21       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: PLASTININ, SERGEI
                             ARKADIEVICH
                    22       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: TUTELYAN, VIKTOR
                             ALEKSANDROVICH
                    23       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                        Mgmt
                             BOARD OF DIRECTORS: SHERBAK, VLADIMIR
                             NIKOLAEVICH
                    24       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: YUSHVAEV, GAVRIL
                             ABRAMOVICH
                    25       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: LAKOBACHVILI, DAVID
                    26       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                        Mgmt
                             BOARD OF DIRECTORS: YASIN, EVGENY
                             GRIGORIEVICH
                    27       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         For                        Mgmt
                             BOARD OF DIRECTORS: TIPTON, E. LINWOOD (TIP)
                    28       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: KOSTIKOV, IGOR
                             VLADIMIROVICH
                    29       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: NOTKIN, BORIS ISAEVICH
                    30       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: SKOPINOV, VICTOR
                             GRIGORIEVICH
                    31       ELECTION OF THE MEMBER OF WBD FOODS OJSC      None         Abstain                    Mgmt
                             BOARD OF DIRECTORS: VINCENT, JACQUES
                    32       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION LESHKINA, IRINA
                             NIKOLAEVNA
                    33       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION: LVANOVA, OLGA SERGEEVNA
                    34       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION: KOLESNKOVA, NATALYA
                             NILKOLAEVNA
                    35       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION: DZHEMELINSKAYA,
                             VICTORIA VALERIEVNA
                    36       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION: DAVIDIUK, ALEXANDER
                             ANATOLIEVICH
                    37       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION: NAZAROVA, TATIANA
                             ANATOLIEVNA
                    38       ELECTION OF THE MEMBER OF WBD FOODS OJSC      For          For                        Mgmt
                             AUDITING COMMISSION: GAVRILENKO, LASYA
                             MIKHAILOVNA


06/12/07 - S        Woolworths Holdings Limited              S98758121                                 None                  216,762
                             Special Meeting Agenda
                    1        Approve Reorganization of Company             For          Against                    Mgmt
                             Authorized Share Capital to Create
                             Convertible, Redeemable, Non-Cumulative
                             Participating Preference Shares
                                Because the  incorporation of this BEE deal would increase
                                the dilution  associated  with share schemes to well above
                                10 percent,  which we  consider  excessive,  we  recommend
                                that shareholders oppose these items.
                    2        Approve Amendment to the Articles of          For          Against                    Mgmt
                             Association of the Company, to Create the
                             Convertible, Redeemable, Non-Cumulative
                             Participating Preference Shares
                             Ordinary Business
                    1        Approve of the Woolworths Employee Share      For          Against                    Mgmt
                             Ownership Trust Deed
                    2        Place Authorized But Unissued Shares under    For          Against                    Mgmt
                             Control of Directors
                    3        Authorize Board to Ratify and Execute         For          Against                    Mgmt
                             Approved Resolutions
                                Based on our  opposition to the BEE  transaction,  we also
                                recommend a vote against this item.


03/30/07 - A        Woori Finance Holdings Co.               Y9695X119                                 12/31/06               44,360
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 600 Per Share
                    2        Elect Director                                For          For                        Mgmt
                    3        Elect Six Members of Audit Committee          For          Against                    Mgmt
                                In this  case,  Choi  M.S.  is not  independent  under our
                                classification.  As a result,  given  that the  company is
                                proposing  all  nominees  as  a  single  voting  item,  we
                                recommend a vote against the entire slate.
                    4        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors


03/09/07 - A        Youngone Corp.                           Y98573101                                 12/31/06              157,920
                    1        Approve Appropriation of Income and           For          For                        Mgmt
                             Dividend of KRW 100 Per Share
                                Proposed dividend is KRW 100 per share,  which corresponds
                                to a payout  ratio of 12  percent,  slightly  down from 17
                                percent the  previous  year.  The payout ratio is low even
                                by Korean  standards.  Given that the company's net income
                                increased  45  percent  year  over  year,  we  call on the
                                company  to  improve  its  payout  ratio as its  financial
                                performance  improves.  However,  we do  not  oppose  this
                                income allocation and dividend proposal at this time.
                    2        Elect Directors                               For          For                        Mgmt
                                This  item  asks  shareholders  to  elect  four  executive
                                directors to the board.  The executive  director  nominees
                                are Sung Ki-hak,  the chairman and largest  shareholder of
                                the  company;  Moon  Hong-woo,  a  senior  executive  vice
                                president;  Chae Gyu-tae,  an executive  vice president of
                                the  company;  and  Sung  Rae-eun,  a team  leader  of the
                                company.  Sung is a son of the largest  shareholder.  Sung
                                K.H and Moon are incumbent  directors  while Chae and Sung
                                R.E are new nominees.  Upon shareholder approval,  all the
                                nominees  will  serve  on the  board  for the  next  three
                                years.   None  of  the   nominees   has   engaged  in  any
                                disclosable  transaction  with the company within the last
                                three years.  The number of directors is  increasing  from
                                nine  to  eleven,  due to an  increase  in the  number  of
                                executive directors from six to eight.
                    3        Approve Remuneration of Executive Directors   For          For                        Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 3 billion,  unchanged from
                                the previous year.  Although last year's actual payout was
                                not  disclosed,  a total of KRW 170.1 million was paid for
                                three  independent  non-executive  directors.  We  see  no
                                reason to oppose this resolution.
                    4        Approve Limit on Remuneration of Auditor      For          For                        Mgmt
                                The  ceiling  for one  auditor  for  2007  will be KRW 160
                                million,  up from KRW 120  million  in 2006.  Last  year's
                                actual payout was not disclosed.


12/07/06 - A        Ytl Corporation Berhad                   Y98610101                                 None                  280,600
                    1        Accept Financial Statements and Statutory     For          For                        Mgmt
                             Reports for the Financial Year Ended June
                             30, 2006
                    2        Approve First and Final Dividend of 15        For          Against                    Mgmt
                             Percent Gross Less Malaysian Income Tax for
                             the Financial Year Ended June 30, 2006
                                In this case,  the company  was found to have  reserves of
                                approximately  MYR  6.1  billion  ($1.7  billion)  for the
                                latest financial  year-end,  yet has failed to comply with
                                the  minimum  standard  of 30  percent  for the past  five
                                years.  Given that no adequate  justification was provided
                                for  the   retention  of  capital,   we   recommend   that
                                shareholders oppose this dividend request.
                    3        Elect Francis Yeoh Sock Ping as Director      For          Against                    Mgmt
                                Again,  we do not support the  reelection  of Francis Yeoh
                                Sock Ping,  Michael  Yeoh Sock Siong,  Yeoh Soo Keng,  and
                                Yeoh Tiong Lay,  executive  directors,  as their  presence
                                may  compromise  the  independent  objectives of the Audit
                                and  Remuneration  Committees.  Shareholders  should  note
                                that we also recommend  voting  against  Francis Yeoh Sock
                                Ping due to his poor attendance.
                    4        Elect Michael Yeoh Sock Siong as Director     For          Against                    Mgmt
                    5        Elect Yeoh Soo Keng as Director               For          Against                    Mgmt
                    6        Elect Yeoh Tiong Lay as Director              For          Against                    Mgmt
                    7        Elect Yahya Bin Ismail as Director            For          For                        Mgmt
                    8        Elect Haron Bin Mohd Taib as Director         For          For                        Mgmt
                    9        Elect Eu Peng Meng @ Leslie Eu as Director    For          For                        Mgmt
                    10       Approve Remuneration of Directors in the      For          For                        Mgmt
                             Amount of MYR 280,000 for the Financial
                             Year Ended June 30, 2006
                    11       Approve Auditors and Authorize Board to Fix   For          For                        Mgmt
                             Their Remuneration
                    12       Approve Issuance of Equity or Equity-Linked   For          For                        Mgmt
                             Securities without Preemptive Rights in Any
                             Amount Up to 10 Percent of Issued Share
                             Capital
                    13       Authorize Repurchase of Up to 10 Percent of   For          For                        Mgmt
                             Issued Share Capital
                    14       Approve Implementation of Shareholders'       For          For                        Mgmt
                             Mandate for Recurrent Related Party
                             Transactions


08/18/06 - S        Zijin Mining Group Co Ltd (formerly      Y9892H107                                 07/20/06              536,000
                    FUJIAN ZIJIN MINING INDU
                    1        Amend Articles of Association                 For          For                        Mgmt
                    2a       Elect Chen Jinghe as Director                 For          For                        Mgmt
                    2b       Elect Liu Xiaochu as Director                 For          For                        Mgmt
                    2c       Elect Luo Yingnan as Director                 For          For                        Mgmt
                    2d       Elect Lan Fusheng as Director                 For          For                        Mgmt
                    2e       Elect Huang Xiaodong as Director              For          For                        Mgmt
                    2f       Elect Zou Laichang as Director                For          For                        Mgmt
                    2g       Elect Ke Xiping as Director                   For          For                        Mgmt
                    2h       Elect Su Congfu as Director                   For          For                        Mgmt
                    2i       Elect Chen Yichuan as Director                For          For                        Mgmt
                    2j       Elect Lin Yongjing as Director                For          For                        Mgmt
                    2k       Elect Loong Ping Kwan as Director             For          For                        Mgmt
                    3a1      Elect Zheng Jingxing as Supervisor            For          For                        Mgmt
                             Representing Shareholders
                    3a2      Elect Xu Qiang as Supervisor Representing     For          For                        Mgmt
                             Shareholders
                    3a3      Elect Lin Jingtian as Supervisor              For          For                        Mgmt
                             Representing Shareholders
                    3b       Elect Lan Liying as Supervisor Representing   For          For                        Mgmt
                             the Staff and Workers
                    3c       Elect Zhang Yumin as Supervisor               For          For                        Mgmt
                             Representing the Staff and Workers
                    4        Authorize Board to Enter into Service         For          For                        Mgmt
                             Contract and/or Appointment Letter With
                             Each of the Newly Elected Directors and
                             Supervisors, Respectively
                    5        Authorize Board to Fix the Remuneration of    For          For                        Mgmt
                             Directors and Supervisors




Fund:  Principal Variable Contracts Fund, Inc. - International SmallCap Account
Sub-Advisor: Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

International SmallCap - 441

Mtg                 Company/                                               Mgmt         Vote      Record                    Shares
Date/Type           Ballot Issues                            Security      Rec          Cast      Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------- ------------ --------- ----------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                             
04/23/07 - A        Aalberts Industries                      N00089164                            04/19/07                   3,818
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management Board            None                               Mgmt
                    3        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4        Receive Explanation on Company's Reserves     None                               Mgmt
                             and Dividend Policy
                    5        Approve Dividends of EUR 1.10 Per Share       For                                Mgmt
                    6        Approve Discharge of Management Board         For                                Mgmt
                    7        Approve Discharge of Supervisory Board        For                                Mgmt
                    8        Approve Remuneration of Supervisory Board     For                                Mgmt
                    9        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    10       Grant Board Authority to Issue Shares and     For                                Mgmt
                             Restricting/Excluding Preemptive Rights
                    11       Approve Reduction in Share Capital by         For                                Mgmt
                             Cancelling Issued Preference Shares
                    12       Amend Articles                                For                                Mgmt
                    13       Authorize Management Board to Request a       For                                Mgmt
                             Declaration of No Objection Related to the
                             Amendment of Articles (Item 12)
                    14a      Reelect C.J. Brakel to Supervisory Board      For                                Mgmt
                    14b      Reelect A.B. van Luyk to Supervisory Board    For                                Mgmt
                    14c      Elect H. Scheffers to Supervisory Board       For                                Mgmt
                    14d      Elect W. van de Vijver to Supervisory Board   For                                Mgmt
                    15       Ratify PricewaterhouseCoopers Accountants     For                                Mgmt
                             NV as Auditors
                    16       Announcements and Other Business              None                               Mgmt
                             (Non-Voting)
                    17       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/30/07 - A        Aareal Bank AG                           D00379111                            05/09/07                   7,800
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Repurchase of Up to 5 Percent of    For                                Mgmt
                             Issued Share Capital for Trading Purposes
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Approve Affiliation Agreement with            For                                Mgmt
                             Subsidiary Aareal First Financial Solutions
                             AG
                    9        Elect Hans Lohneiss to the Supervisory Board  For                                Mgmt
                    10       Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/14/07 - A        Abengoa S.A.                             E0002V179                            None                          94
                    1        Approve Individual and Consolidated           For          For                   Mgmt
                             Financial Statements for Fiscal Year 2006;
                             Approve Discharge Directors
                    2        Approve Allocation of Income for Fiscal       For          For                   Mgmt
                             Year 2006
                    3        Elect Auditor for Company and Consolidated    For          For                   Mgmt
                             Group
                    4        Amend Articles 44 and 46 of the Company's     For          For                   Mgmt
                             Bylaws Re: Remove References to the
                             Supervisory Board
                    5        Amend Article 39 of the Company Bylaws Re:    For          For                   Mgmt
                             Fixing the Maximum Number of Directors to
                             Fifteen Members
                    6        Elect Directors                               For          For                   Mgmt
                    7        Amend Article 41 of the Company Bylaws Re:    For          For                   Mgmt
                             Designation of a Director as a Coordinator
                             of External Directors
                    8        Amend Article 24 of the Company Bylaws and    For          For                   Mgmt
                             Article 5 of the General Meeting Guidelines
                             Re: Notice Period for Shareholder Meetings
                    9        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    10       Authorize Issuance of Convertible and         For          For                   Mgmt
                             Non-convertible Bonds/Debentures and/or
                             Debt Securities
                    11       Authorize Repurchase of Shares                For          For                   Mgmt
                    12       Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions
                    13       Approve Minutes of Meeting                    For          For                   Mgmt


04/26/07 - A        ABG Sundal Collier ASA (frmly ASKIA      R00006107                            None                      66,499
                    INVEST)
                    1        Open Meeting; Registration of Shareholders    None         None                  Mgmt
                    2        Elect Chairman of Meeting; Designate          For          For                   Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    4        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    5        Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of NOK 1.60 per Share
                    6        Approve Remuneration of Auditors              For          For                   Mgmt
                    7        Approve Remuneration of Directors             For          For                   Mgmt
                    8        Approve Remuneration Policy And Other Terms   For          Against               Mgmt
                             of Employment For Executive Management
                                We   have   concerns    with   the   long-term    variable
                                compensation,  however.  Under the terms of the  company's
                                share  purchase  (partner  share)  plan,  partners may buy
                                shares at a 15-percent  discount provided that they retain
                                the shares for at least three years.  It is the  intention
                                that  the  participants  in this  plan  will  continue  to
                                retain around 50 percent of shares  outstanding over time.
                                The company has not  provided a definition  of  "partner";
                                therefore,  it is unclear  whether the plan is directed at
                                employees   only,   or  whether  it  would  include  other
                                individuals,   such  as   consultants,   that   are   only
                                marginally  connected to the company and its business.  In
                                addition,  no details  have been  provided  regarding  the
                                scope of the plan in terms of  number  of  shares  issues.
                                Due  to   potential   excessive   dilution   and  lack  of
                                disclosure   regarding   the  share   purchase   plan,  we
                                recommend a vote against this item.
                    9        Amend Articles                                For          Against               Mgmt
                                Since  we do not know  what  amendments  will be  proposed
                                under this item, we recommend a vote against.
                    10       Elect Members of Nominating Committee         For          For                   Mgmt
                    11       Elect Directors                               For          Against               Mgmt
                                We strongly  believe that publicly listed companies should
                                disclose  details on  proposals  at least 30 days prior to
                                the meeting.  When this  information is not available well
                                in advance  of the  meeting,  investors  are not left with
                                sufficient  time to evaluate  the  candidates  and, in the
                                case  of  shareholders  who  will  not be  present  at the
                                meeting  themselves,  to submit voting  instructions via a
                                custodian bank. Most large  Norwegian  companies  disclose
                                at least  the  names of any  nominees  to the board in the
                                meeting notice. A company representative  informed us that
                                the names of the proposed  directors will not be published
                                until  the  week  prior  to the  AGM.  We  recommend  that
                                shareholders   contact  ABG  Sundal   Collier's   investor
                                relations  department directly and express their desire to
                                receive  details  of  proposals  well  in  advance  of the
                                meeting.        Because  the  names of the  nominees  were
                                not  available  at the time  this  analysis  was  written,
                                which  does not  allow  shareholders  to make an  informed
                                decision,  shareholders  are advised to vote  against this
                                item.
                    12       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital
                    13       Approve Creation of NOK 13.6 Million Pool     For          Against               Mgmt
                             of Capital without Preemptive Rights
                                Due to potential  excessive  dilution of 20.2 percent,  we
                                recommend a vote against this proposal.


05/25/07 - A        Acambis plc                              G0062N107                            None                      54,387
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Re-elect Ross Graham as Director              For          For                   Mgmt
                    4        Re-elect Randal Chase as Director             For          For                   Mgmt
                    5        Elect William Jenkins as Director             For          For                   Mgmt
                    6        Elect John Lambert as Director                For          For                   Mgmt
                    7        Elect Michael Watson as Director              For          For                   Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,232,866
                    10       Amend Articles of Association Re:             For          For                   Mgmt
                             Electronic Communications
                    11       Amend Articles of Association Re: Transfer    For          For                   Mgmt
                             of Ordinary Shares to Non-US Persons
                                Conclusion        From  the  information  provided  by the
                                Company,  it is evident  that if Acambis plc  continues to
                                have a US registration,  the reporting  obligations  under
                                the   Securities   Exchange   Act  (SEC   reporting)   and
                                Sarbanes-Oxley  Act,  will  result  in  increased  further
                                administrative  and compliance  costs. In view of this, we
                                are  aware   that:        (i)   It  becomes   increasingly
                                difficult  to  justify  the  higher  compliance  cost  and
                                management time required;  and        (ii)  The US listing
                                seems to be of limited  benefit to a significant  majority
                                of the shareholders.        However,  US Holders should be
                                aware that they could, if the amendments are approved,  be
                                forced into a compulsory  sale of their shares in order to
                                permit  the  Company to de-list in the US. In the event of
                                a compulsory  sale,  the best price  offered to them could
                                be  lower  or  higher  than  the  market  price  when  the
                                circular  was  issued  by  the   Company.        We   have
                                serious  corporate  governance  concerns  over  changes of
                                this   nature  as,   regardless   of  the  size  of  their
                                shareholding,  we would prefer that no shareholder  should
                                be forced into selling their investment.  In addition,  in
                                this case,  Acambis plc has  proposed a process  that does
                                not  provide  the  opportunity  to give  shareholders  any
                                premium or other  form of  compensation  or sale  expenses
                                for    the    compulsory     sale.        Despite    these
                                reservations,   after  a  careful   review  of   Acambis's
                                circumstances,  we recommend  that  shareholders  vote for
                                this proposal.  We are, however,  aware that this proposal
                                could  potentially have some disadvantage to the Company's
                                US  based  shareholders.   For  that  reason  we  strongly
                                encourage  shareholders to review this vote recommendation
                                carefully from their own specific investment perspective.
                    12       Authorise 10,767,134 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    13       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 538,357


03/29/07 - A        ACTA HOLDING                             R0388P107                            None                     100,783
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    4        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of NOK 2.65 per Share
                    6        Approve Remuneration of Directors in the      For          For                   Mgmt
                             Amount of NOK 250,000 for Chairman and NOK
                             150,000 for Other Members
                    7        Approve Remuneration of Auditors Ernst &      For          For                   Mgmt
                             Young in the Amount of NOK 107,000
                    8        Reelect Alfred Ydsteboe (Chairman), Ellen     For          For                   Mgmt
                             Math Henrichsen, and Fred Ingebrigsten as
                             Board Members; Elect Marit Arnstad and
                             Ragnhild Kvaalshaugen as New Board Members
                    9        Reelect Ulf-Einar Staalesen (Chairman), Jan   For          For                   Mgmt
                             Petter Collier, and Fred Ingebrigsten as
                             Members of Nominating Committee
                    10       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    11       Approve Creation of NOK 4.5 Million Pool of   For          For                   Mgmt
                             Capital without Preemptive Rights
                    12       Authorize Repurchase of Up to 25 Million      For          For                   Mgmt
                             Shares


05/04/07 - A        Actelion Ltd.                            H0032X135                            None                       4,724
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Actelion Ltd.                            H0032X135                            None                       4,724
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Reelect Werner Henrich, Jean Malo, and        For                                Mgmt
                             Armin Kessler as Directors
                    5        Ratify Ernst & Young AG as Auditors           For                                Mgmt
                    6.1.1    Authorize Use of Existing CHF 839,963 Pool    For                                Mgmt
                             of Capital for Stock Option Plan
                    6.1.2    Approve CHF 4.2 Million Increase in Pool of   For                                Mgmt
                             Capital Reserved for Stock Option Plan
                    6.2.1    Approve CHF 9.3 Million Increase in Pool of   For                                Mgmt
                             Capital Reserved to Guarantee Conversion
                             Rights of Convertible Bonds
                    6.2.2    Approve Creation of CHF 17.5 Million Pool     For                                Mgmt
                             of Capital with Preemptive Rights
                    7        Approve 5:1 Stock Split                       For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Adelaide Brighton Ltd. *ABC*             Q0109N101                            05/08/07                  84,031
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports for the Year Ended Dec. 31, 2006
                    2        Elect C L Harris as Director                  For          For                   Mgmt
                    3        Elect M A Kinnaird as Director                For          For                   Mgmt
                    4        Approve Grant of 1.31 Million Awards to       For          For                   Mgmt
                             Mark Chellew, Managing Director, Under the
                             Adelaide Brighton Executive Performance
                             Share Plan
                    5        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended Dec. 31, 2006


05/16/07 - A        Admiral Group plc                        G0110T106                            None                      44,122
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                The  Company  used  the  Unapproved  Free  Share  Plan  at
                                Executive  Director level for the first time.  Although it
                                has not been put  forward  for  shareholder  approval as a
                                stand alone item at any point,  it was approved as part of
                                the IPO  document in 2004,  which fully sets out the terms
                                and  conditions  relating to it.          Kevin  Chidwick,
                                the new  Finance  Director,  received  shares  with a face
                                value   equivalent   to   approximately   270%  of   basic
                                salary.        RREV   considers  that  the  terms  of  the
                                scheme  are  mostly in line with  best  practice.  Vesting
                                periods,  at three years,  dilution  limits,  at 5% of the
                                Group's  issued share capital over a 10-year  period,  and
                                individual  limits  (GBP  400,000  or, if  lower,  600% of
                                basic  salary) are all  acceptable.          However,  the
                                rules of the Plan  allow  early  exercise  in the event of
                                takeover,  reconstruction or winding-up of the Company. We
                                expect the  Company to review this with a view to amending
                                the Scheme and bring it fully in line with best  practice.
                                At this  point,  this will not lead to an  adverse  voting
                                recommendation.  However,  we will continue to monitor the
                                use of this scheme going forward.
                    3        Approve Final Dividend of 24.0 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Elect Kevin Chidwick as Director              For          For                   Mgmt
                    5        Re-elect Martin Jackson as Director           For          For                   Mgmt
                    6        Re-elect Keith James as Director              For          For                   Mgmt
                    7        Elect Margaret Johnson as Director            For          For                   Mgmt
                    8        Elect Lucy Kellaway as Director               For          For                   Mgmt
                    9        Reappoint KPMG Audit Plc as Auditors of the   For          For                   Mgmt
                             Company
                    10       Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 86,000
                    12       Subject to the Passing of Resolution 11,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 13,000
                    13       Authorise 13,000,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    14       Authorise the Company to Use Electronic       For          For                   Mgmt
                             Communications


04/24/07 - A        Aedes SpA                                T89843105                            None                      13,078
                             Annual Meeting Agenda - Ordinary Business
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Elect One Director Director                   For                                Mgmt
                    3        Extend External Auditors' Mandate for the     For                                Mgmt
                             Three-Year Term 2012-2014, in Compliance
                             with the Italian Law 58/1998 and the
                             Legislative Decree 303/2006
                    4        Revoke Deliberation Taken on April 24, 2006   For                                Mgmt
                             Concerning the Repurchase Program and
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/22/06 - S        Aegis Group plc                          G0105D108                            None                     506,058
                             Shareholder Proposals
                    1        Appoint Philippe Germond to the Board         Against      Against               ShrHoldr
                    2        Appoint Roger Hatchuel to the Board           Against      Against               ShrHoldr


04/04/07 - S        Aegis Group plc                          G0105D108                            None                     502,745
                             Shareholder Proposals
                    1        Appoint Philippe Germond to the Board         Against      Against               ShrHoldr
                    2        Appoint Roger Hatchuel to the Board           Against      Against               ShrHoldr


05/25/07 - A        Aegis Group plc                          G0105D108                            None                     502,745
                             Management Proposals
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 1.175 Pence Per     For          For                   Mgmt
                             Ordinary Share
                    3        Re-elect Robert Lerwill as Director           For          For                   Mgmt
                    4        Re-elect Charles Strauss as Director          For          For                   Mgmt
                    5        Re-elect Leslie Van de Walle as Director      For          For                   Mgmt
                    6        Elect Mainardo de Nardis as Director          For          For                   Mgmt
                    7        Elect Alicja Lesniak as Director              For          For                   Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Approve Remuneration Report                   For          For                   Mgmt
                                RREV is not  highlighting any issues that would lead us to
                                vote against the remuneration report.
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 17,778,495
                    12       Subject to the Passing of Resolution 11,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,854,462
                    13       Authorise 57,221,500 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                             Shareholder Proposals
                    14       Appoint Philippe Germond to the Board         Against      Against               ShrHoldr
                                RREV  Conclusion        As  in previous reports,  RREV has
                                again  considered  both  points of view and  continues  to
                                believe a vote  against the  election of Philippe  Germond
                                and Roger  Hatchuel to the Aegis Board to be  appropriate.
                                The   following   factors   have   been   significant   in
                                determining  our  decision:           -  we  consider  the
                                conflict of  interest  to be real given that the  nominees
                                represent a shareholder  with  significant  interests in a
                                competitor;        -  given that the Board is recommending
                                that shareholders  vote against the individuals'  election
                                to the  Board  we  believe  that a  divided  Board  is not
                                conducive   to   shareholders'   interests   in   general;
                                and        - under the current Board's stewardship,  Aegis
                                has  outperformed  the sector over the past five years and
                                has   positive    broker    forecasts   for   the   coming
                                year.        Having   previously   engaged   with   Groupe
                                Bollore  regarding  the  conflict  of interest we feel the
                                issue remains the crux of the argument for  recommending a
                                vote  against  the  individual's  election  to the  Board.
                                Whilst  we  recognise  that  shareholders  may  wish to be
                                represented  on the  Board  and  that  this is  common  in
                                situations  where  there is a large  shareholder,  in this
                                case RREV  considers  the conflict of interest that arises
                                due to  Vincent  Bollore's  interest  in  Havas SA to be a
                                decisive issue.
                    15       Appoint Roger Hatchuel                        Against      Against               ShrHoldr


04/20/07 - A        AFG Arbonia-Foster-Holdings AG           H00624173                            None                         386
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For          For                   Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For          Against               Mgmt
                             of CHF 10 per Bearer Share and CHF 2 per
                             Registered Share
                                Due    to    long-term     low    payout     ratios    and
                                shareholder-unfriendly    dividend   allocation   schemes,
                                shareholders  are advised to vote against this  allocation
                                of income proposal.
                    4        Approve Creation of CHF 1.9 Million Pool of   For          For                   Mgmt
                             Capital with Preemptive Rights
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For          For                   Mgmt
                    6        Transact Other Business (Non-Voting)          None         None                  Mgmt


04/25/07 - A        Aggreko plc                              G0116S102                            None                     147,244
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 4.19 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Rupert Soames as Director            For          For                   Mgmt
                    5        Re-elect George Walker as Director            For          For                   Mgmt
                    6        Re-elect Andrew Salvesen as Director          For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Approve Aggreko UK Sharesave Plan 2007        For          For                   Mgmt
                    9        Approve Aggreko International Sharesave       For          For                   Mgmt
                             Plan 2007
                    10       Approve Aggreko U.S. Employee Stock Purchae   For          For                   Mgmt
                             Plan 2007
                    11       Approve Aggreko (Republic of Ireland)         For          For                   Mgmt
                             Sharesave Plan 2007
                    12       Adopt New Articles of Association             For          For                   Mgmt
                    13       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,695,000
                    14       Authorise 26,950,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


06/22/07 - A        Ahresty Corp. *5852*                     J16674103                            03/31/07                  10,600
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominee     5        Background     of
                                non-executive  nominee(s):  The nominee is an executive of
                                Nippon     Light     Metal     Co.,      Ltd.        Board
                                Profile        Composition  of board after this meeting: 4
                                executives  and 1  non-executive.  The number of outsiders
                                is remaining the same.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria for  independence.  He is the president of YOROZU
                                Corporation.                Nominee  1 is  not  designated
                                by the  company as  independent,  and we have no reason to
                                oppose the nomination.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The company seeks to appoint  Deloitte  Touche  Tohmatsu &
                                Co. as its  external  audit firm in place of  Shin-Nihon &
                                Co. The company has provided no reason for the change.  We
                                note that the outgoing  auditors  submitted an unqualified
                                report for the year under review.


06/28/07 - A        Aichi Bank Ltd. *8527*                   J07686108                            03/31/07                     500
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 45
                                The payout  ratio for the full year is 9 percent  based on
                                consolidated    earnings,   or   10   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                12 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass  our  test for  independence.  Nominee  2 is a former
                                government  official.  Nominee 3 is the  president  of his
                                own certified tax accountant office.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that KPMG Azsa & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  KPMG Azsa &
                                Co.,  because in  recognition  of the severe damage to its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.


06/28/07 - A        Aichi Corp. *6345*                       J00284109                            03/31/07                  52,182
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 10
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory   auditor:   Nominees  3  and   4        Neither
                                nominee meets our criteria for independence.  Nominee 3 is
                                a current  executive  of the  largest  shareholder  in the
                                company with a 51.0 percent stake.  Nominee 4 is a current
                                vice president of one of the largest  shareholders  in the
                                company  with  a  2.6  percent   stake.        Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies and their  affiliates,  both nominees for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 3.1
                    3.4      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 3.1
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends that  PricewaterhouseCoopers  Aarata
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed  PricewaterhouseCoopers  Aarata on a provisional
                                basis.   Here,  the  company  seeks  to  formally  appoint
                                PricewaterhouseCoopers  Aarata. We see no reason to oppose
                                this resolution.
                    5        Approve Retirement Bonus for Director         For          For                   Mgmt
                                The recipient is an insider.


06/28/07 - A        Air Water Inc. (formerly Daido Hoxoan    J00662114                            03/31/07                   6,300
                    Inc.) *4088*
                    1        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    2        Elect Directors                               For          For                   Mgmt
                    3        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       4       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  16  continuing  directors  and  4
                                continuing  internal  statutory  auditor.   The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                  In this case, 2 of the continuing
                                directors  have been  designated by the company as outside
                                directors.  2 of the  continuing  statutory  auditors have
                                been  designated  by the  company  as  independent.  As we
                                believe the payment of such bonuses to  non-executives  is
                                a  highly  inappropriate  practice  anywhere,  not just in
                                Japan,  we see no  alternative  but to recommend  opposing
                                the whole item.
                    4        Approve Deep Discount Stock Option Plan       For          For                   Mgmt
                                Option Plan Summary        Eligibility:  The company seeks
                                approval for a  deep-discount  option plan for  directors.
                                        The  exercise price will be set at JY 1 per share.
                                        Potential   Dilution:   0.07   percent  of  issued
                                capital  from this plan;  7.5 percent when  combined  with
                                other option  grants.  ISS  guidelines  call for potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth company.          Exercise Period:
                                The exercise  period will be determined by the full board,
                                potentially  beginning  as soon as the day after the grant
                                date     and     running     for    as    long    as    20
                                years.        Performance    Hurdles:    None   disclosed.
                                        This    plan   is    intended   to   replace   the
                                seniority-based  retirement bonus system with compensation
                                based on share price  performance.          Because  total
                                dilution from this plan and the company's  previous option
                                plans  exceeds  ISS  guidelines,  and because the grant of
                                deeply   discounted   options   which  may  be   exercised
                                immediately   after  grant   carries  no  assurance   that
                                grantees    will   focus   on   long-term    share   price
                                appreciation,  rather than cashing in on short-term gains,
                                we recommend that shareholders oppose this option plan.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 60
                                million  per month (or JY 720  million per year) to JY 870
                                million per year. In addition,  the company wants to raise
                                the ceiling  for  statutory  auditors  from JY 6.5 million
                                per month  (or JY 78  million  per year) to JY 98  million
                                per year. After the meeting,  the company will continue to
                                have      20      directors      and      4      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        ALFRESA HOLDINGS CORP. *2784*            J0109X107                            03/31/07                  17,412
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  9  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    2        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.


10/06/06 - C        Alinta Ltd (frmly ALINTAGAS) *AAN*       Q0197N104                            10/04/06                  40,214
                             Court-Ordered Meeting for Shareholders
                    1        Approve the Alinta Scheme of Arrangement      For          For                   Mgmt


10/25/06 - A        Allco Finance Group Limited (formerly    Q0202W107                            10/23/06                  20,777
                    Record Investments Lim
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    2        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended June 30, 2006
                    3a       Elect Bob Mansfield as Director               For          For                   Mgmt
                    3b       Elect Rod Eddington as Director               For          For                   Mgmt
                    3c       Elect Michael Stefanovski as Director         For          Against               Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution   3c        -   Stefanovski   is  an  executive
                                director  on  a  board  where  independent   non-executive
                                directors hold four of the eight board seats.
                    3d       Elect David Turnbull as Director              For          Against               Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  3d        -  Turnbull is an executive director
                                on a board where independent  non-executive directors hold
                                four of the eight board seats.
                    3e       Elect Neil Lewis as Director                  For          For                   Mgmt
                    4        Approve KPMG as Auditors and Authorize        For          For                   Mgmt
                             Board to Fix Their Remuneration


06/26/07 - A        Alpine Electronics Inc. *6816*           J01134105                            03/31/07                  19,900
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 15
                                The payout ratio for the full year is 30 percent  based on
                                consolidated    earnings,   or   54   percent   based   on
                                parent-company  earnings.          By law, funds available
                                for  dividends  in  Japan  are  based  on   parent-company
                                earnings only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  6  executives  and 0  non-executives.  The board
                                currently  includes six insiders and no outside directors.
                                Candidates  5 and 6 are new  appointees,  but they replace
                                two outgoing executives.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    3        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


06/27/07 - A/S      Alten                                    F02626103                            06/22/07                   8,043
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividend
                    5        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    6        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15,507,000
                    7        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15,507,000
                    8        Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             Above
                    9        Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    10       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    11       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    12       Authorize up to 3 Percent of Issued Capital   For                                Mgmt
                             for Use in Restricted Stock Plan
                    13       Approve Issuance of Warrants Reserved to      For                                Mgmt
                             Employees and Directors
                    14       Amend Article 17 of Bylaws Re: Vote, Attend   For                                Mgmt
                             Board Meetings Through Videoconference and
                             Telecommunication
                    15       Amend Articles 8 and 21 of Bylaws Re:         For                                Mgmt
                             Record Date
                    16       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/29/07 - A        ALTRI SGPS SA                            X0142R103                            None                      34,585
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports for Fiscal Year 2006
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                    4        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Board
                    5        Authorization to Buy and Sell Company Stock   For                                Mgmt
                    6        Amend Article 6 to Reflect Changes in         For                                Mgmt
                             Corporate Law
                    7        Elect Members to the Supervisory Board,       For                                Mgmt
                             Elect the Statutory Auditor, and Elect the
                             Secretary of the General Meeting
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/13/06 - S        Aluminium of Greece SA                   X00944136                            None                      13,912
                             Special Meeting Agenda
                    1        Change Location of Registered Office; Amend   For                                Mgmt
                             Article 4 Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/03/07 - S        Aluminium of Greece SA                   X00944136                            None                      27,824
                    1        Approve Reduction in Share Capital Via        For                                Mgmt
                             Cancellation of On Shares
                    2        Amend Articles to Reflect Changes in Capital  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/14/07 - A        Aluminium of Greece SA                   X00944136                            None                      13,912
                    1        Accept Annual and Consolidated Financial      For                                Mgmt
                             Statements and Statutory Reports
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                                Mgmt
                    5        Approve Directors Remuneration                For                                Mgmt
                    6        Elect Directors                               For                                Mgmt
                    7        Amend Article 2 and Codification              For                                Mgmt
                    8        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/13/07 - A        Amper S.A.                               E04600198                            None                      15,857
                    1        Approve Individual and Consolidated           For          For                   Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year Ended Dec. 31, 2006,
                             Approve Discharge Directors
                    2        Approve Allocation of Income and Dividends    For          For                   Mgmt
                    3        Amend Article 20 of Bylaws to Set Minimum     For          For                   Mgmt
                             and Maximum Number of Directors
                    4        Fix Number of Directors; Elect Directors      For          Against               Mgmt
                                The  uncertainty  over the number of members being elected
                                and the  presentation  of this proposal as a single voting
                                item virtually  excludes  proxy-voting  shareholders  from
                                participating in the director election  process,  which is
                                a practice no longer  followed by the  majority of Spanish
                                companies.    Considering    these   to   be   significant
                                deficiencies,  we cannot recommend shareholder support for
                                this item.
                    5        Reelect Auditors for Company and              For          For                   Mgmt
                             Consolidated Group
                    6        Approve Incentive Plan for Managers           For          For                   Mgmt
                    7        Authorize Repurchase of Shares                For          For                   Mgmt
                    8        Delegate Powers to Board in Relation to       For          For                   Mgmt
                             Trading Company's Securities
                    9        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions
                    10       Approve Minutes of Meeting                    For          For                   Mgmt


11/29/06 - S        ANITE Group plc                          G25088108                            None                      18,890
                    1        Approve Proposed Acquisition by the Company   For          For                   Mgmt
                             of the Entire Issued Share Capitals of Nemo
                             Technologies Ltd and Elektrobit Group Pte
                             Ltd and Certain Other Related Assets,
                             Subject to the Terms and Conditions
                             Contained in the Agreement Dated 2 November
                             2006


05/10/07 - A/S      Anvil Mining Limited *AVM*               03734N106                            04/06/07                   9,950
                    1        Elect Directors                               For          For                   Mgmt
                    2        Ratify PriceWaterhouseCoopers LLP as          For          For                   Mgmt
                             Auditors
                    3        Approval of Non-Employee Directors' Fees      For          For                   Mgmt
                    4        Approve Stock Option Plan Grants to Peter     For          Against               Mgmt
                             J.L. Bradford, Thomas C. Dawson, John W.
                             Sabine and Kenneth L. Brown
                                Although  this  plan  has  been  previously   approved  by
                                shareholders,  on the  basis  that  the  cost of the  plan
                                itself is  unacceptable  according to the ISS  proprietary
                                compensation  cost assessment  model,  and that the amount
                                of options  proposed  to be granted  exceed that which ISS
                                Canada views as acceptable for non-employee  directors due
                                to   concerns  of  the   potential   for   compromise   of
                                independence,  particularly  given the board's  discretion
                                to grant  further  options  at any time,  we are unable to
                                support the proposed grants.
                    5        Approve Stock Option Plan Grants to William   For          Against               Mgmt
                             S. Turner


04/26/07 - A/S      APRIL GROUP                              F0346N106                            04/23/07                   3,522
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Management and Supervisory Board Members
                    2        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.40 per Share
                    4        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    5        Approve Remuneration of Supervisory Board     For                                Mgmt
                             Members in the Aggregate Amount of EUR
                             83,000
                    6        Authorize Repurchase of Up to 5 Percent of    For                                Mgmt
                             Issued Share Capital
                    7        Reelect Bruno Rousset as Supervisory Board    For                                Mgmt
                             Member
                    8        Reelect Vanessa Rousset as Supervisory        For                                Mgmt
                             Board Member
                    9        Reelect Xavier Coquard as Supervisory Board   For                                Mgmt
                             Member
                    10       Reelect Jean-Claude Augros as Supervisory     For                                Mgmt
                             Board Member
                    11       Reelect Bernard Belletante as Supervisory     For                                Mgmt
                             Board Member
                    12       Reelect Gilles Dupin as Supervisory Board     For                                Mgmt
                             Member
                    13       Reelect Philippe Marcel as Supervisory        For                                Mgmt
                             Board Member
                    14       Reelect Guy Rigaud as Supervisory Board       For                                Mgmt
                             Member
                    15       Elect Andre Arrago as Supervisory Board       For                                Mgmt
                             Member
                    16       Elect Jean-Yves Nouy as Supervisory Board     For                                Mgmt
                             Member
                    17       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                             Special Business
                    18       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - S        ARC Energy Limited(formerly ARC Energy   Q0493K101                            06/20/07                 107,233
                    NL)
                    1        Ratify Past Issuance of 32.30 Million         For          For                   Mgmt
                             Shares at A$1.40 Each to Institutional,
                             Sophisticated and Professional Investors
                             Made on May 16, 2007
                    2        Approve Issuance of 32.30 Million Shares at   For          For                   Mgmt
                             A$1.40 Each to Institutional, Sophisticated
                             and Professional Investors
                    3        Approve Issuance of Surplus Shares at the     For          For                   Mgmt
                             Lower of A$1.30 and the Average Closing
                             Market Price of Shares Over the Five
                             Trading Days on Which Sales of Shares Are
                             Recorded Prior to Issuance to Macquarie
                             Equity Capital Markets Ltd
                             orSub-underwriters


04/26/07 - A/S      Arctic Glacier Income Fund *AG.U*        039675103                            03/07/07                   9,000
                    1        Fix Number of Trustees of the Fund to not     For          For                   Mgmt
                             more than Four
                    2        Elect James E. Clark, Robert J. Nagy, Gary    For          For                   Mgmt
                             A. Filmon and David R. Swaine as Trustees
                             of the Fund
                    3        Direct Trustees to Fix Number of Directors    For          For                   Mgmt
                             of Arctic Glacier Inc. at not more than Five
                    4        Elect James E. Clark, Robert J. Nagy, Gary    For          For                   Mgmt
                             A. Filmon, David R. Swaine and Richard L.
                             Johnson as Directors of Arctic Glacier Inc.
                    5        Approve KPMG LLP as Auditors and Authorize    For          For                   Mgmt
                             Board to Fix Remuneration of Auditors
                    6        Amend Incentive Stock Option Plan             For          Against               Mgmt
                                Conclusion        Where  companies are  proposing  changes
                                to the  amendment  or  black-out  provisions  of  existing
                                equity-based  compensation  plans  are  not  contemplating
                                increasing the size of such plans,  ISS will base our vote
                                recommendation  solely  on the  merits  of the  provisions
                                being  proposed.  For  clarification,  where companies are
                                also   proposing   any   other    amendments   that   will
                                substantially   affect   the   cost  of  an   equity-based
                                compensation   plan,   ISS  will   continue   to  run  our
                                proprietary  compensation  model and review  all  relevant
                                provisions  and  usage of the plan when  determining  vote
                                recommendations.           The   terms  of  the  black-out
                                provision  are  reasonable.  ISS feels  that the  proposed
                                amendment  provision  provides the board with overly broad
                                discretionary  powers to amend the company's  equity-based
                                compensation plans. ISS prefers amendment  provisions that
                                require  shareholder  approval  for the  repricing  of any
                                options, including those held by non-Insiders.


10/29/06 - A        ARDEPRO CO. LTD. *8925*                  J01955103                            08/01/06                     229
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 250, Final
                             JY 1350, Special JY 0
                    2        Amend Articles to: Expand Business Lines -    For          Against               Mgmt
                             Update Terminology to Match that of New
                             Corporate Law - Limit Liability of
                             Directors, Statutory Auditors and Audit Firm
                                Because it is not in  shareholders'  interest to limit the
                                liability of the external  audit firm,  we recommend  that
                                shareholders oppose the whole resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors


06/05/07 - A/S      ARKEMA                                   F0392W125                            05/31/07                  10,309
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Change Location of Registered Office          For                                Mgmt
                    6        Ratify Nomination of Tidjane Thiam as         For                                Mgmt
                             Director
                    7        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    8        Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    9        Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        ARNEST ONE CORP. *8895*                  J0197M104                            03/31/07                  14,808
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  4  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass our test for independence.  Nominee 2 is an attorney.
                                Nominee 3 is a tax accountant.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.
                    4        Approve Retirement Bonus for Statutory        For          For                   Mgmt
                             Auditor
                                The recipient is an insider.


06/21/07 - A        Arques Industries AG (frmly AG Bad       D0405P127                            05/31/07                  27,739
                    Salzschlirf)
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.51 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                    6        Elect Supervisory Board Member                For                                Mgmt
                    7        Approve Stock Option Plan for Key             For                                Mgmt
                             Employees; Approve Creation of EUR 1.2
                             million Pool of Capital for Stock Option
                             Plan
                    8        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    9        Amend Articles Re: Responsibilities of        For                                Mgmt
                             Supervisory Board
                    10       Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/15/07 - A        Asahi Pretec *5855*                      J0274J107                            03/31/07                  27,704
                    1        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                25  million  to 5  directors.  Because  the  amount is not
                                excessive, we have no reason to oppose this resolution.
                    2        Appoint External Audit Firm                   For          For                   Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following   the   suspension,    the   company   appointed
                                Shin-Nihon  &  Co.  on  a  provisional  basis.  Here,  the
                                company seeks to formally appoint  Shin-Nihon & Co. We see
                                no reason to oppose this resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 7
                                executives  and  0   non-executives.The   board  currently
                                includes five executives and no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Both nominees          Both  nominees
                                pass our test for independence.  Nominee 1 is an attorney,
                                and nominee 2 is a CPA.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt


04/20/07 - A        ASM SPA (Formerly ASM BRESCIA SPA)       T0452Q104                            04/18/07                  91,573
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for The Fiscal Year 2006
                    2        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                    3        Elect Directors and the Chairman; Determine   For                                Mgmt
                             Directors' Remuneration
                    4        Appoint Internal Statutory Auditors and       For                                Mgmt
                             their Chairman; Approve Remuneration of
                             Auditors
                    5        Extend External Auditors' Mandate             For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/29/07 - A        ATRIUM CO. LTD. *8993*                   J03519105                            02/28/07                   7,978
                    1        Amend Articles To: Change Location of Head    For          For                   Mgmt
                             Office
                                In this item, the company seeks to change  location of the
                                head office within  Tokyo.  This is a routine item with no
                                tax or regulatory implications.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:     Nominee     6        Affiliation     of
                                non-executive  nominee(s):           The  nominee  is  the
                                president of Credit Saison  Corporation,  Atrium's  parent
                                company.        Board  Profile        Composition of board
                                after this  meeting:  12 executives  and 1  non-executive.
                                The number of insiders  and number of  outsiders  will not
                                change.        The  number of outsiders  is remaining  the
                                same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile        Nominees for independent statutory
                                auditor:  Nominee  2        The nominee meets our criteria
                                for  independence.  He is a current executive of NEC Corp.
                                        Nominee  1 is not  designated  by the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Appoint External Audit Firm                   For          Against               Mgmt
                                Atrium  seeks  to  reappoint  Misuzu  Audit  Corp.  as its
                                external auditor.  Misuzu,  then known as ChuoAoyama,  was
                                forced to suspend  operations for two months in 2006 after
                                its  auditors  were  implicated  in  accounting  fraud  at
                                Kanebo  Ltd.  More  recently,  the firm's  reputation  was
                                damaged  further  due to  malfeasance  at  another  client
                                company,  Nikko  Cordial.  In recognition of the damage to
                                its  reputation  and its bottom  line,  Misuzu  decided in
                                February to disband  this coming  July,  and  transfer its
                                remaining  clients and auditors to other  firms.  However,
                                despite  several  months'  notice,  Atrium  has  evidently
                                failed  to find a  successor  to take  over  from  Misuzu,
                                because no such  successor  firm is  designated.  Japanese
                                law  allows  a  company  to  appoint  an  audit  firm on a
                                provisional  basis,  subject to  ratification  at the next
                                annual  meeting  -- and in fact,  that is what  Atrium did
                                with Misuzu following the suspension  period last year. It
                                appears  that   shareholders   will  not  be  informed  of
                                Misuzu's  successor  until  after  this AGM,  and will not
                                have a vote on the  appointment of the successor until the
                                2008 AGM.  Because  we do not  believe  that  shareholders
                                will be well  served  by the  reappointment  of  Misuzu in
                                this situation,  we strongly  recommend that  shareholders
                                oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


05/24/07 - A        Australian Agricultural Company Ltd.     Q08448112                            05/22/07                  18,973
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports for the Year Ended Dec. 31, 2006
                    2        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended Dec. 31, 2006
                    3a       Elect Chris Roberts as Director               For          For                   Mgmt
                    3b       Elect Les Wozniczka as Director               For          Against               Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Res.  3b        -  Wozniczka is a director associated with
                                major  shareholder  Futuris on a board  where  independent
                                non-executive  directors  hold two of the six board seats.
                                Wozniczka  is also one of two Futuris  representatives  on
                                the audit committee which is not majority-independent.
                    4        Approve the Increase in Maximum Aggregate     For          For                   Mgmt
                             Non-Executive Directors' Remuneration From
                             A$600,000 per Annum to A$875,000 per Annum


05/04/07 - A        Austrian Airlines Oesterreichische       A07126138                            None                      15,879
                    Luftverkehrs AG
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Board
                    3        Approve Remuneration of Supervisory Board     For                                Mgmt
                             Members
                    4        Ratify Auditors                               For                                Mgmt
                    5        Elect Supervisory Board Members               For                                Mgmt
                    6        Approve Stock Option Plan for Key Employees   For                                Mgmt
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Change Company Name to     For                                Mgmt
                             Austrian Airlines AG; Allow Electronic
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        Avenir Diversified Income Trust          05356Q200                            04/09/07                  12,446
                    *AVF.U*
                    1        Fix Number of Directors at Seven              For          For                   Mgmt
                                This is a routine resolution.
                    2        Elect William M. Gallacher, Gary H. Dundas,   For          Against               Mgmt
                             David E. Butler, Stuart Y. Chow, Alan C.
                             Moon, Jeffery D. Kohn and William E.
                             Patterson as Directors of Avenir Operating
                             Corp.
                                Given  that  unitholders  may  wish to  express  differing
                                views as to the suitability of the director nominees,  ISS
                                takes the view that  unitholders  should  have the ability
                                to cast ballots with  respect to  individuals  rather than
                                the entire  slate.  If this is possible,  they will not be
                                forced  to  withhold  votes  from the  board as a whole as
                                their only  method of  registering  a negative  view of an
                                individual  or  individuals.  The board will be a majority
                                independent.  The slate is composed  of four  independent,
                                one affiliated (Kohn:  controls a company that manages the
                                real  estate  portfolio  of  the  Trust)  and  two  inside
                                (Gallacher:  president and CEO of Avenir  Operating Corp.,
                                the  manager of the Trust;  Dundas:  VP Finance and CFO of
                                Avenir   Operating   Corp.,  the  manager  of  the  Trust)
                                nominees.  The offices of  Chairman  and CEO have not been
                                separated.  The  board  has  appointed  Moon  as the  lead
                                director.   ISS  recommends  withholding  votes  from  the
                                entire slate  because  Gallacher is standing as an insider
                                on the Corporate  Governance and  Compensation  Committee,
                                which  also  acts  as the  nominating  committee  for  the
                                company.  ISS  advocates the  establishment  of a majority
                                independent  board of directors and  independent key board
                                committees.  The  presence  of an  insider  on the  Audit,
                                Compensation  or  Nominating  committees,  which  approves
                                financial    statements   or   compensation    agreements,
                                threatens the committee's  ability to provide  independent
                                oversight.
                    3        Approve Ernst & Young LLP as Auditors and     For          For                   Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                                Ernst & Young LLP have  been the  trust's  auditors  since
                                January 16, 2003.  Multilateral  Instrument 52-110 - Audit
                                Committees  requires all reporting issuers to disclose the
                                fees paid to external  auditors.  According  to the trust,
                                it paid  $388,500 for audit,  $203,140 for  audit-related,
                                $350,890  for tax, and $0 for other  services  provided by
                                the auditing  firm for the most recent  fiscal  year.  Tax
                                fees were for tax advisory services including M&A.


05/25/07 - A        Axon Group plc                           G0691M108                            None                      18,452
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 2.25 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Elect Royston Hoggarth as Director            For          For                   Mgmt
                    5        Elect Iain Mcintosh as Director               For          For                   Mgmt
                    6        Re-elect Stephen Cardell as Director          For          For                   Mgmt
                    7        Re-elect Roy Merritt as Director              For          For                   Mgmt
                    8        Reappoint Ernst & Young LLP as Auditors and   For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 205,964
                    10       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 30,894
                    11       Approve Axon Group Plc Performance Share      For          Against               Mgmt
                             Plan
                                This item will not be voted upon at the AGM. Instead,  the
                                Company  is  proposing  to adopt  the new  PSP,  including
                                corrected  performance  targets,  by  way  of an  ordinary
                                resolution  proposed  at  the  EGM  following  immediately
                                after the AGM (EGM Item  1).        If  this item had been
                                votable,  we would have  recommended  a vote  against (see
                                EGM Item 1).


05/25/07 - S        Axon Group plc                           G0691M108                            None                      18,452
                    1        Approve Axon Group Plc Performance Share      For          Against               Mgmt
                             Plan; Authorise Directors at their
                             Discretion to Adopt Equivalent Plans in
                             Overseas Jurisdictions
                                We  consider  that  Executive   Directors  should  not  be
                                rewarded   for    underachieving    compared   to   market
                                expectations  of the  Company's  performance  in the  near
                                future.   The   proposed   EPS   target   over  the  whole
                                performance  period  appears  to be easily  achievable  if
                                only the consensus  forecasts  for 2007 comes in,  without
                                requiring any further growth in subsequent  years in order
                                to  receive  the  full  award.        Furthermore,  as the
                                awards  are over  conditional  shares  rather  than  share
                                options with a fixed exercise  price, we do not accept the
                                Company's  argument  regarding the increase in share price
                                being the real award  rather than the  performance  share;
                                especially  given  that the  plan  does  not  provide  for
                                further deferral of vested shares.  In any case, we do not
                                consider  absolute share price an  appropriate  measure of
                                management  performance,   given  the  influence  external
                                factors  may   have.        On   the  positive  side,  the
                                proposed PSP meets  current good  practice  regarding  the
                                absence of  retesting  and vesting for good  leavers and a
                                change-in-control or other corporate events.  Furthermore,
                                the scheme uses only existing  shares for the servicing of
                                awards,   and  therefore,   is  non-dilutive  to  existing
                                shareholders.        However,   we   consider   that   the
                                concerns  greatly  outweigh the  positive  aspects of this
                                plan, and we are therefore  recommending  shareholders  to
                                vote against the adoption of the PSP.


10/23/06 - A        Babcock & Brown Japan Property Trust     Q1243B102                            10/21/06                 132,628
                    *BJT*
                    1        Ratify Past Issuance of 64.3 Million Units    For          For                   Mgmt
                             at an Issue Price of A$1.78 Each to
                             Institutional Investors Made on Aug. 23,
                             2006


05/25/07 - A        BABCOCK & BROWN LTD *BNB*                Q1243A104                            05/23/07                  62,705
                    1        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended Dec. 31, 2006
                    2        Elect Elizabeth Nosworthy as Director         For          For                   Mgmt
                    3        Elect Geoffrey (Ian) Martin as Director       For          For                   Mgmt
                    4        Elect Martin Rey as Director                  For          Against               Mgmt
                                Summary  of  Reason  for  Against  Recommendation  on Res.
                                4        Martin  Rey is an  executive  director on a board
                                where   executives   and   non-independent   non-executive
                                directors hold two thirds of the board seats.
                    5        Approve Grant of 79,365 Bonus Deferral        For          For                   Mgmt
                             Rights to James Babcock Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    6        Approve Grant of 265,278 Bonus Deferral       For          For                   Mgmt
                             Rights to Phillip Green Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    7        Approve Grant of 124,008 Bonus Deferral       For          For                   Mgmt
                             Rights to James Fantaci Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    8        Approve Grant of 121,820 Bonus Deferral       For          For                   Mgmt
                             Rights to Martin Rey Under the Babcock &
                             Brown Ltd Equity Incentive Plan
                    9        Approve Issuance of Securities Under the      For          For                   Mgmt
                             Babcock & Brown Equity Incentive Plan
                    10       Ratify Past Issuance of 15 Million Shares     For          For                   Mgmt
                    11       Ratify Past Issuance of 1.5 Million Babcock   For          For                   Mgmt
                             & Brown Subordinated Notes
                    12       Ratify Past Issuance of 189.03 Million        For          For                   Mgmt
                             Babcock & Brown Subordinated Notes 2
                    13       Ratify Past Issuance of 4.1 Million           For          For                   Mgmt
                             Mandatory Bonus Deferral Rights (BDRs) and
                             78,592 Voluntary BDRs, and 4.17 Million
                             Shares to the Trustees of Babcock & Brown
                             Ltd Equity Incentive Plan
                    14       Amend Articles Re: Electronic                 For          For                   Mgmt
                             Communications, Dividend Payment, and
                             Directors' Resolutions Without Meetings
                    15       Approve Section 195 of the Corporations Act   For          For                   Mgmt


07/14/06 - A        Babcock International Group plc          G0689Q152                            None                     138,146
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 4.25 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    3        Re-elect Sir Nigel Essenhigh as Director      For          For                   Mgmt
                    4        Elect Justin Crookenden as Director           For          For                   Mgmt
                    5        Re-elect Lord Alexander Hesketh as Director   For          For                   Mgmt
                    6        Approve Remuneration Report                   For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    9        Authorise 20,900,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


11/09/06 - S        Banca Italease S.p.A.                    T11845103                            11/07/06                  22,468
                             Special Meeting Agenda
                             Ordinary Business
                    1        Approve Stock Option Plan                     For                                Mgmt
                             Special Business
                    1        Approve Plan of Merger by Incorporation of    For                                Mgmt
                             Leasimpresa SpA in Banca Italease SpA;
                             Approve Capital Increase of up to Maximum
                             EUR 37.8 Million, Through the Issuance of
                             n. 7,325,500 Million Shares with Par Value
                             EUR 5.16
                    2        Authorize Capital Increase in the Maximum     For                                Mgmt
                             Amount of EUR 300 Million With Preemptive
                             Rights, Within a One Year Term
                    3        Authorize Board of Directors to Increase      For                                Mgmt
                             Capital up to EUR 2.58 Million Through the
                             Issuance of up to 500,000 Ordinary Shares
                             Without Preemptive Rights and Within a
                             Five-Year Term, to Be Reserved to Managers
                             and/or Employees and/or Collaborators of
                             the Co
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/16/07 - A/S      Banca Italease S.p.A.                    T11845103                            04/12/07                  12,304
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements, Consolidated     For                                Mgmt
                             Accounts, and Statutory Reports Relative to
                             the Fiscal Year 2006
                    2        Elect Directors                               For                                Mgmt
                    3        Extend External Auditors' Mandate             For                                Mgmt
                             Special Business
                    1        Amend Articles 7, 8, 10, 14, 16, 19, 21, 28   For                                Mgmt
                             of the Bylaws
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/03/07 - S        Banca Lombarda e Piemontese              T1707K108                            02/28/07                  32,294
                    (Form.Credito Agrario Bresciano)
                             Special Meeting Agenda
                    1        Approve Merger by Absorption of 'Banca        For                                Mgmt
                             Lombarda e Piemontese SpA' into 'Banche
                             Popolari Unite ScpA'
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/30/07 - A        Banca Popolare Italiana (frmely Banca    T14616139                            04/26/07                  87,844
                    Popolare di Lodi)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006
                    2        Set the Company's Shares' Book Value          For                                Mgmt
                             According to Article 6 of the Bylaws
                    3        Elect External Auditors for the Nine-Year     For                                Mgmt
                             Term 2007-2015; Fix Auditors' Remuneration
                    4        Approve Remuneration of Directors for         For                                Mgmt
                             Fiscal Year 2007
                    5        Elect Primary and Alternate Censors           For                                Mgmt
                             ('Collegio dei Probiviri') for the
                             Three-Year Term 2007-2009
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/08/07 - S        Banca Popolare Italiana (frmely Banca    T14616139                            06/06/07                  87,844
                    Popolare di Lodi)
                             Special Meeting Agenda
                    1        Approve Decisions Inherent to Legal Action    For                                Mgmt
                             Against Former Officers and/or Directors
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/30/07 - A/S      BANCHE POPOLARI UNITE SCARL              T1681V104                            04/26/07                   6,354
                             Annual Meeting Agenda - Special and
                             Ordinary Business
                    1        Amend Articles 1, 2, 3, 6, 8, 10 of the       For                                Mgmt
                             Bylaws
                    2        Approve Financial Statements, Statutory       For                                Mgmt
                             Reports, and Allocation of Income for the
                             Fiscal year 2006
                    3        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                    4        Extend Mandate of the External Auditors       For                                Mgmt
                             KPMG until 2011
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - S        BANCHE POPOLARI UNITE SCARL              T1681V104                            05/02/07                   6,354
                             Special Meeting Agenda - Ordinary Business
                    1        Elect Two Supervisory Board Members           For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/04/06 - S        Banco De Sabadell                        E15819118                            None                      27,081
                    1        Approve Merger Agreement and Subsequent       For          For                   Mgmt
                             Absorption of Banco Urquijo by Banco de
                             Sabadell; Approve Merger Balance Sheet as
                             of 6-30-06
                    2        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


05/19/07 - A        Bandai Visual Co. Ltd. *4325*            J0376T102                            02/28/07                      13
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 1500, Final
                             JY 1500, Special JY 2500
                                The   payout   ratio  is  29   percent   based  on  either
                                parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:     Nominee     10        Affiliation    of
                                non-executive  nominee(s):        The  nominee  represents
                                Namco  Bandai  Holdings,  the parent  company  with a 62.4
                                percent stake.        Board  Profile        Composition of
                                board   after   this   meeting:   9   executives   and   1
                                non-executive.  The number of outsiders  is remaining  the
                                same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a tax accountant in private practice.
                    4        Approve Special Payments to Continuing        For          Against               Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                This item  requests  shareholder  approval for payments in
                                lieu of retirement  bonuses to 9 continuing  directors and
                                3 continuing  internal  statutory  auditors.  The board is
                                requesting  the authority to make these  payments  because
                                it plans to abolish the retirement  bonus system effective
                                upon  conclusion  of this meeting.          In  this case,
                                all  of  the  continuing   statutory  auditors  have  been
                                designated  by the company as  independent.          As we
                                believe  the  payment of such  bonuses to  outsiders  is a
                                highly  inappropriate   practice  anywhere,  not  just  in
                                Japan,  we see no  alternative  but to recommend  opposing
                                the whole item.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                78.8 million to 9 directors.  Because the company has been
                                profitable,  and because the amount is not  excessive,  we
                                have no reason to oppose this resolution.
                    6        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 200 million per year
                                to JY 400 million per year.  The ceiling was last adjusted
                                in 2005.  After the meeting,  the company will continue to
                                have 10  directors.                  This  change is being
                                requested  because  of the  abolition  of  the  retirement
                                bonus system (see Item 4).  Retirement  bonus  payments in
                                Japan are not  covered by director  or  statutory  auditor
                                compensation  ceilings, but any type of payment which will
                                replace the  retirement  bonuses  will need to fall within
                                the  ceilings.  Because the new ceiling is not  excessive,
                                because the company has been  profitable,  and because the
                                change   reflects  the   company's   move  away  from  the
                                essentially  seniority-based  retirement bonus system,  we
                                have no reason to oppose this resolution.


06/24/07 - A        Bank of Iwate Ltd. *8345*                J25510108                            03/31/07                   4,022
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 30
                                The payout ratio for the full year is 18 percent  based on
                                either parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominees      8,     9,     11     and
                                12                Background        of       non-executive
                                nominee(s):        Nominee  8 is the  current  chairman of
                                Iwate  Nippo  Co.,  Ltd.,  and  nominee  9 is the  current
                                chairman  of Kanto  Auto  Works,  Ltd.  Nominee  11 is the
                                current  chairman of Yurtec Co., Inc., and nominee 12 is a
                                professor   at   Sophia   University.                Board
                                ProfileComposition   of  board  after  this   meeting:   8
                                executives and 4  non-executives.  The number of outsiders
                                is increasing from 3 to 4.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  1                The  nominee
                                does not meet our  criteria  for  independence.  He is the
                                current  president  of  Mikuni  Industry  Co.,  Ltd.,  the
                                company's   business   partner.                Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor
                                One of the retiring  directors  has been  designated as an
                                outside  director.        As  we  believe  the  payment of
                                such bonuses to non-executives  is a highly  inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                23.8 million to 13  directors,  including one director who
                                retired  during  the  period,  and  JY  5.2  million  to 5
                                statutory   auditors,   including  one  retired  statutory
                                auditor.  Because the amounts are not -excessive,  we have
                                no reason to oppose this resolution.


06/28/07 - A        Bank of Nagoya Ltd. *8522*               J47442108                            03/31/07                  40,318
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 3.5
                                The payout ratio for the full year is 17 percent  based on
                                consolidated    earnings,   or   18   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                14 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                pass  our  test for  independence.  Nominee  2 is a former
                                government  official.  Nominee 3 is a current  chairman of
                                Nagoya City Museum.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that KPMG Azsa & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  KPMG Azsa &
                                Co.,  because in  recognition  of the severe damage to its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.


04/26/07 - A        BANYAN TREE HOLDINGS LTD                 Y0703M104                            None                      33,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.0178 Per      For          For                   Mgmt
                             Share
                    3        Reelect Ho KwonPing as Director               For          Against               Mgmt
                                Due to the company's  failure to provide the annual report
                                for  financial  year 2006,  we are unable to ascertain the
                                level of independence  of these  nominees.  Given this and
                                considering our position against  executive  directors who
                                are  also  members  of  key  board  committees,  as  their
                                presence  threatens  to  undermine  the  purpose  of these
                                committees   in  providing   independent   oversight   and
                                preventing conflicts of interest,  and the recommendations
                                stipulated  in  Singapore's  Code of Corporate  Governance
                                that also  limit  members  of the  audit and  remuneration
                                committees  to  non-executives  only,  a vote against this
                                resolution is recommended.
                    4        Reelect Chia Chee Ming Timothy as Director    For          Against               Mgmt
                    5        Approve Directors' Fees of SGD 210,000 for    For          For                   Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             115,000)
                    6        Reappoint Ernst & Young as Auditors and       For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    7a       Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    7b       Approve Issuance of Shares and Grant          For          Against               Mgmt
                             Options and/or Awards Pursuant to the
                             Banyan Tree Share Option Plan and Banyan
                             Tree Performance Share Plan
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  These schemes cannot be considered sufficiently
                                well  structured to justify a potential  dilution level of
                                15 percent.
                    7c       Other Business (Voting)                       For          Against               Mgmt
                                While such request is usually  routine,  the potential for
                                discussion and subsequent  approval of items that could be
                                dangerous  to  minority  shareholders  is  a  possibility.
                                Until  more  detailed   information   is  made   available
                                concerning  this item, a vote  opposing  such request must
                                be recommended.


04/26/07 - S        BANYAN TREE HOLDINGS LTD                 Y0703M104                            None                      33,000
                    1        Approve Mandate for Transactions with         For          For                   Mgmt
                             Related Parties
                    2        Authorize Share Repurchase Program            For          For                   Mgmt


03/27/07 - S        Barratt Developments plc                 G08288105                            None                      30,543
                    1        Approve Acquisition of Wilson Bowden Plc;     For          For                   Mgmt
                             Approve Increase in Authorised Capital from
                             GBP 30,000,000 to GBP 40,285,000; Authorise
                             Issue of Equity with Pre-emptive Rights up
                             to Aggregate Nominal Amount of GBP
                             10,285,000 (Acquisition)


12/07/06 - A        Barry Callebaut AG                       H05072105                            None                         285
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/07/06 - A        Barry Callebaut AG                       H05072105                            None                         285
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Receive Auditor's Reports                     None                               Mgmt
                    3        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    4.1      Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    4.2      Approve CHF 54.3 Million Reduction in Share   For                                Mgmt
                             Capital; Approve Capital Repayment of CHF
                             10.50 per Share
                    5        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    6        Elect Directors                               For                                Mgmt
                    7        Ratify KPMG Fides Peat as Auditors            For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        BAUER AG                                 D0639R105                            06/07/07                   6,938
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/21/07 - A        Bechtle AG                               D0873U103                            05/31/07                   1,745
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    6        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    7        Ratify Ernst & Young AG as Auditors for       For                                Mgmt
                             Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/07/07 - A        Belimo Holding AG                        H07171103                            None                          60
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/07/07 - A        Belimo Holding AG                        H07171103                            None                          60
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 30 per Share
                    3        Approve CHF 5.9 Million Reduction in Share    For                                Mgmt
                             Capital; Approve Capital Repayment of CHF 9
                             per Share
                    4        Amend Articles Re: Reduce Capital Holding     For                                Mgmt
                             Requirement for Submitting Shareholder
                             Proposals; Establish Mandatory Retirement
                             Age for Directors
                    5        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    6.1      Receive Information on Retirement of Walter   None                               Mgmt
                             Burkhalter, and Andreas Steiner (Non-Voting)
                    6        Elect Directors                               For                                Mgmt
                    7        Ratify KPMG AG as Auditors                    For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/20/06 - S        Beneteau Sa                              F09419106                            None                         973
                             Ordinary Business
                    1        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    2        Approve Stock Option Plans Grants             For                                Mgmt
                    3        Authorize up to 10 Percent of Issued          For                                Mgmt
                             Capital for Use in Restricted Stock Plan
                    4        Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    5        Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    6        Authorize Filling of Required                 For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/26/07 - A        Beneteau Sa                              F09419106                            None                         985
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.48 per Share
                    5        Appoint Atlantique Revision Conseil,          For                                Mgmt
                             represented by Sebastien Caillaud,as
                             Auditor and Jean-Paul Caquineau as
                             Alternate Auditor
                    6        Elect Jean-Louis Caussin as Supervisory       For                                Mgmt
                             Board Member
                    7        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 80,000
                    8        Authorize Filling of Required                 For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - A/S      Beneteau Sa                              F09419106                            06/19/07                     985
                             Ordinary Business
                    1        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    2        Approve Stock Option Plans Grants             For                                Mgmt
                    3        Authorize up to 10 Percent of Issued          For                                Mgmt
                             Capital for Use in Restricted Stock Plan
                    4        Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    5        Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    6        Approve 1 for 5 Stock Split                   For                                Mgmt
                    7        Amend Article 6 of Bylaws Accordingly         For                                Mgmt
                    8        Amend Article 17 of Bylaws Accordingly Re:    For                                Mgmt
                             Supervisory Board Members Shareholding
                    9        Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/24/06 - A        BERGMAN & BEVING                         W14696111                            08/18/06                   5,903
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    8        Receive President's Report                    None         None                  Mgmt
                    9A       Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    9B       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 3.50 per Share
                    9C       Approve Discharge of Board and President      For          For                   Mgmt
                    10       Amend Articles Re: Limits for Minimum and     For          For                   Mgmt
                             Maximum Size of Issued Share Capital;
                             Preemptive Rights in Connection with
                             Issuance of Warrants or Convertibles; Board
                             Size; Appointment of Auditors; Other
                             Amendments
                    11       Determine Number of Members (5) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    12       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Aggregate Amount of SEK 1.1 Million;
                             Approve Remuneration of Auditors
                    13       Elect Tom Hedelius as Chairman of Board;      For          Against               Mgmt
                             Reelect Per Axelsson, Anders Boerjesson,
                             Tom Hedelius, Anita Pineus, and Stefan
                             Wigren as Directors
                                Stefan  Wigren is an executive  director who serves on the
                                board's remuneration  committee.  The company does specify
                                that  while  Wigren  is  a  member  of  the   compensation
                                committee,  he does  not  participate  in  decision-making
                                with  respect  to  his  own  compensation.  ISS,  however,
                                prefers  that  all  key  board  committees  comprise  only
                                independent non-executives.  ISS believes that executives,
                                particularly  on such key  board  committees  as the audit
                                and  remuneration  committees,  threaten to undermine  the
                                purpose  of  these  committees  in  providing  independent
                                oversight and preventing  conflicts of interest.  The best
                                practice   recommendations   stipulated   in  the  Swedish
                                Corporate   Governance   Code   also   recommend   against
                                executives on these key board committees.  The chairman of
                                the  board  may,  however,  also  chair  the  remuneration
                                committee.  If a  company  does  not  have an  audit  or a
                                remuneration  committee,  ISS  will  consider  the  entire
                                board  to  fulfill  the  role of the  committees.  In such
                                case, ISS will oppose the  executives,  including the CEO,
                                up for election to the board.  As the  director  elections
                                are bundled,  ISS must recommend a vote against the entire
                                slate in this case.
                    14       Approve Principles for How Members of the     For          For                   Mgmt
                             Nominating Committee Shall Be Appointed
                    15       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                    16       Approve Stock Option Plan for Key             For          Against               Mgmt
                             Employees; Reserve 250,000 Repurchased
                             Class B Shares to Guarantee Conversion
                             Rights
                                As the  options  could be  convertible  at an  undisclosed
                                discount, we must recommend a vote against the proposal.
                    17       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                                Under Item 17, ISS  recommends a vote against the proposed
                                stock  option   plans.   As  ISS   considers  the  overall
                                structure  of the  proposed  remuneration  policy  and the
                                level of disclosure to be shareholder  friendly,  however,
                                we recommend a vote in favor of this proposal.
                    18       Other Business (Non-Voting)                   None         None                  Mgmt
                    19       Close Meeting                                 None         None                  Mgmt


02/22/07 - S        BERGMAN & BEVING                         W14696111                            02/16/07                   5,903
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Change Company Name to B&B Tools AB           For          For                   Mgmt
                    8        Close Meeting                                 None         None                  Mgmt


09/28/06 - A        Bespak Plc                               G10639105                            None                       4,003
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 12.1 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    3        Re-elect John Robinson as Director            For          For                   Mgmt
                    4        Re-elect Mark Throdahl as Director            For          For                   Mgmt
                    5        Elect Paul Boughton as Director               For          For                   Mgmt
                    6        Elect Jonathan Glenn as Director              For          For                   Mgmt
                    7        Elect Peter Fellner as Director               For          For                   Mgmt
                    8        Elect Jim Dick as Director                    For          For                   Mgmt
                    9        Elect Chris Banks as Director                 For          For                   Mgmt
                    10       Approve Remuneration Report                   For          For                   Mgmt
                    11       Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    12       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 934,018
                    13       Subject to the Passing of Resolution 12,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 140,102
                    14       Authorise 2,802,056 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase
                    15       Amend Articles of Association Re:             For          For                   Mgmt
                             Indemnification


04/30/07 - A/S      Biesse SpA                               T2060S100                            04/26/07                   9,385
                             Annual Meeting Agenda
                             Special Business
                    1        Amend Articles 16, 19, 19-ter of Company      For                                Mgmt
                             Bylaws also to Comply with the Italian Law
                             262/2005
                             Ordinary Business
                    1        Extend Deloitte & Touche's Mandate as         For                                Mgmt
                             External Auditors for the Three-Year Term
                             2007-2009
                    2        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006
                    3        Approve Dividend Distribution for Ordinary    For                                Mgmt
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/06/06 - A        Big Yellow Group plc                     G1093E108                            None                      19,630
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 3 Pence Per         For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect David Ross as Director               For          Against               Mgmt
                    5        Re-elect James Gibson as Director             For          For                   Mgmt
                    6        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,425,086
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 513,763
                    9        Authorise 10,275,260 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


05/10/07 - A/S      Boardwalk Real Estate Investment Trust   096631106                            03/27/07                  14,400
                    *BEI.U*
                    1        Fix Number of Directors                       For          For                   Mgmt
                    2        Elect Directors                               For          For                   Mgmt
                    3        Ratify Deloitte & Touche as Auditors          For          For                   Mgmt
                    4        Approve Grants Made Pursuant to the           For          For                   Mgmt
                             Deferred Compensation Plan
                                The estimated  shareholder value transfer of the company's
                                plans of 1 percent is equal to or less than the  allowable
                                cap for this  company of 4 percent.          ISS  recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns  (TSR),  and its CEO also had an increase in total
                                direct  compensation  (TDC) from the prior year,  it would
                                require  closer  scrutiny.   If  more  than  half  of  the
                                increase in total direct  compensation  is attributable to
                                equity  compensation,  ISS may recommend a vote against an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the  past  two  fiscal  years.  The  company  does not
                                provide a TDC  figure.  In 2006 the company did not have a
                                stock  option  plan.  The CEO has not received a salary or
                                security-based  compensation  in three  years  and in 2006
                                elected to forego a salary in lieu of Boardwalk  providing
                                an  equivalent  amount to a  scholarship  program  for the
                                trust's associates.  Roberto Geremia, the CFO, received no
                                security-based  compensation  in 2005 and  8,737  deferred
                                units in 2006.  The one and three  year  change in TSR was
                                101 percent and 145 percent  respectively.        Although
                                eligibility of the Plan extends to non-employee  trustees,
                                they are entitled to the  deferred  units in lieu of cash,
                                albeit  twice the  amount  they would  otherwise  receive.
                                Trustee  compensation  at the  Reit is  conservative  with
                                annual  directors'  fees of $20,000 and $1,500 per meeting
                                generally   and  an   additional   $3,000  per   committee
                                served.        Detailed   amendment   provision  does  not
                                require  unitholder  approval  to allow  assignability  of
                                awards but this  issue is not a concern  for plans that do
                                not  issue   options.        The   cost  of  the  plan  is
                                reasonable,  trustee participation is limited to twice the
                                annual  board  fees which are  conservative  and the Trust
                                does not  currently  have an  option  plan,  therefore  we
                                support approval of the plan.
                    5        Re-approve Shareholder Rights Plan            For          For                   Mgmt
                    6        Amend Declaration of Trust                    For          For                   Mgmt


04/25/07 - A        Bolsas y Mercados Espanoles, Sociedad    E8893G102                            None                      12,073
                    Hldg de Mercados y Sistemas Financiers
                    S.A
                    1        Accept Individual and Consolidated            For          For                   Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year Ended 12/31/06
                    2        Approve Allocation of Income                  For          For                   Mgmt
                    3        Elect Directors                               For          For                   Mgmt
                    4        Approve Remuneration of the Chairman of the   For          For                   Mgmt
                             Board of Directors
                    5        Approve Remuneration of Directors             For          For                   Mgmt
                    6        Reelect Deloitte,S.L. as External Auditors    For          For                   Mgmt
                             for Fiscal Year 2007
                    7        Authorize Repurchase of Shares                For          For                   Mgmt
                    8        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions
                    9        Allow Questions                               For          For                   Mgmt


12/07/06 - A/S      Bonduelle S.C.A.                         F10689119                            None                       1,481
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    3        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    4        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.25 per Share
                    5        Authorize Repurchase of Up to Five Percent    For                                Mgmt
                             of Issued Share Capital
                    6        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 30,000
                    7        Reelect Daniel Bracquart as Supervisory       For                                Mgmt
                             Board Member
                    8        Reelect Andre Crespel as Supervisory Board    For                                Mgmt
                             Member
                    9        Reelect Stanislas Dalle as Supervisory        For                                Mgmt
                             Board Member
                    10       Reelect Jean Gueguen as Supervisory Board     For                                Mgmt
                             Member
                    11       Elect Isabelle Danjou as Supervisory Board    For                                Mgmt
                             Member
                    12       Ratify Mazard et Guerard as Auditor and       For                                Mgmt
                             Denis Grison as Alternate Auditor
                    13       Appoint Deloitte & Associe as Auditor and     For                                Mgmt
                             BEAS as Alternate Auditor
                             Special Business
                    14       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    15       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 17,500,000
                    17       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 17,500,000
                    18       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             Above
                    19       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    20       Amend Articles 6 and 7 to reflect Legal       For                                Mgmt
                             Changes
                    21       Amend Articles of Association: Shareholders   For                                Mgmt
                             Identification
                    22       Amend Articles of Association Re:             For                                Mgmt
                             Shareholding Disclosure Threshold
                    23       Amend Article 14 To Reflect Structure's       For                                Mgmt
                             Modification of the General Partners
                    24       Amend Articles for the Use of                 For                                Mgmt
                             Videoconference
                    25       Amend Articles of Association Re: Attend      For                                Mgmt
                             General Meetings through Videoconference
                             and Telecommunication
                    26       Amend Articles of Association to Reflect      For                                Mgmt
                             Recent Legal Changes
                    27       Authorize Filling of Required                 For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A/S      Bonterra Energy Income Trust             09852Q102                            04/19/07                   1,364
                    1        Fix Number of Directors at Four and Elect     For          Abstain               Mgmt
                             Directors - Gary J Drummond, George F Fink,
                             Carl R Jonsson, and F William Woodward.
                    2        Appoint Auditors and Authorize Board to Fix   For          For                   Mgmt
                             Their Remuneration - Deloitte & Touche LLP
                    3        Approve Olympia Trust Company as Trustee of   For          For                   Mgmt
                             the Trust
                    4        Approve Unit Option Plan - Unallocated        For          Against               Mgmt
                             Options
                                VI. Vote  Recommendation  The estimated  shareholder value
                                transfer of the  company's  plans of 6 percent is equal to
                                or less  than  the  allowable  cap for this  company  of 6
                                percent.  ISS opposes  plans that  provide  for  unlimited
                                discretionary director  participation.  This is a practice
                                which gives rise to the  possibility  of  self-dealing  by
                                directors  in  options.  Directors  who are  able to grant
                                themselves   options   without   limit  could  find  their
                                independence  compromised.  The plan  amendment  provision
                                does not comply  with ISS  criteria  for  acceptable  plan
                                amendment provisions (see Item #5).
                    5        Amend Unit Option Plan                        For          Against               Mgmt


10/20/06 - A        BOOM LOGISTICS LTD *BOL*                 Q6154T109                            10/18/06                 102,757
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    2        Approve Remuneration Report for the Fiscal    For          For                   Mgmt
                             Year Ended June 30, 2006
                    3a       Elect R. John Robinson as Director            For          For                   Mgmt
                    3b       Elect Huw Davies as Director                  For          For                   Mgmt
                    3c       Elect Mark Lawrence as Director               For          For                   Mgmt
                    4        Approve PKF Chartered Accountants as          For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Ratify Past Issuance of: 1.3 Million Shares   For          For                   Mgmt
                             to Camilleri Industries Australia; 16
                             Million Shares to Institutional Investors;
                             1.3 Million Shares to Finook Pty Ltd; and
                             116,279 Shares to Concept Accounting Pty.
                             Ltd.
                    6        Approve Issuance of Shares to Mark Lawrence   For          For                   Mgmt
                             Under the Boom Logistics Ltd. Employee
                             Share Trust
                    7        Renew Partial Takeover Provision              For          For                   Mgmt


05/09/07 - A        Boskalis Westminster (Koninklijke NV)    N14952225                            None                      19,624
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management Board            None                               Mgmt
                    3.a      Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    3.b      Receive Report of Supervisory Board           None                               Mgmt
                    4.a      Approve Allocation of Income                  For                                Mgmt
                    4.b      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 2.04 per Share
                    5        Approve Discharge of Management Board         For                                Mgmt
                    6        Approve Discharge of Supervisory Board        For                                Mgmt
                    7        Notification on Nomination to the             None                               Mgmt
                             Supervisory Board
                    8        Elect C. van Woudenberg and M. van der Vorm   For                                Mgmt
                             to Supervisory Board
                    9        Approve Remuneration of Supervisory Board     For                                Mgmt
                    10       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    11       Approve Stock Split                           For                                Mgmt
                    12       Allow Questions                               None                               Mgmt
                    13       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/24/07 - A        Bradford & Bingley plc                   G1288A101                            None                      53,139
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 13.4 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect George Cox as Director               For          For                   Mgmt
                    5        Re-elect Ian Cheshire as Director             For          For                   Mgmt
                    6        Re-elect Louise Patten as Director            For          For                   Mgmt
                    7        Reappoint KPMG Audit Plc as Auditors of the   For          For                   Mgmt
                             Company
                    8        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 50,000,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 7,930,000
                    11       Authorise 63,400,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    12       Adopt New Articles of Association             For          For                   Mgmt


10/30/06 - A        BRADKEN LTD *BKN*                        Q17369101                            10/28/06                  54,298
                    1        Receive Financial and Directors' Reports      None         None                  Mgmt
                             for the Financial Year Ended June 30, 2006
                    2        Adopt Remuneration Report for the Financial   For          For                   Mgmt
                             Year Ended June 30, 2006
                    3        Elect Vincent O'Rourke as Director            For          For                   Mgmt
                    4        Approve the Grant of 107,731 Performance      For          For                   Mgmt
                             Rights to Brian Hodges, Executive Director,
                             Pursuant to the Performance Rights Plan


04/27/07 - A/S      Brembo SPA                               T2204N108                            04/24/07                  19,752
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for the Fiscal Year 2006
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             for the Fiscal Year 2006
                    3        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                    4        Integrate the Mandate of the External         For                                Mgmt
                             Auditor PriceWaterhouse&Coopers for the
                             Fiscal Year 2006
                    5        Extend Mandate of the External Auditor        For                                Mgmt
                             PriceWaterhouse&Coopers for the Six-Year
                             Term 2007-2012
                             Special Business
                    1        Amend Articles 2, 5, 9, 10, 11, 13, 15, 16,   For                                Mgmt
                             17, 18, 20, 22, 23 to Comply with the
                             Italian law n. 262/2005
                    2        Other Business (Related to Item 1 of the      For                                Mgmt
                             Special Business)
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/18/06 - S        Brixton plc                              G15932109                            None                      32,530
                    1        Amend Articles of Association Re: Real        For          For                   Mgmt
                             Estate Investment Trust


04/26/07 - A        Bure Equity Ab (Formerly Bure            W72479103                            04/20/07                 114,298
                    Investment AB)
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive President's Report                    None         None                  Mgmt
                    8        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    9a       Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    9b       Approve Allocation of Income and Omission     For          For                   Mgmt
                             of Dividends
                    9c       Approve Discharge of Board and President      For          For                   Mgmt
                    10       Determine Number (5) of Members and Deputy    For          For                   Mgmt
                             Members of Board
                    11       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Amount of SEK 350,000 for Chairman and SEK
                             160,000 for Each Other Director
                    12       Reelect Patrik Tigerschioeld (Chair),         For          For                   Mgmt
                             Bjoern Bjoernsson, Kjell Duveblad, Haakan
                             Larsson, and Ann-Sofi Lodin as Directors
                    13       Approve Remuneration of Auditors              For          For                   Mgmt
                    14       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    15a      Approve Combined Share and Option Plan for    For          For                   Mgmt
                             Key Employees of Subsidiary (Enero-Retea
                             Group AB)
                    15b      Approve Stock Option Plan for Key Employees   For          For                   Mgmt
                             of Subsidiary (Vittra AB)
                    16a      Approve SEK 23.5 Million Reduction In Share   For          For                   Mgmt
                             Capital via Share Cancellation
                    16b      Approve Capitalization of Reserves of SEK     For          For                   Mgmt
                             23.5 Million
                    17       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                    18       Approve Repurchase of 2003/2007 Options Up    For          For                   Mgmt
                             to SEK 753.2 Million
                    19       Approve Issuance of 9 Shares without          For          For                   Mgmt
                             Preemptive Rights
                    20       Approve 1:10 Reverse Stock Split; Amend       For          For                   Mgmt
                             Articles to Reflect Split
                    21a      Approve SEK 922.4 Million Reduction In        For          For                   Mgmt
                             Share Capital and Redemption of Shares
                    21b1     Approve Capitalization of Reserves of SEK     For          For                   Mgmt
                             50.25 Million
                    21b2     Approve Capitalization of Reserves of SEK     For          For                   Mgmt
                             100.5 Million
                    21b3     Approve Capitalization of Reserves of SEK     For          For                   Mgmt
                             150 Million
                    21b4     Approve Capitalization of Reserves of SEK     For          For                   Mgmt
                             175 Million; Authorize Board to Make, or
                             Delegate Making of, Editorial Changes to
                             Adopted Resolutions in Connection with
                             Registration with Swedish Authorities
                    22       Other Business (Non-Voting)                   None         None                  Mgmt
                    23       Close Meeting                                 None         None                  Mgmt


05/11/07 - A/S      Buzzi Unicem Spa (Formerly Unicem)       T2320M109                            05/09/07                  20,003
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006
                    2        Deliberations Relative to Authorize Share     For                                Mgmt
                             Repurchase Program and Reissuance of
                             Repurchased Shares
                    3        Deliberation Relative to Remuneration of      For                                Mgmt
                             Directors
                    4        Extend Deloitte & Touche's Mandate as         For                                Mgmt
                             External Auditors for the Six-Year Term
                             2008-2013
                    5        Amend Articles 3, 7 and 12 of the Rules       For                                Mgmt
                             Governing General Meetings
                             Special Business
                    1        Amend Articles 7, 9, 11 and 13 of the         For                                Mgmt
                             Bylaws; Introduction of Article 22;
                             Consequent Renumbering of the Following
                             Articles to Comply with the Italian Law
                             262/2005 and to Delegate Directors to
                             Increase Capital and Issue Bonds,
                             Convertibles or with Warrants
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/07/06 - A        C&C GROUP PLC                            G1826G107                            None                      72,103
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Dividends                             For          For                   Mgmt
                    3        Re-elect John Burgess as Director             For          For                   Mgmt
                    4        Re-elect Richard Holroyd as Directors         For          For                   Mgmt
                    5        Re-elect Breege O'Donoghue as Director        For          For                   Mgmt
                    6        Re-elect Maurice Pratt as Director            For          For                   Mgmt
                    7        Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    8        Approve Remuneration of Directors up to a     For          For                   Mgmt
                             Maximum of EUR 700,000
                    9        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to a Maximum of EUR 1,084,000
                    10       Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to a Maximum of EUR 162,744
                    11       Authorize Share Repurchase up to 10 Percent   For          For                   Mgmt
                             of Issued Share Capital
                    12       Authorize Reissuance of Repurchased Shares    For          For                   Mgmt


08/04/06 - A/S      Canaccord Capital Inc. *CCI*             134801109                            06/12/06                  10,060
                    1        Elect Directors Peter M. Brown, Michael G.    For          For                   Mgmt
                             Greenwood, Arpad A. Busson, William J.
                             Eeuwes, Michael D. Harris, Brian D.
                             Harwood, Timothy J.D. Hoare, Terrence A.
                             Lyons, Paul D. Reynolds, Michael A. Walker
                             and John B. Zaozirny
                    2        Ratify Ernst & Young LLP as Auditors          For          For                   Mgmt
                    3        Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    4        Approve Issuance of Shares                    For          For                   Mgmt
                                Starting  February  1,  2006,   director  annual  retainer
                                Canaccord has been increased from $25,000 to $50,000.  The
                                value of the grant being  requested is seven times (or 9.5
                                times based on the most recent  market  value) the current
                                annual  retainer,  an  enormous  amount of  money,  in our
                                view, without a compelling reason.  This, coupled with Mr.
                                Busson's  poor  attendance  record  during the past fiscal
                                year, makes it hard for us to support this resolution.


05/15/07 - A/S      Canadian Real Estate Investment Trust    13650J104                            03/20/07                  13,367
                    1        Elect Directors                               For          For                   Mgmt
                    2        Approve Deloitte & Touche LLP as Auditors     For          For                   Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    3        Amend Declaration of Trust Re: Investments    For          For                   Mgmt
                             in Joint Ventures
                    4        Amend Declaration of Trust Re: Reports to     For          For                   Mgmt
                             Unitholders
                    5        Amend Employee Unit Purchase Plan             For          For                   Mgmt
                                Conclusion        We  believe that the proposed  amendment
                                provision provides the board with discretionary  powers to
                                amend the company's  Unit Purchase  Plan.  ISS prefers the
                                detailed  amendment  provision to also require  unitholder
                                approval to extend the  employee  contribution  limit,  or
                                extend/increase  the contribution  period.  On this basis,
                                we do  not  support  approval  of the  proposed  amendment
                                provision.


03/08/07 - A/S      Canadian Western Bank *CWB*              13677F101                            01/19/07                  16,600
                    1        Ratify Deloitte & Touche LLP as Auditors      For          For                   Mgmt
                    2        Elect Charles Allard, Albrecht Bellstedt,     For          For                   Mgmt
                             Jack Donald, Allan Jackson, Wendy Leaney,
                             Robert Manning, Gerald McGavin, Howard
                             Pechet, Robert Phillips, Larry Pollock,
                             Alan Rowe, Arnold Shell as Directors
                    3        Amend Share Incentive Plan                    For          For                   Mgmt
                                Pay-For-Performance        In   2006,  ISS  implemented  a
                                pay-for-performance  assessment,  looking for  correlation
                                between  CEO's  pay and the  company's  total  shareholder
                                return.  Specifically  if a company has negative  one- and
                                three-year fiscal total shareholder  returns,  and its CEO
                                also had an increase  in total  direct  compensation  from
                                the prior year, it would require closer scrutiny.  If more
                                than half of the increase in total direct  compensation is
                                attributable to equity  compensation,  ISS may recommend a
                                vote against an  equity-based  compensation  plan in which
                                the  CEO  participates.  The  assessment  applies  to  TSX
                                Composite  Index companies that have at least three fiscal
                                years of stock price  history and have had the same CEO in
                                place  for the past  two  fiscal  years.        The  total
                                compensation   for  Larry   Pollock   for  2006   totalled
                                $2,771,045  an increase of 120 percent from his 2005 total
                                compensation.  The primary  source of this large  increase
                                was due to a one-time  grant of 160,00  retention  options
                                which are valued at just over $1.5  million  options.  The
                                options  vest in  unequal  tranches  over  the  next  five
                                years;  20,000 on January 2, 2007,  20,000 in 2008, 30,000
                                in 2009,  40,000 in 2010,  and the  final  50,000 in 2011.
                                The retention  options were granted in accordance with the
                                terms of his  revised  employment  agreement.  If  Pollock
                                ceases to be employed by the bank,  any  unvested  options
                                will be  forfeited.  The  estimated  fair  value  of stock
                                options  granted in 2006,  $100,518  is a  decrease  of 58
                                percent  from his 2005 option  grant.  If the value of the
                                retention   options  is   removed   from  the  2006  total
                                compensation  calculation,  it  results  in a 4.8  percent
                                decrease from 2005 to 2006.  The bank's total  shareholder
                                returns for the one- and  five-year  periods  were 22% and
                                30%  respectively.        Vote   Recommendation        The
                                total  cost of the  company's  plans  of 4.62  percent  is
                                within  the   allowable  cap  for  this  company  of  4.82
                                percent.   This   plan  does  not   include   non-employee
                                directors  as  eligible  participants.  The  terms  of the
                                black-out  provision  are  reasonable.  ISS  does not feel
                                that the proposed  amendment  provision as it is currently
                                drafted  adequately  restricts the amending powers of plan
                                administrators.  Given the June 30, 2007 deadline  imposed
                                by the TSX, ISS accepts the bank's  written  commitment to
                                address  our  concerns,   and  we  will  not  oppose  this
                                resolution  at this time. If a proposal to carve out these
                                additional  amendments  is not  proposed by the next AGM ,
                                ISS  will  review  the   situation  and  consider  a  vote
                                recommending  to withhold  votes from the election of each
                                member of the  Corporate  Governance  and Human  Resources
                                Committee.


03/28/07 - A        Canon Electronics, Inc. *7739*           J05082102                            12/31/06                   1,731
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 30, Final
                             JY 35, Special JY 0
                    2        Amend Articles to: Authorize Board to         For          Against               Mgmt
                             Determine Income Allocation - Limit Rights
                             of Odd-lot Holders - Increase Maximum Board
                             Size - Lower Quorum Requirement for Special
                             Business
                                Because   allowing   the  company  to   determine   income
                                allocation   at   the   board's   discretion   is  not  in
                                shareholders'  interest,  we recommend  that  shareholders
                                oppose the whole resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties  to  those  companies  and  their   affiliates,   the
                                nominees  for  independent  auditor  (candidates  2 and 3)
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                    7        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.


04/18/07 - A        Cementir SpA                             T27468171                            04/16/07                  19,030
                             Annual Meeting Agenda
                    1        Accept Financial Statements for Fiscal Year   For                                Mgmt
                             2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/21/07 - S        Cementir SpA                             T27468171                            06/19/07                  19,030
                             Special Meeting Agenda
                    1        Amend Articles of the Company's Bylaws also   For                                Mgmt
                             to Comply with the Italian Law 262/2005 and
                             with the Legislative Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/19/06 - S        CERMAQ ASA                               R1536Z104                            None                      27,600
                    1        Open Meeting and Registration of              None         None                  Mgmt
                             Shareholders
                    2        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    4        Approve NOK 750 Million Transfer from Share   For          For                   Mgmt
                             Premium Account to Other Equity


03/15/07 - A/S      CFF Recycling (Formerly Compagnie        F1552K125                            03/12/07                   2,146
                    Francaise de Ferrail)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.60 per Share
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Reelect Jean-Pierre Schires as Director       For                                Mgmt
                    6        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    7        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 50 Million
                    8        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 50 Million
                    9        Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 50 Million for Bonus Issue or
                             Increase in Par Value
                    10       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    11       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Charter plc                              G2067Y104                            None                      64,150
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Re-elect Grey Denham as Director              For          For                   Mgmt
                    4        Re-elect Andrew Osborne as Director           For          For                   Mgmt
                    5        Re-elect John Neill as Director               For          For                   Mgmt
                    6        Elect James Deeley as Director                For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,111,259
                    10       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 166,688
                    11       Authorise 16,668,885 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    12       Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditure up to GBP 25,000
                    13       Approve Authority to Send or Supply           For          For                   Mgmt
                             Shareholder Communications by Publication
                             on a Website


05/24/07 - A        Chaucer Holdings plc                     G2071N102                            None                     136,657
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 2.90 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                   Mgmt
                    4        Reappoint Ernst & Young LLP as Auditors and   For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    5        Authorise the Limit of Ordinary Shares Held   For          For                   Mgmt
                             by the Chaucer Holdings Plc Employee
                             Benefit Trust
                    6        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 26,038,666
                    7        Subject to and Conditional Upon the Passing   For          For                   Mgmt
                             of Resolution 6, Authorise Issue of Equity
                             or Equity-Linked Securities without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 3,905,799
                    8        Authorise 31,246,399 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    9        Adopt New Articles of Association             For          For                   Mgmt


03/22/07 - A        Chemring Group plc                       G20860105                            None                      15,992
                             Preference Shareholders are not Entitled to
                             Attend and Vote at the Meeting.
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 11.20 Pence Per     For          For                   Mgmt
                             Ordinary Share
                    4        Elect Lord Freeman as Director                For          For                   Mgmt
                    5        Re-elect Kenneth Scobie as Director           For          Abstain               Mgmt
                    6        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 538,246
                    8        Subject to the Passing of Resolution 7,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 80,587
                    9        Authorise 3,223,507 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase
                    10       Amend Articles of Association Re: Treasury    For          For                   Mgmt
                             Shares
                    11       Amend Articles of Association Re:             For          Against               Mgmt
                             Indemnification
                    12       Amend Articles of Association Re: Borrowing   For          For                   Mgmt
                             Limits
                    13       Amend Articles of Association Re: CREST       For          For                   Mgmt
                             Proxies
                    14       Amend Articles of Association Re:             For          For                   Mgmt
                             Retirement of Directors Over the Age of 70
                    15       Amend Articles of Association Re: Alternate   For          For                   Mgmt
                             Directors


05/08/07 - A        CHINA TING GROUP HOLDINGS LTD            G8439J105                            None                     506,000
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Special Final Dividend of HK$0.026    For          For                   Mgmt
                             Per Share and Final Dividend of HK$0.044
                             Per Share
                    3a1      Reelect Ting Man Yi as Executive Director     For          For                   Mgmt
                    3a2      Reelect Ting Hung Yi as Executive Director    For          For                   Mgmt
                    3a3      Reelect Ding Jianer as Executive Director     For          For                   Mgmt
                    3a4      Reelect Cheung Tin Yin, Peter as Executive    For          For                   Mgmt
                             Director
                    3b       Authorize Board to Fix the Remuneration of    For          For                   Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                                The     board     is      proposing      to      reappoint
                                PricewaterhouseCoopers  as the company's  auditors for the
                                year.
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                This item  seeks  shareholder  approval  to issue up to 20
                                percent   of  the   company's   issued   capital   without
                                preemptive  rights.          The  general mandate to issue
                                shares is supported for companies that limit  discounts to
                                5 percent  of the market  price of shares and who,  at the
                                same  time,  have no  history  of  refreshments  as  these
                                factors  address  concerns  on the  possible  issuance  of
                                discounted  shares to  related  parties as well as further
                                dilution   to  existing   shareholders   due  to  frequent
                                refreshments.          In  this case,  the company did not
                                provide  discount  restrictions  on  the  issue  price  of
                                shares  under this  mandate.  Given  this and  considering
                                that the mandate may be refreshed  several  times within a
                                period of one year, we recommend  shareholders oppose this
                                resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the  company on the date of
                                the   resolution  is  passed  and  operates  under  strict
                                regulatory  guidelines  of the SEHK.  We believe that when
                                timed  correctly,   corporate  stock   repurchases  are  a
                                legitimate   use  of  corporate   funds  and  can  add  to
                                long-term shareholder returns.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent of issued  capital from the  original  limit of 20
                                percent  under the general  mandate to issue shares sought
                                by most  Hong  Kong  companies.  Given  that  the  general
                                mandate to issue  shares is subject to abuse by  companies
                                that issue shares at discounts to the market  price,  such
                                extension  of  the  general  share  issuance  mandate  may
                                increase the scope of non-preemptive  placements,  putting
                                minority  shareholders  at a  disadvantage  as repurchased
                                shares may also be  reissued  at a discount  to the market
                                price.  In view  of  this,  a vote  against  this  item is
                                recommended  unless a minimal  discount  of 5  percent  or
                                less is  specified  for  share  issuances  under a general
                                mandate.           In  this  case,  the  company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.


10/27/06 - A        China Water Affairs Group Ltd            G21090108                            None                     680,000
                    (formerly CHINA SILVER DRAGON
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2a       Reelect Chen Guo Ru as Director and           For          For                   Mgmt
                             Authorize Board to Fix His Remuneration
                    2b       Reelect Zhao Hai Hu as Director and           For          For                   Mgmt
                             Authorize Board to Fix His Remuneration
                                This item seeks to reelect Zhao Hai Hu, a  non-independent
                                non-executive   director.  We  are  currently  unaware  of
                                issues or concerns regarding this nominee.
                    2c       Reelect Wu Jiesi as Director and Authorize    For          Against               Mgmt
                             Board to Fix His Remuneration
                                Wu  Jiesi  (Mr.  Wu),  classified  by  the  company  as  a
                                non-independent  non-executive  director, is considered by
                                ISS to be an  executive  director as he received  salaries
                                and other  emoluments that belong to the five highest paid
                                emoluments  of the company for the latest  financial  year
                                end.  In view of this  concern,  we  believe  that Mr.  Wu
                                cannot  be  expected  to  fulfill  his  obligations  as  a
                                non-independent   non-executive   director  and  therefore
                                recommend  that  shareholders  vote  against his  proposed
                                reelection.
                    3        Reappoint Grant Thornton as Auditors and      For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    4a       Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                As the share  issuance  authority  is  subject to abuse by
                                Hong  Kong   companies,   in  the   absence  of   language
                                restricting  both  discounts  and the  number of times the
                                authority may be refreshed, a vote against is recommended.
                    4b       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                                This  resolution  would  extend  for one year the  board's
                                authority   to   repurchase   company   shares   at  their
                                discretion.  This  authority  is  limited to 10 percent of
                                the share  capital of the  company in issue at the date of
                                the passing of this resolution.
                    4c       Authorize Reissuance of Repurchased Shares    For          For                   Mgmt
                                This  resolution  authorizes  the  board  to  reissue  any
                                shares  repurchased  under the general mandate to purchase
                                shares  approved  above,   without  limiting  the  general
                                mandate  to issue  shares  sought  above.  This  authority
                                would also be limited  to the  maximum 10 percent  allowed
                                to be  repurchased.  This  request  is being made to renew
                                the  authority,  as the  authority to reissue  repurchased
                                shares expired with the convening of this meeting.


01/05/07 - S        China Water Affairs Group Ltd            G21090108                            None                     340,000
                    (formerly CHINA SILVER DRAGON
                    1        Approve Acquisition by China Water Group      For          For                   Mgmt
                             Ltd. of 30 Percent of the Issued Share
                             Capital of China Environmental Water Hldgs.
                             Ltd. from Color Hill Group Ltd. for a Total
                             Consideration of HK$19.2 Million
                                I. Transaction Summary        Acquirer:  China Water Group
                                Ltd.  (Purchaser),   a  wholly-owned   subsidiary  of  the
                                company        Target:   30  percent  equity  interest  in
                                China       Environmental      Water      Hldgs.      Ltd.
                                (Target)        Consideration:     cash        Transaction
                                Terms:  The Purchaser  would acquire the 30 percent equity
                                interest   in  the  Target  from  Color  Hill  Group  Ltd.
                                (Vendor)  for a  consideration  of HK$19.2  million  ($2.5
                                million)        Value  of  Transaction:   HK$19.2  million
                                ($2.5  million)        Fairness   Opinion:  Menlo  Capital
                                Ltd.        Accounting            Treatment:           Not
                                disclosed        Tax             Treatment:            Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        The  Target,  owned as to 70 percent by
                                the  Purchaser  and 30  percent by the  Vendor,  currently
                                holds a 50 equity  interest in Conseco  Seabuckthorn  Co.,
                                Ltd.  (Seabuckthorn Co.), a company principally engaged in
                                the  cultivation  and sale of sea  buckthorn  seedling  as
                                well as the manufacture and sale of its related  products.
                                        III.    Transaction        The   Purchaser   would
                                acquire the Target from the Vendor for a consideration  of
                                HK$19.2  million  ($2.5  million).  Based on arm's  length
                                negotiations    between   the   parties   involved,    the
                                consideration  was determined with reference to the latest
                                audited  financial  results  attributable  to the  Target,
                                which was approximately  HK$6.4 million  ($824,636).  This
                                amount would be funded from the internal  resources of the
                                company  and  would be paid as to  HK$10.0  million  ($1.3
                                million)  within two  business  days after  signing of the
                                agreement    relating   to   the   proposed    acquisition
                                (Agreement)  and  upon  production  by the  Vendor  of its
                                certified  true  copy  of  board  minutes   approving  the
                                Agreement   while  the  remaining   HK$9.2  million  ($1.2
                                million)  would be paid upon  completion  of the  proposed
                                acquisition  (Completion).          Upon  Completion,  the
                                company,  through the Purchaser,  would own 100 percent of
                                the  issued  share  capital  of the  Target and 50 percent
                                effective   interest   in   Seabuckthorn    Co.        IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        In  this case,  the company  provided
                                satisfactory    information    regarding    the   proposed
                                acquisition.          Through  the 70 percent  interest in
                                the Target  held by the  Purchaser,  the Target as well as
                                Seabuckthorn  Co. has been  regarded as  subsidiaries  and
                                their  accounts have been  consolidated  into the accounts
                                of the company  and its  subsidiaries  (Group).  Acquiring
                                the remaining 30 percent equity  interest in the Target is
                                expected  to provide  long-term  financial  benefit to the
                                Group as well as allow  the  Group to  further  strengthen
                                the  development of its sea buckthorn  business.        V.
                                Pro Forma  Financial  Summary        The  company  did not
                                disclose  information  regarding  its pro forma summary in
                                relation  to the  acquisition  of  the  Target.        VI.
                                Risks        The  company did not disclose  possible risks
                                pertaining to the  acquisition of the  Target.        VII.
                                Market    Reaction   (vs.   market   index   during   same
                                period)        -Pre-announcement:    The    share    price
                                increased  by 43.2  percent  in the 60 days  prior to Nov.
                                16,  2006  (the  Announcement  Date)  vs.  a 11.1  percent
                                increase  for the  HSI,  outperforming  the  index by 32.1
                                percentage   points        -Initial:   The   share   price
                                increased  by 1.1  percent a day before  the  Announcement
                                Date,   vs.   a  0.3   percent   increase   for  the  HSI,
                                outperforming     the    index    by    0.8     percentage
                                points        -Post-analysis:  The shares increased by 1.7
                                percent from the  Announcement  Date to Dec. 15, 2006, vs.
                                a 0.2  percent  decline  for the  HSI,  outperforming  the
                                index by 1.9 percentage  points        -  We note that the
                                price of the company's  shares has been  increasing  prior
                                to and after the  release of the  announcement  pertaining
                                to  the  proposed   acquisition.        VIII.   Governance
                                (Disclosure   Level:    Satisfactory)        The    Target
                                currently has two directors.  Upon Completion,  one of the
                                directors,  Wang  Hui,  would  resign  and the  Group  may
                                appoint  additional  directors  to the  Target's  board of
                                directors.        IX.   Conclusion        Based   on   our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.


03/22/07 - A/S      Com Dev International Ltd. *CDV*         199907106                            02/08/07                  12,232
                    1        Elect Directors Keith Ainsworth, Douglas      For          For                   Mgmt
                             Wright, Frank Hasenfratz, Peter Scovell,
                             Kym Anthony and Christopher O'Donovan as
                             Directors
                    2        Approve Ernst & Young LLP as Auditors and     For          For                   Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                    3        Approve Second Amended and Restated Stock     For          For                   Mgmt
                             Option Plan
                                The estimated  shareholder value transfer of the company's
                                plans of 7 percent is equal to or less than the  allowable
                                cap for this company of 8 percent.          Plan  provides
                                for   director   participation   on   a   limited   basis.
                                        The  proposed  amendment  procedures (refer to II.
                                Plan  Features)  and  black  out  provisions  (refer to I.
                                Cost-Based  Analysis  Summary) within the plan are in line
                                with  ISS  guidelines.        As  such,  we  support  this
                                resolution because the amendment  provision has adequately
                                limited  the  board's  unilateral  authority  to amend the
                                plan  going   forward   and   thereby   providing   better
                                protection of shareholder interests.
                    4        Approve First Amended and Restated Employee   For          For                   Mgmt
                             Stock Purchase Plan
                    5        Approve New General By-Law                    For          Against               Mgmt
                                We recommend  voting against this  resolution to adopt the
                                by-law  given our view of the quorum  provision  which has
                                the potential to impact shareholders' rights.


05/10/07 - A/S      Compagnie Generale De Geophysique -      F2349S108                            05/07/07                   2,366
                    Veritas (Frmly Cie Generale De
                    Geophysique)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividend
                    3        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    4        Approve Discharge of Directors                For                                Mgmt
                    5        Reelect Jean Dunand as Director               For                                Mgmt
                    6        Reelect Christian Marbach as Director         For                                Mgmt
                    7        Ratify Mazard and Guerard as Auditor          For                                Mgmt
                    8        Ratify Ernst and Young as Auditor             For                                Mgmt
                    9        Ratify Patrick de Cambourg as Alternate       For                                Mgmt
                             Auditor
                    10       Ratify Auditex as Alternate Auditor           For                                Mgmt
                    11       Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 580,000
                    12       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    13       Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                             Special Business
                    14       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 54 Million
                    15       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 18 Million
                    16       Authorize Board to Set Issue Price for 10     For                                Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    17       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    18       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    19       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    20       Approve Transfer of an Autonomous Section     For                                Mgmt
                             of the Company to CGG Services
                    21       Amend Employee Savings-Related Share          For                                Mgmt
                             Purchase Plan
                    22       Approve Issuance of Securities Convertible    For                                Mgmt
                             into Debt
                    23       Approve Stock Option Plans Grants             For                                Mgmt
                    24       Authorize up to 1 Percent of Issued Capital   For                                Mgmt
                             for Use in Restricted Stock Plan
                    25       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    26       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                    27       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/12/06 - S        Cosco Corp (Singapore) Ltd (frmlyCosco   Y1764Z208                            None                     235,160
                    Investment (Singapore
                    1        Approve Mandate for Transactions with         For          For                   Mgmt
                             Related Parties


10/19/06 - S        Cosco International Holdings (frmrl.     G8114Z101                            None                     602,000
                    Shun Shing Holdings)
                    1        Approve Acquisition by Dynamic Class Ltd.     For          For                   Mgmt
                             of 20 Percent and 4 Percent Equity Interest
                             in Sino Ocean Real Estate Development Co.,
                             Ltd. from COSCO and COSCO Tianjin,
                             Respectively, at a Consideration of RMB
                             329.4 Million and RMB 65.9 Million,
                             Respectively
                                I.  Transaction  Summary        Acquirer:   Dynamic  Class
                                Ltd.  (Dynamic  Class),  a wholly-owned  subsidiary of the
                                company        Target:  An aggregate of 24 percent  equity
                                interest in Sino Ocean Real Estate  Development  Co., Ltd.
                                (SORED)  held in  part as to 20  percent  by  China  Ocean
                                Shipping  (Group)  Co.  (COSCO)  and 4 percent  by Tianjin
                                Ocean  Shipping Co. (COSCO  Tianjin)        Consideration:
                                cash        Transaction   Terms:   Dynamic   Class   would
                                acquire a 20 percent  equity  interest in SORED from COSCO
                                for a cash  consideration  of  RMB  329.4  million  ($40.8
                                million)  and a 4 percent  equity  interest  in SORED from
                                COSCO  Tianjin  for  a  cash  consideration  of  RMB  65.9
                                million ($8.2  million)        Value  of Transaction:  RMB
                                395.3  million  ($49.0  million)        Fairness  Opinion:
                                CIMB-GK Securities (HK) Ltd.        Accounting  Treatment:
                                Not       Disclosed        Tax        Treatment:       Not
                                Disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                Disclosed        Dividends:     None        II.    Company
                                Description        SORED,   a   company   with  a  current
                                registered  capital of RMB 1.0 billion  ($123.9  million),
                                is  principally  engaged  in the  businesses  of  property
                                development   and  investment,   decoration,   trading  of
                                construction   materials   and   provision   of   property
                                consultancy  services  in the  People's  Republic of China
                                (PRC).  As at June 30,  2006,  the  value of its  property
                                portfolio  is   approximately   RMB  11.0  billion   ($1.4
                                billion),  as valued by Vigers  Appraisal  and  Consulting
                                Ltd.,       a       professional       valuer.        III.
                                Transaction        Under    the   proposed    acquisition,
                                Dynamic  Class would  acquire an  aggregate  of 24 percent
                                equity  interest in SORED,  comprising a 20 percent equity
                                interest  held by COSCO  for a cash  consideration  of RMB
                                329.4  million  ($40.8  million)  and a 4  percent  equity
                                interest  held by COSCO  Tianjin for a cash  consideration
                                of RMB 65.9 million ($8.2 million).  Based on arm's length
                                negotiations   between  the  parties,   the  consideration
                                represents  a premium of  approximately  10.3 percent over
                                the net asset  value (NAV) of SORED as at June 30, 2006 of
                                RMB  1.5  billion  ($185.8  million)  and  a  discount  of
                                approximately   17.4   percent  on  the  adjusted  NAV  of
                                approximately   RMB2.0  billion  ($247.7   million).   The
                                aggregate   consideration  would  be  funded  by  internal
                                resources  of the  company and its  subsidiaries  (Group).
                                Upon  completion,  Dynamic  Class  would own 24 percent of
                                the equity interest in SORED.  Coupled with the 20 percent
                                equity  interest  in SORED held by Mission  Success  Ltd.,
                                another wholly-owned  subsidiary of the company, the Group
                                would  hold a  total  of 44  percent  equity  interest  in
                                SORED.        IV.   Rationale  Considerations  (Disclosure
                                Level:  Satisfactory)        In  this  case,  the  company
                                provided  satisfactory  information regarding the proposed
                                acquisition.  The  Group  has been  holding  a 20  percent
                                equity  interest  in SORED after a share  acquisition  and
                                subsequent  capital  injection in 2003. By increasing  the
                                Group's  equity  stake  in  SORED  from 20  percent  to 44
                                percent and in view of SORED's rapid  growing  business in
                                the  recent  years  and its  proven  track  record  in the
                                property  development  business in the PRC, it is expected
                                that  the  proposed  acquisition  would  eventually  bring
                                meaningful  profit  contribution for the  Group.        V.
                                Pro Forma Financial  Summary        Based on the unaudited
                                pro forma  information of the Group  immediately  upon the
                                completion of the acquisition  (Enlarged Group) as of June
                                30,  2006,  the Group's  cash and cash  equivalents  would
                                decrease by 33.1  percent  from  $150.3  million to $100.6
                                million.        VI.   Risks        The   company  did  not
                                disclose  possible risks  pertaining to the acquisition of
                                SORED.        VII.   Market  Reaction  (vs.  market  index
                                during  same   period)        The   market  reaction  with
                                respect       to       the       acquisition       appears
                                positive.        -Pre-announcement:  The shares  increased
                                by 19.2  percent  in the 60 days  prior to Aug.  22,  2006
                                (the  Announcement  Date) vs. a 8.4 percent  increase  for
                                the  HSI,  outperforming  the  index  by  10.8  percentage
                                points        -Initial:   The  shares   increased  by  2.5
                                percent a day  before  the  Announcement  Date,  vs. a 0.8
                                percent increase for the HSI,  outperforming  the index by
                                1.7  percentage  points        -Post-analysis:  The shares
                                increased by 18.0 percent  from the  Announcement  Date to
                                Oct.  3, 2006,  vs. a 2.1  percent  increase  for the HSI,
                                outperforming     the    index    by    15.9    percentage
                                points        VIII.    Governance    (Disclosure    Level:
                                Unsatisfactory)        The   company   did  not   disclose
                                governance   matters   relating  to  the   acquisition  of
                                SORED.        IX.     Conclusion        Based    on    our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.


12/21/06 - S        Cosco International Holdings (frmrl.     G8114Z101                            None                     602,000
                    Shun Shing Holdings)
                    1        Approve Connected Transaction and Annual      For          For                   Mgmt
                             Caps
                                This  item  seeks  to  approve  the   proposed   connected
                                transactions  between  China  Ocean  Shipping  (Group) Co.
                                (COSCO),  the company's  ultimate holding  company,  COSCO
                                (Hong  Kong)  Group  Ltd.,   the  company's   intermediate
                                holding   company,   and  their   subsidiaries  and  other
                                associates,  excluding  the company  and its  subsidiaries
                                (the  Group),  (collectively  referred  to  as  the  COSCO
                                Group);  and COSCO (Hong Kong) Insurance  Brokers Ltd. (HK
                                Insurance),  a wholly-owned subsidiary of the company; and
                                Shenzen COSCO Insurance Brokers Ltd. (SZ Insurance),  a 55
                                percent owned  subsidiary of the company,  concerning  the
                                provision  of  marine  and  general  insurance   brokerage
                                services (the  Services) by the Group to COSCO Group for a
                                term of three years  commencing  from Jan. 1, 2007 to Dec.
                                31,  2009.  Under  the  agreement,  the  Group,  acting as
                                insurance broker, would source insurance companies,  which
                                are third  parties  independent  of the company,  upon the
                                request of COSCO Group for a particular  marine or general
                                insurance  coverage.   The  Group  would  be  entitled  to
                                receive  commission  or other  brokerage  income  from the
                                relevant insurance  companies for the transaction/s  based
                                on market rates or rates which are no less  favorable than
                                those  offered for similar  insurance  brokerage  services
                                provided to  independent  third  parties and the insurance
                                premium  payable  by  the  COSCO  Group  to  the  relevant
                                insurance  companies would be on normal  commercial  terms
                                and  negotiated on an arm's length basis.  For each of the
                                three  financial  years  ending Dec.  31,  2007,  2008 and
                                2009,  annual  caps of  HK$44.8  million  ($5.8  million),
                                HK$49.3  million ($6.4 million) and HK$54.3  million ($7.0
                                million)  respectively,  have been set. In determining the
                                annual  caps,  the Board has (a) examined and compared the
                                most recent  performance of HK Insurance  during the years
                                2004 and 2005,  and the nine months ended Sept.  30, 2006;
                                (b)  interviewed  the  management  of HK Insurance  and SZ
                                Insurance  to obtain  opinion on the  projected  volume of
                                the connected  transactions for the years 2007 until 2009;
                                and (c)  considered  the following  factors:  (i) business
                                growth  trend  of  the  Services  to  be  provided  by  HK
                                Insurance  and SZ  Insurance;  (ii) recent  price trend of
                                the  ocean  vessels - higher  price  required  for  higher
                                insured sum;  (iii) premium rate movement and trend quoted
                                by  insurance  underwriters;  (iv) growth  prospects of SZ
                                Insurance  given  its  commencement  of  business  in  the
                                second  half  of  2006;  (v)  estimated   demands  of  the
                                Services  for the  existing  and new  vessels  and charter
                                boats of the COSCO  Group for the years 2007  until  2009;
                                and (vi)  unaudited  management  accounts of HK  Insurance
                                and SZ  Insurance  for the nine  months  ended  Sept.  30,
                                2006, in determining  the proposed  annual caps. ISS notes
                                that the connected  transactions would be conducted in the
                                usual and  ordinary  course of  business  of the Group and
                                would be based on normal  commercial terms and on terms no
                                less favorable to the Group than terms  available to other
                                independent parties. The proposed  transactions would help
                                to increase  and secure the market  share of HK  Insurance
                                and SZ Insurance to the COSCO Group,  as they remain to be
                                the major  customer of the Group and are  considered to be
                                one of  the  largest  shipowners  in  the  world.  CIMB-GK
                                Securities (HK) Ltd., the appointed  independent financial
                                adviser,  finds the proposed connected  transactions to be
                                fair and reasonable to the company and shareholders.  This
                                item also  seeks to grant  authority  to any  director  to
                                execute  documents  and  agreements  and  do all  acts  in
                                connection to the proposed connected  transactions.  These
                                are reasonable requests.


03/15/07 - S        Cosco International Holdings (frmrl.     G8114Z101                            None                     602,000
                    Shun Shing Holdings)
                    1        Approve Sale by COSCO (B.V.I.) Hldgs. Ltd.    For          For                   Mgmt
                             of 100 Shares of $1.0 Each in the Issued
                             Share Capital of COSCO Construction Ltd.
                             and Related Shareholder's Loan to COSCO
                             (H.K.) Property Devt. Ltd.
                                This item seeks to approve the proposed  disposal by COSCO
                                (B.V.I.)   Hldgs.   Ltd.   (COSCO  BVI),  a   wholly-owned
                                subsidiary  of the  company,  of:  (a) 100  shares of $1.0
                                each,  representing  the entire  issued  share  capital of
                                COSCO  Int'l   Construction  Ltd.  (COSCO   Construction),
                                another  wholly-owned  subsidiary  of the  company,  (Sale
                                Shares);   (b)   approximately   HK$403.5  million  ($52.0
                                million)   owed  by  COSCO   Construction   to  COSCO  BVI
                                (Shareholder's   Loan);   and  (c)  further   advances  of
                                shareholder's  loan from  COSCO BVI to COSCO  Construction
                                in the  amount of  relevant  operating  loss from Jan.  1,
                                2007  up to the  date  on  which  the  conditions  for the
                                proposed  disposal  is  fulfilled  (Further  Advances)  to
                                COSCO  (H.K.)   Property   Development   Ltd.   (COSCO  HK
                                Property), a wholly-owned  subsidiary of COSCO (Hong Kong)
                                Group  Ltd.,  which  is in  turn  the  company's  ultimate
                                holding   company.        Under   the  agreement,  a  cash
                                consideration  of  HK$2.0  ($0.3),  which  was  determined
                                after taking into  account the adjusted  book value of the
                                assets  and  liabilities  of  COSCO  Construction  and its
                                subsidiaries  (COSCO  Construction  Group) as at Dec.  31,
                                2006 of  approximately  HK$403.6  million ($52.1  million)
                                would   be  paid   by   COSCO   HK   Property   to   COSCO
                                BVI.        It  was noted that as a term of the agreement,
                                COSCO HK Property  should  procure  that all  existing and
                                corporate  guarantees  provided  by the company in respect
                                of any liabilities of COSCO  Construction  Group (Existing
                                Guarantees)  be released and discharged and be replaced by
                                such  corporate  guarantees  given by  members of COSCO HK
                                Property  and  its  subsidiaries  (COSCO  Property  Group)
                                excluding  the company and its  subsidiaries  (Group).  It
                                was also  noted that COSCO HK  Property  should  indemnify
                                the  company  against  all  obligations,  liabilities  and
                                claims    in     connection     with    these     Existing
                                Guarantees.        Upon   completion   of   the   proposed
                                disposal,  the Group would realize a gain of approximately
                                HK$44,000  ($5,674) and COSCO  Construction would cease to
                                be a subsidiary  of the  Group.        COSCO  Construction
                                Group is  principally  engaged in  building  construction,
                                maintenance  and  property  development.  The board  notes
                                that it is the company's  strategy to position itself into
                                the  ship  trading  business  and it has no  intention  of
                                further  pursuing  its  building  construction   business,
                                which  is  currently   undertaken  by  COSCO  Construction
                                Group.  The  proposed   disposal  is  in  line  with  this
                                strategy  and  presents  an  opportunity  for the Group to
                                dispose of its non-core  assets so as to focus on its core
                                business of ship trading and supplying  services.  This is
                                a reasonable request.


05/29/07 - A        Cosco International Holdings (frmrl.     G8114Z101                            05/22/07                 602,000
                    Shun Shing Holdings)
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                   Mgmt
                                A final  dividend of HK$0.043  ($0.005) per share has been
                                proposed.
                    3a       Reelect Wei Jiafu as Director                 For          For                   Mgmt
                    3b       Reelect Liu Guoyuan as Director               For          For                   Mgmt
                    3c       Reelect Li Jianhong as Director               For          For                   Mgmt
                    3d       Reelect Wang Futian as Director               For          For                   Mgmt
                    3e       Reelect Jia Lianjun as Director               For          For                   Mgmt
                    3f       Reelect Wang Xiaoming as Director             For          For                   Mgmt
                    3g       Reelect Liang Yanfeng as Director             For          For                   Mgmt
                    3h       Reelect Meng Qinghui as Director              For          For                   Mgmt
                    3i       Reelect Chen Xuewen as Director               For          For                   Mgmt
                    3j       Reelect Lin Libing as Director                For          For                   Mgmt
                    3k       Reelect Wang Xiaodong as Director             For          For                   Mgmt
                    3l       Reelect Lin Wenjin as Director                For          For                   Mgmt
                    3m       Reelect Kwong Che Keung, Gordon as Director   For          For                   Mgmt
                    3n       Reelect Tsui Yiu Wa, Alec as Director         For          For                   Mgmt
                    3o       Reelect Jiang, Simon X. as Director           For          For                   Mgmt
                    3p       Authorize Board to Fix the Remuneration of    For          For                   Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                                The company is proposing  that  PricewaterhouseCoopers  be
                                reappointed as its external auditors.
                    5a       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5b       Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                This item seeks to refresh the company's  mandate to issue
                                shares,  representing  up to 20 percent of current  issued
                                capital,  without  preemptive  rights.        The  general
                                mandate to issue shares is supported  for  companies  that
                                limit  discounts  to 5  percent  of the  market  price  of
                                shares  and who,  at the same  time,  have no  history  of
                                refreshments  as these  factors  address  concerns  on the
                                possible  issuance of discounted shares to related parties
                                as well as further  dilution to existing  shareholders due
                                to  frequent  refreshments.           In  this  case,  the
                                company  did  not  provide  discount  restrictions  on the
                                issue price of shares under this  mandate.  Given this and
                                considering  that the  mandate  may be  refreshed  several
                                times   within  a  period  of  one  year,   we   recommend
                                shareholders oppose this resolution.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent of issued  capital from the  original  limit of 20
                                percent  under the general  mandate to issue shares sought
                                by most  Hong  Kong  companies.  Given  that  the  general
                                mandate to issue  shares is subject to abuse by  companies
                                that issue shares at discounts to the market  price,  such
                                extension  of  the  general  share  issuance  mandate  may
                                increase the scope of non-preemptive  placements,  putting
                                minority  shareholders  at a  disadvantage  as repurchased
                                shares may also be  reissued  at a discount  to the market
                                price.  In view of this,  shareholders  are recommended to
                                oppose  this item  unless a minimal  discount of 5 percent
                                or less is specified for share  issuances  under a general
                                mandate.           In  this  case,  the  company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.


08/30/06 - A        COSMOS PHARMACEUTICAL CORP *3349*        J08959108                            05/31/06                   7,547
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                   Mgmt
                             10, Special JY 0
                    2        Amend Articles to: Limit Rights of Odd-lot    For          For                   Mgmt
                             Holders - Update Terminology to Match that
                             of New Corporate Law - Limit Liability of
                             Directors and Statutory Auditors
                    3        Elect Directors                               For          For                   Mgmt
                    4        Approve Special Payments to Continuing        For          For                   Mgmt
                             Directors and Statutory Auditor in
                             Connection with Abolition of Retirement
                             Bonus System


04/18/07 - A        Cramo OyJ (Frmly Rakentajain             X71756104                            04/05/07                   9,624
                    Konevuokraamo Oyj)
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Annual Report                         None                               Mgmt
                    1.3      Receive Auditor's Report                      None                               Mgmt
                    1.4      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.5      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.50 Per Share
                    1.6      Approve Discharge of Board and President      For                                Mgmt
                    1.7      Fix Number of Directors at Six and Approve    For                                Mgmt
                             Their Remuneration
                    1.8      Fix Number of Auditors at Two and Approve     For                                Mgmt
                             Their Remuneration
                    1        Elect Directors                               For                                Mgmt
                    1.10     Appoint Auditors and Deputy Auditors          For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/25/06 - A        Creed Corp. *8888*                       J7007Z100                            05/31/06                     104
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                   Mgmt
                             2000, Special JY 0
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format - Update
                             Terminology to Match that of New Corporate
                             Law - Limit Liability of Directors and
                             Statutory Auditors


05/31/07 - A/S      Crescent Point Energy Trust *CPG.U*      225908102                            04/26/07                  26,670
                    1        Fix Number of Directors at Seven              For          For                   Mgmt
                    2        Elect Directors                               For          For                   Mgmt
                    3        Ratify PricewaterhouseCoopers LLP as          For          For                   Mgmt
                             Auditors
                    4        Amend Restricted Stock Plan                   For          For                   Mgmt
                                Conclusion        Where  companies are  proposing  changes
                                to the  amendment  or  black-out  provisions  of  existing
                                equity-based  compensation  plans  are  not  contemplating
                                increasing the size of such plans,  ISS will base our vote
                                recommendation  solely  on the  merits  of the  provisions
                                being  proposed.  For  clarification,  where companies are
                                also   proposing   any   other    amendments   that   will
                                substantially   affect   the   cost  of  an   equity-based
                                compensation   plan,   ISS  will   continue   to  run  our
                                proprietary  compensation  model and review  all  relevant
                                provisions  and  usage of the plan when  determining  vote
                                recommendations.          Since  the plan is a full  value
                                award plan,  the  limitation  of Insiders by points b) and
                                c)  of  the  amendment   provision   would  not  have  any
                                meaningful    effect   on   the   plan    following    our
                                communications  with the trust to clarify the intention of
                                those  provisions.          We  would  prefer  to see  the
                                amendment  provision also requires unitholder approval for
                                any amendments that would provide for the  transferability
                                or  assignability  of  Restricted  Units.  The  trust  has
                                indicated  to ISS that it will not amend the plan to allow
                                transfer or  assignment of  Restricted  Units,  except for
                                normal estate  purposes.        As such, ISS believes that
                                the amendment provision  adequately restricts the amending
                                powers of plan administrators.


04/24/07 - A        CSE Global Ltd (frmly CSE Systems &      Y8346J107                            None                      59,000
                    Engineering Ltd)
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of SGD       For          For                   Mgmt
                             0.035 Per Share
                    3        Reelect Lim Ming Seong as Director            For          Against               Mgmt
                                Due to the company's  failure to provide the annual report
                                for fiscal  year  2006,  we are  unable to  ascertain  the
                                level of  independence  of this  nominee.  Given  this and
                                considering our position against  executive  directors who
                                are  also  members  of  key  board  committees,  as  their
                                presence  threatens  to  undermine  the  purpose  of these
                                committees   in  providing   independent   oversight   and
                                preventing  conflicts of interest,  and the best  practice
                                recommendations   stipulated   in   Singapore's   Code  of
                                Corporate  Governance  that limit members of the Audit and
                                Remuneration  Committees  to  non-executives  only, a vote
                                against this resolution is recommended.
                    4        Reelect Goh Boon Seng as Director             For          Against               Mgmt
                    5        Approve Directors' Fees of SGD 190,000 for    For          For                   Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             196,000)
                    6        Reappoint Ernst & Young as Auditors and       For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant          For          Against               Mgmt
                             Options Pursuant to the CSE Global Limited
                             Executives' Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the  Scheme  is 12  percent  of issued  capital,  which is
                                considered an unacceptable level of dilution.  This scheme
                                cannot  be  considered  sufficiently   well-structured  to
                                justify a potential dilution level of 12 percent.
                    9        Approve Issuance of Shares and Grant          For          For                   Mgmt
                             Options Pursuant to the CSE (US
                             Subsidiaries) Incentive Stock Option Plan


04/24/07 - S        CSE Global Ltd (frmly CSE Systems &      Y8346J107                            None                      59,000
                    Engineering Ltd)
                    1        Approve Allotment and Issuance of Up to       For          For                   Mgmt
                             170.4 Million Bonus Shares on the Basis of
                             One Bonus Share for Every 2 Existing Shares


07/13/06 - A        Csr Ltd. *CSR*                           Q30297115                            07/11/06                 165,812
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports for the Year Ended March 31, 2006
                    2        Adopt the Remuneration Report for the Year    For          For                   Mgmt
                             Ended March 31, 2006
                    3a       Elect Barry Jackson as Director               For          For                   Mgmt
                    3b       Elect John Story as Director                  For          For                   Mgmt
                    4        Amend the Constitution to Renew               For          For                   Mgmt
                             Proportional Takeover Provisions for a
                             Further Three Years


06/28/07 - A        D&M HOLDINGS INC *6735*                  J1232Z100                            03/31/07                  47,030
                    1        Elect Directors                               For          Split                 Mgmt
                    1.1      Elect Director --- For
                                Candidates  4, 6 to 9 have been  designated  as outsiders,
                                but   candidates   6  and  9   meet   our   criteria   for
                                independence.  Candidate 4 is  president  of the  Japanese
                                subsidiary of D&M's second largest  shareholder,  Phillips
                                Electronics.  Candidate 7 is the executive  vice-president
                                of RHJ International,  which is the parent company of D&M.
                                Candidate  8  is  a  vice-president   of  RHJI  Industrial
                                Partners    Asia,    a    subsidiary    of   parent    RHJ
                                International.        Candidate   6  is  a   former   vice
                                president  of  International  Paper and director of Boston
                                Acoustics,   and   Candidate  9  is  the  chairman  of  On
                                International  Inc.  These  nominees  appear  to meet  our
                                criteria for  independence.        Because the benefits of
                                adopting  a   US-style   board  are   undermined   by  the
                                appointment  of outside  directors who lack  independence,
                                we recommend that shareholders oppose nominees 4, 7 and 8.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- Against
                                see item 1.1
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- Against
                                see item 1.1
                    1.8      Elect Director --- Against
                                see item 1.1
                    1.9      Elect Director --- For


05/23/07 - S        D/S NORDEN                               K19911138                            05/02/07                     100
                    1        Approve DKK 1.475 Million Reduction in        For          For                   Mgmt
                             Share Capital via Share Cancellation; Amend
                             Articles Accordingly


06/20/07 - S        D/S NORDEN                               K19911146                            06/01/07                   2,000
                    1        Approve DKK 1.475 Million Reduction in        For          For                   Mgmt
                             Share Capital via Share Cancellation; Amend
                             Articles Accordingly


03/15/07 - A        Daegu Bank                               Y1859G115                            12/31/06                  40,600
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 565 Per Share
                    2        Amend Articles of Incorporation to Increase   For          For                   Mgmt
                             Number of Independent Non-Executive
                             Directors and to Set Audit Committee
                             Member's Term
                    3        Elect Three Independent Non-Executive         For          For                   Mgmt
                             Directors
                    4        Elect Members of Audit Committee              For          For                   Mgmt
                    5        Approve Stock Option Grants                   For          For                   Mgmt


05/25/07 - A        Daewoong Pharmaceutical Co.              Y1915W104                            03/31/07                   5,308
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 800 Per Share
                                This  item  seeks  approval  of  the  company's  financial
                                statements  and  of  management's   plans  for  allocating
                                income for the year.  The company is  proposing a dividend
                                of KRW 800 per share.  This  corresponds to a payout ratio
                                of  approximately  15 percent,  down from 18.4  percent in
                                the previous  year. The company is increasing its dividend
                                from  KRW  700  in the  previous  year  to KRW  800 as the
                                company's  net income  increased  37.7  percent  year over
                                year.
                    2        Amend Articles of Incorporation               For          Against               Mgmt
                                        The  amendment  would allow the board to decide on
                                the limit of the number of  additional  convertible  bonds
                                and bonds  with  subscription  warrant  that may be issued
                                and at what price. The discretion is especially  troubling
                                considering  that  the  board  may  issue  bonds  that are
                                convertible   into   ordinary   shares.   Because  of  the
                                excessive  discretion afforded to the board in setting the
                                terms of the  issuances,  the  undisclosed  nature  of the
                                authorization,  and the  history of  widespread  collusive
                                business  practices  in  the  Korean  market,  we  do  not
                                support this request.
                    3        Elect Two Executive Directors                 For          For                   Mgmt
                                The two  executive  (inside)  director  nominees  are Yoon
                                Jae-soong,  the representative director of the company and
                                Kim Jung-ho,  a managing director of the company.  Neither
                                nominee has engaged in any  disclosable  transaction  with
                                the company within the last three years.  Yoon is a son of
                                the  largest  shareholder  of the  company.  The number of
                                directors on the board remains  unchanged at nine, of whom
                                three are independent non-executive (outside) directors.
                    4        Approve Limit on Remuneration of Directors    For          For                   Mgmt
                                This  item  is  to  fix  a  maximum  amount  for  director
                                remuneration  for  the  year at KRW 2  billion,  unchanged
                                from the previous  year.  The actual payout amount for the
                                last  year  for  three  outside  directors  was  KRW  68.4
                                million.  The  level of  directors'  fees is  usually  not
                                problematic among Korean  companies,  and we see no reason
                                to oppose this routine resolution.
                    5        Approve Limit on Remuneration of Auditor      For          For                   Mgmt
                                This item  seeks to fix an  amount  for  internal  auditor
                                remuneration  for the year.  The amount  proposed  for one
                                auditor is KRW 150  million,  unchanged  from the previous
                                year. This level of fees is not high by Korean  standards,
                                and  companies  usually do not pay out the  entire  amount
                                authorized.  We recommend that  shareholders vote for this
                                resolution.


06/27/07 - A        Daiichi Jitsugyo Co. Ltd. *8059*         J09492109                            03/31/07                  13,954
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 13
                                The payout ratio for the full year is 28 percent  based on
                                consolidated    earnings,   or   35   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format -
                             Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  14 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    3.14     Elect Director --- For
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The  retiring  directors  are  insiders,  and we  have  no
                                reason to oppose this resolution.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                70  million  to 14  directors.  Because  the amount is not
                                excessive, we have no reason to oppose this resolution.


05/24/07 - A        Daiseki Co. Ltd. *9793*                  J10773109                            02/28/07                   3,055
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 6, Final JY
                             8, Special JY 0
                                The  payout  ratio is 14  percent  based  on  consolidated
                                earnings, or 15 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on   parent-company   earnings    only.                The
                                payout  ratio for the year is on the low side by  Japanese
                                standards.  However,  the company has posted strong growth
                                in sales and profits in recent years.  Accordingly,  we do
                                not object to the  retention  of cash at this stage of the
                                company's development
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives  and 0  non-executives.The  board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For


06/22/07 - A        Daito Bank *8563*                        J10941102                            03/31/07                  28,765
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 1.5
                                The payout  ratio for the full year is 5 percent  based on
                                either         parent-only         or         consolidated
                                earnings.                The  payout  ratio  for the  full
                                year is on the low  side by  Japanese  standards.  We will
                                consider   recommending   votes   against   future  income
                                allocations,  if profits grow and the dividend  payment is
                                not increased.
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format -
                             Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominee  4                  Background  of
                                non-executive  nominee(s):  The  nominee  is  the  current
                                executive  of  Koriyama  Chamber  Commerce  and  Industry.
                                                Board   Profile                Composition
                                of  board  after  this   meeting:   3  executives   and  1
                                non-executive.           The   number  of   outsiders   is
                                remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominee 2         Nominee 2 meets our
                                criteria   for   independence.   He  is  a  former   local
                                government official.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Retirement Bonuses for Director and   For          Against               Mgmt
                             Statutory Auditors
                                One of the retiring  auditors has been  designated  by the
                                company as independent.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing this item.


07/31/06 - A        Dana Petroleum PLC                       G26503113                            None                      39,767
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Re-elect Thomas Cross as Director             For          For                   Mgmt
                    3        Re-elect David MacFarlane as Director         For          For                   Mgmt
                    4        Elect Philip Dayer as Director                For          For                   Mgmt
                    5        Elect Stuart Paton as Director                For          For                   Mgmt
                    6        Re-elect Angus Burn as Director               For          For                   Mgmt
                    7        Approve Remuneration Report                   For          Against               Mgmt
                    8        Reappoint Ernst & Young LLP as Auditors of    For          For                   Mgmt
                             the Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,680,695
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 641,579
                    12       Authorise 8,554,300 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase


09/26/06 - S        Dana Petroleum PLC                       G26503113                            None                      51,301
                    1        Approve Dana Petroleum Plc 2006 Long-Term     For          For                   Mgmt
                             Incentive Plan and the Employee Benefit
                             Trust to be Established for Use in
                             Connection with the Plan; Authorise the
                             Directors to Do All Acts and Things
                             Necessary to Carry the Plan into Effect
                    2        Approve Deferred Share Payment A (Deferred    For          Against               Mgmt
                             Compensation); Authorise the Directors to
                             Do All Acts and Things Necessary to Carry
                             the Arrangement into Effect
                    3        Approve Deferred Share Payment B (Exchange    For          For                   Mgmt
                             Options); Authorise the Directors to Do All
                             Acts and Things Necessary to Carry the
                             Arrangement into Effect
                    4        Approve Dana Petroleum Plc Share Incentive    For          For                   Mgmt
                             Plan; Authorise the Directors to Do All
                             Acts and Things Necessary to Carry the Plan
                             into Effect


11/27/06 - S        Datamonitor plc                          G2659P107                            None                      10,401
                    1        Approve Acquisition by the Co. of All         For          For                   Mgmt
                             Issued and to be Issued Share Cap. of Ovum
                             Plc Subject to the Terms and Conditions of
                             the Offer Document; Auth. Board to Take All
                             Steps to Complete the Acquisition and to Do
                             All Thing Necessary Pursuant to the Offer


07/27/06 - A        De La Rue Plc                            G6448X115                            None                      38,639
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 11.8 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Michael Jeffries as Director         For          For                   Mgmt
                    5        Re-elect Keith Hodgkinson as Director         For          For                   Mgmt
                    6        Re-elect Nicholas Brookes as Director         For          For                   Mgmt
                    7        Elect Gill Rider as Director                  For          For                   Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 15,309,688
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,296,682
                    12       Authorise 24,787,640 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    13       Authorise the Company to Make Donations to    For          For                   Mgmt
                             EU Political Organisations up to GBP 20,000
                             and to Incur EU Political Expenditure up to
                             GBP 20,000
                                While this is a standard  item,  the  Company is seeking a
                                four-year  authority for these proposals.  NAPF guidelines
                                recommend that  Companies seek annual renewal  resolutions
                                proposals related to political  expenditure and donations.
                                Upon  engagement,  the Company  explained  to RREV that it
                                has been  Company  policy for twenty years not to make any
                                political   donations   at  all  and  that   the   current
                                resolutions   are   precautionary   in   nature.   As  the
                                regulations  require  a  separate  resolution  for each EU
                                subsidiary  rather  than a composite  one,  the Company is
                                seeking  authority  every four years,  as permitted by the
                                Political  parties,  Elections and  Referendums  Act 2000,
                                rather than every year.  The Company has confirmed that if
                                it were to change  its  policy  not to make any  political
                                donations,   it  would   submit  these   resolutions   for
                                shareholder  approval annually.  RREV therefore recommends
                                that shareholders support resolutions 13 to 24.
                    14       Authorise De La Rue International Limited     For          For                   Mgmt
                             to Make Donations to EU Political
                             Organisations up to GBP 20,000 and to Incur
                             EU Political Expenditure up to GBP 20,000
                                See Item 13 for a more detailed explanation.
                    15       Authorise De La Rue Holdings Plc to Make      For          For                   Mgmt
                             Donations to EU Political Organisations up
                             to GBP 20,000 and to Incur EU Political
                             Expenditure up to GBP 20,000
                                See Item 13 for a more detailed explanation.
                    16       Authorise De La Rue Cash Systems NV to Make   For          For                   Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    17       Authorise De La Rue Smurfit Limited to Make   For          For                   Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    18       Authorise De La Rue Cash System S.A. to       For          For                   Mgmt
                             Make Donations to EU Political
                             Organisations up to GBP 10,000 and to Incur
                             EU Political Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    19       Authorise De La Rue Cash Systems GmbH to      For          For                   Mgmt
                             Make Donations to EU Political
                             Organisations up to GBP 10,000 and to Incur
                             EU Political Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    20       Authorise De La Rue BV to Make Donations to   For          For                   Mgmt
                             EU Political Organisations up to GBP 10,000
                             and to Incur EU Political Expenditure up to
                             GBP 10,000
                                See Item 13 for a more detailed explanation.
                    21       Authorise De La Rue Systems S.A. to Make      For          For                   Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    22       Authorise De La Rue Cash Systems AB to Make   For          For                   Mgmt
                             Donations to EU Political Organisations up
                             to GBP 10,000 and to Incur EU Political
                             Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.
                    23       Authorise De La Rue Currency and Security     For          For                   Mgmt
                             Print Limited to Make Donations to EU
                             Political Organisations up to GBP 10,000
                             and to Incur EU Political Expenditure up to
                             GBP 10,000
                                See Item 13 for a more detailed explanation.
                    24       Authorise De La Rue Systems Automatizacao,    For          For                   Mgmt
                             S.A. to Make Donations to EU Political
                             Organisations up to GBP 10,000 and to Incur
                             EU Political Expenditure up to GBP 10,000
                                See Item 13 for a more detailed explanation.


04/18/07 - A        Denison Mines Corp. *DML*                248356107                            03/09/07                  39,600
                    1        Elect as Director John H Craig, W Robert      For          For                   Mgmt
                             Dengler, Brian D Edgar, E Peter Farmer, Ron
                             F Hochstein, Paul F Little, Lukas H Lundin,
                             William A Rand, Roy J Romanow, and
                             Catherine J G Stefan.
                    2        Appoint PricewaterhouseCoopers LLP as         For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration


01/08/07 - S        Derwent London plc                       G27300105                            None                       9,346
                    1        Approve Merger with London Merchant           For          For                   Mgmt
                             Securities Plc; Approve Increase in
                             Authorised Capital from GBP 3,550,000 to
                             GBP 6,036,850; Authorise Issue of Equity
                             with Pre-emptive Rights up to GBP 2,486,850
                             in Connection with the Merger
                    2        Approve Increase in Remuneration of           For          For                   Mgmt
                             Non-Executive Directors to GBP 400,000
                    3        Change Company Name to Derwent London Plc     For          For                   Mgmt


05/11/07 - A        Deutsche Boerse AG                       D1882G119                            None                         313
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 3.40 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Approve EUR 100 Million Capitalization of     For                                Mgmt
                             Reserves; Approve 2:1 Stock Split
                    6        Approve Creation of EUR 14 Million Pool of    For                                Mgmt
                             Capital without Preemptive Rights
                             (Authorized Capital III)
                    7        Approve Stock Bonus Plan for Key Employees;   For                                Mgmt
                             Approve Creation of EUR 6 Million Pool of
                             Capital for Stock Bonus Plan
                    8        Authorize Share Repurchase Program and        For                                Mgmt
                             Cancellation of Repurchased Shares;
                             Authorize Use of Financial Derivatives When
                             Repurchasing Shares
                    9        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    10       Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        Deutsche Lufthansa AG                    D1908N106                            None                      38,441
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.70 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Elect Clemens Boersig to the Supervisory      For                                Mgmt
                             Board
                    6        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    8        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Deutsche Postbank AG                     D1922R109                            None                       2,952
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.25 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Repurchase of Up to 5 Percent of    For                                Mgmt
                             Issued Share Capital for Trading Purposes
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Approve Affiliation Agreements with           For                                Mgmt
                             Subsidiary Postbank Beteiligungen GmbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/10/07 - A        Diploma plc                              G27664112                            None                       3,877
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 15 Pence Per        For          For                   Mgmt
                             Ordinary Share
                    3        Re-elect John Matthews as Director            For          For                   Mgmt
                    4        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    5        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    6        Approve Remuneration Report                   For          For                   Mgmt
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 377,465
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 56,620
                    9        Authorise 2,264,791 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase


02/23/07 - S        Dodwell B.M.S.                           J12139101                            12/31/06                  20,701
                    1        Approve Formation of Joint Holding Company    For          For                   Mgmt
                             with Graphtec Corp.
                                Conclusion        Based  on our analysis in valuation  and
                                rationale,  we recommend that  shareholders  vote for this
                                merger.


05/11/07 - A        Draegerwerk AG                           D22938118                            04/20/07                   4,406
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.49 per Common Share and EUR 0.55
                             per Preference Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Approve Remuneration of Supervisory Board     For                                Mgmt
                    6        Ratify BDO Deutsche Warentreuhand AG as       For                                Mgmt
                             Auditors for Fiscal 2007
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    9        Approve Change of Corporate Form from Stock   For                                Mgmt
                             Corporation (AG) to Partnership Limited by
                             Shares (KGaA); Approve Draegerwerk
                             Verwaltungs AG as Personally Liable
                             Partner; Adopt New Articles of Association
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/11/07 - A        Draka Holding N.V.                       N2771R199                            05/07/07                   8,581
                    1        Open Meeting                                  None                               Mgmt
                    2.a      Receive Report of Management Board            None                               Mgmt
                    2.b      Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                    4        Approve Discharge of Management Board         For                                Mgmt
                    5        Approve Discharge of Supervisory Board        For                                Mgmt
                    6        Elect Members to Supervisory Board            For                                Mgmt
                    7        Approve Remuneration of Supervisory Board     For                                Mgmt
                    8        Approve Remuneration Report Containing        For                                Mgmt
                             Remuneration Policy for Management Board
                             Members
                    9        Ratify Auditors                               For                                Mgmt
                    10       Grant Board Authority to Issue Shares and     For                                Mgmt
                             Restricting/Excluding Preemptive Rights
                    11.a     Authorize Repurchase of Preference Shares     For                                Mgmt
                    11.b     Authorize Repurchase of Ordinary Shares       For                                Mgmt
                    12       Cancel Preference Shares Held by the Company  For                                Mgmt
                    13       Allow Questions                               None                               Mgmt
                    14       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/18/07 - A        Drillisch AG                             D23138106                            04/27/07                   8,904
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify BDO Deutsche Warentreuhand AG as       For                                Mgmt
                             Auditors for Fiscal 2007
                    6        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Approve Creation of EUR 19.2 Million Pool     For                                Mgmt
                             of Capital without Preemptive Rights
                    8        Approve EUR 0.9 Million Capitalization of     For                                Mgmt
                             Reserves for Increase in Par Value
                    9        Amend Articles Re: Conducting of              For                                Mgmt
                             Shareholder Meeting due to New German
                             Legislation (Law on Company Integrity and
                             Modernization of the Right of Avoidance)
                    10       Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    11       Approve Affiliation Agreement with            For                                Mgmt
                             Subsidiary McSIM Mobilfunk GmbH
                    12       Amend Existing Affiliation Agreements with    For                                Mgmt
                             Subsidiaries VICTORVOX GmbH, SIMply
                             Communication GmbH, IQ-work Software AG,
                             and Alphatel Kommunikationstechnik GmbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/07/06 - A        DTZ Holdings Plc (Fm. Debenham Tewson    G2848D114                            None                      28,509
                    & Chinnocks Hold. Plc)
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 7 Pence Per         For          For                   Mgmt
                             Ordinary Share
                    3a       Re-elect Mark Struckett as Director           For          For                   Mgmt
                    3b       Re-elect Peter Stone as Director              For          For                   Mgmt
                    3c       Re-elect Dag Detter as Director               For          For                   Mgmt
                    3d       Re-elect Alicja Lesniak as Director           For          For                   Mgmt
                    4        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    5        Approve Remuneration Report                   For          For                   Mgmt
                    6        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 683,072
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 135,846
                    8        Authorise 2,716,927 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase
                    9        Approve DTZ Holdings Plc Long-Term Reward     For          For                   Mgmt
                             Plan
                                Performance  conditions        RREV  has no  objections to
                                the  performance   conditions   attached  to  the  scheme.
                                Brokers'  forecasts  indicate  that the EPS  targets  were
                                stretching  at the  time of  conception,  although  recent
                                forecasts indicate that the performance  expectations have
                                increased,  suggesting that the targets for the vesting of
                                the  maximum   award  are  no  longer  as   stretching  as
                                originally intended.          RREV welcomes the removal of
                                retesting   from  the  COSOP  and  the   introduction   of
                                performance   conditions   for  free   shares   under  the
                                Co-Investment     Plan.        Dilution        Our    main
                                concern  with  the  LTRP  is  in  the  area  of  dilution.
                                        NAPF   policy   recommends   that  the  aggregated
                                commitments   of  all  a   Company's   incentive   schemes
                                (discretionary and non-discretionary)  must not exceed 10%
                                of  the  issued  ordinary  share  capital   (adjusted  for
                                scrip/bonus  and  rights  issues)  in any  rolling 10 year
                                period.  Within these  limits,  the maximum  commitment to
                                discretionary  incentive schemes must not exceed 5% of the
                                issued  ordinary  share  capital  in any  rolling  10 year
                                period.        The  LTRP is a  discretionary  scheme,  but
                                the  Company  has   explained  to  RREV  that  it  is  not
                                proposing   to  include  a  5%  limit  for   discretionary
                                schemes,  since,  the Company  believes  that grants under
                                the   discretionary   schemes   are   likely  to  be  more
                                significant  compared to grants under all employee schemes
                                than would be the case with  other  business  sectors,  as
                                the   Company   is  a   'people   business'.        Voting
                                Recommendation        Although  we are  very  critical  of
                                the  omission of the 5% dilution  limit for  discretionary
                                schemes,  we consider that in other respects the proposals
                                reflect  current good  practice.  In addition,  they are a
                                significant   improvement   on  the   Company's   existing
                                arrangements,  which  the  Plan  will  replace.  For  this
                                reason, we are recommending that shareholders  support the
                                adoption  of the  LTRP.        Nevertheless,  we urge  the
                                Company to  reconsider  its  approach to  dilution  with a
                                view  to  adopting  the  5%  in  10  years  guideline.  In
                                addition,  we shall  expect the  Company to  disclose  its
                                latest  dilution level in each annual report,  in order to
                                permit   shareholders  to  monitor  the  changes  in  this
                                important metric.
                    10       Approve DTZ Holdings Plc Share Incentive      For          For                   Mgmt
                             Plan


05/03/07 - A/S      Dundee Real Estate Investment Trust      ADPV03041                            03/27/07                  13,800
                    *D.U*
                    1        Elect Gunther Bautz, Detlef Bierbaum,         For          For                   Mgmt
                             Donald K. Charter, Michael J. Cooper, Peter
                             A. Crossgrove, Robert G. Goodall, Duncan
                             Jackman and Robert Tweedy as Trustees
                    2        Approve PricewaterhouseCoopers LLP as         For          For                   Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors
                    3        Amend Deferred Unit Incentive Plan            For          Against               Mgmt
                                                                                    VI.
                                Vote   Recommendation        In   Canada,   ISS   recently
                                implemented a pay-for-performance  assessment, looking for
                                correlation  between  CEO's  pay and the  company's  total
                                shareholder   return.   Specifically   if  a  company  has
                                negative  one- and  three-year  fiscal  total  shareholder
                                returns,  and its CEO also had an increase in total direct
                                compensation  from the prior year, it would require closer
                                scrutiny.  If more  than  half of the  increase  in  total
                                direct    compensation    is    attributable   to   equity
                                compensation,   ISS  may   recommend  a  vote  against  an
                                equity-based   compensation   plan   in   which   the  CEO
                                participates.  The  assessment  applies  to TSX  Composite
                                Index  companies  that have at least three fiscal years of
                                stock  price  history  and  have had the same CEO in place
                                for the past two fiscal years.  Dundee REIT has a positive
                                one- and three-year  TSR of 62 and 28  percent.        The
                                estimated  shareholder  value  transfer  of the  company's
                                plans of 2 percent is equal to or less than the  allowable
                                cap for this  company of 4 percent.          ISS  believes
                                the plan amendment  provision has  adequately  limited the
                                board's  unilateral  authority  to  amend  the  plan as it
                                exists at this time.  Should  non-management  trustees  be
                                removed as eligible  participants in the future,  we would
                                expect  to  see  this  provision  added  to  the  list  of
                                amendment   requiring   shareholder   approval.        ISS
                                opposes    plans   that    provide    for    discretionary
                                director/trustee  participation.  This is a practice which
                                gives  rise  to  the   possibility  of   self-dealing   by
                                directors  in  options.  Directors  who are  able to grant
                                themselves   options   without   limit  could  find  their
                                independence compromised.


05/02/07 - A        DURO FELGUERA SA EX.GRUPO DURO           E3800J109                            None                       8,202
                    FELGUERA SA, OVIEDO
                    1        Accept Individual and Consolidated            For          For                   Mgmt
                             Financial Statements and Statutory Reports
                             for Fiscal Year 2006 and Approve Allocation
                             of Income
                    2        Approve Discharge of Board of Directors       For          For                   Mgmt
                    3        Fix Number of Directors; Elect Directors      For          Against               Mgmt
                                On this item,  we  consider  there to be  several  factors
                                that warrant a vote against.  The  withholding of director
                                names before the meeting diminishes  shareholder's ability
                                to make informed voting  decisions,  while the presence of
                                an  executive  director  on the  board's  Audit  Committee
                                raises concerns of conflicts of interest.  Moreover,  both
                                are practices  which the majority of Spanish  companies no
                                longer follow.  Given these concerns,  we cannot recommend
                                shareholder support for this item.
                    4        Grant Authority to the Board to Increase      For          For                   Mgmt
                             Capital Via Issuance of Securities; Amend
                             Article 5 of Company Bylaws; Approve
                             Listing of New Securities in the Stock
                             Exchange
                    5        Authorize Repurchase of Shares                For          For                   Mgmt
                    6        Elect External Auditors                       For          For                   Mgmt
                    7        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


06/27/07 - A        Eagle Industry Co. Ltd. *6486*           J12558110                            03/31/07                  52,420
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 13 percent  based on
                                consolidated    earnings,   or   31   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  14 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       1       and
                                2                Neither  nominee  meets our  criteria for
                                independence.  Both nominees are current executives of the
                                largest  shareholder  in the company  with a 28.6  percent
                                stake.                Given   the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  Both nominees for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    4        Approve Retirement Bonuses for Director and   For          Against               Mgmt
                             Statutory Auditors
                                The retiring  auditor has been  designated as independent.
                                        As  we  believe  the  payment  of such  bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the item.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.
                    6        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 20 million per month
                                to JY 30 million per month. After the meeting,  the number
                                of    directors     will     increase     from    12    to
                                14.                Because   the   new   ceiling   is  not
                                excessive, we have no reason to oppose this resolution.


04/18/07 - A/S      Eiffage                                  F2924U106                            04/13/07                   3,221
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Approve Consolidated Financial Statements     For                                Mgmt
                             and Discharge Directors
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1 per Share
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Appoint KPMG SA as Auditors and Bertnard      For                                Mgmt
                             Paulet as Deputy Auditors
                    6        Appoint PricewaterhouseCoopers Audit as       For                                Mgmt
                             Auditors and Yves Nicolas as Deputy Auditors
                    7        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    8        Reelect Jean-Francois Roverato as Director    For                                Mgmt
                    9        Ratify Appointment of Benoit Heitz as         For                                Mgmt
                             Director and Reelect him
                    10       Elect Jean-Claude Kerboeuf as Director        For                                Mgmt
                    A        Elect Vincente Benedito Frances as Director   Against                            ShrHoldr
                    B        Elect Ana de Pro Gonzalo as Director          Against                            ShrHoldr
                    C        Elect Jose Manuel Loureda Lopez as Director   Against                            ShrHoldr
                    D        Elect Santiago del Pino Aguilera as Director  Against                            ShrHoldr
                    E        Elect Javier Zarrabeitia Unzueta as Director  Against                            ShrHoldr
                             Special Business
                    11       Authorize Board to Issue Free Warrants with   For                                Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    12       Amend Articles of Association Re:             For                                Mgmt
                             Shareholder Disclosure Threshold
                    13       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    14       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 150 Million
                    15       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    16       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    17       Approve Stock Option Plans Grants             For                                Mgmt
                    18       Authorize up to 1 Million Shares for Use in   For                                Mgmt
                             Restricted Stock Plan
                    19       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    20       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                    21       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/19/07 - A        Elisa Corporation (frm.HPY Holding)      X1949T102                            03/09/07                  37,116
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.50 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Approve Remuneration of Directors and         For                                Mgmt
                             Auditors
                    1.7      Fix Number of Directors at Six; Fix Number    For                                Mgmt
                             of Auditors at One
                    1        Elect Directors                               For                                Mgmt
                    1.9      Appoint KPMG Oy Ab as Auditor                 For                                Mgmt
                    2        Amend Articles of Association to Comply       For                                Mgmt
                             with New Finnish Companies Act
                    3        Approve Creation of Pool of Capital without   For                                Mgmt
                             Preemptive Rights; Authorize Reissuance of
                             Repurchased Shares
                    4        Authorize Repurchase of up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - S        Elisa Corporation (frm.HPY Holding)      X1949T102                            06/18/07                  36,355
                    1        Approve EUR 530.4 Million Decrease in Share   For                                Mgmt
                             Premium Fund
                    2        Approve Special Dividend of EUR 165 Million   For                                Mgmt
                             in Aggregate
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Ementor ASA (formerly Merkantildata      R44435106                            None                      64,207
                    As)
                    1        Elect Chairman of Meeting                     For          For                   Mgmt
                    2        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    4        Receive President's Report                    None         None                  Mgmt
                    5        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports; Approve Allocation of Income and
                             Omission of Dividends
                    6        Approve Remuneration of Auditors              For          For                   Mgmt
                    7        Approve Remuneration of Directors             For          For                   Mgmt
                    8        Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    9        Reelect Bente Rathe and Jan-Fredrik           For          For                   Mgmt
                             Wilhelmsen as Members of Nominating
                             Committee
                    10       Approve Stock Option Plan for Employees;      For          For                   Mgmt
                             Approve Creation of up to NOK 50 Million
                             Pool of Capital to Guarantee Conversion
                             Rights
                    11       Approve Creation of up to NOK 100 Million     For          For                   Mgmt
                             Pool of Capital without Preemptive Rights
                    12       Authorize Repurchase of up to NOK 20          For          For                   Mgmt
                             Million of Issued Share Capital


02/14/07 - S        ENDEMOL NV                               N30617109                            02/07/07                  21,816
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Announcements on the Proposed         None                               Mgmt
                             Acquisition
                    3        Approve Acquisition of Endemol France S.A.S.  For                                Mgmt
                    4        Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A        ENDEMOL NV                               N30617109                            05/18/07                  21,154
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management Board            None                               Mgmt
                    3        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4        Approve Dividends of EUR 0.45 Per Share       For                                Mgmt
                    5        Approve Discharge of Management Board         For                                Mgmt
                    6        Approve Discharge of Supervisory Board        For                                Mgmt
                    7        Reelect Mr. G.H. Smit to Supervisory Board    For                                Mgmt
                    8        Grant Board Authority to Issue Shares Up To   For                                Mgmt
                             5.1 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    9        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    10       Allow Questions                               None                               Mgmt
                    11       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/01/06 - A/S      Energy Metals Corp. *EMC*                29271B106                            10/27/06                   9,967
                    1        Fix Number of Directors at Six                For          For                   Mgmt
                                This is a routine resolution.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director Paul Matysek --- For
                                We applaud  the company for  providing  shareholders  with
                                the  opportunity  to vote with  respect  to each  director
                                individually.  The board will  consist an equal  number of
                                independent and related  directors.  The slate is composed
                                of  three  independent,  one  affiliated  and  two  inside
                                nominees.  Matysek, President and CEO; and Sheriff, member
                                of  management  of the  company,  are an inside  nominees.
                                Watt,  former  President  of the company is an  affiliated
                                nominee.  Hand, Lupien, and Cole are independent nominees.
                                The offices of Chairman and CEO have been  separated.  The
                                company  has  not  disclosed  the  existance  of  an  Lead
                                director in  conjunction  with the Chairman,  Watt, who is
                                an  affiliated  outsider.  The board has formed a separate
                                Compensation  Committee.  There are no insiders on any key
                                committees.  We note that Watt is an  affiliated  outsider
                                sitting  on  all  Audit,   Compenstaion,   and   Corporate
                                Goverance and Nominating Committees.
                    2.2      Elect Director William Sheriff --- For
                                Sheriff is an is an insider nominee.
                    2.3      Elect Director James G.G. Watt --- For
                                Watt is an affiliated nominee.
                    2.4      Elect Director Grayson Hand --- For
                                Hand is an independent nominee.
                    2.5      Elect Director William Lupien --- For
                                Lupien is an independent nominee.
                    2.6      Elect Director David Cole --- For
                                Cole is an independent nominee.
                    3        Approve Davidson & Company as Auditors and    For          For                   Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                                Davidson & Company have been the company's  auditors since
                                1998.  Multilateral  Instrument  52-110 - Audit Committees
                                requires all  reporting  issuers to disclose the fees paid
                                to external  auditors.  According to the company,  it paid
                                $27,000 for audit,  $44,100 for audit-related,  $7,000 for
                                tax, and Nil for other  services  provided by the auditing
                                firm for the most recent  fiscal year.  Tax fees relate to
                                tax services  consisting of tax  compliance,  tax planning
                                and advice.
                    4        Approval & Ratification of Rolling 10%        For          Against               Mgmt
                             Stock Option Plan
                                Shareholders  are asked to approve  the Amended & Restated
                                Stock Option Plan. The  amendments  include the conversion
                                to a 10 percent  rolling stock option plan, and update the
                                amendment procedures.  The effect of rolling plans is that
                                shares  reserved  for  issuance  will   automatically   be
                                replenished  upon the  exercise or  cancellation  of stock
                                options.  The TSX  Exchange,  where the company is listed,
                                requires   rolling   option   plans  to  be   approved  by
                                shareholders   every  three  years.  Plans  that  reserves
                                shares for options on a rolling basis is potentially  more
                                dilutive  than  a plan  with  a  fixed  number  of  shares
                                reserved for options.  We estimate that potential dilution
                                will  equal  11percent  with a  reservation  of  7,312,991
                                shares,  taking into account a 3.3 percent  compond growth
                                rate of  outstanding  shares  over  the  three  years.  In
                                general ISS prefers  fixed limit option plans over rolling
                                limit option plans.          Share Price as of November 17
                                , 2006: $8.40,  Outstanding Options as of Fiscal Year End:
                                3,707,600        Burn  Rates  (non-diluted):  2005  -  5.6
                                percent,   2004  -  7.6   percent,   2003  -  3.4  percent
                                Three-Year    Average   -   5.5    percent        Eligible
                                Participants:    Employees,   officers,   directors,   and
                                consultants,   Maximum  Annual  Grants:  five  percent  of
                                outstanding  shares to any  individual in any one year; 10
                                percent of  outstanding  shares to any  insider  and their
                                associates  in any one year;  10  percent  of  outstanding
                                shares to insiders as a group;  two percent of outstanding
                                shares to any  consultant or Investor  Relations  employee
                                in a one-year period,  Exercise Price: market value on the
                                date of grant,  Option  Terms:  five  years,  Vesting:  No
                                mandatory  vesting.  To be determined  by the board,  Hold
                                Period:  Four months  from grant date,  Change in control:
                                Not disclosed,  Option Repricing: Not disclosed        The
                                terms of the Plan  holds  that the  company  may amend the
                                Stock  Option  Plan  without  shareholder  approve  in the
                                following  cases:(a)  to comply with the  requirements  of
                                any applicable  regulatory  authority;  (b) to comply with
                                the  rules,  policies  and terms of  listing  of any stock
                                exchange  on which the  Company's  securities  are listed;
                                (c) to  correct  any  typographical  errors  in the  Stock
                                Option Plan or to amend  wording of any  provision  of the
                                Stock  Option  Plan  for the  purpose  of  clarifying  the
                                meaning of  existing  provisions;  (d) to modify or extend
                                the  termination  date applicable to any specific grant of
                                Options;  (e) to amend the  exercise  price of any Options
                                held by  persons  who are not  insiders;  and (f) to amend
                                the  categories  of persons  described who are eligible to
                                receive  Options.                  The  total  cost of the
                                company's  plans of 8.53  percent  is above the  allowable
                                cap for  this  company  of 3.40  percent.  We  oppose  the
                                amendment to increase  shares reserved for options because
                                it  would  appear  that  non-employee  directors  have the
                                ability  to  participate  in  options  on a  discretionary
                                basis.  This  is  a  practice  which  gives  rise  to  the
                                possibility  of  self-dealing  by  directors  in  options.
                                Directors  who  are  able  to  grant  themselves   options
                                without limit could find their  independence  compromised.
                                In  addition  ISS will  generally  recommend  against  the
                                approval of proposed  amendment  procedures that expressly
                                premit changes in eligible  participants  which could lead
                                to   introduction   or   reintroduction   of  non-employee
                                directors under a plan.
                    5        Other Business                                For          Against               Mgmt
                                As we can not know the  content of the issues to be raised
                                under this item, we do not recommend  shareholders approve
                                this request.


05/15/07 - A        Eriks Group (formerly ERIKS HOLDING)     N5103E158                            None                       1,293
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Announcements                         None                               Mgmt
                    3        Approve Minutes of the Meeting Taking Place   For                                Mgmt
                             on November 13, 2006
                    4        Receive Report of Management Board            None                               Mgmt
                    5        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    6        Receive Explanation on Company's Reserves     None                               Mgmt
                             and Dividend Policy
                    7        Approve Dividends of EUR 1.35 Per Share       For                                Mgmt
                    8        Approve Discharge of Management Board         For                                Mgmt
                    9        Approve Discharge of Supervisory Board        For                                Mgmt
                    10       Discussion on Company's Corporate             None                               Mgmt
                             Governance Structure
                    11       Elect Members to Supervisory Board            For                                Mgmt
                    12       Approve Remuneration of Supervisory Board     For                                Mgmt
                    13       Grant Board Authority to Issue Shares Up To   For                                Mgmt
                             20 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    14       Allow Questions                               None                               Mgmt
                    15       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Espec Corp. *6859*                       J1323D109                            03/31/07                   4,700
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 11
                                The payout ratio for the full year is 21 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Expand Business Lines -    For          For                   Mgmt
                             Limit Directors' Legal Liability - Limit
                             Liability of Statutory Auditors
                                In the item, the company asks for shareholder  approval to
                                expand  its  permitted   business   objectives.   The  new
                                business lines proposed here includes  disposal of devices
                                and  equipment.  The change  would not require the company
                                to enter  the new  business;  rather,  it  would  give the
                                board     the     right     to    do     so     at     its
                                discretion.                        The  company also seeks
                                the authority to impose  limits on the legal  liability of
                                outside  directors and outside  statutory  auditors in the
                                company's service contracts with these individuals.  These
                                limitations  would  apply  only  where the  individual  in
                                question  acted in good  faith,  and  would  not  apply in
                                cases  of  gross  negligence  or  criminal  behavior.  The
                                limitations  are seen as  necessary  in  order to  attract
                                qualified     candidates     to     serve     in     these
                                positions.        The    proposed    changes    meet   our
                                guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:        Nominees        4        and       5
                                                Background  of  non-executive  nominee(s):
                                Nominee 4 is a former vice president of NTN Corp.  Nominee
                                5    is    a    former    vice    chairman    of    Itochu
                                Corporation.                Board
                                Profile                Composition  of  board  after  this
                                meeting: 3 executives and 2 non-executives.  The number of
                                outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Approve Retirement Bonus for Statutory        For          For                   Mgmt
                             Auditor
                                The   retiring   auditor  has  not  been   classified   as
                                independent,   and  we  have  no  reason  to  oppose  this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                29  million  to 5  directors,  and  JY  5.5  million  to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


05/11/07 - A/S      Essilor International                    F31668100                            05/08/07                   9,667
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Approve Consolidated Financial Statements     For                                Mgmt
                             and Discharge Directors
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.10 per Share
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Ratify Maurice Marchand Tonel as Director     For                                Mgmt
                    6        Elect Aicha Mokdahi as Representative of      For                                Mgmt
                             Employee Shareholders to the Board
                    7        Reelect Xavier Fontanet as Director           For                                Mgmt
                    8        Reelect Yves Chevillotte as Director          For                                Mgmt
                    9        Reelect Serge Zins as Director                For                                Mgmt
                    10       Elect Bridget Cosgrave as Director            For                                Mgmt
                    11       Reelect PricewaterhouseCooper as Auditor      For                                Mgmt
                             and Etienne Boris as Deputy Auditor
                    12       Elect Mazars and Guerard as Auditor and       For                                Mgmt
                             Jean-Louis Simon as Deputy Auditor
                    13       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    14       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    15       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    16       Approve Stock Option Plans Grants             For                                Mgmt
                    17       Authorize up to 3 Percent of Issued Capital   For                                Mgmt
                             for Use in Restricted Stock Plan
                    18       Set Global Limit for Capital Increase to      For                                Mgmt
                             Result from Issuance Requests Pursuant to
                             Items 16 to 17 Regarding Stock Plans at 3
                             Percent of Capital
                    19       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 25 million
                    20       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 25 million
                    21       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    22       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 500 Million for Bonus Issue or
                             Increase in Par Value
                    23       Approve Stock Split                           For                                Mgmt
                    24       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    25       Authorize Board to Issue Free Warrants with   For                                Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    26       Amend Articles of Association Re:             For                                Mgmt
                             Shareholding Disclosure Threshold
                    27       Amend Article 24 of Association Re: Voting    For                                Mgmt
                             Rights Ceiling
                    28       Amend Articles of Association Re: General     For                                Mgmt
                             Meeting Quorum Requirements, Related Party
                             Transactions, Employee Shareholder
                             Representative, Record Date
                    29       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/19/06 - S        EURONEXT                                 N3113K363                            12/12/06                  12,559
                    1        Open Meeting                                  None                               Mgmt
                    2        Designate Secretary of the Meeting            For                                Mgmt
                    3        Approve Merger Agreement with NYSE Group      For                                Mgmt
                             Inc. and Jefferson Merger Sub, Inc.
                    4.a.1    Elect Rijnhard Beaufort to Supervisory Board  For                                Mgmt
                    4.a.2    Elect Rene Barbier to Supervisory Board       For                                Mgmt
                    4.b      Designate The Two New Supervisory Board       For                                Mgmt
                             Members as Representatives of the Company
                    5        Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/19/06 - S        Eurozinc Mining Corp.                    298804105                            09/18/06                 203,453
                    1        Approve Plan of Arrangement                   For          For                   Mgmt
                    2        Other Business (Voting)                       For          Against               Mgmt
                                As we can not know the  content of the issues to be raised
                                under this item, we do not recommend  shareholders approve
                                this request.


11/10/06 - A/S      EUTELSAT COMMUNICATIONS(frmly            F3692M128                            None                      47,360
                    SATBIRDS)
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Treatment of Losses                   For                                Mgmt
                    4        Approve Dividends of EUR 0.54 per Share       For                                Mgmt
                    5        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    6        Approve Discharge of Directors                For                                Mgmt
                    7        Ratify Appointment of Geoffrey Fink as        For                                Mgmt
                             Director
                    8        Elect Frank Dangeard as Director              For                                Mgmt
                    9        Elect Lord Birt as Director                   For                                Mgmt
                    10       Elect Roberto Colaninno as Director           For                                Mgmt
                    11       Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 700,000
                    12       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    13       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    14       Approve Issuance of Free Warrants During a    For                                Mgmt
                             Takeover up to an Aggregate Nominal Amount
                             Corresponding at Maximum to the Amount of
                             the Share Capital
                    15       Amend Articles of Association Re: Age Limit   For                                Mgmt
                             for Chairman, CEO, and Directors
                    16       Authorize Filling of Required                 For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/15/07 - A/S      EVS BROADCAST EQUIPMENT SA               B3883A119                            None                       3,134
                             Annual Meeting Agenda
                    1        Receive Directors Report on the Statutory     For                                Mgmt
                             and Consolidated Annual Accounts of Fiscal
                             Year Ended Dec.31, 2006
                    2        Receive Auditors' Reports on the Statutory    For                                Mgmt
                             and Consolidated Annual Accounts of Fiscal
                             Year Ended Dec.31, 2006
                    3        Approve Statutory and Consolidated Annual     For                                Mgmt
                             Accounts and Allocation of Income, Included
                             An Employee Proft Participation Plan
                    4        Approve Discharge of Directors and Auditors   For                                Mgmt
                    5        Elect BIP Investment Partners SA,             For                                Mgmt
                             Represented by Marc Faber as Independent
                             Director
                    6        Ratify a Belgian Statutory Auditor            For                                Mgmt
                             Special Meeting Agenda
                    1        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    2        Authorize Board to Issue Shares in the        For                                Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    3        Amend Articles Regarding Elimination of       For                                Mgmt
                             Bearer Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/11/07 - S        EVS BROADCAST EQUIPMENT SA               B3883A119                            None                       3,134
                             Extraordinary Meeting
                    1        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    2        Authorize Board to Issue Shares in the        For                                Mgmt
                             Event of a Public Tender Offer or Share
                             Exchange Offer
                    3        Amend Articles Re: Elimination of Bearer      For                                Mgmt
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/22/06 - A        EZRA HOLDINGS LTD                        Y2401G108                            None                      34,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.026 Per       For          For                   Mgmt
                             Share and Special Dividend of SGD 0.016 Per
                             Share
                    3        Reelect Lee Kian Soo as Director              For          Against               Mgmt
                                Due to the company's  failure to provide the annual report
                                for fiscal  year  2006,  we are  unable to  ascertain  the
                                level of independence  of these  nominees.  Given this and
                                considering our position against  executive  directors who
                                are  also  members  of  key  board  committees,  as  their
                                presence  threatens  to  undermine  the  purpose  of these
                                committees   in  providing   independent   oversight   and
                                preventing  conflicts  of interest,  a vote against  these
                                resolutions is recommended.
                    4        Reelect Tan Eng Liang as Director             For          Against               Mgmt
                    5        Reelect Lee Cheow Ming Doris Damaris as       For          Against               Mgmt
                             Director
                    6        Reelect Wong Bheet Huan as Director           For          Against               Mgmt
                    7        Approve Directors' Fees of SGD 249,000 for    For          For                   Mgmt
                             the Year Ended Aug. 31, 2006
                    8        Reappoint Ernst & Young as Auditors and       For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    9        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    10       Approve Issuance of Shares and Grant of       For          Against               Mgmt
                             Options Pursuant to the Ezra Employees
                             Share Option Scheme
                                The  percentage  of  shares   available   under  the  Ezra
                                Employees  Share  Option  Scheme is 15  percent  of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.


02/09/07 - S        EZRA HOLDINGS LTD                        Y2401G108                            None                      34,000
                             Special Business
                    1        Amend Articles of Association                 For          For                   Mgmt
                             Ordinary Business
                    2        Approve Sale by Lewek Shipping Pte Ltd of     For          For                   Mgmt
                             the Vessels to Bukit Merah Shipping Pte Ltd
                             or Bukit Timah Shipping Pte Ltd and the
                             Subsequent Leaseback of the Vessels to Emas
                             Offshore Pte Ltd
                    3        Authorize Any Director of the Company to      For          For                   Mgmt
                             Execute for and on Behalf of the Company
                             Any Related Documents Required Under the
                             Above Resolutions


06/21/07 - A        F.C.C. Co., Ltd. *7296*                  J1346G105                            03/31/07                  10,132
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 13
                                The payout ratio for the full year is 16 percent  based on
                                consolidated    earnings,   or   30   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Change Location of Head    For          For                   Mgmt
                             Office
                                The proposed change is routine.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    Profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria  for  independence.  He is an attorney in private
                                practice.        Nominee   1  is  not  designated  by  the
                                company  as  independent,  and we have no reason to oppose
                                his nomination.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Retirement Bonus for Statutory        For          For                   Mgmt
                             Auditor
                                The   retiring   auditor  has  not  been   classified   as
                                independent,   and  we  have  no  reason  to  oppose  this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                62.58 million to 10  directors,  and JY 12.54 million to 2
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


04/20/07 - S        FirstGroup plc                           G34604101                            None                     107,596
                    1        Subject to the Passing of Resolutions 2, 3    For          For                   Mgmt
                             and 4, Approve Acquisition of Laidlaw
                             International, Inc
                    2        Approve Increase in Authorised Capital from   For          For                   Mgmt
                             GBP 30,000,000 to GBP 230,000,000
                    3        Subject to the Passing of Resolution 2,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 200,000,000
                             Pursuant to the Acquisition
                    4        Subject to the Completion of the              For          For                   Mgmt
                             Acquisition of Laidlaw International, Inc,
                             Auth. the Company to Incur and Permit
                             Subsidiaries of the Company to Incur and
                             Have Outstanding Borrowings for the Purpose
                             of Facilitating the Acquisition up to USD
                             4,000,000,000
                    5        Subject to the Passing of Resolution 3,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,190,000


11/30/06 - A        FKP Property Group(frmly FKP Limited)    Q3930V102                            11/28/06                  25,978
                    *FKP*
                    1        Elect Rod Forrester as Director               For          For                   Mgmt
                    2        Elect David Crombie as Director               For          For                   Mgmt
                    3        Elect Seng Huang Lee as Director              For          For                   Mgmt
                    4        Adopt Remuneration Report for the Fiscal      For          For                   Mgmt
                             Year Ended June 30, 2006
                    5        Approve Increase in Remuneration for          For          Against               Mgmt
                             Non-Executive Directors from A$500,000 to
                             A$650,000 Per Annum
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  5        -  Non-executive  directors appointed
                                prior to June 30,  2004,  continue  to  accrue  retirement
                                benefits.
                    6        Ratify Past Issuance of 20.5 Million          For          For                   Mgmt
                             Stapled Securities at an Issue Price of
                             A$5.50 Each to Institutional Investors
                    7a       Ratify Past Issuance of 11.6 Million          For          For                   Mgmt
                             Stapled Securities to Mulpha Investments
                             Pty. Ltd. and Mulpha Australia Ltd. Made on
                             December 2005 in Consideration for the
                             Acquisition of 49 Percent Interest in
                             Mulpha FKP Pty. Ltd.
                    7b       Ratify Past Issuance of 7.9 Million Stapled   For          For                   Mgmt
                             Securities to Mulpha Investments Pty. Ltd.
                             and Mulpha Australia Ltd. in Consideration
                             for the Acquisition of 49 Percent Interest
                             in Mulpha FKP Pty. Ltd.


05/29/07 - A/S      FNX Mining Company Inc. *FNX*            30253R101                            04/16/07                  26,858
                    1        Elect Directors                               For          Split                 Mgmt
                    1.1      Elect Director A.T. MacGibbon --- For
                                We recommend  withholding votes from Walter because he has
                                attended  less than 75 percent of the board and  committee
                                meetings  without a valid  reason,  which we consider  the
                                minimum   attendance    threshold   for   public   company
                                directors.  Anyone who  accepts a  nomination  to serve as
                                director   should  be  prepared  to  make   attendance  at
                                scheduled  meetings a top priority  particularly given the
                                rigorous  demands  now placed on all  directors  of public
                                companies.
                    1.2      Elect Director Donald M. Ross --- For
                    1.3      Elect Director J. Duncan Gibson --- For
                    1.4      Elect Director Robert Cudney --- For
                    1.5      Elect Director John Lydall --- For
                    1.6      Elect Director Robert Low --- For
                    1.7      Elect Director Bruce Walter --- Against
                    1.8      Elect Director John Lill --- For
                    1.9      Elect Director Daniel Innes --- For
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                   Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Approve Stock Option Plan                     For          Against               Mgmt
                                VI. Vote  Recommendation  The estimated  shareholder value
                                transfer of the  company's  plans of 2 percent is equal to
                                or less  than  the  allowable  cap for this  company  of 4
                                percent.  Based  on the  information  provided,  the  plan
                                prohibits  repricing of underwater  stock options  without
                                shareholder  approval.   Non-employee  directors  are  not
                                eligible  participants in this plan. ISS believes the plan
                                amendment  provision  will  grant the  board  overreaching
                                authority  to amend  the plan  without  requiring  further
                                shareholders approval.


12/04/06 - S        Fondiaria SAI Spa (Formerly SAI)         T4689Q101                            12/01/06                  25,142
                             Special Meeting Agenda
                    1        Approve Reduction in Share Capital from EUR   For                                Mgmt
                             177,680,822 to EUR 168,190,610, via
                             Cancellation of n. 9,490,212 Treasury
                             Shares; Modify Art. 5 of the Bylaws
                             Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/08/07 - A        Fortis Inc. *FTS*                        349553107                            03/30/07                  15,900
                    1        Elect Directors Peter E. Case, Bruce Chafe,   For          For                   Mgmt
                             Frank J. Crothers, Geoffrey F. Hyland,
                             Linda L. Inkpen, H. Stanley Marshall, John
                             S. McCallum, Harry McWatters, David G.
                             Norris, Michael A. Pavey and Roy P. Rideout
                    2        Approve Ernst & Young LLP as Auditors and     For          For                   Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors


06/28/07 - A        FP Corporation *7947*                    J13671102                            03/31/07                   1,393
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  16 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    1.16     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  2                The  nominee
                                meets  our  criteria  for  independence.  He is  Asia  Air
                                Survey Co., Ltd.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Retirement Bonuses for Statutory      For          Against               Mgmt
                             Auditors
                                Two of the retiring  auditors have been  designated by the
                                company as independent.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing this item.


05/16/07 - A        Fresenius AG                             D27348107                            04/25/07                  20,171
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.57 per Common Share and EUR 0.58
                             per Preference Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/08/07 - A        FRIGOGLASS SA                            X3031A108                            None                       6,266
                    1        Accept Statutory Reports                      For                                Mgmt
                    2        Accept Financial Statements                   For                                Mgmt
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Approve Board Remuneration for Fiscal 2006    For                                Mgmt
                             and Pre-Approve Board Remuneration for 2007
                    5        Approve Auditors and Authorize Board to Fix   For                                Mgmt
                             Their Remuneration
                    6        Approve Allocation of Income and Dividends    For                                Mgmt
                    7        Approve Stock Option Plan                     For                                Mgmt
                    8        Elect Directors                               For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/02/07 - A        Fuchs Petrolub AG                        D27462122                            04/10/07                   5,485
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.94 per Common Share and EUR 1.00
                             per Preference Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Authorize Share Repurchase Program and        For                                Mgmt
                             Cancellation of Repurchased Shares
                    6        Approve Remuneration of Supervisory Board     For                                Mgmt
                    7        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    8        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A        Fugro NV                                 N3385Q197                            04/26/07                   8,806
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management and              None                               Mgmt
                             Supervisory Board
                    3        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4        Approve Discharge of Management Board         For                                Mgmt
                    5        Approve Discharge of Supervisory Board        For                                Mgmt
                    6a       Receive Explanation on Company's Reserves     None                               Mgmt
                             and Dividend Policy
                    6b       Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.83 per Share
                    7        Reelect J.A. Colligan to Supervisory Board    For                                Mgmt
                    8        Approve Remuneration of Supervisory Board     For                                Mgmt
                    9        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    10       Grant Board Authority to Issue All            For                                Mgmt
                             Preference Shares and Ordinary Shares and
                             Restricting/Excluding Preemptive Rights
                    11       Other Business (Non-Voting)                   None                               Mgmt
                    12       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/22/07 - A        Fujimi Incorporated *5384*               J1497L101                            03/31/07                   7,300
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 23
                                The payout ratio for the full year is 31 percent  based on
                                consolidated    earnings,   or   39   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Reduce Directors Term in   For          For                   Mgmt
                             Office
                                The proposed change is routine.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  6  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3        Nominee 3 passes our
                                criteria for independence.  He is the current president of
                                Mutsumi Bussan Co. Ltd.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Stock Option Plan for Directors       For          For                   Mgmt
                                Option Plan Summary                Eligibility:  directors
                                of the  company.        Exercise  Price: 5 percent premium
                                to  market  price  prior to  grant  date.        Potential
                                Dilution:  The  maximum  number of shares  which  could be
                                issued  per  year  is  40,000.   If  this   resolution  is
                                approved,  the  company  will  not  need  to  seek  annual
                                shareholder  approval for future  option grants as long as
                                the  number of shares  issued per year does not exceed the
                                annual  limit.  Assuming  that the company  issues  40,000
                                shares  per year  over the next  ten  years,  the  maximum
                                potential  dilution from this plan,  coupled with dilution
                                from the company's  other option plans and the option plan
                                proposed  in  item  6,  comes  to 2.8  percent  of  issued
                                capital.  ISS guidelines call for potential dilution of no
                                more than 5 percent for a mature  company,  10 percent for
                                a                                                   growth
                                company                                        Exercise
                                Period:  Potentially begins two years after the grant date
                                        Performance Hurdles: None disclosed.          This
                                plan meets ISS guidelines.  Accordingly, we have no reason
                                to oppose this resolution.
                    6        Approve Executive Stock Option Plan           For          For                   Mgmt
                                Option  Plan   Summary        Eligibility:   employees  of
                                company,     and    directors     and     executives    of
                                affiliates.        Exercise  Price:  5 percent  premium to
                                market   price   prior  to  grant   date.        Potential
                                Dilution:  0.5 percent of issued  capital  from this plan;
                                2.8 percent when  combined  with other  option  grants and
                                the option plan  proposed in item 5. ISS  guidelines  call
                                for  potential  dilution  of no more than 5 percent  for a
                                mature    company,     10    percent    for    a    growth
                                company.                Exercise     Period:    Will    be
                                determined  by board,  between  June 23, 2009 and June 30,
                                2014.        Performance    Hurdles:    None    disclosed.
                                        This  plan meets ISS guidelines.  Accordingly,  we
                                have no reason to oppose this resolution.


06/28/07 - A        Furusato Industries *8087*               J16548109                            03/31/07                   5,578
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 30
                    2        Amend Articles to: Expand Business Lines      For          For                   Mgmt
                                The proposed changes meet our guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a former internal  statutory
                                auditor of one of the largest  shareholders in the company
                                with  a  4.78  percent   stake.                Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    5        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that Deloitte  Touche Tohmatsu & Co
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed another audit firm, and then reappointed  Misuzu
                                on  a  provisional  basis.  Here,  the  company  seeks  to
                                appoint  Tohmatsu,  because in  recognition  of the severe
                                damage  to its  reputation  and its  bottom  line,  Misuzu
                                decided  in  February  to  cease  audit   operations  this
                                summer. We see no reason to oppose this resolution.


06/27/07 - A        Futaba Industrial Co. Ltd. *7241*        J16800104                            03/31/07                   8,940
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                15 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       2       and
                                3                Nominee  2 does not meet our criteria for
                                independence.  He is a current  executive  of Toyota Motor
                                Corporation,  the largest  shareholder in the company with
                                a 12.3 percent stake.  However,  nominee 3 passes our test
                                for  independence.  He  is a  current  senior  advisor  to
                                Mitsui & Co.,  Ltd.                Given  the realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their  affiliates,  nominee 2 for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 2.1
                    2.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors
                                Two of the  retiring  auditors  have  been  designated  as
                                independent.                  As we believe the payment of
                                such bonuses to non-executives  is a highly  inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.


10/27/06 - A        Galliford Try plc                        G37100107                            None                      64,314
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                (2) DAVID CALVERLEY'S REMUNERATION:  The former CEO, David
                                Calverley,  whose  successor  was appointed to the role of
                                CEO in 1 July 2005,  became  non-executive  Chairman on 28
                                October 2005. David Calverley  received  salary,  benefits
                                and a  supplement  in lieu of bonus  until  February  2006
                                under his former contractual  entitlements as CEO and only
                                started  receiving fees as  non-executive  Chairman from 1
                                March 2006.  The Company has explained that it agreed with
                                David Calverley,  pursuant to a letter dated 28 June 2005,
                                that  in  consideration  of his  stepping  down  as CEO of
                                Galliford Try plc, his contractual  entitlement to be paid
                                until  February  2006 would be met through  the  continued
                                payment of salary at the rate received when he was CEO.
                    3        Approve Final Dividend of 1.8 Pence Per       For          For                   Mgmt
                             Share
                    4        Elect Ken Gillespie as Director               For          For                   Mgmt
                    5        Re-elect Andy Sturgess as Director            For          For                   Mgmt
                    6        Re-elect Chris Bucknall as Director           For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Audit Committee
                             to Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,599,249
                    9        Subject to the Passing of Resolution 8,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 690,568
                    10       Authorise 27,622,737 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    11       Approve Galliford Try Plc 2006 Long Term      For          For                   Mgmt
                             Incentive Plan; Authorise the Directors To
                             Do All Acts and Things Necessary to Carry
                             the Plan Into Effect
                                Performance  is  measured  against  a custom  peer  group,
                                comprising both  housebuilding and construction  companies
                                and initially  consisting  of 20 companies.  The companies
                                comprised  in  the  peer  group  were  disclosed  to  RREV
                                following  engagement  and RREV is satisfied that the size
                                of  the  comparator   group  is  sufficiently   large  for
                                comparison  purposes.   Galliford  Try  plc  is  currently
                                listed in the FTSE SmallCap  Index,  whereas the companies
                                comprised  in the  competitor  group are  mainly  FTSE 250
                                companies.  Following engagement, the Company explained to
                                RREV  that it is just  below  the FTSE 250  Index and that
                                most  of  its  competitors  are  in the  FTSE  250  Index.
                                        The  Company  disclosed  that it  consulted  major
                                shareholders  regarding  the  structure  of the  LTIP  and
                                received  positive  feedback.           On  balance,  RREV
                                recommends  that  shareholders  vote  in  favour  of  this
                                resolution.


03/05/07 - S        Galliford Try plc                        G37100107                            None                      64,314
                    1        Approve the Proposed Acquisition of Linden    For          For                   Mgmt
                             Holdings Plc
                    2        Approve Increase in Authorised Capital from   For          For                   Mgmt
                             GBP 18,000,000 to GBP 25,250,000
                    3        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,011,503
                             Pursuant to the Placing Agreement;
                             Otherwise up to GBP 6,274,922
                    4        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,011,503
                             Pursuant to the Placing Agreement;
                             Otherwise up to GBP 941,238


04/26/07 - A        Gamma Holding NV                         N34176151                            04/12/07                     634
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management Board            None                               Mgmt
                    3        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 2.00 per Ordinary Share and EUR 0.21
                             per Preference Share
                    5a       Approve Discharge of Management Board         For                                Mgmt
                    5b       Approve Discharge of Supervisory Board        For                                Mgmt
                    6        Reelect J.H.M. LindenBergh to Supervisory     For                                Mgmt
                             Board
                    7        Discussion on Company's Corporate             None                               Mgmt
                             Governance Structure
                    8        Ratify PricewaterhouseCoopers Accountants     For                                Mgmt
                             NV as Auditors
                    9a       Grant Board Authority to Issue Shares Up To   For                                Mgmt
                             10 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    9b       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    10       Announcements and Allow Questions             None                               Mgmt
                    11       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Geberit AG                               H2942E108                            None                         642
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Geberit AG                               H2942E108                            None                         642
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 40 per Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Reelect Klaus Weisshaar as Director           For                                Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                    6.1      Approve 10:1 Stock Split                      For                                Mgmt
                    6.2      Amend Articles Re: Reduce Capital Holding     For                                Mgmt
                             Requirement for Submitting Shareholder
                             Proposals
                    6.3      Amend Articles Re: Majority Voting at         For                                Mgmt
                             General Meetings
                    6.4      Amend Articles Re: Closing of Company's       For                                Mgmt
                             Share Register
                    6.5      Change Location of Registered                 For                                Mgmt
                             Office/Headquarters to Rapperswil-Jona
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/20/06 - S        Geely Automobile Holdings Ltd            G3777B103                            None                     800,000
                    (formerly GUORUN HOLDINGS LTD)
                    1        Approve Joint Venture Agreement Between       For          For                   Mgmt
                             Geely Holding Ltd. and Centurion Industries
                             Ltd. in Relation to the Establishment of a
                             Joint Venture Company to be Named Zhejiang
                             Kingkong Automobile Co. Ltd.
                                This  item  seeks  to  approve  the   establishment  of  a
                                sino-foreign  equity  joint  venture to be named  Zhejiang
                                Kingkong  Automobile  Co. Ltd.  (Zhejiang  Kingkong JV) by
                                Geely  Hldg.  Ltd.,  owned as to 55  percent  by Li Shu Fu
                                (Mr. Li), a director  holding 60.2 percent equity interest
                                in  the  company,  and  as to 45  percent  by Li Xu  Bing,
                                brother  of  Mr.  Li;  and   Centurion   Industries   Ltd.
                                (Centurion),  a  wholly-owned  subsidiary  of the company.
                                Under the agreement,  Geely Hldg. Ltd. and Centurion would
                                establish  Zhejiang  Kingkong JV, which would have a total
                                investment  of  approximately  RMB  701.6  million  ($86.9
                                million),  registered  capital of approximately  RMB 235.0
                                million  ($29.1  million),  and  would be owned as to 53.2
                                percent   and  46.8   percent  by  Geely  Hldg  Ltd.   and
                                Centurion,    respectively.   Geely   Hldg.   Ltd.   would
                                contribute   its   portion  of  the   registered   capital
                                amounting to  approximately  RMB 125.0 ($15.5  million) by
                                transferring   to  Zhejiang   Kingkong  JV,  in  a  single
                                transfer within six months following the  establishment of
                                Zhejiang  Kingkong JV, 20 parcels of conjoining  land with
                                a total site area of  approximately  807,102 square meters
                                (sq.m.)  on which  are  constructed  13  buildings  with a
                                total gross floor area of  approximately  149,108.49 sq.m.
                                and  various  ancillary   structures   located  at  Luqiao
                                District,  Taizhou City,  Zhejiang Province,  the People's
                                Republic of China (PRC)  (Geely  Hldg.  Assets)  valued at
                                approximately  RMB 591.6  million  ($73.3  million)  by an
                                independent  valuer,  which  would  result  in  a  surplus
                                amount  of  RMB  466.7  million  ($57.8  million);   while
                                Centurion  would   contribute  its  48.8  percent  capital
                                contribution  amount of  approximately  RMB 110.0  million
                                ($13.6  million) in cash to be  financed  from the company
                                and its  subsidiaries'  (Group)  internal  resources  upon
                                completion of the assets  transfer by Geely Hldg.  Ltd. of
                                the  Geely  Hldg.  Assets to  Zhejiang  Kingkong  JV.  The
                                surplus amount of RMB 466.7 million  ($57.8  million) from
                                the  assets  transfered  by  Geely  Hldg.  Ltd.  would  be
                                accounted for as a  shareholder's  advance to the Zhejiang
                                Kingkong  JV without  interest.  Profits  of the  Zhejiang
                                Kingkong JV would be  distributed  in accordance  with the
                                proportion of the  registered  capital held by Geely Hldg.
                                Ltd.  and  Centurion,  respectively,  while  the  board of
                                Zhejiang  Kingkong JV would comprise four members with Mr.
                                Li as the  chairman,  two members to be nominated by Geely
                                Hldg.  Ltd. and one member to be  nominated by  Centurion.
                                Zhejiang  Kingkong  JV would  have a term of 50 years from
                                the date of issuance  of the  business  license;  would be
                                established in Zhejiang Province;  and would be engaged in
                                the research,  production,  marketing,  and sales of sedan
                                related  components  as well as the  provision  of related
                                after-sales  services in the PRC. The Group is principally
                                engaged  in the  manufacture  and  trading  of  automobile
                                parts  and  related  automobiles  in the  PRC,  and it was
                                noted that the Group's  medium to  long-term  target is to
                                upgrade  and expand its  production  facilities.  With the
                                continued  growth  in the  PRC  coupled  with  the  strong
                                growth in demand for fuel-efficient  and  easy-to-maintain
                                economic sedans,  the  establishment of Zhejiang  Kingkong
                                JV is  expected  to enable  the  company  to  capture  the
                                business  opportunities  generated  by the  growth  of the
                                domestic  sedan  business  as  well  as  leverage  on  the
                                resources   provided  by  Geely  Hldg.   Ltd.   Also,  the
                                sino-foreign  shareholding  structure of Zhejiang Kingkong
                                JV, would  entitle it to tax  privileges  in the PRC. This
                                is a reasonable request.
                    2        Approve Joint Venture Agreement Between       For          For                   Mgmt
                             Zhejiang Haoqing Automobile Manufacturing
                             Co. Ltd. and Centurion Industries Ltd. in
                             Relation to the Establishment of a Joint
                             Venture Company to be Named Zhejiang Ruhoo
                             Automobile Co. Ltd.
                                This  item  seeks  to  approve  the   establishment  of  a
                                sino-foreign  equity  joint  venture to be named  Zhejiang
                                Ruhoo Automobile Co. Ltd.  (Zhejiang Ruhoo JV) by Zhejiang
                                Haoqing   Automobile   Manufacturing  Co.  Ltd.  (Zhejiang
                                Haoqing),  owned as to 90.0  percent by Geely Hldg.  Group
                                Co. Ltd. (Geely Hldg.),  which is in turn owned as to 72.7
                                percent  by Mr. Li; and  Centurion.  Under the  agreement,
                                Geely Hldg. and Centurion would  establish  Zhejiang Ruhoo
                                JV, which would have a total  investment of  approximately
                                RMB 389.3 million ($48.2  million),  a registered  capital
                                of approximately  RMB 151.7 million ($18.8  million),  and
                                would be  owned as to 53.2  percent  and 46.8  percent  by
                                Zhejiang  Haoqing and  Centurion,  respectively.  Zhejiang
                                Haoqing  would  contribute  its portion of the  registered
                                capital  amounting to RMB 80.7 million ($10.0  million) by
                                transferring  to Zhejiang  Ruhoo JV, in a single  transfer
                                within three months  following  the  establishment  of the
                                Zhejiang  Ruhoo,  JV two parcels of land with a total site
                                area  of  approximately   387,251.6  sq.m.  on  which  are
                                constructed  10 buildings with a total gross floor area of
                                approximately   125,461.5  sq.m.  and  various   ancillary
                                structures located at Dingjiayang Village,  Dayang Street,
                                Linhai City, Zhejiang Province,  the PRC (Zhejiang Haoqing
                                Assets) valued at  approximately  RMB 318.3 million ($39.4
                                million) by an independent  valuer,  which would result in
                                a surplus  amount of RMB 237.6  million  ($29.4  million);
                                while Centurion would  contribute its 46.8 percent capital
                                contribution  amount  of  approximately  RMB 71.0  million
                                ($8.8  million)  in cash to be  financed  from the Group's
                                internal   resources  in  which   approximately  RMB  40.0
                                million ($4.9  million)  would be payable upon  completion
                                of  the  assets  transfer  by  Zhejiang   Haoqing  of  the
                                Zhejiang  Haoqing  Assets to  Zhejiang  Ruhoo JV while the
                                remaining  RMB  31.0  million  ($3.8   million)  would  be
                                payable  in  one  year  following  the   establishment  of
                                Zhejiang  Ruhoo  JV.  The  surplus  amount  of  RMB  237.6
                                million  ($29.4  million)  from the assets  transfered  by
                                Zhejiang   Haoqing   would   be   accounted   for   as   a
                                shareholder's   advance  to  Zhejiang   Ruhoo  JV  without
                                interest.   Profits  for   Zhejiang   Ruhoo  JV  would  be
                                distributed  in  accordance  with  the  proportion  of the
                                registered   capital   held  by   Zhejiang   Haoqing   and
                                Centurion,  respectively,  while  the  board  of  Zhejiang
                                Ruhoo JV would  comprise  four  members with Mr. Li as the
                                chairman,  two members to be nominated by Zhejiang Haoqing
                                and one  member to be  nominated  by  Centurion.  Zhejiang
                                Ruhoo  JV would  have a term of 50 years  from the date of
                                issuance of the business license;  would be established in
                                the  Zhejiang  Province;  and  would  be  engaged  in  the
                                research,   production,   marketing  and  sales  of  sedan
                                related  components  as well as the  provision  of related
                                after-sales  services in the PRC. The Group is principally
                                engaged  in the  manufacture  and  trading  of  automobile
                                parts  and  related  automobiles  in the  PRC,  and it was
                                noted that the Group's  medium to  long-term  target is to
                                upgrade  and expand its  production  facilities.  With the
                                continued  growth  in the  PRC  coupled  with  the  strong
                                growth in demand for fuel-efficient  and  easy-to-maintain
                                economic  sedans,  the  establishment of Zhejiang Ruhoo JV
                                is expected to enable the company to capture the  business
                                opportunities  generated  by the  growth  of the  domestic
                                sedan  business  as  well  as  leverage  on the  resources
                                provided  by  Zhejiang  Haoqing.  Also,  the  sino-foreign
                                shareholding   structure  of  Zhejiang   Ruhoo  JV,  would
                                entitle  it to  tax  privileges  in  the  PRC.  This  is a
                                reasonable request.
                    3        Amend Articles Re: Voting by Poll,            For          For                   Mgmt
                             Appointment of Directors, Retirement by
                             Rotation, Removal of Directors, and Board
                             Meetings
                                This  item  seeks  to  approve   amendments  made  to  the
                                company's  articles of association in order to comply with
                                amendments  made  to the  listing  rules.  The  amendments
                                provide  that the board  should  meet  regularly  at least
                                four  times a year at  approximately  quarterly  intervals
                                and  that a  notice  should  be given at least 14 days for
                                regular board meetings while  reasonable  notice should be
                                given for all other board  meetings.  The amendments  also
                                provide   that   every   director   would  be  subject  to
                                retirement  by  rotation  at least once every  three years
                                and that any director  appointed to fill a casual  vacancy
                                should  hold  office  until  the  next  following  general
                                meeting.  Moreover,  the amended  articles allow voting by
                                way of  poll  and  removal  of  directors  by an  ordinary
                                resolution instead of a special resolution.


12/20/06 - S        Geely Automobile Holdings Ltd            G3777B103                            None                     800,000
                    (formerly GUORUN HOLDINGS LTD)
                    1        Approve Joint Venture Agreement with          For          For                   Mgmt
                             Shanghai Maple Automobile Co. Ltd. to
                             establish a Sino-Foreign Equity Joint
                             Venture to be Named Shanghai Geely Maple
                             Automobile Limited
                                This  item  seeks  to  approve  the   establishment  of  a
                                sino-foreign  equity  joint  venture to be named  Shanghai
                                Geely  Maple  Automobile  Ltd.  (JV)  by the  company  and
                                Shanghai  Maple  Automobile  Co.  Ltd.  (Shanghai  Maple),
                                owned as to 90.0  percent  by Geely  Hldg.  Group Co.  Ltd
                                which is owned as to 72.7  percent by Li Shu Fu (Mr.  Li),
                                a director  holding  60.2 percent  beneficial  interest in
                                the  issued  share  capital  of  the  company.  Under  the
                                agreement,  the company and Shanghai Maple would establish
                                the JV  which  would  have a  total  investment  of  $99.5
                                million,  registered  capital of $54.3 million,  and would
                                be  owned  as to  99.0  percent  and  1.0  percent  by the
                                company  and  Shanghai  Maple,  respectively.  The company
                                would  contribute  its portion of the  registered  capital
                                amounting  to  approximately  $53.8  million in cash to be
                                financed by internal  resources  and/or  equity  financing
                                and/or  external  borrowing,  while  Shanghai  Maple would
                                contribute its 1.0 percent capital  contribution amount of
                                approximately  $542,971.5  in  cash.  Profits  from the JV
                                would  be   distributed   with  the   proportion   of  the
                                registered  capital  held  by  the  company  and  Shanghai
                                Maple,  respectively,  while  the  board  of the JV  would
                                comprise  three  members  with two members to be nominated
                                by the company and one member to be  nominated by Shanghai
                                Maple.  The JV would have a term of 50 years from the date
                                of issuance of the business license;  would be established
                                in  Shanghai;  and would be  engaged  in the  manufacture,
                                sales and  distribution of automobile  components,  parts,
                                components and sub-assembles.  The establishment of the JV
                                is in line with the  company's  objective  to develop into
                                an  internationally  competitive sedan  manufacturer as it
                                serves as the first  step  towards  the  cooperation  with
                                Manganese  Bronze  Hldgs.  Plc.   (Manganese   Bronze),  a
                                company   principally  engaged  in  taxi  sales  and  taxi
                                finance in the United  Kingdom.  This  transaction is also
                                expected  to  enable  the  company  and  its  subsidiaries
                                (Group) to tap into Manganese  Bronze's car  manufacturing
                                technology   techniques   and   to   participate   in  the
                                manufacturing   of  London  taxi.  This  is  a  reasonable
                                request.


06/28/07 - A        GEO Co., Ltd. *2681*                     J1710A106                            03/31/07                      34
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 1200
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Both  nominees        Nominee  1 does
                                not meet our  criteria  for  independence.  He is a former
                                executive of The Industrial Bank of Japan,  Ltd., which is
                                now a part of one of the  company's  main banks.  However,
                                nominee  2 passes  our test  for  independence.  She is an
                                attorney.                Given  the  realities of Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominee  1  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                For  directors,  the  ceiling  would be raised from JY 250
                                million per year to JY 280  million per year.          For
                                statutory auditors,  the ceiling would not be changed from
                                JY 20 million per year.          After  the  meeting,  the
                                company  will   continue  to  have  10  directors   and  4
                                statutory  auditors.        These  changes  are  requested
                                because  of the  introduction  of the new  Corporate  Law,
                                under which annual  bonuses to the directors and statutory
                                auditors,  which  were  formerly  treated  as  part of the
                                annual  allocation of income,  are now considered  part of
                                director          and          statutory           auditor
                                compensation,        Because  the  new  ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


03/08/07 - S        GEOX SPA                                 T50283109                            03/06/07                  13,887
                             Special Meeting Agenda
                    1        Amend Arcticles of the Company's Bylaws to    For                                Mgmt
                             Comply with the Italian Law 262/2005 and
                             with the Legislative Decree 303/2006
                    2        Amend Article 21 of the Company's Bylaws      For                                Mgmt
                    3        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/12/07 - A        GEOX SPA                                 T50283109                            04/10/07                  13,887
                             Annual Meeting Agenda
                    1        Accept Financial Statements, Consolidated     For                                Mgmt
                             Accounts, and Statutory Reports Relative to
                             Fiscal Year 2006
                    2        Fix Number of Directors on the Board; Elect   For                                Mgmt
                             Directors; Determine Directors' Term
                    3        Approve Remuneration of Directors             For                                Mgmt
                    4        Appoint Internal Statutory Auditors;          For                                Mgmt
                             Approve Remuneration of Auditors
                    5        Elect External Auditors                       For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/01/07 - A/S      Gildan Activewear Inc. *GIL*             375916103                            12/08/06                  15,122
                    1        Elect Directors                               For          For                   Mgmt
                    2        Ratify KPMG as Auditors                       For          For                   Mgmt
                    3        Amend Long Term Incentive Plan                For          For                   Mgmt


05/25/07 - A        Gildemeister AG                          D2825P117                            05/04/07                  23,243
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.20 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Elect Klaus Kessler to the Supervisory Board  For                                Mgmt
                    6        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - S        Golden Agri-Resources Ltd                V39076100                            None                      60,000
                    1        Authorize Share Repurchase Program            For          For                   Mgmt
                                The board is seeking the  authority to repurchase up to 10
                                percent of issued  capital.  The shares will be  cancelled
                                or held as  treasury  shares,  as the  case  may be.  This
                                authority  is  good  for one  year  and may be used at the
                                board's discretion.


04/25/07 - A        Golden Agri-Resources Ltd                V39076100                            None                      60,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of $0.014    For          For                   Mgmt
                             Per Share
                                The  board  recommends  the  payment  of a first and final
                                dividend  of $0.014 per share,  an amount  higher than SGD
                                0.01  ($0.007)  from the  previous  year.  This  gives the
                                company a payout ratio of 6.5 percent,  unchanged from the
                                year  before.        We  use a minimum of 30 percent and a
                                maximum of 100 percent as  benchmarks  to trigger  further
                                analysis.  In this  case,  we note that this  would be the
                                second  time the company  would  declare  dividends  since
                                listing its shares in 1999.  We believe the board has been
                                using the  company's  cash to  reinvest in the company for
                                growth and expansion,  as reflected by increasing  profits
                                since losses were  incurred in 2001. As such, we recommend
                                that shareholders support this dividend proposal.
                    3        Approve Directors' Fees of SGD 261,719 for    For          For                   Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             154,000)
                    4        Reelect Muktar Widjaja as Director            For          For                   Mgmt
                    5        Reelect Frankle (Djafar) Widjaja as Director  For          For                   Mgmt
                    6        Reelect Bertrand Denis Richard De Chazal as   For          For                   Mgmt
                             Director
                    7        Reappoint Moore Stephens as Auditors and      For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    8        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                                The limit on share  issuance  pursuant to annual  mandates
                                sought by the  company  (and  nearly  all other  Singapore
                                companies) is 50 percent  maximum,  with a sub-limit of 20
                                percent  of  issued  capital  for  shares  issued  without
                                preemptive rights.
                    9        Approve Mandate for Transactions with         For          For                   Mgmt
                             Related Parties
                                Singapore's  related-party  transaction  rules are  fairly
                                comprehensive,  providing  shareholders  with  substantial
                                protection  against  insider  trading  abuses.  Under  the
                                country's   related-party    transaction   rules,   shares
                                considered  affiliated  are  excluded  from  voting on the
                                related  issues.   Given  the   protections   provided  by
                                Singapore  law  and  listing  requirements,  related-party
                                transactions are routine items in Singapore.


12/21/06 - A        GOLDEN OCEAN GROUP LIMITED               G4032A104                            12/01/06                 200,000
                    1        Elect John Fredriksen as Director             For                                Mgmt
                    2        Elect Tor Olav Troim as Director              For                                Mgmt
                    3        Elect Kate Blankenship as Director            For                                Mgmt
                    4        Elect John Sawyer as Director                 For                                Mgmt
                    5        Elect Hans Christian Borresen as Director     For                                Mgmt
                    6        Approve Moore Stephens as Auditors and        For                                Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Amend Bylaw 110 to Change the Requirement     For                                Mgmt
                             for the Form of, and Signatories to, the
                             seal of the Company
                    8        Approve Remuneration of Directors             For                                Mgmt
                    9        Transact Other Business (Voting)              For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/20/07 - A        Grifols SA                               E5706X124                            None                      58,374
                    1        Accept Individual Financial Statements and    For          For                   Mgmt
                             Statutory Reports for Fiscal Year Ended Dec
                             31, 2006
                    2        Accept Consolidated Financial Statements      For          For                   Mgmt
                             and Statutory Reports for Fiscal Year Ended
                             Dec 31, 2006
                    3        Approve Discharge of Management Board         For          For                   Mgmt
                    4        Reelect Auditors for the Individual Firm      For          For                   Mgmt
                    5        Reelect Auditors for the Consolidated Group   For          For                   Mgmt
                    6        Reelect Victor Grifols Roura, Ramon Riera     For          For                   Mgmt
                             Roca, Juan Ignacio Twose Roura, Thorthol
                             Holding, B.V.; and Ratify Appointment of
                             Edgar Dalzell Jannotta
                    7        Amend the General Meeting Guidelines and      For          For                   Mgmt
                             the Board of Director Guidelines to Comply
                             with the Recomendations of the Unified Code
                             of Best Practices
                    8        Approve Remuneration of Directors             For          For                   Mgmt
                    9        Authorize Repurchase of Shares                For          For                   Mgmt
                    10       Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


02/01/07 - S        GROUPE STERIA                            F9892P100                            None                       2,251
                             Special Business
                    1        Extend Corporate Purpose                      For                                Mgmt
                    2        Amend Articles of Association According to    For                                Mgmt
                             Items 3, 4, and 5
                             Ordinary Business
                    3        Acknowledge Resignation of Soderi as          For                                Mgmt
                             Managing Partner and Maintaining his
                             Function as General Partner
                    4        Acknowledge Resignation of Jean Carteron as   For                                Mgmt
                             Managing Partner and Maintaining his
                             Function as General Partner
                    5        Elect Francois Enaud as Managing Partner      For                                Mgmt
                    6        Elect Severin Cabannes as Supervisory Board   For                                Mgmt
                             Member
                    7        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 100,000
                    8        Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/05/07 - A/S      GROUPE STERIA                            F9892P100                            05/31/07                   2,251
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Management
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.42 per Share
                    3        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    6        Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    7        Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    8        Approve Employee Stock Purchase Plan          For                                Mgmt
                    9        Approve Employee Stock Purchase Plan          For                                Mgmt
                    10       Authorize Capital Increase of Up to EUR 13    For                                Mgmt
                             Million for Future Exchange Offers
                    11       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/17/07 - A        Gurit Holding AG (formerly Gurit         H3420V174                            None                          59
                    Heberlein AG)
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of CHF 13 per Share
                    2        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    3        Elect Heinrich Fischer as Director            For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/13/06 - S        Hammerson plc                            G4273Q107                            None                      49,356
                    1        Amend Articles of Association Re: Real        For          For                   Mgmt
                             Estate Investment Trust


11/16/06 - S        Hanarotelecom Inc. (frmr.y Hanaro        Y2997E103                            10/12/06                  42,729
                    Telecom)
                    1        Elect Directors                               For          Against               Mgmt
                                In this bundled director  election,  we note that Chen has
                                attended only 45 percent of the board  meetings this year.
                                Given that we advocate  that board  members must attend at
                                least 75 percent  of board  meetings  unless a  reasonable
                                explanation is given,  we oppose Chen's  nomination to the
                                board.  Because the  company  has bundled the  election of
                                all three  nominees,  we have no choice,  but to recommend
                                that shareholders vote against the entire slate.
                    2        Elect Members of Audit Committee              For          For                   Mgmt
                    3        Approve Stock Option Grants                   For          For                   Mgmt


03/23/07 - A        Hankuk Carbon Co.                        Y3058W115                            12/31/06                   5,600
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 70 Per Share
                                        Proposed  dividend  is  KRW 70  per  share,  which
                                corresponds to a payout ratio of 14 percent,  down from 18
                                percent the  previous  year.  The payout ratio is low even
                                by Korean  standards.  However,  because  the  company  is
                                increasing  its  dividend  per  share  from  KRW 50 in the
                                previous  year  to  KRW  70 as the  company's  net  income
                                increased  84  percent  year over  year,  we do not oppose
                                this income allocation and dividend proposal at this time.
                    2        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit  for  2007 is KRW 500  million,  unchanged
                                from  the  previous  year.  Although  last  year's  actual
                                payout  was not  disclosed,  a total of KRW 19.85  million
                                was paid for the one independent  non-executive  director.
                                We note that the one  independent  non-executive  director
                                has not attended in any board  meetings so far. We call on
                                the  company  to  improve  the  independent  non-executive
                                director's attendance record this year.
                    3        Approve Limit on Remuneration of Auditor      For          For                   Mgmt
                                The  ceiling  for  one  auditor  for  2007  will be KRW 20
                                million,  same as the previous  year.  Last year's  actual
                                payout was not disclosed.


04/24/07 - A        Hanson plc                               G4286E109                            None                      39,676
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 15.35 Pence Per     For          For                   Mgmt
                             Ordinary Share
                    4a       Re-elect Mike Welton as Director              For          For                   Mgmt
                    4b       Re-elect Jim Leng as Director                 For          For                   Mgmt
                    4c       Re-elect Graham Dransfield as Director        For          For                   Mgmt
                    4d       Elect Pavi Binning as Director                For          For                   Mgmt
                    5        Reappoint Ernst & Young LLP as Auditors and   For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    6a       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 24,550,000
                    6b       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,680,000
                    7        Authorise 73,600,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    8        Approve Hanson Sharesave Scheme 2007          For          For                   Mgmt
                             Employee Savings-Related Share Option Plan
                    9        Authorise the Use of Electronic               For          For                   Mgmt
                             Communication
                                RREV does not consider the adoption of this  resolution to
                                be contentious.


06/28/07 - A        Haseko Corp. *1808*                      J18984104                            03/31/07                 128,000
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  12 executives  and 0  non-executives.  The board
                                currently   includes   13   executives   and  no   outside
                                directors. Candidate 7 is the only new appointee.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominee  1        Nominee  1 does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive of the Industrial  Bank of Japan,  which was one
                                of the three  banks which  merged  into the Mizuho  group.
                                Note  that  one  of  the  company's  main  banks,   Mizuho
                                Corporate     Bank,     is    part    of    the     Mizuho
                                group.        Nominee  2 is not  designated by the company
                                as  independent,  and we  have no  reason  to  oppose  the
                                nomination        Given    the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominee  2  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following   the   suspension,    the   company   appointed
                                Shin-Nihon  on a  provisional  basis,  and it now seeks to
                                formally  appoint  Shin-Nihon.  We see no reason to oppose
                                this resolution.


10/23/06 - A        HEALTHSCOPE LTD *HSP*                    Q4557T107                            10/21/06                 176,414
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    2        Elect Ziggy Switkowski as Director            For          For                   Mgmt
                    3        Adopt Remuneration Report For the Year        For          For                   Mgmt
                             Ended June 30, 2006
                    4        Renew Partial Takeover Provision              For          For                   Mgmt


08/31/06 - S        Hellenic Exchanges Holding SA            X3247C104                            None                      27,198
                    1        Amend Articles Re: Article 1- Company Name    For                                Mgmt
                             and Incorporation, Article 2- Company
                             Purpose
                    2        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A        Henderson Group plc *HGI*                G4474Y156                            None                     253,458
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                We concluded that the new package  ensures a move over the
                                course of a  three-year  period to a package  more in line
                                with the  Company's  peers,  which is why we did not raise
                                any concerns with these  arrangements.  We do not note any
                                contentious   issues  with  the   Company's   remuneration
                                practices  this  year,  other than to again  emphasis  the
                                need for improved  retrospective  bonus target disclosure,
                                especially  given the high maximum  awards under the bonus
                                plan.
                    3        Approve Final Dividend of 2.27 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Duncan Ferguson as Director          For          For                   Mgmt
                    5        Re-elect John Roques as Director              For          For                   Mgmt
                    6        Reappoint Ernst & Young LLP as Auditors of    For          For                   Mgmt
                             the Company
                    7        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    8        Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations up to GBP 30,000 and
                             to Incur EU Political Expenditures up to
                             GBP 30,000
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 29,000,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,400,000
                    11       Authorise 89,900,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    12       Authorise the Company to Enter into a         For          For                   Mgmt
                             Contingent Purchase Contract with Credit
                             Suisse (Australia) Limited and Certain of
                             its Affiliates Providing for the Purchase
                             by the Company of 89,900,000 Ordinary Shares
                                As the  contract  is  within  accepted  limits,  we do not
                                consider this contentious.
                    13       Approve New Electronic Communications         For          For                   Mgmt
                             Provisions
                                The proposed  amendment is in line with legal  changes and
                                we note no corporate governance issues.


05/15/07 - A        Hengan International Group Co. Ltd.      G4402L102                            05/08/07                 108,705
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                   Mgmt
                    3a       Reelect Sze Man Bok as Director               For          For                   Mgmt
                    3b       Reelect Yeung Wing Chun as Director           For          For                   Mgmt
                    3c       Reelect Hung Ching Shan as Director           For          For                   Mgmt
                    3d       Reelect Xu Chun Man as Director               For          For                   Mgmt
                    3e       Authorize Board to Fix the Remuneration of    For          For                   Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/15/07 - A        Heracles General Cement Co.              X31267119                            None                       4,190
                             Annual Meeting Agenda
                    1        Elect Directors                               For                                Mgmt
                    2        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                                Mgmt
                    5        Approve Director Remuneration for 2006 and    For                                Mgmt
                             Preapprove Their Remuneration for 2007
                    6        Authorize Board and Management to             For                                Mgmt
                             Participate in Boards or Management of
                             Other Companies with Similar Interests
                    7        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Higashi-Nippon Bank Ltd. *8536*          J86269107                            03/31/07                  13,143
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend (Ordinary Shares)of JY 5
                                The payout ratio for the full year is 12 percent  based on
                                either parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  11 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria  for  independence.  He  is  a  former  executive
                                director of the Industrial Bank of Japan,  Ltd. (now known
                                as Mizuho Bank, Ltd.)
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors
                                One  of the  retiring  auditors  has  been  designated  as
                                independent.                As  we believe  the payment of
                                such bonuses to non-executives  is a highly  inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.


05/23/07 - A        Hiscox Ltd                               G4593F104                            None                     128,788
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports (Voting)
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                We  will  evaluate  these  issues  again  next  year  when
                                considering our vote recommendation.
                    3        Elect RRS Hiscox as Director                  For          For                   Mgmt
                    4        Elect BE Masojada as Director                 For          For                   Mgmt
                    5        Elect SJ Bridges as Director                  For          For                   Mgmt
                    6        Elect RS Childs as Director                   For          For                   Mgmt
                    7        Elect C Franklin Engler as Director           For          For                   Mgmt
                    8        Elect DM Healy as Director                    For          For                   Mgmt
                    9        Elect Dr JAC King as Director                 For          For                   Mgmt
                    10       Elect Sir Mervyn Pedelty as Director          For          For                   Mgmt
                    11       Elect AS Rosen as Director                    For          For                   Mgmt
                    12       Elect DA Stuurop as Director                  For          For                   Mgmt
                    13       Approve KPMG as Auditors and Authorize        For          For                   Mgmt
                             Board to Fix Their Remuneration
                    14       Approve Dividends                             For          For                   Mgmt
                    15       Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights Up to 33 Percent of Issued Capital
                    16       Approve Issuance of Equity or Equity-Linked   For          For                   Mgmt
                             Securities without Preemptive Rights Up to
                             Five Percent of Issued Capital
                    17       Authorize Share Repurchase Program Up to 10   For          For                   Mgmt
                             Percent of Issued Capital
                    18       Adopt New Bye-Laws                            For          For                   Mgmt
                    19       Amend Hiscox Performance Share Plan and       For          For                   Mgmt
                             Hiscox Ltd Performance Share Plan


06/27/07 - A        Hitachi Cable Ltd. *5812*                J20118105                            03/31/07                  85,556
                    1        Elect Directors                               For          Split                 Mgmt
                    1.1      Elect Director --- Against
                                                Candidates  1, 6 and 7 are  designated  as
                                outside  directors.  Two of the  nominees  do not meet ISS
                                criteria  for   independence.   Candidates  1  and  7  are
                                lifelong   employees  of  parent   company   Hitachi  Ltd.
                                Candidate  7 is new to the board,  while  Candidate  1 has
                                been an outside  director  of Hitachi  Cable  since  2005.
                                However,  Candidate 6 meets our criteria for independence.
                                He is an  attorney  and joined  Hitachi  Cable's  board in
                                2003.    Because    the    benefits    of    adopting    a
                                board-with-committees  structure  are  undermined  by  the
                                appointment  of outside  directors who lack  independence,
                                we recommend that shareholders oppose Candidates 1 and 7.
                    1.2      Elect Director --- For
                                Candidates 2 to 5 and 8 are  insiders.  Candidate 8 is new
                                to the board  and  Candidate  5 is  returning  the  board,
                                while the  other  three are  incumbent  directors  seeking
                                reappointment.
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- Against
                                see item 1.1
                    1.8      Elect Director --- For


06/27/07 - A        Hitachi Koki Co. Ltd. *6581*             433575107                            03/31/07                  36,453
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                11  executives  and  0  non-executives.        The   board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    2        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a former executive of one of
                                the  largest  shareholders  in the  company  with a  27.39
                                percent  stake.        Given  the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 13 million per month
                                (or JY 156  million  per year) to JY 16 million per month.
                                After the meeting,  the company  will  continue to have 11
                                directors.Because  the new  ceiling is not  excessive,  we
                                have no reason to oppose this resolution.


12/22/06 - S        HK Ruokatalo Group Oyj                   X5056X103                            12/12/06                   8,661
                    1        Issue 4.8 Million Series A Shares in          For                                Mgmt
                             Connection with Acquisition of Swedish Meats
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - A        HK Ruokatalo Group Oyj                   X5056X103                            04/10/07                   8,661
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Consolidated Financial Statements     None                               Mgmt
                             and Statutory Reports
                    1.3      Receive Auditors' Report                      None                               Mgmt
                    1.4      Receive Explanation by Board of Directors     None                               Mgmt
                             Warranted by Any Comments Made by Auditors
                    1.5      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of EUR 0.27 per Share
                    1.6      Approve Discharge of Board and President      For                                Mgmt
                    1.7      Approve Remuneration of Directors and         For                                Mgmt
                             Auditors
                    1.8      Fix Number of Directors at Six                For                                Mgmt
                    1        Elect Directors                               For                                Mgmt
                    1.10     Appoint PricewaterhouseCoopers Oy as          For                                Mgmt
                             Auditors and Mika Kaarisalo and Pasi
                             Pietarinen as Deputy Auditors
                    2        Amend Articles to Comply with New Finnish     For                                Mgmt
                             Companies Act; Change Company Name to
                             HKScan Oyj in Finnish, HKScan Abp in
                             Swedish, and HKScan Corporation in English
                    3        Authorize Repurchase of up to 3.5 Million     For                                Mgmt
                             A-Class Shares
                    4        Approve Creation of Pool of Capital without   For                                Mgmt
                             Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        Ho Bee Investment Ltd                    Y3245N101                            None                     271,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2a       Declare Final Dividend of SGD 0.0075 Per      For          For                   Mgmt
                             Share
                    2b       Declare Special Dividend of SGD 0.0125 Per    For          For                   Mgmt
                             Share
                    3        Approve Directors' Fees of SGD 145,450 for    For          For                   Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             135,000)
                    4a       Reappoint Ch'ng Jit Koon as Director          For          For                   Mgmt
                    4b       Reappoint Tan Eng Bock as Director            For          For                   Mgmt
                    4c       Reelect Desmond Woon Choon Leng as Director   For          For                   Mgmt
                    4d       Reelect Ong Chong Hua as Director             For          For                   Mgmt
                    4e       Reelect Bobby Chin Yoke Choong as Director    For          For                   Mgmt
                    5        Reappoint KPMG as Auditors and Authorize      For          For                   Mgmt
                             Board to Fix Their Remuneration
                    6a       Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    6b       Approve Issuance of Shares and Grant of       For          For                   Mgmt
                             Options Pursuant to the Ho Bee Investment
                             Ltd Share Option Scheme


05/04/07 - A        Holcim Ltd. (formerly Holderbank         H36940130                            None                      18,729
                    Financiere Glarus)
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Holcim Ltd. (formerly Holderbank         H36940130                            None                      18,729
                    Financiere Glarus)
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 2 per Share
                    4        Elect Directors                               For                                Mgmt
                    4.2      Ratify Ernst & Young AG as Auditors           For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/28/06 - A        Homeserve Plc (frm. South                G8291Z148                            None                      13,278
                    Staffordshire Group)
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 13.9 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Richard Harpin as Director           For          For                   Mgmt
                    5        Re-elect Justin Jewitt as Director            For          For                   Mgmt
                    6        Re-elect Barry Gibson as Director             For          For                   Mgmt
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,845,088
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 403,775
                    10       Authorise 6,460,414 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase


08/22/06 - A        HONEYS CO. LTD. *2792*                   J21394101                            05/31/06                  10,888
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                   Mgmt
                             20, Special JY 0
                    2        Amend Articles to: Set Maximum Statutory      For          For                   Mgmt
                             Auditor Board Size - Limit Rights of
                             Odd-lot Holders - Update Terminology to
                             Match that of New Corporate Law
                    3        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt


03/30/07 - A        HQ AB                                    W3917K163                            03/23/07                   1,312
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Mats Qviberg as Chairman of Meeting     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    8        Receive President's Report                    None         None                  Mgmt
                    9        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                                KPMG Bohlin AB has audited the  financial  statements  for
                                2006. The auditor's  report contained in the annual report
                                is  unqualified,  meaning  that  in  the  opinion  of  the
                                auditor,  the company's  financial  statements  are fairly
                                presented   in   accordance   with   generally    accepted
                                accounting principles.
                    10       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 12 per Share
                    11       Approve Discharge of Board and President      For          For                   Mgmt
                    12       Determine Number of Members (9) and Deputy    For          For                   Mgmt
                             Members of Board (0)
                    13       Approve Remuneration of the Chairman of the   For          For                   Mgmt
                             Board in the Amount of SEK 600,000, SEK
                             100,000 for Board Members, SEK 120,000 for
                             Chairman of the Audit Committee; SEK 60,000
                             for Audit Committee Members; Approve
                             Remuneration of Auditors
                    14       Reelect Mats Qviberg (Chairman), Stefan       For          For                   Mgmt
                             Dahlbo, Carolina Dybeck, Patrik Enblad,
                             Thomas Ers us, Curt Loenstroem, Johan
                             Piehl, Anne-Marie Paalsson and Pernilla
                             Stroem as Directors; Ratify Auditors and
                             Deputy Auditors
                    15       Approve 2:1 Stock Split                       For          For                   Mgmt
                                This is a proposal  of the board to split all  outstanding
                                shares on a  two-to-one  basis  (two new  shares for every
                                one  currently  held).  The  accounting  par  value of the
                                shares  will  therefore  change  from SEK 5 ($0.73) to SEK
                                2.5 ($0.37).  The number of shares  outstanding  after the
                                stock  split  will  be  27.11  million.        We  support
                                stock  splits  for  various  reasons.  First,  there is no
                                change  in  shareholder  value;  the value of the stake in
                                the  company  stays the same.  Second,  the share price is
                                lowered, which has the potential to improve liquidity.  As
                                the improved  liquidity has the potential of expanding the
                                capital  base,  we  recommend  a vote  in  favor  of  this
                                proposal.
                    16       Approve Issuance of Convertible Bonds to      For          Against               Mgmt
                             Employees; Approve Creation of SEK 200
                             Million Pool of Capital to Guarantee
                             Conversion Rights
                                Under  this  item  shareholders  are asked to  approve  an
                                option  scheme.        A  company's  structure of employee
                                or  director  compensation  plans is of vital  interest to
                                shareholders.  When given the  opportunity to review these
                                structures,   shareholders  should  push  for  plans  that
                                motivate  participants  to focus on long-term  shareholder
                                value  and  returns.  One of the most  common  methods  of
                                providing  long-term  incentive  is through  share  option
                                plans or  share  purchase  plans.  If  properly  designed,
                                these plans can  provide  tight  links  between  executive
                                rewards  and  shareholder   wealth  creation  while  being
                                sensitive   to   dilution   of  voting   power.        The
                                potential  dilution  resulting from this scheme amounts to
                                2.8 percent in terms of capital and voting rights.  Taking
                                into account  already  outstanding  incentive  plans,  the
                                figures  rise to 8.7  percent.  Conversion  may take place
                                during the period  Juli 19, 2010 to August 27,  2010,  and
                                from  February  15, 2011 to May 31, 2011.  The  conversion
                                price  will  equal  120   percent  of  the  value  of  the
                                company's  share  during the time frame  April 23,  2007 -
                                May  4,  2007.   The  plan  is  financed  by  issuance  of
                                convertibles  that  carry  an  interest  corresponding  to
                                dividends and other profit  allocation but not less than 6
                                percent  yearly  interest.          The  maximum number of
                                shares  ISS   approves   under  a  plan   depends  on  the
                                classification  of a  company's  stage of  development  as
                                growth or mature.  For mature companies,  shares available
                                under stock  option plans should be no more than 5 percent
                                of the  issued  capital  or  voting  rights at the time of
                                approval  under all plans.  For growth  companies,  shares
                                available  should be no more than 10 percent of the issued
                                capital  or voting  rights at the time of  approval  under
                                all  plans.  However,  ISS will  support  plans at  mature
                                companies with dilution  levels of up to 10 percent if the
                                plan   includes   other   positive   features,   such   as
                                challenging   performance   criteria   or   premium-priced
                                options.  HQ  is  a  mature   company.        Because   of
                                potential   excessive   dilution  of  8.7   percent   when
                                including  already   outstanding   employee  share  plans,
                                shareholders are advised to vote against this proposal.
                    17       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                                This  request  would  authorize   management  to  purchase
                                company  shares  until  the  date  of the  next  AGM.  The
                                authorization  would allow for the purchase of shares at a
                                price quoted on the date of  acquisition  with a deviation
                                of up to 10  percent.  The  maximum  amount of shares that
                                may be purchased is 10 percent of total share capital.  In
                                addition,  the item requests that  shareholders  authorize
                                the  board to use the  repurchased  shares  to  issue  new
                                shares  without  preemptive   rights.   Some  shareholders
                                object to corporations  repurchasing  shares.  They prefer
                                to see extra cash  invested in new  businesses or paid out
                                as  dividends.  We  believe  that  when  timed  correctly,
                                corporate  stock  repurchases  are  a  legitimate  use  of
                                corporate  funds  and  can  add to  long-term  shareholder
                                returns.  For this reason, we recommend a vote in favor of
                                the board's proposal.
                    18       Approve Remuneration Policy And Other Terms   For          Against               Mgmt
                             of Employment For Executive Management
                                This   item   concerns   shareholders   adoption   of  the
                                principles  for a  remuneration  policy and other terms of
                                employment    for   executive    management    2007.   The
                                remuneration  priciples follow the ones currently  applied
                                by  HQ  AB.  This  includes  fixed  salary,  bonus,  other
                                benefits,   pension,   and  participation  in  the  option
                                schemes.  The bonus for the CEO  corresponds  to a maximum
                                of  12  months  salary  subject  to  company   performance
                                results   (profit-share)   and   that  the   interest   on
                                shareholders'  equity  is  at  least  15  percent.   Other
                                executives   participate  in  the  profit-sharing  system.
                                Pension age is 65 years.  The  severance  payments for the
                                CEO  and  Vice-CEO   amount  to  six  months  full  salary
                                including  bonus and  between  four and 12 months  for the
                                rest  ofthe  executives.  The plan is largely in line with
                                our   guidelines   except  for  the  option   scheme  (see
                                below).        If  an  agenda  contains,  along  with  the
                                request  for  approval  of  the  remuneration   policy,  a
                                separate  proposal for an equity-based  compensation  plan
                                that does not comply  with our  guidelines,  ISS will vote
                                case-by-case  on  the  remuneration   policy  taking  into
                                consideration the language of the remuneration  policy and
                                whether  it  includes  the  newly  proposed  plan,   other
                                components  of  remuneration,  the  overall  structure  of
                                remuneration  at the company,  and/or any commitment  made
                                by the company to address any concerns.  The option scheme
                                explained  in  item  16  above  is  part  of the  proposed
                                executive  compensation  package.        In  line with our
                                recommendation  for the option scheme  proposed in item 16
                                above, we recommend a vote against this resolution.
                    19       Close Meeting                                 None         None                  Mgmt


06/05/07 - A        Hunter Douglas Nv                        N4327C122                            None                       4,330
                    1        Report to Shareholders                        For          For                   Mgmt
                    2        Confirmation 2006 Annual Accounts             For          For                   Mgmt
                    3        Approve Discharge of Management and           For          For                   Mgmt
                             Supervisory Board
                    4        Approve Dividend Declaration of Common        For          For                   Mgmt
                             Shares
                                Although  this ratio falls  below our  minimum  guideline,
                                Hunter Douglas can be classified as a growth  company.  We
                                recognize that growth  companies may need to conserve cash
                                more than mature  companies  in order to invest in further
                                business  development,  and so  may  have  lower  dividend
                                payouts.
                    5        Elect Directors and Substitutes               For          Against               Mgmt
                                Because the names of the  nominees  were not  available at
                                the time this  analysis was written,  which does not allow
                                shareholders  to make an informed  decision,  shareholders
                                are advised to vote against  this item.  We call on Hunter
                                Douglas  to  disclose  the  names  and  basic   background
                                information  of all  nominees in the proxy  materials  for
                                all future meetings.
                    6        Ratify Auditors                               For          For                   Mgmt
                                This is a routine appointment.
                    7        Other Business (Voting)                       For          Against               Mgmt
                                Because  shareholders  who vote by proxy  cannot know what
                                issues  will be  raised  under  this  item,  it  cannot be
                                recommended  that  shareholders  approve this request when
                                asked  for a vote.  While  it is  recognized  that in most
                                cases  this item is a  formality  or  includes  discussion
                                that will have no  impact  on  shareholders,  shareholders
                                cannot  risk  the  negative   consequences  of  voting  in
                                advance  on an item  for  which  information  has not been
                                disclosed.


06/05/07 - S        Hunter Douglas Nv                        N4327C122                            None                       4,330
                             Meeting for Common Shareholders
                    1        Approve Dividends                             For          For                   Mgmt


04/25/07 - A        Hunting plc                              G46648104                            None                      41,954
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          Abstain               Mgmt
                                The service  contract  of one  Executive  Director,  Terry
                                Gomke, does not meet the  recommendations  of the Combined
                                Code,  as it provides for payments in excess of one year's
                                salary and bonus in the event of early termination.  He is
                                entitled to receive any declared bonus for the year,  plus
                                two further  years'  bonus.  He also has change in control
                                provisions    of   two    years'    annual    salary   and
                                bonus.        The   Committee   does   not   consider   it
                                appropriate to seek to amend Terry Gomke's  contract which
                                is in  accordance  with Canadian  policy.  RREV received a
                                confirmation  that it is  accepted  practice  in Canada to
                                have two-year contracts.  However,  RREV does not consider
                                two-year contracts good practice in the UK.  Consequently,
                                we recommend  that  shareholders  actively  withold  their
                                vote (Abstain)  regarding the approval of the remuneration
                                report.
                    3        Approve Final Dividend of 5.2 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Terry Gomke as Director              For          For                   Mgmt
                    5        Re-elect Iain Paterson as Director            For          For                   Mgmt
                    6        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 10,922,382
                    8        Authorise the Company to Use Electronic       For          For                   Mgmt
                             Communications
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,638,357
                    10       Authorise 13,106,858 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


12/04/06 - A        IAWS Group plc                           G4681X124                            07/31/06                  27,884
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Dividends on Ordinary Shares          For          For                   Mgmt
                    3a       Elect Denis Buckley as Director               For          Against               Mgmt
                                It   is   believed   that    non-independent    directors,
                                particularly  on such key  board  committees  as the audit
                                and  remuneration  committees,  threaten to undermine  the
                                purpose  of  these  committees  in  providing  independent
                                oversight and preventing  conflicts of interest.  In light
                                of these  concerns,  it is recommended  that  shareholders
                                vote against these nominees.
                    3b       Elect J. Brian Davy as Director               For          Against               Mgmt
                    3c       Elect Philip Lynch as Director                For          For                   Mgmt
                    3d       Elect David Martin as Director                For          For                   Mgmt
                    3e       Elect William G. Murphy as Director           For          Against               Mgmt
                    3f       Elect Patrick McEniff as Director             For          For                   Mgmt
                    3g       Elect Hugo Kane as Director                   For          For                   Mgmt
                    3h       Elect Patrick Wall as Director                For          For                   Mgmt
                    3i       Elect Tom O'Mahony as Director                For          For                   Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    5        Approve Origin Enterprises Long Term          For          For                   Mgmt
                             Incentive Plan
                    6        Approve IAWS Group Long Term Incentive Plan   For          For                   Mgmt
                    7        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights Up to One-Third of the Nominal Value
                             of Issued Share Capital
                    8        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    9        Authorize Share Repurchase                    For          For                   Mgmt
                    10       Authorize Share Repurchase Program and        For          For                   Mgmt
                             Reissuance of Shares
                    11       Acknowledge Proper Convening of Meeting for   For          For                   Mgmt
                             the Year Ended July 31, 2006


11/09/06 - A        Iba Health Ltd. (frmely IBA              Q48234100                            11/07/06                 197,104
                    TECHNOLOGIES L)
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports for the Year Ended June 30, 2006
                    2        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended June 30, 2006
                    3        Elect Directors                               For          For                   Mgmt
                    4        Approve Issuance of Up to 31,250 Shares to    For          Against               Mgmt
                             Stephen Garrington Pursuant to the Employee
                             Loan Plan and Employee Deferred Incentive
                             Plan
                                RECOMMENDATION        The  recommended vote in relation to
                                resolutions    4    and    5    is    against.        This
                                recommendation has been made because:          Loan-funded
                                plan  (ELP):        - The ELP plan uses a limited recourse
                                loan   mechanism.   Loan-funded   securities   plans   are
                                generally  frowned  upon in the local  market,  except for
                                trusts and entities  with stapled  securities.  For trusts
                                and stapled  entities,  a punitive  "fringe  benefits tax"
                                must  be paid by the  entity  if  options  are  issued  to
                                executives  over units in the trust,  so an  appropriately
                                structured  loan-funded  securities  plan is considered an
                                acceptable   alternative  to  an  option  plan  for  these
                                entities.        -  The  IFSA  Guidelines  state:  "Equity
                                participation  should not  involve  the  provision  by the
                                company of non-recourse  loans."        - When the ELP was
                                put to  shareholders  at the  2002  AGM,  the  Explanatory
                                Notes to the  Notice  of  Meeting  stated  that  "The [ELP
                                plan]  trustee  will either  subscribe  for a new issue of
                                the Company's  shares or purchase shares on the Australian
                                Stock  Exchange  on  behalf of the  participant  using the
                                funds borrowed from the Company." From  subsequent  annual
                                reports,  it appears that the plan  trustee has  purchased
                                shares  on-market.  The fact that securities are purchased
                                on-market,  rather  than being  newly  issued  securities,
                                exposes  the  company  to  potential   cash  losses.   The
                                repayable  amount of the loan is  limited  to the lower of
                                the  amount  realized  on the  sale  of  shares,  and  the
                                outstanding  balance of the loan.  So, if the share  price
                                falls  20  percent  from  the  date  the   securities  are
                                acquired  for an  executive  until the date the  executive
                                leaves the group,  the company will be left holding shares
                                that are worth 20  percent  less than the cash  outlaid by
                                it to acquire  those  securities  on the "grant"  date. In
                                this respect,  a loan-funded share plan is less acceptable
                                than a traditional option  plan.        Vesting period too
                                short:        -  The  vesting  period  appears  to be just
                                under two years ' the  Notice of Meeting  states  that the
                                performance  hurdles  must  "be  satisfied  by  Sept.  30,
                                2008."  A  vesting  period  of two  years  or less for 100
                                percent  of the  incentives  is too  short  to meet  local
                                market  standards.  For example,  the IFSA Executive Share
                                and  Option  Scheme  Guidelines  recommend  that an equity
                                incentive  scheme  should  "incorporate  appropriate  time
                                restrictions  (from  the  date  [the   options/rights  are
                                granted] to the time in which potential  entitlements  may
                                be  received)  which  reflect the nature of the scheme and
                                the  performance  target and balance  medium and long-term
                                performance."  The ACSI Guidelines  recommend that "Grants
                                of  options  and  other  long-term  incentive  instruments
                                should  incorporate a minimum acceptable vesting period of
                                at least  three  years."        Inadequate  disclosure  of
                                performance  hurdles  for long  term  incentives:        -
                                The Notice of Meeting  discloses  that shares issued under
                                the  ELP  as   long-term   incentives   are   subject   to
                                performance   hurdles,   but  does  not  provide  specific
                                information  about the  hurdles.  The  Notice  of  Meeting
                                refers to the hurdles as: "a share price  target  based on
                                the  earnings  per share  growth  and the share  price out
                                performance  compared to a  comparable  industry  group as
                                set by the Appointments and Compensation  Committee, to be
                                satisfied  by  Sept.   30,   2008."  Local  market  (IFSA)
                                guidelines  recommend that companies disclose  "sufficient
                                information to enable  shareholders  to determine  whether
                                the  incentive   schemes  will  reward   superior   future
                                performance."        -   A  senior   executive   long-term
                                incentive plan should have demanding  performance  hurdles
                                in  order  to  satisfy  accepted  standards  of  corporate
                                governance in Australia.  For example,  the IFSA Executive
                                Share  and  Option  Scheme   Guidelines   recommend   that
                                executive   incentive  plans  should  contain  performance
                                hurdles that provide  incentives  to  executives  to bring
                                about  "materially  improved company  performance in terms
                                of  medium  to   long-term   growth  of  the  company  and
                                resulting  shareholder  value."        -  The  company was
                                contacted  in an effort to obtain more  information  about
                                the  hurdles,  but  all  key  personnel  were  out  of the
                                country.        Executive  Summary of Reason  for  Against
                                Recommendation  on  Resolutions 4 and  5        -  Vesting
                                period   is   too   short.-   Inadequate   disclosure   on
                                performance hurdles.
                    5        Approve Issuance of Up to 31,250 Shares to    For          Against               Mgmt
                             Gary Cohen Pursuant to the Employee Loan
                             Plan and Employee Deferred Incentive Plan
                    6        Ratify Past Issuance of 3.4 Million Shares    For          For                   Mgmt
                             to ABN Amro Morgans Ltd and BBY Ltd
                             Pursuant to the Underwriting Agreement


04/12/07 - A/S      Icade                                    F4609H103                            04/06/07                   6,159
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    3        Approve Discharge of Board and President      For                                Mgmt
                    4        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.35 per Share
                    5        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    6        Ratify Pascal Duhamel as Director             For                                Mgmt
                    7        Acknowledge Co-Option of Francis Mayer as     For                                Mgmt
                             Director
                    8        Ratify Dominique Marcel as Director           For                                Mgmt
                    9        Elect Thomas Francis Gleeson as Director      For                                Mgmt
                    10       Change Location of Registered Office to 35,   For                                Mgmt
                             rue de la Gare - 75019 Paris
                    11       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    12       Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 200,000
                             Special Business
                    13       Amend Articles Board Related: Age Limit for   For                                Mgmt
                             Board Members
                    14       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                    15       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/02/06 - A        IG GROUP HOLDINGS PLC                    G4753Q106                            None                     142,840
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Elect Sir Alan Budd as Director               For          For                   Mgmt
                    3        Elect Martin Jackson as Director              For          For                   Mgmt
                    4        Elect Roger Yates as Director                 For          For                   Mgmt
                    5        Approve Final Dividend of 4 Pence Per Share   For          For                   Mgmt
                    6        Reappoint Ernst & Young as Auditors of the    For          For                   Mgmt
                             Company
                    7        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    8        Approve Remuneration Report                   For          For                   Mgmt
                                (1)  Salary  increases:  RREV  could not  calculate  basic
                                salary   increases  for  Peter   Hetherington  and  Andrew
                                MacKay,  who  sacrifice  some of  their  basic  salary  as
                                pension  contribution,  but the Company confirmed that the
                                increases  for the  Directors  were  equivalent to 20% and
                                11%,  respectively.  RREV has calculated  salary increases
                                for Nat Le Roux and Tim Howkins  amounting to 15% and 21%,
                                respectively.  Following engagement, the Company explained
                                to RREV that the  increases  were felt to be  justified by
                                review   against    industry    competitors   and   listed
                                comparators  in the  Company's  sector,  and in respect of
                                the increase in value of the  business  which had seen the
                                Company  enter the FTSE 250 during the course of the year.
                                RREV also notes that the basic  salaries of the  Executive
                                Directors  remain  low in  comparison  with  the  FTSE 250
                                General  Financial peer group, as illustrated by the chart
                                produced  by  our  independent   remuneration  consultants
                                Inbucon.        (2)  Remuneration package: During the past
                                year,  the  annual  bonus  was the only  incentive  scheme
                                under  which  the  Executive   Directors   received  fresh
                                awards,   as  the  two  existing   incentive  schemes  are
                                IPO-related.  Some  shareholders  may  consider  that this
                                arrangement  focused  Executive  Directors  on  short-term
                                performance   goals,   rather  than  long-term  growth  of
                                shareholder value.          (3)  Remuneration  disclosure:
                                The Company  has not  provided  the maximum  participation
                                limit under the  Long-Term  Incentive  Plan  (LTIP).  RREV
                                also  encourages  the  Company to improve  the  clarity of
                                remuneration  information  by showing the actual levels of
                                bonus and basic  salary  pre-pension  sacrifice  for Peter
                                Hetherington   and  Andrew  MacKay  and  to  disclose  the
                                achievement of bonus targets retrospectively.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,458
                    10       Authorise 32,750,095 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 807


04/23/07 - A/S      IMMOBILIARE GRANDE DISTRIBUZIONE SPA     T5331M109                            04/19/07                  17,510
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements, Consolidated     For                                Mgmt
                             Financial Statements, and Statutory Reports
                             at Dec. 31, 2006
                    2        Appoint One Internal Statutory Auditor        For                                Mgmt
                    3        Extend External Auditors' Mandate in          For                                Mgmt
                             Compliance with the Italian Law 58/1998 and
                             the Legislative Decree 303/2006
                             Special Business
                    1        Amend Articles of the Company Bylaws to       For                                Mgmt
                             Comply with the Italian Law 262/2005 and
                             the Legislative Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/25/07 - S        IMMOBILIARE GRANDE DISTRIBUZIONE SPA     T5331M109                            06/22/07                  36,207
                             Special Meeting Agenda
                    1        Authorize Issuance of Convertible Bonds       For                                Mgmt
                             without Preemptive Rights up to EUR 230
                             Million; Approve Capital Increase through
                             the Issuance of Shares to Service the
                             Conversion of Bonds
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        Imperial Chemical Industries plc         G47194223                            None                      78,497
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Confirm First Interim Dividend of 4.15        For          For                   Mgmt
                             Pence and Second Interim Dividend of 4.75
                             Pence Per Ordinary Share
                    4        Re-elect Lord Butler as Director              For          For                   Mgmt
                    5        Re-elect Adri Baan as Director                For          For                   Mgmt
                    6        Re-elect David Hamill as Director             For          For                   Mgmt
                    7        Re-elect Baroness Noakes as Director          For          For                   Mgmt
                    8        Reappoint KPMG Audit Plc as Auditors of the   For          For                   Mgmt
                             Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Amend Imperial Chemical Industries Plc        For          For                   Mgmt
                             Performance Growth Plan
                                We  are  recommending   that   shareholders   support  the
                                Company's proposal.
                    11       Amend the Rules to Change the Dilution        For          For                   Mgmt
                             Limits of the Imperial Chemical Industries
                             Plc Performance Growth Plan
                                As the proposed  amendment is in line with good  practice,
                                we  are  recommending  that   shareholders   support  this
                                resolution.
                    12       Authorise the Company to Use Electronic       For          For                   Mgmt
                             Shareholder Communications
                                As each  shareholder is able to request hard copies at any
                                time,  we consider the  proposal  does not  represent  any
                                weakening of  shareholder  rights.  We therefore  consider
                                this acceptable.
                    13       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 205,281,345
                    14       Subject to the Passing of Resolution 13,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 59,735,933
                    15       Authorise 119,471,865 Ordinary Shares for     For          For                   Mgmt
                             Market Purchase


04/19/07 - A/S      IMS International Metal Service          F52542101                            04/16/07                   5,240
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    3        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    4        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.82 per Share
                    5        Ratify Appointment of Yvon Jacob as           For                                Mgmt
                             Supervisory Board Member
                    6        Ratify Appointment of Christian Parente as    For                                Mgmt
                             Supervisory Board Member
                    7        Reelect Yvon Jacob as Supervisory Board       For                                Mgmt
                             Member
                    8        Reelect Dominique Du Peloux as Supervisory    For                                Mgmt
                             Board Member
                    9        Reelect Sidney Cabessa as Supervisory Board   For                                Mgmt
                             Member
                    10       Reelect Christian Parente as Supervisory      For                                Mgmt
                             Board Member
                    11       Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 75,000
                    12       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    13       Approve Reduction Up to 10 Percent in Share   For                                Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                    14       Amend Article 10 of Association Re:           For                                Mgmt
                             Threshold Disclosure
                    15       Amend Articles of Association Re: General     For                                Mgmt
                             Meeting
                    16       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Inabata & Co. Ltd. *8098*                J23704109                            03/31/07                  14,029
                    1        Elect Directors                               For          For                   Mgmt
                    2        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    3        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.
                    4        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                Inabata & Co. Ltd. received  shareholder approval to adopt
                                a shareholder  rights plan in 2006. The company is seeking
                                to              renew              its              poison
                                pill.        SUMMARY                Type  of Defense Plan:
                                Advance     Warning-Type                Plan     Duration:
                                Unlimited,    but    with    annual    review    by    the
                                board                Trigger   Threshold:  20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:    1    year                Board    Independence:
                                Following this meeting,  the board will include no outside
                                directors      who     meet     ISS      criteria      for
                                independence.                Independence    of    Special
                                Committee:  2 out of 3 of the committee  meet ISS criteria
                                for  independence.                Other  Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More Before  Meeting:  Yes                Because
                                the    independence   of   the   special    committee   is
                                questionable,  because the board composition does not meet
                                ISS guidelines on poison pills,  stipulating that at least
                                20 percent,  and no fewer than two, of the directors  must
                                meet ISS'  definition of  independence,  we recommend that
                                shareholders oppose this resolution.


05/10/07 - A        Inchcape plc                             G47320174                            None                     110,375
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                We are not raising any issues with regard to  remuneration
                                practices  at Inchcape  plc.  See Item 10 below  regarding
                                Company's proposal to amend the Deferred Bonus Plan.
                    3        Approve Final Dividend of 10 Pence Per        For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Ken Hanna as Director                For          For                   Mgmt
                    5        Re-elect David Scotland as Director           For          For                   Mgmt
                    6        Re-elect Michael Wemms as Director            For          For                   Mgmt
                    7        Re-elect Raymond Ch'ien as Director           For          For                   Mgmt
                    8        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Amend Inchcape Deferred Bonus Plan            For          For                   Mgmt
                                The Remuneration  Committee believes that the amended Plan
                                will   further   motivate  the   Executive   Directors  to
                                contribute  to  the   realisation  of  the  Company's  new
                                business  strategy  and will  enhance  the extent to which
                                its incentive  arrangements are linked to future long-term
                                performance.        There   are  two   changes  for  which
                                shareholders'  approval is  sought:        (i) to enable a
                                selected  participant  to invest a proportion  of his post
                                tax annual  salary,  instead of investing part of his post
                                tax  bonus.  If is  expected  that the  maximum  of 50% of
                                annual  salary may be  invested,  although  Committee  has
                                discretion to determine  exceptional  circumstances  up to
                                100%;  and        (ii)  to increase the maximum match from
                                1-for-1 to  2-for-1.        For  new awards, the Committee
                                intends  that the awards  will be subject to a  cumulative
                                Economic Profit target measured over a performance  period
                                of not less than three years.  If the cumulative  Economic
                                Profit  achieves a target level of RPI+3%  p.a.,  then the
                                award  will vest on a 1-for-1  basis;  the award will vest
                                on a full  2-for-1  basis if  cumulative  Economic  Profit
                                achieves a target  level of RPI+12%  p.a. or greater.  For
                                performance  between those two levels, the award will vest
                                on a straight line  basis.        The  Board believes that
                                Economic  Profit  is a key  driver  of the  Company's  new
                                business  strategy and is closely aligned with shareholder
                                value as it is  intended  to place a greater  emphasis  on
                                capital    efficiency   and   cash   generation   in   the
                                business.        Analysis             and             Vote
                                Recommendation        The  overall proposed changes to the
                                plan  are   considered   satisfactory   and  we  recommend
                                shareholders support the resolution.
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 38,780,578
                    12       Subject to the Passing of Resolution 11,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,817,086
                    13       Authorise 46,536,694 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


12/20/06 - A        INCITEC PIVOT LTD *IPL*                  Q4887E101                            12/18/06                  14,256
                    1        Elect John Watson as Director                 For          For                   Mgmt
                    2        Elect Anthony Larkin as Director              For          For                   Mgmt
                    3        Approve Giving of Financial Assistance by     For          For                   Mgmt
                             Southern Cross Fertilisers Pty Ltd
                    4        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended 30 Sept 2006


11/22/06 - A        Independence Group (frmly INDEPENDENCE   Q48886107                            11/20/06                  27,135
                    GOLD NL) *IGO*
                    1        Adopt Remuneration Report for the Year        For          For                   Mgmt
                             Ended June 30, 2006
                    2        Elect John Christie as Director               For          For                   Mgmt
                    3        Approve the Grant of 500,000 Options to       For          Against               Mgmt
                             Christopher Bonwick, Executive Director
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  3 and 4- The proposed  grants are not subject
                                to  appropriate  vesting  periods  and  lack  sufficiently
                                challenging   performance  hurdles.  There  is  also  full
                                vesting on a  change-of-control  event. These features are
                                not supported by local market standards.
                    4        Approve the Grant of 250,000 Options to       For          Against               Mgmt
                             Kelly Ross, Executive Director


04/27/07 - A/S      Indesit Company (fromerly Merloni        T52684106                            None                      18,438
                    Elettrodomestici)
                             Annual Meeting Agenda
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Fix Number of Directors on the Board; Elect   For                                Mgmt
                             Directors and Chairman for the Three-Year
                             Term 2007-2009; Determine Directors'
                             Remuneration
                    3        Extend External Auditors' Mandate in          For                                Mgmt
                             Compliance with the Italian Law 58/1998 and
                             the Legislative Decree 303/2006
                    4        Deliberations Regarding the Special Fund      For                                Mgmt
                             Protecting Saving Shareholders Interests
                    5        Revoke Stock Option Plan for the CEO          For                                Mgmt
                             Special Business
                    1        Revoke Stock Option Plan for the Chairman;    For                                Mgmt
                             Modify Bylaws Accordingly
                    2        Amend Articles in Compliance with the         For                                Mgmt
                             Italian Law 262/2005 and the Legislative
                             Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/19/06 - S        Indra Sistemas Sa                        E6271Z155                            None                      30,855
                    1        Approve Increase in Capital of EUR 3.61       For          For                   Mgmt
                             Million by Issuance of 18.07 Million Class
                             A Shares with an Issue Price of EUR 0.20
                             Each Without Preemptive Rights to Union
                             Fenosa S.A.; Amend Article 5 of Bylaws to
                             Reflect Increased Share Count
                    2        Fix Number of Directors                       For          For                   Mgmt
                    3        Elect Directors                               For          For                   Mgmt
                    4        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


06/20/07 - A        Indra Sistemas Sa                        E6271Z155                            None                       4,744
                    1        Approve Individual Financial Statements for   For          For                   Mgmt
                             the Period Ended Dec. 31, 2006; Approve
                             Allocation of Income
                    2        Accept Consolidated Financial Statements      For          For                   Mgmt
                             and Statutory Reports for the Period Ended
                             Dec. 31, 2006
                    3        Approve Discharge of Directors                For          For                   Mgmt
                    4        Approve Merger by Absorption of Azertia       For          For                   Mgmt
                             Tecnologias de la Informacion, BMB Gestion
                             Documental, Soluziona Consultaria y
                             Tecnologia and Soluziona Internacional
                             Servicios Profesionales, and their
                             respective direct subsidiaries
                    5        Fix Number of Directors                       For          For                   Mgmt
                    6        Elect Directors                               For          For                   Mgmt
                    7.1      Approve Remuneration of Directors             For          For                   Mgmt
                    7.2      Approve Remuneration of Senior Management     For          For                   Mgmt
                    8        Amend Section 2 of Article 30 of Company      For          For                   Mgmt
                             Bylaws Re: Executive Committee
                    9        Amend Article 12 of General Meeting           For          For                   Mgmt
                             Guidelines Re: Fractioning of Votes
                    10       Approve Reduction of Captial Via the          For          For                   Mgmt
                             Amortization of 80,910 Class C Redeemable
                             Shares and 42,648 Class D Redeemable Shares
                    11       Authorize Issuance Equity or Equity-Linked    For          For                   Mgmt
                             Securities, Including Redeemable Shares,
                             without Preemptive Rights
                    12       Authorize Repurchase of Shares                For          For                   Mgmt
                    13       Authorize Issuance of Convertible Bonds       For          For                   Mgmt
                             with or without Preemptive Rights; Increase
                             Capital As Necessary for the Conversion and
                             Authorize Board to Implement Capital
                             Increase Accordingly
                    14       Approve Auditors for Fiscal Year 2007         For          For                   Mgmt
                    15       Approve Minutes of Meeting                    For          For                   Mgmt


05/10/07 - A        Industrial and Commercial Bank of        Y3991T104                            05/02/07                 209,000
                    China (ASIA) Ltd. (Union Bank
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                   Mgmt
                    3a       Elect Jiang Jianqing as Non-Executive         For          For                   Mgmt
                             Director
                    3b       Elect Wang Lili as Non-Executive Director     For          For                   Mgmt
                    3c       Elect Chen Aiping as Non-Executive Director   For          For                   Mgmt
                    4        Approve Remuneration of Directors             For          For                   Mgmt
                    5        Approve Ernst & Young as Auditors and         For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    6        Authorize Directors to Offer a Scrip          For          For                   Mgmt
                             Dividend Alternative in Respect of
                             Dividends Declared
                    7        Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    8        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    9        Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    10       Approve and Adopt Share Option Scheme         For          Against               Mgmt
                                Given the  unfavorable  terms of the proposed  scheme,  we
                                recommend that shareholders vote against this proposal.


06/26/07 - A        Information Service International -      J2388L101                            03/31/07                  15,496
                    Dentsu, Ltd. *4812*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 10
                                The payout ratio for the full year is 42 percent  based on
                                consolidated    earnings,   or   52   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format
                                The proposed change is routine.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:   Nominee   9                Background  of
                                non-executive   nominee(s):   The  nominee  is  a  current
                                executive     of     Dentsu      Inc.                Board
                                Profile        Composition  of board after this meeting: 8
                                executives  and 1  non-executive.  The number of outsiders
                                is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He  is a  current  executive  of
                                Dentsu Inc.,  the largest  shareholder in the company with
                                a 61.8 percent  stake.                Given  the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   the   nominee   for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    5        Appoint Alternate Internal Statutory Auditor  For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He  is a  current  executive  of
                                Dentsu Inc.,  the largest  shareholder in the company with
                                a 61.8 percent  stake.                Given  the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   the   nominee   for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.


05/01/07 - A/S      Inmet Mining Corp. *IMN*                 457983104                            03/12/07                  10,497
                    1        Elect Directors                               For          For                   Mgmt
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                   Mgmt
                             Board to Fix Remuneration of Auditors
                    3        Amend Deferred Share Unit Plan                For          For                   Mgmt
                    4        Approve Shareholder Rights Plan               For          Against               Mgmt
                                The  company  claims that  adopting  the rights plan is in
                                the best  interests of  shareholders,  ensuring their fair
                                treatment in a takeover  bid.  However,  we find that this
                                plan  also   provides  the  board  and   management   with
                                excessive   opportunity   to  interpret   and   administer
                                provisions   of  the  plan.   This  plan  does  not  allow
                                shareholders    enough   control   of   the   process   to
                                sufficiently   safeguard   their   interests.   The  Inmet
                                Shareholder  Rights Plan is not a 'new generation'  rights
                                plan  and  we  must   therefore   recommend   against  its
                                reconfirmation.
                    5        Adopt New By-laws                             For          Against               Mgmt
                                Within the Canadian  market,  ISS takes the position  that
                                25 percent of the shares  entitled  to vote is an adequate
                                quorum   for   shareholders   meetings   with   no   major
                                shareholders.  Quorum for a directors  meeting  should not
                                be less than 50 percent of the  number of  directors.  The
                                ability of the chair to have a second or  casting  vote on
                                tie votes at board  meetings is a  questionable  practice.
                                Granting  the chair a second  vote on  contentious  issues
                                that result in a deadlock  board can lead to  conflicts of
                                interest and potential  inequality among  directors.  This
                                is particularly  egregious where the CEO is also Chair, as
                                is the case here.  ISS will  oppose any new  by-laws  that
                                contravene any of the above provisions.


05/15/07 - A        International Power plc                  G4890M109                            None                     165,501
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Re-elect Sir Neville Simms as Director        For          For                   Mgmt
                    3        Re-elect Tony Concannon as Director           For          For                   Mgmt
                    4        Re-elect Steve Riley as Director              For          For                   Mgmt
                    5        Elect John Roberts as Director                For          For                   Mgmt
                    6        Approve Final Dividend of 7.9 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    7        Reappoint KPMG Audit Plc as Auditors and      For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Approve Remuneration Report                   For          For                   Mgmt
                                We disclosed  these changes in last year's RREV report and
                                at  the  time   considered  that  the  rationale  for  the
                                increases in bonus and PSP awards had been  adequately set
                                out.        The  grant of bonuses purely in cash is a move
                                away  from  good  practice  in terms of the  alignment  of
                                Executive    Directors'    interests    with    those   of
                                shareholders.   However,   we  note  that  most  Executive
                                Directors  already hold  shareholdings  in excess of their
                                annual  basic  salary.   In  light  of  the   explanations
                                provided  by the  Company  with  regards to the changes in
                                remuneration policy, we recommend  shareholders to vote in
                                favour of the remuneration report.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 248,730,120
                    10       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 35,593,387
                    11       Authorise 149,238,221 Ordinary Shares for     For          For                   Mgmt
                             Market Purchase
                    12       Amend Articles of Association Re:             For          For                   Mgmt
                             Electronic Communications and Director Age
                             Limit
                                As the  proposed  amendments  are in line with  changes to
                                Company   Law,  we  do  not  consider   these   amendments
                                contentious.


06/15/07 - S        International Power plc                  G4890M109                            None                     165,501
                    1        Approve the Completion of the Transaction     For          For                   Mgmt
                             between the Company and Mitsui; Authorise
                             Directors to Take All Such Steps as May be
                             Necessary to Cause the Principal
                             Transaction Agreements to be Completed
                                Conclusion  and  Vote   Recommendation        We  are  not
                                raising any corporate  governance  issues that would cause
                                us  to  object  to  the   proposed   new  joint   venture.
                                        Ultimately,  we consider  that the  proposal is an
                                investment  decision,  which is best left for shareholders
                                to evaluate in respect of their own individual  investment
                                strategies and after  consultation  with such professional
                                advisors as each  shareholder  deems  necessary.        We
                                note  that  the  directors  of  International  Power  have
                                received financial advice from Morgan Stanley.


04/26/07 - A        Intershop Holding AG                     H42507238                            None                         432
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 12 per Share
                    2        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    3.1      Change Location of Registered                 For                                Mgmt
                             Office/Headquarters to Zurich
                    3.2      Amend Articles Re: Reduce Board Term to One   For                                Mgmt
                             Year
                    4        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/18/07 - A        Intralot SA Integrated Lottery           X3968Y103                            None                      12,434
                    (formerly Intralot SA)
                    1        Approve Consolidated Financial Statements     For                                Mgmt
                    2        Approve Discharge of Board and Auditors       For                                Mgmt
                    3        Approve Auditors and Authorize Board to Fix   For                                Mgmt
                             Their Remuneration
                    4        Approve Director Remuneration for 2006 and    For                                Mgmt
                             Preapprove Their Remuneration for 2007
                    5        Approve Maximum Salary for Board Members      For                                Mgmt
                    6        Authorize Board and Managers of the Company   For                                Mgmt
                             to Participate in Boards and Management of
                             Similar Companies
                    7        Authorize Share Repurchase Program            For                                Mgmt
                    8        Announce Figures from Previous Share          None                               Mgmt
                             Repurchase Program
                    9        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        INTRUM JUSTITIA AB                       W4662R106                            04/19/07                  28,800
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Lars Lundquist as Chairman of Meeting   For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    8a       Receive President's Report                    None         None                  Mgmt
                    8b       Receive Chairman's Report on Board and        None         None                  Mgmt
                             Committee Work
                    9        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    10       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 2.75 per Share
                    11       Approve Discharge of Board and President      For          For                   Mgmt
                    12       Determine Number of Members (7) and Deputy    For          For                   Mgmt
                             Members (0) of Board; Receive Report from
                             Nominating Committee
                    13       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Aggregate Amount of SEK 2.4 Million;
                             Approve Remuneration of Auditors
                    14       Reelect Helen Fasth-Gillstedt, Lars           For          For                   Mgmt
                             Foerberg, Bo Ingemarson, Lars Lundquist
                             (Chair) and Lars Wollung as Directors;
                             Elect Matts Ekman and Arsaell Hafsteinsson
                             as New Directors
                    15       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    16       Authorize Chairman of Board and               For          For                   Mgmt
                             Representatives of Five of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    17       Close Meeting                                 None         None                  Mgmt


08/10/06 - A        INVESTEC PLC                             G49188108                            None                      13,870
                             Both the Holders of Ordinary Shares in
                             Investec Plc and the Holder of the Special
                             Voting Share in Investec Plc are Entitled
                             to Vote. Investec Plc and Investec Ltd.
                             Resolutions
                    1        Re-elect Bernard Kantor as Director of        For          For                   Mgmt
                             Investec Plc and Investec Ltd.
                    2        Re-elect Donn Jowell as Director of           For          For                   Mgmt
                             Investec Plc and Investec Ltd.
                    3        Re-elect Hugh Herman as Director of           For          For                   Mgmt
                             Investec Plc and Investec Ltd.
                    4        Re-elect Ian Kantor as Director of Investec   For          For                   Mgmt
                             Plc and Investec Ltd.
                    5        Re-elect Peter Thomas as Director of          For          Against               Mgmt
                             Investec Plc and Investec Ltd.
                    6        Re-elect Sam Abrahams as Director of          For          For                   Mgmt
                             Investec Plc and Investec Ltd.
                    7        Re-elect Stephen Koseff as Director of        For          For                   Mgmt
                             Investec Plc and Investec Ltd.
                    8        Re-elect Sir David Prosser as Director of     For          For                   Mgmt
                             Investec Plc and Investec Ltd.
                             Investec Ltd. Resolutions
                    9        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports of Investec Ltd.
                    10       Approve Remuneration Report of Investec Ltd.  For          For                   Mgmt
                    11       Sanction the Interim Dividend on Ordinary     For          For                   Mgmt
                             Shares Paid by Investec Ltd.
                    12       Sanction the Interim Dividend on the          For          For                   Mgmt
                             Dividend Access (South African Resident)
                             (SA DAS) Redeemable Preference Share Paid
                             by Investec Ltd.
                    13       Approve Final Dividend of 627 Cents Per       For          For                   Mgmt
                             Ordinary Share by Investec Ltd.
                    14       Approve Final Dividend on the SA DAS          For          For                   Mgmt
                             Redeemable Preference Share of an Amount
                             Equal to That Recommended by the Directors
                             of Investec Ltd.
                    15       Reappoint Ernst & Young CA (SA) as Auditors   For          For                   Mgmt
                             of Investec Ltd. and Authorise the Board to
                             Determine Their Remuneration
                    16       Reappoint KPMG Inc. as Auditors of Investec   For          For                   Mgmt
                             Ltd. and Authorise the Board to Determine
                             Their Remuneration
                    17       Authorise 1,150,047 Ordinary Shares of the    For          For                   Mgmt
                             Unissued Shares in the Authorised Share
                             Capital of Investec Ltd. be Placed Under
                             the Control of Directors Until Such Date
                             that Special Resolution 2 Becomes
                             Effective; Otherwise up to 5,750,235
                             Ordinary Shares
                    18       Authorise 800,000 Class A Variable Rate       For          For                   Mgmt
                             Compulsorily Convertible Non-Cumulative
                             Preference Shares to be Placed Under the
                             Control of Directors Until Such Date that
                             Special Resolution 2 Becomes Effective;
                             Otherwise up to 4,000,000 Class A
                             Preference Shares
                    19       Approve that All Unissued Shares in the       For          For                   Mgmt
                             Authorised Share Capital of Investec Ltd.
                             be Placed Under the Control of the Directors
                    20       Authorise Issue of 1,150,047 Ordinary         For          For                   Mgmt
                             Shares of ZAR 0.001 Each Until Such Date
                             That Special Resolution 2 Becomes
                             Effective; Otherwise up to 5,750,235
                             Ordinary Shares of ZAR 0.0002 Each
                    21       Authorise Issue of 800,000 Class A Variable   For          For                   Mgmt
                             Rate Compulsorily Convertible
                             Non-Cumulative Preference Shares Until Such
                             Date that Special Resolution 2 Becomes
                             Effective; Otherwise up to 4,000,000 Class
                             A Preference Shares
                    22       Amend Investec Ltd. Security Purchase         For          For                   Mgmt
                             Scheme 2003 Trust Deed Clause 4 of Appendix
                             1
                    23       Amend Investec Ltd. Security Purchase         For          For                   Mgmt
                             Scheme 2003 Trust Deed Clause 6.3 of
                             Appendix 1
                    24       Amend Investec Ltd. Security Purchase         For          For                   Mgmt
                             Scheme 2003 Trust Deed Clause 1.19
                    25       Authorise Acquisition of 20 Percent of        For          For                   Mgmt
                             Investec Ltd. Ordinary Issued Shares or
                             Investec Ltd. Issued Perpetual Preference
                             Shares
                    26       Approve Share Sub-Division of 55,500,000      For          For                   Mgmt
                             Ordinary Shares of ZAR 0.001 Each into
                             277,500,000 Ordinary Shares of ZAR 0.0002
                             Each Pursuant to the Passing of Special
                             Resolutions 2, 3, 4 and 5
                    27       Approve Share Sub-Division of 8M Class A      For          For                   Mgmt
                             Variable Rate Compulsorily Convertible
                             Non-Cumulative Preference Shares of ZAR
                             0.001 Each into 40M Class A Preference
                             Shares of ZAR 0.0002 Each Pursuant to the
                             Passing of Special Resolutions 2, 3, 4 and 5
                    28       Approve Share Sub-Division of 112M Special    For          For                   Mgmt
                             Convertible Redeemable Preference Shares of
                             ZAR 0.001 Each into 560M Special
                             Convertible Redeemable Preference Shares of
                             ZAR 0.0002 Each Pursuant to the Passing of
                             Special Resolutions 2, 3, 4 and 5
                    29       Amend Investec Ltd. Memorandum of             For          For                   Mgmt
                             Association Pursuant to the Passing of
                             Special Resolutions 2, 3, 4 and 5
                    30       Authorise Directors or the Company            For          For                   Mgmt
                             Secretary to Do All Things Necessary to
                             Carry into Effect the Aforesaid Resolutions
                             Investec Plc Resolutions
                    31       Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports of Investec Plc
                    32       Approve Remuneration Report of Investec Plc   For          For                   Mgmt
                    33       Sanction the Interim Dividend on Ordinary     For          For                   Mgmt
                             Shares Paid by Investec Plc
                    34       Approve Final Dividend of 53 Pence Per        For          For                   Mgmt
                             Ordinary Share by Investec Plc
                    35       Reappoint Ernst & Young LLP as Auditors of    For          For                   Mgmt
                             Investec Plc and Authorise the Board to
                             Determine Their Remuneration
                    36       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities of Investec Plc with Pre-emptive
                             Rights up to Aggregate Nominal Amount of
                             GBP 1,036,377
                    37       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities of Investec Plc without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 5,931.66
                    38       Authorise 7,463,375 Ordinary Shares of        For          For                   Mgmt
                             Investec Plc for Market Purchase Until Such
                             Date That Special Resolution 8 Becomes
                             Effective; Otherwise up to 37,316,875
                             Ordinary Shares
                    39       Approve Share Sub-Division of Each Ordinary   For          For                   Mgmt
                             Share of 0.001 Pence Each into 5 Ordinary
                             Shares of 0.0002 Pence Each; Approve Share
                             Sub-Division of Each Special Converting
                             Share of 0.001 Pence Each into 5 Special
                             Converting Shares of 0.0002 Pence Each
                    40       Adopt New Articles of Association             For          For                   Mgmt
                    41       Authorise Directors or the Company            For          For                   Mgmt
                             Secretary to Do All Things Necessary to
                             Carry into Effect the Aforesaid Resolutions


05/02/07 - A        IRESS MARKET TECHNOLOGY LTD(formerly     Q49822101                            04/30/07                  39,435
                    BRIDGEDFS) *IRE*
                    1        Elect John William Burdett as Director        For          For                   Mgmt
                    2        Elect Tony Killen as Director                 For          For                   Mgmt
                    3        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended Dec. 31, 2006


01/22/07 - S        Italjolly - Compagnia Italiana dei       T62532105                            01/18/07                   2,939
                    Jolly Hotels - S.p.a.
                             Special Meeting Agenda
                             Ordinary Business
                    1        Elect One Director                            For                                Mgmt
                             Special Business
                    1        Mandatory Conversion of Saving Shares to      For                                Mgmt
                             Ordinary Shares; Amend Bylaws Accordingly
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Italmobiliare SpA                        T62283121                            04/23/07                   1,789
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for the Fiscal Year 2006
                    2        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                    3        Extend External Auditors' Mandate for         For                                Mgmt
                             theThree-Year Term 2007-2009
                    4        Approve Remuneration of Board Committes and   For                                Mgmt
                             Other Administrative Bodies
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/18/07 - S        Italmobiliare SpA                        T62283121                            06/14/07                   1,789
                             Special Meeting Agenda
                    1        Authorize the Board to Increase Capital of    For                                Mgmt
                             up to EUR 260 Million through the Issuance
                             of Bonds with Warrants Attached
                    2        Approve Capital Increase of up to EUR 0.91    For                                Mgmt
                             Million without Preemptive Rights through
                             the Issuance of up to 350,000 Ordinary
                             and/or Saving Shares Reserved to Directors
                             of the Company and its Subsidiaries
                    3        Approve Amendment of Articles 9, 17, and 29   For                                Mgmt
                             and Further Amendments of the Bylaws to
                             Comply with the Italian Law n. 262/2005 and
                             the Legislative Decree n. 303/2006;
                             Renumbering of Articles
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/22/07 - A        ITE Group plc                            G63336104                            None                      27,481
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Re-elect Ian Tomkins as Director              For          For                   Mgmt
                    3        Re-elect Edward Strachan as Director          For          For                   Mgmt
                    4        Re-elect Sir Jeremy Hanley as Director        For          For                   Mgmt
                    5        Elect Malcolm Wall as Director                For          For                   Mgmt
                    6        Approve Final Dividend of 2.5 Pence Per       For          For                   Mgmt
                             Share
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    8        Approve Remuneration Report                   For          Against               Mgmt
                                While we are  sympathetic  to the needs of  companies  and
                                ITE Group in  particular to secure the services of certain
                                directors  in the medium to  long-term,  we consider  that
                                the terms of such a  contract  could  potentially  lead to
                                termination  payments  well in excess of one year's salary
                                and fees.          RREV  generally  does not  consider the
                                employment   under  longer  than  one-year  fixed  service
                                contracts an  appropriate  mechanism  to retain  executive
                                directors,  as these may lead to pay-offs of more than one
                                year's  salary and  benefits,  even  potentially  in cases
                                where the director  underperformed,  and  therefore may be
                                seen as a reward  for  failure.  As this is a  fundamental
                                principle  of  corporate  governance  best  practice,   we
                                recommend a vote against the approval of the  remuneration
                                report.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 866,430
                    10       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 130,452
                    11       Authorise 25,992,919 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


05/24/07 - A        IVG Immobilien AG (frmly IVG Holding     D36953103                            05/03/07                  19,410
                    AG)
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Elect Hans Gaul to the Supervisory Board      For                                Mgmt
                    6        Approve Issuance of Convertible Bonds         For                                Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 1.5 Billion; Approve Creation
                             of EUR 22 Million Pool of Capital to
                             Guarantee Conversion Rights
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    9        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A        Izumi Co. Ltd. *8273*                    J25725110                            02/28/07                  14,078
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 16, Final
                             JY 16, Special JY 0
                                The  payout  ratio  is  13  percent  (consolidated)  or 18
                                percent  (parent).  By law, funds  available for dividends
                                in Japan are based on parent  company  earnings  only. The
                                payout ratio is on the low side,  although slightly higher
                                than last  year's  levels,  thanks to an  increase  in the
                                dividend  from  the  previous  year's  JY  26.  We do  not
                                recommend  opposing this resolution,  but we will consider
                                recommending   votes  against  income  allocation  in  the
                                future if the dividend  fails to keep pace with  continued
                                growth in earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominees  1  and  2  are   incumbent   directors   seeking
                                reappointment,  while  nominees  3 and 4 are  new  to  the
                                board.  All  nominees  are  executives.        The   board
                                currently  includes four executives and one non-executive,
                                but two  executives  and the  non-executive  are  stepping
                                down.  Following  this meeting,  the board will consist of
                                these four executive directors only.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    3        Appoint External Audit Firm                   For          For                   Mgmt
                                Izumi  seeks to  appoint  KPMG Azsa & Co.,  one of Japan's
                                largest  audit  firms,  in place  of  Misuzu  Audit  Corp.
                                Misuzu submitted an unqualified audit report for 2006-07.
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The two bonus recipients are both executives.


05/03/07 - A        JINHUI SHIPPING AND TRANSPORTATION       G5137R108                            04/26/07                  50,352
                    LIMITED
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Dividends                             For                                Mgmt
                    3        Elect Directors and Fix Their Remuneration    For                                Mgmt
                    4        Ratify Messrs. Moores Rowland Mazars as       For                                Mgmt
                             Auditors
                    5        Authorize Share Repurchase Program            For                                Mgmt
                    6        Approve Issuance of Equity or Equity-Linked   For                                Mgmt
                             Securities without Preemptive Rights
                    7        Transact Other Business (Voting)              For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        JM AB                                    W4939T109                            04/20/07                  43,648
                    1        Open Meeting and Elect Chairman of Meeting    None         None                  Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    3        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    4        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    5        Approve Agenda of Meeting                     For          For                   Mgmt
                    6        Receive Reports of the Board and the          None         None                  Mgmt
                             President; Receive Financial Statements and
                             Statutory Reports
                    7        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    8        Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 4.50 per Share
                    9        Approve Record Date (May 2) for Dividend      For          For                   Mgmt
                    10       Approve Discharge of Board and President      For          For                   Mgmt
                    11       Determine Number of Members (8) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    12       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Amount of SEK 575,000for Chairman and SEK
                             250,000 for Other Directors; Approve Fees
                             for Committee Work
                    13       Approve Remuneration of Auditors              For          For                   Mgmt
                    14       Receive Information about Director            None         None                  Mgmt
                             Nominees' other Assignments
                    15       Reelect Elisabett Annell, Eva Britt           For          For                   Mgmt
                             Gustafsson, Bengt Larsson, Berthold
                             Lindqvist, Lars Lundquist, Johan Skoglund,
                             and Torbjoern Torell as Directors; Elect
                             Asa Soderstrom Jerring as New Director
                    16       Authorize Chairman of Board and               For          For                   Mgmt
                             Representatives of Four of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    17       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    18       Approve Redemption Program for Shareholders   For          For                   Mgmt
                    19       Approve Issuance of Convertible Bonds to      For          For                   Mgmt
                             Key Employees; Approve Creation of SEK
                             700,000 Pool of Capital to Guarantee
                             Conversion Rights
                    20       Approve Share Matching Plan; Approve          For          Against               Mgmt
                             Repurchase and Reissuance of 55,000 Shares
                             for Share Matching Plan
                                Conclusion        Although  the proposed matching plan has
                                positive  features  such  as the  requirement  to  make an
                                initial  investment in company shares, a vesting period of
                                three years,  and a small scale (maximum  55,000  shares),
                                we consider the heavy  discount of the  matching  share in
                                the  absence  of  performance  criteria  or a  performance
                                element  of the  plan to be below  our as well as  Swedish
                                market  standards for executive  plans.  We do not believe
                                that  the  plan   demonstrates   a  clear   link   between
                                performance  and  pay,  and  therefore  recommend  a  vote
                                against this plan.


06/23/07 - A        Joint Corporation *8874*                 J28384105                            03/31/07                  41,736
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 15
                                The payout  ratio for the full year is 9 percent  based on
                                consolidated    earnings,   or   17   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.                The  payout  ratio  for the full year
                                is on the low side by  Japanese  standards.  However,  the
                                company has posted  strong  growth in sales and profits in
                                recent  years.  Accordingly,  we  do  not  object  to  the
                                retention   of  cash  at  this  stage  of  the   company's
                                development.
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       2       and
                                3                Background  of non-executive  nominee(s):
                                Both nominees meet our criteria for independence.  Nominee
                                2 is the current  president of Taenaka  Management  Office
                                Ltd. Nominee 3 is a tax accountant in private practice.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 300 million per year
                                to JY  400  million  per  year.  After  the  meeting,  the
                                company will continue to have 9  directors.        Because
                                the new  ceiling  is not  excessive,  we have no reason to
                                oppose this resolution.


06/22/07 - A        Joshin Denki Co. Ltd. *8173*             J28499127                            03/31/07                  29,352
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 10
                                The payout ratio for the full year is 20 percent  based on
                                consolidated    earnings,   or   25   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  11 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination
                    4        Appoint Alternate Internal Statutory Auditor  For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for  independence.  He is an  accountant  in  private
                                practice,  but  previously  served  as a  partner  of  the
                                company's  current  exernal audit  firm.        Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                      Plan     Duration:     3
                                years                Trigger   Threshold:  20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:  1 year                  Board  Independence:  The
                                board will be  composed  entirely of  executive  directors
                                after   this    meeting.                Independence    of
                                Special  Committee:  The  committee  members  have not yet
                                been  announced.                  Other  Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More Before  Meeting:  No        The  reason that
                                shareholders   of  US   companies   reluctantly   tolerate
                                takeover   defenses   is   that   poison   pills   do  not
                                automatically  prevent hostile bids from succeeding in the
                                US, where boards are  dominated by  independent  directors
                                who face  meaningful  sanctions,  in the form of lawsuits,
                                if they take  steps  which  are  contrary  to  shareholder
                                value.  That is not the case in Japan, so to ensure that a
                                takeover  defense  leads to the continued  enhancement  of
                                shareholder  value and does not serve  merely to  entrench
                                management,   it  is  vitally  important  that  the  board
                                include a critical mass of  independent  directors who can
                                ensure that the board remains  responsive to the interests
                                of  ordinary   investors   even  after  a  defense  is  in
                                place.                Because   the  independence  of  the
                                special  committee is  questionable,  because the board is
                                composed  entirely of executives,  and because of the late
                                release  of  the  proxy   materials,   we  recommend  that
                                shareholders oppose this resolution.


04/17/07 - A        Julius Baer Holding AG (formerly Baer    H4407G172                            None                      10,299
                    Holdings)
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/17/07 - A        Julius Baer Holding AG (formerly Baer    H4407G172                            None                      10,299
                    Holdings)
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 1 per Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Elect Directors                               For                                Mgmt
                    5        Ratify KPMG AG as Auditors                    For                                Mgmt
                    6        Approve 2:1 Stock Split                       For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/06/06 - A        Jumbo SA                                 X0282Q121                            None                      12,927
                             Annual Meeting
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Ratify Auditors                               For                                Mgmt
                    5        Approve Board Remuneration for Fiscal         For                                Mgmt
                             Period Ended June 30, 2006
                    6        Pre-approve Board Remuneration for Fiscal     For                                Mgmt
                             Period Ending June 30, 2007
                    7        Authorize Issuance of Common Bond Loan of     For                                Mgmt
                             EUR 125 Mio, Grant Board Authority to
                             Define Terms
                    8        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/30/07 - S        Jumbo SA                                 X4114P111                            None                      12,927
                    1        Amend Maximum Authorization for Common Bond   For                                Mgmt
                             Loan from EUR 125 Million to EUR 145 Million
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - S        Jumbo SA                                 X4114P111                            None                      25,854
                    1        Authorize Issuance of Nonconvertible Bonds    For                                Mgmt
                    2        Amend Article 5 of Company Bylaws and         For                                Mgmt
                             Codification
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/22/06 - A        JUST GROUP LTD *JST*                     Q514B4101                            11/20/06                 140,550
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports for the Fiscal Year Ended July 29,
                             2006
                    2a       Elect Laura Anderson as Director              For          For                   Mgmt
                    2b       Elect Ian Pollard as Director                 For          For                   Mgmt
                    3        Approve Remuneration Report for the Fiscal    For          For                   Mgmt
                             Year Ended July 29, 2006
                    4        Approve Remuneration of Directors with an     For          For                   Mgmt
                             Increase of A$200,000 from A$700,000 to
                             A$900,000


06/28/07 - A        K's Holdings Corp. *8282*                J36615102                            03/31/07                  20,784
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 30
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                18 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    2.15     Elect Director --- For
                    2.16     Elect Director --- For
                    2.17     Elect Director --- For
                    2.18     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominees 2 and 3        Both  nominees
                                meet our criteria for independence.  Nominee 2 is a former
                                executive of  Matsushita  Electric  Industrial  Co.,  Ltd.
                                Nominee 3 is a former executive of Victor Co. of Japan.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors
                                One  of the  retiring  auditors  has  been  designated  as
                                independent.          As  we believe  the  payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    5        Approve Stock Option Plan for Directors and   For          For                   Mgmt
                             Statutory Auditors
                                Option  Plan  Summary        Eligibility:   Directors  and
                                statutory  auditors of  company        Exercise  Price:  5
                                percent  premium  to  market  price  prior to grant  date.
                                        Potential   Dilution:   0.14   percent  of  issued
                                capital from this plan;  2.21 percent when  combined  with
                                other option  grants.  ISS  guidelines  call for potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth company.          Exercise Period:
                                Begins  2 years  from  the  grant  date        Performance
                                Hurdles:  None  disclosed.          This  plan  meets  ISS
                                guidelines.  Accordingly, we have no reason to oppose this
                                resolution.
                    6        Approve Executive Stock Option Plan           For          For                   Mgmt
                                Option  Plan   Summary        Eligibility:   Employees  of
                                company, and directors,  statutory auditors, and employees
                                of affiliates        Exercise  Price: 5 percent premium to
                                market  price  prior  to  grant  date.           Potential
                                Dilution:  1.49 percent of issued  capital from this plan;
                                2.21 percent when combined with other option  grants.  ISS
                                guidelines  call for potential  dilution of no more than 5
                                percent  for a mature  company,  10  percent  for a growth
                                company.          Exercise Period: Begins 2 years from the
                                grant  date        Performance  Hurdles:  None  disclosed.
                                        This  plan meets ISS guidelines.  Accordingly,  we
                                have no reason to oppose this resolution.


05/09/07 - A        K+S AG                                   D37808108                            04/18/07                   3,556
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 2 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify Deloitte & Touche GmbH as Auditors     For                                Mgmt
                             for Fiscal 2007
                    6        Elect Ralf Bethke to the Supervisory Board    For                                Mgmt
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/23/06 - A        KAGARA ZINC LIMITED *KZL*                Q5170L108                            11/21/06                  67,111
                    1        Elect Ross Hutton as Director                 For          For                   Mgmt
                    2        Elect Mark Ashley as Director                 For          For                   Mgmt
                    3        Approve Remuneration Report for the Fiscal    For          Against               Mgmt
                             Year Ended June 30, 2006
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution   3        -   The  options   have  no  vesting
                                period.        -  The options  have no formal  performance
                                hurdles.        -   The  company  grants  options  to  its
                                non-executive   directors        -   There   has   been  a
                                significant  increase  in the  executive  chairman's  base
                                salary without rationale in the remuneration report.
                    4        Amend Employee Share Option Plan              For          For                   Mgmt
                    5        Approve the Grant of 500,000 Options at an    For          Against               Mgmt
                             Exercise Price of A$6.00 Each to Kim
                             Robinson
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  5  and  6        -  Options  have  no  formal
                                performance  hurdles.        -  Options  have  no  vesting
                                period.
                    6        Approve the Grant of 500,000 Options at an    For          Against               Mgmt
                             Exercise Price of A$6.00 Each to Joe Treacy
                    7        Approve the Grant of 500,000 Options at an    For          Against               Mgmt
                             Exercise Price of A$6.00 Each to Mark Ashley
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions 7 - 9        -  Local market  standards do not
                                support the issue of options to non-executive directors.
                    8        Approve the Grant of 500,000 Options at an    For          Against               Mgmt
                             Exercise Price of A$6.00 Each to Ross Hutton
                    9        Approve the Grant of 500,000 Options at an    For          Against               Mgmt
                             Exercise Price of A$6.00 Each to Shad Linley


06/28/07 - A        Kagoshima Bank Ltd. *8390*               J29094109                            03/31/07                  32,628
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 3.5
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  3        The nominee does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive  director of the Bank of  Tokyo-Mitsubishi  UFJ,
                                Ltd., one of the largest  shareholders in the company with
                                a  3.88  percent   stake.        Given  the  realities  of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that Deloitte Touche Tohmatsu & Co.
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed  Deloitte Touche Tohmatsu & Co. on a provisional
                                basis.   Here,  the  company  seeks  to  formally  appoint
                                Deloitte  Touche Tohmatsu & Co. We see no reason to oppose
                                this resolution.
                    5        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors
                                One  of the  retiring  auditors  has  been  designated  as
                                independent.        As  we  believe  the  payment  of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors


06/28/07 - A        Kaken Pharmaceutical Co. Ltd. *4521*     J29266103                            03/31/07                  33,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 8.5
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  1        The nominee does not
                                meet  our  criteria  for  independence.          He  is  a
                                former  executive  of one of the largest  shareholders  in
                                the company  with a 3.45 percent  stake.        Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                             and Statutory Auditors
                                The recipients are insiders.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    7        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                For  directors,  the  ceiling  is to be raised  from JY 22
                                million  per month (or JY 264  million per year) to JY 330
                                million  per  year.  After  the  meeting,  the  number  of
                                directors   decrease   from  9  to   8.                For
                                statutory  auditors,  the ceiling would be lowered from JY
                                6 million  per month (or JY 72 million  per year) to JY 70
                                million per year.  After the  meeting,  the  company  will
                                continue         to        have        4         statutory
                                auditors.                Because  the new  ceiling  is not
                                excessive, we have no reason to oppose this resolution.


06/13/07 - A        KARDAN NV                                N4784C102                            06/06/07                   4,773
                    1        Open Meeting                                  None                               Mgmt
                    2        Approval of the English Language as the       For                                Mgmt
                             Official Language and of the Euro as the
                             Currency of the Annual Accounts and the
                             Annual Report 2007
                    3        Receive Report of Management Board            None                               Mgmt
                    4        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    5        Receive Explanation on Company's Reserves     None                               Mgmt
                             and Dividend Policy
                    6        Approve Dividends of EUR 0.11 Per Share       For                                Mgmt
                    7        Approve Discharge of Management Board         For                                Mgmt
                    8        Approve Discharge of Supervisory Board        For                                Mgmt
                    9        Ratify Auditors                               For                                Mgmt
                    10       Elect Mr. W. van Damme to Management Board    For                                Mgmt
                    11       Reelect Mr. A. Shlank to Management Board     For                                Mgmt
                    12       Reelect Mr. J. Krant, Mr. A. Schnur, Mr. I.   For                                Mgmt
                             Fink and Mrs. K. Rechter to Supervisory
                             Board
                    13       Approve Remuneration Report Containing        For                                Mgmt
                             Remuneration Policy for Management Board
                             Members
                    14       Amend Articles                                For                                Mgmt
                    15       Renewal of the Directors' and Officers'       For                                Mgmt
                             Liability Insurance
                    16       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    17       Other Business (Non-Voting)                   None                               Mgmt
                    18       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/20/07 - A        Kaufman et Broad SA                      F5375H102                            04/17/07                   4,818
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.87 per Share
                    3        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 209,800
                    6        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    7        Ratify Appointment Jeffrey T. Mezger as       For                                Mgmt
                             Director
                    8        Reelect Guy Nafilyan as Director              For                                Mgmt
                    9        Reelect Jeffrey T. Mezger as Director         For                                Mgmt
                    10       Reelect Yves Galland as Director              For                                Mgmt
                    11       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/08/07 - A        KCI Konecranes Oyj (formerly KCI         X4342T109                            02/26/07                  39,657
                    Konecranes International Co
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.45 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Approve Remuneration of Directors             For                                Mgmt
                    1.7      Approve Remuneration of Auditors              For                                Mgmt
                    1.8      Fix Number of Directors at Eight              For                                Mgmt
                    1        Elect Directors                               For                                Mgmt
                    1.10     Appoint Ernst & Young Oy as Auditor;          For                                Mgmt
                             Appoint Deputy Auditors
                    2        Amend Articles to Comply with New Finnish     For                                Mgmt
                             Companies Act Re: Replace References to
                             Nominal Value of Shares and Minimum and
                             Maximum Share Capital with Statement That
                             Shares Belong to Book-Entry Securities
                             System; Other Amendments
                    3        Authorize Repurchase of up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    4        Authorize Reissuance of Repurchased Shares    For                                Mgmt
                    5        Approve Stock Option Plan; Approve Creation   For                                Mgmt
                             of Pool of Conditional Capital to Guarantee
                             Conversion Rights
                    6        Amend 1997, 1999, 2001, and 2003 Stock        For                                Mgmt
                             Option Plans Re: Record Subscription Prices
                             in Invested Non-restricted Equity Fund
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Keiyo Bank Ltd. *8544*                   J05754106                            03/31/07                  71,123
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 4
                    2        Elect Directors                               For          For                   Mgmt
                    3        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for   independence.           He   is  the   current
                                president of Netz Toyota  Tokyo  Co.,Ltd.,  the  company's
                                business  partner.                Given  the  realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors


06/21/07 - A        Keller Group plc                         G5222K109                            None                      26,062
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 11.4 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                   Mgmt
                                RREV  considers  a vote  in  favour  of  the  remuneration
                                report to be appropriate.
                    4        Re-elect Kevin Bond as Director               For          For                   Mgmt
                    5        Re-elect James Hind as Director               For          For                   Mgmt
                    6        Re-elect Wolfgang Sondermann as Director      For          For                   Mgmt
                    7        Re-elect Michael West as Director             For          For                   Mgmt
                    8        Reappoint KPMG Audit Plc as Auditors and      For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Approve Scrip Dividend Program                For          For                   Mgmt
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,193,240
                    11       Subject to the Passing of Resolution 10,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 329,315
                    12       Authorise 6,586,307 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase


04/03/07 - A        KEMIRA GROWHOW OYJ                       X4448F102                            03/23/07                  35,291
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditor's Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.15 Per Share
                    1.5      Approve April 17, 2007 as Date of Dividend    For                                Mgmt
                             Distribution
                    1.6      Approve Discharge of Board and President      For                                Mgmt
                    1.7      Approve Remuneration of Directors and         For                                Mgmt
                             Auditors
                    1.8      Fix Number of Directors at Seven              For                                Mgmt
                    1        Elect Directors                               For                                Mgmt
                    1.10     Appoint KPMG Oy Ab as Auditor; Appoint        For                                Mgmt
                             Pekka Pajamo as Deputy Auditor
                    2        Authorize Reissuance of Repurchased Shares    For                                Mgmt
                    3        Approve Creation of Pool of Capital without   For                                Mgmt
                             Preemptive Rights
                             Shareholder Proposals
                    4        Shareholder Proposal: Establish Nominating    None                               ShrHoldr
                             Committee
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/02/07 - A        Kendrion NV (Formerly Schuttersveld      N48485127                            None                      13,354
                    Holding NV)
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management Board            None                               Mgmt
                    3.a      Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    3.b      Approve Allocation of Income                  For                                Mgmt
                    4        Approve Discharge of Management Board         For                                Mgmt
                    5        Approve Discharge of Supervisory Board        For                                Mgmt
                    6        Elect R.L. de Bakker to Supervisory Board     For                                Mgmt
                    7        Approve Reverse Stock Split                   For                                Mgmt
                    8        Discussion on Company's Corporate             None                               Mgmt
                             Governance Structure
                    9        Grant Board Authority to Issue Shares Up To   For                                Mgmt
                             10 Percent of Issued Capital and
                             Restricting/Excluding Preemptive Rights
                    10       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    11       Other Business (Non-Voting)                   None                               Mgmt
                    12       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/27/07 - A        Kenedix Inc. (formerly Kennedy-Wilson    J3243N100                            12/31/06                      26
                    Japan) *4321*
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             3000, Special JY 0
                    2        Amend Articles to: Expand Business Lines      For          For                   Mgmt
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Special Payments to Continuing        For          Against               Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    6        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                    7        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Statutory Auditors
                    8        Appoint External Audit Firm                   For          For                   Mgmt


05/18/07 - A        Kerry Group plc                          G52416107                            None                      17,311
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Dividends                             For          For                   Mgmt
                    3ai      Elect Denis Buckley as Director               For          Against               Mgmt
                                Effective  boards  exercise   independent   judgment  when
                                carrying   out  their   fiduciary   responsibilities.   By
                                requiring  a  majority  of  independent   directors,   the
                                possibility  of  conflicts  of interest is reduced and the
                                quality of board oversight is increased.  For companies in
                                this  market,  we will  recommend  against the election or
                                reelection  of any  non-independent  directors  (excluding
                                the  CEO) if the  proposed  board  does not  consist  of a
                                majority  of  independent   directors.   At  Kerry  Group,
                                excluding  the  chairman,  only 11 percent of the board is
                                independent.  Therefore,  shareholders are advised to vote
                                against the election of Flor Healy,  Brian Mehigan,  Denis
                                Buckley,   Michael  Dowling,  Eugene  McSweeney,   Desmond
                                O'Connor,  James O'Connell,  Michael O'Connor,  and Gerard
                                O'Hanlon.
                    3aii     Elect Michael Dowling as Director             For          Against               Mgmt
                    3aiii    Elect Eugene McSweeney as Director            For          Against               Mgmt
                    3bi      Elect Brian Mehigan as Director               For          Against               Mgmt
                    3bii     Elect Flor Healy as Director                  For          Against               Mgmt
                    3biii    Elect Desmond O'Connor as Director            For          Against               Mgmt
                    3biv     Elect Michael J. Sullivan as Director         For          For                   Mgmt
                    3ci      Elect James O'Connell as Director             For          Against               Mgmt
                    3cii     Elect Michael O'Connor as Director            For          Against               Mgmt
                    3ciii    Elect Gerard O'Hanlon as Director             For          Against               Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                                This is a routine proposal.
                    5        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to the Authorized But Unissued A
                             Ordinary Share Capital
                    6        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Five Percent of the Issued A
                             Ordinary Share Capital
                    7        Authorize Share Repurchase of up to Five      For          For                   Mgmt
                             Percent of the Issued A Ordinary Share
                             Capital


12/08/06 - S        Kingboard Chemical Holdings Ltd          G52562140                            12/06/06                 176,000
                    1        Approve Connected Transactions and Annual     For          For                   Mgmt
                             Caps


05/18/07 - A        Kingboard Chemical Holdings Ltd          G52562140                            05/15/07                 154,500
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend and Special Dividend   For          For                   Mgmt
                    3a       Reelect Cheung Kwong Kwan as Executive        For          For                   Mgmt
                             Director and Authorize Board to Fix His
                             Remuneration
                    3b       Reelect Mok Cham Hung, Chadwick as            For          For                   Mgmt
                             Executive Director and Authorize Board to
                             Fix His Remuneration
                    3c       Reelect Ho Yin Sang as Executive Director     For          For                   Mgmt
                             and Authorize Board to Fix His Remuneration
                    3d       Reelect Cheung Wai Lin, Stephanie as          For          For                   Mgmt
                             Executive Director and Authorize Board to
                             Fix Her Remuneration
                    3e       Reelect Cheng Ming Fun, Paul as Independent   For          For                   Mgmt
                             Non-Executive Director and Authorize Board
                             to Fix His Remuneration
                    4        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    5c       Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


06/25/07 - S        Kingboard Chemical Holdings Ltd          G52562140                            None                     154,500
                    1        Approve KBL Share Option Scheme               For          Against               Mgmt
                                Given  the  unfavorable  terms of the  proposed  plan,  we
                                recommend that shareholders vote against this proposal.


05/24/07 - A        Kingspan Group plc                       G52654103                            None                      29,859
                             Ordinary Business
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Dividends                             For          For                   Mgmt
                    3a       Elect Noel Crowe as Director                  For          Against               Mgmt
                                At Kingspan Group Plc, excluding the chairman,  only 36.36
                                percent of the board is  independent.  In  addition,  Eoin
                                McCarthy is a non-independent  non-executive  director who
                                serves on the board's Remuneration  Committee.  Therefore,
                                shareholders  are advised to vote  against the election of
                                Noel Crowe and Eoin McCarthy.
                    3b       Elect Brian Joyce as Director                 For          For                   Mgmt
                    3c       Elect Tony McArdle as Director                For          For                   Mgmt
                    3d       Elect Eugene Murtagh as Director              For          For                   Mgmt
                    3e       Elect Eoin McCarthy as Director               For          Against               Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                             Special Business
                    5        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights
                    6        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    7        Amend Kingspan Group PLC 1998 Share Option    For          For                   Mgmt
                             Scheme
                    8        Amend Kingspan Group PLC 2001 Second Tier     For          For                   Mgmt
                             Share Option Scheme


06/20/07 - A        Kintetsu World Express, Inc. *9375*      J33384108                            03/31/07                  11,800
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 11
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,   or   26   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.                The  payout  ratio  for the full year
                                on a  consolidated  basis is on the low  side by  Japanese
                                standards.  However,  in  light  of  the  increase  in the
                                dividend  payment,  we do not oppose this  resolution.  We
                                will consider  voting against  future income  allocations,
                                if profits  grow and the  dividend  payment is not further
                                increased.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:        Nominees        1       and       14
                                                Background  of  non-executive  nominee(s):
                                        Nominee  1 is the current  chairman  of  company's
                                largest shareholder Kintetsu  Corporation,  and Nominee 14
                                is     the     current      president      of     Kintetsu
                                Corporation.        Board
                                Profile                Composition  of  board  after  this
                                meeting:  12 executives and 2  non-executives.  The number
                                of outsiders is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominee  3        Nominee 3 meets our
                                criteria  for  independence.  He  is a  professor  of  the
                                Graduate  School of Finance,  Accounting and Law at Waseda
                                University.        Nominees  1 and 2 are not designated by
                                the  company  as  independent,  and we have no  reason  to
                                oppose their nominations.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt


05/23/07 - A        KME GROUP SPA (Formerly SMI- Societa     T6291E129                            05/21/07                 137,350
                    Metallurgica Italiana)
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006
                    2        Fix Number of Directors on the Board; Elect   For                                Mgmt
                             Directors; Determine Directors' Remuneration
                    3        Revoke Mandate of External Auditors to        For                                Mgmt
                             Deloitte & Touche Spa and Elect KPMG Spa as
                             External Auditors for the Nine-Year Term
                             2007-2015; Fix Auditors' Remuneration
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/20/07 - S        KME GROUP SPA (Formerly SMI- Societa     T6291E129                            06/18/07                 137,350
                    Metallurgica Italiana)
                             Special Meeting Agenda
                             Ordinary Business
                    1        Amend the KME Group SpA Stock Option          For                                Mgmt
                             Schemes for Executive Directors and Top
                             Management
                             Special Business
                    1        Authorize Capital Increase up to EUR 2.75     For                                Mgmt
                             Million Through the Issuance of up to 8
                             Million Shares, without Preemptive Rights,
                             Pursuant the Stock Option Scheme; Reduce
                             Capital Increase Authorization Approved on
                             May 19, 2006; Amend Bylaws Accordingly
                    2        Approve 3:1 Share Consolidation; Consequent   For                                Mgmt
                             Amendment of Company's Bylaws
                    3        Amend Articles 10, 11, 14, 16, 17, 22, and    For                                Mgmt
                             24 to Comply with the New Italian Law
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/16/07 - A        Kolon Engineering & Construction Co.     Y4818P101                            12/31/06                  18,820
                    (formerly Kolon Construction)
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividends of KRW 600 Per Common Share
                                Proposed  dividend  is KRW 600 per  common  share (KRW 650
                                per preferred share),  which corresponds to a total payout
                                ratio of 21 percent,  slightly  increased  from 20 percent
                                the previous  year.  Although the payout ratio is low even
                                by  Korean  standards,  given  the  company's  net  income
                                decline  of 4 percent  year over  year,  we do not  oppose
                                this income allocation and dividend proposal.
                    2        Amend Articles of Incorporation to Contract   For          For                   Mgmt
                             Business Objectives
                                The amendment  would seek  shareholder  approval to expand
                                the   company's   business   objectives  by  removing  the
                                information system business,  the power  converter-related
                                business,   the  parking  equipment   business,   and  the
                                Internet  broadcasting  business.  We do not  oppose  this
                                resolution.
                    3        Elect Five Directors                          For          For                   Mgmt
                                This  item  asks  shareholders  to elect  three  executive
                                directors,  one  non-independent   non-executive  director
                                (NED) and one independent NED to the board.  The executive
                                director  nominees are Kwon Yong-dae,  a vice president of
                                the  company;  Lee  Joo-hong,  a  vice  president  of  the
                                company;  and Lee Yong-cheol,  a managing  director of the
                                company.  The  non-independent NED nominee is Kim Nam-soo,
                                a  vice  president  of  Kolon  Co.,  an  affiliate  of the
                                company.  The independent NED nominee is Jang  Myung-soon,
                                a  professor  at  Hanyang  University.  Kwon  and Jang are
                                incumbent  directors  while others are new directors.  All
                                of their  terms  will be three  years  on the  board  once
                                elected.  Kwon holds 3000 stock  options and 24250  common
                                shares of the  company  while the others  have not engaged
                                in any  disclosable  transaction  with the company  within
                                the last  three  years.  The number of  directors  remains
                                unchanged at eight, of whom two are independent NEDs.
                    4        Appoint Two Auditors                          For          For                   Mgmt
                                This  item  seeks   shareholder   approval  to  elect  two
                                auditors for the company.  The nominees are Lim Jae-hyung,
                                the  representative  director of  Misiryung  Dongseo  Road
                                Penetration Inc. and Hong Ji-man,  the head at HONG JI MAN
                                Law  Firm.  Lim  is  a  new  director  while  Hong  is  an
                                incumbent  director.  Both of  their  terms  will be three
                                years  as  auditors  once  elected.  Neither  nominee  has
                                engaged in any  disclosable  transaction  with the company
                                within the last three years.
                    5        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit  for  2007 is KRW 3.5  billion,  unchanged
                                from the previous  year.  Although the last year's  actual
                                payout was not  disclosed,  a total of KRW 48 million  was
                                paid  for  the  two   independent   NEDs.   The  level  of
                                directors'  fees is usually not  problematic  among Korean
                                companies. We see no reason to oppose this resolution.
                    6        Approve Limit on Remuneration of Auditors     For          For                   Mgmt
                                The ceiling for two auditors  for 2007  remains  unchanged
                                at KRW 300  million.  Last  year's  actual  payout was not
                                disclosed.
                    7        Approve Stock Option Grants                   For          For                   Mgmt
                                The  company is  seeking  shareholder  approval  on option
                                grants over a total of 15,000 shares to Won Hyun-soo,  the
                                representative  director  of  the  company.  Either  newly
                                issued or  repurchased  shares may be used.  The  exercise
                                period is within  three years after two years since issued
                                while  the  exercise   price  is  KRW   21,000.        The
                                exercise  price  shall  be  adjusted  in  the  event  of a
                                capital  increase,   stock  dividend,   capitalization  of
                                reserves,  stock  split,  or  reverse  split.        These
                                grants  would bring the total number of options to 133650,
                                representing  approximately  0.6  percent of issued  share
                                capital. This falls within ISS guidelines,  which allows a
                                maximum of 5-percent  dilution  from all stock options for
                                a mature company such as Kolon Engineering & Construction.


03/16/07 - A        Korea Line Corp.                         Y4925J105                            12/31/06                   2,130
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 750 Per Share
                                Proposed dividend is KRW 750 per share,  which corresponds
                                to a  payout  ratio of 7  percent,  slightly  down  from 8
                                percent the previous  year.  The payout ratio is extremely
                                low even by Korean  standard.  We call on the  company  to
                                improve its payout ratio in the future.  However, in light
                                of the company's strong financial  performance,  we do not
                                oppose this income  allocation  and  dividend  proposal at
                                this time.
                    2        Elect Directors                               For          For                   Mgmt
                                There  are  one   executive   director   nominee  and  one
                                independent  non-executive  director  (NED)  nominee.  The
                                executive director nominee is Lee Jin-bang,  the president
                                of  the  company.   The  independent  NED  nominee  is  Jo
                                Hyun-woo,  a former judge at Seoul Bar  Association.  Both
                                Lee and Jo are  incumbent  directors.  Both  nominees will
                                serve  on  the  board  for  the  next  three   years  upon
                                shareholder  approval.  Neither nominee has engaged in any
                                disclosable  transaction  with the company within the last
                                three years. The number of director  remains  unchanged at
                                six, of whom two are independent NEDs.
                    3        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit  for  2007 is KRW 1.5  billion,  unchanged
                                from  the  previous  year.  Although  last  year's  actual
                                payout was not  disclosed,  a total of KRW 48 million  was
                                paid for two independent non-executive directors.
                    4        Approve Limit on Remuneration of Auditor      For          For                   Mgmt
                                The ceiling for one auditor for 2007 remains  unchanged at
                                KRW  200  million.  Last  year's  actual  payout  was  not
                                disclosed.


02/28/07 - A        Korea Zinc Co Ltd                        Y4960Y108                            12/31/06                   3,720
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 1500 Per Share
                    2        Elect Directors                               For          For                   Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                    4        Approve Limit on Remuneration of Auditors     For          For                   Mgmt


01/18/07 - S        Kowloon Development Company Limited      Y49749107                            01/15/07                  61,390
                    1        Approve Increase in Authorized Capital from   For          For                   Mgmt
                             HK$100.0 Million to HK$500.0 Million by the
                             Creation of 4.0 Billion New Ordinary Shares
                             of HK$0.1 Each
                                This  item  seeks to  increase  the  company's  authorized
                                capital  from  HK$100.0  million  ($12.9  million)  to HK$
                                500.0  million  ($64.5  million)  by the  creation  of 4.0
                                billion  new  shares  of  HK$0.1   ($0.01)  each  (Capital
                                Increase).  The company's  authorized capital is currently
                                composed  of 1.0  billion  shares of HK$0.1  ($0.01)  each
                                with a nominal value of HK$100.0  million ($12.9 million).
                                Upon the Capital Increase becoming  effective and assuming
                                no further  shares  would be issued  prior to the EGM, the
                                authorized  share capital of the company would be HK$500.0
                                million  ($64.5  million)  divided into 5.0 billion shares
                                of HK$0.1  ($0.01) each, of which 767.1 million  shares of
                                HK$0.1  ($0.01)  would  be  issued  and  fully  paid.  The
                                directors  propose this increase to  facilitate  the issue
                                by the  company  of  rights  shares  on the  basis  of one
                                rights  share for every two shares  held in order to raise
                                proceeds for the  company's  investment in a joint venture
                                enterprise  in  connection   with  an   acquisition  of  a
                                composite property  development site. This is a reasonable
                                request.


04/18/07 - A        Kungsleden AB                            W53033101                            04/12/07                   5,100
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Bengt Kjell as Chairman of Meeting      For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive Board and Committee Reports           None         None                  Mgmt
                    8        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports; Receive President's Report
                    9a       Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    9b       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 11 Per Share; Set April 23, 2007 as
                             Record Date for Dividends
                    9c       Approve Discharge of Board and CEO            For          For                   Mgmt
                    10       Receive Report of Nominating Committee        None         None                  Mgmt
                    11       Determine Number of Auditors (1) and Deputy   For          For                   Mgmt
                             Auditors (1)
                    12       Determine Number of Members (8) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    13       Approve Remuneration of Directors in the      For          Against               Mgmt
                             Amount of SEK 400,000 for Chairman and SEK
                             200,000 for Shareholder-Elected Board
                             Members; Approve Remuneration for Committee
                             Work; Approve Remuneration of Auditors
                                Auditors'  fees  for  the  previous  fiscal  year  are not
                                disclosed   and  broken  down  into  at  least  audit  and
                                non-audit fees.          Disclosure of audit and non-audit
                                fees   is   a   prerequisite   for   evaluating    auditor
                                independence.  An  auditor's  ability to remain  objective
                                becomes  questionable  when fees paid to the  auditor  for
                                non-audit services such as management consulting,  general
                                bookkeeping,  and  special  situation  audits  exceed  the
                                standard annual audit fees.          Companies  in a large
                                number  of  countries  are  either   required  by  law  to
                                disclose audit fees or it is accepted  market  practice to
                                do so. However,  not all companies  disclose audit fees in
                                a timely  manner.  Companies  in the MSCI  EAFE  index are
                                some  of  the  largest,   with  high   international   and
                                institutional  ownership.  As such, those companies should
                                adhere to higher disclosure  standards and are expected to
                                provide the  minimum  disclosure  of  auditors'  fees.  We
                                therefore  target  companies  on this  index  which do not
                                provide  audit fees  broken  down into at least  audit and
                                non-audit  fees.        Our policy requires that fees must
                                be disclosed in a publicly  available source,  such as the
                                annual  report or the company's  Web  site.        In  the
                                absence  of  disclosure  of at least  audit and  non-audit
                                fees, we recommend that investors vote against this item.
                    14       Reelect Bengt Kjell (Chairman), Jens          For          For                   Mgmt
                             Engwall, Mats Israelsson, Jan Nygren, Anne
                             Jiffer, Jonas Nyren, and Per-Anders Ovin as
                             Directors; Elect Thomas Erseus as New
                             Director
                    15       Ratify Bjorn Flink as Auditor and George      For          For                   Mgmt
                             Pattersson as Deputy Auditor (Both from
                             KPMG Bohlins AB)
                    16       Approve New Instructions for Nominating       For          For                   Mgmt
                             Committee
                    17       Elect KG Lindvall, Gunnar Balsvik, and        For          For                   Mgmt
                             Charlotta Wikstrom as Members of Nominating
                             Committee
                    18       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    19       Approve Stock Option Plan for Key             For          For                   Mgmt
                             Employees; Approve Repurchase of 400,000
                             Shares and Reissuance of Shares for Stock
                             Option Program
                    20       Authorization to Raise Loans Where Payable    For          Against               Mgmt
                             Interest or the Amounts with Which the Loan
                             Shall be Repaid Are Conditional Upon the
                             Company's Results or Financial Position
                                We strongly  believe that publicly listed companies should
                                disclose  financial  information  as  well as  details  on
                                proposals  well in advance of the  meeting.  Without  such
                                disclosure,  shareholders  cannot make informed  decisions
                                on whether  agenda  items are routine or  non-routine  and
                                therefore  whether they should incur  expenses in order to
                                attend the  meeting or  arrange to be  represented  at the
                                meeting.        We  recommend  that  shareholders  contact
                                the company's investor relations  department  directly and
                                express their desire to receive  details of proposals well
                                in  advance  of  the   meeting.   Because  of  a  lack  of
                                information,  shareholders  are  advised  to vote  against
                                this item.
                    21       Close Meeting                                 None         None                  Mgmt


06/28/07 - A        Kuroda Electric Co. (Kuroda Denki)       J37254109                            03/31/07                   9,900
                    *7517*
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Candidates  1  to  6  are   insiders  and  are   incumbent
                                directors seeking reappointment.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                                Candidates  7  to  9  have  been   classified  as  outside
                                directors.    All   nominees   meet   ISS   criteria   for
                                independence.   Candidate  7  is  an   attorney   and  law
                                professor.  He  has  not  previously  held a  position  at
                                Kuroda.  Candidate 8 is an  attorney in private  practice.
                                Candidate 9 is former executive of NEC Corp.
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For


06/21/07 - A        KYORIN CO LTD *4569*                     J37996113                            03/31/07                  23,000
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                All nominees are incumbent executive directors.  Two other
                                executives  are  stepping  down,  so the  board  size will
                                decrease from 11 to 9.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    2        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee,  a former  executive of construction  company
                                Taisei Corp., meets our criteria for independence.
                    3        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor
                                The  retiring  auditor is an  outsider.  As we believe the
                                payment  of  such  bonuses  to   non-executives,   at  the
                                discretion  of the  insiders,  is a  highly  inappropriate
                                practice anywhere,  we see no alternative but to recommend
                                opposing this item.


04/26/07 - A        LABROY MARINE LTD                        Y5109N143                            None                     461,919
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.02 Per Share  For          For                   Mgmt
                    3        Reelect Sitoh Yih Pin as Director             For          For                   Mgmt
                    4        Reelect Peter Chen Siow Hsing as Director     For          For                   Mgmt
                    5        Approve Directors' Fees                       For          Against               Mgmt
                                As the absence of  information  on this proposal  makes it
                                difficult  to  ascertain  whether  approval  of this  item
                                would have any  negative  impact on  shareholders,  a vote
                                opposing this resolution is recommended.
                    6        Reappoint Ernst & Young as Auditors and       For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Other Business (Voting)                       For          Against               Mgmt
                                While such request is usually  routine,  the potential for
                                discussion and subsequent  approval of items that could be
                                dangerous  to  minority  shareholders  is  a  possibility.
                                Until  more  detailed   information   is  made   available
                                concerning  this item, a vote  opposing  such request must
                                be recommended.
                    8        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    9        Approve Issuance of Shares and Grant          For          Against               Mgmt
                             Options Pursuant to the Labroy Share Option
                             Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15 percent.


05/24/07 - A        LAND CO. LTD. *8918*                     J3863B105                            02/28/07                      52
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             2000, Special JY 1000
                                The  payout  ratio is 26  percent  based  on  consolidated
                                earnings, or 27 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Amend Articles to Recognize Validity of       For          For                   Mgmt
                             Board Resolutions in Writing or by
                             Electronic Means
                                This   amendment   would   allow  the  board  to  meet  by
                                teleconference,   video   conference  or  similar   means,
                                without having to physically  assemble in one place.  Most
                                companies have sought approval for similar amendments,  as
                                part  of  the   package   of  changes   accompanying   the
                                promulgation  of the new Corporate Law.  Because this item
                                is routine, we see no reason to oppose this resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:   Nominee  5  and  6        Affiliation  of
                                non-executive  nominee(s):        Nominee  5 is  a  former
                                executive   director  of  Daikyo  Inc.  Nominee  6  is  an
                                attorney.        Board    Profile        Composition    of
                                board   after   this   meeting:   4   executives   and   2
                                non-executives.        The    number   of   outsiders   is
                                increasing from 0 to 2.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  executive of Sumitomo  Life
                                Insurance Company.
                    5.1      Appoint External Audit Firm                   For          For                   Mgmt
                                Land Co. seeks  approval for the  reappointment  of Misuzu
                                Audit Corp. in Item 5.1, and for the  appointment  of Shin
                                Nihon  &  Co.  in  Item  5.2.   Misuzu,   then   known  as
                                ChuoAoyama,  was  ordered  to suspend  operations  for two
                                months in 2006 after its  auditors  were  implicated  in a
                                case  of   accounting   fraud  at  Kanebo  Ltd.  Land  Co.
                                reappointed  Misuzu  on  a  provisional  basis  after  the
                                suspension  ended,  and Misuzu  submitted  an  unqualified
                                audit report for 2006-07.  However,  in recognition of the
                                damage to its reputation  and bottom line,  Misuzu decided
                                earlier  this  year to  voluntarily  disband  in July  and
                                transfer  its  remaining  auditors and clients to a number
                                of other audit  firms.  ISS has opposed the  reappointment
                                of  Misuzu,  even  during a  relatively  brief  transition
                                period,  where a successor  firm has not been  identified.
                                However,  in this case it is clear  that Shin  Nihon  will
                                take over from Misuzu effective August 1. Accordingly,  we
                                do not oppose the appointment of either firm.
                    5.2      Appoint External Audit Firm                   For          For                   Mgmt
                                See Item 5.1.


05/31/07 - A        Lanxess AG                               D5032B102                            05/10/07                  20,698
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.25 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                    6        Amend Existing Pool of Capital without        For                                Mgmt
                             Preemptive Rights
                    7        Approve Creation of EUR 5.8 Million Pool of   For                                Mgmt
                             Capital without Preemptive Rights
                    8        Approve Issuance of Convertible Bonds         For                                Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 500 Million; Approve Creation
                             of EUR 21.2 Million Pool of Capital to
                             Guarantee Conversion Rights
                    9        Approve Issuance of Convertible Bonds         For                                Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 500 Million; Approve Creation
                             of EUR 21.2 Million Pool of Capital to
                             Guarantee Conversion Rights
                    10       Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    11       Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/27/06 - A        Lasertec Corp. *6920*                    J38702106                            06/30/06                  11,056
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             40, Special JY 0
                    2        Amend Articles to: Expand Business Lines -    For          For                   Mgmt
                             Reduce Directors Term in Office - Authorize
                             Public Announcements in Electronic Format -
                             Limit Rights of Odd-lot Holders - Limit
                             Liability of Directors and Statutory
                             Auditors
                    3        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    4        Approve Deep Discount Stock Option Plan for   For          For                   Mgmt
                             Directors


11/09/06 - A        Leighton Holdings Ltd. *LEI*             Q55190104                            11/07/06                  64,946
                    1        Receive Financial Statements and Statutory    For          For                   Mgmt
                             Reports For the Year Ended June 30, 2006
                    2        Adopt Remuneration Report For the Year        For          For                   Mgmt
                             Ended June 30, 2006
                    3        Elect Directors                               For          For                   Mgmt
                    4        Approve Senior Executive Option Plan          For          For                   Mgmt
                    5        Approve Management Share Plan                 For          For                   Mgmt
                    6        Approve Grant of Up to 600,000 Options to     For          For                   Mgmt
                             W.M. King, Under the Senior Executive
                             Option Plan
                    7        Approve Grant of Up to 400,000 Options to     For          For                   Mgmt
                             D.S. Adamsas, Under the Senior Executive
                             Option Plan


03/16/07 - A        Lemminkaeinen Corporation                X4894Y100                            03/06/07                     936
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.50 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Approve Remuneration of Directors             For                                Mgmt
                    1.7      Fix Number of Directors at Five               For                                Mgmt
                    1.8      Approve Remuneration of Auditors              For                                Mgmt
                    1        Elect Directors                               For                                Mgmt
                    1.10     Reelect PricewaterhouseCoopers Oy as Auditor  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/22/06 - S        LG Dacom Corporation (frmly Dacom        Y1855Q109                            08/28/06                  14,270
                    Corp.)
                    1        Amend Articles of Incorporation to Change     For          For                   Mgmt
                             Company's Name
                                The company seeks shareholder  approval to change its name
                                from DACOM  CORPORATION to LG DACOM  CORPORATION.  We have
                                no reason to oppose this resolution.
                    2        Elect Directors                               For          For                   Mgmt
                                There  are  one  non-independent   non-executive  director
                                nominee   and  one   executive   director   nominee.   The
                                non-independent  non-executive  director  nominee  is  Nam
                                Young-Woo,  a vice  president of LG Corp. and a former CFO
                                of Dacom  Corp.  The  executive  director  nominee is Sung
                                Ki-Sup,  a  senior  executive  director  of  the  company.
                                Neither   nominee   has   engaged   in   any   disclosable
                                transaction with the company within the last three years.


03/09/07 - A        LG Dacom Corporation (frmly Dacom        Y5252V108                            12/31/06                  14,270
                    Corp.)
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 600 Per Share
                    2        Elect Independent Non-Executive Director      For          For                   Mgmt
                    3        Elect Member of Audit Committee               For          For                   Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors


03/16/07 - A        LG Household & Health Care Ltd.          Y5275R100                            12/31/06                   3,838
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividends of KRW 1050 Per Common Share
                    2        Elect Directors                               For          For                   Mgmt
                    3        Elect Members of Audit Committee              For          For                   Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors


04/26/07 - A        Lindt & Spruengli AG                     H49983176                            None                          16
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Lindt & Spruengli AG                     H49983176                            None                          18
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 275 per Share and CHF 27.50 per
                             Participation Certificate
                    4        Elect Directors                               For                                Mgmt
                    4.2      Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/18/07 - A        Lookers plc                              G56420170                            None                      26,650
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 2.2 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    4        Elect Phil White as Director                  For          For                   Mgmt
                    5        Re-elect Ken Surgenor as Director             For          For                   Mgmt
                    6        Re-elect David Dyson as Director              For          For                   Mgmt
                    7        Re-elect Brian Schumacker as Director         For          For                   Mgmt
                    8        Appoint Deloitte & Touche LLP as Auditors     For          For                   Mgmt
                             of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,003,255
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 450,487
                    12       Authorise 18,019,503 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


06/18/07 - A/S      Lundin Mining Corporation *LUN*          550372106                            04/20/07                   7,861
                    1        Elect Directors                               For          Split                 Mgmt
                    1.1      Elect Director Lukas H. Lundin --- Against
                                ISS recommends  withholding votes from Lukas H. Lundin for
                                standing  as an insider on the  Corporate  Governance  and
                                Nominating Committee.
                    1.2      Elect Director Colin K. Benner --- For
                    1.3      Elect Director Karl-Axel Waplan --- For
                    1.4      Elect Director Donald Charter --- For
                    1.5      Elect Director John H. Craig --- For
                    1.6      Elect Director Brian D. Edgar --- For
                    1.7      Elect Director David F. Mullen --- For
                    1.8      Elect Director Anthony O'Reilly --- For
                    1.9      Elect Director Dale C. Peniuk --- For
                    1.10     Elect Director William A. Rand --- For
                    2        Approve PricewaterhouseCoopers LLP as         For          For                   Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors
                    3        Approve Issuance of Shares in Connection      For          For                   Mgmt
                             with Acquisition
                                Conclusion  Based  on  our  review  of  the  terms  of the
                                transaction  and the factors  described  above, we believe
                                that  the  business   combination   Arrangement   warrants
                                shareholder support.
                    4        Other Business                                For          Against               Mgmt
                                As we can not know the  content of the issues to be raised
                                under this item, we do not recommend  shareholders approve
                                this request.


04/24/07 - A        Macintosh Retail Group NV (Formerly      N54137166                            None                       4,353
                    Macintosh NV)
                    1        Open Meeting                                  None                               Mgmt
                    2.a      Receive Report of Management Board            None                               Mgmt
                    2.b      Receive Report of Supervisory Board           None                               Mgmt
                    3.a      Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    3.b      Approve Allocation of Income and Dividends    For                                Mgmt
                    3.c      Approve Discharge of Management Board         For                                Mgmt
                    3.d      Approve Discharge of Supervisory Board        For                                Mgmt
                    4.a      Receive Information on Vacancies              None                               Mgmt
                    4.b      Receive Information on Profile                None                               Mgmt
                    4.c      Possibility to Do Recommendations             None                               Mgmt
                    4.d      Receive Further Information by Supervisory    None                               Mgmt
                             Board
                    4.e      Elect W. Dekker to Supervisory Board          For                                Mgmt
                    5        Receive Notification on the Nomination of     None                               Mgmt
                             Mr. Strijbos and Mr. Coorens to the
                             Management Board
                    6.a      Grant Board Authority to Issue Shares         For                                Mgmt
                    6.b      Authorize Board to Exclude Preemptive         For                                Mgmt
                             Rights from Issuance Under Item 6.a
                    7        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    8        Other Business (Non-Voting)                   None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


11/10/06 - A        Macmahon Holdings Ltd.                   Q56970132                            11/08/06                  55,158
                    1        Approve Remuneration Report for the Fiscal    For          For                   Mgmt
                             Year Ended June 30, 2006
                    2        Elect Barry Raymond Ford as Director          For          For                   Mgmt
                    3        Approve Increase in Remuneration for          For          For                   Mgmt
                             Non-Executive Directors from A$400,000 to
                             A$800,000 Per Year


06/28/07 - A        Maeda Road Construction Co. Ltd.         J39401104                            03/31/07                  19,470
                    *1883*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 14
                    2        Amend Articles to: Expand Business Lines -    For          Against               Mgmt
                             Decrease Maximum Board Size
                                The company is decreasing  the maximum number of directors
                                on  the  board  from  22 to 12,  in  connection  with  the
                                introduction of an executive  officer  system.  After this
                                meeting,  there  will be no  vacant  seats on the board to
                                which    dissident     nominees    could    be    elected.
                                        Because  the company  will have no vacant seats on
                                the  board  following  this  meeting,  we  recommend  that
                                shareholders oppose this resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominees 3 to  5        All  nominees
                                meet our criteria for  independence.          Nominee 3 is
                                an  attorney.  Nominee  4 is a CPA.  And,  nominee  5 is a
                                professor of Tokyo University of Agriculture.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.4      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.5      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.


05/10/07 - A        MAN AG                                   D51716104                            04/19/07                  14,732
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.50 and Bonus Dividend of EUR 0.50
                             per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Elect Supervisory Board Member                For                                Mgmt
                    6        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Amend 2005 AGM Authorization to Issue         For                                Mgmt
                             Convertible Bonds and/or Bonds with
                             Warrants Attached up to an Aggregate
                             Nominal Amount of EUR 1.5 Billion with
                             Preemptive Rights and to Create an EUR 76.8
                             Million Pool of Capital to Guarantee
                             Conversion Rights
                    8        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    9        Approve Affiliation Agreements with           For                                Mgmt
                             Subsidiary MAN Versicherungsvermittlung GmbH
                    10       Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/09/07 - A        Mandarin Oriental International Ltd.     G57848106                            None                      45,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Reelect Jonathan Gould as Director            For          Against               Mgmt
                                We recommend  shareholders  vote  against  non-independent
                                non-executive   directors  Jonathan  Gould,   Julian  Hui,
                                Charles  Powell,  Rodney  Leach,  and Mark  Greenberg  for
                                failure  to  establish  an   independent   nominating  and
                                compensation committees.
                    3        Reelect Mark Greenberg as Director            For          Against               Mgmt
                    4        Reelect Julian Hui as Director                For          Against               Mgmt
                    5        Reelect Leach of Fairford as Director         For          Against               Mgmt
                    6        Reelect Powell of Bayswater as Director       For          Against               Mgmt
                    7        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                    8        Authorize Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of USD 16.5
                             Million and without Pre-emptive Rights up
                             to Aggregate Nominal Amount of USD 2.4
                             Million
                    9        Authorize Share Repurchase Program            For          For                   Mgmt


05/02/07 - A        MAPELEY LTD                              G58216105                            None                       8,767
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports (Voting)
                    2        Approve Remuneration Report                   For          Against               Mgmt
                                The  presence  of  a   non-independent   director  on  the
                                Remuneration   Committee   leaves  us  no  choice  but  to
                                recommend a vote against this proposal.
                    3        Reelect Michael Fascitelli as a Director      For          For                   Mgmt
                    4        Reelect John Harris as a Director             For          For                   Mgmt
                    5        Approve Ernst & Young as Auditors and         For          For                   Mgmt
                             Authorize Audit Committee to Fix Their
                             Remuneration


07/14/06 - S        Marine Harvest ASA (Formerly Pan Fish    R69595107                            None                     631,905
                    ASA)
                    1        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    2        Elect Chairman of Meeting; Designate          For          For                   Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Change Range of Size of Board (3-8 Members)   For          For                   Mgmt
                    4        Amend Articles Re: Establish Written          For          For                   Mgmt
                             Instructions for Nominating Committee
                    5        Approve Creation of NOK 650.2 Million Pool    For          Against               Mgmt
                             of Capital without Preemptive Rights
                                Due to  potential  excessive  dilution of 25  percent,  we
                                recommend a vote against this proposal.
                    6        Elect Directors                               For          Against               Mgmt
                                ISS  strongly  believes  that  publicly  listed  companies
                                should  disclose  details  on  proposals  at least 30 days
                                prior  to  the  meeting.  When  this  information  is  not
                                available  well in advance of the meeting,  investors  are
                                not left with  sufficient  time to evaluate the candidates
                                and, in the case of  shareholders  who will not be present
                                at the meeting  themselves,  to submit voting instructions
                                via a  custodian  bank.  Most  large  Norwegian  companies
                                disclose  at least the names of any  nominees to the board
                                in the meeting  notice.  Because the names of the nominees
                                were not  available at the time this analysis was written,
                                which  does not  allow  shareholders  to make an  informed
                                decision,  shareholders  are advised to vote  against this
                                item.


04/20/07 - A        MARR S.P.A.                              T6456M106                            04/18/07                  25,534
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006
                    2        Elect External Auditors for the Nine-Year     For                                Mgmt
                             Term 2007-2015
                    3        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Marubun Co *7537*                        J39818109                            03/31/07                   7,400
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 18
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor: All  nominees        Nominee 3 does not
                                meet  our  criteria  for  independence.  He  is  a  former
                                executive  director of the company's  main bank.  However,
                                nominee  1 and  2  meet  our  criteria  for  independence.
                                Nominee 1 is a former  executive of Norinchukin  Bank, and
                                nominee 2 is the current  president of Yamasa Shoyu.  Co.,
                                Ltd.          Given the realities of Japanese business and
                                the  strong  loyalties  to  companies  held by those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominees 3 for independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 4.1.
                    5        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor
                                The   retiring    auditor   has   been    designated    as
                                independent.        As  we  believe  the  payment  of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.


06/28/07 - A        Matsuda Sangyo Co., Ltd. *7456*          J4083J100                            03/31/07                   1,211
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 12
                                The payout ratio for the full year is 10.7  percent  based
                                on  consolidated   earnings,  or  11.8  percent  based  on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Director                                For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  All  nominees        Nominees  1 and 3
                                do not  meet  our  criteria  for  independence.  They  are
                                former  partners  of the  company's  external  audit firm.
                                However,   nominee   2  and  4  meet  our   criteria   for
                                independence.  Nominee 2 is a former executive director of
                                Sharp  Corporation,  and  nominee  4  is  a  former  local
                                government   official.Given   the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,   nominees  1  and  3  for  independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 3.1.
                    3.4      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination
                    5        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  reappointed Misuzu
                                on  a  provisional  basis.  Here,  the  company  seeks  to
                                appoint  Shin-Nihon & Co.,  because in  recognition of the
                                severe  damage  to its  reputation  and its  bottom  line,
                                Misuzu decided in February to cease audit  operations this
                                summer. We see no reason to oppose this resolution
                    6        Approve Retirement Bonuses for Director and   For          Against               Mgmt
                             Statutory Auditor
                                The retiring  auditor has been  designated as independent.
                                        As  we  believe  the  payment  of such  bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the item.
                    7        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors


01/10/07 - S        Meda AB                                  W5612K109                            01/04/07                  18,611
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Approve Agenda of Meeting                     For          For                   Mgmt
                    4        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Approve Creation of SEK 23.9 Million Pool     For          For                   Mgmt
                             of Capital with Preemptive Rights
                                Under  this item the board asks for  shareholder  approval
                                to create a SEK  23,884,300  ($3,008,098)  pool of capital
                                through  the  issuance  of up to  11,942,150  new  class A
                                shares -  including  the  exercise of  company's  warrants
                                from  already  outstanding  warrant  programs.  Each  nine
                                existing   shares   currently   held   entitles   to   one
                                subscription  right.  The  shares  may be  purchased  to a
                                price  of SEK 160  ($20.15)  per  share.  The  Meda  share
                                currently trades at SEK 239 ($30.10).  The pool of capital
                                is to be used in the  acquisition  of 3M's  pharmaceutical
                                division in Europe as well as for general  purposes and is
                                conditional   upon  the   closure  of  that   acquisition.
                                        Our   guidelines   allow   for   general   capital
                                increases  with  preemptive  rights  to a  maximum  of 100
                                percent of the existing  outstanding  share capital;  this
                                sum  is  generally   more  than  adequate  for  unforeseen
                                contingencies.   Issuance   authorities  larger  than  100
                                percent   could   lead  to   excessive   cash   calls   on
                                shareholders,  requiring  them to  provide  the  funds  to
                                maintain  their relative  positions or accept  substantial
                                dilution.  As the  authorization  would increase the share
                                capital  by up to 11.4  percent,  we  recommend  a vote in
                                favor of this proposal.
                    8        Authorization to Raise Loans Up to SEK 11.3   For          Against               Mgmt
                             Billion Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                                Under  this  item,  the board  proposes  that the  meeting
                                authorize  the  board  to  raise  certain  loans  that are
                                subject to the  provisions in Chapter 11 Section 11 of the
                                Swedish   Companies   Act   (2005:551).   The   terms  and
                                conditions of such loans,  which would not be  convertible
                                into  shares,   shall  be  based  on  market  terms.   The
                                rationale for the  authorization is that the company shall
                                be able to raise  such  loans on  terms  favorable  to the
                                company,  e.g., by making the interest  dependent upon the
                                performance   or   financial   position  of  the  company.
                                According to the  provisions of the new Companies Act that
                                entered  into force on Jan.  1, 2006,  a decision to raise
                                such loans must now be resolved by the general  meeting or
                                by  the  board,   if  the  board  of  directors  has  been
                                authorized  by the  general  meeting.  This  is a  routine
                                financing  request.          The  maximum nominal value of
                                the loans  that could be raised  under this  authorization
                                amounts to SEK 11.3 billion  ($1.42  billion).  As of Dec.
                                2005,   the   company  had  a   debt-to-equity   ratio  of
                                approximately 133 percent.  Full use of this authorization
                                could  potentially  increase this ratio to 433.1  percent.
                                On the same date, Meda's total debt-to-total  assets ratio
                                was  67.3  percent;  the  ratio  could  increase  to 165.6
                                percent under the  authorization.          Although  it is
                                possible  that the company  does not expect to utilize the
                                total  amount  of the  issuance  power it  requests,  this
                                amount  of  leverage  appears   excessively  high  in  the
                                absence of further  information  regarding  the use of the
                                funds.  Meda is a  high-growth  specialty  pharmaceuticals
                                company  that may need large  amounts of cash to  reinvest
                                in the  business , but we are  concerned  that the size of
                                the  request  could put too much  power  into the hands of
                                management and reduce shareholder  control of the company.
                                We recommend  that  shareholders  oppose this item and ask
                                the company to request a new reduced debt authority.
                    9        Close Meeting                                 None         None                  Mgmt


05/03/07 - A        Meda AB                                  W5612K109                            04/26/07                  17,711
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    8        Receive President's Report                    None         None                  Mgmt
                    9        Allow Questions                               None         None                  Mgmt
                    10a      Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    10b      Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 1.00 per Share
                    10c      Approve Discharge of Board and President      For          For                   Mgmt
                    11       Determine Number of Members (6) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    12       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Aggregate Amount of SEK 1.4 Million;
                             Approve Remuneration of Auditors
                    13       Reelect Anders Loenner, Anders                For          For                   Mgmt
                             Waldenstroem, Bert-Aake Eriksson, Marianne
                             Hamilton, Peter Sjoestrand, and Tuve
                             Johannesson as Directors
                    14       Elect Peter Sjoestrand as Chairman of Board   For          For                   Mgmt
                    15       Authorize Chairman of Board and               For          For                   Mgmt
                             Representatives of Four of Company's
                             Largest Shareholders to Serve on Nominating
                             Committee
                    16       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    17       Approve 2:1 Stock Split; Ammend Articles to   For          For                   Mgmt
                             Reflect Change in Capital
                    18       Approve Issuance of 23.2 Million Shares       For          For                   Mgmt
                             without Preemptive Rights
                    19       Authorization to Raise Customary Credit       For          Against               Mgmt
                             Facilities Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                                We strongly  believe that publicly listed companies should
                                disclose  financial  information  as  well as  details  on
                                proposals  well in advance of the  meeting.  Without  such
                                disclosure,  shareholders  cannot make informed  decisions
                                on whether  agenda  items are routine or  non-routine  and
                                therefore  whether they should incur  expenses in order to
                                attend the  meeting or  arrange to be  represented  at the
                                meeting.        We  recommend  that  shareholders  contact
                                the company's investor relations  department  directly and
                                express their desire to receive  details of proposals well
                                in  advance  of  the   meeting.   Because  of  a  lack  of
                                information,  shareholders  are  advised  to vote  against
                                this item.
                    20       Other Business (Non-Voting)                   None         None                  Mgmt
                    21       Close Meeting                                 None         None                  Mgmt


11/30/06 - S        MegaStudy Co.                            Y59327109                            None                       3,662
                    1        Amend Articles of Incorporation to Increase   For          For                   Mgmt
                             Limits of Convertible Bond and Warrant
                             Issuances and to Increase Board
                             Responsibilities
                                The first  amendment  would  increase  the  limits of both
                                convertible  bond  and  warrant   issuances  from  KRW  40
                                billion to KRW 100  billion.  The second  amendment  would
                                increase the  responsibilities of the board, to be in line
                                with  market  practices  in  Korea.  We have no  reason to
                                oppose this resolution.
                    2        Elect Directors                               For          For                   Mgmt
                                There  are  one  non-independent   non-executive  director
                                nominee  and  two   independent   non-executive   director
                                nominees.   The  non-independent   non-executive  director
                                nominee is Kim  Sung-Oh,  the  representative  director of
                                MBest  Education  Corp. and a former vice president of the
                                company.  Kim has  engaged  in a real  estate  transaction
                                with the company within the last three years.  Kim is also
                                a  brother-in-law  of  the  largest   shareholder  of  the
                                company. The independent  non-executive  director nominees
                                are  Kim   Suk-Hyun,   the   representative   director  of
                                Cornerstone   Equity  Partners  Co.  and  Lee  Han-Il,   a
                                managing  director of Cornerstone  Equity Partners Co. Kim
                                S.   and  Lee  have  not   engaged   in  any   disclosable
                                transaction with the company within the last three years.


03/22/07 - A        MegaStudy Co.                            Y59327109                            12/31/06                   3,662
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 900 Per Share
                    2        Amend Articles of Incorporation to Expand     For          For                   Mgmt
                             Business Objectives
                    3        Elect Executive Director                      For          For                   Mgmt
                    4        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                    5        Approve Limit on Remuneration of Auditor      For          Against               Mgmt


06/28/07 - A        Meiji Dairies Corp. *2261*               J41723115                            03/31/07                  80,030
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 7
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   35   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                27  million  to  24  directors  and  JY  3  million  to  4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    3        Amend Articles to: Increase Number of         For          For                   Mgmt
                             Statutory Auditors - Authorize Public
                             Announcements in Electronic Format
                                In this  item,  the  company  first  seeks to make  public
                                announcements in electronic  format.  Second,  the company
                                seeks  to  increase   the   maximum   number  of  internal
                                statutory  auditors  the  company  can  appoint  from 5 to
                                6.        The proposed changes meet our guidelines.
                    4        Elect Directors                               For          For                   Mgmt
                    4.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  25 executives  and 0  non-executives.  The board
                                currently  includes 24 insiders and no outside  directors.
                                        Where  companies  implement poison pills without a
                                shareholder vote, we consider  recommending  votes against
                                the reelection of the company's representative  directors.
                                Such  decisions  are based on the  terms of the pill,  the
                                company's overall  governance  profile,  and the company's
                                performance  under the incumbent  management team. In this
                                case,  Meiji  Dairies is giving  shareholders  an indirect
                                vote  on its  poison  pill,  in the  form  of a vote on an
                                increase in authorized  capital intended to facilitate the
                                issuance of warrants under the pill.  Although the absence
                                of  outside  directors  means  that ISS must  oppose  that
                                authorized capital increase,  the company's performance is
                                not in our  view  so  unsatisfactory  as to  merit  a vote
                                against the  reelection  of the  incumbent  representative
                                directors at this time.  Shareholders  who do wish to vote
                                against  their   reelection   should  note  that  Chairman
                                Hisashi   Nakayama  and  President   Shigetaro  Asano  are
                                candidates 1 and 2, respectively.
                    4.2      Elect Director --- For
                    4.3      Elect Director --- For
                    4.4      Elect Director --- For
                    4.5      Elect Director --- For
                    4.6      Elect Director --- For
                    4.7      Elect Director --- For
                    4.8      Elect Director --- For
                    4.9      Elect Director --- For
                    4.10     Elect Director --- For
                    4.11     Elect Director --- For
                    4.12     Elect Director --- For
                    4.13     Elect Director --- For
                    4.14     Elect Director --- For
                    4.15     Elect Director --- For
                    4.16     Elect Director --- For
                    4.17     Elect Director --- For
                    4.18     Elect Director --- For
                    4.19     Elect Director --- For
                    4.20     Elect Director --- For
                    4.21     Elect Director --- For
                    4.22     Elect Director --- For
                    4.23     Elect Director --- For
                    4.24     Elect Director --- For
                    4.25     Elect Director --- For
                    5.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee       profile:                Nominee(s)       for
                                independent  statutory  auditor:   Nominee  2          The
                                nominee  passes our  criteria for  independence.  He is an
                                attorney.
                    5.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    6        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  statutory  auditor meets our
                                criteria  for  independence.  He is a former  executive of
                                Yamato Holdings Co., Ltd.
                    7        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       6       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  18  continuing  directors  and  4
                                continuing  internal  statutory  auditors.  The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 2 of the  continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    8        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 50
                                million  per  month (or JY 600  million  per year) to JY 1
                                billion per year. In addition,  the company wants to raise
                                the ceiling for statutory  auditors from JY 10 million per
                                month (or JY 120  million  per year) to JY 200 million per
                                year.  After the  meeting,  the board  size will  increase
                                from 24 to 25 directors.  The number of statutory auditors
                                will increase from 4 to 6.                Because  the new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.
                    9        Amend Articles to: Increase Authorized        For          Against               Mgmt
                             Capital
                                The  company  seeks  to  increase  its  authorized   share
                                capital  from  560,000,000  to  800,000,000   shares,   an
                                increase  of  42.9  percent.  The  company  currently  has
                                329,648,786  shares  outstanding,  or about 59  percent of
                                the current  authorization.  After the proposed  increase,
                                the  company  will  have  41  percent  of  its  authorized
                                capital   outstanding.           The   increase   in   the
                                authorized  capital is  proposed  in  connection  with the
                                introduction  of a takeover  defense,  which is not itself
                                on the agenda.  The defense is an  "advance-warning  type"
                                poison pill,  but includes  provisions  for a "shareholder
                                will  confirmation  meeting"  to vote on whether  the pill
                                should be  triggered  -- unless the board  decides the bid
                                would be so  damaging  as to justify  triggering  the pill
                                without  such a meeting.  The  board,  which  includes  no
                                outsiders,  will make that decision  without going through
                                an independent  committee.  As the potential for conflicts
                                of   interest,   and  for   this   pill  to  be  used  for
                                entrenchment,  are  simply  too  great in the  absence  of
                                independent  directors,  we  recommend  that  shareholders
                                oppose this resolution.


05/14/07 - A        METKA SA                                 X5328R165                            None                      12,229
                    1        Accept Annual and Consolidated Financial      For                                Mgmt
                             Statements and Statutory Reports
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Approve Auditors and Fix Their Remuneration   For                                Mgmt
                    5        Approve Directors Remuneration                For                                Mgmt
                    6        Elect Board of Directors                      For                                Mgmt
                    7        Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/23/07 - A/S      Metro Inc. *MRU.A*                       59162N109                            12/08/06                  12,450
                             Meeting For Class A and Class B Shareholders
                    1        Elect Pierre Brunet, Marc DeSerres, Claude    For          For                   Mgmt
                             Dussault, Serge Ferland, Bobbie Andrea
                             Gaunt, Paule Gauthier, Paul Gobeil,
                             Christian W.E. Haub, Maurice Jodoin, Maryse
                             Labonte, Michel Labonte, Pierre H. Lessard,
                             Marie-Jose Nadeau, Bernard A. Roy as
                             Directors
                    2        Ratify Ernst & Young LLP as Auditors          For          For                   Mgmt
                    3        Amend Stock Option Plan                       For          For                   Mgmt
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 1.89  percent is within the  allowable
                                cap for this  company of 3.00  percent.  The plan does not
                                include non-employee  directors as eligible  participants.
                                The proposed  amendment  provision has adequately  limited
                                the  board's  authority  to amend the plan as  approved by
                                shareholders.


11/16/06 - A        MFS Ltd (frmly MFS LEVERAGED             Q6074B105                            11/14/06                  11,402
                    INVESTMENTS AND SECURITIES TRUS
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports for the Year Ended June 30, 2006
                    2a       Elect Terence O'Dwyer as Director             For          For                   Mgmt
                    2b       Elect Barry Cronin as Director                For          For                   Mgmt
                    2c       Elect Geoff Williams as Director              For          For                   Mgmt
                    3        Adopt Remuneration Report For the Year        For          For                   Mgmt
                             Ended June 30, 2006
                    4        Approve the Issuance of One Million           For          For                   Mgmt
                             Ordinary Shares to Ocean Crossing Pty Ltd
                             in Consideration for the Acquisition of HI
                             Holdings Pty Ltd


05/23/07 - A        Michael Page International plc           G68694119                            None                      86,045
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 4.2 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    3        Re-elect Charles-Henri Dumon as Director      For          For                   Mgmt
                    4        Re-elect Sir Adrian Montague as Director      For          For                   Mgmt
                    5        Re-elect Stephen Box as Director              For          For                   Mgmt
                    6        Approve Remuneration Report                   For          For                   Mgmt
                                We raised a few  concerns  in regards to (i) the lack of a
                                cap on the  amount of annual  bonus that may be awarded to
                                the  Executive  Directors  and (ii) the  rationale for the
                                deferred  element  under the Share  Incentive  Plan  award
                                having no performance criteria.  Upon contact, the Company
                                explains that:        -  rewarding exceptional performance
                                with  exceptional  rewards fits both the objectives of the
                                Group and its  shareholders.  The remuneration  philosophy
                                of the Group is such  that  having a fixed  salary  capped
                                multiple for  Executives  bonuses  would run contra to the
                                remuneration  philosophy  in the  rest  of  the  business.
                                Consultants,  managers and  directors  (below board level)
                                in the business are  remunerated on a  meritocratic  basis
                                against  value  delivered  by  way  of  receiving  bonuses
                                against a  percentage  of  trading  profit  earned for the
                                Company.  This  philosophy  is mirrored  in the  Executive
                                Director's   remuneration.   The  levels  of   anticipated
                                remuneration  are set by way of targets  and higher  level
                                triggers  such that the outcome is highly  geared with the
                                profit  performance  of the  Company.  Whilst the bonus is
                                uncapped,  the  remuneration  structure  is  geared to the
                                long-term  interest  of the  Company and puts the focus on
                                the  medium-term  share  performance.          - the share
                                incentive  plan is in two  parts:  1/3 with a  performance
                                condition and 2/3 with no  performance  conditions  except
                                the  requirement  to  remain  in  the  employment  of  the
                                Company.  Upon  contact,  the  Company  explains  that the
                                split  is  that  as  a  primarily  permanent   recruitment
                                company are highly  cyclical in nature and other  elements
                                of  short-term  remuneration,  such  as  bonuses  that  in
                                themselves form a large part of the remuneration  package,
                                are very sensitive to economic cycles.  Since such a large
                                of the value of the company is  represented  by the senior
                                employees,  it is  vital  for  the  long-term  growth  and
                                security  of the Group  that they are able to on to senior
                                management   employees   through  growth  cycles  as  this
                                element of the  remuneration  package  aims to secure such
                                assets.        We  consider the rationale given acceptable
                                and recommend that  shareholders vote for the remuneration
                                report.
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Audit Committee to
                             Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,099,699
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 166,621
                    10       Authorise 33,324,208 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


05/11/07 - A/S      Michelin Et Cie.                         F61824144                            05/08/07                   3,841
                             Special Business
                    1        Amend Article 10 of the Bylaws Re:            For                                Mgmt
                             Appointment of General Managers, Whether
                             Qualifying as General Partners or Not
                    2        Amend Article 11 of the Bylaws Re:            For                                Mgmt
                             Mandatory Blocking of Shares Owned by the
                             General Managers Who Are General Partners
                    3        Amend Articles 12, and 30 of the Bylaws Re:   For                                Mgmt
                             Remuneration of General Managers Who Are
                             Not General Partners
                    4        Amend Article13 of the Bylaws Re: End of      For                                Mgmt
                             Mandate of General Managers Who Are Not
                             General Partners
                    5        Amend Article 14 of the Bylaws Re: Powers     For                                Mgmt
                             of General Partners Concerning General
                             Managers
                    6        Amend Article 17 of the Bylaws Re: Powers     For                                Mgmt
                             of the Supervisory Board Concerning General
                             Managers
                    7        Amend Articles 25, and 26 of the Bylaws Re:   For                                Mgmt
                             Powers of General Meeting of Shareholders
                             Concerning Nominations of General Managers
                             Whether Qualifying as General Partners or
                             Not and of General Partners
                    8        Amend Articles 13-1, and 14 of the Bylaws     For                                Mgmt
                             Re: Interim Management
                    9        Amend Articles 3, and 10 of the Bylaws Re:    For                                Mgmt
                             Company's Name and Signature
                    10       Amend Article 36 of the Bylaws Re:            For                                Mgmt
                             Introduction of a Competence Clause
                    11       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                             Ordinary Business
                    12       Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    13       Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.45 per Share
                    14       Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    15       Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    16       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    17       Elect Didier Miraton as General Manager       For                                Mgmt
                    18       Elect Jean-Dominique Senard as General        For                                Mgmt
                             Manager
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/19/07 - A        Milbon Co., Ltd. *4919*                  J42766105                            12/20/06                   3,000
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 26, Final
                             JY 26, Special JY 0
                    2        Amend Articles to: Authorize Public           For          Against               Mgmt
                             Announcements in Electronic Format - Limit
                             Rights of Odd-lot Holders - Limit Liability
                             of Directors and Statutory Auditors - Limit
                             Liability of Audit Firm
                                Because it is not in  shareholders'  interest to limit the
                                liability of the external  audit firm,  we recommend  that
                                shareholders oppose the whole resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    6        Approve Special Payments to Continuing        For          For                   Mgmt
                             Directors and Statutory Auditor in
                             Connection with Abolition of Retirement
                             Bonus System
                    7        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors


05/03/07 - A        Millennium & Copthorne Hotels plc        G6124F107                            None                      44,567
                    1        Accept Directors' Report                      For          For                   Mgmt
                    2        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    3        Approve Final Dividend of 10.42 Pence Per     For          For                   Mgmt
                             Share
                    4        Elect Christopher Keljik as Director          For          For                   Mgmt
                    5        Elect Peter Papadimitropoulos as Director     For          For                   Mgmt
                    6        Re-elect Wong Hong Ren as Director            For          For                   Mgmt
                    7        Re-elect John Sclater as Director             For          For                   Mgmt
                    8        Reappoint KPMG Audit Plc as Auditors and      For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    9        Approve Remuneration Report                   For          For                   Mgmt
                    10       Extend the Provisions of the Co-operation     For          For                   Mgmt
                             Agreement Enabling City Developments
                             Limited to Maintain its Percentage of
                             Shareholding in the Company
                    11       Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 100,000
                    12       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 29,183,052
                    13       Subject to the Passing of Resolution 12,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,377,458
                    14       Authorise 29,183,053 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


08/30/06 - A        Mimasu Semiconductor Industry Co. Ltd.   J42798108                            05/31/06                  12,792
                    *8155*
                    1        Approve Dividends: Interim JY 0, Final JY     For          For                   Mgmt
                             17, Special JY 0
                    2        Amend Articles to: Increase Authorized        For          For                   Mgmt
                             Capital - Authorize Public Announcements in
                             Electronic Format - Limit Rights of Odd-lot
                             Holders - Update Terminology to Match that
                             of New Corporate Law
                    3        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors


05/11/07 - A        Minara Resources Limited(frmly           Q6120A101                            05/09/07                  63,446
                    Anaconda Nickel Lt) *MRE*
                    1        Elect Directors                               For          For                   Mgmt
                    2        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended Dec 31, 2006
                    3        Approve Grant of Performance Rights to        For          Against               Mgmt
                             Acquire Up to 780,000 Options Over Unissued
                             Shares to Peter Johnston
                                Some  shareholders  may consider  that given the otherwise
                                demanding   nature  of  the   performance   hurdles,   the
                                extension of the  assessment  period  relative to previous
                                grants makes this resolution  worthy of support.  However,
                                given  Australian  investor  preferences  for a three-year
                                vesting  period,  shareholders  should vote  against  this
                                resolution.        Executive   Summary  of   Reasons   for
                                "Against"  Recommendation  on  Resolution  3        -  The
                                vesting  period  for the  proposed  grant of rights to the
                                CEO is only  two  years;  Australian  investors  generally
                                prefer  performance  under  long-term   incentives  to  be
                                assessed over at least three years.


11/08/06 - A        MINCOR RESOURCES NL *MCR*                Q6137H107                            11/06/06                  84,013
                    1        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended June 30, 2006
                    2        Elect Ian Fred Burston as Director            For          For                   Mgmt
                    3        Elect James Stewart Reeve as Director         For          For                   Mgmt
                    4        Approve Increase in Remuneration for          For          For                   Mgmt
                             Non-Executive Directors to A$350,000 Per
                             Year
                    5        Approve Issuance of 9.73 Million Options      For          Against               Mgmt
                             Under the 2002 Employee Share Option PLan
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution 5- The options plans,  and the grants under the
                                plans,  lack  sufficient   vesting  periods  and  have  no
                                performance hurdles.
                    6        Ratify Past Issuance of 3.75 Million          For          Against               Mgmt
                             Options to Senior Managers Made on May 8,
                             2006
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolutions  6 and 7- The  options  plans,  and the grants
                                under the plans, lack sufficient  vesting periods and have
                                no performance hurdles.
                    7        Ratify Past Issuance of 250,000 Options to    For          Against               Mgmt
                             Senior Managers Made on Sept. 9, 2006


11/30/06 - S        Mission Oil & Gas Inc.                   60510P101                            10/16/06                   2,699
                    1        Approve Plan of Arrangement                   For          Against               Mgmt
                                ISS  Recommendation        Despite  the positve aspects of
                                the transaction,  we believe the recent development in the
                                income  trust   sector   warrants  a  fresh  look  at  the
                                Arrangement.  As  such,  we  recommend  shareholders  vote
                                AGAINST the resolution.


02/08/07 - S        Mission Oil & Gas Inc.                   60510P101                            01/08/07                  23,699
                    1        Approve Plan of Arrangement with Crescent     For          For                   Mgmt
                             Point Energy Trust


10/17/06 - S        Mitchells & Butlers plc                  G61614114                            None                     130,946
                    1        Approve Sub-Division of Existing Ord.         For          For                   Mgmt
                             Shares into Intermediate Shares;Capitalise
                             Reserves;Approve Consolidation of All
                             Unissued Intermediate Shares into Unissued
                             New Ord. Shares;Approve Consolidation of
                             All Issued Intermediate Shares into New
                             Ord. Shares
                    2        Authorise 40,335,011 New Ordinary Shares      For          For                   Mgmt
                             for Market Purchase


02/01/07 - A        Mitchells & Butlers plc                  G61614122                            None                     102,998
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 8.6 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    4a       Re-elect Sir Tim Lankester as Director        For          For                   Mgmt
                    4b       Re-elect Karim Naffah as Director             For          For                   Mgmt
                    4c       Re-elect Sara Weller as Director              For          For                   Mgmt
                    5        Reappoint Ernst & Young LLP as Auditors of    For          For                   Mgmt
                             the Company
                    6        Authorise Audit Committee to Fix              For          For                   Mgmt
                             Remuneration of Auditors
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 11,487,458
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,723,118
                    9        Authorise 40,346,510 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    10       Authorise the Company to Make EU Political    For          For                   Mgmt
                             Donations and To Incur EU Political
                             Expenditure up to GBP 50,000 Each;
                             Authorise Mitchells and Butlers Retail Ltd
                             to Make EU Political Donations and To Incur
                             EU Political Expenditure up to GBP 50,000
                             Each


06/22/07 - A        Mitsubishi Steel Mfg. Co. Ltd. *5632*    J44475101                            03/31/07                  11,353
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 4
                                The payout ratio for the full year is 18 percent  based on
                                consolidated    earnings,   or   21   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominees 4 and 8                Background
                                of  non-executive  nominee(s):   Nominee  4  is  a  former
                                president and current senior  advisor to Mitsubishi  Heavy
                                Industries Ltd. Nominee 8 is a former  vice-president  and
                                current   senior   advisor  to   Mitsubishi   Corporation.
                                                Board   Profile                Composition
                                of  board  after  this   meeting:   7  executives   and  2
                                non-executives.  The number of outsiders is remaining  the
                                same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor: Both  nominees        Both  nominees do
                                not meet our criteria for independence.          Nominee 1
                                is a former  executive of one of the largest  shareholders
                                in the company  with a 3.6 percent  stake.  Nominee 2 is a
                                former   partner   of   the   company's   external   audit
                                firm.                Given   the   realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  both nominees for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See the item 3.1
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors
                                One of the retiring  auditors has been  designated  by the
                                company as  independent.        As  we believe the payment
                                of   such   bonuses   to   non-executives   is  a   highly
                                inappropriate  practice  anywhere,  not just in Japan,  we
                                see no alternative but to recommend opposing this item.


06/28/07 - A        Mitsumi Electric Co. Ltd. *6767*         J45464120                            03/31/07                  28,800
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 33
                    2        Amend Articles to: Decrease Maximum Board     For          Against               Mgmt
                             Size - Limit Rights of Odd-lot Holders -
                             Authorize Internet Disclosure of
                             Shareholder Meeting Materials
                                In  this  item,  the  company  first  seeks  to  delete  a
                                provision  directing  the  company  to  reduce  authorized
                                capital by the number of treasury shares cancelled.  Under
                                the old  Commercial  Code, if a company  retired  treasury
                                shares,  authorized  capital  had  to be  reduced  by  the
                                number of such treasury shares retired.  This provision in
                                the   articles   was   introduced   in  line   with   this
                                requirement.  However,  this rule was abolished  under the
                                new  Corporate  Law.  Accordingly,  deleting the provision
                                means that the company  can  effectively  increase  unused
                                authorized  capital  in the event of a share  cancellation
                                because the  authorized  capital  will  remain  unchanged.
                                This  amendment  would make it easier  for the  company to
                                buy back  shares  on the  market  while  at the same  time
                                issuing   shares   in   a   private   placement,   thereby
                                manipulating the shareholder  composition to help ward off
                                a  takeover.                Second,  the company  seeks to
                                decrease  the  maximum  number of  directors  on the board
                                from 20 to 15,  in  order  to  strengthen  the  management
                                structure  by  speeding  up the  decision-making  process.
                                Following  this  meeting,  the company  would still have 2
                                vacant  seats on the board,  to which  dissident  nominees
                                could be  elected.          Because  deleting a  provision
                                that the company  shall reduce  authorized  capital by the
                                number  of  treasury  shares   cancelled  will  in  effect
                                increase  authorized  capital every time  treasury  shares
                                are retired in the future,  and such  transactions  do not
                                require   shareholder    approval,   we   recommend   that
                                shareholders oppose the resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Both nominees are insiders.
                    3.2      Elect Director --- For
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.


10/27/06 - A        MMI Holdings Ltd                         Y6049M104                            None                     564,201
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.02 Per Share  For          For                   Mgmt
                    3        Reelect Tan Choo Pie @ Tang Chang Chai as     For          For                   Mgmt
                             Director
                    4        Reelect Hang Chang Chieh as Director          For          For                   Mgmt
                    5        Approve Directors' Fees of $146,000 for the   For          For                   Mgmt
                             Year Ended June 30, 2006 (2005: SGD 268,000)
                    6        Reappoint Ernst & Young as Auditors and       For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant of       For          Against               Mgmt
                             Options Pursuant to the MMI Employees'
                             Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.


05/09/07 - A        Modern Times Group AB-MTG                W56523116                            05/03/07                   9,838
                    1        Elect Chairman of Meeting                     For          For                   Mgmt
                    2        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    3        Approve Agenda of Meeting                     For          For                   Mgmt
                    4        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    6        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    7        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    8        Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 7.50 per Share
                    9        Approve Discharge of Board and President      For          For                   Mgmt
                    10       Determine Number of Members (8) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Aggregate Amount of SEK 3.83 Million;
                             Approve Remuneration of Auditors
                    12       Reelect David Chance (Chair), Asger Aamund,   For          For                   Mgmt
                             Nick Humby, Lars-Johan Jarnheimer, David
                             Marcus, Cristina Stenbeck, and Pelle
                             Toernberg as Directors; Elect Mia Brunell
                             as New Director
                    13       Determine Number of Auditors; Ratify Ernst    For          For                   Mgmt
                             & Young as Auditors
                    14       Authorize Cristina Stenbeck and               For          For                   Mgmt
                             Representatives of at Least Two of
                             Company's Largest Shareholders to Serve on
                             Nominating Committee
                    15       Approve Remuneration Policy And Other Terms   For          Against               Mgmt
                             of Employment For Executive Management
                                The company had not published the proposed  guidelines for
                                executive   remuneration  at  the  time  of  analysis  but
                                mention  that it will be  available  at  least  two  weeks
                                prior to the meeting.  We strongly  believe that  publicly
                                listed companies  should make  information  concerning all
                                proposals   available  at  least  30  days  prior  to  the
                                meeting,  preferably  via  the  internet  in  addition  to
                                traditional  channels. It is of particular importance that
                                full  disclosure  is provided  with  respect to  executive
                                remuneration,   which  is  subject  to  much  debate.   We
                                recommend   that   shareholders   contact  the   company's
                                investor relations  department  directly to request better
                                disclosure.          Because  of the  lack of  information
                                regarding   the  details  of  the  proposed   remuneration
                                policy, we recommend a vote against this item.
                    16       Amend Articles Re: Allow Conversion of        For          For                   Mgmt
                             Class-A Shares into Class-B Shares
                    17       Approve SEK 1,000 Million Transfer from       For          For                   Mgmt
                             Share Premium Account to Unrestricted
                             Shareholders' Equity
                    18       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital
                    19       Approve SEK 33.5 Million Reduction In Share   For          For                   Mgmt
                             Capital via Share Cancellation
                    20a      Approve Stock Option Plan for Key Employees   For          For                   Mgmt
                    20b      Approve Issuance of 57,142 Subscription       For          For                   Mgmt
                             Rights to Subsidiary (MTG Holding AB)
                    20c      Approve Issuance of 342,852 Subscription      For          For                   Mgmt
                             Rights
                    21       Authorization to Raise Customary Credit       For          Against               Mgmt
                             Facilities Where Payable Interest or the
                             Amounts with Which the Loan Shall be Repaid
                             Are Conditional Upon the Company's Results
                             or Financial Position
                                Because of a lack of  information  concerning  the maximal
                                nominal   value  of  the  loans   that  could  be  raised,
                                shareholders are advised to vote against this item.
                    22       Close Meeting                                 None         None                  Mgmt


06/28/07 - A        Mori Seiki Co. Ltd. *6141*               J46496121                            03/31/07                 104,400
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 24
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory        auditor:        Nominees       3       to
                                5                        Nominees  4 and 5 do not meet our
                                criteria   for   independence.   Nominee  4  is  a  former
                                executive    director   of   Sumitomo    Mitsui    Banking
                                Corporation,  the  company's  main  bank.  Nominee  5 is a
                                former  vice  president  of Nanto Bank,  Ltd.,  one of the
                                largest  shareholders  in the  company  with  a 3  percent
                                stake.   However,   nominee  3  meets  our   criteria  for
                                independence. He is an attorney.                Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  nominees 4 and 5
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    3.5      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    4        Approve Executive Stock Option Plan           For          For                   Mgmt
                                Option Plan Summary                Eligibility:  employees
                                of        company,         and         employees        of
                                affiliates                Exercise    Price:   5   percent
                                premium    to    market     price     prior    to    grant
                                date                Potential  Dilution:  1.29  percent of
                                issued capital from this plan;  4.76 percent when combined
                                with  other  option  grants.   ISS  guidelines   call  for
                                potential  dilution of no more than 5 percent for a mature
                                company,    10    percent    for   a    growth    company.
                                                Exercise  Period:  Begins 2 years from the
                                grant   date.                Performance   Hurdles:   None
                                disclosed.           This   plan  meets  ISS   guidelines.
                                Accordingly, we have no reason to oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 30
                                million  per month (or JY 360  million per year) to JY 600
                                million per year. In addition,  the company wants to raise
                                the ceiling for  statutory  auditors from JY 5 million per
                                month (or JY 60 million  per year) to JY 100  million  per
                                year.  After the  meeting,  the company  will  continue to
                                have      15      directors      and      5      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors


06/28/07 - A        Morinaga Milk Industry Co. Ltd. *2264*   J46410114                            03/31/07                 212,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 6
                    2        Amend Articles to: Increase Authorized        For          Against               Mgmt
                             Capital - Authorize Issuance of Warrants
                             for Takeover Defense By Resolution of Board
                             or AGM
                                In the item,  the  company  first  seeks to  increase  its
                                authorized  share  capital from 480 million to 720 million
                                shares,  an increase of 50 percent.  The company currently
                                has 253977218 shares  outstanding,  or about 53 percent of
                                the current  authorization.  After the proposed  increase,
                                the  company  will  have  35  percent  of  its  authorized
                                capital outstanding.  The company states that the proposed
                                increase in the authorized  capital is intended to prepare
                                for the  introduction of the takeover  defense proposed in
                                Item  3.                Second  the company wants to amend
                                the  articles to authorize  the company to issue  warrants
                                for takeover  defense by a board resolution or shareholder
                                approval.  Under  Japan's  Corporate  Law, the issuance of
                                warrants does not require a shareholder  vote,  but may be
                                implemented by a board  resolution.  However,  the company
                                is seeking shareholder  approval for its defense plan (see
                                Item 3),  and  seeks to amend  its  articles  to allow the
                                company to confirm the will of shareholders  regarding the
                                plan.                Because   we   cannot   support   the
                                company's  takeover  defense  for  the  reasons  discussed
                                below,  we also recommend that  shareholders  vote against
                                this resolution.
                    3        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan    Duration:    3   years
                                                Trigger  Threshold:  20  percent of shares
                                outstanding                Directors'  Term in  Office:  2
                                years                 Board  Independence:  The board will
                                be composed  entirely of  executive  directors  after this
                                meeting.                Independence       of      Special
                                Committee:  All members of the committee meet ISS criteria
                                for independence.                  Other Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More  Before  Meeting:  No                Because
                                the board is composed  entirely of executives,  because of
                                the failure of the directors to seek reelection  annually,
                                and  because of the late  release of the proxy  materials,
                                we recommend that shareholders oppose this resolution.
                    4        Elect Directors                               For          For                   Mgmt
                    4.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  9  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    4.2      Elect Director --- For
                    4.3      Elect Director --- For
                    4.4      Elect Director --- For
                    4.5      Elect Director --- For
                    4.6      Elect Director --- For
                    4.7      Elect Director --- For
                    4.8      Elect Director --- For
                    4.9      Elect Director --- For
                    5        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                criteria  for  independence.  He  is  a  former  executive
                                director of the largest  shareholder in the company with a
                                10.37  percent.          Given  the  realities of Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    6        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our criteria
                                for independence. He is an attorney.


06/22/07 - A        Moshi Moshi Hotline Inc. *4708*          J46733101                            03/31/07                   5,344
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 60
                                The payout ratio for the full year is 33 percent  based on
                                consolidated    earnings,   or   38   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:      Nominee     7        Background     of
                                non-executive   nominee(s):   The  nominee  is  a  current
                                executive of Mitsui & Co., Ltd.,  the largest  shareholder
                                in the  company  with a 34.3  percent  stake.        Board
                                Profile        Composition  of board after this meeting: 6
                                executives  and  1  non-executive.        The   number  of
                                outsiders is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    3        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditor
                                The company is proposing  aggregate  bonus  payments of JY
                                40.9  million  to 6  directors,  and JY 2.2  million  to 1
                                statutory auditor.  Because the amounts are not excessive,
                                we have no reason to oppose this resolution.
                    4        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY        Type  of Defense Plan: Advance Warning-Type
                                        Plan  Duration:  3  year                   Trigger
                                Threshold:    15    percent    of    shares    outstanding
                                        Directors'  Term in Office:  1 year          Board
                                Independence:  Following  this  meeting,  the  board  will
                                include no outside  directors  who meet ISS  criteria  for
                                independence.          Independence  of Special Committee:
                                2 out of 3 members of the committee  meet ISS criteria for
                                independence.        Other   Types  of  Takeover  Defense:
                                No        Meeting  Notice  Released  Three  Weeks  or More
                                Before Meeting:  No        The reason that shareholders of
                                US companies  reluctantly  tolerate  takeover  defenses is
                                that poison  pills do not  automatically  prevent  hostile
                                bids  from   succeeding   in  the  US,  where  boards  are
                                dominated by  independent  directors  who face  meaningful
                                sanctions,  in the form of  lawsuits,  if they take  steps
                                which are contrary to shareholder  value.  That is not the
                                case in Japan, so to ensure that a takeover  defense leads
                                to the  continued  enhancement  of  shareholder  value and
                                does  not  serve  merely  to  entrench  management,  it is
                                vitally  important  that the board include a critical mass
                                of  independent  directors  who can ensure  that the board
                                remains  responsive to the interests of ordinary investors
                                even  after  a  defense  is in  place.        Because  the
                                board  composition  does not meet ISS guidelines on poison
                                pills,  stipulating that at least 20 percent, and no fewer
                                than two, of the  directors  must meet ISS'  definition of
                                independence,  and  because  of the  late  release  of the
                                proxy  materials,  we recommend that  shareholders  oppose
                                this resolution.


06/28/07 - A        Musashino Bank Ltd. *8336*               J46883104                            03/31/07                   5,400
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 30
                    2        Elect Directors                               For          For                   Mgmt
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a former local government official.


07/18/06 - A        N Brown Group plc                        G64036109                            None                      44,988
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          Against               Mgmt
                    3        Approve Final Dividend of 4.45 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Alan White as Director               For          For                   Mgmt
                    5        Re-elect Lord Alliance of Manchester as       For          For                   Mgmt
                             Director
                    6        Re-elect Nigel Alliance as Director           For          For                   Mgmt
                    7        Re-elect Ivan Fallon as Director              For          For                   Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 9,846,449.40
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,476,967.41
                    11       Authorise 29,539,348 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    12       Renew N Brown Group Plc Long-Term Incentive   For          Against               Mgmt
                             Share Plan


02/21/07 - S        N Brown Group plc                        G64036109                            None                      94,214
                    1        Approve Increase in Auth. Cap. to GBP         For          For                   Mgmt
                             39,029,625.88; Auth. Capitalisation of GBP
                             29,625.88 on the Company's Share Premium
                             Account and Apply Such Sum to B Shares;
                             Issue Equity with Rights; Approve Share
                             Reorganisation; Adopt New Art. of Assoc.
                    2        Subject to and Conditional Upon the Passing   For          For                   Mgmt
                             of Resolution 1, Authorise Issue of Equity
                             or Equity-Linked Securities with
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 9,414,121.30
                    3        Subject to and Conditional Upon the Passing   For          For                   Mgmt
                             of Resolutions 1 and 2, Authorise Issue of
                             Equity without Pre-emptive Rights up to
                             Aggregate Nominal Amount of the Greater of
                             GBP 1,479,293.94 and Five Percent of the
                             Issued Ordinary Share Capital of the Company


02/27/07 - S        NEO-CHINA GROUP (HOLDINGS) LTD (frmrly   G6419E104                            None                     560,000
                    NEO-TECH GLOBAL LTD)
                    1        Approve Acquisition by Beijing New Shine      For          For                   Mgmt
                             Land Investment Consultancy Ltd.
                             (Purchaser) of 67.0 Percent of the
                             Registered Capital of Hunan Qianshuiwan
                             Shuangya Wanquan Huayuen Co. Ltd. from
                             Beijing New Shine Investment Group Co. Ltd.
                                I. Transaction Summary        Acquirer:  Beijing New Shine
                                Land   Investment   Consultancy   Ltd.   (Purchaser),    a
                                wholly-owned subsidiary of the  company        Target:  67
                                percent of the  registered  capital  of Wunan  Qianshuiwan
                                Shuangya    Wanquan    Huayuen    Co.    Ltd.     (Changsa
                                JV)        Consideration:  cash        Transaction  Terms:
                                The Purchaser  would acquire 67 percent of the  registered
                                capital of Changsa JV from  Beijing  New Shine  Investment
                                Group Co. Ltd. (Beijing New Shine  Investment),  a company
                                whose  controlling  shareholder  is Li Song Xiao (Mr. Li),
                                who in turn is the chairman  and an executive  director of
                                the  company,  for a  consideration  of RMB 216.0  million
                                ($26.9  million)        Value  of  Transaction:  RMB 216.0
                                million     ($26.9     million)     payable     by     the
                                company        Fairness  Opinion:  First Shanghai  Capital
                                Ltd.,  the  independent   financial  adviser,  is  of  the
                                opinion   that  the   terms  of  the  deal  are  fair  and
                                reasonable  and are in the  interests  on the  company and
                                the   shareholders   as   a    whole        II.    Company
                                Description        Changsa  JV, owned as to 75 percent, 20
                                percent,  and 5 percent by Beijing  New Shine  Investment,
                                Beijing  Guoke  Xinye  Technology   Development  Co.  Ltd.
                                (Beijing Guoke), and Zhuhai Yi Hua Tong, respectively,  is
                                the sole  developer  of a  project  situated  in  Wancheng
                                County,  Changsa City, the People's Republic of China (the
                                PRC)  (Changsa  Property  Project).  The Changsa  Property
                                Project  comprises  five parcels of land with an aggregate
                                site area of  approximately  665,987  square  meters which
                                would be  developed  into a large  scale  residential  and
                                commercial   development   comprising  a  villa,   low  to
                                high-rise residential  buildings,  a clubhouse,  and other
                                ancillary  facilities.  It is  planned  that  the  Changsa
                                Property  Project would be developed in two phases,  which
                                are  scheduled  to be  completed  in around  2010.  It was
                                noted that  Changsa JV has obtained the land use rights of
                                all five  parcels of land in two batches in Oct.  2005 and
                                Nov. 2006 and the total cost of  acquisition of titles was
                                approximately RMB 33.1 million ($4.1  million).        The
                                audited  net asset value of Changsa JV as at July 31, 2006
                                and Dec.  31, 2005 were RMB 29.7  million  ($3.7  million)
                                and     RMB     29.7     million      ($3.7      million),
                                respectively.        III.   Transaction        Under   the
                                proposed  acquisition,  the  Purchaser  would  acquire  67
                                percent  of the  registered  capital  of  Changsa  JV from
                                Beijing New Shine  Investment for a  consideration  of RMB
                                216.0  million  ($26.9  million).  Based on  arm's  length
                                negotiations    between   the   parties   involved,    the
                                consideration  was  determined by reference to the audited
                                net  assets of Changsa JV at July 31,  2006  amounting  to
                                approximately  RMB 29.7  million  ($3.7  million)  and the
                                value  of its  property  interest  as  valued  by  Savills
                                Valuation and  Professional  Services Ltd.  (Savills),  an
                                independent  property  valuer,  in their valuation  report
                                which amounted to HK$372.3 million ($46.4  million).  This
                                amount  would be paid in cash and  would  be  funded  from
                                internal resources of the company.        Upon  completion
                                of the  acquisition,  the company  would have an effective
                                equity  interest  of 67 percent in Changsa JV and  Changsa
                                JV   would   become   an   indirect   subsidiary   of  the
                                company.        IV.  Rationale Considerations  (Disclosure
                                Level:    Satisfactory)        The    company    and   its
                                subsidiaries  (Group) are principally  engaged in property
                                investment  and  development  in the  PRC  and  have  been
                                proactively  appraising various  investment  opportunities
                                to  explore  high  potential  investments  and  attractive
                                business  opportunities  in major  cities in the PRC.  The
                                proposed  acquisition  is  expected to provide the Group a
                                good  opportunity  to further  expand its  business in the
                                property  market in  Changsa.  It was noted  that land and
                                construction   costs  are  comparatively   lower  and  the
                                selling  price  is  satisfactory  in  Changsa's   property
                                market.  The directors  believe that acquiring an interest
                                in Changsa JV would provide positive  contributions to the
                                company's  earnings  in the  coming  years.        V.  Pro
                                Forma Financial  Summary        Based on the unaudited pro
                                forma   information  of  the  Group,   assuming  that  the
                                acquisition  had taken place on Oct. 31, 2006,  net assets
                                would have  increased  by 7.9 percent  from  approximately
                                HK$3.4 billion ($421.6  million) to HK$3.7 billion ($455.1
                                million).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given that the target company
                                is  privately   held,   ISS  cannot   conduct  a  premiums
                                analysis.  Savills  Valuation  and  Professional  Services
                                Ltd., an independent property valuer,  however, has valued
                                the Changsa JV at  approximately  HK$372.3  million ($46.4
                                million).        VII.     Market    Reaction             -
                                Pre-announcement:   The  share  price  increased  by  30.9
                                percent  in the  60  days  prior  to  Jan.  3,  2007,  the
                                company's  announcement date (Announcement  Date),  versus
                                an 8.9  percent  increase  for the Hang Seng Index  (HSI),
                                outperforming     the    index    by    22.0    percentage
                                points.        -  Initial:  The share price  increased  by
                                6.7 percent a day before the Announcement  Date,  versus a
                                0.5 percent increase for the HSI,  outperforming the index
                                by 6.2  percentage  points.          -  Post-announcement:
                                The  share  price  decreased  by  12.6  percent  from  the
                                Announcement  Date to Feb. 12, 2007,  versus a 1.1 percent
                                increase  for the HSI,  underperforming  the index by 13.7
                                percentage   points.        We  note  that  the  company's
                                share price has been  declining  from Nov.  29, 2006 until
                                Dec. 19, 2006 where it stabilized at HK$1.19  ($0.1) until
                                Jan. 2, 2007,  the day before the  Announcement  Date. The
                                share price  immediately  increased  to HK$1.27  ($0.2) on
                                the  Announcement   Date  before  dropping  back  to  post
                                announcement    prices.                VIII.    Governance
                                (Disclosure Level:  Unsatisfactory)        The company did
                                not   disclose   governance   matters   relating   to  the
                                acquisition        of        Changsa        JV.        IX.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.
                    2        Approve Acquisition by the Purchaser of       For          For                   Mgmt
                             22.1 Percent of the Registered Capital of
                             Beijing New Shine Properties Development
                             Co. Ltd. from Beijing Guoke Xinye
                             Technology Development Co. Ltd.
                                I.          Transaction           Summary        Acquirer:
                                Purchaser        Target:  22.1  percent of the  registered
                                capital of Beijing New Shine  Properties  Development  Co.
                                Ltd.     (Youngman     Point     JV)        Consideration:
                                cash        Transaction   Terms:   The   Purchaser   would
                                acquire  22.1  percent  of  the   registered   capital  of
                                Youngman   Point  JV  from   Beijing   Guoke,   a  company
                                controlled  by Mr.  Li  for a  consideration  of RMB  90.0
                                million ($11.2  million)        Value of Transaction:  RMB
                                90.0   million    ($11.2    million)    payable   by   the
                                company        Fairness  Opinion:  First Shanghai  Capital
                                Ltd.,  the  independent   financial  adviser,  is  of  the
                                opinion   that  the   terms  of  the  deal  are  fair  and
                                reasonable  and are in the  interests  on the  company and
                                the   shareholders   as   a    whole        II.    Company
                                Description        Youngman  Point  JV,  owned  as to 51.6
                                percent,  22.1 percent,  and 26.3 percent by New Direction
                                Development  Ltd.  (New  Direction),  Beijing  Guoke,  and
                                Beijing Int'l Trust Investment Co. Ltd., respectively,  is
                                a  sino-foreign  equity joint venture  established  in the
                                PRC solely  engaged in the  development  of a  residential
                                and  commercial  property  located  at  No.  2  Ganluyuan,
                                Zhongli,  Qingnian Road, Chaoyang District,  Beijing,  the
                                PRC (Youngman Point Property Project).  The Youngman Point
                                Property  Project  consists two phases:  (1) Phase I has a
                                site area and gross floor area of  approximately  40,917.3
                                square meters and  approximately  145,424  square  meters,
                                respectively,  and comprises 1,587  residential  units and
                                25 commercial  units in total for sale  purposes;  and (2)
                                Phase II which is  composed  of four  lots and is still at
                                the planning  stage.  The expected  completion of Phase II
                                is in Dec.  2007.        The  audited  net asset  value of
                                Youngman  Point JV as at July 31,  2006 and Dec.  31, 2005
                                were  RMB  182.8  million  ($22.8  million)  and RMB  34.0
                                million ($4.2 million),  respectively.        The  company
                                holds an effective  interest in Youngman  Point JV of 51.6
                                percent through its indirect wholly-owned subsidiary,  New
                                Direction.        III.     Transaction        Under    the
                                proposed  acquisition,  the  Purchaser  would acquire 22.1
                                percent of the  registered  capital of  Youngman  Point JV
                                from  Beijing  Guoke  for  a  consideration  of  RMB  90.0
                                million   ($11.2   million).   Based   on   arm's   length
                                negotiations    between   the   parties   involved,    the
                                consideration  was  determined by reference to the audited
                                net  assets  of  Youngman   Point  JB  at  July  31,  2006
                                amounting  to RMB 182.8  million  ($22.8  million) and the
                                value of its property  interest as valued by Savills which
                                amounted  to  RMB  621.5  million  ($77.5  million).  This
                                amount  would be paid in cash and  would  be  funded  from
                                internal resources of the company.        Upon  completion
                                of the acquisition,  the company's  effective  interest in
                                Youngman  Point JV would  increase  from 51.6  percent  to
                                73.7    percent.        IV.    Rationale    Considerations
                                (Disclosure  Level:  Satisfactory)        The  company and
                                its  subsidiaries   (Group)  are  principally  engaged  in
                                property  investment  and  development in the PRC and have
                                been    proactively    appraising    various    investment
                                opportunities  to explore high potential  investments  and
                                attractive  business  opportunities in major cities in the
                                PRC.  The board  believes  that the  proposed  acquisition
                                would  provide  the Group a good  opportunity  to  further
                                expand its  business  in the  property  market in Beijing,
                                where  investment  risks  are low and  market  prices  are
                                steadily growing.  It is expected that acquiring a further
                                interest  in Youngman  Point JV would  provide the company
                                more  control  over  the  development  of  Youngman  Point
                                Property   Project.           V.   Pro   Forma   Financial
                                Summary        Based    on   the   unaudited   pro   forma
                                information  of the Group,  assuming that the  acquisition
                                had taken place on Oct.  31,  2006,  net assets would have
                                increased  by  7.9  percent  from   approximately   HK$3.4
                                billion   ($421.6   million)  to  HK$3.7  billion  ($455.1
                                million).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given that the target company
                                is  privately   held,   ISS  cannot   conduct  a  premiums
                                analysis.  Savills  Valuation  and  Professional  Services
                                Ltd., an independent property valuer,  however, has valued
                                the Youngman Point JV at  approximately  RMB 621.5 million
                                ($77.5 million).        VII.  Risks        The company did
                                not disclose  possible  risks  pertaining  to the proposed
                                acquisition  of  Youngman  Point  JV.        VIII.  Market
                                Reaction          -  Pre-announcement:   The  share  price
                                increased  by 30.9 percent in the 60 days prior to Jan. 3,
                                2007,  the  company's   announcement  date   (Announcement
                                Date),  versus an 8.9 percent  increase  for the Hang Seng
                                Index (HSI),  outperforming  the index by 22.0  percentage
                                points.        -  Initial:  The share price  increased  by
                                6.7 percent a day before the Announcement  Date,  versus a
                                0.5 percent increase for the HSI,  outperforming the index
                                by 6.2  percentage  points.          -  Post-announcement:
                                The  share  price  decreased  by  12.6  percent  from  the
                                Announcement  Date to Feb. 12, 2007,  versus a 1.1 percent
                                increase  for the HSI,  underperforming  the index by 13.7
                                percentage   points.        We  note  that  the  company's
                                share price has been  declining  from Nov.  29, 2006 until
                                Dec. 19, 2006 where it stabilized at HK$1.19  ($0.1) until
                                Jan. 2, 2007,  the day before the  Announcement  Date. The
                                share price  immediately  increased  to HK$1.27  ($0.2) on
                                the  Announcement   Date  before  dropping  back  to  post
                                announcement          prices.                        VIII.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the   acquisition   of   Youngman   Point   JV.        IX.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.
                    3        Approve Acquisition by the Purchaser of       For          For                   Mgmt
                             15.0 Percent of the Registered Capital of
                             Beijing Jin Ma Wen Hua Yuan Properties
                             Development Co. Ltd. from Beijing Xi Hua
                             Wei Yie Construction Materials Trading Co.
                             Ltd.
                                I.          Transaction           Summary        Acquirer:
                                Purchaser        Target:  15  percent  of  the  registered
                                capital  of  Beijing  Jin  Ma  Wen  Hua  Yuan   Properties
                                Development       Co.      Ltd.       (American       Rock
                                JV)        Consideration:  cash        Transaction  Terms:
                                The Purchaser  would acquire 15 percent of the  registered
                                capital of  American  Rock JV from  Beijing Xi Hua Wei Yie
                                Construction  Materials  Trading Co. Ltd. (Beijing Xi Hua)
                                for  a   consideration   of  RMB  100.0  million   ($12.58
                                million)        Value  of  Transaction:  RMB 100.0 million
                                ($12.58  million)  payable by the  company        Fairness
                                Opinion:  First  Shanghai  Capital Ltd.,  the  independent
                                financial  adviser,  is of the  opinion  that the terms of
                                the deal are fair and  reasonable and are in the interests
                                on   the    company    and   the    shareholders    as   a
                                whole        Accounting           Treatment:           Not
                                disclosed        Tax             Treatment:            Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        American   Rock  JV,  owned  as  to  45
                                percent,  40  percent  and 15  percent  by Top Fair  Ltd.,
                                Lucky Merit  Development Ltd. (Lucky Merit) and Beijing Xi
                                Hua, respectively,  is a sino-foreign equity joint venture
                                established in the PRC solely  engaged in the  development
                                of a residential  and commercial  property  located at No.
                                16, Baiziwan Road,  Chaoyang  District,  Beijing,  the PRC
                                (American  Rock  Property  Project).   The  American  Rock
                                Property  Project  consists two phases and four zones with
                                approximately  5,400  residential and commercial  units in
                                total  for sale  purposes.        The  audited  net  asset
                                value of  American  Rock JV as at July  31,  2006 and Dec.
                                31, 2005 were RMB 434.3  million  ($54.1  million) and RMB
                                388.9 million  ($48.5  million),  respectively.        The
                                company  holds an effective  interest in American  Rock JV
                                of 85.0  percent  through its  wholly-owned  subsidiaries,
                                Top    Fair    Ltd.    and    Lucky     Merit.        III.
                                Transaction        Under  the  proposed  acquisition,  the
                                Purchaser  would  acquire  15  percent  of the  registered
                                capital  of  American  Rock JV from  Beijing  Xi Hua for a
                                consideration  of  RMB  100.0  million  ($12.58  million).
                                Based on arm's  length  negotiations  between the parties,
                                the  consideration  was  determined  by  reference  to the
                                audited  net  assets  American  Rock JV at July  31,  2006
                                amounting  to RMB 483.2  million  ($60.2  million) and the
                                value of its property  interest as valued by Savills which
                                amounted  to  RMB  804.7  million  ($10.0  million).  This
                                amount  would be paid in cash and  would  be  funded  from
                                internal resources of the company.        Upon  completion
                                of the  acquisition,  American  Rock  JV  would  become  a
                                wholly-owned   subsidiary   of   the   company.        IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        The   company  and  its  subsidiaries
                                (Group) are  principally  engaged in  property  investment
                                and  development  in the PRC  and  have  been  proactively
                                appraising  various  investment  opportunities  to explore
                                high  potential   investments   and  attractive   business
                                opportunities  in  major  cities  in the  PRC.  The  board
                                believes that the proposed  acquisition  would provide the
                                Group a good  opportunity  to further  expand its business
                                in the property market in Beijing,  where investment risks
                                are low and market  prices  are  steadily  growing.  It is
                                expected  that  acquiring  a further  interest in American
                                Rock JV would  provide the company  full  control over the
                                development of American Rock Property Project.          V.
                                Pro Forma Financial  Summary        Based on the unaudited
                                pro forma  information  of the  Group,  assuming  that the
                                acquisition  had taken place on Oct. 31, 2006,  net assets
                                would have  increased  by 7.9 percent  from  approximately
                                HK$3.4 billion ($421.6  million) to HK$3.7 billion ($455.1
                                million).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given that the target company
                                is  privately   held,   ISS  cannot   conduct  a  premiums
                                analysis.  Savills  Valuation  and  Professional  Services
                                Ltd., an independent property valuer,  however, has valued
                                the American  Rock JV at  approximately  RMB 804.7 million
                                ($10.0 million).        VII.  Risks        The company did
                                not disclose  possible risks pertaining to the acquisition
                                of  American   Rock   JV.        VIII.   Market   Reaction
                                        -  Pre-announcement:  The share price increased by
                                30.9  percent  in the 60 days prior to Jan.  3, 2007,  the
                                company's  announcement date (Announcement  Date),  versus
                                an 8.9  percent  increase  for the Hang Seng Index  (HSI),
                                outperforming     the    index    by    22.0    percentage
                                points.        -  Initial:  The share price  increased  by
                                6.7 percent a day before the Announcement  Date,  versus a
                                0.5 percent increase for the HSI,  outperforming the index
                                by 6.2  percentage  points.          -  Post-announcement:
                                The  share  price  decreased  by  12.6  percent  from  the
                                Announcement  Date to Feb. 12, 2007,  versus a 1.1 percent
                                increase  for the HSI,  underperforming  the index by 13.7
                                percentage   points.        We  note  that  the  company's
                                share price has been  declining  from Nov.  29, 2006 until
                                Dec. 19, 2006 where it stabilized at HK$1.19  ($0.1) until
                                Jan. 2, 2007,  the day before the  Announcement  Date. The
                                share price  immediately  increased  to HK$1.27  ($0.2) on
                                the  Announcement   Date  before  dropping  back  to  post
                                announcement            prices.                        IX.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the    acquisition   of   American   Rock    JV.        X.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that shareholders vote in favor of this resolution.


06/01/07 - S        NEO-CHINA GROUP (HOLDINGS) LTD (frmrly   G6419E104                            None                     560,000
                    NEO-TECH GLOBAL LTD)
                    1        Approve Acquisition by Neo-China Investment   For          For                   Mgmt
                             Ltd. of the Entire Issued Shared Capital in
                             One Alliance Investment Ltd. from Invest
                             Gain Ltd.
                                I.    Transaction    Summary        Acquirer:    Neo-China
                                Investment Ltd. (Purchaser),  a wholly-owned subsidiary of
                                the company        Target:  Entire issued share capital of
                                One      Alliance       Investment      Ltd.      (Holding
                                Company)        Consideration:  shares         Transaction
                                Terms:  The Purchaser  would  acquire the Holding  Company
                                from   Invest   Gain   Ltd.   (the   Vendor),   a  company
                                wholly-owned  by Li Song Xiao (Mr. Li) who is the chairman
                                and  an  executive   director  of  the  company,   for  an
                                aggregate   consideration   of  HK$505.0   million  ($64.6
                                million),  which would be satisfied by the  allotment  and
                                issuance  of   approximately   467.6  million  new  shares
                                (Consideration    Shares)        Value   of   Transaction:
                                HK$505.0   million   ($64.6   million)   payable   by  the
                                company        Fairness  Opinion:  First Shanghai  Capital
                                Ltd., the independent  financial  adviser,  is of the view
                                that the terms of the deal as fair and  reasonable and are
                                in the  interest  of the  company  and  shareholders  as a
                                whole.        II.  Company  Description        The Holding
                                Company,  ultimately and beneficially  owned by Mr. Li, is
                                an investment  holding company that will hold the interest
                                in Shanghai  Jiujiu  Square  Investment  Development  Ltd.
                                (Property Owner) after the  restructuring of the ownership
                                of   the   Property   Owner    (Restructuring).        The
                                Property  Owner,  after the  Restructuring,  will have 100
                                percent equity  interest in two pieces of land situated in
                                Song Jiang  District  Gui Dao Jiao Tong Jiu Ting Zhen No.1
                                - Land Lot B  Sections  A and B,  Shanghai,  the  People's
                                Republic  of  China  (PRC)   (Property   Interests).   The
                                Property Interests  constitute a property project named as
                                Jiujiu  Youth  City  Development,  which is  planned to be
                                developed  into  business,   office  buildings  and  hotel
                                apartments.        III.    Transaction        Under    the
                                proposed  acquisition,  the  Purchaser  would  acquire the
                                Holding   Company   from  the  Vendor  for  an   aggregate
                                consideration of HK$505.0  million ($64.6 million),  which
                                was  determined  after arm's length  negotiations  between
                                the parties  involved  and the  valuation  of the Property
                                Interests as valued by American  Appraisal  China Bhd., an
                                independent  property valuer,  at RMB 487.7 million ($62.4
                                million) as at Feb. 28,  2007.  The  consideration  amount
                                would be  satisfied by the  allotment  and issuance of the
                                Consideration  Shares,   representing   approximately  6.8
                                percent  and 6.4  percent  of the  existing  and  enlarged
                                share  capital of  company,  at an issue  price of HK$1.08
                                ($0.14) each (Issue  Price),  which was  determined  after
                                arm's  length  negotiations  between the parties  involved
                                and  with  reference  to the  recent  traded  price of the
                                shares  and future  prospects  of the  company.  The Issue
                                Price  represents a premium of 2.8 percent,  a discount of
                                0.9  percent  and a  discount  of  5.9  percent  over  the
                                average  closing price of shares 60 days prior to April 3,
                                2007,  the date on which the  announcement  pertaining  to
                                the proposed  acquisition was posted on the Stock Exchange
                                of Hong Kong Ltd. (Stock Exchange)  (Announcement Date); a
                                day   before   the   Announcement   Date;   and  from  the
                                Announcement  Date to May 17,  2007,  which is the date of
                                writing   of   this   report,    respectively.        Upon
                                completion  of  the  proposed  acquisition,   the  Holding
                                Company  would  become a  wholly-owned  subsidiary  of the
                                company.        IV.  Rationale Considerations  (Disclosure
                                Level:    Satisfactory)        The    company    and   its
                                subsidiaries  (Group) are principally  engaged in property
                                investment  and  development  in the  PRC  and  have  been
                                proactively  appraising various  investment  opportunities
                                to  explore  high  potential  investments  and  attractive
                                opportunities  in major cities in the PRC.  This  proposal
                                presents  a good  opportunity  for the  Group  to  further
                                expand its  business in the  property  market in Shanghai,
                                which   was   noted  to  be  the   largest   city  in  the
                                PRC.        V.  Pro Forma  Financial  Summary        Based
                                on the  unaudited  pro  forma  information  of the  Group,
                                assuming that the  acquisition had taken place on Oct. 31,
                                2006,  the net asset  value  (NAV) of the Group would have
                                increased    by    approximately    15.6    percent   from
                                approximately  HK$3.2 billion  ($405.8  million) to HK$3.7
                                billion  ($469.2  million),   NAV  per  share  would  have
                                decreased by 10.9 percent from HK$0.55  ($0.07) to HK$0.49
                                ($0.06) and  earnings  per share would have  decreased  by
                                7.1   percent   from   HK$0.014   ($0.002)   to   HK$0.013
                                ($0.002).        VI.  ISS Financial Valuation  (Disclosure
                                Level:  Satisfactory)        Given  that Holdings  Company
                                is privately held, we cannot conduct a premiums  analysis.
                                American  Appraisal  China Ltd., an  independent  property
                                valuer,  however, has valued the Property Interests at RMB
                                487.7   million   ($62.4   million)   as   at   Feb.   28,
                                2007.        VII.   Risks        The   company   did   not
                                disclose   possible  risks   pertaining  to  the  proposed
                                acquisition.        VIII.          Market         Reaction
                                        -Pre-announcement:  The share price  decreased  by
                                4.2  percent in the 60 days  prior to April 3,  2007,  the
                                day on which the company's  announcement was posted on the
                                website   of  the  Stock   Exchange   of  Hong  Kong  Ltd.
                                (Announcement  Date), versus a 2.2 percent decline for the
                                Hang Seng Index  (HSI),  underperforming  the index by 2.0
                                percentage   points.        -Initial:   The  share   price
                                increased  by 3.7  percent a day before  the  Announcement
                                Date,   versus  a  1.0  percent   increase  for  the  HSI,
                                outperforming   the  index  by  2.7   percentage   points.
                                        -Post-announcement:  The share price  increased by
                                13.3 percent from the  Announcement  Date to May 17, 2007,
                                versus an 8.3 percent increase for the HSI,  outperforming
                                the index by 8.3  percentage  points.        The  market's
                                reaction  to this  proposal  appears  positive.        IX.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the            proposed             acquisition.        X.
                                Conclusion        Based  on  our  analysis,  we  recommend
                                that     shareholders    vote    in    favor    of    this
                                resolution.


03/28/07 - S        NEOCHIMIKI L.V. LAVRENTIADIS S.A.        X5811P106                            None                      13,650
                    1        Authorize Issuance of Convertible Bonds       For                                Mgmt
                             without Preemptive Rights
                    2        Elect Directors in Replacement of Retiring    For                                Mgmt
                             Ones
                    3        Amend Articles Re: Abolition of               For                                Mgmt
                             Transitional Provisions and Codification
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/13/07 - A        NEOCHIMIKI L.V. LAVRENTIADIS S.A.        X5811P106                            None                       6,825
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Appoint Auditors and Deputy Auditors          For                                Mgmt
                    5        Approve Board Remuneration                    For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/05/06 - A/S      Neopost                                  F65196119                            None                       7,054
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Acknowledge Material Error and Decide to      For                                Mgmt
                             Correct the Situation by Withdrawing an
                             Amount of EUR 27,895 from Retained Earnings
                             Account
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 3 per Share
                    4        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    5        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    6        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 230,000
                    7        Reelect Henk Bodt as Director                 For                                Mgmt
                    8        Reelect Eric Licoys as Director               For                                Mgmt
                    9        Reelect Bernard Bourigeaud as Director        For                                Mgmt
                    10       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    11       Amend Articles of Association Re:             For                                Mgmt
                             Attendance of Board Meetings through
                             Videoconference or Telecommunication
                    12       Authorize Issuance of Equity with             For                                Mgmt
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 5 million
                    13       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Relating to
                             Delegation Submitted to Shareholder Vote
                             Above
                    14       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 30 Million for Bonus Issue or
                             Increase in Par Value
                    15       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    16       Authorize Capital Increase for Future         For                                Mgmt
                             Exchange Offers
                    17       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    18       Authorize up to One Percent of Issued         For                                Mgmt
                             Capital for Use in Restricted Stock Plan
                    19       Approve Stock Option Plans Grants             For                                Mgmt
                    20       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    21       Approve Issuance of Securities Convertible    For                                Mgmt
                             into Debt
                    22       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A/S      NEXANS                                   F65277109                            05/07/07                   1,555
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.20 per Share
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Reelect Gianpaolo Caccini as Director         For                                Mgmt
                    6        Reelect Jean-Marie Chevalier as Director      For                                Mgmt
                    7        Reelect Georges Chodron de Courcel as         For                                Mgmt
                             Director
                    8        Reelect Jacques Garaialde as Director         For                                Mgmt
                    9        Reelect Ervin Rosenberg as Director           For                                Mgmt
                    10       Elect Jerome Gallot as Director               For                                Mgmt
                    11       Elect Jean-Louis Gerondeau as Director        For                                Mgmt
                    12       Elect Nicolas de Tavernost as Director        For                                Mgmt
                    13       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    14       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    15       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 10 Million
                    16       Authorize Issuance of Convertible Bonds       For                                Mgmt
                             without Preemptive Rights
                    17       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    18       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    19       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    20       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    21       Approve Stock Option Plans Grants             For                                Mgmt
                    22       Authorize up to EUR 500,000 of Issued         For                                Mgmt
                             Capital for Use in Restricted Stock Plan
                    23       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                    24       Amend Articles of Association Re: Voting      For                                Mgmt
                             Rights
                             Ordinary Business
                    25       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/15/07 - A/S      NEXITY                                   F6527B126                            05/10/07                  14,010
                             Special Business
                    1        Decide to Amend Articles of Association in    For                                Mgmt
                             order to Reflect Legal Changes
                    2        Amend Article 14 of Bylaws Accordingly Re:    For                                Mgmt
                             Attend Board Meetings by Way
                             ofTelecommunication
                    3        Amend Article 19 of Bylaws Accordingly Re:    For                                Mgmt
                             Record date
                    4        Acknowledge and Modify a Material Error in    For                                Mgmt
                             Item 5 of the General Meeting Held on May
                             24, 2006
                    5        Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                             Ordinary Business
                    6        Approve Financial Statements, Discharge       For                                Mgmt
                             Directors and Acknowledge Non-tax
                             Deductible Expenses
                    7        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.90 per Share
                    8        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    9        Approve Consolidated Financial Statements     For                                Mgmt
                             and Statutory Reports
                    10       Reappoint Robert Daussun as Censor            For                                Mgmt
                    11       Reappoint Jean Louis Charon as Censor         For                                Mgmt
                    12       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    13       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - A        Next plc                                 G6500M106                            None                      26,994
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 33.5 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect David Keens as Director              For          For                   Mgmt
                    5        Re-elect Nick Brookes as Director             For          For                   Mgmt
                    6        Re-elect Derek Netherton as Director          For          For                   Mgmt
                                Derek Netherton  (appointed in November 1996) has exceeded
                                the  nine-year  tenure   consideration   and  although  we
                                regarded  him as  non-independent  NED  last  year,  after
                                thorough  engagement  with the Company,  we are  satisfied
                                with  the   explanation   provided  and   consider   Derek
                                Netherton  to  be  an  independent  NED.        The  Board
                                concluded  his  retailing  experience  with Greggs plc and
                                other  business   interests  continue  to  enable  him  to
                                maintain an  independent,  critical and relevant stance of
                                the Group's  retailing and other business  operations when
                                performing  his duties as a NED of NEXT.          We  note
                                that the Board is in the process of  recruiting  a new NED
                                who will have  recent and  relevant  financial  experience
                                and be a member of the  Audit  Committee.  It is  intended
                                that Derek  Netherton  will stand down from the  committee
                                after a suitable period to ensure  continuity and transfer
                                of   knowledge.   We  welcome   the   Company's   positive
                                arrangement   in   addressing   the  issue  of   Committee
                                membership, bringing the Board in line with good practice.
                    7        Reappoint Ernst & Young LLP as Auditors and   For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Approve NEXT Risk/Reward Investment Plan      For          For                   Mgmt
                                This proposed  plan (which is similar to the  arrangements
                                introduced   in  2005)  is  unusual   as  a   remuneration
                                arrangement    for    Executive    Directors   in   a   UK
                                context.        We  note  that  there  are no  performance
                                criteria  attached  to the  proposed  plan  other than the
                                absolute  level of the share  price in four  years'  time.
                                Under  the NAPF  policy  and  generally  accepted  current
                                market  practice,  we consider that  performance  criteria
                                for long-term  incentive  plans should be challenging  and
                                reflect the Company's  objectives.  We recognise  that, in
                                present  market  conditions,  the share price has been set
                                at  a  potentially   tough   absolute   target.   However,
                                depending on future market  conditions  over the next four
                                years,  the target  could  potentially  be met even if the
                                Company  were to  underperforming  its peers.          The
                                Company   explains  that,  by  contrast  to  the  proposed
                                arrangements,  most  LTIPs  are of a nil cost  nature  and
                                lack   personal   financial    commitment   by   Executive
                                Directors.   The  Remuneration   Committee  believes  that
                                targets   for   2007   investments   will   be   extremely
                                challenging   for  the  retail  industry  in  the  current
                                economic  environment,  given  that,  based on the current
                                share price and market  conditions.  Against a share price
                                of around GBP 21.00 and market  capitalisation  of GBP 4.8
                                billion (USD 9.5  billion),  the Board  believes  that, in
                                conjunction  with LTIP incentives,  implementation  of the
                                plan in 2007 will help  maintain  management  focus on the
                                long term creation of  shareholder  value.        We  have
                                discussed these arrangements with the Company  extensively
                                when the 2005 plan was  proposed.  We are pleased that the
                                Company   has  since   introduced   a  formal   continuous
                                employment condition (as a retention mechanism),  as under
                                the   initial   arrangements   it  would   appear  that  a
                                participant  could  leave the  Company at any time and for
                                any  reason   (including  as  a  result  of  having  their
                                contract  terminated  for  cause) and still  benefit  from
                                this  arrangement.          Although,  as discussed above,
                                we  are  critical  of  the  absence  of  any   performance
                                criteria other than the absolute level of share price,  we
                                accept  that the  proposed  targets  will be  sufficiently
                                stretching.   For  this  reason  we  are   supporting  the
                                proposed arrangements.
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 7,400,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,100,000
                    11       Authorise 34,000,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    12       Approve Programme Agreements Between the      For          For                   Mgmt
                             Company and Each of Goldman Sachs
                             International, UBS AG, Deutsche Bank AG and
                             Barclays Bank Plc
                                We are not voting  against this  resolution at the current
                                time as any shares  purchased  under this authority  count
                                towards the limit of 15% and these  purchases will provide
                                flexibility to purchase  shares at all times.  We continue
                                to encourage  the Company to provide  further  substantive
                                rationale  for such  arrangements  in the  circular/annual
                                report in the future.
                    13       Amend Articles of Association Re:             For          For                   Mgmt
                             Retirement Age of Directors
                                Permission  sought  to  remove  the  maximum  age limit on
                                directors of 70 years.  This is in line with the Companies
                                Act  2006,  which  removed  the  threshold.  We  therefore
                                consider this acceptable.
                    14       Amend Articles of Association Re:             For          For                   Mgmt
                             Electronic Communications
                    15       Authorise the Company to Use Electronic       For          For                   Mgmt
                             Communications


05/15/07 - A        NIBE INDUSTRIER AB                       W57113115                            05/08/07                  13,800
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive President's Report                    None         None                  Mgmt
                    8        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    9a       Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                                SET Revisionsbyra AB audited the financial  statements for
                                2006. The auditor's  report contained in the annual report
                                is  unqualified,  meaning  that  in  the  opinion  of  the
                                auditor,  the company's  financial  statements  are fairly
                                presented   in   accordance   with   generally    accepted
                                accounting principles.
                    9b       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 1.15 per Share; Set May 21, 2007, as
                             Record Date
                    9c       Approve Discharge of Board and President      For          For                   Mgmt
                                The grant of  discharge  to the board  and  president  has
                                long been a  tradition  in  Swedish  companies  and can be
                                said to have  symbolic  value.  The  resolution is a tacit
                                vote  of  confidence  in  the  company's   management  and
                                policies.  This  is a  standard  request  in  Sweden,  and
                                discharge   generally  is  granted  unless  a  shareholder
                                states a specific  reason for  withholding  discharge  and
                                intends to undertake legal action.
                    10       Determine Number of Members (5) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Aggregate Amount of SEK 700,000; Approve
                             Remuneration of Auditors
                    12       Reelect Arvid Gierow (Chair), Georg           For          For                   Mgmt
                             Brunstam, Gerteric Lindquist, Hans
                             Linnarsson och Bill Tunbrant as Directors
                    13       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                                According to the Corporate  Governance  Code (based on the
                                comply-or-explain  principle)  that  came  into  effect on
                                July 1,  2005,  a  proposal  for the  company's  policy on
                                remuneration  and other  terms of  employment  for  senior
                                management  is to be presented to the general  meeting for
                                approval.  The recommendations of the Code currently apply
                                only to companies  listed on the two major  indices of the
                                Stockholm  Stock  Exchange.  On July 1, 2006,  the vote on
                                executive  remuneration  was further  formalized as it was
                                incorporated  into the Swedish Companies Act and therefore
                                became  law.          The  disclosure  pertaining  to  the
                                performance       objectives       for      the      bonus
                                arrangement--although  not complete--is at par with market
                                standards in Sweden. Nevertheless,  we would prefer to see
                                further   details  about  the  criteria  used  to  measure
                                company  results  and the  levels  of these  criteria.  We
                                consider,  however,  the overall remuneration policy to be
                                satisfactory  despite these shortcomings.  The company has
                                reasonable  overall  levels  of  remuneration,  and it has
                                imposed  reasonable caps on the short-term  bonus payments
                                (three  months'  salary).  The  company  does not have any
                                outstanding  share related  incentive  plan          As we
                                consider   the   overall   structure   of   the   proposed
                                remuneration  policy  to  be  shareholder   friendly,   we
                                recommend a vote in favor of the proposal.
                    14       Other Business (Non-Voting)                   None         None                  Mgmt
                    15       Close Meeting                                 None         None                  Mgmt


06/28/07 - A        Nichias Corp. *5393*                     J49205107                            03/31/07                  45,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 8.5
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  1                The  nominee
                                for  independent  auditor  does not meet our  criteria for
                                independence.  He is an  attorney  and has  served  as the
                                company's outside counsel.          Given the realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  2  retiring   directors  and  1
                                retiring  statutory  auditor.                In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 7 continuing  directors and
                                4 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 3 of the  continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.


06/26/07 - A        Nichirei Corp. *2871*                    J49764145                            03/31/07                 112,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   42   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Amend Articles to: Expand Business Lines      For          For                   Mgmt
                                In this item,  the company asks for  shareholder  approval
                                to expand its  permitted  business  objectives  so that it
                                can  invest  in  and  control  companies  engaged  in  the
                                production and trading of seeds,  seedlings,  and flowers.
                                The  company  is  already  authorized  to  engage in these
                                activities directly, and so the change is a routine one.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominees      designated     as
                                non-executive:   Nominees  8  to  10        Background  of
                                non-executive   nominees:        Nominee  8  is  a  former
                                president  of  Johnson &  Johnson  (J&J)  Medical,  and is
                                currently  the  president  or  chairman  of several  other
                                companies.        Nominee  9  is  a  former  executive  of
                                McKinsey  & Co.  (Japan).        Nominee  10  is a  former
                                employee  of Reuters,  and is now a professor  at Yokohama
                                University.        Board   Profile        Composition   of
                                board   after   this   meeting:   7   executives   and   3
                                non-executives.        The    number   of   outsiders   is
                                remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee 2        The nominee meets our
                                criteria  for  independence.  He is an attorney and former
                                prosecutor.Nominee  1 is not  designated by the company as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.   He  is  also  an   attorney   and   former
                                prosecutor.
                    6        Amend Articles to: Authorize Issuance of      For          Against               Mgmt
                             Warrants for Takeover Defense By Resolution
                             of Board or AGM
                                The company  wants to amend the articles to authorize  the
                                company to issue warrants for takeover  defense by a board
                                resolution   or   shareholder   approval.   Under  Japan's
                                Corporate  Law, the issuance of warrants  does not require
                                a  shareholder  vote,  but may be  implemented  by a board
                                resolution.  However,  the company is seeking  shareholder
                                approval  for its defense  plan (see Item 7), and seeks to
                                amend its  articles  to allow the  company to confirm  the
                                will of shareholders  regarding the plan.  Nichirei states
                                that it will not proceed  with the poison pill unless this
                                resolution  is  approved.  Because we cannot  support  the
                                poison pill itself,  for the reasons  detailed  below,  we
                                also recommend that shareholders oppose this resolution.
                    7        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY        Type     of    Defense    Plan:     Advance
                                Warning-Type        Plan  Duration: 3 years        Trigger
                                Threshold: 20 percent        Directors'  Term in Office: 1
                                year        Board  Independence:  Following  this meeting,
                                there will be 3  independent  directors (30 percent of the
                                board) according to ISS criteria.          Independence of
                                Special  Committee:  All members of the committee meet ISS
                                criteria  for   independence.   The  members  are  outside
                                directors  Toshiki  Sumitani  (candidate  3.9) and  Mayuri
                                Kawamata  (candidate 3.10), and statutory auditor Kunitaro
                                Saida  (candidate  4.2).        Other  Types  of  Takeover
                                Defense:  No          Meeting  Notice Released Three Weeks
                                or More  Before  Meeting:  Yes          Nichirei's  poison
                                pill meets all of ISS's  necessary  conditions  (which are
                                not  sufficient   conditions).   That  does  not  end  the
                                discussion,  however,  but rather  requires us to evaluate
                                the company's likely  vulnerability to a hostile takeover,
                                and its strategy to improve its  valuation.  With a market
                                cap.  of  only  JY  194.59  billion  as of  this  writing,
                                Nichirei  would  certainly  be  digestible  by a  would-be
                                acquirer,  and its P-E ratio of 17.9 and price-book  ratio
                                of 1.75  suggest that there are  opportunities  to improve
                                the  company's  valuation,  although  there are  certainly
                                many companies in Japan with far lower valuations.  In the
                                12 months  leading up to May 15,  Nichirei had  handsomely
                                outperformed   both  the  benchmark  TOPIX  index  (by  21
                                percentage  points)  and the TOPIX  Foods Index (by nearly
                                14 percentage  points), as it posted a 70 percent increase
                                in group net  profit in  2006-07.  However,  on May 15 the
                                company  announced its final  earnings for the year, and a
                                forecast of lower  income in 2007-08;  and the shares have
                                fallen by 10 percent  since that time.  The  company  also
                                announced  its  poison  pill  on  May   15.        As   is
                                standard   practice  in  Japan,  the  pill  was  announced
                                simultaneously  with a "mid-term  management plan" for the
                                next three  fiscal  years.  Nichirei  notes that under its
                                last   three-year   plan,   it   succeeded   in   reducing
                                interest-bearing  debt  to  one-third  of its  peak  level
                                reached in 1997-98,  by prioritizing  the use of operating
                                cash   flow   to   repay   debt   and  by   disposing   of
                                underperforming    assets.    Nichirei   also    increased
                                profitability   in  its  processed  foods  and  commercial
                                frozen foods  businesses,  while launching direct sales of
                                a line of low calorie  frozen  foods.  While the company's
                                marine  products  operations  suffered  from  a  difficult
                                procurement  environment  caused by the worldwide increase
                                in demand for seafood,  Nichirei has reduced  headcount in
                                this  area  and is  working  on a  revival  plan  for  the
                                business.        Under  the 2007-10 plan,  Nichirei  plans
                                to  prioritize  the use of cash  flow to  invest in growth
                                areas, in order to boost profitability.  It is planning to
                                devote JY 54 billion  to  facilities  investment,  and has
                                set targets for ROE of 10 percent,  consolidated  dividend
                                on equity (DOE) of 2.5 percent,  and a consolidated payout
                                ratio of 25  percent.  Nichirei  is  setting a target  for
                                group net profit of JY 11.4 billion,  on sales of JY 533.1
                                billion.        We  note that  Nichirei's  actual  2006-07
                                net profit was JY 10.845 billion,  meaning that the target
                                level   represents   only  a  5  percent   increase.   The
                                consolidated  dividend  payout  ratio for  2006-07  was 23
                                percent,  so a goal of 25  percent  is also  not much of a
                                stretch.   (Payout   ratios   in   previous   years   were
                                substantially  higher.)  We  do  not  believe  that  these
                                goals,  even if  attained,  will be  sufficient  to have a
                                substantial impact on the company's valuation.  We believe
                                that the 10 percent  decline in the share  price since the
                                results and the management  plan were  announced  reflects
                                investors'  lukewarm  evaluation of the  company's  plans.
                                Accordingly,  we recommend that  shareholders  oppose this
                                poison  pill,   in  order  to  keep  up  the  pressure  on
                                management to work harder to improve shareholder value.


06/28/07 - A        Nihon Denpa Kogyo Co. Ltd. *6779*        J26819102                            03/31/07                  11,400
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 25
                    2        Elect Directors                               For          For                   Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.


06/28/07 - A        Nihon Eslead *8877*                      J5013U107                            03/31/07                   2,400
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  0  non-executives.  The  board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory   auditor:   Both   nominees                Both
                                nominees     pass    our     test    for     independence.
                                                Nominee  1 is a  former  executive  of The
                                Midori  Bank,  Ltd.,  which  currently  is a  part  of The
                                Minato  Bank,  Ltd.  Nominee  2 is a former  executive  of
                                Japan Finance Corporation for Small and Medium Enterprise.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  chief of Osaka  prefectural
                                police.
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor
                                The   retiring    auditor   has   been    designated    as
                                independent.        As  we  believe  the  payment  of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the item.


06/28/07 - A        Nihon Koden Corp. *6849*                 J50538115                            03/31/07                  23,274
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 15
                    2        Amend Articles to: Decrease Maximum Board     For          For                   Mgmt
                             Size - Reduce Directors Term in Office
                                The company is decreasing  the maximum number of directors
                                on the  board  from 18 to 12, in order to  strengthen  the
                                management  structure  by speeding up the  decision-making
                                process.  Following this meeting,  the company would still
                                have 4 vacant  seats  on the  board,  to  which  dissident
                                nominees could be elected.          The  proposed  changes
                                meet our guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                All nominees are insiders.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    5        Approve Retirement Bonuses to Directors and   For          Against               Mgmt
                             Special Payments to Continuing Directors
                             and Statutory Auditors in Connection with
                             Abolition of Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       4       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  8  continuing   directors  and  4
                                continuing  internal  statutory  auditors.  The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 2 of the  continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    6        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                For  directors,  the  ceiling  would be raised  from JY 22
                                million  per month (or JY 264  million per year) to JY 400
                                million  per  year.  After  the  meeting,  the  number  of
                                directors   will  decrease  from  12  to  8.           For
                                statutory  auditors,  the ceiling would be lowered from JY
                                7 million  per month (or JY 84 million  per year) to JY 80
                                million per year.  After the  meeting,  the  company  will
                                continue  to have 4  statutory  auditors.          Because
                                the new ceilings are not  excessive,  we have no reason to
                                oppose this resolution.
                    7        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY        Type  of Defense Plan: Advance Warning-Type
                                        Plan Duration: 3  years        Trigger  Threshold:
                                20  percent of shares  outstanding        Directors'  Term
                                in Office:  1  year        Board  Independence:  The board
                                will be composed  entirely of  executive  directors  after
                                this  meeting.        Independence  of Special  Committee:
                                All  members  of  the  committee  meet  ISS  criteria  for
                                independence.          Other Types of Takeover Defense: No
                                        Meeting   Notice  Released  Three  Weeks  or  More
                                Before  Meeting:  No        Because  the board is composed
                                entirely of  executives,  and because of the late  release
                                of the proxy  materials,  we recommend  that  shareholders
                                oppose this resolution.


03/29/07 - A        Nippon Denko Co. Ltd. *5563*             J52946126                            12/31/06                  52,697
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             5, Special JY 0
                                The  payout  ratio is 51  percent  based  on  consolidated
                                earnings, or 34 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company earnings only.
                    2        Amend Articles to: Limit Rights of Odd-lot    For          For                   Mgmt
                             Holders - Update Terminology to Match that
                             of New Corporate Law - Limit Liability of
                             Directors and Statutory Auditors
                                First,  the  company  wants to limit the right of  odd-lot
                                shareholders  to bring  shareholder  lawsuits.  As odd-lot
                                holders   would  be  extremely   unlikely  to  bring  such
                                lawsuits  in Japan,  where any funds  recovered  go to the
                                company  rather  than  the  plaintiff,  we do not view the
                                limitation   of   their   right   to  sue  as   especially
                                consequential.        Next,    the   company   seeks   the
                                authority  to  impose  limits on the  legal  liability  of
                                directors  and  statutory  auditors  by  way  of  a  board
                                resolution.   In  addition,   shareholders  are  asked  to
                                authorize  the  company  to  impose  limits  on the  legal
                                liability of outside  directors and statutory  auditors in
                                the company's  service  contracts with these  individuals.
                                These  limitations  would apply only where the  individual
                                in question  acted in good  faith,  and would not apply in
                                cases  of  gross  negligence  or  criminal  behavior.  The
                                limitations  are seen as  necessary  in  order to  attract
                                qualified candidates to serve in these positions.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee Profile        Executive  nominee(s): All nominees
                                        Non-executive  nominee(s):   None        Incumbent
                                nominee(s):  Nominees  1  to  12          New  nominee(s):
                                Nominee                            13                Board
                                Profile        Composition    of   current    board:    13
                                executives    and    0     non-executives        Incumbent
                                director(s)  stepping  down from the board at the close of
                                this  meeting:  1  executive        Composition  of  board
                                after    this    meeting:     13    executives    and    0
                                non-executives        We   ordinarily  recommend  opposing
                                director  nominees  only in case of  clear  mismanagement.
                                That is not the case here.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:   Nominees  1  and   3        Neither
                                nominee   meets  our  criteria  for   independence.   Both
                                nominees are former  executives of Nippon Steel Corp., the
                                largest  shareholder  in Nippon  Denko with a 6.2  percent
                                stake.          Given  the realities of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  both nominees for independent  auditor cannot
                                be expected to fulfill the role of independent  monitor of
                                the company's activities on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The second nominee is not designated as independent.
                    4.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 4.1.
                    5        Appoint External Audit Firm                   For          Against               Mgmt
                                The board  recommends  that Misuzu Audit  Corp.,  formerly
                                known  as  ChuoAoyama  Audit  Corp.,  be  approved  as the
                                company's   independent   accounting   firm.   Note   that
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.  Following  this  development,   the  company
                                appointed  another audit firm on a provisional  basis.  In
                                addition,  the  company  reappointed  Misuzu,  also  on  a
                                provisional    basis,   after   the   suspension   period.
                                        However,   the   company  now  seeks  to  formally
                                reappoint  Misuzu as its sole audit firm.  A number of the
                                firm's  auditors  have  defected to other firms,  and many
                                client  companies  have  already  switched  to other audit
                                firms,  or are  planning  to do so at  their  next  annual
                                meeting.  Other companies have appointed  additional audit
                                firms to serve  alongside  Misuzu.  In  recognition of the
                                severe  damage  to its  reputation  and its  bottom  line,
                                Misuzu decided in February to cease audit operations,  and
                                transfer its  accountants  and its business to a number of
                                other major audit  firms.  However,  it is not clear which
                                firm will  ultimately be auditing  Nippon  Denko's  books.
                                        Because  Misuzu has suffered  sufficient damage to
                                its  reputation  that it now plans to  disband,  we cannot
                                support the firm's  appointment as the company's  external
                                auditor,  and we recommend that  shareholders  oppose this
                                resolution.
                    6        Approve Retirement Bonuses for Director and   For          Against               Mgmt
                             Statutory Auditor
                                The retiring  auditor has been  designated as independent.
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the item.
                    7        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                28.2  million  to 13  directors,  and JY 1.8  million to 4
                                statutory   auditors.   Because   the   company  has  been
                                profitable,  and because the amounts are not excessive, we
                                have no reason to oppose this resolution.


06/28/07 - A        Nippon Light Metal Co. Ltd. *5701*       J54709100                            03/31/07                 122,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 21 percent  based on
                                consolidated    earnings,   or   26   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:           Nominees           9          and
                                11                Background  of non-executive nominee(s):
                                Nominee 9 is a former  vice-president  and current  senior
                                advisor to Toray  Industries  Inc.  Nominee 11 is a former
                                vice-president  of Mizuho  Holdings,  which is the  parent
                                company  of  Nippon  Light   Metal's  main  bank,   Mizuho
                                Corporate  Bank. He is currently a senior advisor to Yushu
                                Corp.                Board  Profile        Composition  of
                                board   after   this   meeting:   9   executives   and   2
                                non-executives.        The    number   of   outsiders   is
                                remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that Shin-Nihon & Co be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following   the   suspension,    the   company   appointed
                                Shin-Nihon  on a  provisional  basis.  Here,  the  company
                                seeks to formally appoint Shin-Nihon.  We see no reason to
                                oppose this resolution.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan    Duration:    3   years
                                                Trigger            Threshold:           20
                                percent                Directors'   Term  in   Office:   1
                                year                Board   Independence:  Following  this
                                meeting,  there will be 1 independent  director (9 percent
                                of      the       board)       according       to      ISS
                                criteria.                Independence      of      Special
                                Committee:  2 out of 3 members of the  committee  meet ISS
                                criteria for  independence.                Other  Types of
                                Takeover   Defense:    No                Meeting    Notice
                                Released    Three   Weeks   or   More   Before    Meeting:
                                Yes        The  reason that  shareholders  of US companies
                                reluctantly  tolerate  takeover  defenses  is that  poison
                                pills  do not  automatically  prevent  hostile  bids  from
                                succeeding  in the  US,  where  boards  are  dominated  by
                                independent  directors who face meaningful  sanctions,  in
                                the  form  of  lawsuits,  if they  take  steps  which  are
                                contrary  to  shareholder  value.  That is not the case in
                                Japan,  so to ensure that a takeover  defense leads to the
                                continued  enhancement of  shareholder  value and does not
                                serve  merely  to  entrench  management,   it  is  vitally
                                important  that  the  board  include  a  critical  mass of
                                independent  directors  who  can  ensure  that  the  board
                                remains  responsive to the interests of ordinary investors
                                even after a defense  is in  place.                Because
                                the    independence   of   the   special    committee   is
                                questionable,  and because the board  composition does not
                                meet ISS guidelines on poison pills,  stipulating  that at
                                least 20 percent,  and no fewer than two, of the directors
                                must meet ISS'  definition of  independence,  we recommend
                                that shareholders oppose this resolution.


06/28/07 - A        Nippon Paint Co. Ltd. *4612*             J55053128                            03/31/07                  68,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 4.5
                    2        Amend Articles to: Abolish Retirement Bonus   For          For                   Mgmt
                             System
                                The proposed change is routine.
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee is not designated as independent,  and we have
                                no reason to oppose the nomination.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                The recipients are insiders.
                    6        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  for  directors  would be  raised  from JY 35
                                million   per   month  to  JY  45   million   per   month.
                                                Because   the   new   ceilings   are   not
                                excessive, we have no reason to oppose this resolution.
                    7        Amend Articles to: Allow the Company to       For          Against               Mgmt
                             Adopt Takeover Defense with Shareholder
                             Approval
                                In the item,  The company  seeks to amend the  articles to
                                specify that a takeover  defense shall be implemented  via
                                a vote at a general meeting of  shareholders.  The renewal
                                of any such  defense  shall  also  require  a  shareholder
                                vote. The general  understanding is that Japanese law does
                                not require such a vote -- although  this has not yet been
                                challenged   in  court,   and  a  majority  of   companies
                                implementing  poison  pills  in 2007  are in fact  seeking
                                shareholder  approval.  Nippon  Paint Co Led.  is  seeking
                                shareholder  approval  for its defense plan in Item 8, and
                                seeks to  clarify  the  basis  on  which  it is doing  so.
                                Because we cannot support the company's  takeover  defense
                                for the reasons  discussed  below,  we also recommend that
                                shareholders vote against this resolution.
                    8        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                Plan    Duration:    3   years
                                                Trigger  Threshold:  20  percent of shares
                                outstanding                Directors'  Term in  Office:  1
                                year                Board  Independence: The board will be
                                composed  entirely  of  executive   directors  after  this
                                meeting.                Independence       of      Special
                                Committee:  All members of the committee meet ISS criteria
                                for independence.                  Other Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More  Before  Meeting:  No                Because
                                the board is composed  entirely of executives ,and because
                                of the late release of the proxy  materials,  we recommend
                                that shareholders oppose this resolution.


06/28/07 - A        Nippon Pillar Packing *6490*             J55182109                            03/31/07                  20,566
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 12
                    2        Amend Articles to: Increase Authorized        For          For                   Mgmt
                             Capital - Decrease Maximum Board Size -
                             Reduce Directors Term - Limit Liability of
                             Directors and Statutory Auditors -
                             Authorize Board to Determine Income
                             Allocation
                                The company  first seeks the authority to impose limits on
                                the legal  liability of directors and  statutory  auditors
                                by way of a board  resolution.  In addition,  shareholders
                                are asked to  authorize  the  company to impose  limits on
                                the legal  liability  of  outside  directors  and  outside
                                statutory  auditors  in the  company's  service  contracts
                                with these  individuals.  These  limitations  would  apply
                                only  where  the  individual  in  question  acted  in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve in these  positions.        Second,  the  company is
                                decreasing  the maximum  number of  directors on the board
                                from 15 to 7, in connection  with the  introduction  of an
                                executive  officer  system.  Following  this meeting,  the
                                company  would still have 2 vacant seats on the board,  to
                                which    dissident     nominees    could    be    elected.
                                        Finally,   the  company   seeks  to  increase  its
                                authorized  share  capital from  40,352,000  to 80 million
                                shares,  an increase of 98 percent.  The company currently
                                has 25,042,406 shares outstanding,  or about 62 percent of
                                the current  authorization.  After the proposed  increase,
                                the  company  will  have  31  percent  of  its  authorized
                                capital  outstanding.          The  proposed  changes meet
                                our guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that KPMG Azsa & Co be  approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here, the company seeks to appoint KPMG Azsa & Co,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.


06/27/07 - A        Nippon Seiki Co. *7287*                  J55483101                            03/31/07                  12,725
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                16 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    1.16     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Both  nominees        Both   nominees
                                pass  our  test  for   independence.   Nominee   1  is  an
                                accountant in private  practice.  Nominee 2 is an attorney
                                in private practice.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.


06/28/07 - A        Nippon Shinyaku Co. Ltd. *4516*          J55784102                            03/31/07                  34,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 6
                    2        Amend Articles to: Introduce Provisions on    For          Against               Mgmt
                             Takeover Defense
                                The company  seeks to amend the articles to specify that a
                                takeover  defense  shall  be  implemented  via a vote at a
                                general meeting of  shareholders.  The renewal of any such
                                defense  shall  also  require  a  shareholder   vote.  The
                                general  understanding  is  that  Japanese  law  does  not
                                require  such a vote --  although  this  has not yet  been
                                challenged   in  court,   and  a  majority  of   companies
                                implementing  poison  pills  in 2007  are in fact  seeking
                                shareholder   approval.   Nippon   Shinyaku   is   seeking
                                shareholder  approval  for its defense plan in Item 5, and
                                seeks to  clarify  the  basis  on  which  it is doing  so.
                                Because we cannot support the company's  takeover  defense
                                for the reasons  discussed  below,  we also recommend that
                                shareholders vote against this resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  The nominee is a former executive  director
                                of Takara Holdings Inc.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY        Type  of Defense Plan: Advance Warning-Type
                                        Plan Duration: 3 years         Trigger  Threshold:
                                20  percent of shares  outstanding        Directors'  Term
                                in Office:  1  year        Board  Independence:  The board
                                will be composed  entirely of  executive  directors  after
                                this  meeting.        Independence of Special Committee: 2
                                out of 3 members of the  committee  meet ISS  criteria for
                                independence.          Other  Types of  Takeover  Defense:
                                No        Meeting  Notice  Released  Three  Weeks  or More
                                Before Meeting:  No        Because the independence of the
                                special  committee is  questionable,  because the board is
                                composed  entirely of executives,  and because of the late
                                release  of  the  proxy   materials,   we  recommend  that
                                shareholders oppose this resolution.


06/27/07 - A        Nippon Suisan Kaisha Ltd. *1332*         J56042104                            03/31/07                 109,700
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                17 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    1.12     Elect Director --- For
                    1.13     Elect Director --- For
                    1.14     Elect Director --- For
                    1.15     Elect Director --- For
                    1.16     Elect Director --- For
                    1.17     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:    None        Neither   nominee   is
                                designated by the company as  independent,  and we have no
                                reason to oppose the nominations.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.
                    4        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement  bonus for 2 retiring  directors and 2 retiring
                                statutory    auditors.                In   addition,   the
                                company  requests  shareholder  approval  for  payments in
                                lieu of retirement bonuses to 14 continuing  directors and
                                2 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In    this   case,   all   of   the
                                continuing  statutory auditors have been designated by the
                                company as independent.  As we believe the payment of such
                                bonuses  to  non-executives  is  a  highly   inappropriate
                                practice   anywhere,   not  just  in  Japan,   we  see  no
                                alternative but to recommend opposing the whole item.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 70
                                million  per month (or JY 840  million per year) to JY 1.5
                                billion per year. In addition,  the company wants to raise
                                the ceiling for statutory  auditors from JY 10 million per
                                month (or JY 120  million  per year) to JY 200 million per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 16 to 17. The company will continue to have
                                4  statutory   auditors.                Because   the  new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.


06/28/07 - A        Nippon System Development Co. Ltd.       J56107105                            03/31/07                   8,200
                    *9759*
                    1        Amend Articles to: Change Location of Head    For          For                   Mgmt
                             Office
                                The proposed changes are routine.
                    2        Elect Directors                               For          For                   Mgmt
                    3        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He  is  a  former  executive  of
                                Dai-ichi Life  Information  Systems Co., Ltd.,  which is a
                                company's business partner.
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors


06/26/07 - A        Nissin Electric Co. Ltd. *6641*          J58020116                            03/31/07                  44,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 6
                                The payout ratio for the full year is 21 percent  based on
                                consolidated    earnings,   or   31   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  8  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a current executive director
                                of the  largest  shareholder  in the  company  with a 32.3
                                percent   stake.                Given   the  realities  of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence.  He is a former  government  official  and a
                                current university professor.


06/15/07 - A        Nissin Kogyo *7230*                      J58074105                            03/31/07                  23,879
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile                Composition  of  board  after  this
                                meeting:         14        executives         and        0
                                non-executives.                The     board     currently
                                includes 15 executives and no outside directors.
                    1.2      Elect Director --- For
                                See 1.1
                    1.3      Elect Director --- For
                                See 1.1
                    1.4      Elect Director --- For
                                See 1.1
                    1.5      Elect Director --- For
                                See 1.1
                    1.6      Elect Director --- For
                                See 1.1
                    1.7      Elect Director --- For
                                See 1.1
                    1.8      Elect Director --- For
                                See 1.1
                    1.9      Elect Director --- For
                                See 1.1
                    1.10     Elect Director --- For
                                See 1.1
                    1.11     Elect Director --- For
                                See 1.1
                    1.12     Elect Director --- For
                                See 1.1
                    1.13     Elect Director --- For
                                See 1.1
                    1.14     Elect Director --- For
                                See 1.1
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3                The  nominee
                                does not  meet  our  criteria  for  independence.  He is a
                                former an  executive  of Honda Motor Co.,  which owns 34.7
                                percent   of   Nissin    Kogyo.                Given   the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and  their  affiliates,  nominee  3  for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                See 2.1
                    2.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See 2.1
                    3        Appoint Alternate Internal Statutory Auditor  For          Against               Mgmt
                                The nominee does not meet our  criteria for  independence.
                                He   is   a    former    executive    of    Honda    Motor
                                Co.                Given   the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                88.4  million  to 15  directors,  and JY 5.6  million to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    5        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                             and Statutory Auditor
                                All  retirees  have  held  executive  positions  with  the
                                company.  Accordingly,  we have no reason  to oppose  this
                                resolution.


06/28/07 - A        Nittetsu Mining Co. Ltd. *1515*          J58321100                            03/31/07                  81,472
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 3.5
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,   or   11   percent   based   on
                                parent-company earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  2                The  nominee
                                meets our criteria for independence. He is an attorney.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    5        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditors and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  4  retiring   directors  and  2
                                retiring statutory  auditors.                In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 6 continuing  directors and
                                2 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this  case,  1 of the  retiring
                                statutory  auditor has been  designated  by the company as
                                independent.  1 of the  continuing  statutory  auditor has
                                been  designated  by the  company  as  independent.  As we
                                believe the payment of such bonuses to  non-executives  is
                                a  highly  inappropriate  practice  anywhere,  not just in
                                Japan,  we see no  alternative  but to recommend  opposing
                                the whole item.
                    6        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                                The  ceiling for directors would be raised
                                from JY 22 million  per month to JY 27 million  per month.
                                In  addition,  the company  wants to raise the ceiling for
                                statutory  auditors  from JY 4.2 million per month to JY 6
                                million  per  month.  After  the  meeting,  the  number of
                                directors  will  decrease  from 10 to 7,  but the  company
                                will  continue  to  have 4  statutory  auditors.        In
                                addition,   the  company  wants  shareholder  approval  to
                                create  annual  bonus  ceiling  for  directors  of  JY  60
                                million.           Because   the  new   ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


03/29/07 - A        NOBIA AB                                 W5750H108                            03/23/07                   8,102
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Approve Agenda of Meeting                     For          For                   Mgmt
                    5        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    8        Receive President's and Chairman's Report     None         None                  Mgmt
                    9        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    10       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK 6 per Share
                    11       Approve Discharge of Board and President      For          For                   Mgmt
                    12       Determine Number of Members (9) and Deputy    For          For                   Mgmt
                             Members (0) of Board; Determine Number of
                             Auditors and Deputy Auditors
                    13       Approve Remuneration the Amount of SEK        For          For                   Mgmt
                             300,000 for Board Members and SEK 750,000
                             for the Chairman; Approve Remuneration of
                             Auditors
                    14       Reelect Hans Larsson (Chairman), Fredrik      For          Against               Mgmt
                             Cappelen, Stefan Dahlbo, Bodil Eriksson,
                             Wilhelm Lauren, Harald Mix, and Fredrik
                             Palmstierna as Directors; Elect Thore
                             Ohlsson and Lotta Stalin as New Directors
                                If a  company  does not  have an  audit or a  remuneration
                                committee,  we will  consider  the entire board to fulfill
                                the  role  of the  committees.  Cappelen  is an  executive
                                director  who serves on the board's  Audit  Committee.  As
                                outlined  above,  we prefer that all key board  committees
                                comprise  only  independent  non-executives.  If a company
                                does not have an audit or a  remuneration  committee,  ISS
                                will  consider  the entire  board to  fulfill  the role of
                                these  committees.  In such case, we will  recommend  that
                                shareholders oppose the executives,  including the CEO, up
                                for election to the board.          Due to the presence of
                                Nobia's CEO on the board,  which is  considered to fulfill
                                the role of the audit committee,  shareholders are advised
                                to vote against this proposal.
                    15       Ratify KPMG as Auditors                       For          For                   Mgmt
                    16       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    17       Approve 3:1 Stock Split; Adjust Range for     For          For                   Mgmt
                             Min. (SEK 135 Million) and Max. (SEK 540
                             Million) Numbers of Shares; Editorial
                             Changes to Reflect Stock Split
                    18       Approve Stock Option Plan for Employees;      For          For                   Mgmt
                             Approve Creation of SEK 600,000 Million
                             Pool of Capital to Guarantee Conversion
                             Rights
                    19       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital
                    20       Close Meeting                                 None         None                  Mgmt


06/05/07 - A        North West Company Fund                  662906106                            04/20/07                   6,695
                    1        Elect Trustees : David G Broadhurst, Frank    For          For                   Mgmt
                             J Coleman, Wendy F Evans, R J (Bob)
                             Kennedy, Edward S Kennedy, Gary J Lukassen,
                             Keith G Martell, James G Obome, H Sanford
                             (Sandy) Riley, and Ian Sutherland
                    2        Elect Directors of North West Company Inc -   For          For                   Mgmt
                             David G Broadhurst, Frank J Coleman, Wendy
                             F Evans, R J (Bob) Kennedy, Edward S
                             Kennedy, Gary J Lukassen, Keith G Martell,
                             James G Obome, H Sanford (Sandy) Riley, and
                             Ian Sutherland
                    3        Approve PricewaterhouseCoopers LLP as         For          For                   Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors


09/27/06 - A        Northgate Plc (Formerly Goode Durrant)   G6644T108                            None                      20,494
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 14 Pence Per        For          For                   Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                   Mgmt
                                We view the  provision  for half of annual  bonuses  to be
                                realised   in  shares  as  a  positive   feature,   as  it
                                incentivises  Executive Directors to grow the share price.
                                In addition,  the three year deferral period for the share
                                element  constitutes a retention  mechanism.  However,  we
                                note that  both the Share  Option  Scheme  and the  Annual
                                Bonus  Scheme  feature  an EPS  growth  measurement.  Some
                                investors may prefer separate  performance  criteria to be
                                applied to different incentive plans.
                    4        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             of the Company
                    5        Authorise the Audit Committee to Fix          For          For                   Mgmt
                             Remuneration of Auditors
                                In the annual report,  unclassified 'other' non-audit fees
                                amount  to 26.5  percent.  According  to NAPF  policy,  if
                                non-audit  fees comprise more than 20 percent of the Audit
                                Fees  disclosed in the annual  report,  an analysis of the
                                principal  areas of  non-audit  fees should be provided to
                                shareholders   in  the   Annual   Report.        Following
                                engagement  by  RREV,  the  Company   provided  a  further
                                breakdown  of  the  unclassified  audit  fees  (see  Audit
                                Commentary).
                    6        Re-elect Stephen Smith as Director            For          For                   Mgmt
                    7        Re-elect Phil Moorhouse as Director           For          For                   Mgmt
                    8        Re-elect Gerard Murray as Director            For          For                   Mgmt
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 175,000
                    10       Authorise 7,000,000 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase


05/10/07 - A        Novae Group plc                          G66819106                            None                     108,376
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Elect Jeremy Adams as Director                For          For                   Mgmt
                    4        Elect Sir Bryan Carsberg as Director          For          For                   Mgmt
                    5        Elect Oliver Corbett as Director              For          For                   Mgmt
                    6        Elect Matthew Fosh as Director                For          For                   Mgmt
                    7        Elect Tony Hambro as Director                 For          For                   Mgmt
                    8        Elect David Henderson as Director             For          For                   Mgmt
                    9        Elect Peter Matson as Director                For          For                   Mgmt
                    10       Elect Allan Nichols as Director               For          For                   Mgmt
                    11       Elect Paul Selway-Swift as Director           For          For                   Mgmt
                    12       Appoint KPMG Audit Plc as Auditors of the     For          For                   Mgmt
                             Company
                    13       Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    14       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 24,407,115
                    15       Approve Increase in Remuneration of           For          For                   Mgmt
                             Non-Executive Directors to GBP 300,000
                    16       Approve Novae Group Plc Long Term Incentive   For          For                   Mgmt
                             Plan 2007
                                Analysis   and  Vote   Recommendation        The   Company
                                included  RREV in its  shareholder  consultation  exercise
                                prior    to    the     publication    of    the    meeting
                                circular.        The  proposed  LTIP  meets  current  good
                                practice    regarding   the   threshold   vesting   level,
                                stretching  performance targets,  vesting for good leavers
                                and a  change-in-control  or other  corporate  events.  We
                                would  also  welcome  the   introduction   of  significant
                                shareholding  guidelines  and  public  disclosure  of  the
                                constituents   of  the  comparator   group  used  for  the
                                TSR-related  segment  of the award  vesting.          With
                                regard  appropriate   dilution  limits,  the  Company  has
                                assured RREV that it would not expect the aggregate  share
                                usage for this and any  successor  plans over the next ten
                                years    to    exceed    10%   of   the    issued    share
                                capital.        We  consider that  overall,  the structure
                                of the proposals meet current good practice.  In addition,
                                we commend  the  Company on their  change in  remuneration
                                policy  away  from  upper  quartile  to  median.   We  are
                                therefore   recommending  that  shareholders  support  the
                                Company's proposal.
                    17       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 3,661,067
                    18       Authorise 73,221,345 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


06/28/07 - A        NTN Corp. *6472*                         J59353110                            03/31/07                 138,724
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 7, Final JY
                             8, Special JY 1
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       2       and
                                3                Nominee  2 does not meet our criteria for
                                independence.  He is a  former  executive  of  one  of the
                                largest  shareholders  in the company  with a 4.61 percent
                                stake,  which is also the  company's  main bank.  However,
                                nominee 3 passes our criteria for  independence.  He is an
                                attorney.        Given  the realities of Japanese business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominee 2 for  independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                see item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt


01/30/07 - A        OHARA INC. *5218*                        J59741108                            10/31/06                   3,900
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             40, Special JY 0
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format - Limit
                             Rights of Odd-lot Holders - Update
                             Terminology to Match that of New Corporate
                             Law
                    3        Elect Directors                               For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those  companies  and  their  affiliates,  neither
                                nominee  for  independent   auditor  can  be  expected  to
                                fulfill the role of  independent  monitor of the company's
                                activities on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                    5        Appoint External Audit Firm                   For          For                   Mgmt
                    6        Approve Retirement Bonuses for Director and   For          Against               Mgmt
                             Statutory Auditors
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly  inappropriate   practice  anywhere,  we  recommend
                                opposing this resolution.
                    7        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    8        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors


06/28/07 - A        Oiles Corporation *6282*                 J60235108                            03/31/07                  11,224
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 23
                    2        Elect Directors                               For          For                   Mgmt
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a CPA.


06/27/07 - A        Oita Bank Ltd. *8392*                    J60256104                            03/31/07                  17,154
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 3
                                The payout ratio for the full year is 12 percent  based on
                                either parent-only or consolidated earnings.
                    2        Amend Articles to: Increase Number of         For          For                   Mgmt
                             Statutory Auditors
                                In this  item,  the  company  is  increasing  the  maximum
                                number of  directors on the board from 4 to 5, in order to
                                strengthen  the  management  structure.                The
                                proposed change meets our guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                10 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory   auditor:   Both   nominees                Both
                                nominees pass our test for  independence.  Nominee 1 is an
                                attorney, and nominee 2 is a former civil officer.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Approve Retirement Bonus for Director         For          For                   Mgmt
                                The recipient is an insider.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.


06/15/07 - A        Okinawa Cellular Telephone *9436*        J60805108                            03/31/07                      46
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 2500, Final
                             JY 3500, Special JY 0
                                The  payout  ratio  is 24  percent  based  on  parent-only
                                earnings.   The  company  does  not  report   consolidated
                                financial statements.
                    2        Amend Articles To: Expand Business Lines      For          For                   Mgmt
                                In this item,  the company asks for  shareholder  approval
                                to expand its  permitted  business  objectives  to include
                                the banking  agency  business.  Okinawa  Cellular plans to
                                take part in the  Mobilenet  Bank  project  which  will be
                                launched  jointly  by  Bank  of  Tokyo-Mitsubishi  UFJ and
                                KDDI, which is Okinawa  Cellular's  majority  shareholder.
                                The bank  venture will allow  customers  to make  payments
                                and carry out other  transactions by mobile phone,  and is
                                expected to launch in the 2008-09 fiscal year.  Because we
                                believe  that  the  services   contemplated   are  logical
                                extensions  of  the  company's  current  mobile  telephony
                                services, we do not oppose this resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:     Nominees     1,    5,    6,    8    and
                                11.        Background           of           non-executive
                                nominee(s):        Nominee  1 is a senior  advisor to KDDI
                                Corp.,  the  largest  shareholder  in the  company  with a
                                51.51  percent  stake.  Nominee 5 is a senior  advisor  to
                                Bank of The Ryukyus,  Ltd., another major shareholder with
                                a 1.72  percent  stake.  Nominee 6 is a chairman of Ryukyu
                                Broadcasting  Corp.,  also a major shareholder with a 1.72
                                percent  stake.  Nominee 8 is a current vice  president of
                                KDDI  Corp.  Nominee  11 is a  current  executive  of KDDI
                                Corp.          Board  Profile        Composition  of board
                                after this  meeting:  6 executives  and 5  non-executives.
                                The number of outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:   All   nominees        None   of  the
                                nominees passes our test for  independence.        Nominee
                                1 is a current executive  director of The Bank of Okinawa,
                                Ltd., one of the largest  shareholders in the company with
                                a 1.72 percent stake.  Nominee 2 is a current president of
                                Okinawa  Electric  Power Co.,  another  major  shareholder
                                which again  holds a 1.72  percent  stake.  Nominee 3 is a
                                current    executive   of   majority    shareholder   KDDI
                                Corp.        Given  the realities of Japanese business and
                                the  strong  loyalties  to  companies  held by those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  none of the nominees for independent  auditor
                                can  be  expected  to  fulfill  the  role  of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 4.1
                    4.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 4.1
                    5        Appoint External Audit Firm                   For          For                   Mgmt
                                The board  recommends  that Kyoto Audit Corp.  be approved
                                as the company's  independent  accounting firm. ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following  the  suspension,   the  company   appointed  an
                                individual  CPA  as  its  auditor,  and  then  reappointed
                                Misuzu on a provisional  basis after the suspension period
                                ended.  Here,  the  company  seeks to appoint  Kyoto Audit
                                Corp.,  because in recognition of the severe damage to its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditor
                                The company is proposing an aggregate  bonus payment of JY
                                9.46  million  to 4  directors,  and a payment of JY 1.725
                                million to 1  statutory  auditor.  Because the amounts are
                                not   excessive,   we  have  no  reason  to  oppose   this
                                resolution.


03/13/07 - A        ORIOLA-KD CORPORATION                    X60005117                            03/02/07                  19,677
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.10)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.06 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Fix Number of Directors at Seven              For                                Mgmt
                    1.7      Approve Remuneration of Directors and         For                                Mgmt
                             Auditors
                    1        Elect Directors                               For                                Mgmt
                    1.9      Elect Olli Riikkala as Board Chairman         For                                Mgmt
                    1.10     Elect Ernst & Young Oy as Auditor; Elect      For                                Mgmt
                             Anu Ojala as Deputy Auditor
                    2        Authorize Repurchase of up to 10 Percent of   For                                Mgmt
                             Issued Share Capital; Authorize Reissuance
                             of Repurchased Shares
                    3        Approve Creation of Pool of Capital without   For                                Mgmt
                             Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A/S      ORPEA                                    F69036105                            06/25/07                   3,868
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    4        Approve Discharge of Board                    For                                Mgmt
                    5        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    6        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 60,000
                    7        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    8        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 30 Million
                    9        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 30 Million
                    10       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    11       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    12       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Authorize Board to Set Issue Price for 10     For                                Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    14       Approve Stock Split                           For                                Mgmt
                    15       Amend Articles to Reflect Changes in Capital  For                                Mgmt
                    16       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    17       Authorize up to 90,000 Shares for Use in      For                                Mgmt
                             Restricted Stock Plan
                    18       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    19       Authorize Board to Issue Free Warrants with   For                                Mgmt
                             Preemptive Rights During a Public Tender
                             Offer or Share Exchange
                    20       Amend Articles of Association Re:             For                                Mgmt
                             Disclosure Threshold
                    21       Amend Articles Re: Attend Board Meetings      For                                Mgmt
                             Through Videoconference and
                             Telecommunication
                    22       Amend Articles of Association Re: General     For                                Mgmt
                             Meeting Quorum Requirements
                    23       Amend Articles of Association Re: Call        For                                Mgmt
                             General Meetings
                    24       Amend Articles of Association Re: Record      For                                Mgmt
                             Date
                    25       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        Osaka Steel Co., Ltd. *5449*             J62772108                            03/31/07                  16,440
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:   Nominees  2  and   3.        Neither
                                nominee   meets  our  criteria  for   independence.   Both
                                nominees   are   current   executives   of   the   largest
                                shareholder   in  the   company   with   a  60.6   percent
                                stake.                Given   the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  both nominees for independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 2.1
                    2.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 2.1
                    3        Appoint Alternate Internal Statutory Auditor  For          Against               Mgmt
                                The nominee for  independent  auditor passes does not pass
                                our  test  for  independence.           He  is  a  current
                                executive of the largest  shareholder  in the company with
                                a  60.61  percent  stake.        Given  the  realities  of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Retirement Bonus for Director         For          For                   Mgmt
                                The  retiring  director  is an  insider,  and we  have  no
                                reason to oppose this resolution.


05/03/07 - A        Oxford Biomedica plc                     G6836F106                            None                     209,861
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                The Company has failed to provide  any  justification  for
                                the  salary   increases   during  the  year  and  has  not
                                disclosed      it      general      policy     in     this
                                area.        Furthermore,  the  remuneration  report  does
                                not  disclose  the maximum  individual  award levels under
                                the annual  bonus  scheme,  nor does it  disclose  the (1)
                                type of  performance  targets  that such will be  assessed
                                against   during  2007  and  (2)  a  general   explanation
                                regarding the retrospective  performance  targets achieved
                                which  resulted  in  the  level  of  bonus  payout  during
                                2006.        At  this time RREV is not raising  this as an
                                area   of   serious   contention   since   the   executive
                                remuneration   payments   (both   fixed  and   performance
                                related) are  considered  to be below median for a company
                                of this size.          Basic  salary increase are reported
                                to be  between  5% and 8.5% for the past  financial  year,
                                while  bonus  awards  equated  to  between  21% and 35% of
                                basic  salary.          However,  RREV expects the Company
                                to improve its remuneration  disclosure for future awards.
                                Should  the  Company  not  provide  an  adequate  level of
                                disclosure in future years,  RREV will reconsider its vote
                                recommendation   in  reference   to  future   remuneration
                                payments.
                    3        Re-elect Mark Berninger as Director           For          For                   Mgmt
                                Mark  Berninger  is not  considered  independent  by  RREV
                                because he has a material business  relationship through a
                                consultancy  agreement  with  the  Company.           RREV
                                acknowledges  that Mark  Berninger has wide  experience in
                                the  biotechnology  industry  in  the  United  States  and
                                consequently   is  a   valuable   member  of  the   Board.
                                        Mark  Berninger  is  not a  member  of  any of the
                                Board's  key  committees.  In  principle,  RREV  does  not
                                object to  non-independent  NEDs being  members of company
                                boards,  so  long as  composition  is not  compromised  by
                                their  presence.  In  this  case  the  composition  of the
                                Company's  Board does not meet the  Code's  recommendation
                                for  companies of this size.          We  believe that his
                                presence  is not the  sole  contributing  factor  for this
                                non-compliance  since his  exclusion  from the Board would
                                not address  this area.  Therefore,  RREV  encourages  the
                                Company to appoint a further  independent NED to bring the
                                number  of  truly  independent  NEDs  to  the  recommended
                                amount.
                    4        Re-elect Peter Nolan as Director              For          For                   Mgmt
                    5        Re-elect Andrew Wood as Director              For          For                   Mgmt
                    6        Re-elect Nick Woolf as Director               For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Amend Articles of Association Re:             For          For                   Mgmt
                             Electronic Communications
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,164,888
                    10       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 266,755


04/04/07 - A        PACIFIC BASIN SHIPPING LIMITED           G68437139                            03/30/07                 396,000
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend                        For          For                   Mgmt
                    3a       Reelect Christopher R. Buttery as Executive   For          For                   Mgmt
                             Director
                    3b       Reelect Klaus Nyborg as Executive Director    For          For                   Mgmt
                    3c       Reelect Wang Chunlin as Executive Director    For          For                   Mgmt
                    3d       Reelect Jan Rindbo as Executive Director      For          For                   Mgmt
                    3e       Reelect Daniel R. Bradshaw as Non-Executive   For          For                   Mgmt
                             Director
                    3f       Reelect Robert C. Nicholson as Independent    For          For                   Mgmt
                             Non-Executive Director
                    3g       Reelect Patrick B. Paul as Independent        For          For                   Mgmt
                             Non-Executive Director
                    3h       Reelect David M. Turnbull as Independent      For          For                   Mgmt
                             Non-Executive Director
                    3i       Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Directors
                    4        Reappoint PricewaterhouseCoopers as           For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5        Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    7        Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.
                    8        Approve Renewal of the 2 Percent Annual Cap   For          Against               Mgmt
                             Within the Issue Mandate Under the Long
                             Term Incentive Scheme
                                The  Incentive  Scheme,  under whose terms this request is
                                made,  fails to meet  acceptable  standards  for  dilution
                                given the absence of  performance  conditions  and vesting
                                periods.   In   addition,    the   Incentive   Scheme   is
                                administered by the full board,  including  executives who
                                may  participate  under the  plan,  thereby  exposing  the
                                Incentive  Scheme  to  potential  back-scratching  abuses.
                                Given  these  concerns,  shareholders  are advised to vote
                                against this resolution.


06/23/07 - A        Pacific Industrial Co. Ltd. *7250*       J63438105                            03/31/07                  14,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 5
                                The payout ratio for the full year is 17 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 6
                                executives  and  0  non-executives.  The  board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Appoint Alternate Internal Statutory Auditor  For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test  for  independence.  He is a  former  partner  of the
                                company's external audit firm.
                    5        Approve Retirement Bonus for Statutory        For          For                   Mgmt
                             Auditor
                                The   retiring   auditor  has  not  been   classified   as
                                independent,   and  we  have  no  reason  to  oppose  this
                                resolution.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                45  million  to  6  directors,  and  JY  5  million  to  4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Pacific Metals Co. Ltd. *5541*           J63481105                            03/31/07                  56,000
                    1        Amend Articles to: Limit Directors' Legal     For          For                   Mgmt
                             Liability - Limit Liability of Statutory
                             Auditors
                                The company  seeks the  authority to impose  limits on the
                                legal   liability   of  outside   directors   and  outside
                                statutory  auditors  in the  company's  service  contracts
                                with these  individuals.  These  limitations  would  apply
                                only  where  the  individual  in  question  acted  in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve  in  these   positions.   We  do  not  oppose   this
                                resolution.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:           Nominees          10          and
                                11                                Background            of
                                non-executive  nominee(s):  Nominee 10 is a senior advisor
                                to third largest  shareholder  Mitsubishi Corp. Nominee 11
                                is   an   attorney   in   private   practice.        Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  2  non-executives.        The  number  of
                                outsiders is increasing from 1 to 2.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:   Nominees  2  and   3        Neither
                                nominee meets our criteria for independence.  Nominee 2 is
                                an  executive  of one of the largest  shareholders  in the
                                company with an 8.16 percent stake.  Nominee 3 is a former
                                executive    of    one    of    the     company's     main
                                banks.        Given  the  realities  of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominees  2  and 3  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    4        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that KPMG Azsa & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company appointed Azsa, and
                                then reappointed  Misuzu on a provisional basis. Here, the
                                company  seeks  to  formally  appoint  Azsa,   because  in
                                recognition  of the severe  damage to its  reputation  and
                                its  bottom  line,  Misuzu  decided in  February  to cease
                                audit  operations this summer.  We see no reason to oppose
                                this resolution.
                    5        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                The company  seeks to renew its poison pill plan which was
                                approved at last  year's AGM, as the  duration is expiring
                                at       the        close        of       this        AGM.
                                        SUMMARY                Type   of   Defense   Plan:
                                Advance   Warning-Type                Plan   Duration:   3
                                years                Trigger   Threshold:  20  percent  of
                                shares   outstanding                Directors'   Term   in
                                Office:    1    year                Board    Independence:
                                Following  this  meeting,  there  will  be  1  independent
                                director  (9  percent  of  the  board)  according  to  ISS
                                criteria.                Independence      of      Special
                                Committee:  2 out of 3 members of the  committee  meet ISS
                                criteria for independence.        Other  Types of Takeover
                                Defense:  No                Meeting  Notice Released Three
                                Weeks or More Before Meeting:  Yes        The  reason that
                                shareholders   of  US   companies   reluctantly   tolerate
                                takeover   defenses   is   that   poison   pills   do  not
                                automatically  prevent hostile bids from succeeding in the
                                US, where boards are  dominated by  independent  directors
                                who face  meaningful  sanctions,  in the form of lawsuits,
                                if they take  steps  which  are  contrary  to  shareholder
                                value.  That is not the case in Japan, so to ensure that a
                                takeover  defense  leads to the continued  enhancement  of
                                shareholder  value and does not serve  merely to  entrench
                                management,   it  is  vitally  important  that  the  board
                                include a critical mass of  independent  directors who can
                                ensure that the board remains  responsive to the interests
                                of  ordinary   investors   even  after  a  defense  is  in
                                place.        Because  the  independence  of  the  special
                                committee   is   questionable,   and   because  the  board
                                composition  does not meet ISS guidelines on poison pills,
                                stipulating  that at least 20  percent,  and no fewer than
                                two,  of  the  directors  must  meet  ISS'  definition  of
                                independence,  we recommend that shareholders  oppose this
                                resolution.


05/22/07 - A        Paddy Power (frmrly. POWER LEISURE)      G68673105                            None                      11,294
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of EUR 0.2277 per      For          For                   Mgmt
                             Share
                    3a       Elect Stewart Kenny as a Director             For          Against               Mgmt
                                Shareholders  are advised to vote against  David Power and
                                Stewart Kenny for serving as non-independent  directors on
                                a  board  that  is  less  than  majority-independent,  and
                                against  David  Power  for  serving  as a  non-independent
                                member of the Audit and Remuneration Committees.
                    3b       Elect Nigel Northridge as a Director          For          For                   Mgmt
                    3c       Elect David Power as a Director               For          Against               Mgmt
                    3d       Elect Patrick Kennedy as a Director           For          For                   Mgmt
                    4        Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    5        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    6        Authorize Share Repurchase                    For          For                   Mgmt
                    7        Determine Price Range at which Treasury       For          For                   Mgmt
                             Shares may be Re-issued


03/28/07 - A        Palfinger AG                             A61346101                            None                         865
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Approve Discharge of Management Board         For                                Mgmt
                    4        Approve Discharge of Supervisory Board        For                                Mgmt
                    5        Ratify Auditors                               For                                Mgmt
                    6        Elect Supervisory Board Members               For                                Mgmt
                    7        Approve Increase in Authorized Capital via    For                                Mgmt
                             a Capitalization of Reserves
                    8        Approve 4:1 Stock Split                       For                                Mgmt
                    9        Amend Articles to Reflect Changes in          For                                Mgmt
                             Capital and Stock Split
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/04/07 - A        Parkland Income Fund *PKI.U*             70137Q101                            03/15/07                   5,537
                    1        Elect Directors John Bechtold, Robert G.      For          For                   Mgmt
                             Brawn, Jim Dinning, Alain Ferland, Kris
                             Matthews, James Pantelidis, ron Rogers,
                             David A. Spencer and Michael W. Chorlton
                    2        Ratify PricewaterhouseCoopers as Auditors     For          For                   Mgmt


12/22/06 - S        PEACE MARK (HOLDINGS) LIMITED            G6957A167                            None                     300,000
                    1        Approve Grant of Options to Chau Cham Wong,   For          For                   Mgmt
                             Patrick to Subscribe for an Aggregate of
                             19.8 Million Shares at HK$5.37 Per Share
                             Under the Company's Share Option Scheme
                    2        Approve Grant of Options to Leung Yung to     For          For                   Mgmt
                             Subscribe for an Aggregate of 19.8 Million
                             Shares at HK$5.37 Per Share Under the
                             Company's Share Option Scheme


04/27/07 - A        Pembina Pipeline Income Fund *PIF.U*     706329109                            03/13/07                  10,812
                    1        Elect David A. Bissett, Allan L. Edgeworth,   For          For                   Mgmt
                             Randall J. Findlay, Lorne B. Gordon, Myron
                             F. Kanik, David N. Kitchen, Robert B.
                             Michaleski and Robert F. Taylor as
                             Directors of Pembina Pipeline Corporation
                    2        Approve KPMG LLP as Auditors and Authorize    For          For                   Mgmt
                             Board to Fix Remuneration of Auditors


11/29/06 - A        PERILYA LIMITED (formerly Perilya        Q74414105                            11/27/06                  77,933
                    Mines NL) *PEM*
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports for the Fiscal Year Ended June 30,
                             2006
                    2        Approve Remuneration Report for the Fiscal    For          Against               Mgmt
                             Year Enden June 30, 2006
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution  2        - The option plan fails to meet local
                                market investor  expectations  in several  areas.        -
                                The  company  sought,  and  obtained,  an ASX waiver so it
                                would not need to obtain  shareholder  approval to grant 5
                                million options to CEO.        -  The CEO's options do not
                                lapse on redundancy.
                    3        Elect Peter Harley as Director                For          For                   Mgmt
                    4        Elect Patrick O'Connor as Director            For          For                   Mgmt
                    5        Approve Issuance of Shares Pursuant to the    For          Against               Mgmt
                             Employee Share Option Plan
                                Summary  of  Reasons   for   Against   Recommendation   on
                                Resolution    5        -    The   plan    contains:    (1)
                                unsatisfactory    performance   hurdles;   (2)   excessive
                                retesting;  and (3) board  discretion  to permit  complete
                                vesting on change of control (note that,  for the CEO, the
                                5  million  options  vest  automatically  on a  change  of
                                control - the board has no discretion).
                    6        Approve Remuneration of Directors with an     None         For                   Mgmt
                             Increase of A$100,000 from A$400,000 to
                             A$500,000
                    7        Approve Perilya Limited Dividend              For          For                   Mgmt
                             Reinvestment Plan


04/19/07 - A        Persimmon plc                            G70202109                            None                      62,236
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 32.7 Pence Per      For          For                   Mgmt
                             Share
                    3        Re-elect Michael Farley as Director           For          For                   Mgmt
                    4        Re-elect David Bryant as Director             For          For                   Mgmt
                    5        Re-elect Hamish Melville as Director          For          For                   Mgmt
                    6        Re-elect Neil Davidson as Director            For          For                   Mgmt
                    7        Reappoint KPMG Audit Plc as Auditors and      For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Approve Remuneration Report                   For          For                   Mgmt
                    9        Approve Persimmon Plc Long-Term Incentive     For          For                   Mgmt
                             Plan 2007
                    10       Authorise 29,926,110 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,573,889
                    12       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,496.305


04/25/07 - A        Pescanova SA                             E8013L130                            None                       1,120
                    1        Approve Individual and Consolidated           For          For                   Mgmt
                             Financial Statements and Discharge
                             Directors for Fiscal Year 2006
                    2        Approve Allocation of Income                  For          Against               Mgmt
                                Because of the long-term  shareholder-unfriendly policy of
                                the company,  we recommend  voting  against the allocation
                                of income proposal.
                    3        Elect and/or Reelect Directors                For          For                   Mgmt
                    4        Approve Auditors                              For          For                   Mgmt
                    5        Authorize Repurchase of Shares                For          For                   Mgmt
                    6        Authorize Issuance of Non-Convertible         For          For                   Mgmt
                             Bonds/Debentures
                    7        Authorize Issuance of Convertible Securities  For          For                   Mgmt
                    8        Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    9        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions
                    10       Approve Minutes of Meeting                    For          For                   Mgmt


05/11/07 - A        Petrofac Ltd                             G7052T101                            None                     102,389
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports (Voting)
                    2        Approve Final Dividend                        For          For                   Mgmt
                    3        Approve Remuneration Report                   For          For                   Mgmt
                    4        Elect Amjad Bseisu as a Director              For          For                   Mgmt
                    5        Elect Rijnhard van Tets as a Director         For          For                   Mgmt
                    6        Reelect Kjell Almskog as a Director           For          For                   Mgmt
                    7        Reelect Bernard de Combret as a Director      For          For                   Mgmt
                    8        Reelect Michael Press as a Director           For          For                   Mgmt
                    9        Ratify Ernst & Young LLP as Auditors          For          For                   Mgmt
                    10       Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    11       Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             USD 2,878,623
                    12       Approve Issuance of Equity or Equity-Linked   For          For                   Mgmt
                             Securities without Preemptive Rights up to
                             Aggregate Nominal Amount of USD 431,793
                    13       Approve Share Repurchase Program Up to Ten    For          For                   Mgmt
                             Percent of Issued Capital
                    14       Approve/Amend Deferred Bonus Share Plan       For          For                   Mgmt
                             (DBSP)


07/06/06 - A        Phonak Holding AG                        H62042124                            None                      14,979
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/06/06 - A        Phonak Holding AG                        H62042124                            None                      14,979
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 0.50 per Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Elect Directors                               For                                Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/12/07 - A        Phonak Holding AG                        H62042124                            None                      12,677
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/12/07 - A        Phonak Holding AG                        H62042124                            None                      12,677
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 0.75 per Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                    5        Change Company Name to Sonova Holding AG      For                                Mgmt
                    6        Approve Creation of CHF 167,813 Pool of       For                                Mgmt
                             Capital without Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


02/15/07 - A/S      Pierre et Vacances S.A.                  F4447W106                            None                       1,386
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 2.50 per Share
                    3        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    4        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 150,000
                    5        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    6        Elect Gerard Bremond as Director              For                                Mgmt
                    7        Elect Michel Dupont as Director               For                                Mgmt
                    8        Elect Olivier Bremond as Director             For                                Mgmt
                    9        Elect Marc Pasture as Director                For                                Mgmt
                    10       Elect Sven Boinet as Director                 For                                Mgmt
                    11       Elect Ralf Corsten as Director                For                                Mgmt
                    12       Elect SA Societe d'Investissement             For                                Mgmt
                             Touristique et Immobilier - SITI as Director
                    13       Elect G.B. Developpement SA as Director       For                                Mgmt
                    14       Elect Eric Debry as Director                  For                                Mgmt
                    15       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    16       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    17       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 22 Million
                    18       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 22 Millions
                    19       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Vote
                             Above
                    20       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    21       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Pigeon Corp. *7956*                      J63739106                            01/31/07                  12,600
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 15, Final
                             JY 10, Special JY 5
                    2        Amend Articles To: Limit Rights of Odd-lot    For          For                   Mgmt
                             Holders - Limit Liability of Statutory
                             Auditors - Update Terminology to Match that
                             of New Corporate Law
                    3        Elect Director                                For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.4      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    5        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                    6        Approve Retirement Bonuses for Director and   For          For                   Mgmt
                             Statutory Auditor


03/16/07 - A        Poongsan Corp                            Y70692101                            12/31/06                  16,420
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 700 Per Share
                    2        Elect Two Executive Directors                 For          For                   Mgmt
                    3        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                    4        Approve Limit on Remuneration of Auditor      For          For                   Mgmt


03/14/07 - A        PORTUCEL-Empresa Produtora de Pasta de   X6718U107                            None                      62,979
                    Papel S.A. (frmrly. P
                    1        Accept IndividualFinancial Statements and     For                                Mgmt
                             Statutory Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income                  For                                Mgmt
                    4        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Board
                    5        Elect Corporate Boadies for Fiscal Years      For                                Mgmt
                             2007-2010
                    6        Amend Articles 2, 4, 8, 9, 13, 15, 17, 22,    For                                Mgmt
                             23, and 24 of Bylaws
                    7        Authorize Repurchase and Cancellation of      For                                Mgmt
                             Shares and Debt Securities in Accordance
                             with Articles 319, 320, and 354 of
                             Portuguese Securities Code
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/05/07 - A        Poyry Oyj (Formerly Jaakko Poyry Group   X4032L101                            02/23/07                   6,595
                    Oyj)
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditor's Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.50 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Fix Number of Directors at Seven              For                                Mgmt
                    1.7      Approve Remuneration of Directors and         For                                Mgmt
                             Auditors
                    1        Elect Directors                               For                                Mgmt
                    1.9      Appoint Auditors                              For                                Mgmt
                    2        Approve Creation of Pool of Conditional       For                                Mgmt
                             Capital without Preemptive Rights; Approve
                             Reissuance of Repurchased Shares
                    3        Authorize Repurchase of up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/10/07 - A        Premier Foods plc                        G72186102                            None                      66,859
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 2.55 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                   Mgmt
                    4        Elect Louise Makin as Director                For          For                   Mgmt
                    5        Re-elect David Felwick as Director            For          For                   Mgmt
                    6        Re-elect Ian McHoul as Director               For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,813,418
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 422,013


08/02/06 - A        ProSiebenSAT.1 Media AG (frmly           D6216S101                            07/12/06                  19,865
                    Prosieben Media AG)
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2005
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.84 per Preference Share and
                             Dividends of EUR 0.82 per Registerd Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2005
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2005
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2006
                    6        Amend Articles Re: Calling of and             For                                Mgmt
                             Registration for Shareholder Meetings due
                             to New German Legislation (Law on Company
                             Integrity and Modernization of the Right of
                             Avoidance)
                    7        Amend Articles Re: Conducting of              For                                Mgmt
                             Shareholder Meetings due to New German
                             Legislation (Law on Company Integrity and
                             Modernization of the Right of Avoidance)
                    8        Authorize Management Board Not to Disclose    For                                Mgmt
                             Individualized Remuneration of its Members
                    9        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                    10       Approve Affiliation Agreement with            For                                Mgmt
                             Subsidiary 9Live Fernsehen GmbH
                    11       Approve Affiliation Agreements with           For                                Mgmt
                             Subsidiaries ProSiebenSat.1 Erste
                             Verwaltungsgesellschaft mbH and
                             ProSiebenSat.1 Zweite
                             Verwaltungsgesellschaft mbH
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/04/07 - A/S      Publicis Groupe                          F7607Z165                            05/30/07                   4,519
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Treatment of Losses and Dividends     For                                Mgmt
                             of EUR 0.50 per Share
                    4        Approve Discharge of Management Board         For                                Mgmt
                    5        Approve Discharge of Supervisory Board        For                                Mgmt
                    6        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    7        Reelect Felix Rohatyn as Supervisory Board    For                                Mgmt
                             Member
                    8        Ratify Ernst & Young et Autres as Auditor     For                                Mgmt
                    9        Ratify Auditex as Alternate Auditor           For                                Mgmt
                    10       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    11       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    12       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 40 Million
                    13       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 40 Million
                    14       Authorize Board to Set Issue Price for 10     For                                Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    15       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 40 Million for Bonus Issue or
                             Increase in Par Value
                    16       Authorize Capital Increase of Up to EUR 40    For                                Mgmt
                             Million for Future Exchange Offers
                    17       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    18       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    19       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    20       Approve Stock Option Plans Grants             For                                Mgmt
                    21       Set Global Limit for Capital Increase to      For                                Mgmt
                             Result from All Issuance Requests at EUR 40
                             Million
                    22       Authorize up to 10 Percent of Issued          For                                Mgmt
                             Capital for Use in Restricted Stock Plan
                    23       Allow Board to Issue Shares Items 11 to 22    For                                Mgmt
                             in the Event of a Public Tender Offer or
                             Share Exchange Offer
                    24       Amend Article 20 of Association Re: Attend    For                                Mgmt
                             General Meetings
                    25       Amend Article 10 of Association Re: Change    For                                Mgmt
                             Size of Management Board
                    26       Amend Article 12 of Association Re: Powers    For                                Mgmt
                             of Supervisory Board
                    27       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/24/07 - A        Punch Taverns plc                        G73003108                            None                      75,945
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Reappoint Ernst & Young LLP as Auditors and   For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    3        Approve Remuneration Report                   For          For                   Mgmt
                    4        Approve Final Dividend of 9 Pence Per         For          For                   Mgmt
                             Ordinary Share
                    5        Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditure up to GBP 50,000
                    6        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 41,823
                    7        Re-elect Mike Foster as Director              For          For                   Mgmt
                    8        Re-elect Peter Cawdron as Director            For          For                   Mgmt
                    9        Re-elect Ian Fraser as Director               For          For                   Mgmt
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,336
                    11       Authorise 26,480,685 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


10/27/06 - A        Raffles Education Corp Ltd. (frmrly      Y7343V121                            None                      55,971
                    RAFFLES LASALLE LTD)
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Approve Final Dividend of SGD 0.018 Per       For          For                   Mgmt
                             Share for the Financial Year Ended June 30,
                             2006
                    3        Approve Directors' Fees of SGD 60,000 for     For          For                   Mgmt
                             the Financial Year Ended June 30, 2006
                    4        Reelect Henry Tan Song Kok as Director        For          For                   Mgmt
                    5        Reelect Tan Teck Meng as Director             For          For                   Mgmt
                    6        Reappoint BDO Raffles as Auditors and         For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant of       For          Against               Mgmt
                             Options Pursuant to the RAFFLES EDUCATION
                             CORPORATION Employees' Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15  percent.  Moreover,  the plans  allow for the grant of
                                options  to  executives  at a discount  to market  prices,
                                which undermines the incentive impact of the plan.


10/27/06 - S        Raffles Education Corp Ltd. (frmrly      Y7343V121                            None                      55,971
                    RAFFLES LASALLE LTD)
                    1        Approve Distribution of Up To 43.3 Million    For          For                   Mgmt
                             Ordinary Shares in the Capital of Hartford
                             Education Corp. Ltd. Held by the Company on
                             the Basis of One Hartford Share for Every
                             12 Ordinary Shares in the Capital of the
                             Company by Way of a Dividend in Specie
                    2        Approve Sub-division of Each Share into Two   For          For                   Mgmt
                             Ordinary Shares


05/28/07 - A/S      Rally Energy Corp. *RAL*                 750913105                            04/20/07                  50,524
                    1        Fix Number of Directors at Eight              For          For                   Mgmt
                    2        Elect Directors Abdel (Abby) Badwi, Blair     For          Against               Mgmt
                             Coady, Michael J. Hibberd, Phillip R.
                             Knoll, Angus A. Mackenzie, James S. Palmer,
                             Lamont Tolley and Gregory G. Turnbull
                                Tolley was CEO of the  company  until 2005 and sits on the
                                Compensation  and  Corporate  Governance  Committee.   ISS
                                believes the ongoing  influence  exerted by the former CEO
                                or recent  ex-CFO on the Audit or  Compensation  Committee
                                raises  serious  concerns  regarding  lack of  independent
                                oversight of pay schemes or financial  reporting controls,
                                which  they may have  designed  or in which  they may have
                                played a key role.  As such,  ISS views his or her  status
                                as closer to that of an insider  for  purposes  of sitting
                                on the  Audit  or  Compensation  Committee.  We  therefore
                                recommend withholding votes from the entire slate.
                    3        Approve Deloitte & Touche LLP as Auditors     For          For                   Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    4        Approve Stock Option Plan                     For          Against               Mgmt
                                Vote   Recommendation  The  estimated   shareholder  value
                                transfer of the  company's  plans of 6 percent is equal to
                                the allowable cap for this company of 6 percent.  However,
                                we oppose  the  proposed  option  plan,  because  it would
                                appear  that  non-employee  directors  have the ability to
                                participate in the plan on a discretionary  basis. This is
                                a  practice  which  gives  rise  to  the   possibility  of
                                self-dealing  by directors in options.  Directors  who are
                                able to grant themselves  options without limit could find
                                their  independence  compromised.  As well, we believe the
                                plan's  amendment   provisions   provide  the  board  with
                                overreaching  authority to make future  amendments  to the
                                plan without requiring future shareholder approval.  While
                                the  provision  will comply with the minimum  requirements
                                of the  TSX,  we  prefer  such  provisions  to  carve  out
                                exceptions  for future  amendments  (such as adding option
                                assignability   and   broadening  the  range  of  eligible
                                participants)  that would be returned to shareholders  for
                                their approval  prior to being  enacted.  ISS also prefers
                                to  see  the  repricing  and  extension  of  terms  of any
                                options require shareholder  approval,  and not just those
                                held by insiders.


04/19/07 - A        RAMIRENT OYJ                             X01741101                            04/05/07                   6,875
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1.20 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Approve Remuneration of Directors             For                                Mgmt
                    1.7      Fix Number of Directors at Seven; Fix         For                                Mgmt
                             Number of Auditors
                    1        Elect Directors                               For                                Mgmt
                    1.9      Ratify KPMG Oy Ab as Auditor                  For                                Mgmt
                    2        Amend Articles to Comply with New Finnish     For                                Mgmt
                             Companies Act
                    3        Approve 3:1 (Three New Shares for Each        For                                Mgmt
                             Share Currently Held) Stock Split
                    4        Authorize Repurchase of up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    5        Approve Creation of Pool of Capital without   For                                Mgmt
                             Preemptive Rights; Authorize Reissuance of
                             Repurchased Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/30/07 - A        Red Electrica de Espana                  E42807102                            None                      17,636
                    1        Accept Individual Financial Statements and    For          For                   Mgmt
                             Statutory Reports for Fiscal Year Ended
                             Dec. 31, 2006
                    2        Accept Consolidated Financial Statements      For          For                   Mgmt
                             and Statutory Reports for Fiscal Year Ended
                             Dec. 31, 2006
                    3        Approve Allocation of Income and Dividends    For          For                   Mgmt
                             for Fiscal Year Ended Dec. 31, 2006
                    4        Approve Discharge of Directors                For          For                   Mgmt
                    5.1      Amend Article 11 of Company Bylaws Re:        For          For                   Mgmt
                             Annual General Meeting of Shareholders
                    5.2      Amend Articles 22, 23, and 24 of Company      For          For                   Mgmt
                             Bylaws Re: Board Committees
                    5.3      Amend Article 26 of Company Bylaws Re:        For          For                   Mgmt
                             Board Secretary
                    6.1      Amend Article 3 of General Meeting            For          For                   Mgmt
                             Guidelines Re: Authorities of the General
                             Meetings
                    6.2      Amend Article 5 of General Meeting            For          For                   Mgmt
                             Guidelines Re: Convening of General Meetings
                    6.3      Amend Article 15.8 of General Meeting         For          For                   Mgmt
                             Guidelines Re:Voting During General Meetings
                    7        Approve Remuneration of Directors             For          For                   Mgmt
                    8.1      Authorize Repurchase of Shares                For          For                   Mgmt
                    8.2      Approve Use of Repurchased Shares for         For          For                   Mgmt
                             Executive and Director Remuneration
                    8.3      Revoke Previous Authority to Repurchase       For          For                   Mgmt
                             Shares Granted at May 26, 2006
                    9        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions
                    10       Present and Inform Re: 2006 Corporate         For          For                   Mgmt
                             Governance Report


03/29/07 - A        RENTA CORPORACION REAL ESTATE SA         E84737100                            None                      13,966
                    1        Accept Individual and Consolidated            For          For                   Mgmt
                             Financial Statements for Fiscal Year Ended
                             Dec. 31, 2006
                    2        Accept Individual and Consolidated            For          For                   Mgmt
                             Statutory Reports for Fiscal Year Ended
                             Dec. 31, 2006; Discharge Directors
                    3        Approve Allocation of Income for Fiscal 2006  For          For                   Mgmt
                    4        Amend Article 38 of Company Bylaws Re:        For          For                   Mgmt
                             Compliance with New Unified Code on
                             Corporate Governance
                    5        Amend Article 43 of Company Bylaws Re:        For          For                   Mgmt
                             Compliance with New Unified Code on
                             Corporate Governance
                    6        Amend Article 50 of Company Bylaws Re:        For          For                   Mgmt
                             Compliance with New Unified Code on
                             Corporate Governance
                    7        Amend Article 46 of Company Bylaws Re:        For          For                   Mgmt
                             Compatibility of Executive Directors' Roles
                             on Board with Executive Functions
                    8        Approve Revised Text for the Company's        For          For                   Mgmt
                             Bylaws Incorporating Changes in Items 4
                             through 7
                    9        Amend Articles 5, 8, 25 and 26 of General     For          For                   Mgmt
                             Meeting Guidelines Re: Compliance with New
                             Unified Code on Corporate Governance and
                             Approval of Revised Text as Consequence of
                             Changes
                    10       Recognize Changes Made to Board Guidelines    For          For                   Mgmt
                             in Order to Comply with the New Unified
                             Code on Corporate Governance
                    11       Approve Stock Incentive Plan for Directors,   For          Against               Mgmt
                             Executives and Employees for 2006 and 2007
                             and the Allocation of Shares Under Said
                             Plans
                                Based  on the  possibility  of  zero  cost  equity  awards
                                without performance  criteria and the lack of a rigorously
                                independent  administration  structure,  it is recommended
                                that shareholders oppose this item.
                    12       Elect Cesar Bardaji Vivancos as Director      For          Against               Mgmt
                                Because such lengthy  board terms are not common  practice
                                in Spain and go counter to best practice  principles which
                                advocate    shorter    terms    to    increase    director
                                accountability,  we  recommend  shareholders  vote against
                                the election of both director nominees.
                    13       Elect Enric Venancio Fillat as Director       For          Against               Mgmt
                    14       Approve Maximum Amount Allowed for            For          For                   Mgmt
                             Remuneration of Directors Under Company
                             Bylaws
                    15       Approve Auditors                              For          For                   Mgmt
                    16       Authorize Repurchase of Shares                For          For                   Mgmt
                    17       Authorize Issuance of Equity or               For          For                   Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights
                    18       Authorize the Issuance of Debt Securities     For          For                   Mgmt
                    19       Authorize the Board to Include for or         For          For                   Mgmt
                             Exclude from Trading Any of the Company's
                             Securities on Any Spanish or Other Stock
                             Exchanges; Authorize Related Powers
                    20       Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions
                    21       Allow Questions                               None         None                  Mgmt


06/01/07 - A        RHI AG (Fm. Radex Heraklith              A65231101                            None                       8,719
                    Industriebeteiligungs AG)
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Board
                    4        Approve Remuneration of Supervisory Board     For                                Mgmt
                             Members
                    5        Ratify Auditors                               For                                Mgmt
                    6        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares to
                             Employees and Executives
                    7        Amend Articles Re: Board Decisions and        For                                Mgmt
                             Guidelines for Alternate Board Members
                    8        Elect Supervisory Board Members               For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/03/07 - A/S      Rhodia SA                                F7813K101                            04/27/07                 209,457
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividend
                    4        Approve Transaction with the CEO Jean         For                                Mgmt
                             Pierre Clamadieu Re: Severance Payment
                    5        Approve Transaction with Jacques Kheliff,     For                                Mgmt
                             Executive director Re: Employment contract
                    6        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 600,000
                    7        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                             Special Business
                    8        Amend Articles of Association Re: Record      For                                Mgmt
                    9        Approve Reverse Stock Split 12 for 1 and      For                                Mgmt
                             Amend Articles Accordingly
                    10       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 600 million
                    11       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 240 million
                    12       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Set Global Limit for Capital Increase to      For                                Mgmt
                             Result from Issuance Requests Pursuant to
                             Items 10 to 12 Above at EUR 600 Million
                    14       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    15       Approve Capital Increase of up to EUR 50      For                                Mgmt
                             million Reserved For Officer and Employees
                             of a Subsidiary Based Outside France
                    16       Authorize up to 2 Percent of Issued Capital   For                                Mgmt
                             for Use in Restricted Stock Plan
                    17       Approve Stock Option Plans Grants             For                                Mgmt
                    18       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/02/07 - A        Rightmove plc                            G75657109                            None                      15,919
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 3 Pence Per         For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Ed Williams as Director              For          For                   Mgmt
                    5        Re-elect Nick McKittrick as Director          For          For                   Mgmt
                    6        Re-elect Stephen Shipperley as Director       For          For                   Mgmt
                                As a  company  listed  in the  FTSE  250,  we  expect  the
                                Company  to  comply  with the  Code's  recommendations  or
                                provide a full  explanation of why the Board considers the
                                current   composition   to   be  in   shareholders'   best
                                interests.        This  is the  first  AGM of the  Company
                                and hence,  we will provide more  flexibility and will not
                                recommend       a       vote        against        Stephen
                                Shipperley.        However,   we  expect  the  Company  to
                                appoint  further  independent  NEDs  so  as  to  ensure  a
                                satisfactory balance of independent  representation on the
                                Board.  We will review this issue prior to arriving at our
                                vote recommendations for the next AGM.
                    7        Reappoint KPMG LLP as Auditors of the         For          For                   Mgmt
                             Company
                    8        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 437,771
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 66,329
                    11       Authorise 13,265,802 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    12       Authorise the Company to Use Electronic       For          For                   Mgmt
                             Communication
                    13       Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 50,000


06/28/07 - A        Riken Corp. *6462*                       J64855109                            03/31/07                  50,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 7
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   32   percent   based   on
                                parent-company earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                14 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory       auditor:        Nominees       1       and
                                3                Nominee  3 does not meet our criteria for
                                independence.  He is a former  executive of the  company's
                                main  bank.  However,  nominee  1 meets our  criteria  for
                                independence. He is an attorney.                Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and  their  affiliates,  nominee  3  for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 3.1
                    3.4      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                             and Statutory Auditors
                                The recipients are insiders.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    6        Adopt Shareholder Rights Plan (Poison Pill)   For          Against               Mgmt
                                SUMMARY                Type   of  Defense  Plan:   Advance
                                Warning-Type                   Plan   Duration:   3  years
                                                Trigger  Threshold:  20  percent of shares
                                outstanding                Directors'  Term in  Office:  2
                                years                 Board  Independence:  The board will
                                be composed  entirely of  executive  directors  after this
                                meeting.                Independence       of      Special
                                Committee:  1 out of 3 members of the committee  meets ISS
                                criteria for independence.                  Other Types of
                                Takeover   Defense:    No                Meeting    Notice
                                Released    Three   Weeks   or   More   Before    Meeting:
                                No                Because  the independence of the special
                                committee is  questionable,  because the board is composed
                                entirely  of  executives,   because  the  failure  of  the
                                directors to seek reelection annually,  and because of the
                                late release of the proxy  materials,  we  recommend  that
                                shareholders oppose this resolution.


02/28/07 - A        RINGKJOBING LANDBOBANK                   K81980136                            02/09/07                     378
                    1        Elect Chairman of Meeting                     For          For                   Mgmt
                    2        Receive Report of Board                       None         None                  Mgmt
                    3        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    4        Approve Allocation of Income                  For          For                   Mgmt
                    5        Elect Members to Committee of                 For          Against               Mgmt
                             Representatives
                                Most large  Danish  companies  disclose at least the names
                                of  any  nominees  to  the  board  or  the   committee  of
                                representatives   in  the  meeting  notice.   Shareholders
                                consider board and committee of  representative  elections
                                to be one of the  most  important  voting  decisions  that
                                shareholders  make as it is  investors'  most direct means
                                of communicating  satisfaction or dissatisfaction with the
                                board.  When this  information  is not  available  well in
                                advance  of the  meeting,  investors  are  not  left  with
                                sufficient  time to evaluate  the  candidates  and, in the
                                case  of  shareholders  who  will  not be  present  at the
                                meeting  themselves,  to submit voting  instructions via a
                                custodian  bank.          We  recommend that  shareholders
                                contact  Ringkjoebing   Landbobank's   investor  relations
                                department  directly  and express  their desire to receive
                                details   of   proposals    well   in   advance   of   the
                                meeting.        Because  the  names of the  nominees  were
                                not  available  at the time  this  analysis  was  written,
                                which  does not  allow  shareholders  to make an  informed
                                decision,  shareholders  are advised to vote  against this
                                item.
                    6        Ratify Auditors                               For          For                   Mgmt
                    7a       Amend Articles Re: Editorial Changes;         For          Against               Mgmt
                             Extend Time Limit to Increase Share Capital
                             to February 22, 2012; Editorial Changes
                                Due to the excessive  potential dilution that could result
                                from the authorization to issue shares without  preemptive
                                rights,  we recommend that  shareholders vote against this
                                resolution.
                    7b       Approve DKK 200,000 Reduction in Share        For          For                   Mgmt
                             Capital via Share Cancellation
                    7c       Authorize Share Repurchase Program            For          For                   Mgmt
                    7d       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    7e       Authorize Board or Other Designated Person    For          For                   Mgmt
                             to Make Editorial Changes to Adopted
                             Resolutions in Connection with Registration


03/28/07 - A        RISA Partners Inc. *8924*                J6522K101                            12/31/06                      53
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             2000, Special JY 0
                                The  payout  ratio  is 8  percent  based  on  consolidated
                                earnings,  or 9 percent based on parent-company  earnings.
                                By law,  funds  available for dividends in Japan are based
                                on parent-company  earnings only. The payout ratio for the
                                year  is low  even by  Japanese  standards.  However,  the
                                company went public in March 2004,  and has posted  strong
                                growth in sales and profits in recent years.  Accordingly,
                                we do not  object to the  retention  of cash at this stage
                                of the company's development.
                    2        Amend Articles to: Authorize Public           For          For                   Mgmt
                             Announcements in Electronic Format - Update
                             Terminology to Match that of New Corporate
                             Law - Limit Liability of Statutory Auditors
                                In this  item,  the  company  first  seeks to  update  the
                                terminology   of  its   articles  to  match  that  of  the
                                Corporate  Law which took  effect in May 2006.  Nearly all
                                Japanese   companies  made  these  changes  in  2006.  The
                                changes  are routine  ones.        Second,  the company is
                                seeking the authority to make public  announcements  in an
                                electronic   format.   These  include   announcements   of
                                financial  results,  record dates for  corporate  actions,
                                and  creditor  and  shareholder   objection   periods  for
                                mergers  and  other  transactions.  The  company  hopes to
                                improve  convenience for its shareholders by allowing them
                                to obtain announcements in a timely  manner.        Third,
                                the company  seeks the  authority to impose  limits on the
                                legal  liability  of  outside  statutory  auditors  in the
                                event of a shareholder  lawsuit.  These  limitations would
                                apply only where the  individual in question acted in good
                                faith,  and would  not apply in cases of gross  negligence
                                or  criminal   behavior.   The  limitations  are  seen  as
                                necessary  in order to  attract  qualified  candidates  to
                                serve in these  positions,  and so we do not  oppose  this
                                resolution.
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominees 1, 2, and 4         None  of
                                the nominees for  independent  statutory  auditor meet out
                                criteria for  independence.  They are former executives of
                                Long-Term  Credit  Bank of Japan  (now  known  as  Shinsei
                                Bank),  and  Shinsei  Bank  is the  main  lender  to  RISA
                                Partners.  Nominee 3 is not  designated  by the company as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.        Given   the   realities   of   Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  nominees  1, 2, and 4 for  independent
                                auditor   cannot  be  expected  to  fulfill  the  role  of
                                independent monitor of the company's  activities on behalf
                                of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    4        Appoint External Audit Firm                   For          Against               Mgmt
                                The board  recommends  that Misuzu Audit  Corp.,  formerly
                                known  as  ChuoAoyama  Audit  Corp.,  be  approved  as the
                                company's   independent   accounting   firm.   Note   that
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo Ltd.  RISA  Partners'  board of statutory  auditors
                                reappointed  the firm on a  provisional  basis  after  the
                                suspension  period.  However,  the  company  now  seeks to
                                formally  reappoint  Misuzu  as its sole  audit  firm,  in
                                order    to    preserve    continuity    in   the    audit
                                process.        Just  as Enron was not  Arthur  Andersen's
                                "first  strike,"  Kanebo  was  not  the  first  accounting
                                problem in which  ChuoAoyama/Misuzu  has been  implicated,
                                and we note that the firm also  audited the books of Nikko
                                Cordial  Corp.,  which was recently hit with a record fine
                                for  falsifying  its earnings for the 2004-05 fiscal year.
                                A number of the firm's  auditors  have  defected  to other
                                firms,  and many client companies have already switched to
                                other audit firms,  or are planning to do so at their next
                                annual meeting.  Other companies have appointed additional
                                audit  firms  to  serve   alongside   Misuzu.           In
                                recognition  of the severe  damage to its  reputation  and
                                its  bottom  line,  Misuzu  decided in  February  to cease
                                audit  operations,  and transfer its  accountants  and its
                                business to a number of other major audit firms.  However,
                                it is not clear  which firm will  ultimately  be  auditing
                                RISA   Partners'   books.   Because  Misuzu  has  suffered
                                sufficient  damage to its reputation  that it now plans to
                                disband,  we cannot support the firm's appointment as RISA
                                Partners'   external   auditor,   and  we  recommend  that
                                shareholders oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Statutory Auditors
                                The  ceiling  would be raised  from JY 20 million per year
                                to JY  40  million  per  year.  (Note  that  this  ceiling
                                applies to the  statutory  auditors,  and not to the audit
                                firm.)  The  ceiling  was last  adjusted  in 1999 when the
                                company was still  privately-held.          This change is
                                being requested  because the number of statutory  auditors
                                will  increase  from 3 to 4, as proposed in Item 3, with a
                                view  to   strengthening   the  internal  audit  function.
                                Because the new ceiling is not  excessive  and because the
                                company has been performing well  financially,  we have no
                                reason to oppose this resolution.  However, we do urge the
                                company to appoint statutory  auditors who have no ties to
                                RISA's lenders or other business partners.


12/22/06 - S        Road King Infrastructure Ltd.            G76058109                            None                     214,000
                    1        Approve Issuance of 20 Million Shares         For          For                   Mgmt
                             Pursuant to a Subscription Agreement with
                             Shenzhen Investment Ltd.
                                This item seeks shareholder  approval for the subscription
                                agreement   entered   into   by  the   company,   Shenzhen
                                Investment  Ltd.  (SIL), a substantial  shareholder of the
                                company  holding  21.9 percent of the  company's  existing
                                issued share  capital,  and UBS AG (UBS),  an  independent
                                third  party  (SIL  Subscription  Agreement).   Under  the
                                subscription   agreement,   SIL  agreed  to  conditionally
                                subscribe  for 20.0 million new shares,  which  represents
                                approximately  3 percent of the company's  existing issued
                                share  capital  and 2.9  percent  of the  company's  share
                                capital as  enlarged  by the SIL  Subscription  Agreement.
                                The  subscription  shares  would  rank pari passu with the
                                existing  issued  shares  of the  company,  and  would  be
                                issued at the  subscription  price of HK$$10.96 ($1.4) per
                                share.  The  subscription  price  represents a discount of
                                0.4  percent,  discount of 5 percent,  and a discount of 6
                                percent  to the  average  closing  price of the  company's
                                shares 60 days prior to the  announcement  of the proposal
                                (Pre-announcement)  on Nov. 14, 2006 (Announcement  Date),
                                a day before the  Announcement  Date  (Initial),  and from
                                the  announcement  date to Dec. 7, 2006, which is the date
                                of   writing   of   this   analysis   (Post-announcement),
                                respectively,  and is  equal  to  the  placing  price  for
                                shares  pursuant to a placing and  subscription  agreement
                                between the company,  Wai Kee Hldgs.  Ltd., holder of 41.8
                                percent of the company's  shares,  Ko Yuk Bing, and UBS on
                                Nov.  9, 2006.  It was also noted that SIL has  undertaken
                                to  UBS  that  from  the  date  of  the  SIL  Subscription
                                Agreement  up to 90 days after the date of the  completion
                                of the SIL Subscription  Agreement, it would not and would
                                procure none of its nominees and  companies  controlled by
                                its  entities  associated  with it  transfer or dispose of
                                any  shares  of the  company  held  by it.  Estimated  net
                                proceeds  upon  completion  of the  SIL  Subscription  are
                                estimated  to be  approximately  HK$212.0  million  ($27.3
                                million),  which would be used for the  company's  general
                                working   capital.   The  directors   consider  that  this
                                proposal would  strengthen the capital base of the company
                                and increase  liquidity of trading in its shares.  This is
                                a reasonable request.


12/22/06 - S        Road King Infrastructure Ltd.            G76058109                            None                     214,000
                    1        Approve Sunco A Subscription Agreement        For          For                   Mgmt
                             Relating to the Subscription of 55 Percent
                             of the Enlarged Issued Capital of Sunco
                             Binhai Land Ltd.
                                I.  Transaction  Summary        Acquirers:  RK Investments
                                (Beijing) Ltd. (RKI (BJ)),  a  wholly-owned  subsidiary of
                                the company;  Elite Rich  Investments Ltd. (Elite Rich), a
                                wholly-owned  subsidiary of Wai Kee Hldgs. Ltd. (Wai Kee),
                                the  controlling  shareholder of the company  holding 41.8
                                percent of the company's  existing  issued share  capital;
                                and Zhang Hauqiao (Mr.  Zhang),  an executive  director of
                                Shenzhen  Investment Ltd., which holds 21.9 percent of the
                                company's  existing  issued share  capital  (collectively,
                                the  Subscribers)        Target:  a total of 55 new shares
                                of $1.0 each in Sunco  Binhai  Ltd.  (Sunco  A), a company
                                owned as to 40 percent by Sunco China Hldgs.  Ltd.  (Sunco
                                China),  a company  indirectly  owned by Sun Hongbin  (Mr.
                                Sun)    (Sunco    A    Subscription)        Consideration:
                                capitalization       of      loans       advanced      and
                                cash        Transaction   Terms:  the  Subscribers   would
                                subscribe  for a total of 55 new  shares  in Sunco A at an
                                aggregate  subscription amount of RMB 500.0 million ($61.9
                                million)        Value  of  Transaction:  RMB 500.0 million
                                ($61.9  million)        Dividends:  Upon completion of the
                                Sunco A Subscription  (Completion),  the Subscribers would
                                be entitled to cash dividend or any other  distribution in
                                specie in each  financial  year  within 36 months from the
                                date of Completion,  with a guaranteed annual return of 20
                                percent to their subscription  monies.        II.  Company
                                Description        Sunco  A, owned as to 88.9  percent and
                                11.1  percent by Sunco China and Sunco  Management  Hldgs.
                                Ltd.,  respectively,  is  an  investment  holding  company
                                together with its  subsidiaries  (Sunco A Group) engage in
                                property  development  in the  People's  Republic of China
                                (PRC).  As at  Sept.  30,  2006,  the  Sunco A  Group  had
                                various   projects   located   in  eight   cities  in  the
                                PRC.        III.   Transaction        Under  the  Sunco  A
                                Subscription,  a total of 55 new  shares  in Sunco A would
                                be subscribed to by the  Subscribers,  as to 49 new shares
                                by RKI (BJ),  5 new shares by Elite Rich,  and 1 new share
                                by Mr. Zhang. Based on arm's length  negotiations  between
                                the parties involved,  the aggregate  subscription  amount
                                of RMB 500.0 million ($61.9 million) was determined  based
                                on the  Subscribers'  knowledge and experience with regard
                                to the  property  development  projects in the PRC,  their
                                perceived  potentials  to be  generated  from the property
                                development projects and the independent  valuation of the
                                property  interests  held by Sunco A Group as at Sept. 30,
                                2006  prepared  by RHL  Appraisal  Ltd.  The  subscription
                                amount  would be satisfied  by the  Subscribers  as to RMB
                                200.0 million ($24.8 million) by the  capitalization  of a
                                loan provided by RKI (BJ) amounting to  approximately  RMB
                                172.7 million ($21.4  million) and Elite Rich amounting to
                                approximately  RMB 27.3 million ($3.4 million) to Sunco A,
                                while the  balance  would be funded by cash.  It was noted
                                that Mr.  Sun,  Sunco  China,  and Sunco  Management  have
                                undertaken to ensure that Sunco A fulfill its  obligations
                                under the Sunco A  Subscription.  Following the completion
                                of the Sunco A Subscription  Agreement,  the company would
                                be  interested  in 49.0  percent  of  Sunco  A.        IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        In  view of the vast potential of the
                                PRC  property  market,  the  company  believes  that it is
                                strategically  appropriate  to  expand  its  PRC  property
                                development  business  in  order  to  broaden  and  secure
                                another  significant  source of profit and  supplement the
                                earnings  of  its  traditional   highway   business.   The
                                proposed  transaction  is  expected  enable the company to
                                achieve  a  significant  and  critical  mass  as well as a
                                considerable  scale of investment and participation in the
                                PRC  property   sector.        V.   Pro  Forma   Financial
                                Summary        Upon  Completion,  the  net  assets  of the
                                company and its  subsidiaries  (Group)  would  increase by
                                HK$69.4   million   ($8.9    million).        VI.    Risks
                                        Among  the  risks  associated  with  the  Sunco  A
                                Subscription are:         1.  Sunco A Group's revenue from
                                the  sale of  properties  in the PRC is  dependent  on the
                                trends of the  PRC's  property  market.        2.  Sunco A
                                Group may not have  adequate  financing to fund their land
                                acquisition and property  developments.        3.  Sunco A
                                Group  may not be  able to  replenish  land  reserves  for
                                development        VII.  Market Reaction (vs. market index
                                during  same  period)        -Pre-announcement:  The share
                                price  increased  by 16.5  percent in the 60 days prior to
                                Oct.  17, 2006 (the  Announcement  Date) vs. a 3.7 percent
                                increase  for the  HSI,  outperforming  the  index by 12.8
                                percentage   points        -Initial:   The   share   price
                                remained  unchanged  a day before the  Announcement  Date,
                                vs. a 0.03 percent  increase for the HSI,  underperforming
                                the         index        by        0.03         percentage
                                points        -Post-analysis:   The  shares  increased  by
                                12.7 percent from the  Announcement  Date to Dec. 8, 2006,
                                vs. a 4 percent  increase for the HSI,  outperforming  the
                                index by 8.7 percentage  points        -  We note that the
                                price of the company's  shares has been  increasing  prior
                                to and after the  release of the  announcement  pertaining
                                to this  acquisition.        VIII.  Governance (Disclosure
                                Level:  Satisfactory)        Following  the  completion of
                                the Sunco A Subscription,  the board of directors of Sunco
                                A would  comprise  nine  members  of whom,  five are to be
                                appointed by RK Properties Hldgs. Ltd. (RK Properties),  a
                                wholly-owned  subsidiary  of the  company  and Elite Rich.
                                Mr. William Zen,  chairman of Wai Kee and the company,  is
                                also  expected  to chair the board of  directors  of Sunco
                                A.        IX.  Conclusion        Based on our analysis, we
                                recommend  that   shareholders   vote  in  favor  of  this
                                resolution.
                    2        Approve Suzhou Sunco Acquisition Agreement    For          For                   Mgmt
                             Relating to the Acquisition by Changzhou
                             Hongxi of the Entire Registered Capital of
                             Suzhou Sunco and the Shareholders Loan
                                I. Transaction Summary        Acquirer:  Changzhou Hongxi,
                                an    indirect     wholly-owned     subsidiary    of    RK
                                Properties.        Target:  Entire  registered  capital of
                                Suzhou  Sunco  and part of the  shareholder's  loan due to
                                Sunco B WFOE (Vendor A), a company  indirectly owned as to
                                40  percent by Sunco  China,  of  approximately  RMB 320.7
                                million        ($39.7        million)        at       face
                                value.        Consideration:                          debt
                                settlement        Transaction   Terms:   Changzhou  Hongxi
                                would  acquire  the  entire  registered  capital of Suzhou
                                Sunco for RMB 49.3 million ($6.1  million) and part of the
                                shareholder's   loan  due  to  Vendor  A,   amounting   to
                                approximately  RMB  320.7  million  ($39.7  million)  from
                                Vendor A and two of its subsidiaries namely,  Vendor B and
                                Vendor  C,  whose   English   names  are  not   disclosed,
                                (collectively,  Vendors)        Value of Transaction:  RMB
                                370.0   million   ($45.8    million)        II.    Company
                                Description        Suzhou  Sunco, a company owned by Sunco
                                B, is an investment  holding  company  engaged in property
                                development  in the PRC.  As at  Sept.  30,  2006,  Suzhou
                                Sunco has one project in the name of  "Phoenix  Land" with
                                three  pieces  of  land  developable  on hand  located  at
                                Suzhou,  Jiangsu,  the PRC. It was noted that Suzhou Sunco
                                has not completed  and delivered any  properties to buyers
                                in the two years  ended Dec.  2005,  thus,  no revenue was
                                recorded during those two financial  years.  However,  for
                                the six  months  ended  June 30,  2006,  it has  completed
                                certain  properties  which have been  delivered  to buyers
                                and as such a revenue of  approximately  RMB 304.3 million
                                ($37.7     million)     was     recognized     for    that
                                period.        III.  Transaction        Under the proposed
                                acquisition,  Changzhou  Hongxi  would  acquire the entire
                                registered  capital of Suzhou Sunco for  approximately RMB
                                49.3 million  ($6.1  million) from the Vendors and part of
                                the  shareholder's  loan  due to  Sunco B WFOE  by  Suzhou
                                Sunco amounting to approximately  RMB 320.7 million ($39.7
                                million)  on a dollar  for dollar  basis for an  aggregate
                                consideration of RMB 370.0 million ($45.8 million).  Based
                                on  arm's   length   negotiations   between   the  parties
                                involved,   the   aggregate   consideration   amount   was
                                determined  with regard to the perceived  potential of the
                                development  of  the  "Phoenix  Land"  with  approximately
                                197,179   meters   squared  of  gross   floor  area  (GFA)
                                available  for  sale  and  an  undeveloped  site  area  of
                                approximately  671,702  meters  squared,  the value of the
                                underlying  property  assets of  Suzhou  Sunco as at Sept.
                                30,   2006,   the  loan   receivable   in  the  amount  of
                                approximately  RMB 320.7 million ($39.7 million),  and the
                                audited net assets of Suzhou  Sunco as at June 30, 2006 of
                                approximately   RMB   119.1   million   ($14.7   million).
                                        The  consideration  for the  acquisition  would be
                                settled  by the  application  of the  total  consideration
                                amount to repay the principal  amount of loans advanced by
                                wholly-owned  subsidiaries  of RK  Properties of RMB 270.0
                                million  ($33.4  million)  and RMB  100.0  million  ($12.4
                                million)   to   Sunco   Beijing   1  and   Sunco  A  WFOE,
                                respectively,  which  are  companies  indirectly  owned by
                                Sunco  China  as  to  94.7   percent  and  88.9   percent,
                                respectively.        Upon  completion of the  acquisition,
                                Suzhou   Sunco   would  be   wholly-owned   by   Changzhou
                                Hongxi.        IV.  Rationale  Considerations  (Disclosure
                                Level:  Satisfactory)        In view of the vast potential
                                of the PRC property  market,  the company believes that it
                                is  strategically  appropriate  to expand its PRC property
                                development  business  in  order  to  broaden  and  secure
                                another  significant  source of profit and  supplement the
                                earnings  of  its  traditional   highway   business.   The
                                proposed  transaction  is  expected  enable the company to
                                achieve  a  significant  and  critical  mass  as well as a
                                considerable  scale of investment and participation in the
                                PRC  property   sector.        V.   Pro  Forma   Financial
                                Summary        Upon  Completion,  the  net  assets  of the
                                company and its  subsidiaries  (Group)  would  increase by
                                HK$184.6      million     ($23.8      million).        VI.
                                Risks        Among   the   risks   associated   with   the
                                acquisition  of  Suzhou  Sunco  are:           1.   Suzhou
                                Sunco's  revenue from the sale of properties in the PRC is
                                dependent   on   the   trends   of  the   PRC's   property
                                market.        2.  Suzhou  Sunco  may  not  have  adequate
                                financing  to fund their  land  acquisition  and  property
                                developments.        3.  Suzhou  Sunco  may not be able to
                                replenish   land   reserves  for   development        VII.
                                Market    Reaction   (vs.   market   index   during   same
                                period)        -Pre-announcement:    The    share    price
                                increased  by 23 percent  in the 60 days prior to Nov.  1,
                                2006 (the  Announcement  Date) vs. a 5.9 percent  increase
                                for the HSI,  outperforming  the index by 17.1  percentage
                                points        -Initial:    The   share   price    remained
                                unchanged a day before the  Announcement  Date,  vs. a 0.7
                                percent  increase for the HSI,  underperforming  the index
                                by  0.7   percentage   points        -Post-analysis:   The
                                shares  increased  by 5.1  percent  from the  Announcement
                                Date to Dec. 8, 2006,  vs. a 1.5 percent  increase for the
                                HSI,   outperforming   the   index   by   3.6   percentage
                                points        -  We note that the  price of the  company's
                                shares has been increasing  prior to and after the release
                                of     the     announcement     pertaining     to     this
                                acquisition.        VIII.  Governance  (Disclosure  Level:
                                Unsatisfactory)        The   company   did  not   disclose
                                governance  matters  relating to the acquisition of Suzhou
                                Sunco.        IX.     Conclusion        Based    on    our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.
                    3        Approve Advance of a Loan in the Aggregate    For          For                   Mgmt
                             Principal Amount of RMB 363.6 Million to
                             Sunco Real Estate Investment Ltd.
                                This item  seeks to approve a loan to be  advanced  by RKI
                                (BJ) to Sunco B, a company  owned as to 88.9  percent  and
                                11.1   percent  by  Sunco  China  and  Sunco   Management,
                                respectively,   in  the  principal  amount  of  RMB  363.6
                                million ($45.0 million).  The loan would carry an interest
                                rate of 12 percent  per annum,  would  mature on March 16,
                                2008 and  would be  prepaid  in  full,  together  with the
                                acquired  interest,  within five months  after the expiry,
                                termination  or exercise  of an option  granted by Mr. Sun
                                and  Sunco  China  (collectively,  Sunco  Parties)  to  RK
                                Properties   and  Elite  Rich   (collectively,   Principal
                                Investors),  which  grants  the  Principal  Investors  the
                                right to require the Sunco  Parties to procure  that Sunco
                                B issues to them shares  representing 55 percent  interest
                                of Sunco B's enlarged  issued  capital.  The proposed loan
                                is expected to strengthen the financial  position of Sunco
                                Parties and Sunco B, which would in turn,  enable a smooth
                                implementation of the transactions  contemplated under the
                                Sunco A Subscription  Agreement and the Suzhou Acquisition
                                Agreement,   which  were  discussed  in  items  1  and  2,
                                respectively.  This  being  the  case,  a vote in favor of
                                this resolution is recommended.


05/07/07 - S        Road King Infrastructure Ltd.            G76058109                            None                     214,000
                    1        Approve Advance of a Loan by RK Investment    For          For                   Mgmt
                             (Beijing) Ltd. of Up to HK$600.0 Million to
                             Sunco Property Hldgs. Co. Ltd. at an
                             Interest Rate of 6 Percent Per Annum
                                This item  seeks  approval  for  agreements  entered  into
                                between  RK   Investment   (Beijing)   Ltd.  (RKI  BJ),  a
                                wholly-owned   subsidiary   of  the  company,   and  Sunco
                                Property  Hldgs.  Co.  Ltd.  (Sunco  A),  owned  as  to 49
                                percent by the  company,  relating to the advance by RK BJ
                                of a loan of up to  HK$400.0  million  ($51.4  million) to
                                Sunco A (Loan 5) and the  provision by RKI BJ of a further
                                loan of HK$600.0  million ($77.1  million) to Sunco A as a
                                result of RKI BJ's  exercise of its first right of refusal
                                to provide such further loan (Loan  6).        Both Loan 5
                                and Loan 6 would have an  interest  rate of 6 percent  per
                                annum,  be repayable on demand in any event until Oct. 31,
                                2007 and be secured  by fixed and  floating  charges  over
                                the entire assets and  undertakings of Sunco A.         It
                                was noted that Sunco A would use  proceeds  from such loan
                                advances  to fund the  acquisition  of direct or  indirect
                                interest  in land  property  development  projects  in the
                                People's   Republic   of  China   (the   PRC).        This
                                proposal is expected to  facilitate  the  expansion of the
                                company and its subsidiaries  (Group) in the future. Given
                                its 49  percent  interest  in Sunco A, the  Group  expects
                                that  with the  provision  of loans to Sunco A it would be
                                able to capture a  considerable  scale of  investment  and
                                participation  in  the  PRC  property  sector.  This  is a
                                reasonable request.


05/15/07 - A        Road King Infrastructure Ltd.            G76058109                            05/09/07                 214,000
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Declare Final Dividend                        For          For                   Mgmt
                                The board  recommends  the payment of a final  dividend of
                                HK$0.26 ($0.03) per share
                    3a       Reelect Hu Aimin as Director                  For          For                   Mgmt
                    3b       Reelect Chan Hing Chiu, Vincent as Director   For          For                   Mgmt
                    3c       Reelect Chow Shiu Kee, Stephen as Director    For          For                   Mgmt
                    3d       Reelect Lau Sai Yung as Director              For          For                   Mgmt
                    3e       Authorize Board to Fix the Remuneration of    For          For                   Mgmt
                             Directors
                    4        Reappoint Deloitte Touche Tohmatsu as         For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    5a       Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                This item seeks  shareholder  approval for the granting of
                                a new  mandate  to  issue  shares,  representing  up to 20
                                percent  of current  issued  capital,  without  preemptive
                                rights.        The  general  mandate  to issue  shares  is
                                supported for companies that limit  discounts to 5 percent
                                of the market  price of shares and who,  at the same time,
                                have no history of  refreshments  as these factors address
                                concerns on the possible  issuance of discounted shares to
                                related  parties as well as further  dilution  to existing
                                shareholders due to frequent  refreshments.        In this
                                case,  the company did not provide  discount  restrictions
                                on the issue  price of shares  under this  mandate.  Given
                                this and  considering  that the mandate  may be  refreshed
                                several  times  within a period of one year,  we recommend
                                shareholders oppose this resolution.
                    5b       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent  from the original  limit of 20 percent  under the
                                general  mandate to issue shares  sought by most Hong Kong
                                companies.  Given that the general mandate to issue shares
                                is subject  to abuse by  companies  that  issue  shares at
                                discounts  to the  market  price,  such  extension  of the
                                general share  issuance  mandate may increase the scope of
                                non-preemptive  placements,  putting minority shareholders
                                at a  disadvantage  as  repurchased  shares  may  also  be
                                reissued  at a discount  to the market  price.  In view of
                                this,  shareholders  are advised to vote against this item
                                unless  a  minimal  discount  of  5  percent  or  less  is
                                specified   for   share    issuances   under   a   general
                                mandate.        In   this  case,   the   company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.
                    6        Approve Issuance of Shares Pursuant to the    For          Against               Mgmt
                             Share Option Scheme
                                The percentage of shares  available under the Share Option
                                Scheme is 10  percent  of the  company's  issued  capital,
                                which is considered an unacceptable level of dilution.  In
                                the  absence  of  set  performance  criteria  and  vesting
                                periods,  this scheme  cannot be  considered  sufficiently
                                well-structured  to  justify a  potential  dilution  of 10
                                percent.


05/10/07 - A        Robert Walters plc                       G7608T118                            None                      37,402
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 2.85 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Philip Aiken as Director             For          For                   Mgmt
                    5        Re-elect Russell Tenzer as Director           For          For                   Mgmt
                    6        Elect Martin Griffiths as Director            For          For                   Mgmt
                    7        Elect Alan Bannatyne as Director              For          For                   Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 7,618,138
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 854,126
                    11       Approve Reduction of GBP 20,000,000 from      For          For                   Mgmt
                             Share Premium Account
                    12       Authorise the Disapplication of the           For          For                   Mgmt
                             Provisions of Section 89(1) of the
                             Companies Act 1985
                    13       Authorise 12,803,058 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


07/06/06 - A        Robert Wiseman Dairies plc               G7608U107                            None                       9,535
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 6.60 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Norman Murray as Director            For          For                   Mgmt
                    5        Re-elect Alan Wiseman as Director             For          For                   Mgmt
                    6        Re-elect Beverley Hodson as Director          For          For                   Mgmt
                    7        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             of the Company
                    8        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 2,350,000
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 360,000
                    11       Authorise 7,000,000 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase
                    12       Approve Waiver on Tender-Bid Requirement      For          Against               Mgmt
                    13       Approve Increase in Remuneration of           For          For                   Mgmt
                             Non-Executive Directors to GBP 500,000


07/25/06 - A        Rock Field Co. *2910*                    J65275109                            04/30/06                   3,130
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 7, Final JY
                             12, Special JY 0
                    2        Amend Articles to: Increase Number of         For          For                   Mgmt
                             Statutory Auditors - Authorize Public
                             Announcements in Electronic Format - Limit
                             Rights of Odd-lot Holders - Limit Liability
                             of Directors and Statutory Auditors
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt


04/25/07 - A        Rockwool International                   K8254S144                            None                       1,804
                    1        Receive Report of Board                       None         None                  Mgmt
                    2        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    3        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Report; Approve Discharge of Directors
                    4        Approve Allocation of Income                  For          For                   Mgmt
                    5        Elect Directors                               For          Against               Mgmt
                                We strongly  believe that publicly listed companies should
                                disclose  details on  proposals  at least 30 days prior to
                                the  meeting.   According   to  Rockwool   International's
                                notice,  the names of the nominees will not be made public
                                until  approximately  eight days before the AGM. When this
                                information  is  not  available  well  in  advance  of the
                                meeting,  investors are not left with  sufficient  time to
                                evaluate the candidates  and, in the case of  shareholders
                                who will not be  present  at the  meeting  themselves,  to
                                submit  voting  instructions  via a custodian  bank.  Most
                                large Danish companies  disclose at least the names of any
                                nominees to the board in the meeting  notice.  Because the
                                names of the nominees  were not available at the time this
                                analysis  was written,  which does not allow  shareholders
                                to make an informed decision,  shareholders are advised to
                                vote against this item.
                    6        Ratify Auditors                               For          For                   Mgmt
                    7a       Approve Remuneration of Directors             For          For                   Mgmt
                    7b       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital


04/20/07 - A        Rotork plc                               G76717126                            None                      37,549
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 11.65 Pence Per     For          For                   Mgmt
                             Ordinary Share
                    3        Re-elect Alex Walker as Director              For          For                   Mgmt
                    4        Re-elect Bob Arnold as Director               For          For                   Mgmt
                    5        Elect Peter France as Director                For          For                   Mgmt
                    6        Reappoint KPMG Audit Plc as Auditors of the   For          For                   Mgmt
                             Company
                    7        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    8        Approve Remuneration Report                   For          For                   Mgmt
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             22,706,689 Ordinary Shares
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             4,314,161 Ordinary Shares
                    11       Authorise 8,500,000 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase
                    12       Authorise 44,795 Preference Shares for        For          For                   Mgmt
                             Market Purchase
                    13(a)    Adopt New Articles of Association             For          For                   Mgmt
                    13(b)    Amend Memorandum of Association               For          For                   Mgmt
                                The Company  confirmed to RREV,  that the auditors are not
                                included  within the scope of the  indemnity,  which is in
                                line with best practice.  Therefore, this amendment is not
                                contentious.


06/26/07 - A        Ryobi Ltd. *5851*                        J65629164                            03/31/07                  44,302
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 12
                                The payout ratio for the full year is 20 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and 1  non-executive.  The number of outsiders
                                is remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Neither   nominee  is   designated   by  the   company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nominations.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 30
                                million  per month (or JY 360  million per year) to JY 420
                                million per year. In addition,  the company wants to raise
                                the ceiling for  statutory  auditors from JY 4 million per
                                month (or JY 48  million  per year) to JY 60  million  per
                                year.  After the  meeting,  the company  will  continue to
                                have      10      directors      and      4      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.


07/06/06 - A/S      S.O.I.TEC SILICON on INSULATOR           F84138118                            None                      28,523
                    TECHNOLOGIES
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Elect Andre-Jacques Auberton-Herve as         For                                Mgmt
                             Director
                    6        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    7        Authorize Issuance of Bonds/Debentures in     For                                Mgmt
                             the Aggregate Value of EUR 300 Million
                             Special Business
                    8        Amend Articles of Association Re: Attend      For                                Mgmt
                             Board of Directors' Meetings by Way of
                             Videoconference and of Telecommunication
                    9        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.2 Million
                    10       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.2 Million
                    11       Set Global Limit for Capital Increase to      For                                Mgmt
                             Result from Above Issuance Requests at EUR
                             1.2 Million and for Debt Issuance Requests
                             at EUR 300 Million
                    12       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Relating to
                             Delegation Submitted to Shareholder Vote
                             Above
                    13       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    14       Authorize Capitalization of up to Full        For                                Mgmt
                             Amount of Reserves for Bonus Issue or
                             Increase in Par Value
                    15       Authorize up to Five Percent of Issued        For                                Mgmt
                             Capital for Use in Restricted Stock Plan
                    16       Approve Capital Increase Reserved for         For                                Mgmt
                             Employees Participating in Savings-Related
                             Share Purchase Plan
                    17       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Sakai Chemical Industry Co. Ltd.         J66489121                            03/31/07                 110,000
                    *4078*
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board  after this  meeting:
                                11 executives and 0  non-executives.  The board  currently
                                includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    1.11     Elect Director --- For
                    2        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    3        Approve Retirement Bonus for Director         For          For                   Mgmt
                                The recipient is an insider.


11/30/06 - A        SALLY MALAY MINING LTD *SMY*             Q82375116                            11/28/06                  79,478
                    1        Elect Christopher Langdon as Director         For          For                   Mgmt
                    2        Adopt Remuneration Report for the Fiscal      For          Against               Mgmt
                             Year Ended June 30, 2006
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution   2        -    Non-executive   directors   are
                                entitled   to   termination   benefits   if   removed   by
                                shareholders;  equity granted to executives  does not have
                                demanding  performance  hurdles;  non-executive  directors
                                are  eligible  to  receive  options  on the same  terms as
                                those granted to management.
                    3        Approve the Increase in Non-Executive         For          For                   Mgmt
                             Directors'Remuneration from A$200,000 to
                             A$400,000 Per Annum
                                - As noted  above,  directors  of Sally Malay are entitled
                                to  termination   payments  if  removed  as  directors  by
                                shareholders.  Some  investors  may  wish to vote  against
                                this  proposed  increase  to the fee cap as a  result,  or
                                correspond with the company on this issue.
                    4        Approve the Grant of 250,000 Options at an    For          Against               Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Christopher de Guingand
                                Executive Summary of Reason for Against  Recommendation on
                                Resolutions 4, 5, and 6        -  Resolutions 4 and 5: The
                                resolutions    seek   approval   to   grant   options   to
                                non-executive  directors  on the same terms as those to be
                                granted  to   management.   This  is  not   supported   by
                                Australian  governance  standards.        -  Resolution 6:
                                The  performance  hurdle for the proposed option grants is
                                a  premium-exercise-price  hurdle  which is not  demanding
                                enough to satisfy local market standards.
                    5        Approve the Grant of 250,000 Options at an    For          Against               Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Christopher David James Langdon
                    6        Approve the Grant of 1.5 Million Options at   For          Against               Mgmt
                             an Exercise Price Set at 7.5 Percent Above
                             the Volume Weighted Average Market Price
                             for Five Days Prior to the Date of Grant to
                             Peter John Harold
                    7        Approve the Grant of 750,000 Options at an    For          Against               Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Richard Jordinson, Senior Executive
                                Executive Summary of Reason for Against  Recommendation on
                                Resolutions 7 and  8        - The  performance  hurdle for
                                the  proposed  option  grants is a  premium-exercise-price
                                hurdle,  which is not  demanding  enough to satisfy  local
                                market standards.
                    8        Approve the Grant of 750,000 Options at an    For          Against               Mgmt
                             Exercise Price Set at 7.5 Percent Above the
                             Volume Weighted Average Market Price for
                             Five Days Prior to the Date of Grant to
                             Trevor Eton, Senior Executive
                    9        Approve the Grant One Million Shares to       For          For                   Mgmt
                             Peter John Harold, Managing Director,
                             Pursuant to the Long Term Share Plan


05/04/07 - S        SALLY MALAY MINING LTD *SMY*             Q82375116                            05/02/07                 181,052
                    1        Elect John Rowe as Director                   For          For                   Mgmt
                    2        Elect Brian Phillips as Director              For          For                   Mgmt
                    3        Approve Grant of 500,000 Options              For          Against               Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Christopher de Guingand
                                Summary of Reason for 'Against'  Recommendation on Res. 3,
                                4, 5,  and  6        -  These  resolutions  seek to  grant
                                options to non-executive  directors.  Australian investors
                                generally   oppose  grants  of  options  to  non-executive
                                directors.
                    4        Approve Grant of 500,000 Options              For          Against               Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Christopher Langdon
                    5        Approve Grant of 500,000 Options              For          Against               Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to John Rowe
                    6        Approve Grant of 500,000 Options              For          Against               Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Brian Phillips
                    7        Approve Grant of 5 Million Options            For          Against               Mgmt
                             Exercisable at the Lower of 7.5 Percent
                             Above the Volume Weighted Average ASX
                             Market Price of the Company's Shares During
                             the Five Trading Days Before the Grant Date
                             and A$4.50 to Peter Harold
                                Summary of Reasons for  'Against'  Recommendation  on Res.
                                7        -  The  vesting  period  for the  options  is too
                                short.  Eighty  percent  of the  options  vest  within two
                                years of grant,  and all options vest after  approximately
                                2.2   years.        -  The  performance  hurdles  are  not
                                demanding enough to satisfy local market standards,  being
                                based on absolute production and NPAT targets.


05/23/07 - A        Salzgitter AG (frmly Preussag Stahl      D80900109                            05/02/07                   9,584
                    AG)
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 1 per Share and a Special Dividend
                             of EUR 1 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify PricewaterhouseCoopers AG as           For                                Mgmt
                             Auditors for Fiscal 2007
                    6a       Elect Hasan Cakir (Employee Representative)   For                                Mgmt
                             to the Supervisory Board
                    6b       Elect Lothar Hageboelling to the              For                                Mgmt
                             Supervisory Board
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Approve Creation of EUR 64 Million Pool of    For                                Mgmt
                             Capital without Preemptive Rights
                    9        Approve Issuance of Convertible Bonds         For                                Mgmt
                             and/or Bonds with Warrants Attached without
                             Preemptive Rights up to Aggregate Nominal
                             Amount of EUR 1 Billion; Approve Creation
                             of EUR 48.5 Million Pool of Capital to
                             Guarantee Conversion Rights
                    10       Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/26/07 - A        San-in Godo Bank Ltd. *8381*             J67220103                            03/31/07                  12,369
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 3.5
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,   or   11   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.          The  payout  ratio  for the full year is on
                                the  low  side by  Japanese  standards.  We will  consider
                                recommending votes against future income  allocations,  if
                                profits grow and the dividend payment is not increased.
                    2        Amend Articles to: Streamline Board           For          For                   Mgmt
                             Structure
                                The proposed change is routine.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:  Nominees  8  and  17        Background  of
                                non-executive   nominee(s):   Nominee  8  is  the  current
                                president of Hotel Management  Yonago Co., Ltd. Nominee 17
                                is the  president  of his own  company  and he is a former
                                partner and a current senior  adviser to ABeam  Consulting
                                Ltd.                  Board  Profile        Composition of
                                board   after   this   meeting:   15   executives   and  2
                                non-executives.        The    number   of   outsiders   is
                                increasing from 1 to 2.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    3.14     Elect Director --- For
                    3.15     Elect Director --- For
                    3.16     Elect Director --- For
                    3.17     Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory auditor:  Nominee  2        The nominee does not
                                meet our criteria for independence.  He is an attorney and
                                has served as the company's outside  counsel.        Given
                                the   realities  of  Japanese   business  and  the  strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 4.1
                    5        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                The company is proposing  aggregate  bonus  payments of JY
                                57.66  million to 17  directors,  and JY 7.34 million to 4
                                statutory   auditors.   Because   the   amounts   are  not
                                excessive, we have no reason to oppose this resolution.
                    7        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                             and Statutory Auditor
                                All  retirees  have  held  executive  positions  with  the
                                company.  Accordingly,  we have no reason  to oppose  this
                                resolution.


04/27/07 - A        Sartorius AG                             D6705R119                            04/06/07                   1,087
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.62 per Ordinary Share and 0.64 per
                             Preference Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Amend Articles Re: Electronic Distribution    For                                Mgmt
                             of Company Communication
                    6a       Elect Dirk Basting to the Supervisory Board   For                                Mgmt
                    6b       Elect Lothar Kappich to the Supervisory       For                                Mgmt
                             Board
                    6c       Elect Gerd Krieger to the Supervisory Board   For                                Mgmt
                    6d       Elect Heribert Offermanns to the              For                                Mgmt
                             Supervisory Board
                    6e       Elect Arnold Picot to the Supervisory Board   For                                Mgmt
                    6f       Elect Michael Schulenburg to the              For                                Mgmt
                             Supervisory Board
                    7        Ratify Deloitte & Touche GmbH as Auditors     For                                Mgmt
                             for Fiscal 2007
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Sato Shoji Corp. *8065*                  J69757102                            03/31/07                  12,514
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 15
                    2        Amend Articles to: Expand Business Lines      For          Against               Mgmt
                                In the item,  the company  seeks to limit the liability of
                                its  external  audit  firm in the  event of a  shareholder
                                lawsuit.                  Because  we believe the proposal
                                to limit the  liability  of the  external  audit  firm may
                                have a  negative  impact  on  the  quality  of  the  audit
                                function,  we  recommend  that  shareholders  oppose  this
                                resolution.
                    3        Elect Director                                For          For                   Mgmt
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  7  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  2                The  nominee
                                for  independent  auditor  does  not  pass  our  test  for
                                independence.  He is an  attorney  and has been  served as
                                the company's  outside  counsel.                Given  the
                                realities of Japanese  business  and the strong  loyalties
                                to  companies  held by those  with  long-standing  ties to
                                those  companies  and their  affiliates,  the  nominee for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 4.1
                    5        Approve Retirement Bonus for Statutory        For          For                   Mgmt
                             Auditor
                                The recipient is an insider.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    7        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 12
                                million  per month (or JY 144  million per year) to JY 280
                                million per year. In addition,  the company wants to raise
                                the ceiling for  statutory  auditors from JY 3 million per
                                month (or JY 36  million  per year) to JY 70  million  per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 6 to 7. The  number of  statutory  auditors
                                will decrease from 4 to 3.                Because  the new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.


05/09/07 - A        Savills plc                              G78283119                            None                      85,179
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 11 Pence Per        For          For                   Mgmt
                             Ordinary Share
                    3a       Elect Martin Angle as Director                For          For                   Mgmt
                    3b       Re-elect Charles McVeigh as Director          For          For                   Mgmt
                    3c       Re-elect Rupert Sebag-Montefiore as Director  For          For                   Mgmt
                    4        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    5        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    6        Approve Remuneration Report                   For          For                   Mgmt
                                Although the two issues  highlighted above have been noted
                                by RREV, we consider a vote in favour of the  remuneration
                                report to be appropriate.
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,096,916
                    8        Subject to the Passing of Resolution 7,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 164,537
                    9        Authorise 13,162,999 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


06/22/07 - A        Sawai Pharmaceutical Co., Ltd. *4555*    J69811107                            03/31/07                   2,050
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 25
                                The payout ratio for the full year,  including the interim
                                dividend,  is 35 percent based on  consolidated  earnings,
                                or 46 percent based on  parent-company  earnings.  By law,
                                funds  available  for  dividends  in  Japan  are  based on
                                parent-company earnings only.
                    2        Amend Articles to: Increase Maximum Board     For          For                   Mgmt
                             Size
                                The company is increasing  the maximum number of directors
                                on the  board  from 12 to 15, in order to  strengthen  the
                                management  structure.  The company will  continue to have
                                no  outside  directors.  Nevertheless,  in  light  of  the
                                company's  growth  and the fact that the board will not be
                                unduly large by Japanese standards,  we do not oppose this
                                change.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile        Composition  of board  after this  meeting:
                                13 executives and 0  non-executives.  The board  currently
                                includes 11 insiders and no outside directors.  Candidates
                                11,  12 and  13  are  new  to  the  board  (one  incumbent
                                director is stepping down).
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    3.12     Elect Director --- For
                    3.13     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney in private practice.
                    5        Approve Retirement Bonus for Director         For          For                   Mgmt
                                The  retiring  director  is an  insider,  and we  have  no
                                reason to oppose this resolution.


09/20/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                            None                         910
                    Steel AG)
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


09/20/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                            None                         910
                    Steel AG)
                    1        Issue 11.1 Million Shares in Connection       For                                Mgmt
                             with a Merger
                    2        Change Company Name to SCHMOLZ + BICKENBACH   For                                Mgmt
                             AG
                    3        Convert Form of Securities from Bearer        For                                Mgmt
                             Shares into Registered Shares
                    4        Approve Creation of CHF 30 Million Pool of    For                                Mgmt
                             Capital without Preemptive Rights
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/12/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                            None                       4,023
                    Steel AG)
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/12/06 - S        Schmolz + Bickenbach AG (frmly Swiss     H8404Y102                            None                       4,023
                    Steel AG)
                    1        Convert Form of Securities from Bearer        For                                Mgmt
                             Shares into Registered Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Schmolz + Bickenbach AG (frmly Swiss     H7321K104                            None                         867
                    Steel AG)
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 1.25 per Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Elect Directors                               For                                Mgmt
                    4.2      Ratify Ernst & Young AG as Auditors           For                                Mgmt
                    5        Increase Existing Pool of Capital without     For                                Mgmt
                             Preemptive Rights to CHF 60 Million
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Schoeller-Bleckmann Oilfield             A7362J104                            None                       3,166
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Board
                    4        Approve Remuneration of Supervisory Board     For                                Mgmt
                             Members
                    5        Elect Supervisory Board Members               For                                Mgmt
                    6        Ratify Auditors                               For                                Mgmt
                    7        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    8        Authorize Reissuance or Cancellation of       For                                Mgmt
                             Repurchased Shares
                    9        Authorize Reissuance of Own Shares without    For                                Mgmt
                             Preemptive Rights Through Other Means Than
                             via Stock Exchange or Public Offer
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Schulthess Group AG                      H86243120                            None                         394
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Schulthess Group AG                      H86243120                            None                         394
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 12 per Share
                    5        Approve 10:1 Stock Split                      For                                Mgmt
                    6        Reelect Rudolf Kaegi and Thomas Rutz as       For                                Mgmt
                             Directors
                    7        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/16/07 - A        Schweiter Technologies AG                H73431142                            None                         134
                    1        Open Meeting (Non-Voting)                     None                               Mgmt
                    2        Receive Presentation on Fiscal 2006           None                               Mgmt
                    3        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    4        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    5        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 6 per Share
                    6        Transact Other Business (Non-Voting)          None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


01/15/07 - S        SCi Entertainment Group Plc              G7863S102                            None                      13,034
                    1        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 443,044.85
                             Pursuant to a Share Subscription by Warner
                             Bros Entertainment.


01/24/07 - A        SCi Entertainment Group Plc              G7863S102                            None                      13,034
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Reappoint BDO Stoy Hayward LLP as Auditors    For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    4        Re-elect Bill Ennis as Director               For          For                   Mgmt
                    5        Re-elect Tim Ryan as Director                 For          Abstain               Mgmt
                    6        Elect Roger Ames as Director                  For          For                   Mgmt
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,041,881
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 190,406
                    9        Authorise 3,808,119 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase
                    10       Approve Increase in Remuneration of           For          For                   Mgmt
                             Directors to GBP 300,000


05/10/07 - A/S      SECHILIENNE-SIDEC                        F82125109                            05/07/07                   3,247
                             Ordinary Business
                    1        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    2        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    3        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    4        Approve Dividends of EUR 1.10 per Share       For                                Mgmt
                    5        Ratify Appointment of Claude Rosevegue as     For                                Mgmt
                             Director
                    6        Reelect Claude Rosevegue as Director          For                                Mgmt
                    7        Reelect Patrick de Giovanni as Director       For                                Mgmt
                    8        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                             Special Business
                    9        Amend Articles to Reflect Changes in Capital  For                                Mgmt
                    10       Amend Articles of Association Re: Record      For                                Mgmt
                             Date, Shareholding Disclosure Threshold,
                             Quorum Requirements, and Nationality of the
                             Company
                    11       Amend Articles Re: Composition of the Board   For                                Mgmt
                             of Directors
                    12       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    13       Approve Stock Option Plans Grants             For                                Mgmt
                    14       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/28/07 - A        SECURED CAPITAL JAPAN CO. LTD. *2392*    J6998L104                            12/31/06                      48
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             1500, Special JY 0
                                Payout  ratio is 9 percent  (consolidated)  or 15  percent
                                (parent company).  This is low by Japanese standards,  but
                                in light of the company's  rapid growth,  we do not object
                                to  the   retention   of  cash  at  this   stage   of  its
                                development.  The company  was  established  in 1997,  and
                                went public only three years ago.
                    2        Amend Articles to: Expand Business Lines -    For          For                   Mgmt
                             Update Terminology to Match that of New
                             Corporate Law - Limit Liability of
                             Statutory Auditors
                                The company  seeks  authority  to limit the  liability  of
                                outside  statutory  auditors in its service contracts with
                                these  individuals.  The  limit  will be no less than JY 1
                                million or two years' worth of compensation,  whichever is
                                greater.  Because such  limitations  are seen as necessary
                                to  attract   qualified   outsiders   to  serve  in  these
                                positions,    we   do   not    generally    oppose    such
                                amendments.        The  new  business  objectives  are the
                                management and collection of debts,  and related  research
                                and consulting activities.
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominees are the company's three  incumbent  statutory
                                auditors,  all of whom are designated as independent.  All
                                three  meet  our  criteria  for  independence.  They  are,
                                respectively,  a former securities firm executive,  a CPA,
                                and an attorney.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The  nominee,  a  former  securities  firm  executive  and
                                president  of a  research  firm,  meets our  criteria  for
                                independence.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The company seeks  approval to provide  non-cash  benefits
                                to  directors,  in the form of  company-owned  housing  at
                                subsidized  rates.  The maximum  annual cost burden to the
                                company  would be limited to JY 24 million per year.  This
                                would be in addition to the cash  compensation  ceiling of
                                JY 200 million per year. We do not oppose this resolution.


10/31/06 - A        SEEK LTD *SEK*                           Q8382E102                            10/29/06                  28,611
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports For the Year Ended June 30, 2006
                    2        Adopt Remuneration Report for the Year        For          For                   Mgmt
                             Ended June 30, 2006
                    3        Elect James Packer as Director                For          For                   Mgmt
                                Shareholders  wishing to signify  their  concern  over the
                                composition  of the board are advised to vote  against the
                                reelection   of   Christopher   Anderson,    PBL's   other
                                representative  on  SEEK's  board,  when he is next up for
                                reelection,  as  it  is  considered  counterproductive  to
                                recommend  against the reelection to the SEEK board of the
                                principal executive of SEEK's largest shareholder.


05/22/07 - A        SEGRO plc (formerly Slough Estates       G81821103                            None                      68,088
                    plc)
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 12.1 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    3        Approve Remuneration Report                   For          For                   Mgmt
                    4        Elect Nigel Rich as Director                  For          Abstain               Mgmt
                                RREV considers this to be a fundamental  governance  issue
                                and  is  recommending  that  shareholders  register  their
                                concern on this point by actively  withholding  their vote
                                (abstain) on Nigel Rich's re-election.
                    5        Elect Walter Hens as Director                 For          For                   Mgmt
                    6        Elect Lesley MacDonagh as Director            For          For                   Mgmt
                    7        Re-elect Stephen Howard as Director           For          For                   Mgmt
                    8        Re-elect Marshall Lees as Director            For          For                   Mgmt
                    9        Re-elect Andrew Palmer as Director            For          For                   Mgmt
                    10       Re-elect Christopher Peacock as Director      For          For                   Mgmt
                    11       Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    12       Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    13       Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations up to GBP 20,000 and
                             to Incur EU Political Expenditure up to GBP
                             20,000
                    14       Change Company Name to SEGRO Plc              For          For                   Mgmt
                                RREV does not consider this name change to be contentious.
                    15       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP
                             28,597,878.75
                    16       Subject to the Passing of Resolution 15,      For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 5,900,106
                    17       Authorise up to Ten Percent of the Issued     For          For                   Mgmt
                             Ordinary Shares for Market Purchase


10/18/06 - S        Semapa, Sociedade de Investimento e      X7936A113                            None                      10,059
                    Gestao S.A.
                             Special Meeting Agenda
                    1        Approve New Management Structure in Light     For                                Mgmt
                             of the New Commercial Code
                    2        Amend Bylaws                                  For                                Mgmt
                    3        Elect General Meeting Board Members,          For                                Mgmt
                             Supervisory Board, and Statutory Auditor
                             Consequent to Item 1 and Any Vacancies that
                             Might Occur Due to the New Independence
                             Requirements
                    4        Approve Increase in the Size of the Board     For                                Mgmt
                             from Eleven to Thirteen Members and Elect
                             Two Directors to Fill the New Seats
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/23/07 - A        Semperit AG Holding                      A76473122                            None                       1,557
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Boards
                    4        Elect Supervisory Board Members               For                                Mgmt
                    5        Ratify Auditors                               For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/05/06 - S        Senior plc                               G8031U102                            None                      61,967
                    1        Approve Proposed Acquisition of All of the    For          For                   Mgmt
                             Issued and Outstanding Capital Stock of
                             Aerospace Manufacturing Technologies Inc.
                             Pursuant to the Stock Purchase Agreement
                             and the Associated and Ancillary
                             Arrangements Contemplated by the
                             Acquisition Agreement
                                Conclusion        The  Company considers that the Enlarged
                                Group will benefit from its increased  size, and the range
                                of  services  and the  terms of the offer is  expected  to
                                increase   shareholder  value  for  Senior.   Shareholders
                                should note that the rights  issue is not  conditional  on
                                the acquisition.  After  admission,  the rights issue will
                                proceed  even  if the  acquisition  does  not.          We
                                consider these  proposals have been clearly  explained and
                                do not raise any corporate governance  concerns.  However,
                                we consider  this  transaction  is primarily an investment
                                decision for shareholders to determine  according to their
                                individual  investment   strategies.   We  note  that  the
                                Company has received advice from Hoare Govett.
                    2        Approve The Senior Plc 2006 Savings-Related   For          For                   Mgmt
                             Share Option Scheme; Authorise the
                             Directors to Do All Acts and Things
                             Necessary to Establish and Carry the Scheme
                             into Effect
                                This HM Customs and Revenue  approved plan is  broad-based
                                and non-contentious.


04/27/07 - A        Senior plc                               G8031U102                            None                      61,967
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 1.381 Pence Per     For          For                   Mgmt
                             Share
                    4        Re-elect Martin Clark as Director             For          For                   Mgmt
                    5        Re-elect Graham Menzies as Director           For          For                   Mgmt
                    6        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    7        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 12,990,000
                    8        Subject to the Passing of Resolution 7,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,949,000
                    9        Authorise 38,990,000 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


06/07/07 - A        Severfield-Rowen plc                     G80568101                            None                      10,120
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 37.00 Pence Net     For          For                   Mgmt
                             Per Share
                    3        Approve Remuneration Report                   For          For                   Mgmt
                    4        Re-elect Brian Hick as Director               For          For                   Mgmt
                    5        Re-elect John Featherstone as Director        For          Against               Mgmt
                                As  the  Board   refreshment   has  not   resolved   these
                                long-standing   issues,  we  consider  it  appropriate  to
                                revert  back  to  our  previous   recommendation  to  vote
                                against his re-election.
                    6        Re-elect David Ridley as Director             For          For                   Mgmt
                    7        Re-elect Geoff Wright as Director             For          For                   Mgmt
                    8        Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             and Authorise the Board to Determine Their
                             Remuneration
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 673,265
                    10       Subject to the Passing of Resolution 9,       For          For                   Mgmt
                             Authorise Issue of Equity or Equity-Linked
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 102,010
                    11       Authorise 2,040,197 Ordinary Shares for       For          For                   Mgmt
                             Market Purchase


06/28/07 - A        Shinko Plantech Co. Ltd *6379*           J73456105                            03/31/07                  32,000
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 18
                    2        Elect Directors                               For          For                   Mgmt
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Both  nominees                   Both
                                nominees  do  not  meet  our  criteria  for  independence.
                                Nominee 1 is a current  executive of one of the  company's
                                main banks.  Nominee 2 is a former executive of one of the
                                company's main  banks.                Given  the realities
                                of  Japanese   business   and  the  strong   loyalties  to
                                companies held by those with  long-standing  ties to those
                                companies   and  their   affiliates,   both  nominees  for
                                independent  auditor  cannot be  expected  to fulfill  the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 3.1
                    4        Approve Retirement Bonuses for Director and   For          Against               Mgmt
                             Statutory Auditor
                                The retiring  auditor has been  designated  by the company
                                as independent.  As we believe the payment of such bonuses
                                to  non-executives  is  a  highly  inappropriate  practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing this item.


06/28/07 - A        Shinwa Kaiun Kaisha Ltd. *9110*          J74100108                            03/31/07                  53,371
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 8
                    2        Amend Articles to: Decrease Maximum Board     For          For                   Mgmt
                             Size
                                The company is decreasing  the maximum number of directors
                                on  the  board  from  15 to 10,  in  connection  with  the
                                introduction  of an executive  officer  system in order to
                                strengthen  the  management  structure  by speeding up the
                                decision-making  process.   Following  this  meeting,  the
                                company  would still have 2 vacant seats on the board,  to
                                which  dissident  nominees  could be  elected.  After this
                                meeting,  there  will be no  vacant  seats on the board to
                                which  dissident  nominees  could be elected.          The
                                proposed changes meet our guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    4        Appoint Internal Statutory Auditor            For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not meet our
                                criteria  for  independence.  He is a former  executive of
                                the company's  main bank.          Given  the realities of
                                Japanese  business  and the strong  loyalties to companies
                                held by those with  long-standing  ties to those companies
                                and their affiliates,  the nominee for independent auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    5        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement   bonuses  for  3  retiring   directors  and  1
                                retiring statutory auditor.                  In  addition,
                                the company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 8 continuing  directors and
                                3 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In    this   case,   the   retiring
                                statutory  auditor has been  designated  by the company as
                                independent.  In addition,  2 of the continuing  statutory
                                auditors   have  been   designated   by  the   company  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    6        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                    7        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 240
                                million per year to JY 400 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 50  million  per year to JY 100  million
                                per year. After the meeting,  the number of directors will
                                decrease  11 to 8. The  company  will  continue  to have 4
                                statutory
                                auditors.                                Because  the  new
                                ceilings  are not  excessive,  we have no reason to oppose
                                this resolution.


03/23/07 - A        Shoei Co. Ltd. (3003) *3003*             J74530106                            12/31/06                   8,700
                    1        Amend Articles to: Expand Business Lines      For          For                   Mgmt
                    2        Elect Directors                               For          Split                 Mgmt
                    2.1      Elect Director --- For
                                Because  the   benefits  of  adopting  a  US-style   board
                                structure  are  undermined by the  appointment  of outside
                                directors  who  lack  independence,  ISS  recommends  that
                                shareholders   oppose   candidates   4  to  6,   who  have
                                affiliations  that could  compromise  their  independence.
                                ISS does not  recommend  opposition  to candidates 1, 2, 3
                                or 7.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- Against
                    2.5      Elect Director --- Against
                    2.6      Elect Director --- Against
                    2.7      Elect Director --- For


06/12/07 - A        Sidenor Steel Products Manufacturing     X7835U103                            None                      10,558
                    Co. S.A., (frmly Sideno
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Discharge of Board and Auditors       For                                Mgmt
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                    4        Approve Auditors and Authorize Board to Fix   For                                Mgmt
                             Their Remuneration
                    5        Ratify Appointment of Temporary Directors     For                                Mgmt
                    6        Elect New Board of Directors                  For                                Mgmt
                    7        Approve Director Remuneration                 For                                Mgmt
                    8        Amend Bylaws: Company Representation          For                                Mgmt
                    9        Authorize Issuance of Bonds                   For                                Mgmt
                    10       Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/27/07 - S        Sidenor Steel Products Manufacturing     X7835U103                            None                      10,558
                    Co. S.A., (frmly Sideno
                             Repeat Annual Meeting Agenda
                    1        Authorize Issuance of Bonds                   For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/17/07 - A        Sika AG (formerly Sika Finanz AG)        H7631K158                            None                         256
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 5.20 per Registered Share and CHF
                             31.20 per Bearer Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Elect Directors                               For                                Mgmt
                    4.2      Ratify Ernst & Young AG as Auditors           For                                Mgmt
                    5        Transact Other Business (Non-Voting)          None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/02/07 - A        Silver Standard Resources Inc. *SSO*     82823L106                            03/15/07                   5,589
                    1        Elect Directors                               For          Split                 Mgmt
                    1.1      Elect Director John R. Brodie --- For
                                We recommend  withholding  votes from Meyer because he has
                                attended  less than 75 percent of the board and  committee
                                meetings,   which  we  consider  the  minimum   attendance
                                threshold  for  public  company   directors.   Anyone  who
                                accepts  a  nomination  to serve  as  director  should  be
                                prepared to make  attendance  at scheduled  meetings a top
                                priority  particularly  given  the  rigorous  demands  now
                                placed on all directors of public companies.
                    1.2      Elect Director R.E. Gordon Davis --- For
                    1.3      Elect Director David L. Johnston --- For
                    1.4      Elect Director William Meyer --- Against
                    1.5      Elect Director Robert A. Quartermain --- For
                    1.6      Elect Director Peter W. Tomsett --- For
                    2        Approve PricewaterhouseCoopers LLP as         For          For                   Mgmt
                             Auditors and Authorize Board to Fix
                             Remuneration of Auditors


03/29/07 - A        Simcorp A/S                              K8851Q111                            03/12/07                   1,230
                    1        Receive Report of Board                       None         None                  Mgmt
                    2        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    3        Approve Allocation of Income                  For          For                   Mgmt
                    4        Elect Directors                               For          For                   Mgmt
                    5        Ratify Auditors                               For          For                   Mgmt
                    6A       Approve Remuneration of Directors in the      For          For                   Mgmt
                             Aggregate Amount of DKK 1.6 Million;
                             Approve Allocation of 4,200 Stock Options
                             to Directors
                    6B       Authorize Board to Allocate Special           For          For                   Mgmt
                             Dividends
                    6C       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    6D       Amend Articles Re: Designate VP Investor      For          For                   Mgmt
                             Services A/S as Company Registrar
                    7        Other Business (Non-Voting)                   None         None                  Mgmt


06/21/07 - A        SIMPLEX INVESTMENT ADVISORS INC.         J7550K104                            03/31/07                     149
                    *8942*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 850
                                The payout ratio for the full year is 10 percent  based on
                                consolidated    earnings,    or   9   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.                The  payout  ratio  for the full year
                                is on the low side by  Japanese  standards.  However,  the
                                company went public only  recently,  and as posted  strong
                                growth in sales and profits in recent years.  Accordingly,
                                we do not  object to the  retention  of cash at this stage
                                of the company's development.
                    2        Amend Articles to: Expand Business Lines      For          For                   Mgmt
                                In the item, the company asks for shareholder  approval to
                                expand  its  permitted   business   objectives.   The  new
                                business  lines  proposed  here  include  classified  loan
                                business  and  financial  commodity.  The change would not
                                require the company to enter the new business;  rather, it
                                would   give  the   board  the  right  to  do  so  at  its
                                discretion.                The  proposed  changes meet our
                                guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:      Nominee     5        Background     of
                                non-executive   nominee(s):   Nominee   5  is  a   current
                                executive  of Japan  Single-residence  Reit  Inc.  and the
                                president   of   his   own   company.                Board
                                Profile        Composition  of board after this meeting: 5
                                executives  and  1  non-executive.        The   number  of
                                outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                                See 3.1
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                241  million  to  5  directors.  We  do  not  oppose  this
                                resolution.


06/22/07 - A        Sinanen Co. Ltd. (formerly Shinagawa     J7554V106                            03/31/07                  10,000
                    Fuel Co. Ltd.) *8132*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 20
                                The payout  ratio for the full year is 116  percent  based
                                on   consolidated   earnings,   or  35  percent  based  on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.        In  this case,  the  company is  proposing  a
                                dividend  amount  that  exceeds  EPS for the year,  so the
                                payout  ratio for the full year  exceeds 100  percent.  As
                                the company's  cash  reserves are still  adequate to cover
                                the   dividend,   we  have  no  reason   to  oppose   this
                                resolution.   However,   we  will  examine  future  income
                                allocation  proposals   carefully,   and  consider  voting
                                against income  allocation if the company continues to pay
                                out  dividends  in excess of  earnings in a way that comes
                                to threaten its long-term health.
                    2        Amend Articles to: Decrease Maximum Board     For          For                   Mgmt
                             Size
                                The company is decreasing  the maximum number of directors
                                on  the  board  from  20 to 10,  in  connection  with  the
                                introduction of an executive officer system.  The proposed
                                change meets our guidelines.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile        Composition  of board after this meeting: 9
                                executives  and  0  non-executives.        The  number  of
                                outsiders is decreasing from 1 to 0.
                    3.2      Elect Director --- For


04/24/07 - A        Singapore Land Ltd.                      V80978113                            None                      16,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of SGD       For          For                   Mgmt
                             0.20 Per Share and Special Dividend of SGD
                             0.25 Per Share
                    3        Approve Directors' Fees of SGD 297,314 for    For          For                   Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             294,500)
                    4a       Reelect James L. Go as Director               For          Against               Mgmt
                                Due to the company's  failure to provide the annual report
                                for  financial  year 2006,  we are unable to ascertain the
                                level of independence  of these  nominees.  Given this and
                                considering  concerns against executive  directors who are
                                also members of key board  committees,  as their  presence
                                threatens to undermine the purpose of these  committees in
                                providing  independent  oversight and preventing conflicts
                                of  interest,   and  the  best  practice   recommendations
                                stipulated in  Singapore's  Code of Corporate  Governance,
                                which  limits  the  members  of  audit  and   remuneration
                                committees  to  non-executives  only, a vote against these
                                resolutions is recommended.
                    4b       Reelect Lance Y. Gokongwei as Director        For          Against               Mgmt
                    4c       Reelect Gwee Lian Kheng as Director           For          Against               Mgmt
                    4d       Reelect Pang Cheng Lian as Director           For          Against               Mgmt
                    5a       Reelect Wee Cho Yaw as Director               For          Against               Mgmt
                    5b       Reelect John Gokongwei, Jr. as Director       For          Against               Mgmt
                    5c       Reelect Tan Boon Teik as Director             For          Against               Mgmt
                    5d       Reelect Hwang Soo Jin as Director             For          Against               Mgmt
                    5e       Reelect Gabriel C. Singson as Director        For          Against               Mgmt
                    6        Reappoint PricewaterhouseCoopers as           For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    7        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    8        Other Business (Voting)                       For          Against               Mgmt
                                While such  requests are usually  routine,  the  potential
                                for  discussion  and  subsequent  approval  of items  that
                                could  be   dangerous  to  minority   shareholders   is  a
                                possibility.  Until  more  detailed  information  is  made
                                available  concerning  these items,  a vote  opposing such
                                requests must be recommended.


05/28/07 - A/S      Sino-Forest Corporation *TRE*            82934H101                            04/26/07                  23,212
                    1        Elect Directors Allen T.Y. Chan, Kai Kit      For          Against               Mgmt
                             Poon, Edmund Mak, Simon Murray, James M.E.
                             Hyde and Judson Martin
                    2        Approve BDO McCabe Lo Limited as Auditors     For          For                   Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    3        Amend Stock Option Plan                       For          Against               Mgmt
                                ISS feels that the proposed  amendment  provision provides
                                the board with overly broad discretionary  powers to amend
                                the   company's   equity-based   compensation   plans   as
                                currently approved by shareholders.


06/27/07 - A        Sintokogio Ltd. *6339*                   J75562108                            03/31/07                  50,518
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  10 executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    1.8      Elect Director --- For
                    1.9      Elect Director --- For
                    1.10     Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory  auditor:  Nominees  3 and 4          Nominee  3
                                does not  meet  our  criteria  for  independence.  He is a
                                former  executive  director of one of the  company's  main
                                banks.  Nominee 4 meets our criteria for independence.  He
                                is  a  former  executive   director  of  IBM  Japan,  Ltd.
                                        Given  the realities of Japanese  business and the
                                strong   loyalties  to   companies   held  by  those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominee 3 for  independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    2.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 2.1.
                    2.4      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                Because the amount is not excessive,  we have no reason to
                                oppose this resolution.


03/09/07 - A        SKC Ltd.                                 Y8065Z100                            12/31/06                  21,250
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 300 Per Share
                    2        Elect Executive Director                      For          For                   Mgmt
                    3        Elect Two Members of Audit Committee          For          For                   Mgmt
                    4        Approve Remuneration of Executive Directors   For          Against               Mgmt
                             and Independent Non-Executive Directors
                                ISS  believes  it is unfair to increase  the  remuneration
                                ceiling while the dividend  payout is  relatively  far low
                                even by Korean  Standards.  Therefore,  we recommend  that
                                shareholders vote against this resolution.


05/17/07 - A/S      Skye Resources Ltd. *SKR*                83081N107                            04/17/07                  15,379
                    1        Approve Davidson & Company as Auditors and    For          For                   Mgmt
                             Authorize Board to Fix Remuneration of
                             Auditors
                                Davidson & Company  are the  company's  current  auditors.
                                        Multilateral  Instrument 52-110 - Audit Committees
                                requires all  reporting  issuers to disclose the fees paid
                                to external  auditors.  According to the company,  it paid
                                $89,408 for audit,  $15,240 for  audit-related,$9,750  for
                                tax, and $nil for other services  provided by the auditing
                                firm for the most recent  fiscal year.  Tax fees were paid
                                for tax compliance, advice and planning services.
                    2        Fix Number of Directors at Eight              For          For                   Mgmt
                                This is a routine resolution.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director Ian G. Austin --- For
                                We applaud  the company for  providing  shareholders  with
                                the  opportunity  to vote with  respect  to each  director
                                individually.           The   board  will  be  a  majority
                                independent.  The slate is composed  of seven  independent
                                and one inside nominees.          The  offices of Chairman
                                and CEO have been  separated.        The  board has formed
                                a separate Governance & Human Resources  Committee,  which
                                performs     the     function     of    a     compensation
                                committee.        There  are no  insiders on the Audit and
                                Governance  & Human  Resources  committees.        Austin,
                                who is president and CEO of the company, is an insider.
                    3.2      Elect Director Gordon W. Bacon --- For
                                Bacon,  who is an  independent  outsider,  is chair of the
                                board and a member of the  Audit  and  Governance  & Human
                                Resources committees.
                    3.3      Elect Director Robert A. Horn --- For
                                Horn, who is an independent  outsider,  is a member of the
                                Governance & Human Resources Committee.
                    3.4      Elect Director Terry A. Lyons --- For
                                Lyons  is an  independent  outsider  and a  member  of the
                                Audit     and     Governance     &     Human     Resources
                                committees.        Based  on the  information  provided in
                                the circular,  Lyons sits on seven public  company  boards
                                including  this  one.  Due to  the  increased  demands  on
                                directors of public  companies we view best practice to be
                                no more than two  outside  directorships  for a CEO and no
                                more  than six for a  non-employee  director.  We  believe
                                that directors who are  overextended  may be  jeopardizing
                                their  ability to serve as  effective  representatives  of
                                shareholders,  and will continue to monitor this situation
                                at Skye Resources.
                    3.5      Elect Director David Mcintyre --- For
                                McIntyre is an independent outsider.
                    3.6      Elect Director Sheila H. O'Brien --- For
                                O'Brien is an independent outsider.
                    3.7      Elect Director Ronald S. Simkus, --- For
                                Simkus is an independent outsider.
                    3.8      Elect Director David S. Smith --- For
                                Smith  is an  independent  outsider  and a  member  of the
                                Audit Committee.
                    4        Amend Stock Option Plan                       For          Against               Mgmt
                                This item is proposing  to introduce a detailed  amendment
                                provision  in the stock  option  plan which  meets most of
                                ISS  requirements  but is missing one potential  amendment
                                regarding  the  transferability  of options.  The proposed
                                provision does not require  shareholder  approval to amend
                                the plan to allow the  transferability or assignability of
                                options.   ISS  believes  that  this  amendment  provision
                                grants  discretionary power to the board to amend the plan
                                in a way which may not align with shareholder interests.
                    5        Approve Performance Share Units Plan          For          For                   Mgmt
                                This item will  approve a  Performance  Share  Units Plan.
                                Details   of   the   plan:        Eligible   participants:
                                Employees,         executive         directors         and
                                consultants.        Awards:    performance   share   units
                                (PSUs)  credited to the  participant's  account.  PSUs are
                                redeemed  at  the  end of  each  performance  period  upon
                                achievement  of  target  milestones   established  by  the
                                company.  The performance  period  commences  January 1 or
                                immediately  preceding  the grant and ends on  December 31
                                of the third year  following  the  calendar  year in which
                                PSUs were  granted.        Number  of  shares:  1,050,000;
                                Potential    dilution    (non-diluted):    2.4    percent.
                                        Maximum  number of shares:  In any fiscal  year to
                                any one  participant  five percent of shares  outstanding.
                                .        Amendment    provision:    Shareholder   approval
                                required  to amend plan to (a)  increase  number of shares
                                reserved;  (b) change the manner of determining the market
                                value  of the  PSUs.;  (c)  extend  the  termination  date
                                beyond  the  original  expiration  date.        The  total
                                cost  of the PSU  Plan is  compared  to an  allowable  cap
                                using  a  compensation   model.  The  allowable  caps  are
                                industry-specific,  market  cap-based,  and  pegged to the
                                average  amount paid by  companies  performing  in the top
                                quartile    of    their    peer    groupings.     Industry
                                classifications  are established  using standard  industry
                                code (SIC) groups.  Using  historic data tracked by ISS of
                                the value of  authorized  shares for issue at each company
                                ranked in the top  quartile of its  industry,  a benchmark
                                pay  level is  established  for each  industry.  The total
                                cost of the  company's  plan of eight  percent is equal to
                                the  allowable cap for this company of eight  percent.  We
                                note  that the  company  also  has an  option  plan  which
                                reserves a fixed  number of shares  resulting in potential
                                dilution of 10.5  percent.  At this meeting the company is
                                asking for  approval of two new plans,  the PSU Plan and a
                                Deferred  Share  Unit Plan (Item 6),  which when  combined
                                with the option plan could  result in  potential  dilution
                                of 13.5  percent.  Two negative  features of this plan are
                                (i) PSUs have no  exercise  price  and are  valued at zero
                                percent of fair market  value making them more costly than
                                an  award  with an  exercise  price;  (ii)  the  amendment
                                provision  grants  discretionary  power  to the  board  to
                                amend the plan. However,  ISS generally favours plans such
                                as this one which align the  interests  of  employees  and
                                shareholders   by  (i)   including   performance   vesting
                                criteria;    (ii)   excluding    discretionary    director
                                participation.
                    6        Approve Deferred Share Unit Plan              For          For                   Mgmt
                                This  item  will  approve  a  Deferred  Share  Unit  Plan.
                                Details  of  the  plan:           Eligible   participants:
                                Directors     who    are    not     employees    of    the
                                company.        Awards:   Deferred   share  units   (DSUs)
                                credited to the participant's  account.  DSUs are redeemed
                                after the  termination  date which is the earliest date on
                                which the  participant  ceases to be a member of the board
                                of the  company  of a  related  company.        Number  of
                                shares:  300,000;  Potential dilution  (non-diluted):  0.7
                                percent.          Maximum  number of shares: In any fiscal
                                year  to  any  one  participant  five  percent  of  shares
                                outstanding.   .        Amendment  provision:  Shareholder
                                approval  required to amend plan to (a) increase number of
                                shares reserved;  (b) change the manner of determining the
                                market  value of the  DSUs.        The  total  cost of the
                                DSU  Plan  is  compared  to  an  allowable   cap  using  a
                                compensation     model.    The    allowable    caps    are
                                industry-specific,  market  cap-based,  and  pegged to the
                                average  amount paid by  companies  performing  in the top
                                quartile    of    their    peer    groupings.     Industry
                                classifications  are established  using standard  industry
                                code (SIC) groups.  Using  historic data tracked by ISS of
                                the value of  authorized  shares for issue at each company
                                ranked in the top  quartile of its  industry,  a benchmark
                                pay  level is  established  for each  industry.  The total
                                cost of the company's  plan of seven percent is within the
                                allowable cap for this company of eight  percent.  We note
                                that the company also has an option plan which  reserves a
                                fixed number of shares resulting in potential  dilution of
                                10.5  percent.  At this  meeting the company is asking for
                                approval of two new plans,  the PSU Plan and a Performance
                                Share Unit Plan (Item 5),  which  when  combined  with the
                                option  plan could  result in  potential  dilution of 13.5
                                percent.  Negative features of this plan are (i) DSUs have
                                no exercise  price and are valued at zero  percent of fair
                                market  value  making  them more costly than an award with
                                an exercise price; (ii) the board has discretionary  power
                                to amend the plan and  participate  in the plan.  However,
                                ISS  generally  favours plans such as this one which align
                                the interests of directors,  employees and shareholders by
                                including time vesting criteria.
                    7        Approve Shareholder Rights Plan               For          For                   Mgmt
                                Shareholders  are being  asked to  approve  a  shareholder
                                rights plan  adopted by the board of directors on December
                                21, 2006.  If  approved,  the Skye  Resources  rights plan
                                will  have a term of three  years.          Many  Canadian
                                companies in the last five years have adopted  shareholder
                                rights plans which  address the concerns of  institutional
                                investors   by,   among  other   things,   providing   for
                                three-year  sunset  provisions  and  allowing  for partial
                                bids to  proceed  despite  board  opposition.  These  'new
                                generation'  rights  plans  ensure that in a takeover  bid
                                situation  the board has limited  discretion  to interpret
                                the  plan  and   shareholders   receive   fair  and  equal
                                treatment.  The  Skye  Resources  rights  plan  meets  the
                                criteria  of a 'new  generation'  rights  plan.        The
                                Skye Resources  rights plan is a permitted bid plan with a
                                20 percent  ownership  trigger and a minimum share deposit
                                requirement  to approve a takeover  bid. A Permitted  Bid,
                                according to the  provisions of the plan,  must be made to
                                all  holders of voting  shares by means of a takeover  bid
                                circular  and remain open for  deposits  for not less than
                                60 days.  Shares may not be taken up under a Permitted Bid
                                unless  more than 50 percent of the voting  shares held by
                                Independent  Shareholders  are  deposited and in the event
                                that  this   condition  is   satisfied,   the  offeror  is
                                obligated  to make a public  announcement  of the fact and
                                the bid must  remain  open  for  further  deposits  for an
                                additional  ten days.  Based on this  definition,  partial
                                bids are possible  under the Skye  Resources  rights plan.
                                Partial bids are  integral to rights plans since  Canadian
                                takeover  bid  legislation  is  premised  on the  right of
                                shareholders    to   determine    for    themselves    the
                                acceptability  of any bid for  their  shares,  partial  or
                                otherwise.          The  other  definitions  in this  plan
                                also conform to ISS guidelines.  The redemption and waiver
                                provisions  require  prior  shareholder  approval  for any
                                substantive  amendment to the plan. The plan also contains
                                an acceptable  exemption for lockup agreements.  The terms
                                of  the  lock-up   agreement  balance  the  ability  of  a
                                potential  bidder to make a takeover  bid and the  ability
                                of the board to maximize shareholder value.  Finally, this
                                plan has a three-year  sunset provision which ISS supports
                                affording  shareholders the opportunity to review the plan
                                in light of current  market  conditions  and  management's
                                use of the  plan.        On  the  basis of the  foregoing,
                                the Skye  Resources  shareholder  rights  plan  limits the
                                discretion  to  the  board  while  protecting  shareholder
                                interests,  and  is a 'new  generation'  rights  plan.  We
                                recommend voting for its approval.


03/14/07 - A        SLIGRO FOOD GROUP NV(formerly SLIGRO     N8084E106                            None                       5,304
                    BEHEER NV)
                    1        Open Meeting and Receive Announcements        None                               Mgmt
                    2a       Discuss Minutes of Meeting That Took Place    None                               Mgmt
                             March 22, 2006
                    2b       Discuss Minutes of Meeting That Took Place    None                               Mgmt
                             on June 28, 2006
                    3        Receive Report of Management Board            None                               Mgmt
                    4a       Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4b       Approve Allocation of Income                  For                                Mgmt
                    4c       Approve Discharge of Management Board         For                                Mgmt
                    4d       Approve Discharge of Supervisory Board        For                                Mgmt
                    5        Receive Explanation on Company's Reserves     None                               Mgmt
                             and Dividend Policy
                    6        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    7        Grant Board Authority to Issue Shares Up To   For                                Mgmt
                             10 Percent of Issued Capital Plus
                             Additional 10 Percent in Case of
                             Takeover/Merger and Restricting/Excluding
                             Preemptive Rights
                    8        Approve 1:2 Stock Split                       For                                Mgmt
                    9        Close Meeting and Allow Questions             None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


10/18/06 - S        Smit Internationale                      N81047164                            10/11/06                   2,116
                    1        Open Meeting                                  None                               Mgmt
                    2        Amend Articles of Association                 For                                Mgmt
                    3        Allow Questions                               None                               Mgmt
                    4        Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/09/07 - A        Smit Internationale                      N81047172                            05/02/07                   4,232
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report of Management Board            None                               Mgmt
                    3        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    4        Receive Explanation on Company's Reserves     None                               Mgmt
                             and Dividend Policy
                    5        Approve Dividends of EUR 2.25 Per Share       For                                Mgmt
                    6        Approve Discharge of Management Board         For                                Mgmt
                    7        Approve Discharge of Supervisory Board        For                                Mgmt
                    8        Approve Remuneration of Supervisory Board     For                                Mgmt
                    9        Ratify KPMG Accountants NV as Auditors        For                                Mgmt
                    10       Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    11       Grant Board Authority to Issue Shares         For                                Mgmt
                    12       Receive Announcements (non-voting)            None                               Mgmt
                    13       Other Business (Non-Voting)                   None                               Mgmt
                    14       Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/20/07 - A        So-Net Entertainment Corp. (formerly     J7620U108                            03/31/07                      69
                    Sony Communication Network Corp.)
                    *3789*
                    1        Elect Directors                               For          For                   Mgmt
                    1.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominee     7        Background     of
                                non-executive    nominee(s):    The    nominee    is    an
                                attorney.        Board    Profile        Composition    of
                                board   after   this   meeting:   6   executives   and   1
                                non-executive.        The    number   of    outsiders   is
                                remaining the same.
                    1.2      Elect Director --- For
                    1.3      Elect Director --- For
                    1.4      Elect Director --- For
                    1.5      Elect Director --- For
                    1.6      Elect Director --- For
                    1.7      Elect Director --- For
                    2.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  All  nominees        Nominees  1 and 2
                                do not  pass our test  for  independence.  Nominee  1 is a
                                long-time  employee of parent  company Sony Corp.  and its
                                affiliate  Sony  Global  Solutions,  Inc.  Nominee  2 is a
                                current   executive   officer   of  the   second   largest
                                shareholder,  Sony  Finance  International,  which holds a
                                12.56   percent  stake  in  So-Net   Entertainment   Corp.
                                However,  nominee 3 meets our criteria  for  independence.
                                He is the general  manager of the Tokyo branch of Deutsche
                                Bank.          Given  the  realities of Japanese  business
                                and the strong  loyalties to companies  held by those with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominees  1  and 2  for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    2.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See item 2.1.
                    2.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Special Payments to Continuing        For          For                   Mgmt
                             Directors in Connection with Abolition of
                             Retirement Bonus System
                                The company requests  shareholder approval for payments in
                                lieu of retirement bonuses to 4 continuing directors.  The
                                board is requesting  the authority to make these  payments
                                in connection  with the abolition of the retirement  bonus
                                system.                  In this case, the recipients have
                                held executive positions with the company,  and we have no
                                reason to oppose this resolution.
                    4        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors and
                             Approve Deep Discount Stock Option Plan for
                             Directors
                                In this item,  first, the fixed  compensation  ceiling for
                                directors  would be raised from JY 200 million per year to
                                JY 300  million  per year.          Next,  the  company is
                                proposing  a deep  discount  stock  option  plan  for  its
                                directors.  So-Net  Entertainment  seeks  to  create a new
                                compensation  ceiling of JY 100 million per year set aside
                                for directors'  stock option grants.  The value of options
                                will be calculated  based on financial  models such as the
                                Black-Scholes       model.               Option       Plan
                                Summary        The  exercise price will be set at JY 1 per
                                share.        Potential  Dilution:  The maximum  number of
                                shares  which  could be  issued  per year is 300.  If this
                                resolution is approved,  the company will not need to seek
                                annual  shareholder  approval for future  option grants as
                                long as the  number  of  shares  issued  per year does not
                                exceed the annual limit.  Assuming that the company issues
                                300 shares per year over the next ten years,  the  maximum
                                potential  dilution from this plan comes to 1.2 percent of
                                issued   capital.   ISS  guidelines   call  for  potential
                                dilution of no more than 5 percent  for a mature  company,
                                10 percent for a growth  company.        Exercise  Period:
                                Options may only be exercised  after the  recipient  steps
                                down  from  his  or  her   position.           Performance
                                Hurdles:  None.        This  plan  meets  ISS  guidelines.
                                Because   this   plan   will   contribute   to  a  greater
                                consciousness  of the  company's  share price,  we have no
                                reason to oppose this resolution.
                    5        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends that  PricewaterhouseCoopers  Aarata
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                appointed  PricewaterhouseCoopers  Aarata on a provisional
                                basis.   Here,  the  company  seeks  to  formally  appoint
                                PricewaterhouseCoopers  Aarata. We see no reason to oppose
                                this resolution.


01/30/07 - A/S      Sodexho Alliance SA                      F84941123                            None                      11,737
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.95 per Share
                    3        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    4        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    5        Reelect Pierre Bellon as Director             For                                Mgmt
                    6        Reelect Remi Baudin as Director               For                                Mgmt
                    7        Reelect Francois-Xavier Bellon as Director    For                                Mgmt
                    8        Reelect Astrid Bellon as Director             For                                Mgmt
                    9        Reelect Sophie Clamens as Director            For                                Mgmt
                    10       Reelect Nathalie Szabo as Director            For                                Mgmt
                    11       Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 472,500
                    12       Authorize Issuance of Bonds/Debentures in     For                                Mgmt
                             the Aggregate Value of EUR 2 Billion.
                             Special Business
                    13       Amend Article 12 of Bylaws Re: Attend Board   For                                Mgmt
                             Meetings Through Videoconference and
                             Telecommunication
                    14       Authorize up to 1 Percent of Issued Capital   For                                Mgmt
                             for Use in Restricted Stock Plan
                    15       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    16       Authorize Filling of Required                 For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/11/07 - A        Software AG                              D7045M133                            04/20/07                   3,871
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.90 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Elect Frank Beelitz and Alf Wulf to the       For                                Mgmt
                             Supervisory Board
                    6        Ratify BDO Detsche Warentreuhand AG as        For                                Mgmt
                             Auditors
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Allow Electronic Distribution of Company      For                                Mgmt
                             Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/18/06 - A        SP AUSNET *SPN*                          Q8604X102                            07/16/06                 217,594
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    2a       Elect Eric Gwee Teck Hai as Director          For          Against               Mgmt
                                Executive  Summary of Reason for 'Against'  Recommendation
                                on   Res.   2(a)        -   Gwee   is  a   non-independent
                                non-executive  director  associated  with the  controlling
                                security   holder  on  a  board   where   executives   and
                                non-executive  directors  affiliated  with the controlling
                                shareholder hold six of the nine  positions.        - Gwee
                                is also a member  of an  audit  committee  with  directors
                                affiliated  with  the  controlling  security  holder  hold
                                three of the six positions.
                    2b       Elect Jeremy Guy Ashcroft Davis as Director   For          For                   Mgmt
                    2c       Elect Antonio Mario (Tony) Iannello as        For          For                   Mgmt
                             Director
                    3        Approve KPMG as Auditors and Authorize        For          For                   Mgmt
                             Board to Fix Their Remuneration
                    4        Adopt Remuneration Report for the Period      For          For                   Mgmt
                             Ended March 31, 2006
                    5        Approve Remuneration of Non-Executive         For          For                   Mgmt
                             Directors in the Amount of A$1 Million Per
                             Year With Effect From April 1, 2006
                    6        Approve Issuance of Equity or Equity-Linked   For          For                   Mgmt
                             Securities without Preemptive Rights Up to
                             15 Percent of the Company's Issued Share
                             Capital


01/31/07 - A        SPAREBANKEN MIDT-NORGE                   R82401101                            None                      10,120
                             Meeting for Holders of Primary Capital
                             Certificates
                    1        Elect Members and Deputy Members of           For          For                   Mgmt
                             Committee of Representatives
                    2        Elect Members and Deputy Members of           For          For                   Mgmt
                             Nominating Committee


10/26/06 - A        SPECIALITY FASHION GROUP LTD             Q60933100                            10/24/06                 156,138
                    1        Approve Remuneration Report for the Year      For          For                   Mgmt
                             Ended June 30, 2006
                    2a       Elect Geoffrey Levy as Director               For          Against               Mgmt
                                Executive Summary of Reason for Against  Recommendation on
                                Resolution  2a        - MRL has no independent  directors.
                                Levy is the chairperson,  and in addition, is an affiliate
                                of Investec Wentworth,  a substantial investor via private
                                equity  funds  it  manages,   in  the  company.   Investec
                                Wentworth  executives  and  executive  directors  comprise
                                four of the five  directors  at the time this  report  was
                                written,  and will  continue to comprise a majority of the
                                board even after the retirement  from an executive role of
                                one director.
                    2b       Elect Ian Miller as Director                  For          For                   Mgmt
                    3        Change Company Name to Specialty Fashion      For          For                   Mgmt
                             Group Limited
                    4        Approve Reduction in Share Capital by         For          For                   Mgmt
                             Returning A$0.20 Per Share on Issue as at
                             Nov. 2, 2006
                    5        Approve Eight-for-Ten Reverse Stock Split     For          For                   Mgmt
                    6        Amend Constitution Re: Sale of Unmarketable   For          For                   Mgmt
                             Parcels of Shares


09/06/06 - A        Spice Plc                                G834BB108                            None                       5,930
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                                The Audit Committee  comprises  Philip Rodgers  (Committee
                                Chairman),  Sir Rodney Walker and John Taylor.  Sir Rodney
                                Walker  is  deemed   non-independent  by  RREV  (see  note
                                below).  We believe  that AIM listed  companies  should be
                                granted  more  flexibility,  and as such,  we only require
                                that a  majority  of the  members  of  this  committee  be
                                independent  NEDs.  The  Company  meets this  requirement.
                                Under  the  NAPF  interpretation  of the  Code,  we do not
                                consider it best  practice  for the  Chairman of the Board
                                to be a member of the Audit  Committee.  We encourage  the
                                Company to address this over the upcoming year.
                    2        Approve Final Dividend of 1.9 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    3        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    4        Re-elect Carl Chambers as Director            For          For                   Mgmt
                    5        Re-elect Sir Rodney Walker as Director        For          Abstain               Mgmt
                                The  individual  up  for   re-election  is  the  Company's
                                Chairman.  He is the Chairman of the Nomination  Committee
                                and a member  of the Audit  and  Remuneration  Committees.
                                Under  the  NAPF  interpretation  of the  Code,  we do not
                                consider it best  practice  for the  Chairman of the Board
                                to be a member  of the  Audit  Committee.  Moving  on,  we
                                encourage  the Company to reconsider  Sir Rodney  Walker's
                                membership  on the Audit  Committee  since his  membership
                                compromises  the  independent  oversight  provided by this
                                committee.   With   regard  to  his   membership   on  the
                                Remuneration  Committee, we are not highlighting this as a
                                significant  corporate  governance issue in the interim as
                                the  Financial   Reporting   Council  (FRC)  is  currently
                                consulting  regarding a possible  amendment to the Code on
                                this point. Consequently,  we will not be recommending any
                                adverse  vote  decision  at  this  time   considering  the
                                limited number of non-executive directors on the Board.
                    6        Approve Increase in Authorised Capital from   For          For                   Mgmt
                             GBP 6,000,000 to GBP 8,000,000
                                The  Board  is  proposing   to  increase   the   Company's
                                authorised  share capital by 33.33 percent by the creation
                                of 20,000,000  additional ordinary shares of 10 pence each
                                ranking  pari  passu  with  the  existing  ordinary  share
                                capital  of the  Company.  We have no  objections  to this
                                increase.
                    7        Subject to the Passing of Item 6, Authorise   For          For                   Mgmt
                             Issue of Equity or Equity-Linked Securities
                             with Pre-emptive Rights up to Aggregate
                             Nominal Amount of GBP 1,648,888.16
                                Pursuant  to Section  80 of the  Companies  Act 1985,  the
                                Board is  proposing  an amount  for share  issuances  with
                                pre-emptive  rights  equivalent  to 33.33  percent  of the
                                current  issued share  capital.  The authority will expire
                                at the Company's AGM in 2007.          We  recommend  that
                                shareholders  approve this authority,  which is within our
                                guidelines for a company of this size and scope.
                    8        Subject to the Passing of Item 7, Authorise   For          For                   Mgmt
                             Issue of Equity or Equity-Linked Securities
                             without Pre-emptive Rights up to Aggregate
                             Nominal Amount of GBP 247,332.22
                                Pursuant  to Section  95 of the  Companies  Act 1985,  the
                                Board is proposing an amount for share  issuances  without
                                pre-emptive  rights  equivalent  to  five  percent  of the
                                current  issued share  capital.  The authority will expire
                                at the Company's AGM in 2007.          We  recommend  that
                                shareholders  approve this authority,  which is within our
                                guidelines for a company of this size and scope.
                    9        Change Company Name to Spice Plc              For          For                   Mgmt
                                The Board is seeking  Shareholder  approval  to change the
                                name of the Company to "Spice  Plc".  The shorter  name of
                                "Spice"   is  more   striking   and   memorable   and  was
                                unavailable at Companies House until recently.
                    10       Approve the Company Entering Into the         For          For                   Mgmt
                             Contract to Purchase Wellfield House
                                The Board is proposing an ordinary  resolution  to approve
                                the   Company   entering   into  a  contract  to  purchase
                                Wellfield  House  for GBP  1,650,000.  Part  of  Wellfield
                                House is  currently  leased by the Company and used as its
                                head office.  During the year, the Company paid GBP 82,500
                                to Tree Tots Limited in consideration  for which an option
                                was  granted  by Tree Tots  Limited to the  Company  which
                                gives the Company the right to  purchase  Wellfield  House
                                for GBP 1,650,000  subject to shareholder  approval of the
                                proposed  contract.   The  wife  of  William  Rigby  is  a
                                Director of Tree Tots  Limited.  Under  Section 320 of the
                                Companies  Act  1985,  shareholder  approval  is  required
                                before  the  Company  may  enter  into  the   contract  to
                                purchase  Wellfield  House  since  William  Rigby and Tree
                                Tots Limited are connected  parties.  The agreed  purchase
                                price for Wellfield  House was determined  after obtaining
                                two independent  valuations from chartered surveyors.  The
                                option fee of GBP 82,500 will be deducted  from the agreed
                                purchase  price  and  is  refundable  in  the  event  that
                                shareholder  approval is not  obtained.  It is  considered
                                that  acquiring  the  freehold  to  Wellfield  House would
                                allow the  Company  maximum  flexibility  to adapt and use
                                the whole of the  premises  to meet head  office and other
                                Group accomodation requirements.


04/04/07 - A        Sponda Oyj                               X84465107                            03/23/07                  20,587
                             Matters Pertaining to the AGM as Stated in
                             the Company's Articles of Association
                             (Items 1.1-1.9)
                    1.1      Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    1.2      Receive Auditors' Report                      None                               Mgmt
                    1.3      Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    1.4      Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.40 Per Share
                    1.5      Approve Discharge of Board and President      For                                Mgmt
                    1.6      Approve Remuneration of Directors and         For                                Mgmt
                             Auditors
                    1.7      Fix Number of Directors at Six                For                                Mgmt
                    1        Elect Directors                               For                                Mgmt
                    1.9      Appoint KPMG Oy Ab and Sixten Nyman APA as    For                                Mgmt
                             Auditors; Elect Riitta Pyykko as Deputy
                             Auditor
                             Shareholder Proposals
                    2        Shareholder Proposal: Establish Nominating    None                               ShrHoldr
                             Committee
                             Ordinary Business
                    3        Amend Articles to Comply with New Finnish     For                                Mgmt
                             Companies Act
                    4        Authorize Repurchase of up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    5        Authorize Reissuance of Repurchased Shares    For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


12/21/06 - S        SRE Group Ltd.                           G8064F105                            None                     632,000
                    1        Approve Acquisition by Gaken Investment       For          For                   Mgmt
                             Ltd. of the Remaining 30 Percent Equity
                             Interest in Shanghai Qinhai Real Estate
                             Co., Ltd. from Shanghai Chengfu Enterprise
                             Management Co. Ltd.
                                I. Transaction Summary        Acquirer:  Gaken Investments
                                Ltd.  (Purchaser),   a  wholly-owned   subsidiary  of  the
                                company        Target:   30  percent  equity  interest  in
                                Shanghai Qinhai Real Estate Co., Ltd.  (Qinhai),  together
                                with all the  rights  and  obligations  attaching  thereto
                                (Sale                     Interest).        Consideration:
                                cash        Transaction   Terms:   the   Purchaser   would
                                acquire the 30 percent  equity  interest in Qinhai held by
                                Shanghai Chengfu  Enterprise  Management Co. Ltd. (Vendor)
                                at  a  cash  consideration  of  RMB  90.0  million  ($11.1
                                million)        Value  of  Transaction:  RMB 90.0  million
                                ($11.1  million)        Fairness  Opinion:  Baron  Capital
                                Ltd.        Accounting            Treatment:           Not
                                disclosed        Tax             Treatment:            Not
                                disclosed        Walkaway    Rights/Breakup    Fee:    Not
                                disclosed        Dividends:     None        II.    Company
                                Description        Qinhai,  owned  as  to  70  percent  by
                                Shunlink  Investment  Ltd.   (Shunlink),   a  wholly-owned
                                subsidiary  of the company,  and 30 percent by the Vendor,
                                is  a  limited  liability   company   established  on  the
                                People's  Republic  of China  (the PRC) with a  registered
                                capital of RMB 300.0 million  ($37.2  million).  Qinhai is
                                principally  engaged in the development of a piece of land
                                located to the east of Da Xing Jie of Huanpu  District  in
                                Shanghai,  to the  south of Zhong Hua Lu and Huang Jia Que
                                Lu,  to the west of Ying Xun Lu and to the north of Lu Jia
                                Bang Lu and within  717-719 Jie Lane of Juang Pu District,
                                Shanghai,  the  PRC  with a  site  area  of  approximately
                                37,129 square meters  (sq.m.)  (Property).  It is intended
                                that the property be developed  into a residential  estate
                                with a gross  floor area of  approximately  118,813  sq.m.
                                Currently,   the   property  is  at  its  early  stage  of
                                development,  which  primarily  involves the relocation of
                                the   existing   residents   on   the    site.        III.
                                Transaction        Under  the  proposed  acquisition,  the
                                Purchaser  would acquire the sale interest from the Vendor
                                at a  consideration  of RMB 90.0 million  ($11.1  million)
                                payable  in  cash.  Based  on  arm's  length  negotiations
                                between  the  parties  involved,   the  consideration  was
                                arrived at by reference  to the location of the  Property,
                                the size of the  development,  and the  requirement of the
                                company  to  replenish  its land  reserve  and the  market
                                value  of  the   Property  in   Shanghai,   the  PRC.  The
                                consideration  represents a discount of approximately 16.7
                                percent to the  proportionate  interest in the open market
                                value  of  the   property   in  its   existing   state  of
                                approximately RMB 360.0 million ($44.6 million),  would be
                                payable   within  10  business   days  from  the  date  of
                                completion  of  the  proposed  acquisition  and  would  be
                                funded  out  of  the   proceeds   from  the  8.6   percent
                                guaranteed  notes due on 2013 in the  aggregate  principal
                                amount of $200.0  million  issued by the  company on April
                                24, 2006  (Guaranteed  Notes).        Upon  completion  of
                                the proposed acquisition,  Qinhai would be wholly-owned by
                                the company and its  subsidiaries  (Group)  through the 70
                                percent and 30 percent  equity  interest in Qinhai held by
                                Shunlink   and  the  Vendor,   respectively.           IV.
                                Rationale      Considerations      (Disclosure      Level:
                                Satisfactory)        In  this case,  the company  provided
                                satisfactory    information    regarding    the   proposed
                                acquisition.   The  Group  is  primarily  engaged  in  the
                                development  and the sale of  residential  and  commercial
                                properties  in  Shanghai,  with a  specific  focus  on the
                                middle to high end residential  properties.  Acquiring the
                                Property is  expected to provide the Group an  opportunity
                                to  increase  its land bank in  Shanghai  at a  reasonable
                                price as well as  strengthen  its business in the field of
                                property development in Shanghai,  the PRC.        V.  Pro
                                Forma   Financial   Summary        The   company  did  not
                                disclose  information  regarding  its pro forma summary in
                                relation   to  the   acquisition   of   Qinhai.        VI.
                                Risks        The  company did not disclose  possible risks
                                pertaining  to  the  acquisition  of   Qinhai.        VII.
                                Market    Reaction   (vs.   market   index   during   same
                                period)        -Pre-announcement:    The    share    price
                                increased  by 2.9  percent in the 60 days prior to Oct. 4,
                                2006 (the  Announcement  Date) vs. a 4.4 percent  increase
                                for the HSI,  underperforming  the index by 1.5 percentage
                                points        -Initial:  The share price  increased by 2.3
                                percent a day  before  the  Announcement  Date,  vs. a 0.1
                                percent increase for the HSI,  outperforming  the index by
                                2.2  percentage  points        -Post-analysis:  The shares
                                increased by 33.4 percent  from the  Announcement  Date to
                                Dec.  7, 2006,  vs. a 6.1  percent  increase  for the HSI,
                                outperforming     the    index    by    28.5    percentage
                                points        -  We note that the  price of the  company's
                                shares has been increasing  prior to and after the release
                                of   the    announcement    relating   to   the   proposed
                                acquisition.        VIII.  Governance  (Disclosure  Level:
                                Unsatisfactory)        The   company   did  not   disclose
                                governance   matters   relating  to  the   acquisition  of
                                Qinhai.        IX.    Conclusion        Based    on    our
                                analysis,  we recommend that shareholders vote in favor of
                                this resolution.


01/08/07 - S        SRE Group Ltd.                           G8064F105                            None                     632,000
                    1        Approve Acquisition by Mayson Resources       For          For                   Mgmt
                             Ltd. of a 55 Percent Interest in Shanghai
                             Shuo Cheng Real Estate Ltd.
                                I. Transaction Summary:        Acquirer:  Mayson Resources
                                Ltd. (Mayson Resources),  a wholly-owned subsidiary of the
                                company.        Target:  An aggregate  equity  interest of
                                55 percent in Shanghai  Shuo Cheng Real Estate Ltd.  (Shuo
                                Cheng).        Consideration:      cash        Transaction
                                Terms:  Mayson Resources would acquire equity interests of
                                25  percent,  20 percent and 10 percent in Shuo Cheng from
                                Vendor  A,  Vendor  B and  Vendor  C  (English  names  not
                                provided)  for a cash  consideration  of RMB 15.2  million
                                ($1.9  million),  RMB 12.2 million ($1.5  million) and RMB
                                6.1 million  ($755,605),  respectively.          Value  of
                                Transaction:    RMB   33.5    million    ($4.1    million)
                                        Fairness    Opinion:     None        II.     Asset
                                Description:        Shuo  Cheng is a  company  established
                                in the  People's  Republic of China  (PRC)  engaged in the
                                business  of  owning  and   developing   the  real  estate
                                development  known as Albany Oasis Garden (the  Property).
                                The  Property  has a total  gross  floor  area of  480,000
                                sq.m.,  which is  allocated  for  development  for various
                                uses such as residential,  facilities,  retail, office and
                                hotel use.         At  present,  Shuo Cheng is owned as to
                                45 percent  by  Shanghai  Wingo  Infrastructure  Co.  Ltd.
                                (Wingo  Infrastructure),  a 98 percent owned subsidiary of
                                the  company;  as to 25  percent  by  Vendor  A;  as to 20
                                percent  by  Vendor  B; and as to10  percent  by Vendor C.
                                        III.  Transaction:        This  proposal  involves
                                Mayson Resources'  acquisition of a 25 percent, 20 percent
                                and 10 percent  equity  interest in Shuo Cheng from Vendor
                                A, Vendor B and Vendor C,  respectively,  for an aggregate
                                cash  consideration  of RMB 33.5  million  ($4.1  million)
                                broken down as to RMB 15.2 million ($1.9 million)  payable
                                to  Vendor  A,  as to  RMB  12.2  million  ($1.5  million)
                                payable to Vendor B, and as to RMB 6.1 million  ($755,605)
                                payable  to Vendor C.          The  consideration  for the
                                acquisition  was based on the  location  of the  Property,
                                the size of the  development  and the  requirement  of the
                                company to  replenish  its land  reserve  and the price of
                                property  in  Shanghai.          The  company  intends  to
                                finance the  acquisition by using  proceeds  received from
                                the  issuance  of   guaranteed   notes  in  the  aggregate
                                principal  amount  of $200  million  on  April  24,  2006.
                                        IV.  Rationale  Considerations  (Disclosure Level:
                                Satisfactory)        The   company  and  its  subsidiaries
                                (the  Group)  are  enged  in  property   development   and
                                investment in Shanghai,  the PRC. This proposal is in line
                                with  the  company's   strategy  of  increasing  its  land
                                reserve at a reasonable  price.  Following  completion  of
                                the  acquisition,  the  company  would  have  an  indirect
                                interest  of  approximately  99.1  percent  in Shuo  Cheng
                                through its subsidiaries  namely Wingo  Infrastructure and
                                Mayson        Resources.                 V.         Market
                                Reaction:        -Pre-announcement:  The  company's  share
                                price  increased  by  12.1  percent  in the 60 day  period
                                prior to the  release  of an  announcement  pertaining  to
                                this acquisition on Nov. 3, 2006  (Announcement  Date) vs.
                                a 7.1  percent  increase  in the Hang  Seng  Index  (HSI),
                                outperforming   the  index  by  5.0   percentage   points.
                                        -Initial:   The  share  price   decreased  by  1.5
                                percent  a  day  before  the  Announcement  Date  vs.  0.2
                                percent increase in the HSI,  underperforming the index by
                                1.7  percentage   points.        -Post-announcement:   The
                                share   price   increased   by  28.7   percent   from  the
                                Announcement  Date to the  date of this  report  vs. a 2.8
                                percent  increase in the HSI,  outperforming  the index by
                                25.9 percentage points.          The  market's reaction to
                                the proposed  acquisition  appears  positive.          VI.
                                Governance  (Disclosure Level:  Unsatisfactory)        The
                                company did not disclose  governance  matters  relating to
                                the acquisition.         VII.  Conclusion:        Based on
                                our  analysis,  we  recommend  that  shareholders  vote in
                                favor of this resolution.


04/27/07 - S        Stagecoach Group plc                     G8403M159                            None                     287,919
                    1        Adopt New Articles of Association             For          For                   Mgmt
                                We do not consider these amendments to be contentious.
                    2        Approve Capital Reorganisation; Authorise     For          For                   Mgmt
                             Issue of Equity with Pre-emptive Rights up
                             to 277,777,777 B Shares and 1,200,000,000 C
                             Shares; Approve the Terms of the Proposed
                             Contract Between Credit Suisse and the
                             Company; Adopt New Articles of Association
                                Conclusion  and  Vote   Recommendation        We  are  not
                                raising any corporate  governance  issues that would cause
                                us  to  object  to  the   proposed   return  of   capital.
                                        Ultimately,  we consider  that the  proposal is an
                                investment  decision,  which is best left for shareholders
                                to evaluate in respect of their own individual  investment
                                strategies and after  consultation  with such professional
                                advisors as each  shareholder  deems  necessary.        We
                                note  that  Credit  Suisse  Securities  (Europe)  Ltd  has
                                advised the Board on the proposal.
                    3        Subject to and Conditional upon the Passing   For          For                   Mgmt
                             of Resolution 2, Authorise Issue of Equity
                             or Equity-Linked Securities with
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 2,316,724
                    4        Subject to and Conditional upon the Passing   For          For                   Mgmt
                             of Resolutions 2 and 3, Authorise Issue of
                             Equity or Equity-Linked Securities without
                             Pre-emptive Rights up to Aggregate Nominal
                             Amount of GBP 347,509


06/04/07 - A/S      STALLERGENES                             F17399118                            05/30/07                   2,382
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.35 per Share
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    6        Ratify Appointment of David Darmon as         For                                Mgmt
                             Director
                             Special Business
                    7        Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    8        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.3 Million
                    9        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 1.3 Million
                    10       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    11       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    12       Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 10 Million for Bonus Issue or
                             Increase in Par Value
                    13       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    14       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/24/07 - A        Star Micronics Co. Ltd. *7718*           J76680107                            02/28/07                  25,200
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 14, Final
                             JY 18, Special JY 0
                                The  payout  ratio  is  24  percent  (consolidated)  or 37
                                percent (parent).
                    2        Amend Articles To: Limit Liability of         For          For                   Mgmt
                             Statutory Auditors
                                This amendment  would allow the board to specify limits on
                                the legal liability of outside  statutory  auditors in the
                                company's  service contracts with these  individuals.  The
                                ceilings  on  liability  would be no less than two  years'
                                worth of  total  compensation.  As  provided  by law,  the
                                limitations  would not apply in cases of gross  negligence
                                or  criminal  behavior,   and  would  only  apply  if  the
                                individual  acted  in  good  faith.  To  the  extent  this
                                amendment   facilitates  the  appointment  of  independent
                                outsiders to these posts,  it has the potential to benefit
                                shareholders.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                If all nominees  are  elected,  the board size will shrink
                                from  eight to  seven,  but the  board  will  continue  to
                                include no outside directors.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    4.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties  to  those  companies  and  their   affiliates,   the
                                nominees  for  independent  auditor  cannot be expected to
                                fulfill the role of  independent  monitor of the company's
                                activities on behalf of all  shareholders.  Candidate 1 is
                                a   managing   director   of   Star   Micronics'   largest
                                shareholder,  Citizen  Holdings,  which owns 16 percent of
                                Star.  Candidate 2 is a former  executive of one of Star's
                                major lenders, Shizuoka Bank.
                    4.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 4.1.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                Star  proposes  to  pay  an  aggregate  bonus  of JY  66.4
                                million to the eight  directors in office as of the fiscal
                                year-end,  and an  aggregate  bonus of JY 3.6  million  to
                                three  statutory  auditors.  In  light  of  the  company's
                                performance  and the  size of  these  payments,  we see no
                                reason to oppose this resolution.
                    6        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Statutory Auditor and Special Payments
                             to Continuing Directors and Statutory
                             Auditors in Connection with Abolition of
                             Retirement Bonus System
                                The retiring  auditor and the two continuing  auditors are
                                all designated as  independent.  As we believe the payment
                                of such bonuses to  non-executives,  at the  discretion of
                                the   insiders,   is  a  highly   inappropriate   practice
                                anywhere,  we see no alternative but to recommend opposing
                                this item.
                    7        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                Star proposes to raise the ceiling for  directors  from JY
                                7.5 million  per month to JY 130 million per year,  and to
                                establish a separate  ceiling for annual director  bonuses
                                of JY 100  million  per year.  The  ceiling  for  auditors
                                would be  raised  from JY 1.5  million  per month to JY 22
                                million  per  year.  The  increases  are  being  requested
                                because  the  company  plans to  abolish  the  payment  of
                                retirement  bonuses,  which  were  not  covered  by  these
                                ceilings,  and replace such  payments  with other forms of
                                compensation  which will be covered;  and  because  annual
                                bonuses to directors  and  auditors,  which were  formerly
                                treated as part of the annual  allocation  of income,  are
                                now  considered  "compensation"  under  the new  Corporate
                                Law. The number of  directors  is declining  from eight to
                                seven,  but the number of statutory  auditors  will remain
                                at three.  In light of the company's  performance  and the
                                fairly modest size of the new  ceilings,  we do not oppose
                                this item.


03/26/07 - A        STX Pan Ocean Co Ltd                     Y81718101                            12/31/06                 258,000
                    1        Approve Financial Statements                  For          For                   Mgmt
                                This is a routine item.
                    2        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of USD 0.023 Per Share
                                The  company is  proposing  a final  dividend of USD 0.023
                                per  ordinary  share less  income tax of 27.5  percent for
                                the financial year ended 31 December 2006.
                    3        Elect Directors                               For          For                   Mgmt
                                This item is to approve the  appointment/re-appointment of
                                Yu Chun-il, Han Gun-suk, Choi Dong-moo,  Cha Duk-keun, and
                                Chee  Wong-seng.  The  executive  director  nominee is the
                                head   of   the   Strategic   Planning   Department.   The
                                independent   non-executive  director  nominees  are  Choi
                                Dong-moo,  the president of PMK Pte Ltd.;  Han Gun-suk,  a
                                former employee of Korea  Development  Bank; Cha Duk-Keun,
                                a former  executive  vice  president at Korea  Circuit Co.
                                There is no information on Chee Wong-seng.
                    4        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                This item is to approve the payment of Directors'  Fees of
                                up to KRW 5 billion for the year  ending 31 December  2007
                                and to approve the annual limit of  Severance  Payment for
                                directors  and  executive  officers  of up to  40%  of the
                                annual  salary  and the  individual  severance  payment is
                                subject to approval by the Board of Directors.
                    5        Appove Allocation and Issuance Shares up to   For          For                   Mgmt
                             50 Percent of Total Shares
                                Pursuant  to the  provisions  of Rule  806 of the  Listing
                                Manual  of  the  Singapore  Exchange   Securities  Trading
                                Limited  ("SGX-ST"),  the  Directors be empowered to allot
                                and  issue  shares  and  convertible   securities  in  the
                                capital  of the  company  at any time and upon such  terms
                                and  conditions  and for such  purposes  as the  Directors
                                may, in their absolute discretion,  deem fit provided that
                                the  aggregate  number of shares  (including  shares to be
                                issued  in  accordance   with  the  terms  of  convertible
                                securities  issued,  made  or  granted  pursuant  to  this
                                Resolution)  to be  allotted  and issued  pursuant to this
                                Resolution  shall not exceed fifty per centum (50%) of the
                                issued  share  capital  of the  Company at the time of the
                                passing of this resolution,  of which the aggregate number
                                of shares and  convertible  securities  to be issued other
                                than  on a pro  rata  basis  to  all  shareholders  of the
                                Company  shall not exceed  twenty per centum  (20%) of the
                                issued  capital  of the  Company  and that such  authority
                                shall,  unless revoked or varied by the Company in general
                                meeting,  continue  in force (i) until the  conclusion  of
                                the Company's next Annual  General  Meeting or the date by
                                which the next  Annual  General  Meeting of the Company is
                                required  by law  or the  bye-laws  of the  Company  to be
                                held,  whichever  is earlier or (ii) in the case of shares
                                to be issued in accordance  with the terms of  convertible
                                securities  issued,  made  or  granted  pursuant  to  this
                                Resolution,   until  the   issuance   of  such  shares  in
                                accordance with the terms of such convertible securities.
                    6        Renew Shareholders' Mandate for Interested    For          For                   Mgmt
                             Person Transaction
                                This item would  ensure  that 1) approval be and is hereby
                                given for the purposes of Chapter 9 of the SGX-ST  Listing
                                Manual  for  the  Company,  its  subsidiaries  and  target
                                associated  companies  or any of them to enter into any of
                                the  transactions  falling  within the types of Interested
                                Person  Transactions set out in the Company's  Appendix to
                                Shareholders  dated 2 March  2007 (the  "Appendix"),  with
                                any  party who is of the class or  classes  of  Interested
                                Persons   described  in  the  Appendix   relating  to  the
                                proposed   renewal  of  the   Shareholders   Mandate  (the
                                "Shareholders' Mandate"),  provided that such transactions
                                are  carried  out in the  normal  course of  business,  at
                                arm's length and on commercial  terms in  accordance  with
                                the  guidelines  and  procedures  for review of Interested
                                Person Transactions as set out in Company's  Appendix;  2)
                                that the  Shareholders'  Mandate shall,  unless revoked or
                                varied by the Company in general  meeting,  continue to be
                                in force until the  conclusion of the next Annual  General
                                Meeting of the Company;  and 3) that the  Directors of the
                                Company and each of them be and are hereby  authorised  to
                                complete  and do  all  such  acts  and  things  (including
                                executing  all such  documents as may be required) as they
                                or he  may  consider  expedient  or  necessary  or in  the
                                interests   of  the   Company   to  give   effect  to  the
                                Shareholders' Mandate and/or this Resolution.
                    7        Amend Articles of Incorporation               For          For                   Mgmt
                                According  to the company,  the Articles of  Incorporation
                                of the  Company  would be altered in the manner and to the
                                extent as set out in the Circular to shareholders  dated 2
                                March  2007.        As  part of its corporate  strategy to
                                establish  its  standing  in the Korean  market as a Korea
                                listed  company,  the  Company  is  presently  considering
                                seeking  a  listing   on  the  KRX  (the   "Proposed   KRX
                                Listing").  As and when the  Company  decides  to go ahead
                                with the  Proposed  KRX  Listing,  the Company is required
                                under  Korea laws to submit a listing  application  to the
                                KRX  together  with,  among  other  things,  a set  of its
                                Articles   which  have  to  be  in  compliance   with  the
                                requirements  stipulated  under  the KSEA and the  listing
                                rules of the KRX. As part of its preliminary  preparations
                                for  the  Proposed  KRX  Listing,  the  Company  therefore
                                proposes to alter  certain  provisions  under its Articles
                                as set out in greater  detail  below in order to bring its
                                Articles in line with the requirements  under the KSEA and
                                the listing  rules of the KRX.  The  Company is  presently
                                targeting  that the  Proposed  KRX Listing  takes place by
                                end  2007,  subject  to  market  conditions.  The  Company
                                currently  contemplates that the Proposed KRX Listing will
                                comprise  an offer of new  common  shares  to be issued by
                                the  Company.  The new common  shares  contemplated  to be
                                listed on the KRX will be a separate  bloc of shares  from
                                those common  shares of the Company  listed on the SGX-ST.
                                The Company  further  contemplates  that the number of new
                                common  shares to be  issued  will not  exceed  20% of its
                                issued share  capital,  in  accordance  with the limit set
                                out   in   Article   5(2)   of  its   existing   Articles.
                                Shareholders  should  however  note that the  Company  may
                                modify the  aforementioned  plans depending on the outcome
                                of discussions with the Korean authorities,  the Company's
                                investment bankers as well as market  conditions.  We have
                                no reason to oppose this resolution.


12/22/06 - S        Sumco Techxiv Corporation *5977*         J35695105                            10/31/06                   3,994
                    1        Amend Articles to: Change Fiscal Year End -   For          For                   Mgmt
                             Change Company Name to Sumco Techxiv Corp.
                                The name  change  and the  change in the  fiscal  year-end
                                (from March 31 to January  31) both  reflect the change in
                                Komatsu  Electronic  Metals' (KEM's) parent company,  from
                                Komatsu  Ltd. to Sumco Corp.  Sumco  acquired a 51 percent
                                stake in KEM from  Komatsu  in  October  2006.  We have no
                                reason to oppose these amendments.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                The three  director  nominees are all executive  directors
                                of Sumco,  KEM's new parent  company.  Candidates  2 and 3
                                are  designated as outside  directors,  but candidate 1 is
                                not,  which  means he will hold an  executive  position at
                                KEM following his election to the board.  Candidates 2 and
                                3  replace  two  outgoing  directors  from  former  parent
                                company Komatsu Ltd.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                Given the  realities  of Japanese  business and the strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those  companies and their  affiliates,  the three
                                nominees for  independent  auditor,  all of whom represent
                                parent  company  Sumco,  cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on  behalf  of all  shareholders.  Candidates  1 and 2 are
                                executives  of  Sumco,  while  candidate  3 is a  standing
                                statutory  auditor  of  that  company  and has  spent  his
                                entire career with related companies.
                    3.2      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1.
                    3.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1.


06/27/07 - A        Sumitomo Real Estate Sales Co.           J7786K100                            03/31/07                   3,781
                    (Sumitomo Fudosan Hanbai) *8870*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 50
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   28   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board  after this  meeting:
                                11 executives  and 0  non-executives.The  board  currently
                                includes 19 insiders and no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory   auditor:    None        Neither   nominee   is
                                designated by the company as  independent,  and we have no
                                reason to oppose the nominations.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The retiring  directors are insiders and we have no reason
                                to oppose this resolution.
                    5        Amend Articles to: Clarify Director           For          For                   Mgmt
                             Authorities
                                The proposed changes are routine.


06/28/07 - A        Sumitomo Seika Chemicals Co. Ltd.        J70445101                            03/31/07                  14,283
                    *4008*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 6
                    2        Amend Articles To: Reduce Directors Term in   For          For                   Mgmt
                             Office - Authorize Public Announcements in
                             Electronic Format
                                The proposed changes are routine.
                    3        Elect Directors                               For          For                   Mgmt
                    4.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee  profile                Nominee(s) for independent
                                statutory auditor:  Nominee  3                The  nominee
                                does not meet our criteria for  independence.        He is
                                a former  executive of one of the largest  shareholders in
                                the company with a 30 percent  stake.                Given
                                the   realities  of  Japanese   business  and  the  strong
                                loyalties  to companies  held by those with  long-standing
                                ties to those companies and their affiliates,  the nominee
                                for independent  auditor cannot be expected to fulfill the
                                role of  independent  monitor of the company's  activities
                                on behalf of all shareholders.
                    4.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    4.3      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 4.1
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  company  seeks to express the  compensation  ceilings
                                for  directors and  statutory  auditors as yearly,  rather
                                than  monthly,  ceilings.  This  will  allow  the  company
                                greater  flexibility  with  respect to the timing of bonus
                                payments,  which  under  the  new  corporate  law  are now
                                included in the  compensation  ceilings.  We do not oppose
                                this resolution.


07/07/06 - S        Sunland Group Limited *SDG*              Q8803B109                            07/05/06                  22,975
                    1        Approve Issuance of 37.5 Million Ordinary     For          For                   Mgmt
                             Shares and the Grant of an Option to
                             Acquire by Way of Issue a Further 24.9
                             Million Ordinary Shares to Cavalene
                             Holdings Pty Ltd
                    2        Elect James Douglas Packer as Director        For          For                   Mgmt


11/21/06 - A        Sunland Group Limited *SDG*              Q8803B109                            11/19/06                  84,841
                    1        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports for the Fiscal Year Ended June 30,
                             2006
                    2        Elect Garry Rothwell as Director              For          For                   Mgmt
                    3        Elect Terry Jackman as Director               For          For                   Mgmt
                    4        Adopt Remuneration Report for the Fiscal      For          For                   Mgmt
                             Year Ended June 30, 2006
                    5        Amend Articles of Association                 For          For                   Mgmt


05/11/07 - A        Swatch Group AG                          H83949141                            None                       5,676
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of CHF 0.70 per Registered Share and CHF
                             3.50 per Bearer Share
                    4        Reelect Esther Grether, Nayla Hayek, Peter    For                                Mgmt
                             Gross, Nicolas Hayek, Claude Nicollier,
                             Johann Schneider-Ammann and Ernst Tanner as
                             Directors
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                    6        Approve CHF 3.1 Million Reduction in Share    For                                Mgmt
                             Capital via Cancellation of Repurchased
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/08/07 - A        Swiss Life Holding                       H7354Q135                            None                       2,353
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/08/07 - A        Swiss Life Holding                       H7354Q135                            None                       2,353
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2.1      Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    2.2      Approve CHF 247 Million Reduction in Share    For                                Mgmt
                             Capital; Approve Capital Repayment of CHF 7
                             per Share
                    3        Approve Discharge of Board and Senior         For                                Mgmt
                             Management
                    4        Elect Directors                               For                                Mgmt
                    5        Ratify PricewaterhouseCoopers AG as Auditors  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/08/07 - A        Sydbank (Formerly Syd Sonerjylland)      K9419V113                            02/20/07                  27,500
                    1        Receive Report of Board                       None         None                  Mgmt
                    2        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    3        Approve Allocation of Income and Dividends    For          For                   Mgmt
                    4        Elect Members of Committee of                 For          For                   Mgmt
                             Representatives
                    5        Ratify Auditors                               For          For                   Mgmt
                    6        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                             Shareholder Proposals
                    7        Formulate Environmental Policy                None         Against               ShrHoldr
                                In this case,  the  company was not in  possession  of any
                                further  information  about the shareholder  resolution in
                                advance  of the  meeting.  Due to a lack  of  information,
                                shareholders  are  therefore  advised to vote against this
                                proposal.
                    8        Other Business (Non-Voting)                   None         None                  Mgmt


03/16/07 - A        Taewoong Co.                             Y8365T101                            12/31/06                   2,183
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 70 Per Share
                                Proposed  dividend  is  KRW  70,  which  corresponds  to a
                                payout  ratio of 4 percent,  slightly  down from 5 percent
                                the previous  year.  The payout ratio is extremely  low by
                                standards.  We call on the  company to improve  its payout
                                ratio in the future.  We recommend that  shareholders vote
                                for this dividend proposal at this time.
                    2        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 400  million,  same as the
                                previous year.  Although last year's actual payout was not
                                disclosed,  the company  paid a total KRW 52.8 million for
                                the two  independent  non-executive  directors.  We see no
                                reason to oppose this resolution.
                    3        Approve Limit on Remuneration of Auditor      For          For                   Mgmt
                                The  ceiling  for one  auditor  for  2007  will be KRW 100
                                million,  same as the previous  year.  Last year's  actual
                                payout was not disclosed.


06/28/07 - A        Taiyo Nippon Sanso Corp. (formerly       J55440119                            03/31/07                  55,000
                    Nippon Sanso Corp.) *4091*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 7
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                All 5 nominees are insiders.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    3        Appoint Alternate Internal Statutory Auditor  For          Against               Mgmt
                                The  nominee  for  independent  auditor  does not pass our
                                test for independence.  He is a former executive of one of
                                the  largest  shareholders  in  the  company  with  a  3.8
                                percent  stake.        Given  the  realities  of  Japanese
                                business and the strong  loyalties  to  companies  held by
                                those  with  long-standing  ties to  those  companies  and
                                their  affiliates,  the  nominee for  independent  auditor
                                cannot be  expected  to  fulfill  the role of  independent
                                monitor  of the  company's  activities  on  behalf  of all
                                shareholders.
                    4        Approve Special Payments to Continuing        For          Against               Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In this item, the company  requests  shareholder  approval
                                for  payments  in  lieu  of   retirement   bonuses  to  16
                                continuing  directors and 4 continuing  internal statutory
                                auditors.  The company has disclosed the aggregate  amount
                                of  the  payments  to the  continuing  directors  (JY  673
                                million)  and the  continuing  auditors  (JY 41 million) .
                                The  board  is  requesting  the  authority  to make  these
                                payments  in   connection   with  the   abolition  of  the
                                retirement   bonus   system.        However,   1  of   the
                                continuing  directors  and 2 of the  continuing  statutory
                                auditors   have  been   designated   by  the   company  as
                                outsiders.          While we applaud the disclosure of the
                                aggregate  payments,  which is still rare in Japan,  it is
                                nevertheless  difficult to evaluate whether the individual
                                payments to the outside  directors and statutory  auditors
                                are set at appropriate levels.  Accordingly,  we recommend
                                that shareholders oppose this resolution.
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be  raised  from JY 50
                                million  per  month (or JY 600  million  per year) to JY 1
                                billion per year. In addition,  the company wants to raise
                                the ceiling for statutory  auditors from JY 10 million per
                                month (or JY 120  million  per year) to JY 200 million per
                                year.  After the  meeting,  the company  will  continue to
                                have      16      directors      and      4      statutory
                                auditors.                Because  the new ceilings are not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Takagi Securities Co. *8625*             J8039M109                            03/31/07                  34,541
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 12
                                The payout ratio for the full year is 40 percent  based on
                                either parent-only or consolidated earnings.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  4 executives and 1 non-executive.  The number of
                                outsiders is remaining the same.
                    2.2      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is an attorney.


05/04/07 - A        Takkt AG                                 D82824109                            04/13/07                   2,068
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.25 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify Dr. Ebner, Dr. Stolz und Partner       For                                Mgmt
                             GmbH as Auditors for Fiscal 2007
                    6a       Elect Klaus Truetzschler to the Supervisory   For                                Mgmt
                             Board
                    6b       Elect Eckhard Cordes to the Supervisory       For                                Mgmt
                             Board
                    6c       Elect Michael Klein to the Supervisory Board  For                                Mgmt
                    6d       Elect Thomas Kniehl to the Supervisory Board  For                                Mgmt
                    6e       Elect Arnold Picot to the Supervisory Board   For                                Mgmt
                    6f       Elect Alexander von Witzleben to the          For                                Mgmt
                             Supervisory Board
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    8        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/19/07 - A        Tandberg ASA                             R88391108                            None                      62,600
                    1        Open Meeting; Registration of Attending       None         None                  Mgmt
                             Shareholders and Proxies
                    2        Elect Chairman of Meeting; Designate          For          For                   Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    4        Receive Management's Status Report            None         For                   Mgmt
                    5        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports; Approve Allocation of Income and
                             Dividends of NOK 0.80 per Share
                    6        Approve Remuneration Policy And Other Terms   For          Against               Mgmt
                             of Employment For Executive Management
                                The disclosure  pertaining to the  performance  objectives
                                for the bonus  arrangement - although not complete - is at
                                par with  market  standards  in Norway.  Nevertheless,  we
                                would like to have seen further  details  disclosed  about
                                the  remuneration   policies  applied.   Such  information
                                should  include  more detail on the  performance  criteria
                                and caps applied to the bonus.  In addition,  there should
                                be clearly defined  performance  criteria  attached to the
                                share  incentive  scheme  and the  levels  of  performance
                                required  to  attain  maximum  and  minimum   bonus/shares
                                should  be  disclosed.   We  recommend  that  shareholders
                                contact  the  company's  investor   relations   department
                                directly to request better disclosure.          Because of
                                the  lack  of   information   regarding  the   performance
                                criteria  of the  restricted  stock plan,  we  recommend a
                                vote against this item.
                    7        Approve Remuneration of Directors,            For          For                   Mgmt
                             Committees, and Auditors
                    8        Reelect Jan Chr. Opsahl, Amund Skarholt,      For          For                   Mgmt
                             Joergen Ole Haslestad, and Barbara
                             Thoralfsson as Directors; Reelect Halvor
                             Loeken, Age Korsvold, and Jan Chr. Opsahl
                             as Members of the Nomination Committee
                    9        Approve NOK 12.1 Million Reduction in Share   For          For                   Mgmt
                             Capital via Share Cancellation
                    10       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital for Use in
                             Connection With Outstanding Share Incentive
                             Plans and Potential Acquisitions; Receive
                             Presentation on Existing Share Incentive
                             Plans in the Company
                    11       Approve Creation of NOK 10.9 Million Pool     For          For                   Mgmt
                             of Capital without Preemptive Rights


07/28/06 - A        TAT HONG HOLDINGS LIMITED                Y8548U124                            None                     130,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.017 Per       For          For                   Mgmt
                             Share and Special Dividend of SGD 0.01 Per
                             Share
                    3        Reelect Tan Chok Kian as Director             For          For                   Mgmt
                    4        Reelect Ong Tiew Siam as Director             For          For                   Mgmt
                    5        Reelect Ng Sun Ho as Director                 For          For                   Mgmt
                    6        Reelect Low Seow Juan as Director             For          For                   Mgmt
                    7        Approve Directors' Fees for the Year Ended    For          For                   Mgmt
                             Mar. 31, 2006
                    8        Reappoint KPMG as Auditors and Authorize      For          For                   Mgmt
                             Board to Fix Their Remuneration
                    9        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                                The limit on share  issuances  pursuant to annual mandates
                                sought by the  company  (and  nearly  all other  Singapore
                                companies) is 50 percent  maximum,  with a sub-limit of 20
                                percent of issued  capital for shares  without  preemptive
                                rights.
                    10       Approve Issuance of Shares and Grant of       For          For                   Mgmt
                             Options Pursuant to the Tat Hong Holdings
                             Employees' Share Option Scheme
                                This item seeks  shareholder  approval  for  directors  to
                                grant  options  and  issue  shares  under the terms of Tat
                                Hong  Employees'  Share Option Scheme for the coming year.
                                In this case, the option scheme makes  available 5 percent
                                of the company's  issued capital from time to time,  which
                                is within ISS guidelines. This is a routine request.


12/08/06 - S        TAT HONG HOLDINGS LIMITED                Y8548U124                            None                     130,000
                             Ordinary Business
                    1        Approve Tat Hong Share Option Scheme 2006     For          Against               Mgmt
                                This item seeks  shareholder  approval for the adoption of
                                the Tat Hong  Share  Option  Scheme  2006  (2006  SOS) for
                                employees and  executive  directors of the company and its
                                subsidiaries  (the Group) and  non-executive  directors of
                                the Group (Eligibility  Criteria),  as well as controlling
                                shareholders   and   their   associates   who   meet   the
                                Eligibility   Criteria.   Upon  the  exercise  of  options
                                granted  under  the 2006  SOS,  the  company  may elect to
                                issue new shares,  issue existing or treasury shares,  pay
                                the   equivalent   value  of  the  options  in  cash,   or
                                combinations thereof to the participant.  In the event new
                                shares are issued,  the maximum  number of new shares that
                                may be allotted  and issued  under the 2006 SOS,  together
                                with the Tat Hong Hldgs.  Employee Share Option Plan (1998
                                ESOP)  and the  Tat  Hong  Performance  Share  Plan  (PSP)
                                proposed  in Item 2,  may not  exceed  15  percent  of the
                                company's   issued  capital  from  time  to  time,   which
                                constitutes and excessive  level of dilution  according to
                                ISS'  standards.  Moreover,  we note that with  respect to
                                treasury  shares being issued,  no limit was prescribed by
                                the  company  and  while  we  recognize  the  benefits  to
                                existing  shareholders when repurchased shares are used to
                                fund share  grants,  we require  that limits be set on the
                                number of treasury  shares given that share buybacks still
                                present a real cost to the  company and  shareholders.  As
                                no limit  was  provided  with  respect  to the  number  of
                                treasury  shares that may be  allotted  under the 2006 SOS
                                and  considering  the excessive  level of dilution in case
                                new   shares   would  be   issued,   we   recommend   that
                                shareholders oppose this resolution.
                    2        Approve Tat Hong Performance Share Plan       For          Against               Mgmt
                                This item seeks  shareholder  approval for the adoption of
                                the Tat Hong  Performance  Share Plan (PSP) for  employees
                                and   executive   directors  of  the  Group  and  eligible
                                controlling  shareholders  and  their  associates.  Awards
                                under  the PSP give  participants  the  right  to  receive
                                fully  paid up  shares,  their  equivalent  cash  value or
                                combinations  thereof,  free of charge upon  achieving set
                                performance  targets  and/or  service  conditions or after
                                having   performed   well   and/or   made  a   significant
                                contribution  to the  company.  Awards  would  vest  after
                                achieving   the   performance   targets   and/or   service
                                conditions.  To satisfy  awards,  the compay may issue new
                                shares,   existing   or  treasury   shares,   or  pay  the
                                equivalent value in cash to the participant.  In the event
                                new shares are issued,  the  maximum  number of new shares
                                that may be allotted  and issued  under the PSP,  together
                                with the 2006 SOS  proposed  in Item 1 and the 1998  ESOP,
                                may not exceed 15 percent of the company's  issued capital
                                from time to time,  which  constitutes an excessive  level
                                of dilution  according  to ISS'  standards.  Moreover,  we
                                note that with respect to treasury  shares  being  issued,
                                no  limit  was  prescribed  by the  company  and  while we
                                recognize  the  benefits  to  existing  shareholders  when
                                repurchased  shares  are  used to fund  share  grants,  we
                                require  that  limits  be set on the  number  of  treasury
                                shares  given that  share  buybacks  still  present a real
                                cost to the  company  and  shareholders.  As no limit  was
                                provided  with  respect to the number of  treasury  shares
                                that may be  allotted  under the PSP and  considering  the
                                excessive  level of dilution  in case new shares  would be
                                issued,  we  recommend  that   shareholders   oppose  this
                                resolution.
                    3        Approve Participation of Ng San Tiong,        For          Against               Mgmt
                             Roland, a Controlling Shareholder of the
                             Company, in the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  allow  Ng  San  Tiong,   Roland,  a
                                controlling  shareholder  and  managing  director  of  the
                                company,  to  participate  in the 2006 SOS and PSP.  Given
                                the  unfavorable  terms  of  the  2006  SOS  and  PSP,  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    4        Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             San Tiong, Roland, a Controlling
                             Shareholder of the Company, Pursuant to the
                             Tat Hong Share Option Scheme 2006 and Tat
                             Hong Performance Share Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect of not more than 1.1 million  shares and awards in
                                respect  of not more  than 4.0  million  shares  to Ng San
                                Tiong, Roland under the 2006 SOS and PSP respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    5        Approve Participation of Ng Sun Ho, Tony, a   For          Against               Mgmt
                             Controlling Shareholder of the Company, in
                             the Tat Hong Share Option Scheme 2006 and
                             Tat Hong Performance Share Plan
                                This item seeks to allow Ng Sun Ho,  Tony,  a  controlling
                                shareholder  and  the  deputy  managing  director  of  the
                                company,  to  participate  in the 2006 SOS and PSP.  Given
                                the  unfavorable  terms  of  the  2006  SOS  and  PSP,  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    6        Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             Sun Ho, Tony, a Controlling Shareholder of
                             the Company, Pursuant to the Tat Hong Share
                             Option Scheme 2006 and Tat Hong Performance
                             Share Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  800,000  shares  and  awards in
                                respect of not more than 2.3 million  shares to Ng Sun Ho,
                                Tony under the 2006 SOS and PSP  respectively.  In view of
                                the  unfavorable   terms  of  the  2006  SOS  and  PSP  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    7        Approve Participation of Ng Sang Kuey,        For          Against               Mgmt
                             Michael, an Associate of a Controlling
                             Shareholder of the Company, in the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  allow  Ng Sang  Kuey,  Michael,  an
                                executive   director  and   associate  of  a   controlling
                                shareholder  of the company,  to  participate  in the 2006
                                SOS and PSP. Given the  unfavorable  terms of the 2006 SOS
                                and PSP, as discussed in Items 1 and 2,  respectively,  we
                                recommend that shareholders oppose this resolution.
                    8        Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             Sang Kuey, Michael, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  800,000  shares  and  awards in
                                respect  of not more  than 1.7  million  shares to Ng Sang
                                Kuey, Michael under the 2006 SOS and PSP respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    9        Approve Participation of Ng San Wee, David,   For          Against               Mgmt
                             a Controlling Shareholder of the Company,
                             in the Tat Hong Share Option Scheme 2006
                             and Tat Hong Performance Share Plan
                                This item seeks to allow Ng San Wee,  David,  an executive
                                director and  controlling  shareholder of the company,  to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    10       Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             San Wee, David, a Controlling Shareholder
                             of the Company, Pursuant to the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  500,000  shares  and  awards in
                                respect  of not more  than 1.0  million  shares  to Ng San
                                Wee,  David  under the 2006 SOS and PSP  respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    11       Approve Participation of Ng Sun Hoe,          For          Against               Mgmt
                             Patrick, an Associate of a Controlling
                             Shareholder of the Company, in the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  allow  Ng  Sun  Hoe,  Patrick,   an
                                associate of a controlling  shareholder of the company, to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    12       Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             Sun Hoe, Patrick, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  600,000  shares  and  awards in
                                respect  of not more  than 1.5  million  shares  to Ng Sun
                                Hoe, Patrick under the 2006 SOS and PSP  respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    13       Approve Participation of Ng San Guan,         For          Against               Mgmt
                             William, an Associate of a Controlling
                             Shareholder of the Company, in the Tat Hong
                             Share Option Scheme 2006 and Tat Hong
                             Performance Share Plan
                                This  item  seeks  to  allow  Ng  San  Guan,   William  an
                                associate of a controlling  shareholder of the company, to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    14       Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             San Guan, William, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  500,000  shares  and  awards in
                                respect  of not more  than 1.0  million  shares  to Ng San
                                Guan, William under the 2006 SOS and PSP respectively.  In
                                view of the  unfavorable  terms of the 2006 SOS and PSP as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    15       Approve Participation of Ng Sun Oh, Lewis,    For          Against               Mgmt
                             an Associate of a Controlling Shareholder
                             of the Company, in the Tat Hong Share
                             Option Scheme 2006 and Tat Hong Performance
                             Share Plan
                                This item seeks to allow Ng Sun Oh,  Lewis,  an  associate
                                of  a   controlling   shareholder   of  the  company,   to
                                participate   in  the  2006  SOS  and   PSP.   Given   the
                                unfavorable  terms of the 2006 SOS and PSP,  as  discussed
                                in  Items  1  and  2,  respectively,   we  recommend  that
                                shareholders oppose this resolution.
                    16       Approve Grant of Options and Awards to Ng     For          Against               Mgmt
                             Sun Oh, Lewis, an Associate of a
                             Controlling Shareholder of the Company,
                             Pursuant to the Tat Hong Share Option
                             Scheme 2006 and Tat Hong Performance Share
                             Plan
                                This  item  seeks  to  approve  the  grant of  options  in
                                respect  of not more than  400,000  shares  and  awards in
                                respect of not more than 1.0 million  shares to Ng Sun Oh,
                                Lewis under the 2006 SOS and PSP respectively.  In view of
                                the  unfavorable   terms  of  the  2006  SOS  and  PSP  as
                                discussed  in Items 1 and 2,  respectively,  we  recommend
                                that shareholders oppose this resolution.
                    17       Authorize Share Repurchase Program            For          For                   Mgmt
                                The board is seeking the  authority to repurchase up to 10
                                percent of issued  capital.  The shares would be cancelled
                                or held as  treasury  shares,  as the  case  may be.  This
                                authority  is  good  for one  year  and may be used at the
                                board's discretion.
                             Special Business
                    1        Amend Articles of Association                 For          For                   Mgmt
                                The company seeks  authorization  to amend its articles of
                                association in order to be consistent  with changes to the
                                Companies  Amendment Act. The  amendments  provide for the
                                abolition  of the  concepts  of par value  and  authorized
                                capital,  as well as allow  repurchased  shares to be held
                                by companies  as treasury  shares.  With the  abolition of
                                the  concept of par value,  shares will no longer have any
                                par or nominal  value,  and the concepts of share  premium
                                and  issuance  of  shares  at  a  discount  will  also  be
                                abolished  accordingly.  In  order  to  comply  with  such
                                changes to the  Companies  Act, the  directors  propose to
                                amend  relevant  provisions in the articles of association
                                so  as  to  delete  references  to  nominal  value,  share
                                premium,  and authorized  capital in conjunction  with the
                                abolition  of these  concepts.          In  addition,  the
                                amended   articles   would   allow  the   company  to  pay
                                commissions  or  brokerage  on any issue of shares at such
                                rate or amount  and in such  manner as the  directors  may
                                deem fit.  The  amendments  also  provide  that any amount
                                unpaid on the shares must also be  specified  in the share
                                certificates  and  enable the  company  to either  hold as
                                treasury  shares or cancel  those  shares it  repurchased.
                                        Given  that the  proposed  changes to the articles
                                are in line with recent  amendments  to the  Companies Act
                                and  relevant  laws  and  regulations,  a vote in favor of
                                this resolution is recommended.


11/20/06 - S        TECNOCOM TELECOMUNICACIONES YENERGIA     E62436253                            None                       2,735
                    SA
                             Special Meeting Agenda
                    1        Approve Merger by Absorption of Softgal       For          For                   Mgmt
                             Servicios de Software de Galicia, S.A.U.,
                             Scorpion Sistemas, S.A.U., Scorpion
                             Networking Solutions, S.A.U., Eurocomercial
                             Informatica y Comunicaciones, S.A.,
                             Analysis Proyectos 2000, S.L. and Open
                             Solutions
                                Because the  companies are already  subsidiaries  in which
                                Tecnocom  owns  nearly  all the  equity,  this  resolution
                                consists of  internal  restructuring  measures.  It should
                                not be  viewed  as an  acquisition  proposal.        These
                                absorptions   would   have  no   significant   impact   on
                                shareholder  value,  and they  would  simplify  Tecnocom's
                                accounts and streamline  operations by assuring Tecnocom's
                                full control over the companies.
                    2        Amend Corporate Purpose and Modify Article    For          For                   Mgmt
                             2 of Company By-laws
                    3        Change Location of Registered Office and      For          For                   Mgmt
                             Modify Article 4 of Company By-laws
                    4        Elect Directors                               For          For                   Mgmt
                                Under this item, the company  nominates  Corporacion Caixa
                                Galicia to the board.
                    5        Amend Articles 6 and 11 of the General        For          For                   Mgmt
                             Meeting Guidelines
                                The company is proposing  the  amendment of articles 6 and
                                11 of the General Meeting Guidelines.  The first amendment
                                would be to  change  the  notice  period  for  shareholder
                                meetings  from 15 days to one month  before  the  meeting.
                                The second  modification  in  Article  11 would  stipulate
                                that   proposals   submitted  to  the  meeting  agenda  by
                                shareholders  owning at least 5 percent  of the  company's
                                share   capital   shall  be   included   in  the   meeting
                                notice.        These  are  positive  amendments,  thus  we
                                recommend shareholder support.
                    6        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


05/31/07 - A/S      TELENET GROUP HOLDINGS N.V.              B89957110                            None                      20,005
                             Annual Meeting Agenda
                    1        Receive Directors' and Auditors' Reports      None                               Mgmt
                    2        Approve Allocation of Income                  For                                Mgmt
                    3        Receive Consolidated Financial Statements     None                               Mgmt
                             and Statutory Reports (Non-Voting)
                    4        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    5        Approve Discharge of Directors                For                                Mgmt
                    6        Approve Discharge of Auditors                 For                                Mgmt
                    7        Approve Remuneration of Directors             For                                Mgmt
                    8        Elect Directors                               For                                Mgmt
                             Extra Ordinary Meeting Agenda
                    1.a      Receive Special Board Report                  None                               Mgmt
                    1.b      Receive Special Auditor Report                None                               Mgmt
                    2        Approve Issuance of Shares                    For                                Mgmt
                    3        Approve Issue Premium                         For                                Mgmt
                    4.a      Authorize Implementation of Approved          For                                Mgmt
                             Resolutions Related to the Issue Premium
                    4.b      Authorize Implementation of Approved          For                                Mgmt
                             Resolutions Related to the Company
                             Personnel Eligible for Inscription
                    4.c      Authorize Implementation of Approved          For                                Mgmt
                             Resolutions Related to the Term of
                             Inscription
                    5        Approve Use of Electronic Registry            For                                Mgmt
                    6        Amend Articles Related to the Elimination     For                                Mgmt
                             of Bearer Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/01/07 - A        Temenos Group AG                         H8547Q107                            None                      25,124
                    1        Share Re-registration Consent                 For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/01/07 - A        Temenos Group AG                         H8547Q107                            None                      25,124
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    3        Approve Discharge of Management and           For                                Mgmt
                             Supervisory Board
                    4        Authorize Use of CHF 24.7 Million from        For                                Mgmt
                             Existing Pool of Capital to Guarantee
                             Conversion Rights of Convertible Bonds to
                             be Issued to Metavante Corporation
                    5        Reelect Andreas Andreades as Director         For                                Mgmt
                    6        Ratify PricewaterhouseCoopers SA as Auditors  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


07/14/06 - A        The British Land Company plc             G15540118                            None                      35,270
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of 11.8 Pence Per      For          For                   Mgmt
                             Share
                    3        Re-elect Sir John Ritblat as Director         For          For                   Mgmt
                    4        Re-elect Michael Cassidy as Director          For          For                   Mgmt
                    5        Re-elect Robert Swannell as Director          For          For                   Mgmt
                    6        Re-elect Christopher Gibson-Smith as          For          For                   Mgmt
                             Director
                    7        Re-elect David Michels as Director            For          For                   Mgmt
                    8        Elect Lord Turnbull as Director               For          For                   Mgmt
                    9        Elect Kate Swann as Director                  For          For                   Mgmt
                    10       Elect Andrew Jones as Director                For          For                   Mgmt
                    11       Elect Tim Roberts as Director                 For          For                   Mgmt
                    12       Reappoint Deloitte & Touche LLP as Auditors   For          For                   Mgmt
                             of the Company
                    13       Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    14       Approve Remuneration Report                   For          For                   Mgmt
                    15       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 43,192,578
                    16       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 6,489,828
                    17       Authorise 51,918,628 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    18       Approve The British Land Company Plc Fund     For          For                   Mgmt
                             Managers Performance Plan
                    19       Approve The British Land Company Plc          For          For                   Mgmt
                             Matching Share Plan
                    20       Amend The British Land Company Long Term      For          For                   Mgmt
                             Incentive Plan
                    21       Approve Further Plans for Overseas            For          For                   Mgmt
                             Employees Based on the Performance Plan and
                             the Matching Share Plan


12/04/06 - S        The Unite Group plc                      G9283N101                            None                      37,077
                    1        Approve Disposal by UNITE Group Companies     For          For                   Mgmt
                             of a Majority Interest in the Fund; Approve
                             Proposed Transactions by Certain UNITE
                             Group Companies Pursuant to the Property
                             and Asset Management Agreement; Authorise
                             Directors to Implement All the Transactions


06/29/07 - A/S      Theolia                                  F8857Q103                            06/26/07                   4,381
                             Ordinary Business
                    1        Approve Financial Statements and Discharge    For                                Mgmt
                             Directors
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Omission     For                                Mgmt
                             of Dividends
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Receive Chairman's and Auditor's Reports on   For                                Mgmt
                             Internal Control
                    6        Elect Andrew Marsden as Director              For                                Mgmt
                    7        Elect Yves Menat as Director                  For                                Mgmt
                    8        Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 120,000
                    9        Authorize Repurchase of Up to Ten Percent     For                                Mgmt
                             of Issued Share Capital
                    10       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                             Special Business
                    11       Approve Acquisitions of EFS Windpark          For                                Mgmt
                             Beteiligungs, EFS Windpark Asleben
                             Beteiligungs GmbH, and of EFS Windpark 1
                             Management GmbH
                    12       Issue 2.78 Million of Shares to EFS-B and     For                                Mgmt
                             Issue 2.47 Million of Shares to General
                             Electric Finance Holding GmbH in Connection
                             with Acquisitions Above
                    13       Delegation of Powers to Board of Directors    For                                Mgmt
                             to Acknowledge Completion of Acquisitions
                    14       Amend Articles to Reflect Changes in          For                                Mgmt
                             Capital Following Acquisitions Above
                    15       Approve Issuance of 1,212,000 Shares          For                                Mgmt
                             Subject to Approval of Item 16 Above
                    16       Eliminate Preemptive Rights to the benefit    For                                Mgmt
                             of EFS-B and General Electric Finance
                             Holding GmbH
                    17       Approve Issuance of 1.5 Million of Warrants   For                                Mgmt
                    18       Reserve Issuance Above to EFS-B and General   For                                Mgmt
                             Electric Finance Holding GmbH
                    19       Approve Issuance of 1.5 Million of Warrants   For                                Mgmt
                    20       Reserve Issuance Above to EFS-B and General   For                                Mgmt
                             Electric Finance Holding
                    21       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15 Million
                    22       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 15 Million
                    23       Authorize Board to Set Issue Price for 10     For                                Mgmt
                             Percent of Issued Capital Pursuant to Issue
                             Authority without Preemptive Rights
                    24       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegations Submitted to Shareholder Votes
                             Above
                    25       Authorize Capital Increase of Up to EUR 15    For                                Mgmt
                             Million for Future Exchange Offers
                    26       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    27       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    28       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    29       Amend Articles of Association Re:             For                                Mgmt
                             Double-voting rights
                    30       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


03/23/07 - A        TK Corp. (formerly Taekwang Bend         Y8363M108                            12/31/06                   6,318
                    Industry Co.)
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 75 Per Share
                                        Proposed  dividend  is  KRW 75  per  share,  which
                                corresponds  to a payout  ratio of 8  percent,  about same
                                the  previous  year.  The payout ratio is very low even by
                                Korean  standards  and we call on the  company  to improve
                                its payout  ratio in the near future.  However,  we do not
                                oppose this income  allocation  and  dividend  proposal at
                                this time.
                    2        Amend Articles of Incorporation to Increase   For          For                   Mgmt
                             Authorized Shares
                                The  amendment  would  increase the  company's  authorized
                                capital from 20 million  shares to 30 million  shares,  an
                                increase  of 50 percent.  We believe  this  increase  will
                                grant  management  enough  flexibility to issue new shares
                                to raise working capital.
                    3        Elect Executive Director                      For          For                   Mgmt
                                There is an executive  director  nominee to the board. The
                                nominee is Yoon  Sung-deok,  the  representative  director
                                and largest  shareholder  of the  company.  The nominee is
                                incumbent director.  Upon shareholder approval,  Yoon will
                                serve on the board for the next three  years.  The nominee
                                has not engaged in any disclosable  transactions  with the
                                company  during  the  past  three  years.  The  number  of
                                directors  remains  unchanged  at four,  of whom one is an
                                independent non-executive director.
                    4        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 500  million,  up from KRW
                                400 million in 2006.  Although  last year's  actual payout
                                was not  disclosed,  the company paid KRW 13.5 million for
                                the  one  independent  non-executive  director.  We see no
                                reason to oppose this resolution.
                    5        Approve Limit on Remuneration of Auditor      For          For                   Mgmt
                                The  ceiling  for one  auditor  for  2007  will be KRW 100
                                million,  same as the previous  year.  Last year's  actual
                                payout was not disclosed.


05/29/07 - A        TK Development                           K9589G102                            05/18/07                  31,000
                    1        Receive Report of Board                       None         None                  Mgmt
                    2        Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    3        Approve Allocation of Income and Omission     For          For                   Mgmt
                             of Dividends
                    4a       Amend Articles Re: Change Company Registrar   For          For                   Mgmt
                             to VP Investor Services A/S
                    4b       Proposals from Shareholders (None Submitted)  None         None                  Mgmt
                    5        Reelect Poul Lauritsen, Torsten Rasmussen,    For          For                   Mgmt
                             Per Pedersen, Kurt Daell, and Jesper
                             Jarlbaek as Members of the Supervisory
                             Board; Elect Niels Roth as New Member of
                             the Supervisory Board
                    6        Ratify Auditors                               For          For                   Mgmt
                    7        Other Business (Non-Voting)                   None         None                  Mgmt


06/21/07 - A        TOCALO CO LTD (EX JAFCO SIG CO LTD)      J84227123                            03/31/07                   5,000
                    *3433*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 22.5
                                The payout ratio for the full year is 18 percent  based on
                                consolidated    earnings,   or   19   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:      Nominee     7        Background     of
                                non-executive  nominee(s):  The  nominee is an attorney in
                                private practice.        Board  Profile        Composition
                                of  board  after  this   meeting:   9  executives   and  1
                                non-executive.        The    number   of    outsiders   is
                                remaining the same.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    3        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends that Shin-Nihon & Co. be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  reappointed Misuzu
                                on  a  provisional  basis.  Here,  the  company  seeks  to
                                appoint  Shin-Nihon & Co.,  because in  recognition of the
                                severe  damage  to its  reputation  and its  bottom  line,
                                Misuzu decided in February to cease audit  operations this
                                summer. We see no reason to oppose this resolution.
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The two  retiring  directors  are  insiders and we have no
                                reason to oppose this resolution.
                    5        Approve Special Payments to Continuing        For          Against               Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                The company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 7 continuing  directors and
                                3 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.                In  this case, 1 of the  continuing
                                directors  has  been  designated  by  the  company  as  an
                                outside  director  and  all  of the  continuing  statutory
                                auditors   have  been   designated   by  the   company  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.


06/25/07 - A        Tokai Rubber Industrial *5191*           J86011103                            03/31/07                   7,931
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 10
                                The payout ratio for the full year is 13 percent  based on
                                consolidated    earnings,   or   25   percent   based   on
                                parent-company  earnings.        By  law, funds  available
                                for  dividends  in  Japan  are  based  on   parent-company
                                earnings  only.        The  payout ratio for the full year
                                is on the low  side by  Japanese  standards.  However,  in
                                light of the increase in the dividend  payment,  we do not
                                oppose this  resolution.  We will consider  voting against
                                future  income  allocations,   if  profits  grow  and  the
                                dividend payment is not further increased.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  7  executives  and 0  non-executives.  The board
                                currently  includes 6 insiders  and no outside  directors.
                                Candidate  7 is new  to  the  board  (more  precisely,  is
                                returning  to the  board  after  2 years  as an  executive
                                officer).
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    4        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors
                                The  ceiling  would be raised from JY 300 million per year
                                to JY 350  million per  year.        This  change is being
                                requested   because  of  an  increase  in  the  number  of
                                directors  from 6 to 7.                  Because  the  new
                                ceiling  is not  excessive,  we have no  reason  to oppose
                                this resolution.


06/28/07 - A        Tokushima Bank Ltd. *8561*               J86463106                            03/31/07                  10,172
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 4
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee   Profile                Nominees   designated  as
                                non-executive    nominee(s):     None                Board
                                Profile                Composition  of  board  after  this
                                meeting:  8  executives  and 0  non-executives.  The board
                                currently includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    3        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a former local government official.
                    4        Appoint Alternate Internal Statutory Auditor  For          For                   Mgmt
                                The nominee for  independent  auditor  passes our test for
                                independence. He is a former local government official.
                    5        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that Shin-Nihon & Co be approved as
                                the  company's  independent  accounting  firm.  ChuoAoyama
                                Audit  Corp.  (now known as Misuzu  Audit  Corp.) had been
                                the company's  external  audit firm.  However,  ChuoAoyama
                                was forced by Japanese  regulators  to suspend  operations
                                in July and August 2006 after its  auditors  were found to
                                have been  implicated in  accounting  fraud at Kanebo Ltd.
                                Following the suspension,  the company  appointed  another
                                audit firm, and then  reappointed  Misuzu on a provisional
                                basis.  Here,  the  company  seeks to appoint  Shin-Nihon,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    6        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.


06/26/07 - A        Tokuyama Corporation *4043*              J86506102                            03/31/07                   6,050
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 3
                                The payout  ratio for the full year is 9 percent  based on
                                consolidated    earnings,   or   11   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.        The  payout ratio for the full year is on the
                                low side by Japanese standards.  However,  the company has
                                posted  strong  growth  in sales  and  profits  in  recent
                                years.  Accordingly,  we do not object to the retention of
                                cash at this stage of the company's development.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:                   None                Board
                                ProfileComposition   of  board  after  this  meeting:   14
                                executives  and  0  non-executives.  The  board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    2.8      Elect Director --- For
                    2.9      Elect Director --- For
                    2.10     Elect Director --- For
                    2.11     Elect Director --- For
                    2.12     Elect Director --- For
                    2.13     Elect Director --- For
                    2.14     Elect Director --- For
                    3        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                             and Special Payments to Continuing
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                In  this   item,   shareholders   are  asked  to   approve
                                retirement        bonuses       for       3       retiring
                                directors.                In    addition,    the   company
                                requests  shareholder  approval  for  payments  in lieu of
                                retirement  bonuses  to  11  continuing  directors  and  4
                                continuing  internal  statutory  auditors.  The  board  is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.        In   this   case,   2  of  the   continuing
                                statutory  auditors have been designated by the company as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    4        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 545
                                million per year to JY 635 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 60 million per year to JY 75 million per
                                year.  After the  meeting,  the company  will  continue to
                                have      14      directors      and      4      statutory
                                auditors.                These     changes    are    being
                                requested  because the company has  abolished the practice
                                of paying lump-sum retirement bonuses,  which did not fall
                                under the  compensation  ceilings,  and replaced them with
                                other       forms       of       compensation        which
                                do.                Because   the  new   ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


06/28/07 - A        Tokyo Tomin Bank Ltd. *8339*             J88505102                            03/31/07                  11,200
                    1        Elect Directors                               For          For                   Mgmt
                    2        Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3        Approve Retirement Bonuses for Director and   For          For                   Mgmt
                             Statutory Auditor
                                The recipients are insiders.


02/27/07 - A        TOSEI CORP. *8923*                       J8963D109                            11/30/06                     182
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             1400, Special JY 0
                    2        Amend Articles to: Require Supermajority      For          Against               Mgmt
                             Vote to Remove Director - Increase
                             Authorized Capital - Limit Liability of
                             Outside Directors and Statutory Auditors
                                Because the proposed increase in authorized  capital would
                                leave  the  company  with  only  25.1  percent  of the new
                                authorization  on issue,  failing  to meet ISS  guidelines
                                for authorized  capital  increases,  and because we do not
                                believe it is in  shareholders'  interest to increase  the
                                percentage  of votes  required  to remove a director  from
                                office,  we recommend that  shareholders vote against this
                                resolution.
                    3        Elect Director                                For          For                   Mgmt
                    4        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceiling for Directors


06/26/07 - A        Towa Pharmaceutical Co. Ltd. *4553*      J90505108                            03/31/07                   3,479
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 22.5
                                The payout ratio for the full year is 23 percent  based on
                                consolidated    earnings,   or   24   percent   based   on
                                parent-company  earnings.  By  law,  funds  available  for
                                dividends  in Japan are based on  parent-company  earnings
                                only.
                    2        Elect Directors                               For          For                   Mgmt
                    2.1      Elect Director --- For
                                Nominee     Profile        Nominee(s)     designated    as
                                non-executive:                           None        Board
                                Profile        Composition  of board after this meeting: 7
                                executives  and  0   non-executives.The   board  currently
                                includes no outside directors.
                    2.2      Elect Director --- For
                    2.3      Elect Director --- For
                    2.4      Elect Director --- For
                    2.5      Elect Director --- For
                    2.6      Elect Director --- For
                    2.7      Elect Director --- For
                    3.1      Appoint Internal Statutory Auditor            For          For                   Mgmt
                                Nominee    profile        Nominee(s)    for    independent
                                statutory  auditor:  Nominees  3  and  4        Nominee  3
                                passes  our  test  for  independence.  He is an  attorney.
                                        However,  nominee 4 does not meet our criteria for
                                independence.  He is a  former  executive  of the  Bank of
                                Tokyo-Mitsubishi  UFJ,  Ltd.,  the  company's  main  bank.
                                        Given  the realities of Japanese  business and the
                                strong   loyalties  to   companies   held  by  those  with
                                long-standing   ties  to   those   companies   and   their
                                affiliates,  nominee 4 for  independent  auditor cannot be
                                expected  to fulfill  the role of  independent  monitor of
                                the company's activities on behalf of all shareholders.
                    3.2      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.3      Appoint Internal Statutory Auditor            For          For                   Mgmt
                    3.4      Appoint Internal Statutory Auditor            For          Against               Mgmt
                                See Item 3.1
                    4        Approve Retirement Bonuses for Directors      For          For                   Mgmt
                                The recipients are insiders.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                                Because the amounts are not  excessive,  we have no reason
                                to oppose this resolution.


06/26/07 - A        transcosmos inc. (frm. Trans Cosmos)     J9297T109                            03/31/07                   2,835
                    *9715*
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 40
                                The payout ratio for the full year is 23 percent  based on
                                either parent-only or consolidated earnings.
                    2        Amend Articles to: Expand Business Lines      For          For                   Mgmt
                                The company  asks for  shareholder  approval to expand its
                                permitted  business  objectives.  The new  business  lines
                                proposed  here  include  bank agency  service,  and market
                                research.  The change  would not  require  the  company to
                                enter the new  business;  rather,  it would give the board
                                the right to do so at its discretion.
                    3        Elect Directors                               For          For                   Mgmt
                    3.1      Elect Director --- For
                                Nominee  Profile                Nominee(s)  designated  as
                                non-executive:      Nominees     9,     10,     and     11
                                                Background  of  non-executive  nominee(s):
                                        Nominee  9 is a former  vice-president of Sumitomo
                                Life  Insurance  Company.  Nominee  10 is a former  senior
                                advisor  to Nikko  Cordial  Corp.  Nominee  11 is a former
                                director   of   Recruit   Co.,Ltd.                   Board
                                Profile                Composition  of  board  after  this
                                meeting:  8 executives and 3 non-executive.  The number of
                                outsiders is remaining the same.
                    3.2      Elect Director --- For
                    3.3      Elect Director --- For
                    3.4      Elect Director --- For
                    3.5      Elect Director --- For
                    3.6      Elect Director --- For
                    3.7      Elect Director --- For
                    3.8      Elect Director --- For
                    3.9      Elect Director --- For
                    3.10     Elect Director --- For
                    3.11     Elect Director --- For
                    4        Appoint Internal Statutory Auditor            For          For                   Mgmt
                                The   nominee  is  not   designated   by  the  company  as
                                independent,   and  we  have  no  reason  to  oppose   the
                                nomination.
                    5        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors
                                The company is proposing an aggregate  bonus payment of JY
                                16  million  to 6  directors.  Because  the  amount is not
                                excessive, we have no reason to oppose this resolution.


05/16/07 - A        TT ELECTRONICS PLC (formerly TT Group    G91159106                            None                      29,557
                    plc)
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                The 2005 LTIP made its first  grant in 2006.  The LTIP was
                                an  improvement  on the  previous  share  incentive  plans
                                although  current  broker  forecasts  suggest that the EPS
                                targets may be readily achievable.
                    3        Approve Final Dividend of 6.36 Pence Per      For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Roderick Weaver as Director          For          For                   Mgmt
                    5        Re-elect David Crowther as Director           For          For                   Mgmt
                    6        Re-elect David Crowe as Director              For          For                   Mgmt
                    7        Re-elect Timothy Reed as Director             For          Against               Mgmt
                                We do not consider Timothy Reed to be independent  because
                                he has served on the Board for 34 years and formerly  held
                                the  position  of  Non-executive  Chairman.  We are  again
                                recommending   that   shareholders  vote  against  Timothy
                                Reed's  re-election  because he is a  non-independent  NED
                                and:        (i)  He is a member of the Audit Committee and
                                Chairman  of  the  Remuneration   Committee,   both  roles
                                reserved for independent NEDs under the  Code.        (ii)
                                He is designated  as the senior  independent  director,  a
                                role   reserved   for  an   independent   NED   under  the
                                Code.        (iii)  Due to Timothy Reed's  non-independent
                                status,  the  Nomination  Committee  does  not  contain  a
                                majority   of   independent   NEDs.   This  is  a  further
                                contravention of the Code.
                    8        Reappoint Grant Thornton UK LLP as Auditors   For          For                   Mgmt
                             of the Company
                    9        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 12,899,841
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,934,976
                    12       Authorise 15,479,810 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


09/28/06 - A        ULVAC INC. *6728*                        J94048105                            06/30/06                  10,318
                    1        Approve Allocation of Income, Including the   For          For                   Mgmt
                             Following Dividends: Interim JY 0, Final JY
                             37, Special JY 0
                    2        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    3        Amend Articles to: Limit Rights of Odd-lot    For          For                   Mgmt
                             Holders - Update Terminology to Match that
                             of New Corporate Law - Limit Liability of
                             Directors and Statutory Auditors
                    4        Elect Directors                               For          For                   Mgmt
                    5.1      Appoint External Audit Firm                   For          For                   Mgmt
                    5.2      Appoint External Audit Firm                   For          For                   Mgmt
                    6        Approve Retirement Bonuses for Directors      For          Against               Mgmt
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    7        Approve Special Payments to Continuing        For          Against               Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                As  we   believe   the   payment   of  such   bonuses   to
                                non-executives,  at the  discretion of the insiders,  is a
                                highly   inappropriate   practice  anywhere,   we  see  no
                                alternative but to recommend opposing the whole item.
                    8        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors


10/24/06 - S        Umicore (frmly Union Miniere S.A.)       B95505119                            10/18/06                   8,520
                    1.1      Receive Report of the Board of Directors on   None                               Mgmt
                             the Authorized Capital
                    1.2      Approve Issuance of Equity or Equity-Linked   For                                Mgmt
                             Securities without Preemptive Rights
                    2        Authorize Reissuance of Repurchased Shares    For                                Mgmt
                    3.1      Receive Report of the Board of Directors on   None                               Mgmt
                             the Merger through Absorption of Umicore
                             Immo
                    3.2      Approve Merger by Absorption of Umicore Immo  For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - S        Umicore (frmly Union Miniere S.A.)       B95505119                            04/18/07                   9,212
                    1.1      Amend Article 7 Regarding the Abolition of    For                                Mgmt
                             Bearer Shares.
                    1.2      Amend Article 18 in Relation to the Conduct   For                                Mgmt
                             of Meetings of Shareholders.
                    2        Change Date of Ordinary General Meeting of    For                                Mgmt
                             Shareholders
                    3        Authorize Board to Acquire Own Shares in      For                                Mgmt
                             the Company
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        Umicore (frmly Union Miniere S.A.)       B95505119                            None                       4,302
                    1        Receive Directors' Reports                    None                               Mgmt
                    2        Receive Auditors' Reports                     None                               Mgmt
                    3        Approve Annual Accounts, Allocation of        For                                Mgmt
                             Income and Dividends
                    4        Approve Discharge of Directors and Auditors   For                                Mgmt
                    5.a      Elect I. Bouillot as Director                 For                                Mgmt
                    5.b      Elect S. Naito as Director                    For                                Mgmt
                    5.c      Approve Remuneration of Directors             For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/27/07 - A/S      Unibail Holding (frmly. Unibail)         F95094110                            04/24/07                     252
                             Ordinary Business
                    1        Approve Financial Statements and Statutory    For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 5 per Share
                    4        Approve Special Auditors' Report Regarding    For                                Mgmt
                             Related-Party Transactions
                    5        Reelect Henri Moulard as Director             For                                Mgmt
                    6        Elect Jean Pierre Duport as Director          For                                Mgmt
                    7        Elect Jean Louis Laurens as Director          For                                Mgmt
                    8        Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    9        Authorize Capitalization of Reserves for      For                                Mgmt
                             Bonus Issue or Increase in Par Value
                             Special Business
                    10       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    11       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 75 Millions
                    12       Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to 25 Percent of Current Share
                             Capital
                    13       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above in Item 11
                    14       Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above in Item 12
                    15       Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    16       Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    17       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/21/07 - S        Unibail Holding (frmly. Unibail)         F95094110                            05/16/07                     252
                             Special Business
                    1        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities with Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 75 Million
                    2        Authorize Issuance of Equity or               For                                Mgmt
                             Equity-Linked Securities without Preemptive
                             Rights up to Aggregate Nominal Amount of
                             EUR 47 Million
                    3        Authorize Board to Increase Capital in the    For                                Mgmt
                             Event of Additional Demand Related to
                             Delegation Submitted to Shareholder Vote
                             Above
                    4        Authorize Capital Increase of up to 10        For                                Mgmt
                             Percent of Issued Capital for Future
                             Acquisitions
                    5        Authorize Capital Increase of Up to EUR 240   For                                Mgmt
                             Million for Remuneration of the Share
                             Exhange Offer with Rodamco Europe NV
                    6        Set Global Limit for Capital Increase to      For                                Mgmt
                             Result from All Issuance Requests at EUR
                             400 Million
                    7        Authorize Capitalization of Reserves of Up    For                                Mgmt
                             to EUR 200 Million for Bonus Issue or
                             Increase in Par Value
                    8        Approve Employee Savings-Related Share        For                                Mgmt
                             Purchase Plan
                    9        Approve Stock Option Plans Grants             For                                Mgmt
                    10       Approve Reduction in Share Capital via        For                                Mgmt
                             Cancellation of Repurchased Shares
                    11       Adopt Two-Tiered Board Structure Depending    For                                Mgmt
                             on the Share Exchange Offer with Rodamco
                    12       Amend Article 2 of Association Regarding      For                                Mgmt
                             Company Purpose
                    13       Change Company Name to Unibail-Rodamco        For                                Mgmt
                    14       Adopt New Status, Depending on the Share      For                                Mgmt
                             Exchange Offer with Rodamco
                    15       Allow Delegation of All Outstanding Capital   For                                Mgmt
                             Authorizations to the Management Board in
                             Accordance with Item 11
                             Ordinary Business
                    16       Authorize Repurchase of Up to 10 Percent of   For                                Mgmt
                             Issued Share Capital
                    17       Elect Robert F.W. Van Oordt as Supervisory    For                                Mgmt
                             Board Member
                    18       Elect Francois Jaclot as Supervisory Board    For                                Mgmt
                             Member
                    19       Elect Frans J.G.M. Cremers as Supervisory     For                                Mgmt
                             Board Member
                    20       Elect Jacques Dermagne as Supervisory Board   For                                Mgmt
                             Member
                    21       Elect Rob Ter Haar as Supervisory Board       For                                Mgmt
                             Member
                    22       Elect Jean-Louis Laurens as Supervisory       For                                Mgmt
                             Board Member
                    23       Elect Yves Lyon-Caen as Supervisory Board     For                                Mgmt
                             Member
                    24       Elect Henri Moulard as Supervisory Board      For                                Mgmt
                             Member
                    25       Elect Bart R. Okkens as Supervisory Board     For                                Mgmt
                             Member
                    26       Elect Jos W.BBB. Westerburgen as              For                                Mgmt
                             Supervisory Board Member
                    27       Approve Remuneration of Directors in the      For                                Mgmt
                             Aggregate Amount of EUR 875,000
                    28       Authorize Filing of Required                  For                                Mgmt
                             Documents/Other Formalities
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/06/07 - A        Union Fenosa                             E93171119                            None                       3,061
                    1        Approve Individual and Consolidated           For          For                   Mgmt
                             Financial Statements for Fiscal Year Ended
                             12-31-06, and Discharge Directors
                    2        Approve Allocation of Income and Remaining    For          For                   Mgmt
                             Balance if Applicable
                    3        Nominate, Elect or Reelect Auditors for       For          For                   Mgmt
                             Company and Consolidated Group
                    4        Approve Merger Agreement and Absorption of    For          For                   Mgmt
                             Wholly Onwed Subsdiaries Union Fenosa
                             Consultoria SA and Union Fenosa Inversiones
                             SA; Approve Merger Balance Sheet as of
                             12-31-06; Approve Compliance with Tax Regime
                    5        Authorize Issuance of Simple, Exchangeable    For          For                   Mgmt
                             and/or Convertible Fixed Income Securities,
                             Debentures/Bonds, and Warrants by up to EUR
                             5 Billion without Preemptive Rights; And
                             Issuance of EUR 1.5 Billion in Payable
                             Notes and EUR 2 Billion in Preference Notes
                    6        Authorize Board to Increase Capital via       For          For                   Mgmt
                             Cash Contributions and with the Powers to
                             Exclude Preemptive Rights in Accordance
                             with Article 159.2 of Spanish Company Law
                    7        Amend New Corporate Bylaws                    For          Against               Mgmt
                                Conclusion        After   revising   the   entire  set  of
                                proposed changes for the abovementioned  articles,  we can
                                conclude  that most of the  changes  would  not  adversely
                                affect  shareholder  rights.   However,  Union  Fenosa  is
                                including an  amendment to the bylaws that would  increase
                                an  arguably  excessive  five-year  board  term to an even
                                greater term.  Approval of this item would allow directors
                                to be elected  for  six-year  terms,  which is not in line
                                with European best practices.  Because the negative aspect
                                of this  proposal  outweighs  the  positive  modifications
                                proposed   under  this   resolution,   support   for  this
                                resolution is not recommended.
                    8        Amend Preamble of Articles 2, 4, 9, 19, and   For          For                   Mgmt
                             21 of General Meeting Guidelines
                    9        Nominate, Ratify or Reelect Board Members     For          Against               Mgmt
                                We believe  that Union Fenosa  should  adhere more closely
                                to  international  standards of corporate  governance  and
                                present director  elections as individual voting items. We
                                also believe that the company's  choice to adopt  six-year
                                director  terms moves counter to best practice  principles
                                which   advocate   shorter  terms  to  increase   director
                                accountability.  Considering  this new  structure  to be a
                                significant  deficiency  for  a  market-leading  MSCI-EAFE
                                index company,  we cannot  recommend  shareholder  support
                                for this item.
                    10       Authorize Repurchase of Shares and            For          For                   Mgmt
                             Subsequent Cancellation of Shares
                    11       Approve Listing and Delisting of Shares,      For          For                   Mgmt
                             Fixed Income Securities, and Other Debt
                             Instruments from Secundary Stock Exchanges
                    12       Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


04/18/07 - A        Unisteel Technology Limited              Y9163B102                            None                      28,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare Final Dividend of SGD 0.035 Per       For          For                   Mgmt
                             Share and Final Special Dividend of SGD
                             0.015 Per Share
                    3        Approve Directors' Fees of SGD 160,000 for    For          For                   Mgmt
                             the Year Ended Dec. 31, 2006 (2005: SGD
                             150,000)
                    4        Reelect Teo Kiang Kok as Director             For          For                   Mgmt
                    5        Reelect Ng Jui Ping as Director               For          For                   Mgmt
                    6        Reappoint Ernst & Young as Auditors and       For          For                   Mgmt
                             Authorize Board to Fix Their Remuneration
                    7        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    8        Approve Issuance of Shares and Grant of       For          Against               Mgmt
                             Options Pursuant to the Unisteel Employees'
                             Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well-structured  to justify a potential  dilution level of
                                15  percent.  Moreover,  the plan  allows for the grant of
                                options to executives and to non-executive  directors at a
                                discount to market prices,  which undermines the incentive
                                impact of the plan.
                    9        Authorize Share Repurchase Program            For          For                   Mgmt


04/18/07 - S        Unisteel Technology Limited              Y9163B102                            None                      28,000
                             Special Business
                    1        Amend Articles of Association                 For          For                   Mgmt


03/19/07 - S        United Business Media plc                G92272122                            None                      53,651
                    1        Approve Sub-Division of All Issued and        For          For                   Mgmt
                             Unissued Ord. Shares into Intermediate
                             Shares; Approve Consolidation of All
                             Unissued Intermediate Shares into Unissued
                             New Ord. Shares; Approve Consolidation of
                             All Issued Interemediate Shares into New
                             Ord. Shares
                    2        Authorise 25,275,654 New Ordinary Shares      For          For                   Mgmt
                             for Market Purchase


05/10/07 - A        United Business Media plc                G92272130                            None                      48,176
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                    3        Approve Final Dividend of 13.6 Pence Per      For          For                   Mgmt
                             Share
                    4        Elect Pradeep Kar as Director                 For          For                   Mgmt
                    5        Elect Karen Thomson as Director               For          For                   Mgmt
                    6        Re-elect John Botts as Director               For          For                   Mgmt
                    7        Reappoint Ernst & Young LLP as Auditors and   For          For                   Mgmt
                             Authorise the Board to Determine Their
                             Remuneration
                    8        Authorise 25,285,801 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase
                    9        Authorise 4,133,770 B Shares for Market       For          For                   Mgmt
                             Purchase
                    10       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 28,494,416
                    11       Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 4,274,162
                    12       Authorise the Company to Make Documents       For          For                   Mgmt
                             Available to Shareholders Via a Website
                    13       Authorise the Company to Make EU Political    For          For                   Mgmt
                             Organisation Donations and to Incur EU
                             Political Expenditures up to GBP 50,000


10/12/06 - A        United Group Ltd. (formerly United       Q9313R105                            10/10/06                  26,151
                    Construction Group) *UGL*
                    1        Elect Directors                               For          For                   Mgmt
                    2        Adopt Remuneration Report for the Year        For          For                   Mgmt
                             Ended June 30, 2006
                    3        Ratify Past Issuance of 660,157 Options       For          For                   Mgmt
                             Over Ordinary Shares of the Company Under
                             the Employee Share Option Plan
                    4        Ratify Past Issuance of 9.4 Million Fully     For          For                   Mgmt
                             Paid Ordinary Shares of the Company at
                             A$12.80 per Share Issued on June 30, 2006
                    5        Approve the Issuance of 339,116 Fully Paid    For          For                   Mgmt
                             Ordinary Shares at A$12.80 Each to Protech
                             Holdings (WA) Pty Ltd for a Private
                             Placement
                    6        Approve Grant of Up to 1.35 Million Options   For          For                   Mgmt
                             to Acquire Fully Paid Ordinary Shares at A$
                             13.77 Each wih an Expiry Date of Aug. 31,
                             2011 to Richard Leupen, CEO
                    7        Approve the Increase in Total Directors'      For          For                   Mgmt
                             Remuneration to A$1.5 Million for the Year
                             Ended June 30, 2006


05/30/07 - A        United Internet AG (formerly 1 & 1 AG)   D8542B125                            None                      40,627
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 0.18 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify Ernst & Young AG as Auditors for       For                                Mgmt
                             Fiscal 2007
                    6        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                    7        Amend Articles Re: Allow Electronic           For                                Mgmt
                             Distribution of Company Communications
                    8        Amend Articles Re: Editorial Changes          For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/25/07 - A        UOL Group Ltd                            Y9299W103                            None                      89,000
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Declare First and Final Dividend of SGD       For          For                   Mgmt
                             0.075 Per Share and Special Dividend of SGD
                             0.075 Per Share
                    3        Approve Directors' Fees of SGD 378,100 for    For          For                   Mgmt
                             2006 (2005: SGD 245,000)
                    4        Reelect Wee Cho Yaw as Director               For          For                   Mgmt
                    5        Reelect Alan Choe Fook Cheong as Director     For          For                   Mgmt
                    6        Reelect Lim Kee Ming as Director              For          For                   Mgmt
                    7        Reelect Gwee Lian Kheng as Director           For          For                   Mgmt
                    8        Reelect Wee Ee Chao as Director               For          For                   Mgmt
                    9        Reelect Wee Ee Lim as Director                For          For                   Mgmt
                    10       Reappoint PricewaterhouseCoopers as           For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    11       Approve Issuance of Shares and Grant          For          Against               Mgmt
                             Options Pursuant to the UOL 2000 Share
                             Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well-structured  to justify a potential  dilution level of
                                15 percent.
                    12       Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights


06/07/07 - A/S      Uranium One Inc.                         87112P106                            04/27/07                  43,900
                    1        Elect Directors                               For          Split                 Mgmt
                    1.1      Elect Director Andrew B. Adams --- For
                                We recommend  withholding  votes from Wheatley  because he
                                has  attended  less  than  75  percent  of the  board  and
                                committee   meetings,   which  we  consider   the  minimum
                                attendance threshold for public company directors.  Anyone
                                who accepts a  nomination  to serve as director  should be
                                prepared to make  attendance  at scheduled  meetings a top
                                priority  particularly  given  the  rigorous  demands  now
                                placed on all directors of public companies.
                    1.2      Elect Director Massimo C. Carello --- For
                    1.3      Elect Director Neal J. Froneman --- For
                    1.4      Elect Director David Hodgson --- For
                    1.5      Elect Director Terry Rosenberg --- For
                    1.6      Elect Director Phillip Shirvington --- For
                    1.7      Elect Director Ian Telfer --- For
                    1.8      Elect Director Mark Wheatley --- Against
                    1.9      Elect Director Kenneth Williamson --- For
                    2        Approve Deloitte & Touche LLP as Auditors     For          For                   Mgmt
                             and Authorize Board to Fix Remuneration of
                             Auditors
                    3        Approve Increase in Size of Board from 10     For          For                   Mgmt
                             to 12
                    4        Change Company Name to Uranium One Inc.       For          For                   Mgmt
                    5        Amend Restricted Stock Plan                   For          For                   Mgmt
                                VI. Vote  Recommendation  The estimated  shareholder value
                                transfer of the  company's  plans of 2 percent is equal to
                                or less  than  the  allowable  cap for this  company  of 5
                                percent.  Plan  provides for director  participation  on a
                                limited basis.  ISS believes that the amendment  provision
                                adequately   restricts   the   amending   powers  of  plan
                                administrators.


10/03/06 - S        USG People NV (frmely United Services    N9040V109                            None                      12,235
                    Group and Unique International)
                    1        Open Meeting                                  None                               Mgmt
                    2        Receive Report on the Share Split             None                               Mgmt
                    3        Amend Articles                                For                                Mgmt
                    4        Other Business (Non-Voting)                   None                               Mgmt
                    5        Close Meeting                                 None                               Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


06/28/07 - A        Uyemura (C.) & Co. *4966*                J0845U102                            03/31/07                   1,293
                    1        Approve Allocation of Income, with a Final    For          For                   Mgmt
                             Dividend of JY 55
                    2        Elect Directors                               For          For                   Mgmt
                    3        Approve Retirement Bonus for Director         For          For                   Mgmt
                                The recipient is an insider.
                    4        Approve Payment of Annual Bonuses to          For          For                   Mgmt
                             Directors and Statutory Auditors
                    5        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 250
                                million per year to JY 350 million per year.  In addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 30 million per year to JY 50 million per
                                year.  After the  meeting,  the number of  directors  will
                                decrease  from 9 to 8. The company will continue to have 3
                                statutory   auditors.Because  the  new  ceilings  are  not
                                excessive, we have no reason to oppose this resolution.


05/10/07 - A        Valentino Fashion Group                  T9683G108                            05/08/07                  10,668
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports for Fiscal Year 2006; Elect Board
                             of Directors, Internal Statutory Auditors
                             and Their Chairmen
                    2        Extend External Auditors' Mandate in          For                                Mgmt
                             compliance with the Legislative Decree
                             58/1998 as Amended by the Legislative
                             Decree 303/2006
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


05/08/07 - A        VEIDEKKE                                 R9590N107                            None                      10,476
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting; Designate          For          For                   Mgmt
                             Inspector or Shareholder Representative(s)
                             of Minutes of Meeting
                    3        Approve Notice of Meeting and Agenda          For          For                   Mgmt
                    4        Approve Financial Statements and Statutory    For          Against               Mgmt
                             Reports
                                Conclusion        The  company  did not provide the annual
                                report  for  fiscal  year 2006 in a timely  manner  and no
                                details were  provided  about the  proposed  policy in the
                                meeting  notice or on the company's  Web site.  Therefore,
                                we cannot comment on the remuneration  policy. We strongly
                                believe that  publicly  listed  companies  should make the
                                annual  report  available  at least  30 days  prior to the
                                meeting,  preferably  via  the  internet  in  addition  to
                                traditional  channels.  In  addition,  the meeting  notice
                                should  disclose  the details of all  proposals.  It is of
                                particular  importance  that full  disclosure  is provided
                                with respect to executive  remuneration,  which is subject
                                to much debate.  Shareholders should contact the company's
                                investor relations  department  directly to request better
                                disclosure.  In  addition,  we note that it is not  market
                                practice  in Norway to bundle  resolutions  approving  the
                                financial  statements  of the  company  with the  specific
                                statement on executive compensation.  Because of a lack of
                                information  regarding the proposed  remuneration  policy,
                                we recommend a vote against the entire item.
                    5        Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of NOK 13 per Share
                    6        Approve Remuneration of Auditors              For          For                   Mgmt
                    7        Elect Helge Andresen, Jan Knutsen, Erik       For          For                   Mgmt
                             Must, and Olaug Svarva as Members of
                             Nominating Committee
                    8        Approve Remuneration of Directors             For          For                   Mgmt
                    9        Reelect Goete Dahlin, Peder Loevenskiold,     For          For                   Mgmt
                             and Hilde Aasheim as Directors
                    10.1     Amend Articles Re: Stipulate Composition,     For          For                   Mgmt
                             Range, and Other Terms of Board
                    10.2     Amend Articles Re: Update Principles of       For          For                   Mgmt
                             Instruction and Composition of Nominating
                             Committee
                    10.3     Amend Articles Re: Allow Shareholders the     For          For                   Mgmt
                             Possibility to Elect Alternates to the Board
                    10.4     Amend Articles Re: Stipulate That             For          For                   Mgmt
                             Shareholders Approve Remuneration Policy
                             And Other Terms of Employment For Executive
                             Management at Annual General Meetings
                    10.5     Amend Articles Re: Adopt Deadline for         For          For                   Mgmt
                             Shareholders' Notification of Attendence to
                             General Meetings
                    11       Approve 5:1 Stock Split                       For          For                   Mgmt
                    12       Approve NOK 1.4 Million Reduction in Share    For          For                   Mgmt
                             Capital via Share Cancellation
                    13       Approve Creation of NOK 7 Million Pool of     For          For                   Mgmt
                             Capital without Preemptive Rights
                    14       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital
                    15       Approve NOK 304.8 Million Transfer from       For          For                   Mgmt
                             Share Premium Account to Unrestricted
                             Shareholders' Equity


08/24/06 - A        Venture Link Co. Ltd. *9609*             J9451J103                            05/31/06                  90,308
                    1        Approve Allocation of Income, with No         For          For                   Mgmt
                             Dividends
                    2        Amend Articles to: Expand Business Lines -    For          Against               Mgmt
                             Limit Rights of Odd-lot Holders - Update
                             Terminology to Match that of New Corporate
                             Law - Limit Liability of Statutory Auditors
                             - Change Fiscal Year End
                                Because we do not believe it is in shareholders'  interest
                                to  effectively  give the board carte blanche to engage in
                                any  lawful   business   activities,   we  recommend  that
                                shareholders vote against this resolution.
                    3        Elect Directors                               For          For                   Mgmt


06/17/07 - A        VISCOFAN S.A                             E97579192                            None                      17,783
                    1        Reading of Meeting Notice                     For          For                   Mgmt
                    2        Designate Two Shareholders to Approve and     For          For                   Mgmt
                             Sign Minutes of Meeting
                    3        Approve Individual and Consolidated           For          For                   Mgmt
                             Financial Statements and Statutory Reports,
                             Allocation of Income, and Discharge of
                             Management Board for Fiscal Year Ended Dec.
                             31, 2006
                    4        Approve Auditors                              For          For                   Mgmt
                    5        Elect Management Board                        For          Against               Mgmt
                                We continue to believe  that the  excessive  length of the
                                proposed  board terms  warrants  opposition  to this item,
                                even in the  absence  of  performance  concerns,  and that
                                opposing  these items sends a clear message to the company
                                that it  should  attempt  to align its  director  election
                                policies  with  best  practice.  On  this  basis,  we will
                                oppose the  election of any  directors,  whose terms would
                                allow them to serve on the board for six years.
                    6        Approve Reduction in Share Capital and        For          For                   Mgmt
                             Amend Article 5 Accordingly
                    7        Authorize Repurchase of Shares                For          For                   Mgmt
                    8        Authorize Board to Ratify and Execute         For          For                   Mgmt
                             Approved Resolutions


05/23/07 - A        Vislink plc                              G9375E118                            None                      70,792
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          Against               Mgmt
                                As we do not  consider the  Executive  Exit Bonus Plan and
                                the  change in control  provision  to be in line with best
                                practice,  we  are  recommending  that  shareholders  vote
                                against the remuneration report.
                    3        Approve Final Dividend of 1.0 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect Timothy Trotter as Director          For          For                   Mgmt
                    5        Re-elect Ian Scott-Gall as Director           For          For                   Mgmt
                    6        Elect Robin Howe as Director                  For          For                   Mgmt
                    7        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors and Authorise the Board to
                             Determine Their Remuneration
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 173,072
                    9        Authorise 13,845,278 Ordinary Shares for      For          For                   Mgmt
                             Market Purchase


05/09/07 - A        Vivartia SA (frmly Delta Holdings SA)    X18052104                            None                       5,570
                             Annual Meeting Agenda
                    1        Accept Financial Statements and Statutory     For                                Mgmt
                             Reports
                    2        Accept Consolidated Financial Statements      For                                Mgmt
                             and Statutory Reports
                    3        Approve Discharge of Board and Auditors       For                                Mgmt
                    4        Ratify Auditors                               For                                Mgmt
                    5        Authorize Capitalization of Above Par         For                                Mgmt
                             Account and Increase in Par Value
                    6        Approve Reduction in Share Capital and        For                                Mgmt
                             Decrease in Par Value
                    7        Approve Amendment to Article 5 of Company     For                                Mgmt
                             Bylaws
                    8        Authorize Issuance of Convertible Bonds       For                                Mgmt
                             without Preemptive Rights
                    9        Authorize Board of Directors and Management   For                                Mgmt
                             to Participate in Boards or Management of
                             Other Companies with Similar Interests
                    10       Approve Transaction with a Related Party      For                                Mgmt
                    11       Preapprove Director Remuneration for 2007     For                                Mgmt
                    12       Other Business                                For                                Mgmt
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/11/06 - A        Vtech Holdings Ltd                       G9400S108                            08/03/06                  43,000
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports for the Year Ended Mar. 31, 2006
                    2        Approve Final Dividend for the Year Ended     For          For                   Mgmt
                             Mar. 31, 2006
                    3a       Reelect Allan WONG Chi Yun as Director        For          For                   Mgmt
                    3b       Reelect Albert LEE Wai Kuen as Director       For          For                   Mgmt
                    3c       Approve Total Remuneration of Directors at    For          For                   Mgmt
                             $120,000 with Each Director Entitled to Not
                             More Than $20,000 Per Annum for the Year
                             Ending Mar. 31, 2007 and Each Subsequent
                             Financial Year
                    4        Reappoint KPMG as Auditors and Authorize      For          For                   Mgmt
                             Board to Fix Their Remuneration
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    6        Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                As the share  issuance  amount is subject to abuse by Hong
                                Kong  companies,  in the absence of  language  restricting
                                both  discounts  and the  authority  to refresh  the share
                                issuance  amounts without prior  shareholder  approval,  a
                                vote against is recommended.
                    7        Authorize Reissuance of Repurchased Shares    For          For                   Mgmt


05/29/07 - A        Wacker Chemie AG                         D9540Z106                            05/08/07                   5,124
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports for Fiscal 2006
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 2.00 per Share, and a Special
                             Dividend of EUR 0.50 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             AG as Auditors for Fiscal 2007
                    6        Approve Affiliation Agreement with            For                                Mgmt
                             Subsidiary Wacker Biotech GmbH
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance or Cancellation of Repurchased
                             Shares
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


08/24/06 - S        Western Lakota Energy Services Inc.      95852P103                            07/21/06                  10,553
                    1        Approve Plan of Arrangement                   For          For                   Mgmt


04/26/07 - A        Wihlborgs Fastigheter AB (formerly       W9899S108                            04/20/07                   5,600
                    WIHLBORGS SYD AB)
                    1        Open Meeting                                  None         None                  Mgmt
                    2        Elect Chairman of Meeting                     For          For                   Mgmt
                    3        Prepare and Approve List of Shareholders      For          For                   Mgmt
                    4        Designate Inspector or Shareholder            For          For                   Mgmt
                             Representative(s) of Minutes of Meeting
                    5        Approve Agenda of Meeting                     For          For                   Mgmt
                    6        Acknowledge Proper Convening of Meeting       For          For                   Mgmt
                    7        Receive President's Report                    None         None                  Mgmt
                    8        Receive Financial Statements and Statutory    None         None                  Mgmt
                             Reports
                    9a       Approve Financial Statements and Statutory    For          For                   Mgmt
                             Reports
                    9b       Approve Allocation of Income and Dividends    For          For                   Mgmt
                             of SEK per Share
                    9c       Approve Discharge of Board and President      For          For                   Mgmt
                    9b       Determine Record Date for Dividends           For          For                   Mgmt
                    10       Determine Number of Members (8) and Deputy    For          For                   Mgmt
                             Members (0) of Board
                    11       Approve Remuneration of Directors in the      For          Against               Mgmt
                             Aggregate Amount of SEK 900,000; Approve
                             Remuneration of Auditors
                                Conclusion        Auditors'  fees for the previous  fiscal
                                year  are not  disclosed  and  broken  down  into at least
                                audit  and  non-audit   fees.   Disclosure  of  audit  and
                                non-audit  fees is a prerequisite  for evaluating  auditor
                                independence.  An  auditor's  ability to remain  objective
                                becomes  questionable  when fees paid to the  auditor  for
                                non-audit services such as management consulting,  general
                                bookkeeping,  and  special  situation  audits  exceed  the
                                standard annual audit fees.          Companies  in a large
                                number  of  countries  are  either   required  by  law  to
                                disclose audit fees or it is accepted  market  practice to
                                do so. However,  not all companies  disclose audit fees in
                                a timely  manner.  Companies  in the MSCI  EAFE  index are
                                some  of  the  largest,   with  high   international   and
                                institutional  ownership.  As such, those companies should
                                adhere to higher disclosure  standards and are expected to
                                provide the  minimum  disclosure  of  auditors'  fees.  We
                                therefore  target  companies  on this  index  which do not
                                provide  audit fees  broken  down into at least  audit and
                                non-audit  fees.        Our policy requires that fees must
                                be disclosed in a publicly  available source,  such as the
                                annual  report or the company's Web site. As the auditors'
                                fees for the previous  fiscal year are not  disclosed  and
                                broken  down  into at  least  audit  and  non-audit  fees,
                                shareholders are advised to vote against this proposal.
                    12       Reelect Kerstin Fredriksson, Anders Jarl,     For          Against               Mgmt
                             Sten Johnson, Erik Paulsson, Tommy Qvarfort
                             and Johan Qviberg; Elect Helen Olausson and
                             Sara Paulsson Karlsson as Directors
                                Conclusion        Effective  boards  exercise  independent
                                judgment    when    carrying    out    their     fiduciary
                                responsibilities.  By requiring 50 percent of  independent
                                directors,  the  possibility  of  conflicts of interest is
                                reduced,  and the quality of board oversight is increased.
                                We expect the largest  Swedish  companies that are members
                                of the MSCI  EAFE  index to  adhere  to  higher  corporate
                                governance  standards:        For  all  Swedish  MSCI EAFE
                                companies,  we  recommend a vote  against the  election of
                                any  non-independent  director (excluding the CEO) if less
                                than 50 percent  of the  shareholder-elected  members  are
                                independent  non-executive  directors  as  defined  by our
                                director  categorization   guidelines.  In  addition,  for
                                Swedish MSCI EAFE companies with labor  representatives on
                                the board of directors,  we will apply the first criterion
                                above,  plus  require  that  one-third  of the total board
                                (shareholder-elected  members  and labor  representatives)
                                be  independent  non-executive  directors.  If  a  nominee
                                cannot  be   categorized,   we  assume   that   person  is
                                non-independent   and   include   the   nominee   in   the
                                calculation.          Due  to poor  disclosure,  we cannot
                                categorize  six of the eight  directors,  and thus  cannot
                                conclude what percentage of the board is independent.  Due
                                to the absence of  adequate  and timely  disclosure  about
                                the nominees to the board and the  resulting  inability to
                                determine  whether  the board has a  sufficient  number of
                                independent  directors,  we  recommend a vote against this
                                item.
                    13       Approve Principles for Election of Members    For          For                   Mgmt
                             of Nominating Committee
                    14       Approve Remuneration Policy And Other Terms   For          For                   Mgmt
                             of Employment For Executive Management
                    15       Authorize Repurchase of Up to Ten Percent     For          For                   Mgmt
                             of Issued Share Capital and Reissuance of
                             Repurchased Shares
                                This  request  would  authorize   management  to  purchase
                                company  shares  until  the  date  of the  next  AGM.  The
                                authorization  would allow for the purchase of shares at a
                                price quoted on the date of  acquisition  with a deviation
                                of up to 10  percent.  The  maximum  amount of shares that
                                may be purchased is 10 percent of total share capital.  In
                                addition,  the item requests that  shareholders  authorize
                                the  board to use the  repurchased  shares  to  issue  new
                                shares  without  preemptive   rights.   Some  shareholders
                                object to corporations  repurchasing  shares.  They prefer
                                to see extra cash  invested in new  businesses or paid out
                                as  dividends.  We  believe  that  when  timed  correctly,
                                corporate  stock  repurchases  are  a  legitimate  use  of
                                corporate  funds  and  can  add to  long-term  shareholder
                                returns.  For this reason, we recommend a vote in favor of
                                the board's proposal.
                    16       Approve Creation of Pool of Capital without   For          For                   Mgmt
                             Preemptive Rights Corresponding to 10
                             Percent of Issued Share Capital
                                This is a general  capital  request;  that is, the company
                                is seeking the  authority  to issue shares for no specific
                                purpose.   Our  guidelines   allow  for  general   capital
                                increases  without  preemptive  rights to a maximum  of 20
                                percent of the existing  outstanding  share capital;  this
                                amount is  generally  more than  adequate  for  unforeseen
                                contingencies.  Since the potential dilution amounts to 10
                                percent, we recommend a vote in favor of this proposal.
                    17       Other Business (Non-Voting)                   None         None                  Mgmt
                    18       Close Meeting                                 None         None                  Mgmt


01/29/07 - A        Wincor Nixdorf AG                        D9695J105                            01/08/07                   4,171
                    1        Receive Financial Statements and Statutory    None                               Mgmt
                             Reports
                    2        Approve Allocation of Income and Dividends    For                                Mgmt
                             of EUR 2.80 per Share
                    3        Approve Discharge of Management Board for     For                                Mgmt
                             Fiscal 2005/2006
                    4        Approve Discharge of Supervisory Board for    For                                Mgmt
                             Fiscal 2005/2006
                    5        Ratify KPMG Deutsche Treuhand-Gesellschaft    For                                Mgmt
                             as Auditors for Fiscal 2005/2006
                    6        Elect Karl-Heinz Stiller to the Supervisory   For                                Mgmt
                             Board
                    7        Authorize Share Repurchase Program and        For                                Mgmt
                             Reissuance of Repurchased Shares
                    8        Approve EUR 16.5 Million Capital Increase     For                                Mgmt
                             for 2:1 Stock Split; Approve EUR 95.4
                             Million Transfer from Capital Reserves to
                             Free Reserves; Approve Proportional
                             Reduction in Conditional Capital Reserved
                             for Stock Option Plan
                    9        Amend Stock Option Plan to Change             For                                Mgmt
                             Allocation of Options Between Groups
                    10       Approve Increase in Remuneration for          For                                Mgmt
                             Supervisory Board Chairman
                                Not voted due to shareblocking restriction.  The potential
                                impact on  trading/loan  share  activities  would outweigh
                                the economic value of the vote.


04/26/07 - A        Wing Hang Bank Ltd                       Y9588K109                            04/20/07                  37,500
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Final Dividend of HK$2.00 Per Share   For          For                   Mgmt
                             With Scrip Option
                    3a       Reelect Simon K Y Lee as Director             For          For                   Mgmt
                    3b       Reelect Tung Chee Chen as Director            For          For                   Mgmt
                    3c       Reelect Patrick Y B Fung as Director          For          For                   Mgmt
                    4        Authorize Board to Fix Directors' Fees        For          For                   Mgmt
                    5        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                    6        Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                we recommend shareholders oppose this resolution.
                    7        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    8        Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  for the  issuance  of  shares  without  preemptive
                                rights.  As such, we recommend  shareholders  vote against
                                this resolution.


04/28/07 - A        Wing Lung Bank                           Y95910108                            04/19/07                   8,300
                    1        Approve Financial Statements and              For          For                   Mgmt
                             Declaration of Final Dividend
                    2a       Reelect Lincoln Hung-leung Soo as Director    For          For                   Mgmt
                    2b       Reelect Albert Po-cheung Wu as Director       For          For                   Mgmt
                    2c       Fix Directors' Fees at HK$120,000 for the     For          For                   Mgmt
                             Chairman, HK$100,000 for the Vice-Chairman,
                             HK$80,000 for Director, HK$140,000 for the
                             Director Serving as Chairman of Audit
                             Committee and HK$120,000 for the Directors
                             Serving as Member of Audit Committee
                    3        Reappoint PricewaterhouseCoopers as           For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    4        Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                In  this  case,  the  company  did  not  provide  discount
                                restrictions  on the  issue  price of  shares  under  this
                                mandate.  Given this and considering  that the mandate may
                                be  refreshed  several  times within a period of one year,
                                shareholders are recommended to oppose this resolution.
                    5        Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                    6        Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                In this  case,  the  company  has not  specified  discount
                                limits  of up to 5  percent  of the  market  price for the
                                issuance of shares without  preemptive rights. As such, it
                                is  recommended  that   shareholders   vote  against  this
                                resolution.
                    7        Amend Articles Re: Electronic and Corporate   For          For                   Mgmt
                             Communication


10/26/06 - A        Wing Tai Holdings                        V97973107                            None                     241,567
                    1        Adopt Financial Statements and Directors'     For          For                   Mgmt
                             and Auditors' Reports
                    2        Approve First and Final Dividend of SGD       For          For                   Mgmt
                             0.03 Per Share and Special Dividend of SGD
                             0.03 Per Share
                    3        Approve Directors' Fees for the Year Ended    For          For                   Mgmt
                             June 30, 2006
                    4        Reelect Cheng Wai Keung as Director           For          Against               Mgmt
                                We note that Cheng Wai Keung is an executive  director who
                                serves  on the  board's  Nominating  Committee.  We prefer
                                that all key board  committees  comprise only  independent
                                directors.  We believe that  executives ' particularly  on
                                such key board  committees as the audit,  remuneration and
                                nominating  committees ' threaten to undermine the purpose
                                of these  committees  in providing  independent  oversight
                                and preventing  conflicts of  interest.        Given  this
                                concern, a vote against this item is recommended.
                    5        Reelect Boey Tak Hap as Director              For          For                   Mgmt
                    6        Reappoint PricewaterhouseCoopers as           For          For                   Mgmt
                             Auditors and Authorize Board to Fix Their
                             Remuneration
                    7        Reelect Phua Bah Lee as Director              For          For                   Mgmt
                    8        Reelect Lee Han Yang as Director              For          For                   Mgmt
                    9        Approve Issuance of Shares without            For          For                   Mgmt
                             Preemptive Rights
                    10       Approve Issuance of Shares and Grant of       For          Against               Mgmt
                             Options Pursuant to the Wing Tai Holdings
                             Limited (2001) Share Option Scheme
                                In this case,  the  percentage of shares  available  under
                                the company's  share option scheme is 15 percent of issued
                                capital,  which is  considered  an  unacceptable  level of
                                dilution.  This scheme cannot be  considered  sufficiently
                                well  structured to justify a potential  dilution level of
                                15 percent.


10/26/06 - S        Wing Tai Holdings                        V97973107                            None                     241,567
                    1        Amend Memorandum and Articles of Association  For          For                   Mgmt
                    2        Authorize Share Repurchase Program            For          For                   Mgmt


06/22/07 - S        Wing Tai Holdings                        V97973107                            None                     467,134
                    1        Approve Provision by the Company and          For          For                   Mgmt
                             Crossbrook Group Ltd. of an Irrevocable
                             Undertaking to Tender 71.8 Million Shares
                             in the Share Capital of Winsor Properties
                             Hldgs. Ltd. to USI Holdings Ltd.


03/29/07 - S        Woongjin Thinkbig Co. (frmly             Y9694Y100                            03/03/07                  29,840
                    WoongJin.Com Co.)
                    1        Approve Spin-Off Agreement                    For          For                   Mgmt
                                The  company  seeks  shareholder  approval to spin off its
                                manufacturing    business   from   the   current   company
                                structure.  Once the resolution is approved, there will be
                                two  entities:  Woongjin  Corp.  (26.1519  percent  of the
                                total capital) and Woongjin  Thinkbig  (73.8481 percent of
                                the  total  capital).  Woongjin  Corp.  will  focus on the
                                investment   and  the   brand/licensing   business   while
                                Woongjin    Thinkbig    will    operate   the    company's
                                manufacturing  and educational  businesses.  The effective
                                spin-off  date is May 1, 2007.  The company  plans to list
                                new shares of Woongjin  Corp.  on May 31, 2007, by issuing
                                24.38  million  new  shares.   The  conversion   ratio  is
                                0.738481  Woongjin's  share per each  Woongjin  Thinkbig's
                                share  held.        After  the  spin-off,  Woongjin  Corp.
                                will be  capitalized  at KRW  53.337  billion on assets of
                                KRW 56.211 billion with  liabilities of KRW 2.874 billion.
                                Woongjin  Thinkbig  will  be  capitalized  at KRW  145.504
                                billion on assets of KRW 305.384 billion with  liabilities
                                of KRW  159.88  billion.  The  number  of total  shares of
                                Woongjin  Thinkbig  will  decline  from 33.019  million to
                                24.384   million   while  the  face  value   will   remain
                                unchanged.        For  Woongjin  Corp.,  there will be six
                                executive   directors,   two   independent   non-executive
                                directors and one auditor on the board.  The  remuneration
                                of directors  for the first year in operation  will be set
                                at KRW 1.6 billion for  directors  and KRW 250 million for
                                the   company's   one   auditor.        The   company  has
                                apparently  decided  to carry out this  reorganization  in
                                order  to  ensure  more  independent  business  management
                                between  the  two  units  and  to  increase   each  unit's
                                business  responsibilities.  The company believes that the
                                spin-off will increase the  transparency  of  management's
                                decision  process  and  improve  the  company's  corporate
                                governance overall.          Because  current shareholders
                                will continue to have same proportional  ownership of both
                                entities  following  the spin-off,  the overall  impact of
                                the  transaction  to   shareholders   should  be  limited.
                                Because  the  reorganization  has the  potential  to boost
                                transparency,  we  recommend  that  shareholders  vote for
                                this resolution.
                    2        Elect Directors                               For          For                   Mgmt
                                This item asks  shareholders to elect two  non-independent
                                non-executive  director (NED) nominees and one independent
                                NED  nominee.  The  non-independent  NED nominees are Park
                                Yong-seon,  a former  representative  director of Woongjin
                                Coway Co. and Yoon  Seok-hwan,  an  executive  director of
                                the Strategic  Planning  Department of Woonjin Group.  The
                                independent  NED  nominee  is Jung  Jin-kyu,  a lawyer  of
                                Deryook  In't  Patent & Law  Firm.  The  nominees  are new
                                nominees.   Upon  shareholder  approval,   all  the  three
                                nominees  will  serve  on the  board  for the  next  three
                                years.   None  of  the   nominees   has   engaged  in  any
                                disclosable  transaction  with the company within the last
                                three years.  The number of directors is  increasing  from
                                eight to ten,  due to increases in the number of executive
                                directors  from six to seven and the number of independent
                                non-executive directors from two to three.
                    3        Appoint Auditor                               For          For                   Mgmt
                                This  item  seeks  shareholder  approval  to  elect  a new
                                full-time  auditor  for the  company.  The  nominee is Kim
                                Ki-seon, a former auditor of KRX (Korea Exchange).  Kim is
                                a new  nominee.  Upon  shareholder  approval,  the nominee
                                will  serve  as an  auditor  of the  company  for the next
                                three years.
                    4        Approve Remuneration of Executive Directors   For          For                   Mgmt
                             and Independent Non-Executive Directors
                                Proposed  limit for 2007 is KRW 1.5  billion,  up from KRW
                                1.2  billion  the  previous  year.  Although  last  year's
                                actual  payout  was  not  disclosed,  a  total  of  KRW 72
                                million  was  paid for the two  independent  non-executive
                                directors.
                    5        Approve Limit on Remuneration of Auditor      For          For                   Mgmt
                                Proposed  limit  for  one  auditor  for  2007  is KRW  250
                                million,  up from KRW 220 million the previous year.  Last
                                year's actual payout was not disclosed.


03/29/07 - A        Woongjin Thinkbig Co. (frmly             Y9694Y100                            12/31/06                  31,640
                    WoongJin.Com Co.)
                    1        Approve Appropriation of Income and           For          For                   Mgmt
                             Dividend of KRW 385 Per Share
                                Proposed dividend is KRW 385 per share,  which corresponds
                                to a total payout ratio of 40 percent,  increased  from 15
                                percent the  previous  year.  The payout  ratio is high by
                                Korean  standards.  Given that the company  increased  its
                                dividend  from  KRW 245 per  share  in the  previous  year
                                despite  a net  income  decline  of 43  percent  year over
                                year,  we  do  not  oppose  this  income   allocation  and
                                dividend proposal.
                    2        Amend Articles of Incorporation               For          For                   Mgmt
                                The first  amendment  would expand the company's  business
                                objectives  by  adding  the  education   related  research
                                consulting  business.  The second  amendment would shorten
                                the director meeting  notification period from one-week to
                                two-weeks  before  board  meetings.  We believe  that this
                                amendment  is  positive,  as it would allow more times for
                                directors  to  prepare  for  the  boarding  meetings.   We
                                recommend that shareholders vote for this resolution.


04/02/07 - S        Worleyparsons Ltd (frmly WORLEY GROUP    Q9857K102                            03/31/07                  25,912
                    LTD) *WOR*
                    1        Approve the Variation of Class Rights         For          For                   Mgmt
                             Through the Issue of the Special Voting
                             Share
                    2        Approve Issuance of 12.23 Million             For          For                   Mgmt
                             Exchangeable Shares to CanCo and the
                             Vendors and Up to 357, 143 Ordinary Shares
                             Under the Caravel Offer to Caravel
                             Shareholders for a Private Placement


05/01/07 - A        WSP Group plc                            G98105102                            None                       6,978
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Approve Remuneration Report                   For          For                   Mgmt
                                We are not  raising  any issues  regarding  the  Company's
                                remuneration arrangements.
                    3        Approve Final Dividend of 6.0 Pence Per       For          For                   Mgmt
                             Ordinary Share
                    4        Re-elect David Turner as Director             For          For                   Mgmt
                    5        Re-elect Malcolm Paul as Director             For          For                   Mgmt
                    6        Reappoint PricewaterhouseCoopers LLP as       For          For                   Mgmt
                             Auditors of the Company
                    7        Authorise Board to Fix Remuneration of        For          For                   Mgmt
                             Auditors
                    8        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities with Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 1,000,000
                    9        Authorise Issue of Equity or Equity-Linked    For          For                   Mgmt
                             Securities without Pre-emptive Rights up to
                             Aggregate Nominal Amount of GBP 154,925
                    10       Authorise up to Ten Percent Ordinary Shares   For          For                   Mgmt
                             for Market Purchase


05/11/07 - A        XINYI GLASS HOLDINGS LTD                 G9828G108                            None                     212,000
                    1        Accept Financial Statements and Statutory     For          For                   Mgmt
                             Reports
                    2        Declare a Final Dividend of HK$0.07 Per       For          For                   Mgmt
                             Share
                                A final  dividend of HK$0.07  ($0.009) is being  proposed.
                                Including  the  interim  dividend,   this  will  give  the
                                company  a full  year  dividend  distribution  of  HK$0.11
                                ($0.014) per share.
                    3a1      Reelect Lee Shing Put as Executive Director   For          For                   Mgmt
                    3a2      Reelect Lee Yau Ching as Executive Director   For          For                   Mgmt
                    3a3      Reelect Li Man Yin as Executive Director      For          For                   Mgmt
                    3a4      Reelect Wong Chat Chor Samuel as              For          For                   Mgmt
                             Independent Non-Executive Director
                    3b       Authorize Board to Fix Remuneration of        For          For                   Mgmt
                             Directors
                    4        Reappoint Auditors and Authorize Board to     For          For                   Mgmt
                             Fix Their Remuneration
                                PricewaterhouseCoopers    is   being    proposed   to   be
                                reappointed as the company's external auditors.
                    5a       Authorize Repurchase of Up to 10 Percent of   For          For                   Mgmt
                             Issued Share Capital
                                This   authority   is   limited   to  10  percent  of  the
                                outstanding  share  capital of the company on the date the
                                resolution is passed and operates under strict  regulatory
                                guidelines  of  the  SEHK.  We  believe  that  when  timed
                                correctly,  corporate  stock  repurchases are a legitimate
                                use  of   corporate   funds  and  can  add  to   long-term
                                shareholder returns.
                    5b       Approve Issuance of Equity or Equity-Linked   For          Against               Mgmt
                             Securities without Preemptive Rights
                                This item seeks to refresh the company's  mandate to issue
                                shares,  representing  up to 20 percent of current  issued
                                capital,  without  preemptive  rights.        The  general
                                mandate to issue shares is supported  for  companies  that
                                limit  discounts  to 5  percent  of the  market  price  of
                                shares  and who,  at the same  time,  have no  history  of
                                refreshments  as these  factors  address  concerns  on the
                                possible  issuance of discounted shares to related parties
                                as well as further  dilution to existing  shareholders due
                                to  frequent  refreshments.           In  this  case,  the
                                company  did  not  provide  discount  restrictions  on the
                                issue price of shares under this  mandate.  Given this and
                                considering  that the  mandate  may be  refreshed  several
                                times   within  a  period  of  one  year,   we   recommend
                                shareholders oppose this resolution.
                    5c       Authorize Reissuance of Repurchased Shares    For          Against               Mgmt
                                This mandate  effectively  increases  the number of shares
                                that  may  be  issued  without  preemptive  rights  to  30
                                percent of issued  capital from the  original  limit of 20
                                percent  under the general  mandate to issue shares sought
                                by most  Hong  Kong  companies.  Given  that  the  general
                                mandate to issue  shares is subject to abuse by  companies
                                that issue shares at discounts to the market  price,  such
                                extension  of  the  general  share  issuance  mandate  may
                                increase the scope of non-preemptive  placements,  putting
                                minority  shareholders  at a  disadvantage  as repurchased
                                shares may also be  reissued  at a discount  to the market
                                price.  In view of this,  shareholders  are recommended to
                                oppose  this item  unless a minimal  discount of 5 percent
                                or less is specified for share  issuances  under a general
                                mandate.           In  this  case,  the  company  has  not
                                specified  discount  limits  for the  issuance  of  shares
                                without   preemptive   rights.   As  such,   we  recommend
                                shareholders vote against this resolution.


06/28/07 - A        Yamazen Corp. *8051*                     J96744115                            03/31/07                  22,153
                    1        Elect Directors                               For          For                   Mgmt
                    2        Approve Appointment of External Audit Firm    For          For                   Mgmt
                                The board  recommends  that Deloitte Touche Tohmatsu & Co.
                                be approved as the company's independent  accounting firm.
                                ChuoAoyama  Audit Corp.  (now known as Misuzu Audit Corp.)
                                had been  the  company's  external  audit  firm.  However,
                                ChuoAoyama  was forced by Japanese  regulators  to suspend
                                operations  in July and  August  2006  after its  auditors
                                were found to have been implicated in accounting  fraud at
                                Kanebo  Ltd.   Following  the   suspension,   the  company
                                reappointed  Misuzu  on a  provisional  basis.  Here,  the
                                company seeks to appoint  Deloitte  Touche Tohmatsu & Co.,
                                because  in  recognition  of  the  severe  damage  to  its
                                reputation   and  its  bottom  line,   Misuzu  decided  in
                                February to cease audit operations this summer.  We see no
                                reason to oppose this resolution.
                    3        Approve Special Payments to Continuing        For          For                   Mgmt
                             Directors and Statutory Auditors in
                             Connection with Abolition of Retirement
                             Bonus System
                                The company requests  shareholder approval for payments in
                                lieu of retirement  bonuses to 7 continuing  directors and
                                4 continuing  internal  statutory  auditors.  The board is
                                requesting   the  authority  to  make  these  payments  in
                                connection  with the  abolition  of the  retirement  bonus
                                system.In  this  case,  2  of  the  continuing   statutory
                                auditors   have  been   designated   by  the   company  as
                                independent.  As we believe the payment of such bonuses to
                                non-executives   is  a   highly   inappropriate   practice
                                anywhere,  not just in Japan, we see no alternative but to
                                recommend opposing the whole item.
                    4        Approve Adjustment to Aggregate               For          For                   Mgmt
                             Compensation Ceilings for Directors and
                             Statutory Auditors
                                The  ceiling  for  directors  would be raised  from JY 480
                                million  per year to 720 million  per year.  In  addition,
                                the  company  wants to raise  the  ceiling  for  statutory
                                auditors  from JY 60 million per year to JY 90 million per
                                year.  After the  meeting,  the number of  directors  will
                                increase  from 7 to 10. The company will  continue to have
                                4 statutory auditors.




Fund:  Principal Variable Contracts Fund, Inc. - LargeCap Blend Account
Sub-Advisor:    T. Rowe Price Associates, Inc.


4337 - Principal Partners Large Cap Blend Fund

- ------------------------------ --------------------------- --------------------------------------- ------------------------ --------

                                                                                                             (g)             (i)
                                                                                                             Did             Was
                                                                                                             the             Vote
                                                                                                   (f)       Reg.   (h)      For
                                                                                                   Proposed  Vote?  Vote     or
                                                (d)                                                by        (Yes   (For,    Against
              (a)              (b)    (c)       S/H Mtg.   (e)                                     Issuer    or     Against,
            Issuer             Ticker CUSIP     Date       Matter Voted On                         or S/H    No)    Abstain) Mgmt.
- ------------------------------ --------------------------- --------------------------------------- ---------------- ----------------
                                                                                       
CarrAmerica Realty Corp.       CRE    144418100 7/11/2006  Approve Merger Agreement                Issuer    Yes    For      For
CarrAmerica Realty Corp.       CRE    144418100 7/11/2006  Adjourn Meeting                         Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Elect Director Carl Bildt               Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Elect Director John E. Koerner III      Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Elect Director Cheryl Gordon Krongard   Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Elect Director James E. Ukrop           Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Elect Director W. Allen Reed            Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Increase Authorized Common Stock        Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Legg Mason, Inc.               LM     524901105 7/18/2006  Ratify Auditors                         Issuer    Yes    For      For
BellSouth Corp.                BLS    79860102  7/21/2006  Approve Merger Agreement                Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Elect Director Willem P. Roelandts      Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Elect Director John L. Doyle            Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Elect Director Jerald G. Fishman        Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Elect Director Philip T. Gianos         Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Elect Director William G. Howard, Jr.   Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Elect Director J. Michael Patterson     Issuer    Yes    For      For
                                                           Elect Director Elizabeth W.
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Vanderslice                             Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Purchase Plan                           Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Xilinx, Inc.                   XLNX   983919101 7/26/2006  Ratify Auditors                         Issuer    Yes    For      For
Capital One Financial
Corp.                          COF    14040H105 8/22/2006  Approve Merger Agreement                Issuer    Yes    For      For

Capital One Financial
Corp.                          COF    14040H105 8/22/2006  Adjourn Meeting                         Issuer    Yes    For      For
Medtronic,                                                 Require a Majority Vote for the
Inc.                           MDT    585055106 8/24/2006  Election of Directors                   S/H       Yes    For      Against
Medtronic,
Inc.                           MDT    585055106 8/24/2006  Elect Director Richard H. Anderson      Issuer    Yes    For      For
Medtronic,
Inc.                           MDT    585055106 8/24/2006  Elect Director Michael R. Bonsignore    Issuer    Yes    For      For
Medtronic,
Inc.                           MDT    585055106 8/24/2006  Elect Director Robert C. Pozen          Issuer    Yes    For      For

Medtronic,
Inc.                           MDT    585055106 8/24/2006  Ratify Auditors                         Issuer    Yes    For      For
Medtronic,
Inc.                           MDT    585055106 8/24/2006  Elect Director Gordon M. Sprenger       Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Non-Employee Director Compensation      S/H       Yes    Against  For
                                                           Submit Severance Agreement (Change in
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Control) to shareholder Vote            S/H       Yes    For      Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Stender E. Sweeney       Issuer    Yes    For      For
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Ratify Auditors                         Issuer    Yes    For      For
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Approve Reverse Stock Split             Issuer    Yes    For      For
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Change Company Name                     Issuer    Yes    For      For
                                                           Company Specific-Redesignation of
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Common Stock                            Issuer    Yes    For      For
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Reduce Authorized Common Stock          Issuer    Yes    For      For
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Henry R. Silverman       Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Myra J. Biblowit         Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director James E. Buckman         Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Leonard S. Coleman       Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Martin L. Edelman        Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director George Herrera           Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Stephen P. Holmes        Issuer    Yes    Withhold Against
                                                           Elect Director Louise T. Blouin
Avis Budget Group, Inc         CAR    151313103 8/29/2006  MacBain                                 Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Cheryl D. Mills          Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Brian Mulroney           Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Robert E. Nederlander    Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Ronald L. Nelson         Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Robert W. Pittman        Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Pauline D.E. Richards    Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Sheli Z. Rosenberg       Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Robert F. Smith          Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Ronald L. Nelson         Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Leonard S. Coleman       Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Martin L. Edelman        Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director Sheli Z. Rosenberg       Issuer    Yes    Withhold Against
Avis Budget Group, Inc         CAR    151313103 8/29/2006  Elect Director F. Robert Salerno        Issuer    Yes    Withhold Against
Fisher Scientific
International Inc.             FSH    338032204 8/30/2006  Approve Merger Agreement                Issuer    Yes    For      For
Fisher Scientific
International Inc.             FSH    338032204 8/30/2006  Adjourn Meeting                         Issuer    Yes    For      For
                                                           Issue Shares in Connection with an
Thermo Fisher Scientific Inc.  TMO    883556102 8/30/2006  Acquisition                             Issuer    Yes    For      For
                                                           Amend Articles/Increase Authorized
Thermo Fisher Scientific Inc.  TMO    883556102 8/30/2006  Common Stock and Change Company Name    Issuer    Yes    For      For

Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director Michael Brown            Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director William T. Coleman       Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director David L. Mahoney         Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director George Reyes             Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director David Roux               Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director Daniel H. Schulman       Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director John W. Thompson         Issuer    Yes    For      For

Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director V. Paul Unruh            Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Ratify Auditors                         Issuer    Yes    For      For
Symantec
Corp.                          SYMC   871503108 9/13/2006  Elect Director Robert S. Miller         Issuer    Yes    Withhold Against
Nike, Inc.                     NKE    654106103 9/18/2006  Report on Charitable Contributions      S/H       Yes    Against  For
Nike, Inc.                     NKE    654106103 9/18/2006  Elect Director Jill K. Conway           Issuer    Yes    For      For
Nike, Inc.                     NKE    654106103 9/18/2006  Elect Director Alan B. Graf, Jr.        Issuer    Yes    For      For
Nike, Inc.                     NKE    654106103 9/18/2006  Elect Director Jeanne P. Jackson        Issuer    Yes    For      For
Nike, Inc.                     NKE    654106103 9/18/2006  Ratify Auditors                         Issuer    Yes    For      For
Patterson  Cos Inc.            PDCO   703395103 9/18/2006  Elect Director Ellen A. Rudnick         Issuer    Yes    For      For
Patterson  Cos Inc.            PDCO   703395103 9/18/2006  Elect Director Harold C. Slavkin        Issuer    Yes    For      For
Patterson  Cos Inc.            PDCO   703395103 9/18/2006  Elect Director James W. Wiltz           Issuer    Yes    For      For
Patterson  Cos Inc.            PDCO   703395103 9/18/2006  Elect Director Charles Reich            Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Patterson  Cos Inc.            PDCO   703395103 9/18/2006  Purchase Plan                           Issuer    Yes    For      For
Patterson  Cos Inc.            PDCO   703395103 9/18/2006  Ratify Auditors                         Issuer    Yes    For      For
Allergan, Inc.                 AGN    18490102  9/20/2006  Increase Authorized Common Stock        Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director Pauline Lo Alker         Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director A. Gary Ames             Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director Gerry B. Cameron         Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director David N. Campbell        Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director Frank C. Gill            Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director Robin L. Washington      Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director Richard H. Wills         Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Elect Director Cyril J. Yansouni        Issuer    Yes    For      For
Tektronix, Inc.                TEK    879131100 9/21/2006  Ratify Auditors                         Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Report on Environmental Policy          S/H       Yes    Against  For
                                                           Require a Majority Vote for the
FedEx Corporation              FDX    31428X106 9/25/2006  Election of Directors                   S/H       Yes    For      Against
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director James L. Barksdale       Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director August A. Busch, IV      Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director John A. Edwardson        Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Judith L. Estrin         Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director J. Kenneth Glass         Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Philip Greer             Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director J.R. Hyde, III           Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Shirley A. Jackson       Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Steven R. Loranger       Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Charles T. Manatt        Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Frederick W. Smith       Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Joshua I. Smith          Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Paul S. Walsh            Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Elect Director Peter S. Willmott        Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
FedEx Corporation              FDX    31428X106 9/25/2006  Ratify Auditors                         Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Label Genetically Modified Ingredients  S/H       Yes    Against  For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Paul Danos               Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director William T. Esrey         Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Raymond V. Gilmartin     Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Judith Richards Hope     Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Heidi G. Miller          Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director H. Ochoa-Brillembourg    Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Steve Odland             Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Kendall J. Powell        Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Michael D. Rose          Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Robert L. Ryan           Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Stephen W. Sanger        Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director A. Michael Spence        Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Elect Director Dorothy A. Terrell       Issuer    Yes    For      For
General Mills, Inc.            GIS    370334104 9/25/2006  Ratify Auditors                         Issuer    Yes    For      For
                                                           Approve Non-Employee Director Stock
General Mills, Inc.            GIS    370334104 9/25/2006  Option Plan                             Issuer    Yes    For      For
Univision Communications Inc.  UVN    914906102 9/27/2006  Approve Merger Agreement                Issuer    Yes    For      For
Univision Communications Inc.  UVN    914906102 9/27/2006  Adjourn Meeting                         Issuer    Yes    For      For
                                                           AMENDMENT TO 2001 EQUITY INCENTIVE
                                                           PLAN TO ELIMINATE TWO MILLION SHARE
Flextronics International                                  SUB-LIMIT ON ISSUED AND OUTSTANDING
Ltd.                           FLEX   Y2573F102 10/4/2006  SHARE BONUS AWARDS.                     Issuer    Yes    Against  Against
                                                           AMENDMENT TO 2001 EQUITY INCENTIVE
                                                           PLAN PROVIDING THE AUTOMATIC OPTION
Flextronics International                                  GRANT TO NON-EMPLOYEE DIRECTORS WILL
Ltd.                           FLEX   Y2573F102 10/4/2006  NOT BE PRO-RATED.                       Issuer    Yes    Against  Against
                                                           APPROVE AN AMENDMENT TO THE COMPANY S
                                                           2001 EQUITY INCENTIVE PLAN TO
Flextronics International                                  INCREASE THE NUMBER OF SHARES
Ltd.                           FLEX   Y2573F102 10/4/2006  RESERVED FOR ISSUANCE.                  Issuer    Yes    Against  Against
Flextronics International                                  RE-ELECTION OF MR. MICHAEL E. MARKS
Ltd.                           FLEX   Y2573F102 10/4/2006  AS A DIRECTOR OF THE COMPANY.           Issuer    Yes    For      For
Flextronics International                                  RE-ELECTION OF MR. RICHARD SHARP AS A
Ltd.                           FLEX   Y2573F102 10/4/2006  DIRECTOR OF THE COMPANY.                Issuer    Yes    For      For

Flextronics International                                  RE-ELECTION OF MR. H. RAYMOND BINGHAM
Ltd.                           FLEX   Y2573F102 10/4/2006  AS A DIRECTOR OF THE COMPANY.           Issuer    Yes    For      For
Flextronics International                                  RE-ELECTION OF MR. MICHAEL MCNAMARA
Ltd.                           FLEX   Y2573F102 10/4/2006  AS A DIRECTOR OF THE COMPANY.           Issuer    Yes    For      For
Flextronics International                                  RE-ELECTION OF MR. ROCKWELL A.
Ltd.                           FLEX   Y2573F102 10/4/2006  SCHNABEL AS A DIRECTOR OF THE COMPANY.  Issuer    Yes    For      For
Flextronics International                                  RE-ELECTION OF MR. AJAY B. SHAH AS A
Ltd.                           FLEX   Y2573F102 10/4/2006  DIRECTOR OF THE COMPANY.                Issuer    Yes    For      For
Flextronics International
Ltd.                           FLEX   Y2573F102 10/4/2006  Ratify Auditors                         Issuer    Yes    For      For
                                                           TO APPROVE THE AUTHORIZATION FOR THE
Flextronics International                                  DIRECTORS OF THE COMPANY TO ALLOT AND
Ltd.                           FLEX   Y2573F102 10/4/2006  ISSUE ORDINARY SHARES.                  Issuer    Yes    For      For
                                                           TO APPROVE AUTHORIZATION TO PROVIDE
                                                           DIRECTOR CASH COMPENSATION AND
Flextronics International                                  ADDITIONAL CASH COMPENSATION FOR
Ltd.                           FLEX   Y2573F102 10/4/2006  CHAIRMAN OF AUDIT COMMITTEE             Issuer    Yes    For      For
Flextronics International                                  TO APPROVE THE COMPANY S AMENDED AND
Ltd.                           FLEX   Y2573F102 10/4/2006  RESTATED ARTICLES OF ASSOCIATION.       Issuer    Yes    For      For
                                                           APPROVE THE RENEWAL OF THE SHARE
                                                           PURCHASE MANDATE RELATING TO
Flextronics International                                  ACQUISITIONS BY THE COMPANY OF ITS
Ltd.                           FLEX   Y2573F102 10/4/2006  OWN ISSUED ORDINARY SHARES.             Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Jeffrey O. Henley        Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Lawrence J. Ellison      Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Donald L. Lucas          Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Michael J. Boskin        Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Jeffrey S. Berg          Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Safra A. Catz            Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Hector Garcia-Molina     Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director H. Raymond Bingham       Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Charles E Phillips, Jr.  Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Naomi O. Seligman        Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Ratify Auditors                         Issuer    Yes    For      For
                                                           Amend Non-Employee Director Omnibus
Oracle Corp.                   ORCL   68389X105 10/9/2006  Stock Plan                              Issuer    Yes    For      For
Oracle Corp.                   ORCL   68389X105 10/9/2006  Elect Director Jack F. Kemp             Issuer    Yes    Withhold Against
Cintas
Corp.                          CTAS   172908105 10/10/2006 Separate Chairman and CEO Positions     S/H       Yes    For      Against
Cintas                                                     Require a Majority Vote for the
Corp.                          CTAS   172908105 10/10/2006 Election of Directors                   S/H       Yes    For      Against
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Richard T. Farmer        Issuer    Yes    For      For

Cintas Corp.                   CTAS   172908105 10/10/2006 Elect Director Robert J. Kohlhepp       Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Scott D. Farmer          Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Gerald S. Adolph         Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Paul R. Carter           Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Gerald V. Dirvin         Issuer    Yes    For      For

Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Joyce Hergenhan          Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director Roger L. Howe            Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Elect Director David C. Phillips        Issuer    Yes    For      For
Cintas
Corp.                          CTAS   172908105 10/10/2006 Ratify Auditors                         Issuer    Yes    For      For
                                                           Put Repricing of Stock Options to
The Procter & Gamble Company   PG     742718109 10/10/2006 Shareholder Vote                        S/H       Yes    Against  For
The Procter & Gamble Company   PG     742718109 10/10/2006 Elect Director Norman R. Augustine      Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Elect Director A.G. Lafley              Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Elect Director Johnathan A. Rodgers     Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Elect Director John F. Smith, Jr.       Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Elect Director Margaret C. Whitman      Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Approve Decrease in Size of Board       Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Ratify Auditors                         Issuer    Yes    For      For
The Procter & Gamble Company   PG     742718109 10/10/2006 Amend Omnibus Stock Plan                Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Paul M. Anderson         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director William Barnet, III      Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director G. Alex Bernhardt, Sr.   Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Michael G. Browning      Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Phillip R. Cox           Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director William T. Esrey         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Ann Maynard Gray         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director James H. Hance, Jr.      Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Dennis R. Hendrix        Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director James T. Rhodes          Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director James E. Rogers          Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Mary L. Schapiro         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Dudley S. Taft           Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Approve Omnibus Stock Plan              Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Ratify Auditors                         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Roger Agnelli            Issuer    Yes    Withhold Against
Duke Energy Corp.              DUK    26441C105 10/24/2006 Elect Director Michael E.J. Phelps      Issuer    Yes    Withhold Against
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Separate Chairman and CEO Positions     S/H       Yes    For      Against
Sara Lee                                                   Approve Report of the Compensation
Corp.                          SLE    803111103 10/26/2006 Committee                               S/H       Yes    For      Against
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Brenda C. Barnes         Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director J.T. Battenberg, III     Issuer    Yes    For      For

Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Christopher B. Begley    Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Cynthia B. Carroll       Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Virgis W. Colbert        Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director James S. Crown           Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Willie D. Davis          Issuer    Yes    For      For

Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Laurette T. Koellner     Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Cornelis J.A. Van Lede   Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Sir Ian Prosser          Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Rozanne L. Ridgway       Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Elect Director Jonathan P. Ward         Issuer    Yes    For      For
Sara Lee
Corp.                          SLE    803111103 10/26/2006 Ratify Auditors                         Issuer    Yes    For      For
Linear Technology Corp.        LLTC   535678106 11/1/2006  Elect Director Robert H. Swanson, Jr.   Issuer    Yes    For      For
Linear Technology Corp.        LLTC   535678106 11/1/2006  Elect Director Lothar Maier             Issuer    Yes    For      For
Linear Technology Corp.        LLTC   535678106 11/1/2006  Elect Director Richard M. Moley         Issuer    Yes    For      For
Linear Technology Corp.        LLTC   535678106 11/1/2006  Elect Director Thomas S. Volpe          Issuer    Yes    For      For
Linear Technology Corp.        LLTC   535678106 11/1/2006  Ratify Auditors                         Issuer    Yes    For      For
Linear Technology Corp.        LLTC   535678106 11/1/2006  Elect Director David S. Lee             Issuer    Yes    Withhold Against
Harman International
Industries,
Inc.                           HAR    413086109 11/2/2006  Elect Director Edward H. Meyer          Issuer    Yes    For      For
Harman International
Industries,
Inc.                           HAR    413086109 11/2/2006  Elect Director Gina Harman              Issuer    Yes    For      For
Sun Microsystems,                                          Approve Report of the Compensation
Inc.                           SUNW   866810104 11/2/2006  Committee                               S/H       Yes    For      Against
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Elect Director Scott G. McNealy         Issuer    Yes    For      For

Sun Microsystems, Inc.         SUNW   866810104 11/2/2006  Elect Director James L. Barksdale       Issuer    Yes    For      For
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Elect Director Stephen M. Bennett       Issuer    Yes    For      For
Sun Microsystems,                                          Elect Director Robert J. Finocchio,
Inc.                           SUNW   866810104 11/2/2006  Jr.                                     Issuer    Yes    For      For
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Elect Director Patricia E. Mitchell     Issuer    Yes    For      For
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Elect Director M. Kenneth Oshman        Issuer    Yes    For      For

Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Elect Director Jonathan I. Schwartz     Issuer    Yes    For      For
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Elect Director Naomi O. Seligman        Issuer    Yes    For      For
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Ratify Auditors                         Issuer    Yes    For      For
Sun Microsystems,
Inc.                           SUNW   866810104 11/2/2006  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
                                                           Submit Severance Agreements
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  (Change-in-Control)to Shareholder Vote  S/H       Yes    For      Against
                                                           Performance-Based and/or Time-Based
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  Equity Awards                           S/H       Yes    For      Against
                                                           Increase Disclosure of Executive
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  Compensation                            S/H       Yes    For      Against
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  Elect Director John F. Finn             Issuer    Yes    For      For
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  Elect Director David W. Raisbeck        Issuer    Yes    For      For
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  Elect Director Robert D. Walter         Issuer    Yes    For      For
Cardinal Health, Inc.          CAH    14149Y108 11/8/2006  Ratify Auditors                         Issuer    Yes    For      For
Meredith Corp.                 MDP    589433101 11/8/2006  Elect Director Herbert M. Baum          Issuer    Yes    For      For
Meredith Corp.                 MDP    589433101 11/8/2006  Elect Director James R. Craigie         Issuer    Yes    For      For
Meredith Corp.                 MDP    589433101 11/8/2006  Elect Director Frederick B. Henry       Issuer    Yes    For      For
Meredith Corp.                 MDP    589433101 11/8/2006  Elect Director William T. Kerr          Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director Bruce L. Downey          Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director Paul M. Bisaro           Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director George P. Stephan        Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director Harold N. Chefitz        Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director Richard R. Frankovic     Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director Peter R. Seaver          Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Ratify Auditors                         Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    68306109  11/9/2006  Elect Director James S. Gilmore, III    Issuer    Yes    Withhold Against
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Gregory D. Brenneman     Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Leslie A. Brun           Issuer    Yes    For      For

Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Gary C. Butler           Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Leon G. Cooperman        Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director R. Glenn Hubbard         Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director John P. Jones            Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Ann Dibble Jordan        Issuer    Yes    For      For

Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Frederic V. Malek        Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Henry Taub               Issuer    Yes    For      For

Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Elect Director Arthur F. Weinbach       Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Automatic Data Processing,
Inc.                           ADP    53015103  11/14/2006 Ratify Auditors                         Issuer    Yes    For      For
                                                           Cease Product Sales that Can Be Used
Microsoft Corp.                MSFT   594918104 11/14/2006 to Violate Human Rights                 S/H       Yes    Against  For
                                                           Amend EEO Statement to Not Reference
Microsoft Corp.                MSFT   594918104 11/14/2006 Sexual Orientation                      S/H       Yes    Against  For
                                                           Establish Shareholder Advisory
Microsoft Corp.                MSFT   594918104 11/14/2006 Committee                               S/H       Yes    Against  For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director William H. Gates, III    Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director Steven A. Ballmer        Issuer    Yes    For      For
                                                           Elect Director James I. Cash, Jr.,
Microsoft Corp.                MSFT   594918104 11/14/2006 Ph.D.                                   Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director Dina Dublon              Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director Raymond V. Gilmartin     Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director David F. Marquardt       Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director Charles H. Noski         Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director Helmut Panke             Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Elect Director Jon A. Shirley           Issuer    Yes    For      For
Microsoft Corp.                MSFT   594918104 11/14/2006 Ratify Auditors                         Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Report on Pay Disparity                 S/H       Yes    Against  For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Report on Internet Fragmentation        S/H       Yes    Against  For
                                                           Performance-Based and/or Time-Based
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Equity Awards                           S/H       Yes    For      Against
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Carol A. Bartz           Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director M. Michele Burns         Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Michael D. Capellas      Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Larry R. Carter          Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director John T. Chambers         Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Dr. John L. Hennessy     Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Richard M. Kovacevich    Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Roderick C. McGeary      Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Steven M. West           Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Elect Director Jerry Yang               Issuer    Yes    For      For
Cisco Systems, Inc.            CSCO   17275R102 11/15/2006 Ratify Auditors                         Issuer    Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Elect Director Daniel J. Carroll, Jr.   Issuer    Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Elect Director Eric Krasnoff            Issuer    Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Elect Director Dennis N. Longstreet     Issuer    Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Elect Director Edward L. Snyder         Issuer    Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Elect Director James D. Watson          Issuer    Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Declassify the Board of Directors       S/H       Yes    For      For
Pall Corp.                     PLL    696429307 11/15/2006 Ratify Auditors                         Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Daniel Boggan, Jr.       Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Tully M. Friedman        Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director George J. Harad          Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Donald R. Knauss         Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Robert W. Matschullat    Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Gary G. Michael          Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Jan L. Murley            Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Michael E. Shannon       Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Pamela Thomas-Graham     Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Elect Director Carolyn M. Ticknor       Issuer    Yes    For      For
The Clorox Company             CLX    189054109 11/15/2006 Ratify Auditors                         Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 12/8/2006  Elect Director Douglas L. Becker        Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 12/8/2006  Elect Director Edward A. Crooke         Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 12/8/2006  Elect Director Mayo A. Shattuck III     Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 12/8/2006  Elect Director Michael D. Sullivan      Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 12/8/2006  Ratify Auditors                         Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 12/8/2006  Declassify the Board of Directors       S/H       Yes    For      NA
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director David W. Bernauer        Issuer    Yes    For      For

Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director William C. Foote         Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director James J. Howard          Issuer    Yes    For      For

Walgreen Co.                   WAG    931422109 1/10/2007  Elect Director Alan G. McNally          Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director Cordell Reed             Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director Jeffrey A. Rein          Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director Nancy M. Schlichting     Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director David Y. Schwartz        Issuer    Yes    For      For

Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director James A. Skinner         Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Elect Director Marilou M. von Ferstel   Issuer    Yes    For      For
                                                           Elect Director Charles R. Walgreen,
Walgreen Co.                   WAG    931422109 1/10/2007  III                                     Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Ratify Auditors                         Issuer    Yes    For      For
Walgreen
Co.                            WAG    931422109 1/10/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Crown Castle International
Corp.                          CCI    228227104 1/11/2007  Approve Merger Agreement                Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Samuel H. Armacost       Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Charles Crocker          Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Joseph R. Hardiman       Issuer    Yes    For      For

Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Robert D. Joffe          Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Charles B. Johnson       Issuer    Yes    For      For

Franklin Resources, Inc.       BEN    354613101 1/25/2007  Elect Director Gregory E. Johnson       Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Rupert H. Johnson, Jr.   Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Thomas H. Kean           Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Chutta Ratnathicam       Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Peter M. Sacerdote       Issuer    Yes    For      For

Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Laura Stein              Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Anne M. Tatlock          Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Elect Director Louis E. Woodworth       Issuer    Yes    For      For
Franklin Resources,
Inc.                           BEN    354613101 1/25/2007  Ratify Auditors                         Issuer    Yes    For      For
Franklin Resources,                                        Amend Qualified Employee Stock
Inc.                           BEN    354613101 1/25/2007  Purchase Plan                           Issuer    Yes    For      For
Costco Wholesale Corporation   COST   22160K105 1/31/2007  Elect Director Benjamin S. Carson       Issuer    Yes    For      For
Costco Wholesale Corporation   COST   22160K105 1/31/2007  Elect Director William H. Gates         Issuer    Yes    For      For
Costco Wholesale Corporation   COST   22160K105 1/31/2007  Elect Director Hamilton E. James        Issuer    Yes    For      For
Costco Wholesale Corporation   COST   22160K105 1/31/2007  Elect Director Jill S. Ruckelshaus      Issuer    Yes    For      For
Costco Wholesale Corporation   COST   22160K105 1/31/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           APPOINTMENT OF THE FOLLOWING NOMINEE
                                                           TO THE BOARD OF DIRECTORS: NOBUYUKI
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   IDEI.                                   Issuer    Yes    For      For
                                                           APPOINTMENT OF THE FOLLOWING NOMINEE
                                                           TO THE BOARD OF DIRECTORS: MARJORIE
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   MAGNER.                                 Issuer    Yes    For      For
                                                           APPOINTMENT OF THE FOLLOWING NOMINEE
                                                           TO THE BOARD OF DIRECTORS: DENNIS F.
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   HIGHTOWER.                              Issuer    Yes    For      For
                                                           APPOINTMENT OF THE FOLLOWING NOMINEE
                                                           TO THE BOARD OF DIRECTORS: WILLIAM L.
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   KIMSEY.                                 Issuer    Yes    For      For
                                                           APPOINTMENT OF THE FOLLOWING NOMINEE
                                                           TO THE BOARD OF DIRECTORS: ROBERT I.
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   LIPP.                                   Issuer    Yes    For      For
                                                           APPOINTMENT OF THE FOLLOWING NOMINEE
                                                           TO THE BOARD OF DIRECTORS: WULF VON
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   SCHIMMELMANN.                           Issuer    Yes    For      For
ACCENTURE LTD BERMUDA          ACN    G1150G111 2/7/2007   Ratify Auditors                         Issuer    Yes    For      For
Rockwell Collins, Inc.         COL    774341101 2/13/2007  Elect Director D.R. Beall               Issuer    Yes    For      For
Rockwell Collins, Inc.         COL    774341101 2/13/2007  Elect Director M. Donegan               Issuer    Yes    For      For
Rockwell Collins, Inc.         COL    774341101 2/13/2007  Elect Director A.J. Policano            Issuer    Yes    For      For
Rockwell Collins, Inc.         COL    774341101 2/13/2007  Ratify Auditors                         Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Report on Energy Efficiency             S/H       Yes    Against  For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Separate Chairman and CEO Positions     S/H       Yes    Against  For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director David W. Dupree          Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director John B. Elstrott         Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director Gabrielle E. Greene      Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director Hass Hassan              Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director John P. Mackey           Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director Linda A. Mason           Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director Morris J. Siegel         Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Elect Director Ralph Z. Sorenson        Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Ratify Auditors                         Issuer    Yes    For      For
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
Whole Foods Market, Inc.       WFMI   966837106 3/5/2007   Purchase Plan                           Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Robert A. Bittman        Issuer    Yes    For      For

International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Richard R. Burt          Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Patti S. Hart            Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Leslie S. Heisz          Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Robert A. Mathewson      Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Thomas J. Matthews       Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Robert Miller            Issuer    Yes    For      For
International Game                                         Elect Director Frederick B.
Technology                     IGT    459902102 3/6/2007   Rentschler                              Issuer    Yes    For      For

International Game
Technology                     IGT    459902102 3/6/2007   Ratify Auditors                         Issuer    Yes    For      For
International Game
Technology                     IGT    459902102 3/6/2007   Elect Director Neil Barsky              Issuer    Yes    Withhold Against
                                                           Company-Specific--Governance-Related
The Walt Disney Company        DIS    254687106 3/8/2007   - No Greenmail payments                 S/H       Yes    Against  For
                                                           Approve/Amend Terms of Existing
The Walt Disney Company        DIS    254687106 3/8/2007   Poison Pill                             S/H       Yes    For      Against
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director John E. Bryson           Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director John S. Chen             Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Judith L. Estrin         Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Robert A. Iger           Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Steven P. Jobs           Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Fred H. Langhammer       Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Aylwin B. Lewis          Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Monica C. Lozano         Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Robert W. Matschullat    Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director John E. Pepper, Jr.      Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Elect Director Orin C. Smith            Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Ratify Auditors                         Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Amend Omnibus Stock Plan                Issuer    Yes    For      For
The Walt Disney Company        DIS    254687106 3/8/2007   Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
                                                           APPROVAL OF REVERSE STOCK SPLIT OF
                                                           THE COMPANYS COMMON SHARES AT A SPLIT
Tyco International Ltd.        TYC    902124106 3/8/2007   RATIO OF 1 FOR 4                        Issuer    Yes    For      For
                                                           APPROVAL OF CONSEQUENTIAL AMENDMENT
                                                           TO THE COMPANY S AMENDED AND RESTATED
Tyco International Ltd.        TYC    902124106 3/8/2007   BYE-LAWS.                               Issuer    Yes    For      For
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Dennis C. Blair          Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Edward D. Breen          Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Brian Duperreault        Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Bruce S. Gordon          Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Rajiv L. Gupta           Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director John A. Krol             Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director H. Carl Mccall           Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Brendan R. O'Neill       Issuer    No              NA
                                                           Elect Director William S.
Tyco International Ltd.        TYC    902124106 3/8/2007   Stavropoulous                           Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Sandra S. Wijnberg       Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Elect Director Jerome B. York           Issuer    No              NA
Tyco International Ltd.        TYC    902124106 3/8/2007   Ratify Auditors                         Issuer    No              NA
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Elect Director Barbara T. Alexander     Issuer    Yes    For      For
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Elect Director Raymond V. Dittamore     Issuer    Yes    For      For
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Elect Director Irwin Mark Jacobs        Issuer    Yes    For      For
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Elect Director Sherry Lansing           Issuer    Yes    For      For
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Elect Director Peter M. Sacerdote       Issuer    Yes    For      For
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Elect Director Marc I. Stern            Issuer    Yes    For      For
QUALCOMM Inc.                  QCOM   747525103 3/13/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Require a Majority Vote for the
Analog Devices, Inc.           ADI    032654105 3/13/2007  Election of Directors                   S/H       Yes    Against  For
Analog Devices, Inc.           ADI    032654105 3/13/2007  Performance-Based Equity Awards         S/H       Yes    For      Against
Analog Devices, Inc.           ADI    032654105 3/13/2007  Elect Director Jerald G. Fishman        Issuer    Yes    For      For
Analog Devices, Inc.           ADI    032654105 3/13/2007  Elect Director John C. Hodgson          Issuer    Yes    For      For
Analog Devices, Inc.           ADI    032654105 3/13/2007  Elect Director F. Grant Saviers         Issuer    Yes    For      For
Analog Devices, Inc.           ADI    032654105 3/13/2007  Elect Director Paul J. Severino         Issuer    Yes    For      For
Analog Devices, Inc.           ADI    032654105 3/13/2007  Ratify Auditors                         Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Michael H. Armacost      Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Robert H. Brust          Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Deborah A. Coleman       Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Philip V. Gerdine        Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Thomas J. Iannotti       Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Charles Y.S. Liu         Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director James C. Morgan          Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Gerhard H. Parker        Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Willem P. Roelandts      Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Elect Director Michael R. Splinter      Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Purchase Plan                           Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
Applied Materials, Inc.        AMAT   038222105 3/14/2007  Ratify Auditors                         Issuer    Yes    For      For
CIENA Corporation              CIEN   171779309 3/14/2007  Elect Director Lawton W. Fitt           Issuer    Yes    For      For
CIENA Corporation              CIEN   171779309 3/14/2007  Elect Director Patrick H. Nettles       Issuer    Yes    For      For
CIENA Corporation              CIEN   171779309 3/14/2007  Elect Director Michael J. Rowny         Issuer    Yes    For      For
CIENA Corporation              CIEN   171779309 3/14/2007  Elect Director Bruce L. Claflin         Issuer    Yes    For      For
CIENA Corporation              CIEN   171779309 3/14/2007  Ratify Auditors                         Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Require Director Nominee
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Qualifications                          S/H       Yes    For      Against
                                                           Submit Shareholder Rights Plan
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  (Poison Pill) to Shareholder Vote       S/H       Yes    For      Against
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Performance-Based Equity Awards         S/H       Yes    For      Against
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director L.T. Babbio, Jr.         Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director S.M. Baldauf             Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director R.A. Hackborn            Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director J.H. Hammergren          Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director M.V. Hurd                Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director R.L. Ryan                Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director L.S. Salhany             Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Elect Director G.K.Thompson             Issuer    Yes    For      For
Hewlett-Packard Co.            HPQ    428236103 3/14/2007  Ratify Auditors                         Issuer    Yes    For      For
Phelps Dodge Corp.             PD     717265102 3/14/2007  Approve Merger Agreement                Issuer    Yes    For      For
Phelps Dodge Corp.             PD     717265102 3/14/2007  Adjourn Meeting                         Issuer    Yes    For      For
                                                           Amend Articles/Increase Common Stock
CVS Caremark Corp              CVS    126650100 3/15/2007  and Change Company Name                 Issuer    Yes    For      For
                                                           Issue Shares in Connection with an
CVS Caremark Corp              CVS    126650100 3/15/2007  Acquisition                             Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 3/15/2007  Adjourn Meeting                         Issuer    Yes    For      For
Caremark Rx, Inc.              CMX    141705103 3/16/2007  Approve Merger Agreement                Issuer    Yes    None     NA
Caremark Rx, Inc.              CMX    141705103 3/16/2007  Approve Merger Agreement                Issuer    Yes    None     NA
Caremark Rx, Inc.              CMX    141705103 3/16/2007  Approve Merger Agreement                Issuer    Yes    For      For
Caremark Rx, Inc.              CMX    141705103 3/16/2007  Adjourn Meeting                         Issuer    Yes    For      For
Caremark Rx, Inc.              CMX    141705103 3/16/2007  Adjourn Meeting                         Issuer    Yes    None     Na
                                                           DISCUSSION OF THE ANNUAL REPORT 2006
                                                           AND ADOPTION OF THE FINANCIAL
                                                           STATEMENTS FOR THE FINANCIAL YEAR (
ASML Holding NV (Formerly ASM                              FY ) 2006, AS PREPARED IN ACCORDANCE
Lithography Hldg)              ASML   N07059111 3/28/2007  WITH DUTCH LAW.                         Issuer    No              NA
                                                           DISCHARGE OF THE MEMBERS OF THE BOARD
                                                           OF MANAGEMENT ( BOM ) FROM LIABILITY
ASML Holding NV (Formerly ASM                              FOR THEIR RESPONSIBILITIES IN THE FY
Lithography Hldg)              ASML   N07059111 3/28/2007  2006.                                   Issuer    No              NA
                                                           DISCHARGE OF THE MEMBERS OF THE
                                                           SUPERVISORY BOARD ( SB ) FROM
ASML Holding NV (Formerly ASM                              LIABILITY FOR THEIR RESPONSIBILITIES
Lithography Hldg)              ASML   N07059111 3/28/2007  IN THE FY 2006.                         Issuer    No              NA
ASML Holding NV (Formerly ASM                              PROPOSAL TO AMEND THE ARTICLES OF
Lithography Hldg)              ASML   N07059111 3/28/2007  ASSOCIATION OF THE COMPANY.             Issuer    No              NA
                                                           APPROVAL OF THE NUMBER OF PERFORMANCE
                                                           STOCK AVAILABLE FOR THE BOM AND
ASML Holding NV (Formerly ASM                              AUTHORIZATION OF THE BOM TO ISSUE THE
Lithography Hldg)              ASML   N07059111 3/28/2007  PERFORMANCE STOCK.                      Issuer    No              NA
                                                           APPROVAL OF THE NUMBER OF PERFORMANCE
                                                           STOCK OPTIONS AVAILABLE FOR THE BOM
ASML Holding NV (Formerly ASM                              AND AUTHORIZATION OF THE BOM TO ISSUE
Lithography Hldg)              ASML   N07059111 3/28/2007  THE PERFORMANCE STOCK OPTIONS.          Issuer    No              NA
                                                           APPROVAL OF THE NUMBER OF SHARES,
                                                           EITHER IN STOCK OR STOCK OPTIONS,
                                                           AVAILABLE FOR ASML EMPLOYEES AND
ASML Holding NV (Formerly ASM                              AUTHORIZATION OF THE BOM TO ISSUE THE
Lithography Hldg)              ASML   N07059111 3/28/2007  STOCK OR STOCK OPTIONS.                 Issuer    No              NA
ASML Holding NV (Formerly ASM                              NOMINATION FOR APPOINTMENT OF MR. W.
Lithography Hldg)              ASML   N07059111 3/28/2007  T. SIEGLE AS MEMBER OF THE SB.          Issuer    No              NA
ASML Holding NV (Formerly ASM
Lithography Hldg)              ASML   N07059111 3/28/2007  REMUNERATION OF THE SB.                 Issuer    No              NA
                                                           PROPOSAL TO AUTHORIZE THE BOM FOR A
                                                           PERIOD OF 18 MONTHS TO ISSUE (RIGHTS
                                                           TO SUBSCRIBE FOR) SHARES IN THE
                                                           CAPITAL OF THE COMPANY, LIMITED TO 5%
ASML Holding NV (Formerly ASM                              OF THE ISSUED CAPITAL AT THE TIME OF
Lithography Hldg)              ASML   N07059111 3/28/2007  THE AUTHORIZATION.                      Issuer    No              NA
                                                           PROPOSAL TO AUTHORIZE THE BOM FOR A
                                                           PERIOD OF 18 MONTHS TO RESTRICT OR
                                                           EXCLUDE THE PRE-EMPTION RIGHTS
ASML Holding NV (Formerly ASM                              ACCRUING TO SHAREHOLDERS IN
Lithography Hldg)              ASML   N07059111 3/28/2007  CONNECTION WITH ITEM 12A.               Issuer    No              NA
                                                           PROPOSAL TO AUTHORIZE THE BOM FOR A
                                                           PERIOD OF 18 MONTHS TO ISSUE (RIGHTS
                                                           TO SUBSCRIBE FOR) SHARES IN THE
                                                           CAPITAL OF THE COMPANY, FOR AN
                                                           ADDITIONAL 5% OF THE ISSUED CAPITAL
                                                           AT THE TIME OF THE AUTHORIZATION,
ASML Holding NV (Formerly ASM                              WHICH 5% CAN ONLY BE USED IN
Lithography Hldg)              ASML   N07059111 3/28/2007  CONNECTION WITH OR                      Issuer    No              NA
                                                           PROPOSAL TO AUTHORIZE THE BOM FOR A
                                                           PERIOD OF 18 MONTHS TO RESTRICT OR
                                                           EXCLUDE THE PRE-EMPTION RIGHTS
ASML Holding NV (Formerly ASM                              ACCRUING TO SHAREHOLDERS IN
Lithography Hldg)              ASML   N07059111 3/28/2007  CONNECTION WITH ITEM 12C.               Issuer    No              NA
                                                           PROPOSAL TO CANCEL ORDINARY SHARES IN
ASML Holding NV (Formerly ASM                              THE SHARE CAPITAL OF THE COMPANY (TO
Lithography Hldg)              ASML   N07059111 3/28/2007  BE) REPURCHASED BY THE COMPANY.         Issuer    No              NA
                                                           PROPOSAL TO AUTHORIZE THE BOM FOR A
                                                           PERIOD OF 18 MONTHS TO ACQUIRE
ASML Holding NV (Formerly ASM                              ORDINARY SHARES IN THE COMPANY S
Lithography Hldg)              ASML   N07059111 3/28/2007  CAPITAL.                                Issuer    No              NA
                                                           PROPOSAL TO CANCEL ADDITIONAL
                                                           ORDINARY SHARES IN THE SHARE CAPITAL
                                                           OF THE COMPANY TO BE REPURCHASED BY
                                                           THE COMPANY FOLLOWING THE
ASML Holding NV (Formerly ASM                              CANCELLATION OF THE ORDINARY SHARES
Lithography Hldg)              ASML   N07059111 3/28/2007  UNDER ITEM 13.                          Issuer    No              NA
                                                           PROPOSAL TO CANCEL ADDITIONAL
                                                           ORDINARY SHARES IN THE SHARE CAPITAL
                                                           OF THE COMPANY TO BE REPURCHASED BY
                                                           THE COMPANY FOLLOWING THE
ASML Holding NV (Formerly ASM                              CANCELLATION OF THE ORDINARY SHARES
Lithography Hldg)              ASML   N07059111 3/28/2007  UNDER ITEM 15.                          Issuer    No              NA
Lennar Corp.                   LEN    526057104 3/28/2007  Prepare Sustainability Report           S/H       Yes    Against  For
Lennar Corp.                   LEN    526057104 3/28/2007  Pay For Superior Performance            S/H       Yes    For      Against
Lennar Corp.                   LEN    526057104 3/28/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    Against  Against
Lennar Corp.                   LEN    526057104 3/28/2007  Elect Director Irving Bolotin           Issuer    Yes    For      For
Lennar Corp.                   LEN    526057104 3/28/2007  Elect Director Kirk Landon              Issuer    Yes    For      For
Lennar Corp.                   LEN    526057104 3/28/2007  Elect Director Donna E. Shalala         Issuer    Yes    For      For
Lennar Corp.                   LEN    526057104 3/28/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Dynegy, Inc.                   DYN    26816Q101 3/29/2007  Approve Merger Agreement                Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/4/2007   Approve Merger Agreement                Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/4/2007   Adjourn Meeting                         Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/5/2007   Approve Merger Agreement                Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/5/2007   Adjourn Meeting                         Issuer    Yes    For      For
                                                           Amend Vote Requirements to Amend
Morgan Stanley                 MS     617446448 4/10/2007  Articles/Bylaws/Charter                 S/H       Yes    For      Against
                                                           Approve Report of the Compensation
Morgan Stanley                 MS     617446448 4/10/2007  Committee                               S/H       Yes    For      Against
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Klaus Zumwinkel          Issuer    Yes    Against  Against
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Roy J. Bostock           Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Erskine B. Bowles        Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Howard J. Davies         Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director C. Robert Kidder         Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director John J. Mack             Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Donald T. Nicolaisen     Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Charles H. Noski         Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Hutham S. Olayan         Issuer    Yes    For      For
                                                           Elect Director Charles E. Phillips,
Morgan Stanley                 MS     617446448 4/10/2007  Jr.                                     Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Griffith Sexton          Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Elect Director Laura D. Tyson           Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Ratify Auditors                         Issuer    Yes    For      For
Morgan Stanley                 MS     617446448 4/10/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director P. Camus                 Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director J.S. Gorelick            Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director A. Gould                 Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director T. Isaac                 Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director N. Kudryavtsev           Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director A. Lajous                Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director M.E. Marks               Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director D. Primat                Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director L.R. Reif                Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director T.I. Sandvold            Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director N. Seydoux               Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director L.G. Stuntz              Issuer    Yes    For      For
Schlumberger Ltd.              SLB    806857108 4/11/2007  Elect Director R. Talwar                Issuer    Yes    For      For
                                                           ADOPTION AND APPROVAL OF FINANCIALS
Schlumberger Ltd.              SLB    806857108 4/11/2007  AND DIVIDENDS.                          Issuer    Yes    For      For
                                                           APPROVAL OF INDEPENDENT REGISTERED
Schlumberger Ltd.              SLB    806857108 4/11/2007  PUBLIC ACCOUNTING FIRM.                 Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Report on Charitable Contributions      S/H       Yes    Against  For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Sustainability Report                   S/H       Yes    Against  For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Prohibit Executive Stock-Based Awards   S/H       Yes    Against  For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Lloyd C. Blankfein       Issuer    Yes    For      For
                                                           Elect Director Lord Browne of
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Madingley                               Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director John H. Bryan            Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Gary D. Cohn             Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Claes Dahlback           Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Stephen Friedman         Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director William W. George        Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Rajat K. Gupta           Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director James A. Johnson         Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Lois D. Juliber          Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Edward M. Liddy          Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Ruth J. Simmons          Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Elect Director Jon Winkelried           Issuer    Yes    For      For
The Goldman Sachs Group, Inc.  GS     38141G104 4/11/2007  Ratify Auditors                         Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Establish Term Limits for Directors     S/H       Yes    Against  For
United Technologies Corp.      UTX    913017109 4/11/2007  Report on Foreign Military Sales        S/H       Yes    Against  For
United Technologies Corp.      UTX    913017109 4/11/2007  Report on Political Contributions       S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
United Technologies Corp.      UTX    913017109 4/11/2007  Executive Officers' Compensation        S/H       Yes    For      Against
United Technologies Corp.      UTX    913017109 4/11/2007  Pay For Superior Performance            S/H       Yes    For      Against
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Louis R. Chenevert       Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director George David             Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director John V. Faraci           Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Jean-Pierre Garnier      Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Jamie S. Gorelick        Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Charles R. Lee           Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Richard D. Mccormick     Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Harold Mcgraw III        Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Richard B. Myers         Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Frank P. Popoff          Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director H. Patrick Swygert       Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Andre Villeneuve         Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director H.A. Wagner              Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Elect Director Christine Todd Whitman   Issuer    Yes    For      For
United Technologies Corp.      UTX    913017109 4/11/2007  Ratify Auditors                         Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Publish Political Contributions         S/H       Yes    Against  For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Michael L. Ainslie       Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director John F. Akers            Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Roger S. Berlind         Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Thomas H. Cruikshank     Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Marsha Johnson Evans     Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Richard S. Fuld, Jr.     Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Christopher Gent         Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Roland A. Hernandez      Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director Henry Kaufman            Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Elect Director John D. Macomber         Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Ratify Auditors                         Issuer    Yes    For      For
Lehman Brothers Holdings Inc.  LEH    524908100 4/12/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           AUTHORITY TO ALLOT RELEVANT
                                                           SECURITIES UNDER SECTION 80 OF THE
Rio Tinto plc                  RTP    767204100 4/13/2007  COMPANIES ACT 1985                      Issuer    Yes    For      For
                                                           AUTHORITY TO ALLOT EQUITY SECURITIES
                                                           FOR CASH UNDER SECTION 89 OF THE
Rio Tinto plc                  RTP    767204100 4/13/2007  COMPANIES ACT 1985                      Issuer    Yes    For      For
                                                           AUTHORITY TO PURCHASE RIO TINTO PLC
                                                           SHARES BY THE COMPANY OR RIO TINTO
Rio Tinto plc                  RTP    767204100 4/13/2007  LIMITED                                 Issuer    Yes    For      For
                                                           TO APPROVE AMENDMENTS TO THE ARTICLES
                                                           OF ASSOCIATION OF THE COMPANY AND THE
Rio Tinto plc                  RTP    767204100 4/13/2007  CONSTITUTION OF RIO TINTO LIMITED       Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  ELECTION OF MICHAEL FITZPATRICK         Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  RE-ELECTION OF ASHTON CALVERT           Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  RE-ELECTION OF GUY ELLIOTT              Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  RE-ELECTION OF LORD KERR                Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  RE-ELECTION OF SIR RICHARD SYKES        Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  Ratify Auditors                         Issuer    Yes    For      For
Rio Tinto plc                  RTP    767204100 4/13/2007  APPROVAL OF THE REMUNERATION REPORT     Issuer    Yes    For      For
                                                           TO RECEIVE THE FINANCIAL STATEMENTS
                                                           AND THE REPORTS OF THE DIRECTORS AND
                                                           AUDITORS FOR THE YEAR ENDED 31
Rio Tinto plc                  RTP    767204100 4/13/2007  DECEMBER 2006                           Issuer    Yes    For      For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Report on Animal Welfare                S/H       Yes    Against  For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Report on Animal Testing Policies       S/H       Yes    Against  For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
                                                           Amend Vote Requirements to Amend
Eli Lilly and Co.              LLY    532457108 4/16/2007  Articles/Bylaws/Charter                 S/H       Yes    For      Against
Eli Lilly and Co.              LLY    532457108 4/16/2007  Adopt Simple Majority Vote              S/H       Yes    For      Against
Eli Lilly and Co.              LLY    532457108 4/16/2007  Elect Director Sir Winfried Bischoff    Issuer    Yes    For      For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Elect Director J. Michael Cook          Issuer    Yes    For      For
                                                           Elect Director Franklyn G.
Eli Lilly and Co.              LLY    532457108 4/16/2007  Prendergast, M.D., Ph.D.                Issuer    Yes    For      For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Elect Director Kathi P. Seifert         Issuer    Yes    For      For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Declassify the Board of Directors       Issuer    Yes    For      For
Eli Lilly and Co.              LLY    532457108 4/16/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Report on Government Service of
Citigroup Inc.                 C      172967101 4/17/2007  Employees                               S/H       Yes    Against  For
Citigroup Inc.                 C      172967101 4/17/2007  Report on Political Contributions       S/H       Yes    Against  For
Citigroup Inc.                 C      172967101 4/17/2007  Report on Charitable Contributions      S/H       Yes    Against  For
Citigroup Inc.                 C      172967101 4/17/2007  Report on Pay Disparity                 S/H       Yes    Against  For
Citigroup Inc.                 C      172967101 4/17/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
Citigroup Inc.                 C      172967101 4/17/2007  Stock Retention/Holding Period          S/H       Yes    Against  For
                                                           Restore or Provide for Cumulative
Citigroup Inc.                 C      172967101 4/17/2007  Voting                                  S/H       Yes    Against  For
                                                           Approve Report of the Compensation
Citigroup Inc.                 C      172967101 4/17/2007  Committee                               S/H       Yes    For      Against
                                                           Amend Bylaws to Permit Shareholders
Citigroup Inc.                 C      172967101 4/17/2007  to Call Special Meetings                S/H       Yes    For      Against
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director C. Michael Armstrong     Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Alain J.P. Belda         Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director George David             Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Kenneth T. Derr          Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director John M. Deutch           Issuer    Yes    For      For
                                                           Elect Director Roberto Hernandez
Citigroup Inc.                 C      172967101 4/17/2007  Ramirez                                 Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Klaus Kleinfeld          Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Andrew N. Liveris        Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Anne Mulcahy             Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Richard D. Parsons       Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Charles Prince           Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Judith Rodin             Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Robert E. Rubin          Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Elect Director Franklin A. Thomas       Issuer    Yes    For      For
Citigroup Inc.                 C      172967101 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Robert A. Kierlin        Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Stephen M. Slaggie       Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Michael M. Gostomski     Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Hugh L. Miller           Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Henry K. McConnon        Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Robert A. Hansen         Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Willard D. Oberton       Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Michael J. Dolan         Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Elect Director Reyne K. Wisecup         Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Amend Stock Option Plan                 Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Fastenal Co.                   FAST   311900104 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
First Horizon National Corp    FHN    320517105 4/17/2007  Elect Director Robert C. Blattberg      Issuer    Yes    For      For
First Horizon National Corp    FHN    320517105 4/17/2007  Elect Director Michael D. Rose          Issuer    Yes    For      For
First Horizon National Corp    FHN    320517105 4/17/2007  Elect Director Luke Yancy III           Issuer    Yes    For      For
First Horizon National Corp    FHN    320517105 4/17/2007  Elect Director Gerald L. Baker          Issuer    Yes    For      For
First Horizon National Corp    FHN    320517105 4/17/2007  Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
First Horizon National Corp    FHN    320517105 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Linda Walker Bynoe       Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Nicholas D. Chabraja     Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Susan Crown              Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Dipak C. Jain            Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Arthur L. Kelly          Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Robert C. Mccormack      Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Edward J. Mooney         Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director William A. Osborn        Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director John W. Rowe             Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Harold B. Smith          Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director William D. Smithburg     Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Enrique J. Sosa          Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Charles A. Tribbett III  Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Elect Director Frederick H. Waddell     Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Northern Trust Corp.           NTRS   665859104 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Elect Director Ernest H. Drew           Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Elect Director William V. Hickey        Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Elect Director Ralph Izzo               Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Elect Director Richard J. Swift         Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Increase Authorized Common Stock        Issuer    Yes    For      For
Public Service Enterprise                                  Approve Non-Employee Director Stock
Group Inc.                     PEG    744573106 4/17/2007  Option Plan                             Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Declassify the Board of Directors       Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Eliminate Cumulative Voting             Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Eliminate Preemptive Rights             Issuer    Yes    For      For
Public Service Enterprise
Group Inc.                     PEG    744573106 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Establish SERP Policy                   S/H       Yes    Against  For
                                                           Require Director Nominee
Washington Mutual, Inc         WM     939322103 4/17/2007  Qualifications                          S/H       Yes    Against  For
                                                           Require a Majority Vote for the
Washington Mutual, Inc         WM     939322103 4/17/2007  Election of Directors                   S/H       Yes    For      Against
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Anne V. Farrell          Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Stephen E. Frank         Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Kerry K. Killinger       Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Thomas C. Leppert        Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Charles M. Lillis        Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Phillip D. Matthews      Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Regina T. Montoya        Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Michael K. Murphy        Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Margaret Osmer Mcquade   Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Mary E. Pugh             Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director William G. Reed, Jr.     Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director Orin C. Smith            Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Elect Director James H. Stever          Issuer    Yes    For      For
Washington Mutual, Inc         WM     939322103 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Require a Majority Vote for the
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Election of Directors                   S/H       Yes    For      Against
                                                           Amend Rights and Preferences of
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Preferred Stock                         Issuer    Yes    For      For
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Declassify the Board of Directors       Issuer    Yes    For      For
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director Robert M. Beall, II      Issuer    Yes    Withhold Against
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director Jeffrey C. Crowe         Issuer    Yes    Withhold Against
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director J. Hicks Lanier          Issuer    Yes    Withhold Against
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director Larry L. Prince          Issuer    Yes    Withhold Against
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director Frank S. Royal, M.D.     Issuer    Yes    Withhold Against
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director Phail Wynn, Jr.          Issuer    Yes    Withhold Against
SunTrust Banks, Inc.           STI    867914103 4/17/2007  Elect Director James M. Wells, III      Issuer    Yes    Withhold Against
U.S. Bancorp                   USB    902973304 4/17/2007  Establish SERP Policy                   S/H       Yes    Against  For
                                                           Approve Report of the Compensation
U.S. Bancorp                   USB    902973304 4/17/2007  Committee                               S/H       Yes    For      Against
                                                           Elect Director Victoria Buynisk
U.S. Bancorp                   USB    902973304 4/17/2007  Gluckman                                Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Elect Director Arthur D. Collins, Jr.   Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Elect Director Olivia F. Kirtley        Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Elect Director Jerry W. Levin           Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Elect Director Richard G. Reiten        Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
U.S. Bancorp                   USB    902973304 4/17/2007  Declassify the Board of Directors       Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Darryl F. Allen          Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director John F. Barrett          Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director James P. Hackett         Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Gary R. Heminger         Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Joan R. Herschede        Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Allen M. Hill            Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Kevin T. Kabat           Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Robert L. Koch II        Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Mitchel D. Livingston    Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Hendrik G. Meijer        Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director James E. Rogers          Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director George A. Schaefer, Jr.  Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director John J. Schiff, Jr.      Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Dudley S. Taft           Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Elect Director Thomas W. Traylor        Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Company Specific-Equity-Related         Issuer    Yes    For      For
Fifth Third Bancorp            FITB   316773100 4/17/2007  Ratify Auditors                         Issuer    Yes    For      For
C. R. Bard, Inc.               BCR    067383109 4/18/2007  Elect Director Theodore E. Martin       Issuer    Yes    For      For
C. R. Bard, Inc.               BCR    067383109 4/18/2007  Elect Director Anthony Welters          Issuer    Yes    For      For
C. R. Bard, Inc.               BCR    067383109 4/18/2007  Elect Director Tony L. White            Issuer    Yes    For      For
C. R. Bard, Inc.               BCR    067383109 4/18/2007  Ratify Auditors                         Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director T. Albright              Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director K. Burnes                Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director P. Coym                  Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director N. Darehshori            Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director A. Fawcett               Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director A. Goldstein             Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director D. Gruber                Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director L. Hill                  Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director C. LaMantia              Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director R. Logue                 Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director M. Miskovic              Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director R. Sergel                Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director R. Skates                Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director G. Summe                 Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director D. Walsh                 Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Elect Director R. Weissman              Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Increase Authorized Common Stock        Issuer    Yes    For      For
State Street Corp. (Boston)    STT    857477103 4/18/2007  Ratify Auditors                         Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Limit Executive Compensation            S/H       Yes    Against  For
                                                           Report on Chemical and Biological
The Coca-Cola Company          KO     191216100 4/18/2007  Testing Data                            S/H       Yes    Against  For
                                                           Report on Environmental Liabilities
The Coca-Cola Company          KO     191216100 4/18/2007  in India                                S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
The Coca-Cola Company          KO     191216100 4/18/2007  Executive Officers' Compensation        S/H       Yes    For      Against
                                                           Performance-Based and/or Time-Based
The Coca-Cola Company          KO     191216100 4/18/2007  Equity Awards                           S/H       Yes    For      Against
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Barry Diller             Issuer    Yes    Against  Against
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Herbert A. Allen         Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Ronald W. Allen          Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Cathleen P. Black        Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director E. Neville Isdell        Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Donald R. Keough         Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Donald F. McHenry        Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Sam Nunn                 Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director James D. Robinson, III   Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director Peter V. Ueberroth       Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Elect Director James B. Williams        Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Ratify Auditors                         Issuer    Yes    For      For
The Coca-Cola Company          KO     191216100 4/18/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Weyerhaeuser Co.               WY     962166104 4/19/2007  Report on Political Contributions       S/H       Yes    Against  For
Weyerhaeuser Co.               WY     962166104 4/19/2007  Report on Wood Sourcing                 S/H       Yes    Against  For
Weyerhaeuser Co.               WY     962166104 4/19/2007  Adopt Simple Majority Vote              S/H       Yes    For      Against
Weyerhaeuser Co.               WY     962166104 4/19/2007  Elect Director Debra A. Cafaro          Issuer    Yes    For      For
Weyerhaeuser Co.               WY     962166104 4/19/2007  Elect Director Kim Williams             Issuer    Yes    For      For
Weyerhaeuser Co.               WY     962166104 4/19/2007  Ratify Auditors                         Issuer    Yes    For      For
Weyerhaeuser Co.               WY     962166104 4/19/2007  Elect Director Steven R. Rogel          Issuer    Yes    Withhold Against
Weyerhaeuser Co.               WY     962166104 4/19/2007  Elect Director Richard H. Sinkfield     Issuer    Yes    Withhold Against
Weyerhaeuser Co.               WY     962166104 4/19/2007  Elect Director D. Michael Steuert       Issuer    Yes    Withhold Against
Weyerhaeuser Co.               WY     962166104 4/19/2007  Elect Director James N. Sullivan        Issuer    Yes    Withhold Against
Genentech, Inc.                DNA    368710406 4/20/2007  Elect Director Debra L. Reed            Issuer    Yes    For      For
                                                           Elect Director Charles A. Sanders,
Genentech, Inc.                DNA    368710406 4/20/2007  M.D.                                    Issuer    Yes    For      For
Genentech, Inc.                DNA    368710406 4/20/2007  Ratify Auditors                         Issuer    Yes    For      For
Genentech, Inc.                DNA    368710406 4/20/2007  Elect Director Herbert W. Boyer, Ph.D.  Issuer    Yes    Withhold Against
Genentech, Inc.                DNA    368710406 4/20/2007  Elect Director William M. Burns         Issuer    Yes    Withhold Against
Genentech, Inc.                DNA    368710406 4/20/2007  Elect Director Erich Hunziker, Ph.D.    Issuer    Yes    Withhold Against
                                                           Elect Director Jonathan K.C. Knowles,
Genentech, Inc.                DNA    368710406 4/20/2007  Ph.D.                                   Issuer    Yes    Withhold Against
                                                           Elect Director Arthur D. Levinson,
Genentech, Inc.                DNA    368710406 4/20/2007  Ph.D.                                   Issuer    Yes    Withhold Against
The Progressive Corp.          PGR    743315103 4/20/2007  Elect Director Abby F. Kohnstamm        Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Elect Director Peter B. Lewis           Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Elect Director Patrick H. Nettles       Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Elect Director Glenn M. Renwick         Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Elect Director Donald B. Shackelford    Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
The Progressive Corp.          PGR    743315103 4/20/2007  Ratify Auditors                         Issuer    Yes    For      For
Alcoa Inc.                     AA     013817101 4/20/2007  Elect Director Alain J.P. Belda         Issuer    Yes    For      For
Alcoa Inc.                     AA     013817101 4/20/2007  Elect Director Carlos Ghosn             Issuer    Yes    For      For
Alcoa Inc.                     AA     013817101 4/20/2007  Elect Director Henry B. Schacht         Issuer    Yes    For      For
Alcoa Inc.                     AA     013817101 4/20/2007  Elect Director Franklin A. Thomas       Issuer    Yes    For      For
Alcoa Inc.                     AA     013817101 4/20/2007  Ratify Auditor                          Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Provide for Cumulative Voting           S/H       Yes    For      Against
American Express Co.           AXP    025816109 4/23/2007  Elect Director Daniel F. Akerson        Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Charlene Barshefsky      Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Ursula M. Burns          Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Kenneth I. Chenault      Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Peter Chernin            Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Vernon E. Jordan, Jr.    Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Jan Leschly              Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Richard C. Levin         Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Richard A. McGinn        Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Edward D. Miller         Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Frank P. Popoff          Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Steven S. Reinemund      Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Robert D. Walter         Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Elect Director Ronald A. Williams       Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Ratify Auditors                         Issuer    Yes    For      For
American Express Co.           AXP    025816109 4/23/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Claw-back of Payments under
Honeywell International, Inc.  HON    438516106 4/23/2007  Restatements                            S/H       Yes    Against  For
Honeywell International, Inc.  HON    438516106 4/23/2007  Remove Six Sigma Terminology            S/H       Yes    Against  For
                                                           Performance-Based and/or Time-Based
Honeywell International, Inc.  HON    438516106 4/23/2007  Equity Awards                           S/H       Yes    For      Against
                                                           Amend Articles/Bylaws/Charter -- Call
Honeywell International, Inc.  HON    438516106 4/23/2007  Special Meetings                        S/H       Yes    For      Against
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Gordon M. Bethune        Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Jaime Chico Pardo        Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director David M. Cote            Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director D. Scott Davis           Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Linnet F. Deily          Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Clive R. Hollick         Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director James J. Howard          Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Ivan G. Seidenberg       Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Bradley T. Sheares       Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Eric K. Shinseki         Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director John R. Stafford         Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Elect Director Michael W. Wright        Issuer    Yes    For      For
Honeywell International, Inc.  HON    438516106 4/23/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Approve Nonqualified Employee Stock
Honeywell International, Inc.  HON    438516106 4/23/2007  Purchase Plan                           Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director George A. Alcorn         Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director Charles R. Crisp         Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director Mark G. Papa             Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director Edmund P. Segner, III    Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director William D. Stevens       Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director H. Leighton Steward      Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director Donald F. Textor         Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Elect Director Frank G. Wisner          Issuer    Yes    For      For
EOG Resources, Inc.            EOG    26875P101 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
International Business
Machines                                                   Evaluate Age Discrimination in
Corp.                          IBM    459200101 4/24/2007  Retirement Plans                        S/H       Yes    Against  For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Report on Outsourcing                   S/H       Yes    Against  For
International Business
Machines                                                   Restore or Provide for Cumulative
Corp.                          IBM    459200101 4/24/2007  Voting                                  S/H       Yes    For      Against
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Review Executive Compensation           S/H       Yes    For      Against

International Business                                     Require a Majority Vote for the
Machines Corp.                 IBM    459200101 4/24/2007  Election of Directors                   S/H       Yes    For      Against
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Cathleen Black           Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Kenneth I. Chenault      Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Juergen Dormann          Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Michael L. Eskew         Issuer    Yes    For      For

International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Shirley Ann Jackson      Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Minoru Makihara          Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Lucio A. Noto            Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director James W. Owens           Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Samuel J. Palmisano      Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Joan E. Spero            Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Sidney Taurel            Issuer    Yes    For      For

International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Elect Director Lorenzo H. Zambrano      Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
International Business
Machines
Corp.                          IBM    459200101 4/24/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Publish Political Contributions         S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
Merck & Co., Inc.              MRK    589331107 4/24/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Richard T. Clark         Issuer    Yes    For      For
                                                           Elect Director Johnnetta B. Cole,
Merck & Co., Inc.              MRK    589331107 4/24/2007  Ph.D.                                   Issuer    Yes    For      For
                                                           Elect Director William B. Harrison,
Merck & Co., Inc.              MRK    589331107 4/24/2007  Jr.                                     Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director William N. Kelley, M.D.  Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Rochelle B. Lazarus      Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Thomas E. Shenk, Ph.D.   Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Anne M. Tatlock          Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Samuel O. Thier, M.D.    Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Wendell P. Weeks         Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Elect Director Peter C. Wendell         Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Merck & Co., Inc.              MRK    589331107 4/24/2007  Establish Range For Board Size          Issuer    Yes    For      For
                                                           Replace Cumulative Voting to Majority
                                                           Vote Standard for the Election of
Merck & Co., Inc.              MRK    589331107 4/24/2007  Directors                               Issuer    Yes    For      For
MetLife, Inc                   MET    59156R108 4/24/2007  Elect Director Burton A. Dole, Jr.      Issuer    Yes    For      For
MetLife, Inc                   MET    59156R108 4/24/2007  Elect Director R. Glenn Hubbard         Issuer    Yes    For      For
MetLife, Inc                   MET    59156R108 4/24/2007  Elect Director James M. Kilts           Issuer    Yes    For      For
MetLife, Inc                   MET    59156R108 4/24/2007  Elect Director Charles M. Leighton      Issuer    Yes    For      For
MetLife, Inc                   MET    59156R108 4/24/2007  Elect Director David Satcher            Issuer    Yes    For      For
MetLife, Inc                   MET    59156R108 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Moody's Corporation            MCO    615369105 4/24/2007  Declassify the Board of Directors       S/H       Yes    For      Against
Moody's Corporation            MCO    615369105 4/24/2007  Elect Director Basil L. Anderson        Issuer    Yes    For      For
                                                           Elect Director Raymond W. McDaniel,
Moody's Corporation            MCO    615369105 4/24/2007  Jr.                                     Issuer    Yes    For      For
Moody's Corporation            MCO    615369105 4/24/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Moody's Corporation            MCO    615369105 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Submit Shareholder Rights Plan
Praxair, Inc.                  PX     74005P104 4/24/2007  (Poison Pill) to Shareholder Vote       S/H       Yes    Against  For
                                                           Require a Majority Vote for the
Praxair, Inc.                  PX     74005P104 4/24/2007  Election of Directors                   S/H       Yes    For      Against
Praxair, Inc.                  PX     74005P104 4/24/2007  Elect Director Jose P. Alves            Issuer    Yes    For      For
Praxair, Inc.                  PX     74005P104 4/24/2007  Elect Director Ronald L. Kuehn, Jr.     Issuer    Yes    For      For
Praxair, Inc.                  PX     74005P104 4/24/2007  Elect Director H. Mitchell Watson, Jr.  Issuer    Yes    For      For
Praxair, Inc.                  PX     74005P104 4/24/2007  Elect Director Robert L. Wood           Issuer    Yes    For      For
Praxair, Inc.                  PX     74005P104 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Establish SERP Policy                   S/H       Yes    Against  For
                                                           Report on Racial and Ethnic
Wells Fargo & Company          WFC    949746101 4/24/2007  Disparities in Loan Pricing             S/H       Yes    Against  For
Wells Fargo & Company          WFC    949746101 4/24/2007  Report on Emission Reduction Goals      S/H       Yes    Against  For
Wells Fargo & Company          WFC    949746101 4/24/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Wells Fargo & Company          WFC    949746101 4/24/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Cynthia H. Milligan      Issuer    Yes    Against  Against
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Philip J. Quigley        Issuer    Yes    Against  Against
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Donald B. Rice           Issuer    Yes    Against  Against
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Michael W. Wright        Issuer    Yes    Against  Against
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director John S. Chen             Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Lloyd H. Dean            Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Susan E. Engel           Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Enrique Hernandez, Jr.   Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Robert L. Joss           Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Richard M. Kovacevich    Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Richard D. McCormick     Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Nicholas G. Moore        Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Judith M. Runstad        Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Stephen W. Sanger        Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director Susan G. Swenson         Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Elect Director John G. Stumpf           Issuer    Yes    For      For
Wells Fargo & Company          WFC    949746101 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Declassify the Board of Directors       S/H       Yes    For      Against
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Pay For Superior Performance            S/H       Yes    For      Against
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Elect Director Anne M. Tatlock          Issuer    Yes    For      For
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Elect Director Norman H. Wesley         Issuer    Yes    For      For
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Elect Director Peter M. Wilson          Issuer    Yes    For      For
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For

Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
Fortune Brands,
Inc.                           FO     349631101 4/24/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Link Executive Compensation to
Canadian National Railway                                  Environmental, Social and Governance
Company                        CNR    136375102 4/24/2007  Success                                 S/H       Yes    Against  For
Canadian National Railway                                  Integrate and Conduct a Track Safety
Company                        CNR    136375102 4/24/2007  Audit on BC Rail Operations             S/H       Yes    Against  For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Michael R. Armellino     Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director A. Charles Baillie       Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Hugh J. Bolton           Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director J.V. Raymond Cyr         Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Gordon D. Giffin         Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director James K. Gray            Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director E. Hunter Harrison       Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Edith E. Holiday         Issuer    Yes    For      For
Canadian National Railway                                  Elect Director V. Maureen Kempston
Company                        CNR    136375102 4/24/2007  Darkes                                  Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Robert H. Lee            Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Denis Losier             Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Edward C. Lumley         Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director David G.A. McLean        Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Elect Director Robert Pace              Issuer    Yes    For      For
Canadian National Railway
Company                        CNR    136375102 4/24/2007  Ratify KPMG LLP as Auditors             Issuer    Yes    For      For
Canadian National Railway                                  Amend Management Long Term Incentive
Company                        CNR    136375102 4/24/2007  Plan                                    Issuer    Yes    For      For
                                                           Report on Impact of Operations in
Newmont Mining Corp.           NEM    651639106 4/24/2007  Indonesia                               S/H       Yes    Against  For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Vincent A. Calarco       Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Noreen Doyle             Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Veronica M. Hagen        Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Michael S. Hamson        Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Pierre Lassonde          Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Robert J. Miller         Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Wayne W. Murdy           Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Robin A. Plumbridge      Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director James V. Taranik         Issuer    Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Report on Policies related to Public
Newmont Mining Corp.           NEM    651639106 4/24/2007  Opposition to Mining Operations         S/H       Yes    For      For
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Glen A. Barton           Issuer    Yes    Withhold Against
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director John B. Prescott         Issuer    Yes    Withhold Against
Newmont Mining Corp.           NEM    651639106 4/24/2007  Elect Director Donald C. Roth           Issuer    Yes    Withhold Against
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Report on Charitable Contributions      S/H       Yes    Against  For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Elect Director August A. Busch III      Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Elect Director August A. Busch IV       Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Elect Director Carlos Fernandez G.      Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Elect Director James R. Jones           Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Elect Director Andrew C. Taylor         Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Elect Director Douglas A. Warner III    Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Approve Nonqualified Employee Stock
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Purchase Plan                           Issuer    Yes    For      For
Anheuser-Busch Companies, Inc. BUD    35229103  4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Prohibit Executive Stock-Based Awards   S/H       Yes    Against  For
Bank of America Corp.          BAC    60505104  4/25/2007  Change Size of Board of Directors       S/H       Yes    Against  For
Bank of America Corp.          BAC    60505104  4/25/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director William Barnet, III      Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Frank P. Bramble, Sr.    Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director John T. Collins          Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Gary L. Countryman       Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Tommy R. Franks          Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Charles K. Gifford       Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director W. Steven Jones          Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Kenneth D. Lewis         Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Monica C. Lozano         Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Walter E. Massey         Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Thomas J. May            Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Patricia E. Mitchell     Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Thomas M. Ryan           Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director O. Temple Sloan, Jr.     Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Meredith R. Spangler     Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Robert L. Tillman        Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Elect Director Jackie M. Ward           Issuer    Yes    For      For
Bank of America Corp.          BAC    60505104  4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Adopt Human Rights Policy               S/H       Yes    Against  For
                                                           Adopt Greenhouse Gas Emission
Chevron Corporation            CVX    166764100 4/25/2007  Reduction Goals                         S/H       Yes    Against  For
Chevron Corporation            CVX    166764100 4/25/2007  Adopt Animal Welfare Policy             S/H       Yes    Against  For
                                                           Approve/Amend Terms of Existing
Chevron Corporation            CVX    166764100 4/25/2007  Poison Pill                             S/H       Yes    Against  For
                                                           Report on Market Specific
Chevron Corporation            CVX    166764100 4/25/2007  Environmental Laws                      S/H       Yes    Against  For
Chevron Corporation            CVX    166764100 4/25/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Samuel H. Armacost       Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Linnet F. Deily          Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Robert E. Denham         Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Robert J. Eaton          Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Sam Ginn                 Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Franklyn G. Jenifer      Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Sam Nunn                 Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director David J. O'Reilly        Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Donald B. Rice           Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Peter J. Robertson       Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Kevin W. Sharer          Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Charles R. Shoemate      Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Ronald D. Sugar          Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Elect Director Carl Ware                Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
Chevron Corporation            CVX    166764100 4/25/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
CIGNA Corp.                    CI     125509109 4/25/2007  Elect Director Robert H. Campbell       Issuer    Yes    For      For
CIGNA Corp.                    CI     125509109 4/25/2007  Elect Director Isaiah Harris, Jr.       Issuer    Yes    For      For
CIGNA Corp.                    CI     125509109 4/25/2007  Elect Director Jane E. Henney, M.D.     Issuer    Yes    For      For
CIGNA Corp.                    CI     125509109 4/25/2007  Elect Director Donna F. Zarcone         Issuer    Yes    For      For
CIGNA Corp.                    CI     125509109 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
CIGNA Corp.                    CI     125509109 4/25/2007  Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director Craig S. Donohue         Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director Terrence A. Duffy        Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director Daniel R. Glickman       Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director William P. Miller, II    Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director James E. Oliff           Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director John F. Sandner          Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Elect Director Terry L. Savage          Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
CME Group Inc.                 CME    167760107 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Report on Genetically Modified
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Organisms                               S/H       Yes    Against  For
                                                           Evaluate Community Impact of Plant
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Closures or Layoffs                     S/H       Yes    Against  For
                                                           Report on PFOA Compounds in DuPont
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Products                                S/H       Yes    Against  For
                                                           Report on Lobbying Expenditures
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  related to Environmental Pollution      S/H       Yes    Against  For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Prepare a Global Warming Report         S/H       Yes    Against  For
                                                           Report on Security of Chemical
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Facilities                              S/H       Yes    Against  For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Richard H. Brown         Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Robert A. Brown          Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Bertrand P. Collomb      Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Curtis J. Crawford       Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director John T. Dillon           Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Eleuthere I. du Pont     Issuer    Yes    For      For
                                                           Elect Director Charles O. Holliday,
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Jr.                                     Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Lois D. Juliber          Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Masahisa Naitoh          Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director Sean O'Keefe             Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Elect Director William K. Reilly        Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
E.I. Du Pont De Nemours & Co.  DD     263534109 4/25/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
NRG Energy Inc                 NRG    629377508 4/25/2007  Elect Director David Crane              Issuer    Yes    For      For
NRG Energy Inc                 NRG    629377508 4/25/2007  Elect Director Stephen L. Cropper       Issuer    Yes    For      For
NRG Energy Inc                 NRG    629377508 4/25/2007  Elect Director Maureen Miskovic         Issuer    Yes    For      For
NRG Energy Inc                 NRG    629377508 4/25/2007  Elect Director Thomas H. Weidemeyer     Issuer    Yes    For      For
NRG Energy Inc                 NRG    629377508 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Lee A. Ault, III         Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Neil R. Austrian         Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director David W. Bernauer        Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Abelardo E. Bru          Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Marsha J. Evans          Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director David I. Fuente          Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Brenda J. Gaines         Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Myra M. Hart             Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director W. Scott Hedrick         Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Kathleen Mason           Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Michael J. Myers         Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Elect Director Steve Odland             Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Office Depot, Inc.             ODP    676220106 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Require a Majority Vote for the
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Election of Directors                   S/H       Yes    For      Against
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Daniel P. Amos           Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Richard E. Anthony       Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director James H. Blanchard       Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Richard Y. Bradley       Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Frank W. Brumley         Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Elizabeth W. Camp        Issuer    Yes    For      For
                                                           Elect Director Gardiner W. Garrard,
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Jr.                                     Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director T. Michael Goodrich      Issuer    Yes    For      For
                                                           Elect Director Frederick L. Green,
Synovus Financial Corp.        SNV    87161C105 4/25/2007  III                                     Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director V. Nathaniel Hansford    Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Alfred W. Jones III      Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Mason H. Lampton         Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Elizabeth C. Ogie        Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director H. Lynn Page             Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director J. Neal Purcell          Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director Melvin T. Stith          Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director William B. Turner, Jr.   Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Elect Director James D. Yancey          Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Synovus Financial Corp.        SNV    87161C105 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Declassify the Board of Directors       S/H       Yes    For      Against
                                                           Amend Vote Requirements to Amend
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Articles/Bylaws/Charter                 S/H       Yes    For      Against
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Political Contributions/Activities      S/H       Yes    For      Against
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Elect Director Pedro Aspe               Issuer    Yes    For      For
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Elect Director Robert P. Mcgraw         Issuer    Yes    For      For
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Elect Director H. Ochoa-Brillembourg    Issuer    Yes    For      For
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Elect Director Edward B. Rust, Jr.      Issuer    Yes    For      For
The McGraw-Hill Companies, Inc MHP    580645109 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: GORDON M.
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  BETHUNE.                                Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: WILLIAM W.
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  BRADLEY.                                Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: JOSEPH A.
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  CALIFANO JR.                            Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: ANNA C.
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  CATALANO.                               Issuer    Yes    For      For
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  ELECTION OF DIRECTOR: ERIC G. FRIBERG.  Issuer    Yes    For      For
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  ELECTION OF DIRECTOR: SIR ROY GARDNER.  Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: SIR JEREMY
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  HANLEY.                                 Issuer    Yes    For      For
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  ELECTION OF DIRECTOR: WENDY E. LANE.    Issuer    Yes    For      For
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  ELECTION OF DIRECTOR: JAMES F. MCCANN.  Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: JOSEPH J.
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  PLUMERI.                                Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: DOUGLAS B.
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  ROBERTS.                                Issuer    Yes    For      For
WILLIS GROUP HOLDINGS LTD      WSH    G96655108 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Company-Specific -- Adopt Policy on
General Electric Co.           GE     369604103 4/25/2007  Overboarded Directors                   S/H       Yes    Against  For
                                                           Company-Specific -- One Director from
General Electric Co.           GE     369604103 4/25/2007  the Ranks of Retirees                   S/H       Yes    Against  For
General Electric Co.           GE     369604103 4/25/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
General Electric Co.           GE     369604103 4/25/2007  Report on Charitable Contributions      S/H       Yes    Against  For
General Electric Co.           GE     369604103 4/25/2007  Report on Global Warming                S/H       Yes    Against  For
                                                           Adopt Ethical Criteria for Military
General Electric Co.           GE     369604103 4/25/2007  Contracts                               S/H       Yes    Against  For
General Electric Co.           GE     369604103 4/25/2007  Report on Pay Disparity                 S/H       Yes    Against  For
General Electric Co.           GE     369604103 4/25/2007  Provide for Cumulative Voting           S/H       Yes    For      Against
                                                           Limit Dividend and Dividend
General Electric Co.           GE     369604103 4/25/2007  Equivalent Payments to Executives       S/H       Yes    For      Against
General Electric Co.           GE     369604103 4/25/2007  Elect Director James I. Cash, Jr.       Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director William M. Castell       Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Ann M. Fudge             Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Claudio X. Gonzalez      Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Susan Hockfield          Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Jerry R. Immelt          Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Andrea Jung              Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Alan G. Lafley           Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Robert W. Lane           Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Ralph S. Larsen          Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Rochelle B. Lazarus      Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Sam Nunn                 Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Roger S. Penske          Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Robert J. Swieringa      Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Douglas A. Warner III    Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Elect Director Robert C. Wright         Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Adopt Majority Vote Standard in
General Electric Co.           GE     369604103 4/25/2007  Director Elections                      Issuer    Yes    For      For
General Electric Co.           GE     369604103 4/25/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Company-Specific-Approve Material
                                                           Terms of Senior Officer Performance
General Electric Co.           GE     369604103 4/25/2007  Goals                                   Issuer    Yes    For      For
Ameriprise Financial, Inc.     AMP    03076C106 4/25/2007  Elect Director James M. Cracchiolo      Issuer    Yes    For      For
Ameriprise Financial, Inc.     AMP    03076C106 4/25/2007  Elect Director Warren D. Knowlton       Issuer    Yes    For      For
Ameriprise Financial, Inc.     AMP    03076C106 4/25/2007  Elect Director H. Jay Sarles            Issuer    Yes    For      For
Ameriprise Financial, Inc.     AMP    03076C106 4/25/2007  Elect Director Robert F. Sharpe, Jr.    Issuer    Yes    For      For
Ameriprise Financial, Inc.     AMP    03076C106 4/25/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Ameriprise Financial, Inc.     AMP    03076C106 4/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Disclose Information on Secondhand
Altria Group, Inc.             MO     02209S103 4/26/2007  Smoke                                   S/H       Yes    Against  For
                                                           Cease Add Campaigns Oriented to
Altria Group, Inc.             MO     02209S103 4/26/2007  Prevent Youth Smoking                   S/H       Yes    Against  For
                                                           Cease Production, Promotion, and
Altria Group, Inc.             MO     02209S103 4/26/2007  Marketing of Tobacco Products           S/H       Yes    Against  For
Altria Group, Inc.             MO     02209S103 4/26/2007  Adopt Animal Welfare Policy             S/H       Yes    Against  For
Altria Group, Inc.             MO     02209S103 4/26/2007  Provide for Cumulative Voting           S/H       Yes    For      Against
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Elizabeth E. Bailey      Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Harold Brown             Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Mathis Cabiallavetta     Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Louis C. Camilleri       Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director J. Dudley Fishburn       Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Robert E. R. Huntley     Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Thomas W. Jones          Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director George Munoz             Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Lucio A. Noto            Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director John S. Reed             Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Elect Director Stephen M. Wolf          Issuer    Yes    For      For
Altria Group, Inc.             MO     02209S103 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Avery Dennison Corp.           AVY    053611109 4/26/2007  Elect Director Rolf Borjesson           Issuer    Yes    For      For
Avery Dennison Corp.           AVY    053611109 4/26/2007  Elect Director Peter W. Mullin          Issuer    Yes    For      For
Avery Dennison Corp.           AVY    053611109 4/26/2007  Elect Director Patrick T. Siewert       Issuer    Yes    For      For
Avery Dennison Corp.           AVY    053611109 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Corning Inc.                   GLW    219350105 4/26/2007  Declassify the Board of Directors       S/H       Yes    For      Against
Corning Inc.                   GLW    219350105 4/26/2007  Elect Director Robert F. Cummings, Jr.  Issuer    Yes    For      For
Corning Inc.                   GLW    219350105 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Corning Inc.                   GLW    219350105 4/26/2007  Elect Director Eugene C. Sit            Issuer    Yes    Withhold Against
Corning Inc.                   GLW    219350105 4/26/2007  Elect Director William D. Smithburg     Issuer    Yes    Withhold Against
Corning Inc.                   GLW    219350105 4/26/2007  Elect Director Hansel E. Tookes Ii      Issuer    Yes    Withhold Against
Corning Inc.                   GLW    219350105 4/26/2007  Elect Director Wendell P. Weeks         Issuer    Yes    Withhold Against
E.W. Scripps Co. (The)         SSP    811054204 4/26/2007  Elect Director David A. Galloway        Issuer    Yes    For      For
E.W. Scripps Co. (The)         SSP    811054204 4/26/2007  Elect Director Nicholas B. Paumgarten   Issuer    Yes    For      For
E.W. Scripps Co. (The)         SSP    811054204 4/26/2007  Elect Director Ronald W. Tysoe          Issuer    Yes    For      For
E.W. Scripps Co. (The)         SSP    811054204 4/26/2007  Elect Director Julie A. Wrigley         Issuer    Yes    For      For
                                                           Performance-Based and/or Time-Based
Edison International           EIX    281020107 4/26/2007  Equity Awards                           S/H       Yes    Against  For
Edison International           EIX    281020107 4/26/2007  Elect Director John E. Bryson           Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Vanessa C.L. Chang       Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director France A. Cordova        Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Charles B. Curtis        Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Bradford M. Freeman      Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Luis G. Nogales          Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Ronald L. Olson          Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director James M. Rosser          Issuer    Yes    For      For
                                                           Elect Director Richard T. Schlosberg,
Edison International           EIX    281020107 4/26/2007  III                                     Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Robert H. Smith          Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Elect Director Thomas C. Sutton         Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Edison International           EIX    281020107 4/26/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/26/2007  Elect Director Stephen F. Bollenbach    Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/26/2007  Elect Director Ralph Horn               Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/26/2007  Elect Director Gary W. Loveman          Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/26/2007  Elect Director Boake A. Sells           Issuer    Yes    For      For
Harrah's Entertainment, Inc.   HET    413619107 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director David A. Jones, Jr.      Issuer    Yes    For      For

Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director Frank A. D'Amelio        Issuer    Yes    For      For
Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director W. Roy Dunbar            Issuer    Yes    For      For
Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director Kurt J. Hilzinger        Issuer    Yes    For      For
Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director Michael B. McCallister   Issuer    Yes    For      For
Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director James J. O'Brien         Issuer    Yes    For      For

Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director W. Ann Reynolds          Issuer    Yes    For      For
Humana
Inc.                           HUM    444859102 4/26/2007  Elect Director James O. Robbins         Issuer    Yes    For      For

Humana Inc.                    HUM    444859102 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Submit Supplemental Executive
Johnson & Johnson              JNJ    478160104 4/26/2007  Retirement Plans to Shareholder vote    S/H       Yes    Against  For
                                                           Require a Majority Vote for the
Johnson & Johnson              JNJ    478160104 4/26/2007  Election of Directors                   S/H       Yes    For      Against
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Mary Sue Coleman         Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director James G. Cullen          Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Michael M.E. Johns       Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Arnold G. Langbo         Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Susan L. Lindquist       Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Leo F. Mullin            Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Christine A. Poon        Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Charles Prince           Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director Steven S Reinemund       Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director David Satcher            Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Elect Director William C. Weldon        Issuer    Yes    For      For
Johnson & Johnson              JNJ    478160104 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Adopt ILO Standards                     S/H       Yes    Against  For
                                                           Report on Feasibility of Phasing Out
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  the Use of Non-certified Wood Fiber     S/H       Yes    Against  For
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Adopt Simple Majority Vote              S/H       Yes    For      Against
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Elect Director James M. Jenness         Issuer    Yes    For      For
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Elect Director Linda Johnson Rice       Issuer    Yes    For      For
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Elect Director Marc J. Shapiro          Issuer    Yes    For      For
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Kimberly-Clark Corp.           KMB    494368103 4/26/2007  Declassify the Board of Directors       Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Report on Animal Testing Policies       S/H       Yes    Against  For
Pfizer Inc.                    PFE    717081103 4/26/2007  Amend Animal Welfare Policy             S/H       Yes    Against  For
                                                           Require Director Nominee
Pfizer Inc.                    PFE    717081103 4/26/2007  Qualifications                          S/H       Yes    Against  For
                                                           Restore or Provide for Cumulative
Pfizer Inc.                    PFE    717081103 4/26/2007  Voting                                  S/H       Yes    For      Against
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director Dennis A. Ausiello       Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director Michael S. Brown         Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director M. Anthony Burns         Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director Robert N. Burt           Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director W. Don Cornwell          Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director William H. Gray, III     Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director Constance J. Horner      Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director William R. Howell        Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director Jeffrey B. Kindler       Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director George A. Lorch          Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director Dana G. Mead             Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Elect Director William C. Steere, Jr.   Issuer    Yes    For      For
Pfizer Inc.                    PFE    717081103 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Establish SERP Policy                   S/H       Yes    Against  For
                                                           Require a Majority Vote for the
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Election of Directors                   S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Elect Director Ruben M. Escobedo        Issuer    Yes    For      For
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Elect Director Robert A. Profusek       Issuer    Yes    For      For
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Valero Energy Corp.            VLO    91913Y100 4/26/2007  Elect Director Bob Marbut               Issuer    Yes    Withhold Against
Wyeth                          WYE    983024100 4/26/2007  Adopt Animal Welfare Policy             S/H       Yes    Against  For
                                                           Report on Policy to Limit Drug Supply
Wyeth                          WYE    983024100 4/26/2007  to Canada                               S/H       Yes    Against  For
Wyeth                          WYE    983024100 4/26/2007  Report on Political Contributions       S/H       Yes    Against  For
                                                           Company-Specific - Interlocking
Wyeth                          WYE    983024100 4/26/2007  Directorship                            S/H       Yes    Against  For
                                                           Claw-back of Payments under
Wyeth                          WYE    983024100 4/26/2007  Restatements                            S/H       Yes    For      Against
                                                           Disclose Information-Proposal
Wyeth                          WYE    983024100 4/26/2007  Withdrawn. No Vote Required             S/H       Yes    For      Against
Wyeth                          WYE    983024100 4/26/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Wyeth                          WYE    983024100 4/26/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Wyeth                          WYE    983024100 4/26/2007  Elect Director Robert Essner            Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director John D. Feerick          Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Frances D. Fergusson     Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Victor F. Ganzi          Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Robert Langer            Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director John P. Mascotte         Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Raymond J. McGuire       Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Mary Lake Polan          Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Bernard Poussot          Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Gary L. Rogers           Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Ivan G. Seidenberg       Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director Walter V. Shipley        Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Elect Director John R. Torell III       Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Wyeth                          WYE    983024100 4/26/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Larry D. Brady           Issuer    Yes    For      For
                                                           Elect Director Clarence P. Cazalot,
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Jr.                                     Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Chad C. Deaton           Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Edward P. Djerejian      Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Anthony G. Fernandes     Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Claire W. Gargalli       Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Pierre H. Jungels        Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director James A. Lash            Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director James F. McCall          Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director J. Larry Nichols         Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director H. John Riley, Jr.       Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Elect Director Charles L. Watson        Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Ratify Auditors                         Issuer    Yes    For      For
Baker Hughes Incorporated      BHI    057224107 4/26/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
Abbott Laboratories            ABT    02824100  4/27/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director R.S. Austin              Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director W.M. Daley               Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director W.J. Farrell             Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director H.L. Fuller              Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director R.A. Gonzalez            Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director D.A.L. Owen              Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director B. Powell Jr.            Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director W.A. Reynolds            Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director R.S. Roberts             Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director W.D. Smithburg           Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director G.F. Tilton              Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director M.D. White               Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Ratify Auditors                         Issuer    Yes    For      For
Abbott Laboratories            ABT    02824100  4/27/2007  Elect Director S.C. Scott III           Issuer    Yes    Withhold Against
                                                           Restore or Provide for Cumulative
Aetna Inc.                     AET    00817Y108 4/27/2007  Voting                                  S/H       Yes    Against  For
                                                           Require Director Nominee
Aetna Inc.                     AET    00817Y108 4/27/2007  Qualifications                          S/H       Yes    Against  For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Frank M. Clark           Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Betsy Z. Cohen           Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Molly J. Coye, M.D.      Issuer    Yes    For      For
                                                           Elect Director Barbara Hackman
Aetna Inc.                     AET    00817Y108 4/27/2007  Franklin                                Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Jeffrey E. Garten        Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Earl G. Graves, Sr.      Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Gerald Greenwald         Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Ellen M. Hancock         Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Edward J. Ludwig         Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Joseph P. Newhouse       Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Elect Director Ronald A. Williams       Issuer    Yes    For      For
Aetna Inc.                     AET    00817Y108 4/27/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Company Specific-Majority Vote
                                                           Standard for the Election of
Aetna Inc.                     AET    00817Y108 4/27/2007  Directors in Uncontested Election       Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Report on Political Contributions       S/H       Yes    Against  For
AT&T Inc                       T      00206R102 4/27/2007  Establish SERP Policy                   S/H       Yes    Against  For
                                                           Amend Articles/Bylaws/Charter - Call
AT&T Inc                       T      00206R102 4/27/2007  Special Meetings                        S/H       Yes    For      Against
AT&T Inc                       T      00206R102 4/27/2007  Pay For Superior Performance            S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
AT&T Inc                       T      00206R102 4/27/2007  Executive Officers' Compensation        S/H       Yes    For      Against
AT&T Inc                       T      00206R102 4/27/2007  Elect Director William F. Aldinger III  Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Gilbert F. Amelio        Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Reuben V. Anderson       Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director James H. Blanchard       Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director August A. Busch III      Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director James P. Kelly           Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Charles F. Knight        Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Jon C. Madonna           Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Lynn M. Martin           Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director John B. McCoy            Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Mary S. Metz             Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Toni Rembe               Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Joyce M. Roche           Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Randall L. Stephenson    Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Laura D' Andrea Tyson    Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Patricia P. Upton        Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Elect Director Edward E. Whitacre, Jr.  Issuer    Yes    For      For
AT&T Inc                       T      00206R102 4/27/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Compensation Specific-Severance
AT&T Inc                       T      00206R102 4/27/2007  Payments to Executives                  Issuer    Yes    For      For
Kellogg Co.                    K      487836108 4/27/2007  Prepare a Sustainability Report         S/H       Yes    Against  For
                                                           Require a Majority Vote for the
Kellogg Co.                    K      487836108 4/27/2007  Election of Directors                   S/H       Yes    For      Against
Kellogg Co.                    K      487836108 4/27/2007  Elect Director Benjamin S. Carson, Sr.  Issuer    Yes    For      For
Kellogg Co.                    K      487836108 4/27/2007  Elect Director Gordon Gund              Issuer    Yes    For      For
Kellogg Co.                    K      487836108 4/27/2007  Elect Director Dorothy A. Johnson       Issuer    Yes    For      For
                                                           Elect Director Ann McLaughlin
Kellogg Co.                    K      487836108 4/27/2007  Korologos                               Issuer    Yes    For      For
Kellogg Co.                    K      487836108 4/27/2007  Ratify Auditors                         Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director J.W. Marriott, Jr.       Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director John W. Marriott, III    Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Richard S. Braddock      Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Lawrence W. Kellner      Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Debra L. Lee             Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Floretta Dukes McKenzie  Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director George Munoz             Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Steven S Reinemund       Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Harry J. Pearce          Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director William J. Shaw          Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Elect Director Lawrence M. Small        Issuer    Yes    For      For
Marriott International Inc.    MAR    571903202 4/27/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Restore or Provide for Cumulative
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Voting                                  S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Executive Officers' Compensation        S/H       Yes    For      Against
                                                           Performance-Based and/or Time-Based
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Equity Awards                           S/H       Yes    For      Against
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Elect Director John D. Finnegan         Issuer    Yes    For      For
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Elect Director Joseph W. Prueher        Issuer    Yes    For      For
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Elect Director Ann N. Reese             Issuer    Yes    For      For
Merrill Lynch & Co., Inc.      MER    590188108 4/27/2007  Ratify Auditors                         Issuer    Yes    For      For
XL Capital Ltd                 XL     G98255105 4/27/2007  Elect  Director Joseph Mauriello        Issuer    Yes    For      For
XL Capital Ltd                 XL     G98255105 4/27/2007  Elect  Director Eugene M. Mcquade       Issuer    Yes    For      For
XL Capital Ltd                 XL     G98255105 4/27/2007  Elect  Director Robert S. Parker        Issuer    Yes    For      For
XL Capital Ltd                 XL     G98255105 4/27/2007  Elect  Director Alan Z. Senter          Issuer    Yes    For      For
                                                           TO RATIFY THE APPOINTMENT OF
                                                           PRICEWATERHOUSECOOPERS LLP, NEW YORK,
                                                           NEW YORK TO ACT AS THE INDEPENDENT
                                                           REGISTERED PUBLIC ACCOUNTING FIRM OF
                                                           THE COMPANY FOR THE FISCAL YEAR
XL Capital Ltd                 XL     G98255105 4/27/2007  ENDING DECEMBER 31, 2007.               Issuer    Yes    For      For
Harley-Davidson, Inc.          HOG    412822108 4/28/2007  Elect Director Barry K. Allen           Issuer    Yes    For      For
Harley-Davidson, Inc.          HOG    412822108 4/28/2007  Elect Director Richard I. Beattie       Issuer    Yes    For      For
Harley-Davidson, Inc.          HOG    412822108 4/28/2007  Elect Director Judson C. Green          Issuer    Yes    For      For
Harley-Davidson, Inc.          HOG    412822108 4/28/2007  Ratify Auditors                         Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Report on Foreign Arms Sales            S/H       Yes    Against  For
The Boeing Co.                 BA     097023105 4/30/2007  Adopt Human Rights Policy               S/H       Yes    Against  For
The Boeing Co.                 BA     097023105 4/30/2007  Report on Charitable Contributions      S/H       Yes    Against  For
The Boeing Co.                 BA     097023105 4/30/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Submit Shareholder Rights Plan
The Boeing Co.                 BA     097023105 4/30/2007  (Poison Pill) to Shareholder Vote       S/H       Yes    Against  For
                                                           Claw-back of Payments under
The Boeing Co.                 BA     097023105 4/30/2007  Restatements                            S/H       Yes    Against  For
The Boeing Co.                 BA     097023105 4/30/2007  Report on Political Contributions       S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
The Boeing Co.                 BA     097023105 4/30/2007  Executive Officers' Compensation        S/H       Yes    For      Against
                                                           Performance-Based and/or Time-Based
The Boeing Co.                 BA     097023105 4/30/2007  Equity Awards                           S/H       Yes    For      Against
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director John H. Biggs            Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director John E. Bryson           Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director Arthur D. Collins, Jr.   Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director Linda Z. Cook            Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director William M. Daley         Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director Kenneth M. Duberstein    Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director John F. McDonnell        Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director W. James McNerney, Jr.   Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director Richard D. Nanula        Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director Rozanne L. Ridgway       Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Elect Director Mike S. Zafirovski       Issuer    Yes    For      For
The Boeing Co.                 BA     097023105 4/30/2007  Ratify Auditors                         Issuer    Yes    For      For
Allergan, Inc.                 AGN    018490102 5/1/2007   Elect Director Michael R. Gallagher     Issuer    Yes    For      For
Allergan, Inc.                 AGN    018490102 5/1/2007   Elect Director Gavin S. Herbert         Issuer    Yes    For      For
Allergan, Inc.                 AGN    018490102 5/1/2007   Elect Director Stephen J. Ryan          Issuer    Yes    For      For
Allergan, Inc.                 AGN    018490102 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
Baxter International
Inc.                           BAX    071813109 5/1/2007   Elect Director Blake E. Devitt          Issuer    Yes    For      For
Baxter International
Inc.                           BAX    071813109 5/1/2007   Elect Director John D. Forsyth          Issuer    Yes    For      For

Baxter International
Inc.                           BAX    071813109 5/1/2007   Elect Director Gail D. Fosler           Issuer    Yes    For      For
Baxter International
Inc.                           BAX    071813109 5/1/2007   Elect Director Carole J. Shapazian      Issuer    Yes    For      For
Baxter International
Inc.                           BAX    071813109 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
Baxter International
Inc.                           BAX    071813109 5/1/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Increase Disclosure of Executive
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Compensation                            S/H       Yes    Against  For
                                                           Claw-back of Payments under
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Restatements                            S/H       Yes    Against  For
                                                           Restore or Provide for Cumulative
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Voting                                  S/H       Yes    For      Against
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director Lewis B. Campbell        Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director James M. Cornelius       Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director Louis J. Freeh           Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director Laurie H. Glimcher       Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director Michael Grobstein        Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director Leif Johansson           Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director James D. Robinson III    Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director Vicki L. Sato            Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Elect Director R. Sanders Williams      Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
Bristol-Myers Squibb Co.       BMY    110122108 5/1/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Liberty Media Holding Corp     LCAPA  53071M302 5/1/2007   Approve Omnibus Stock Plan              Issuer    Yes    Against  Against
Liberty Media Holding Corp     LCAPA  53071M302 5/1/2007   Elect Director Robert R. Bennett        Issuer    Yes    For      For
Liberty Media Holding Corp     LCAPA  53071M302 5/1/2007   Elect Director Paul A. Gould            Issuer    Yes    For      For
Liberty Media Holding Corp     LCAPA  53071M302 5/1/2007   Elect Director John C. Malone           Issuer    Yes    For      For
Liberty Media Holding Corp     LCAPA  53071M302 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
Peabody Energy Corp.           BTU    704549104 5/1/2007   Declassify the Board of Directors       S/H       Yes    For      Against
Peabody Energy Corp.           BTU    704549104 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
Peabody Energy Corp.           BTU    704549104 5/1/2007   Elect Director William A. Coley         Issuer    Yes    Withhold Against
Peabody Energy Corp.           BTU    704549104 5/1/2007   Elect Director Irl F. Engelhardt        Issuer    Yes    Withhold Against
Peabody Energy Corp.           BTU    704549104 5/1/2007   Elect Director William C. Rusnack       Issuer    Yes    Withhold Against
Peabody Energy Corp.           BTU    704549104 5/1/2007   Elect Director John F. Turner           Issuer    Yes    Withhold Against
Peabody Energy Corp.           BTU    704549104 5/1/2007   Elect Director Alan H. Washkowitz       Issuer    Yes    Withhold Against
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director Nina V. Fedoroff         Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director David R. Harvey          Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director W. Lee McCollum          Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director Jai P. Nagarkatti        Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director Avi M. Nash              Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director William C. O'Neil, Jr.   Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director Steven M. Paul           Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director J. Pedro Reinhard        Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director Timothy R.G. Sear        Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director D. Dean Spatz            Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Elect Director Barrett A. Toan          Issuer    Yes    For      For
Sigma-Aldrich Corp.            SIAL   826552101 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Alan L. Beller           Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director John H. Dasburg          Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Janet M. Dolan           Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Kenneth M. Duberstein    Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Jay S. Fishman           Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Lawrence G. Graev        Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Patricia L. Higgins      Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Thomas R. Hodgson        Issuer    Yes    For      For
                                                           Elect Director Cleve L.
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Killingsworth, Jr.                      Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Robert I. Lipp           Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Blythe J. McGarvie       Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Glen D. Nelson, M.D.     Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Elect Director Laurie J. Thomsen        Issuer    Yes    For      For
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Company Specific- Majority Vote for
The Travelers Companies, Inc.  TRV    89417E109 5/1/2007   the Election of Directors               Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Report on Emissions                     S/H       Yes    Against  For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director John Whitmire            Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director J. Brett Harvey          Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director William E. Davis         Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director Raj K. Gupta             Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director Patricia A. Hammick      Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director David C. Hardesty, Jr.   Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director John T. Mills            Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director William P. Powell        Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director Joseph T. Williams       Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Ratify Auditors                         Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Amend Omnibus Stock Plan                Issuer    Yes    For      For
Consol Energy, Inc.            CNX    20854P109 5/1/2007   Elect Director James E. Altmeyer, Sr.   Issuer    Yes    Withhold Against
AGL Resources Inc.             ATG    001204106 5/2/2007   Elect Director Thomas D. Bell, Jr.      Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Elect Director Michael J. Durham        Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Elect Director Charles H. Mctier        Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Elect Director Dean R. O'Hare           Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Elect Director D. Raymond Riddle        Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Elect Director Felker W. Ward, Jr.      Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
AGL Resources Inc.             ATG    001204106 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
Allegheny Technologies, Inc.   ATI    01741R102 5/2/2007   Prepare a Sustainability Report         S/H       Yes    Against  For
Allegheny Technologies, Inc.   ATI    01741R102 5/2/2007   Elect Director H. Kent Bowen            Issuer    Yes    For      For
Allegheny Technologies, Inc.   ATI    01741R102 5/2/2007   Elect Director L. Patrick Hassey        Issuer    Yes    For      For
Allegheny Technologies, Inc.   ATI    01741R102 5/2/2007   Elect Director John D. Turner           Issuer    Yes    For      For
Allegheny Technologies, Inc.   ATI    01741R102 5/2/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
Allegheny Technologies, Inc.   ATI    01741R102 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
Brunswick Corp.                BC     117043109 5/2/2007   Elect Director Nolan D. Archibald       Issuer    Yes    For      For
Brunswick Corp.                BC     117043109 5/2/2007   Elect Director Jeffrey L. Bleustein     Issuer    Yes    For      For
Brunswick Corp.                BC     117043109 5/2/2007   Elect Director Graham H. Phillips       Issuer    Yes    For      For
Brunswick Corp.                BC     117043109 5/2/2007   Elect Director Lawrence A. Zimmerman    Issuer    Yes    For      For
Brunswick Corp.                BC     117043109 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
Fluor Corp.                    FLR    343412102 5/2/2007   Elect Director James T. Hackett         Issuer    Yes    For      For
Fluor Corp.                    FLR    343412102 5/2/2007   Elect Director Kent Kresa               Issuer    Yes    For      For
Fluor Corp.                    FLR    343412102 5/2/2007   Elect Director Lord Robin W. Renwick    Issuer    Yes    For      For
Fluor Corp.                    FLR    343412102 5/2/2007   Elect Director Peter S. Watson          Issuer    Yes    For      For
Fluor Corp.                    FLR    343412102 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Pay For Superior Performance            S/H       Yes    For      Against
                                                           Performance-Based and/or Equity Based
General Dynamics Corp.         GD     369550108 5/2/2007   Awards                                  S/H       Yes    For      Against
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Nicholas D. Chabraja     Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director James S. Crown           Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director William P. Fricks        Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Charles H. Goodman       Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Jay L. Johnson           Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director George A. Joulwan        Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Paul G. Kaminski         Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director John M. Keane            Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Deborah J. Lucas         Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Lester L. Lyles          Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Carl E. Mundy, Jr.       Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Elect Director Robert Walmsley          Issuer    Yes    For      For
General Dynamics Corp.         GD     369550108 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Report on Charitable Contributions      S/H       Yes    Against  For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Dina Dublon              Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Victor J. Dzau, M.D.     Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Ray L. Hunt              Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Alberto Ibarguen         Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Arthur C. Martinez       Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Indra K. Nooyi           Issuer    Yes    For      For
                                                           Elect Director Sharon Percy
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Rockefeller                             Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director James J. Schiro          Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Daniel Vasella           Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Elect Director Michael D. White         Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
PepsiCo, Inc.                  PEP    713448108 5/2/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Restore or Provide for Cumulative
Raytheon Co.                   RTN    755111507 5/2/2007   Voting                                  S/H       Yes    For      Against
                                                           Submit Supplemental Executive
Raytheon Co.                   RTN    755111507 5/2/2007   Retirement Plans to Shareholder vote    S/H       Yes    For      Against
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director Barbara M. Barrett       Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director Vernon E. Clark          Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director John M. Deutch           Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director Frederic M. Poses        Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director Michael C. Ruettgers     Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director Ronald L. Skates         Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director William R. Spivey        Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director Linda G. Stuntz          Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Elect Director William H. Swanson       Issuer    Yes    For      For
Raytheon Co.                   RTN    755111507 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
TECO Energy, Inc.              TE     872375100 5/2/2007   Elect Director Joseph P. Lacher         Issuer    Yes    For      For
TECO Energy, Inc.              TE     872375100 5/2/2007   Elect Director Tom L. Rankin            Issuer    Yes    For      For
TECO Energy, Inc.              TE     872375100 5/2/2007   Elect Director William D. Rockford      Issuer    Yes    For      For
TECO Energy, Inc.              TE     872375100 5/2/2007   Elect Director J. Thomas Touchton       Issuer    Yes    For      For
TECO Energy, Inc.              TE     872375100 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Amend EEO Policy to Reference
Expeditors International of                                Discrimination based on Sexual
Washington, Inc.               EXPD   302130109 5/2/2007   Orientation                             S/H       Yes    For      Against
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Approve Stock Option Plan               Issuer    Yes    Against  Against
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director Peter J. Rose            Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director James L.K. Wang          Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director R. Jordan Gates          Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director James J. Casey           Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director Dan P. Kourkoumelis      Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director Michael J. Malone        Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Elect Director John W. Meisenbach       Issuer    Yes    For      For
Expeditors International of                                Amend Qualified Employee Stock
Washington, Inc.               EXPD   302130109 5/2/2007   Purchase Plan                           Issuer    Yes    For      For
Expeditors International of
Washington, Inc.               EXPD   302130109 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Compensation Specific-Adopt Policy
Broadcom Corp.                 BRCM   111320107 5/2/2007   Concerning Backdating Controversy       S/H       Yes    For      Against
                                                           Amend Qualified Employee Stock
Broadcom Corp.                 BRCM   111320107 5/2/2007   Purchase Plan                           Issuer    Yes    Against  Against
Broadcom Corp.                 BRCM   111320107 5/2/2007   Amend Omnibus Stock Plan                Issuer    Yes    Against  Against
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director George L. Farinsky       Issuer    Yes    For      For
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Nancy H. Handel          Issuer    Yes    For      For
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Scott A. McGregor        Issuer    Yes    For      For
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Robert E. Switz          Issuer    Yes    For      For
Broadcom Corp.                 BRCM   111320107 5/2/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Broadcom Corp.                 BRCM   111320107 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Maureen E. Grzelakowski  Issuer    Yes    Withhold Against
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director John Major               Issuer    Yes    Withhold Against
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Alan E. Ross             Issuer    Yes    Withhold Against
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Henry Samueli, Ph.D.     Issuer    Yes    Withhold Against
Broadcom Corp.                 BRCM   111320107 5/2/2007   Elect Director Werner F. Wolfen         Issuer    Yes    Withhold Against
Kohl's                                                     Require a Majority Vote for the
Corp.                          KSS    500255104 5/2/2007   Election of Directors                   S/H       Yes    For      Against
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director Steven A. Burd           Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director Wayne Embry              Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director James D. Ericson         Issuer    Yes    For      For

Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director John F. Herma            Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director William S. Kellogg       Issuer    Yes    For      For

Kohl's Corp.                   KSS    500255104 5/2/2007   Elect Director Kevin Mansell            Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director R. Lawrence Montgomery   Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director Frank V. Sica            Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director Peter M. Sommerhauser    Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director Stephen E. Watson        Issuer    Yes    For      For

Kohl's
Corp.                          KSS    500255104 5/2/2007   Elect Director R. Elton White           Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Ratify Auditors                         Issuer    Yes    For      For

Kohl's
Corp.                          KSS    500255104 5/2/2007   Amend Omnibus Stock Plan                Issuer    Yes    For      For
Kohl's
Corp.                          KSS    500255104 5/2/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Kohl's                                                     Company Specific-Adopt Majority Vote
Corp.                          KSS    500255104 5/2/2007   for Election of Directors               Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director Hector de J. Ruiz        Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director W. Michael Barnes        Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director Bruce L. Claflin         Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director H. Paulett Eberhart      Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director Robert B. Palmer         Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director John E. Caldwell         Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Elect Director Morton L. Topfer         Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
Advanced Micro Devices, Inc.   AMD    007903107 5/3/2007   Increase Authorized Common Stock        Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Pay For Superior Performance            S/H       Yes    For      Against
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director W. Don Cornwell          Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Edward T. Fogarty        Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Fred Hassan              Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Andrea Jung              Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Maria Elena Lagomasino   Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Ann S. Moore             Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Paul S. Pressler         Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Gary M. Rodkin           Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Paula Stern              Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Elect Director Lawrence A. Weinbach     Issuer    Yes    For      For
Avon Products, Inc.            AVP    054303102 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Amend Articles/Bylaws/Charter-Adopt
Avon Products, Inc.            AVP    054303102 5/3/2007   Majority Voting                         Issuer    Yes    For      For
                                                           Amend EEO Statement to Include
Robert Half International Inc. RHI    770323103 5/3/2007   Reference to Sexual Orientation         S/H       Yes    Against  For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director Andrew S. Berwick, Jr.   Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director Frederick P. Furth       Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director Edward W. Gibbons        Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director Harold M. Messmer, Jr.   Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director Thomas J. Ryan           Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director J. Stephen Schaub        Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Elect Director M. Keith Waddell         Issuer    Yes    For      For
Robert Half International Inc. RHI    770323103 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
Sovereign Bancorp, Inc.        SOV    845905108 5/3/2007   Elect Director P. Michael Ehlerman      Issuer    Yes    For      For
Sovereign Bancorp, Inc.        SOV    845905108 5/3/2007   Elect Director Andrew C. Hove, Jr.      Issuer    Yes    For      For
Sovereign Bancorp, Inc.        SOV    845905108 5/3/2007   Elect Director Juan Rodriguez-Inciarte  Issuer    Yes    For      For
Sovereign Bancorp, Inc.        SOV    845905108 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Opt Out of State's Control Share
Sovereign Bancorp, Inc.        SOV    845905108 5/3/2007   Acquisition Law                         Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Limit Executive Compensation            S/H       Yes    Against  For
                                                           Disclose Information on Compensation
Verizon Communications         VZ     92343V104 5/3/2007   Consultant                              S/H       Yes    Against  For
Verizon Communications         VZ     92343V104 5/3/2007   Adopt Policy on Overboarded Director    S/H       Yes    Against  For
Verizon Communications         VZ     92343V104 5/3/2007   Approve Terms of Existing Poison Pill   S/H       Yes    Against  For
Verizon Communications         VZ     92343V104 5/3/2007   Report on Charitable Contributions      S/H       Yes    Against  For
                                                           Eliminate or Restrict Severance
Verizon Communications         VZ     92343V104 5/3/2007   Agreements (Change-in-Control)          S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Verizon Communications         VZ     92343V104 5/3/2007   Executive Officer's Compensation        S/H       Yes    For      Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Richard L. Carrion       Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Robert W. Lane           Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Joseph Neubauer          Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Clarence Otis, Jr.       Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Ivan G. Seidenberg       Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Walter V. Shipley        Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director John R. Stafford         Issuer    Yes    Against  Against
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director James R. Barker          Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director M. Frances Keeth         Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Sandra O. Moose          Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Donald T. Nicolaisen     Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Thomas H. O'Brien        Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Hugh B. Price            Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director John W. Snow             Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Elect Director Robert D. Storey         Issuer    Yes    For      For
Verizon Communications         VZ     92343V104 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Amend Articles/Bylaws/Charter -- Call
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Special Meetings                        S/H       Yes    For      Against
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Pay for Superior Performance            S/H       Yes    For      Against
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director John T. Cahill           Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director Jill K. Conway           Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director Ellen M. Hancock         Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director David W. Johnson         Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director Richard J. Kogan         Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director Delano E. Lewis          Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director Reuben Mark              Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Elect Director J. Pedro Reinhard        Issuer    Yes    For      For
Colgate-Palmolive Co.          CL     194162103 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Limit Composition of Committee(s) to
EMC Corp.                      EMC    268648102 5/3/2007   Independent Directors                   S/H       Yes    Against  For
EMC Corp.                      EMC    268648102 5/3/2007   Pay For Superior Performance            S/H       Yes    Against  For
                                                           Require a Majority Vote for the
EMC Corp.                      EMC    268648102 5/3/2007   Election of Directors                   S/H       Yes    For      Against
                                                           Company Specific-Adopt Simple
EMC Corp.                      EMC    268648102 5/3/2007   Majority Vote                           S/H       Yes    For      Against
EMC Corp.                      EMC    268648102 5/3/2007   Elect Director Michael W. Brown         Issuer    Yes    For      For
EMC Corp.                      EMC    268648102 5/3/2007   Elect Director John R. Egan             Issuer    Yes    For      For
EMC Corp.                      EMC    268648102 5/3/2007   Elect Director David N. Strohm          Issuer    Yes    For      For
EMC Corp.                      EMC    268648102 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
EMC Corp.                      EMC    268648102 5/3/2007   Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
EMC Corp.                      EMC    268648102 5/3/2007   Purchase Plan                           Issuer    Yes    For      For
EMC Corp.                      EMC    268648102 5/3/2007   Declassify the Board of Directors       Issuer    Yes    For      For
                                                           Require a Majority Vote for the
Union Pacific Corp.            UNP    907818108 5/3/2007   Election of Directors                   S/H       Yes    For      Against
Union Pacific Corp.            UNP    907818108 5/3/2007   Report on Political Contributions       S/H       Yes    For      Against
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Andrew H. Card, Jr.      Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Erroll B. Davis, Jr.     Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Thomas J. Donohue        Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Archie W. Dunham         Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Judith Richards Hope     Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Charles C. Krulak        Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Michael W. McConnell     Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Thomas F. McLarty III    Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director Steven R. Rogel          Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Elect Director James R. Young           Issuer    Yes    For      For
Union Pacific Corp.            UNP    907818108 5/3/2007   Ratify Auditors                         Issuer    Yes    For      For
Ecolab, Inc.                   ECL    278865100 5/4/2007   Elect Director Richard U. DeSchutter    Issuer    Yes    For      For
Ecolab, Inc.                   ECL    278865100 5/4/2007   Elect Director Joel W. Johnson          Issuer    Yes    For      For
Ecolab, Inc.                   ECL    278865100 5/4/2007   Elect Director Beth M. Pritchard        Issuer    Yes    For      For
Ecolab, Inc.                   ECL    278865100 5/4/2007   Elect Director Hans Van Bylen           Issuer    Yes    For      For
Ecolab, Inc.                   ECL    278865100 5/4/2007   Ratify Auditors                         Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Report on Political Contributions       S/H       Yes    Against  For
Entergy Corp.                  ETR    29364G103 5/4/2007   Limit Executive Compensation            S/H       Yes    Against  For
                                                           Elect Director Maureen Scannell
Entergy Corp.                  ETR    29364G103 5/4/2007   Bateman                                 Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director W. Frank Blount          Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director Simon D. DeBree          Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director Gary W. Edwards          Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director Alexis M. Herman         Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director Donald C. Hintz          Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director J. Wayne Leonard         Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director Stuart L. Levenick       Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director James R. Nichols         Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director William A. Percy, II     Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director W.J. Tauzin              Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Elect Director Steven V. Wilkinson      Issuer    Yes    For      For
Entergy Corp.                  ETR    29364G103 5/4/2007   Ratify Auditors                         Issuer    Yes    For      For
FMC Technologies, Inc.         FTI    30249U101 5/4/2007   Elect Director Asbjorn Larsen           Issuer    Yes    For      For
FMC Technologies, Inc.         FTI    30249U101 5/4/2007   Elect Director Joseph H. Netherland     Issuer    Yes    For      For
FMC Technologies, Inc.         FTI    30249U101 5/4/2007   Elect Director James R. Thompson        Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director William F. Aldinger      Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Michael J. Birck         Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Marvin D. Brailsford     Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Susan Crown              Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Don H. Davis, Jr.        Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Robert C. McCormack      Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Robert S. Morrison       Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director James A. Skinner         Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director Harold B. Smith          Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Elect Director David B. Speer           Issuer    Yes    For      For
Illinois Tool Works Inc.       ITW    452308109 5/4/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Publish a Scientific Global Warming
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Report                                  S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Executive Officers Compensation         S/H       Yes    For      Against
                                                           Performance-Based and/or Time-Based
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Equity Awards                           S/H       Yes    For      Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Spencer Abraham          Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director John S. Chalsty          Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director R. Chad Dreier           Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Irvin W. Maloney         Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Rodolfo Segovia          Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Rosemary Tomich          Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Amend Omnibus Stock Plan                Issuer    Yes    Against  Against
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Ronald W. Burkle         Issuer    Yes    For      For
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Edward P. Djerejian      Issuer    Yes    For      For
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director John E. Feick            Issuer    Yes    For      For
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Ray R. Irani             Issuer    Yes    For      For
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Aziz D. Syriani          Issuer    Yes    For      For
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Elect Director Walter L. Weisman        Issuer    Yes    For      For
Occidental Petroleum Corp.     OXY    674599105 5/4/2007   Ratify Auditors                         Issuer    Yes    For      For
Motorola,                                                  Advisory Vote to Ratify Named
Inc.                           MOT    620076109 5/7/2007   Executive Officers' Compensation        S/H       Yes    Do Not VoNA
Motorola,                                                  Claw-back of Payments under
Inc.                           MOT    620076109 5/7/2007   Restatements                            S/H       Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director E. Zander                Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director D. Dorman                Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director J. Lewent                Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director T. Meredith              Issuer    Yes    Do Not VoNA

Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director N. Negroponte            Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director S. Scott, III            Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director R. Sommer                Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director J. Stengel               Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director D. Warner, III           Issuer    Yes    Do Not VoNA

Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director J. White                 Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director M. White                 Issuer    Yes    Do Not VoNA
                                                           Amend Qualified Employee Stock
Motorola, Inc.                 MOT    620076109 5/7/2007   Purchase Plan                           Issuer    Yes    Do Not VoNA
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director Carl C. Icahn            Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director E. Zander                Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director D. Dorman                Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director J. Lewent                Issuer    Yes    For      For

Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director T. Meredith              Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director N. Negroponte            Issuer    Yes    For      For

Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director S. Scott, III            Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director R. Sommer                Issuer    Yes    For      For

Motorola, Inc.                 MOT    620076109 5/7/2007   Elect Director J. Stengel               Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director D. Warner, III           Issuer    Yes    For      For
Motorola,
Inc.                           MOT    620076109 5/7/2007   Elect Director M. White                 Issuer    Yes    For      For
Motorola,                                                  Advisory Vote to Ratify Named
Inc.                           MOT    620076109 5/7/2007   Executive Officers' Compensation        S/H       Yes    For      For
Motorola,                                                  Amend Qualified Employee Stock
Inc.                           MOT    620076109 5/7/2007   Purchase Plan                           Issuer    Yes    For      NA
                                                           Claw-back of Payments under
Motorola, Inc.                 MOT    620076109 5/7/2007   Restatements                            S/H       Yes    For      NA
Zimmer Holdings Inc            ZMH    98956P102 5/7/2007   Adopt Simple Majority Vote              S/H       Yes    For      Against
Zimmer Holdings Inc            ZMH    98956P102 5/7/2007   Elect Director Larry C. Glasscock       Issuer    Yes    For      For
Zimmer Holdings Inc            ZMH    98956P102 5/7/2007   Elect Director John L. McGoldrick       Issuer    Yes    For      For
Zimmer Holdings Inc            ZMH    98956P102 5/7/2007   Ratify Auditors                         Issuer    Yes    For      For
Zimmer Holdings Inc            ZMH    98956P102 5/7/2007   Declassify the Board of Directors       Issuer    Yes    For      For
International Paper Co.        IP     460146103 5/7/2007   Elect Directors David J. Bronczek       Issuer    Yes    For      For
International Paper Co.        IP     460146103 5/7/2007   Elect Directors Martha F. Brooks        Issuer    Yes    For      For
International Paper Co.        IP     460146103 5/7/2007   Elect Directors Lynn Laverty Elsenhans  Issuer    Yes    For      For
International Paper Co.        IP     460146103 5/7/2007   Elect Directors John L. Townsend, III   Issuer    Yes    For      For
International Paper Co.        IP     460146103 5/7/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Require a Majority Vote for the
International Paper Co.        IP     460146103 5/7/2007   Election of Directors                   S/H       Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Jeffrey M. Peek          Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Gary C. Butler           Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director William M. Freeman       Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Susan Lyne               Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Marianne Miller Parrs    Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Timothy M. Ring          Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director John R. Ryan             Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Seymour Sternberg        Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Peter J. Tobin           Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Elect Director Lois M. Van Deusen       Issuer    Yes    For      For
CIT Group Inc                  CIT    125581108 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Other Business                          Issuer    Yes    Against  Against
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director James DeFranco           Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Michael T. Dugan         Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Cantey Ergen             Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Charles W. Ergen         Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Steven R. Goodbarn       Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Gary S. Howard           Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director David K. Moskowitz       Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Tom A. Ortolf            Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director C.Michael Schroeder      Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Elect Director Carl E. Vogel            Issuer    Yes    For      For
Echostar Communications Corp.  DISH   278762109 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Mary Taylor Behrens      Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Joseph F. Damico         Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Stephen L. Guillard      Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director William H. Longfield     Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Paul A. Ormond           Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director John T. Schwieters       Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Richard C. Tuttle        Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Gail R. Wilensky, Ph.D   Issuer    Yes    For      For
Manor Care, Inc.               HCR    564055101 5/8/2007   Elect Director Thomas L. Young          Issuer    Yes    For      For
Masco Corporation              MAS    574599106 5/8/2007   Elect Director Dennis W. Archer         Issuer    Yes    For      For
Masco Corporation              MAS    574599106 5/8/2007   Elect Director Anthony F. Earley, Jr.   Issuer    Yes    For      For
Masco Corporation              MAS    574599106 5/8/2007   Elect Director Lisa A. Payne            Issuer    Yes    For      For
Masco Corporation              MAS    574599106 5/8/2007   Elect Director Peter A. Dow             Issuer    Yes    For      For
Masco Corporation              MAS    574599106 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director Thomas W. Cason          Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director A.D. (Pete) Correll      Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director Terry G. Dallas          Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director Thomas H. Johnson        Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director John T. Miller           Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director Edward R. Muller         Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director Robert C. Murray         Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director John M. Quain            Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Elect Director William L. Thacker       Issuer    Yes    For      For
Mirant Corp                    MIR.XA 60467R100 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Frederic K. Becker       Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Gordon M. Bethune        Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Gaston Caperton          Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Gilbert F. Casellas      Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director James G. Cullen          Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director William H. Gray, III     Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Jon F. Hanson            Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Constance J. Horner      Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Karl J. Krapek           Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Christine A. Poon        Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director Arthur F. Ryan           Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Elect Director James A. Unruh           Issuer    Yes    For      For
Prudential Financial Inc       PRU    744320102 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Wynn Resorts Ltd               WYNN   983134107 5/8/2007   Elect Director Stephen A. Wynn          Issuer    Yes    For      For
Wynn Resorts Ltd               WYNN   983134107 5/8/2007   Elect Director Alvin V. Shoemaker       Issuer    Yes    For      For
Wynn Resorts Ltd               WYNN   983134107 5/8/2007   Elect Director D. Boone Wayson          Issuer    Yes    For      For
Wynn Resorts Ltd               WYNN   983134107 5/8/2007   Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
Wynn Resorts Ltd               WYNN   983134107 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Submit Severance Agreement (Change in
Exelon Corp.                   EXC    30161N101 5/8/2007   Control) to shareholder Vote            S/H       Yes    For      Against
Exelon Corp.                   EXC    30161N101 5/8/2007   Elect Director Nicholas DeBenedictis    Issuer    Yes    Against  Against
Exelon Corp.                   EXC    30161N101 5/8/2007   Elect Director Sue L. Gin               Issuer    Yes    For      For
                                                           Elect Director William C. Richardson,
Exelon Corp.                   EXC    30161N101 5/8/2007   Ph.D.                                   Issuer    Yes    For      For
Exelon Corp.                   EXC    30161N101 5/8/2007   Elect Director Thomas J. Ridge          Issuer    Yes    For      For
Exelon Corp.                   EXC    30161N101 5/8/2007   Elect Director Don Thompson             Issuer    Yes    For      For
Exelon Corp.                   EXC    30161N101 5/8/2007   Elect Director Stephen D. Steinour      Issuer    Yes    For      For
Exelon Corp.                   EXC    30161N101 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Exelon Corp.                   EXC    30161N101 5/8/2007   Declassify the Board of Directors       Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Pay For Superior Performance            S/H       Yes    For      Against
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Linda G. Alvarado        Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director George W. Buckley        Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Vance D. Coffman         Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Michael L. Eskew         Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director W. James Farrell         Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Herbert L. Henkel        Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Edward M. Liddy          Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Robert S. Morrison       Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Aulana L. Peters         Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Elect Director Rozanne L. Ridgway       Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Rescind Fair Price Provision            Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
3M CO                          MMM    88579Y101 5/8/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Stock Retention/Holding Period          S/H       Yes    Against  For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Approve Repricing of Options            Issuer    Yes    Against  Against
Boston Scientific Corp.        BSX    101137107 5/8/2007   Other Business                          Issuer    Yes    Against  Against
Boston Scientific Corp.        BSX    101137107 5/8/2007   Elect Director Ursula M. Burns          Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Elect Director Marye Anne Fox           Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Elect Director N.J. Nicholas, Jr.       Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Elect Director John E. Pepper           Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Declassify the Board of Directors       Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Approve Increase in Size of Board       Issuer    Yes    For      For
Boston Scientific Corp.        BSX    101137107 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Provide for Cumulative Voting           S/H       Yes    Against  For
Loews Corp.                    LTR    540424108 5/8/2007   Social Proposal                         S/H       Yes    Against  For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Ann E. Berman            Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Joseph L. Bower          Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Charles M. Diker         Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Paul J. Fribourg         Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Walter L. Harris         Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Philip A. Laskawy        Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Gloria R. Scott          Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Andrew H. Tisch          Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director James S. Tisch           Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Elect Director Jonathan M. Tisch        Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Ratify Auditors                         Issuer    Yes    For      For
Loews Corp.                    LTR    540424108 5/8/2007   Amend Executive Incentive Bonus Plan    Issuer    Yes    For      For
                                                           APPROVAL OF THE 2006 ANNUAL REPORT
                                                           AND ACCOUNTS OF ALCON, INC. AND THE
                                                           2006 CONSOLIDATED FINANCIAL
                                                           STATEMENTS OF ALCON, INC. AND
Alcon Inc.                     ACL    H01301102 5/9/2007   SUBSIDIARIES                            Issuer    No              NA
                                                           APPROVAL OF THE 2006 ANNUAL REPORT
                                                           AND ACCOUNTS OF ALCON, INC. AND THE
                                                           2006 CONSOLIDATED FINANCIAL
                                                           STATEMENTS OF ALCON, INC. AND
Alcon Inc.                     ACL    H01301102 5/9/2007   SUBSIDIARIES                            Issuer    No              NA
                                                           APPROPRIATION OF AVAILABLE EARNINGS
                                                           AND PROPOSED DIVIDEND TO SHAREHOLDERS
Alcon Inc.                     ACL    H01301102 5/9/2007   FOR THE FINANCIAL YEAR 2006             Issuer    No              NA
                                                           APPROPRIATION OF AVAILABLE EARNINGS
                                                           AND PROPOSED DIVIDEND TO SHAREHOLDERS
Alcon Inc.                     ACL    H01301102 5/9/2007   FOR THE FINANCIAL YEAR 2006             Issuer    No              NA
                                                           DISCHARGE OF THE MEMBERS OF THE BOARD
                                                           OF DIRECTORS FOR THE FINANCIAL YEAR
Alcon Inc.                     ACL    H01301102 5/9/2007   2006                                    Issuer    No              NA
                                                           DISCHARGE OF THE MEMBERS OF THE BOARD
                                                           OF DIRECTORS FOR THE FINANCIAL YEAR
Alcon Inc.                     ACL    H01301102 5/9/2007   2006                                    Issuer    No              NA
                                                           ELECTION OF KPMG KLYNVELD PEAT
                                                           MARWICK GOERDELER SA, ZURICH, AS
Alcon Inc.                     ACL    H01301102 5/9/2007   GROUP AND PARENT COMPANY AUDITORS       Issuer    No              NA
                                                           ELECTION OF KPMG KLYNVELD PEAT
                                                           MARWICK GOERDELER SA, ZURICH, AS
Alcon Inc.                     ACL    H01301102 5/9/2007   GROUP AND PARENT COMPANY AUDITORS       Issuer    No              NA
                                                           ELECTION OF ZENSOR REVISIONS AG, ZUG,
Alcon Inc.                     ACL    H01301102 5/9/2007   AS SPECIAL AUDITORS                     Issuer    No              NA
                                                           ELECTION OF ZENSOR REVISIONS AG, ZUG,
Alcon Inc.                     ACL    H01301102 5/9/2007   AS SPECIAL AUDITORS                     Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   WERNER J. BAUER                         Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   WERNER J. BAUER                         Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   FRANCISCO CASTANER                      Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   FRANCISCO CASTANER                      Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   LODEWIJK J.R. DE VINK                   Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   LODEWIJK J.R. DE VINK                   Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   GERHARD N. MAYR                         Issuer    No              NA
                                                           ELECTION TO THE BOARD OF DIRECTORS:
Alcon Inc.                     ACL    H01301102 5/9/2007   GERHARD N. MAYR                         Issuer    No              NA
Alcon Inc.                     ACL    H01301102 5/9/2007   APPROVAL OF SHARE CANCELLATION          Issuer    No              NA
Alcon Inc.                     ACL    H01301102 5/9/2007   APPROVAL OF SHARE CANCELLATION          Issuer    No              NA
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director Raymond P. Dolan         Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director Ronald M. Dykes          Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director Carolyn F. Katz          Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director Gustavo Lara Cantu       Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director Pamela D.A. Reeve        Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director David E. Sharbutt        Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director James D. Taiclet, Jr.    Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Elect Director Samme L. Thompson        Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
American Tower Corp.           AMT    29912201  5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Develop an Animal Welfare Policy        S/H       Yes    Against  For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Prepare a Sustainability Report         S/H       Yes    Against  For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Elect Director Frank J. Biondi, Jr.     Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Elect Director Jerry D. Choate          Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Elect Director Frank C. Herringer       Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Elect Director Gilbert S. Omenn         Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Declassify the Board of Directors       Issuer    Yes    For      For
Amgen, Inc.                    AMGN   31162100  5/9/2007   Declassify the Board of Directors       Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director Paul Berg                Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director John F. Cogan            Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director Etienne F. Davignon      Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director James M. Denny           Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director Carla A. Hills           Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director John W. Madigan          Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director John C. Martin           Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director Gordon E. Moore          Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director Nicholas Moore           Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Elect Director Gayle E. Wilson          Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Gilead Sciences, Inc.          GILD   375558103 5/9/2007   Purchase Plan                           Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director Frank W. Blue            Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director Claiborne P. Deming      Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director Robert A. Hermes         Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director James V. Kelley          Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director R. Madison Murphy        Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director William C. Nolan, Jr.    Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director Ivar B. Ramberg          Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director Neal E. Schmale          Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Director David J. H. Smith        Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Elect Directors Caroline G. Theus       Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Approve Omnibus Stock Plan              Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Murphy Oil Corp.               MUR    626717102 5/9/2007   Purchase Plan                           Issuer    Yes    For      For
Murphy Oil Corp.               MUR    626717102 5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Report on Political Contributions       S/H       Yes    Against  For
ConocoPhillips                 COP    20825C104 5/9/2007   Report on Renewable Energy Sources      S/H       Yes    Against  For
                                                           Require Director Nominee
ConocoPhillips                 COP    20825C104 5/9/2007   Qualifications                          S/H       Yes    Against  For
                                                           Report on Environmental Damage from
                                                           Drilling in the National Petroleum
ConocoPhillips                 COP    20825C104 5/9/2007   Reserve                                 S/H       Yes    Against  For
                                                           Report on Indigenous Peoples Rights
ConocoPhillips                 COP    20825C104 5/9/2007   Policies                                S/H       Yes    Against  For
                                                           Report on Community Impact of
ConocoPhillips                 COP    20825C104 5/9/2007   Operations                              S/H       Yes    Against  For
ConocoPhillips                 COP    20825C104 5/9/2007   Elect Director James E. Copeland, Jr.   Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Elect Director Kenneth M. Duberstein    Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Elect Director Ruth R. Harkin           Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Elect Director William R. Rhodes        Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Elect Director J. Stapleton Roy         Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Elect Director William E. Wade, Jr.     Issuer    Yes    For      For
ConocoPhillips                 COP    20825C104 5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Limit Executive Compensation            S/H       Yes    Against  For
CVS Caremark Corp              CVS    126650100 5/9/2007   Prepare Sustainability Report           S/H       Yes    Against  For
                                                           Disclose Information on Compensation
CVS Caremark Corp              CVS    126650100 5/9/2007   Consultant                              S/H       Yes    Against  For
CVS Caremark Corp              CVS    126650100 5/9/2007   Separate Chairman and CEO Positions     S/H       Yes    For      Against
                                                           Compensation Specific- Policy on
CVS Caremark Corp              CVS    126650100 5/9/2007   Stock Option Grants/Option Backdating   S/H       Yes    For      Against
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Roger L. Headrick        Issuer    Yes    Against  Against
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director C.A. Lance Piccolo       Issuer    Yes    Against  Against
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Edwin M. Banks           Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director C. David Brown II        Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Edwin Mac Crawford       Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director David W. Dorman          Issuer    Yes    For      For
                                                           Elect Director Kristen E. Gibney
CVS Caremark Corp              CVS    126650100 5/9/2007   Williams                                Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Marian L. Heard          Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director William H. Joyce         Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Jean-Pierre Million      Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Terrence Murray          Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Sheli Z. Rosenberg       Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Thomas M. Ryan           Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Elect Director Richard J. Swift         Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
CVS Caremark Corp              CVS    126650100 5/9/2007   Purchase Plan                           Issuer    Yes    For      For
CVS Caremark Corp              CVS    126650100 5/9/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Tribune
Co.                            TRB    896047107 5/9/2007   Declassify the Board of Directors       S/H       Yes    For      Against
Tribune
Co.                            TRB    896047107 5/9/2007   Elect Director Jeffrey Chandler         Issuer    Yes    For      For
Tribune
Co.                            TRB    896047107 5/9/2007   Elect Director William A. Osborn        Issuer    Yes    For      For

Tribune
Co.                            TRB    896047107 5/9/2007   Elect Director Miles D. White           Issuer    Yes    For      For
Tribune
Co.                            TRB    896047107 5/9/2007   Ratify Auditors                         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director William Barnet, III      Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director G. Alex Bernhardt, Sr.   Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director Michael G. Browning      Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director Phillip R. Cox           Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director Ann Maynard Gray         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director James H. Hance, Jr       Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director James T. Rhodes          Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director James E. Rogers          Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director Mary L. Schapiro         Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Elect Director Dudley S. Taft           Issuer    Yes    For      For
Duke Energy Corp.              DUK    26441C105 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Adopt Policies to Protect Freedom of
Google Inc                     GOOG   38259P508 5/10/2007  Access to the Internet                  S/H       Yes    Against  For
Google Inc                     GOOG   38259P508 5/10/2007  Amend Omnibus Stock Plan                Issuer    Yes    Against  Against
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Eric Schmidt             Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Sergey Brin              Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Larry Page               Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director L. John Doerr            Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director John L. Hennessy         Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Arthur D. Levinson       Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Ann Mather               Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Paul S. Otellini         Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director K. Ram Shriram           Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Elect Director Shirley M. Tilghman      Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
Google Inc                     GOOG   38259P508 5/10/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Charles R. Crisp         Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Jean-Marc Forneri        Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Fred W. Hatfield         Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Terrence F. Martell      Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Sir Robert Reid          Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Frederic V. Salerno      Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director R.L. Sandor              Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Frederick W. Schoenhut   Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Jeffrey C. Sprecher      Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Judith A. Sprieser       Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Elect Director Vincent Tese             Issuer    Yes    For      For
IntercontinentalExchange, Inc. ICE    45865V100 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
Norfolk Southern Corp.         NSC    655844108 5/10/2007  Elect Director Alston D. Correll        Issuer    Yes    For      For
Norfolk Southern Corp.         NSC    655844108 5/10/2007  Elect Director Landon Hilliard          Issuer    Yes    For      For
Norfolk Southern Corp.         NSC    655844108 5/10/2007  Elect Director Burton M. Joyce          Issuer    Yes    For      For
Norfolk Southern Corp.         NSC    655844108 5/10/2007  Elect Director Jane Margaret O' Brien   Issuer    Yes    For      For
Norfolk Southern Corp.         NSC    655844108 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Require a Majority Vote for the
Nucor Corp.                    NUE    670346105 5/10/2007  Election of Directors                   S/H       Yes    For      Against
Nucor Corp.                    NUE    670346105 5/10/2007  Elect Director Daniel R. DiMicco        Issuer    Yes    For      For
Nucor Corp.                    NUE    670346105 5/10/2007  Elect Director James D. Hlavacek        Issuer    Yes    For      For
Nucor Corp.                    NUE    670346105 5/10/2007  Elect Director Raymond J. Milchovich    Issuer    Yes    For      For
Nucor Corp.                    NUE    670346105 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Report on Remediation Policies in
The Dow Chemical Company       DOW    260543103 5/10/2007  Bhopal                                  S/H       Yes    Against  For
                                                           Report on Genetically Modified
The Dow Chemical Company       DOW    260543103 5/10/2007  Organisms                               S/H       Yes    Against  For
The Dow Chemical Company       DOW    260543103 5/10/2007  Report on Environmental Remediation     S/H       Yes    Against  For
                                                           Evaluate Potential Links Between
The Dow Chemical Company       DOW    260543103 5/10/2007  Company Products and Asthma             S/H       Yes    Against  For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Arnold A. Allemang       Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Jacqueline K. Barton     Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director James A. Bell            Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Jeff M. Fettig           Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Barbara H. Franklin      Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director John B. Hess             Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Andrew N. Liveris        Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Geoffery E. Merszei      Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director James M. Ringler         Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Ruth G. Shaw             Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Elect Director Paul G. Stern            Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
The Dow Chemical Company       DOW    260543103 5/10/2007  WITHDRAWN                               Issuer    Yes    Withhold NA
Transocean Inc.                RIG    G90078109 5/10/2007  ELECTION OF DIRECTOR: ROBERT L. LONG    Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: MARTIN B.
Transocean Inc.                RIG    G90078109 5/10/2007  MCNAMARA                                Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: ROBERT M.
Transocean Inc.                RIG    G90078109 5/10/2007  SPRAGUE                                 Issuer    Yes    For      For
                                                           ELECTION OF DIRECTOR: J. MICHAEL
Transocean Inc.                RIG    G90078109 5/10/2007  TALBERT                                 Issuer    Yes    For      For
                                                           APPROVAL OF THE APPOINTMENT OF ERNST
                                                           & YOUNG LLP TO SERVE AS OUR
                                                           INDEPENDENT REGISTERED PUBLIC
Transocean Inc.                RIG    G90078109 5/10/2007  ACCOUNTING FIRM FOR 2007.               Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Michael J. Burns         Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director D. Scott Davis           Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Stuart E. Eizenstat      Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Michael L. Eskew         Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Ann M. Livermore         Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Victor A. Pelson         Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director John W. Thompson         Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Carol B. Tome            Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director Ben Verwaayen            Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
United Parcel Service, Inc.    UPS    911312106 5/10/2007  Elect Director James P. Kelly           Issuer    Yes    Withhold Against
Western Union Co               WU     959802109 5/10/2007  Elect Director Dinyar S. Devitre        Issuer    Yes    For      For
Western Union Co               WU     959802109 5/10/2007  Elect Director Betsy D. Holden          Issuer    Yes    For      For
Western Union Co               WU     959802109 5/10/2007  Elect Director Christina A. Gold        Issuer    Yes    For      For
Western Union Co               WU     959802109 5/10/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Western Union Co               WU     959802109 5/10/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Western Union Co               WU     959802109 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Increase Disclosure of Executive
Ford Motor Company             F      345370860 5/10/2007  Compensation                            S/H       Yes    Against  For
Ford Motor Company             F      345370860 5/10/2007  Adopt Greenhouse Gas Emissions Goals    S/H       Yes    Against  For
Ford Motor Company             F      345370860 5/10/2007  Report on Global Warming                S/H       Yes    Against  For
                                                           Amend EEO Policy to Exclude Reference
Ford Motor Company             F      345370860 5/10/2007  to Sexual Orientation                   S/H       Yes    Against  For
Ford Motor Company             F      345370860 5/10/2007  Performance-Based Awards                S/H       Yes    Against  For
                                                           Report on Implications of Rising
Ford Motor Company             F      345370860 5/10/2007  Health Care Costs                       S/H       Yes    Against  For
                                                           Amend Articles/Bylaws/Charter -- Call
Ford Motor Company             F      345370860 5/10/2007  Special Meetings                        S/H       Yes    For      Against
                                                           Company-Specific -- Adopt
Ford Motor Company             F      345370860 5/10/2007  Recapitalization Plan                   S/H       Yes    For      Against
Ford Motor Company             F      345370860 5/10/2007  Elect Director John R. H. Bond          Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Stephen G. Butler        Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Kimberly A. Casiano      Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Edsel B. Ford, II        Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director William Clay Ford, Jr.   Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Irvine O. Hockaday, Jr.  Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Richard A. Manoogian     Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Ellen R. Marram          Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Alan Mulally             Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Homer A. Neal            Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director Jorma Ollila             Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Elect Director John L. Thornton         Issuer    Yes    For      For
Ford Motor Company             F      345370860 5/10/2007  Ratify Auditor                          Issuer    Yes    For      For
                                                           Report on Feasibility of Adopting a
Apple, Inc.                    AAPL   037833100 5/10/2007  Toxic Chemical Elimination Policy       S/H       Yes    Against  For
Apple, Inc.                    AAPL   037833100 5/10/2007  Stock Retention/Holding Period          S/H       Yes    Against  For
Apple, Inc.                    AAPL   037833100 5/10/2007  Report on Computer Recycling Policy     S/H       Yes    Against  For
                                                           Compensation Specific--Option Dating
Apple, Inc.                    AAPL   037833100 5/10/2007  Policy                                  S/H       Yes    For      Against
Apple, Inc.                    AAPL   037833100 5/10/2007  Pay For Superior Performance            S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Apple, Inc.                    AAPL   037833100 5/10/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Apple, Inc.                    AAPL   037833100 5/10/2007  Elect Director Steven P. Jobs           Issuer    Yes    For      For
Apple, Inc.                    AAPL   037833100 5/10/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Apple, Inc.                    AAPL   037833100 5/10/2007  Purchase Plan                           Issuer    Yes    For      For
                                                           Amend Non-Employee Director Stock
Apple, Inc.                    AAPL   037833100 5/10/2007  Option Plan                             Issuer    Yes    For      For
Apple, Inc.                    AAPL   037833100 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
Apple, Inc.                    AAPL   037833100 5/10/2007  Elect Director William V. Campbell      Issuer    Yes    Withhold Against
Apple, Inc.                    AAPL   037833100 5/10/2007  Elect Director Millard S. Drexler       Issuer    Yes    Withhold Against
Apple, Inc.                    AAPL   037833100 5/10/2007  Elect Director Albert A. Gore, Jr.      Issuer    Yes    Withhold Against
                                                           Elect Director Arthur D. Levinson,
Apple, Inc.                    AAPL   037833100 5/10/2007  Ph.D.                                   Issuer    Yes    Withhold Against
Apple, Inc.                    AAPL   037833100 5/10/2007  Elect Director Eric E. Schmidt, Ph.D.   Issuer    Yes    Withhold Against
Apple, Inc.                    AAPL   037833100 5/10/2007  Elect Director Jerome B. York           Issuer    Yes    Withhold Against
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Pay for Superior Performance            S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Executive Officers' Compensation        S/H       Yes    For      Against
                                                           Submit Severance Agreement (Change in
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Control) to shareholder Vote            S/H       Yes    For      Against
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director Birch Bayh               Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director Melvyn E. Bergstein      Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director Linda Walker Bynoe       Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director Karen N. Horn, Ph.D.     Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director Reuben S. Leibowitz      Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director J. Albert Smith, Jr.     Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Elect Director Pieter S. van den Berg   Issuer    Yes    For      For
Simon Property Group, Inc.     SPG    828806109 5/10/2007  Ratify Auditors                         Issuer    Yes    For      For
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  Elect  Director Geoffrey Bell           Issuer    Yes    For      For
                                                           Elect  Director Christopher V.
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  Greetham                                Issuer    Yes    For      For
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  Elect  Director Maurice A. Keane        Issuer    Yes    For      For
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  Elect  Director Henry B. Smith          Issuer    Yes    For      For
                                                           TO APPROVE THE AXIS CAPITAL HOLDINGS
                                                           LIMITED 2007 LONG-TERM EQUITY
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  COMPENSATION PLAN.                      Issuer    Yes    For      For
                                                           TO ADOPT AMENDED AND RESTATED
                                                           BYE-LAWS TO AMEND THE DIRECTOR AND
                                                           OFFICER INDEMNITY PROVISIONS AND TO
                                                           ALLOW ACQUIRED SHARES OF AXIS CAPITAL
                                                           HOLDINGS LIMITED CAPITAL STOCK TO BE
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  HELD IN TREASURY.                       Issuer    Yes    For      For
                                                           TO APPOINT DELOITTE & TOUCHE TO ACT
                                                           AS THE INDEPENDENT REGISTERED PUBLIC
                                                           ACCOUNTING FIRM OF AXIS CAPITAL
                                                           HOLDINGS LIMITED FOR THE FISCAL YEAR
                                                           ENDING DECEMBER 31, 2007 AND TO
                                                           AUTHORIZE THE BOARD OF DIRECTORS,
                                                           ACTING THROUGH THE AUDIT COMMITTEE,
AXIS CAPITAL HOLDINGS LTD      AXS    G0692U109 5/11/2007  TO SET THE                              Issuer    Yes    For      For
                                                           APPOINTMENT OF A DIRECTOR
                                                           REPRESENTING EMPLOYEE SHAREHOLDERS IN
Total SA (Formerly Total Fina                              APPLICATION OF ARTICLE 11 OF THE
Elf  S.A )                     TOT    FR000012025/11/2007  ARTICLES OF ASSOCIATION                 Issuer    Yes    Against  For
                                                           APPOINTMENT OF A DIRECTOR
                                                           REPRESENTING EMPLOYEE SHAREHOLDERS IN
Total SA (Formerly Total Fina                              APPLICATION OF ARTICLE 11 OF THE
Elf  S.A )                     TOT    FR000012025/11/2007  ARTICLES OF ASSOCIATION                 Issuer    Yes    Against  For
Total SA (Formerly Total Fina                              NEW PROCEDURE TO NOMINATE THE
Elf  S.A )                     TOT    FR000012025/11/2007  EMPLOYEE-SHAREHOLDER DIRECTOR           S/H       Yes    For      Against
                                                           AUTHORIZATION TO GRANT RESTRICTED
Total SA (Formerly Total Fina                              SHARES OF THE COMPANY TO GROUP
Elf  S.A )                     TOT    FR000012025/11/2007  EMPLOYEES                               S/H       Yes    For      Against
                                                           AMENDMENT OF ARTICLE 18, PARAGRAPH 7
                                                           OF THE COMPANY S ARTICLES OF
                                                           ASSOCIATION IN VIEW OF DELETING THE
Total SA (Formerly Total Fina                              STATUTORY CLAUSE LIMITING VOTING
Elf  S.A )                     TOT    FR000012025/11/2007  RIGHTS                                  S/H       Yes    For      Against
Total SA (Formerly Total Fina                              RENEWAL OF THE APPOINTMENT OF MR.
Elf  S.A )                     TOT    FR000012025/11/2007  THIERRY DESMAREST AS A DIRECTOR         Issuer    Yes    Against  Against
Total SA (Formerly Total Fina                              RENEWAL OF THE APPOINTMENT OF MR.
Elf  S.A )                     TOT    FR000012025/11/2007  THIERRY DE RUDDER AS A DIRECTOR         Issuer    Yes    Against  Against
Total SA (Formerly Total Fina                              RENEWAL OF THE APPOINTMENT OF MR.
Elf  S.A )                     TOT    FR000012025/11/2007  SERGE TCHURUK AS A DIRECTOR             Issuer    Yes    Against  Against
                                                           APPOINTMENT OF A DIRECTOR
                                                           REPRESENTING EMPLOYEE SHAREHOLDERS IN
Total SA (Formerly Total Fina                              APPLICATION OF ARTICLE 11 OF THE
Elf  S.A )                     TOT    FR000012025/11/2007  ARTICLES OF ASSOCIATION                 Issuer    Yes    Against  Against
                                                           DELEGATION OF AUTHORITY GRANTED TO
                                                           THE BOARD OF DIRECTORS TO INCREASE
                                                           CAPITAL BY ISSUING COMMON SHARES OR
                                                           ANY SECURITIES PROVIDING ACCESS TO
Total SA (Formerly Total Fina                              CAPITAL WITHOUT PREFERENTIAL
Elf  S.A )                     TOT    FR000012025/11/2007  SUBSCRIPTION RIGHTS                     Issuer    Yes    Against  Against
Total SA (Formerly Total Fina                              APPROVAL OF PARENT COMPANY FINANCIAL
Elf  S.A )                     TOT    FR000012025/11/2007  STATEMENTS                              Issuer    Yes    For      For
Total SA (Formerly Total Fina                              APPROVAL OF CONSOLIDATED FINANCIAL
Elf  S.A )                     TOT    FR000012025/11/2007  STATEMENTS                              Issuer    Yes    For      For
Total SA (Formerly Total Fina                              ALLOCATION OF EARNINGS, DECLARATION
Elf  S.A )                     TOT    FR000012025/11/2007  OF DIVIDEND                             Issuer    Yes    For      For
Total SA (Formerly Total Fina                              AGREEMENTS COVERED BY ARTICLE L.
Elf  S.A )                     TOT    FR000012025/11/2007  225-38 OF THE FRENCH COMMERCIAL CODE    Issuer    Yes    For      For
                                                           AUTHORIZATION FOR THE BOARD OF
Total SA (Formerly Total Fina                              DIRECTORS TO TRADE SHARES OF THE
Elf  S.A )                     TOT    FR000012025/11/2007  COMPANY                                 Issuer    Yes    For      For
Total SA (Formerly Total Fina                              DETERMINATION OF THE TOTAL AMOUNT OF
Elf  S.A )                     TOT    FR000012025/11/2007  DIRECTORS  COMPENSATION                 Issuer    Yes    For      For
                                                           DELEGATION OF AUTHORITY GRANTED TO
                                                           THE BOARD OF DIRECTORS TO INCREASE
                                                           CAPITAL BY ISSUING COMMON SHARES OR
                                                           ANY SECURITIES PROVIDING ACCESS TO
                                                           CAPITAL WHILE MAINTAINING
Total SA (Formerly Total Fina                              SHAREHOLDERS PREFERENTIAL
Elf  S.A )                     TOT    FR000012025/11/2007  SUBSCRIPTION RIGHTS                     Issuer    Yes    For      For
                                                           DELEGATION OF AUTHORITY GRANTED TO
                                                           THE BOARD OF DIRECTORS TO INCREASE
                                                           CAPITAL UNDER THE CONDITIONS PROVIDED
Total SA (Formerly Total Fina                              FOR IN ARTICLE 443-5 OF THE FRENCH
Elf  S.A )                     TOT    FR000012025/11/2007  LABOR CODE                              Issuer    Yes    For      For
                                                           AUTHORIZATION TO GRANT SUBSCRIPTION
                                                           OR PURCHASE OPTIONS FOR THE COMPANY S
                                                           STOCK TO CERTAIN EMPLOYEES OF THE
                                                           GROUP AS WELL AS TO THE MANAGEMENT OF
Total SA (Formerly Total Fina                              THE COMPANY OR OF OTHER GROUP
Elf  S.A )                     TOT    FR000012025/11/2007  COMPANIES                               Issuer    Yes    For      For
                                                           AUTHORIZATION TO BE GRANTED TO THE
Total SA (Formerly Total Fina                              BOARD OF DIRECTORS TO REDUCE CAPITAL
Elf  S.A )                     TOT    FR000012025/11/2007  BY CANCELING SHARES                     Issuer    Yes    For      For
                                                           AMENDMENT OF ARTICLE 13, PARAGRAPH 2,
                                                           OF THE COMPANY S ARTICLES OF
                                                           ASSOCIATION WITH REGARD TO THE
                                                           METHODS THAT MAY BE USED TO
Total SA (Formerly Total Fina                              PARTICIPATE IN BOARD OF DIRECTORS
Elf  S.A )                     TOT    FR000012025/11/2007  MEETINGS                                Issuer    Yes    For      For
                                                           AMENDMENT OF ARTICLE 17-2 OF THE
                                                           COMPANY S ARTICLES OF ASSOCIATION TO
                                                           TAKE INTO ACCOUNT NEW RULES FROM THE
                                                           DECREE OF DECEMBER 11, 2006 RELATING
                                                           TO THE COMPANY S BOOK-BASED SYSTEM
Total SA (Formerly Total Fina                              FOR RECORDING SHARES FOR SHAREHOLDERS
Elf  S.A )                     TOT    FR000012025/11/2007  WISHING TO PARTICIPATE IN ANY FORM WH   Issuer    Yes    For      For
                                                           AMENDMENT OF ARTICLE 17-2 OF THE
                                                           COMPANY S ARTICLES OF ASSOCIATION TO
                                                           TAKE INTO ACCOUNT RULES RELATING TO
Total SA (Formerly Total Fina                              ELECTRONIC SIGNATURES IN THE EVENT OF
Elf  S.A )                     TOT    FR000012025/11/2007  A VOTE CAST VIA TELECOMMUNICATION       Issuer    Yes    For      For
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Elect Director Linda G. Alvarado        Issuer    Yes    For      For
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Elect Director Ernie Green              Issuer    Yes    For      For
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Elect Director John S. McFarlane        Issuer    Yes    For      For
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Elect Director Eduardo R. Menasce       Issuer    Yes    For      For
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Ratify Auditors                         Issuer    Yes    For      For
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Require Majority Vote to Elect
Pitney Bowes Inc.              PBI    724479100 5/14/2007  Directors in an Uncontested Election    Issuer    Yes    For      For
ALLTEL Corp.                   AT     020039103 5/15/2007  Elect Director Scott T. Ford            Issuer    Yes    For      For
ALLTEL Corp.                   AT     020039103 5/15/2007  Elect Director L.L Gellerstedt, III     Issuer    Yes    For      For
ALLTEL Corp.                   AT     020039103 5/15/2007  Elect Director Emon A. Mahony, Jr.      Issuer    Yes    For      For
ALLTEL Corp.                   AT     020039103 5/15/2007  Elect Director Ronald Townsend          Issuer    Yes    For      For
ALLTEL Corp.                   AT     020039103 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
Boston Properties Inc.         BXP    101121101 5/15/2007  Report on Energy Efficiency             S/H       Yes    Against  For
Boston Properties Inc.         BXP    101121101 5/15/2007  Declassify the Board of Directors       S/H       Yes    For      Against
Boston Properties Inc.         BXP    101121101 5/15/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Boston Properties Inc.         BXP    101121101 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
Boston Properties Inc.         BXP    101121101 5/15/2007  Elect Director Mortimer B. Zuckerman    Issuer    Yes    Withhold Against
Boston Properties Inc.         BXP    101121101 5/15/2007  Elect Director Carol B. Einiger         Issuer    Yes    Withhold Against
Boston Properties Inc.         BXP    101121101 5/15/2007  Elect Director Richard E. Salomon       Issuer    Yes    Withhold Against
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director Frank J. Borelli         Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director Michael D. Fraizer       Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director Nancy J. Karch           Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director J. Robert Kerrey         Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director Saiyid T. Naqvi          Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director James A. Parke           Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director James S. Riepe           Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director Barrett A. Toan          Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Elect Director Thomas B. Wheeler        Issuer    Yes    For      For
Genworth Financial, Inc.       GNW    37247D106 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director K. Dane Brooksher        Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Stephen L. Feinberg      Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director George L. Fotiades       Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Christine N. Garvey      Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Donald P. Jacobs         Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Walter C. Rakowich       Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Nelson C. Rising         Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Jeffrey H. Schwartz      Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director D. Michael Steuert       Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director J. Andre Teixeira        Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director Andrea M. Zulberti       Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
ProLogis                       PLD    743410102 5/15/2007  Elect Director William D. Zollars       Issuer    Yes    Withhold Against
Sepracor Inc.                  SEPR   817315104 5/15/2007  Amend Omnibus Stock Plan                Issuer    Yes    Against  Against
Sepracor Inc.                  SEPR   817315104 5/15/2007  Elect Director Digby W. Barrios         Issuer    Yes    For      For
Sepracor Inc.                  SEPR   817315104 5/15/2007  Elect Director Alan A. Steigrod         Issuer    Yes    For      For
Sepracor Inc.                  SEPR   817315104 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
Thermo Fisher Scientific Inc.  TMO    883556102 5/15/2007  Elect Director Marijn E. Dekkers        Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
Thermo Fisher Scientific Inc.  TMO    883556102 5/15/2007  Purchase Plan                           Issuer    Yes    For      For
Thermo Fisher Scientific Inc.  TMO    883556102 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
XTO Energy Inc                 XTO    98385X106 5/15/2007  Elect Director Lane G. Collins          Issuer    Yes    For      For
XTO Energy Inc                 XTO    98385X106 5/15/2007  Elect Director Scott G. Sherman         Issuer    Yes    For      For
XTO Energy Inc                 XTO    98385X106 5/15/2007  Elect Director Bob R. Simpson           Issuer    Yes    For      For
XTO Energy Inc                 XTO    98385X106 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Stock Retention/Holding Period          S/H       Yes    Against  For
Danaher Corp.                  DHR    235851102 5/15/2007  Elect Director Steven M. Rales          Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Elect Director John T. Schwieters       Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Elect Director Alan G. Spoon            Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Increase Authorized Common Stock        Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Danaher Corp.                  DHR    235851102 5/15/2007  Amend Deferred Compensation Plan        Issuer    Yes    For      For
                                                           Put Repricing of Stock Options to
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Shareholder Vote                        S/H       Yes    Against  For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Report on Political Contributions       S/H       Yes    Against  For
                                                           Report on Management Initiatives to
                                                           Address Links to Slavery and Human
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Rights Abuse                            S/H       Yes    Against  For
                                                           Performance-Based and/or Time-Based
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Equity Awards                           S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Executive Officers' Compensation        S/H       Yes    For      Against
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Provide for Cumulative Voting           S/H       Yes    For      Against
                                                           Require a Majority Vote for the
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Election of Directors                   S/H       Yes    For      Against
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director Crandall C. Bowles       Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director James S. Crown           Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director James Dimon              Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director Ellen V. Futter          Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director Laban P. Jackson, Jr.    Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director Robert I. Lipp           Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director William C. Weldon        Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Ratify Auditors                         Issuer    Yes    For      For
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director Stephen B. Burke         Issuer    Yes    Withhold Against
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director William H. Gray, III     Issuer    Yes    Withhold Against
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director David C. Novak           Issuer    Yes    Withhold Against
JPMorgan Chase & Co.           JPM    46625H100 5/15/2007  Elect Director Lee R. Raymond           Issuer    Yes    Withhold Against
Anadarko Petroleum Corp.       APC    032511107 5/16/2007  Elect Director Larry Barcus             Issuer    Yes    For      For
Anadarko Petroleum Corp.       APC    032511107 5/16/2007  Elect Director James L. Bryan           Issuer    Yes    For      For
Anadarko Petroleum Corp.       APC    032511107 5/16/2007  Elect Director H. Paulett Eberhart      Issuer    Yes    For      For
Anadarko Petroleum Corp.       APC    032511107 5/16/2007  Elect Director James T. Hackett         Issuer    Yes    For      For
Anadarko Petroleum Corp.       APC    032511107 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director Thomas P. Mac Mahon      Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director Kerrii B. Anderson       Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director David P. King            Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director Wendy E. Lane            Issuer    Yes    For      For
Laboratory Corporation of                                  Elect Director Robert E.
America Holdings               LH     50540R409 5/16/2007  Mittelstaedt, Jr.                       Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director Arthur H. Rubenstein     Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director Bradford T. Smith        Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director M. Smith Weikel          Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director R. Sanders Williams      Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Laboratory Corporation of
America Holdings               LH     50540R409 5/16/2007  Elect Director Jean-Luc Belingard       Issuer    Yes    Withhold Against
                                                           Amend
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Articles/Bylaws/Charter-Non-Routine     Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Declassify the Board of Directors       Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director E. William Barnett       Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Sarah M. Barpoulis       Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Donald J. Breeding       Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Kirbyjon H. Caldwell     Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Steven L. Miller         Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Laree E. Perez           Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Evan J. Silverstein      Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Joel V. Staff            Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director William L. Transier      Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Sarah M. Barpoulis       Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director Laree E. Perez           Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Elect Director William L. Transier      Issuer    Yes    For      For
Reliant Energy Inc.            RRI    75952B105 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
St. Jude Medical, Inc.         STJ    790849103 5/16/2007  Elect Director Michael A. Rocca         Issuer    Yes    For      For
St. Jude Medical, Inc.         STJ    790849103 5/16/2007  Elect Director Stefan K. Widensohler    Issuer    Yes    For      For
St. Jude Medical, Inc.         STJ    790849103 5/16/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
St. Jude Medical, Inc.         STJ    790849103 5/16/2007  Purchase Plan                           Issuer    Yes    For      For
St. Jude Medical, Inc.         STJ    790849103 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Ramani Ayer              Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Ramon De Oliveira        Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Trevor Fetter            Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Edward J. Kelly, III     Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Paul G. Kirk, Jr.        Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Thomas M. Marra          Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Gail J. Mcgovern         Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Michael G. Morris        Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Robert W. Selander       Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director Charles B. Strauss       Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director H. Patrick Swygert       Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Elect Director David K. Zwiener         Issuer    Yes    For      For
The Hartford Financial
Services Group, Inc.           HIG    416515104 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Elect Director Sheila P. Burke          Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Elect Director Victor S. Liss           Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Elect Director Jane G. Pisano, Ph.D.    Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Elect Director George A. Schaefer, Jr.  Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Elect Director Jackie M. Ward           Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Elect Director John E. Zuccotti         Issuer    Yes    For      For
                                                           Company Specific--Approve Majority
                                                           Voting for the Non- Contested
Wellpoint Inc                  WLP    94973V107 5/16/2007  Election of Directors                   Issuer    Yes    For      For
Wellpoint Inc                  WLP    94973V107 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Limit Executive Compensation            S/H       Yes    Against  For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director Charlene Barshefsky      Issuer    Yes    Against  Against
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director Craig R. Barrett         Issuer    Yes    For      For

Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director Susan L. Decker          Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director D. James Guzy            Issuer    Yes    For      For

Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director Reed E. Hundt            Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director Paul S. Otellini         Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director James D. Plummer         Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director David S. Pottruck        Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director Jane E. Shaw             Issuer    Yes    For      For

Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director John L. Thornton         Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Elect Director David B. Yoffie          Issuer    Yes    For      For

Intel Corp.                    INTC   458140100 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Intel
Corp.                          INTC   458140100 5/16/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Southwest Airlines                                         Company Specific-Adopt Simple
Co.                            LUV    844741108 5/16/2007  Majority Vote                           S/H       Yes    Against  For
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director David W. Biegler         Issuer    Yes    For      For

Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director Louis E. Caldera         Issuer    Yes    For      For
Southwest Airlines                                         Elect Director William H. Cunningham,
Co.                            LUV    844741108 5/16/2007  Ph.D.                                   Issuer    Yes    For      For
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director Travis C. Johnson        Issuer    Yes    For      For
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director John T. Montford         Issuer    Yes    For      For
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For

Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director Colleen C. Barrett       Issuer    Yes    Withhold Against
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director C. Webb Crockett         Issuer    Yes    Withhold Against
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director Herbert D. Kelleher      Issuer    Yes    Withhold Against
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director Gary C. Kelly            Issuer    Yes    Withhold Against
Southwest Airlines
Co.                            LUV    844741108 5/16/2007  Elect Director Nancy B. Loeffler        Issuer    Yes    Withhold Against
American International Group,                              Performance-Based and/or Time-Based
Inc.                           AIG    026874107 5/16/2007  Equity Awards                           S/H       Yes    For      Against
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Marshall A. Cohen        Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Martin S. Feldstein      Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Ellen V. Futter          Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Stephen L. Hammerman     Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Richard C. Holbrooke     Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Fred H. Langhammer       Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director George L. Miles, Jr.     Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Morris W. Offit          Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director James F. Orr, III        Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Virginia M. Rometty      Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Martin J. Sullivan       Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Michael H. Sutton        Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Edmund S.W. Tse          Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Robert B. Willumstad     Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Elect Director Frank G. Zarb            Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
American International Group,
Inc.                           AIG    026874107 5/16/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Pay For Superior Performance            S/H       Yes    Against  For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director Stephen R. Demeritt      Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director Ernest A. Gerardi, Jr.   Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director Ruth Ann M. Gillis       Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director Ned S. Holmes            Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director Robert P. Kogod          Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director James H. Polk, III       Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director John C. Schweitzer       Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director R. Scot Sellers          Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Elect Director Robert H. Smith          Issuer    Yes    For      For
Archstone Smith Trust          ASN    039583109 5/16/2007  Ratify Auditors                         Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director Bruce L. Downey          Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director Paul M. Bisaro           Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director George P. Stephan        Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director Harold N. Chefitz        Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director Richard R. Frankovic     Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director Peter R. Seaver          Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Barr Pharmaceuticals Inc       BRL    068306109 5/17/2007  Elect Director James S. Gilmore, III    Issuer    Yes    Withhold Against
                                                           Elect Director Frank Baldino, Jr.,
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Ph.D.                                   Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Elect Director William P. Egan          Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Elect Director Martyn D. Greenacre      Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Elect Director Vaughn M. Kailian        Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Elect Director Kevin E. Moley           Issuer    Yes    For      For
                                                           Elect Director Charles A. Sanders,
Cephalon, Inc.                 CEPH   156708109 5/17/2007  M.D.                                    Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Elect Director Gail R. Wilensky, Ph.D.  Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Elect Director Dennis L. Winger         Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Increase Authorized Common Stock        Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Cephalon, Inc.                 CEPH   156708109 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director David J. Butters         Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director Eliot M. Fried           Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director Dennis R. Hendrix        Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director Harold E. Layman         Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director Michael McShane          Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director Robert K. Moses, Jr.     Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director Joseph E. Reid           Issuer    Yes    For      For
Grant Prideco Inc              GRP    38821G101 5/17/2007  Elect Director David A. Trice           Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director Terence C. Golden        Issuer    Yes    Against  Against
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director Roberts M. Baylis        Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director Ann M. Korologos         Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director Richard E. Marriott      Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director Judith A. Mchale         Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director John B. Morse Jr         Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Elect Director Christopher J. Nassetta  Issuer    Yes    For      For
Host Hotels & Resorts, Inc.    HST    44107P104 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Juniper Networks, Inc.         JNPR   48203R104 5/17/2007  Elect Director Robert M. Calderoni      Issuer    Yes    For      For
Juniper Networks, Inc.         JNPR   48203R104 5/17/2007  Elect Director Pradeep Sindhu           Issuer    Yes    For      For
Juniper Networks, Inc.         JNPR   48203R104 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Approve Omnibus Stock Plan              Issuer    Yes    Against  Against
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director James E. O'Connor        Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director Harris W. Hudson         Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director John W. Croghan          Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director W. Lee Nutter            Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director Ramon A. Rodriguez       Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director Allan C. Sorensen        Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Elect Director Michael W. Wickham       Issuer    Yes    For      For
Republic Services, Inc.        RSG    760759100 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Ann Torre Bates          Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Charles L. Daley         Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director W.M. Diefenderfer III    Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Thomas J. Fitzpatrick    Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Diane Suitt Gilleland    Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Earl A. Goode            Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Ronald F. Hunt           Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Benjamin J. Lambert III  Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Albert L. Lord           Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Barry A. Munitz          Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director A. Alexander Porter, Jr  Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Wolfgang Schoellkopf     Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Steven L. Shapiro        Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Elect Director Barry L. Williams        Issuer    Yes    For      For
SLM Corporation                SLM    78442P106 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Elect Director Kathleen B. Cooper       Issuer    Yes    For      For
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Elect Director William R. Granberry     Issuer    Yes    For      For
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Elect Director Charles M. Lillis        Issuer    Yes    For      For
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Elect Director William G. Lowrie        Issuer    Yes    For      For
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
The Williams Companies, Inc.   WMB    969457100 5/17/2007  Purchase Plan                           Issuer    Yes    For      For
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  Report on Political Contributions       S/H       Yes    For      Against
                                                           Require a Majority Vote for the
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  Election of Directors                   S/H       Yes    For      Against
                                                           Elect Director William F. Aldinger,
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  III                                     Issuer    Yes    For      For
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  Elect Director Donald G. Fisher         Issuer    Yes    For      For
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  Elect Director Paula A. Sneed           Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  Purchase Plan                           Issuer    Yes    For      For
The Charles Schwab Corp.       SCHW   808513105 5/17/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Marsh & McLennan Companies,
Inc.                           MMC    571748102 5/17/2007  Report on Political Contributions       S/H       Yes    For      Against
Marsh & McLennan Companies,
Inc.                           MMC    571748102 5/17/2007  Elect Director Zachary W. Carter        Issuer    Yes    Against  Against
Marsh & McLennan Companies,
Inc.                           MMC    571748102 5/17/2007  Elect Director Oscar Fanjul             Issuer    Yes    Against  Against
Marsh & McLennan Companies,
Inc.                           MMC    571748102 5/17/2007  Ratify Auditors                         Issuer    Yes    For      For
Marsh & McLennan Companies,                                Amend Qualified Employee Stock
Inc.                           MMC    571748102 5/17/2007  Purchase Plan                           Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Patrick G. Ryan          Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Gregory C. Case          Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Edgar D. Jannotta        Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Jan Kalff                Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Lester B. Knight         Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director J. Michael Losh          Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director R. Eden Martin           Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Andrew J. McKenna        Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Robert S. Morrison       Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Richard B. Myers         Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Richard C. Notebaert     Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director John W. Rogers, Jr.      Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Gloria Santona           Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Elect Director Carolyn Y. Woo           Issuer    Yes    For      For
Aon Corp.                      AOC    037389103 5/18/2007  Ratify Auditors                         Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Yves C. de Balmann       Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Douglas L. Becker        Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director James T. Brady           Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Edward A. Crooke         Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director James R. Curtiss         Issuer    Yes    For      For
Constellation Energy Group,                                Elect Director Freeman A. Hrabowski,
Inc.                           CEG    210371100 5/18/2007  III                                     Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Nancy Lampton            Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Robert J. Lawless        Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Lynn M. Martin           Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Mayo A. Shattuck, III    Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Elect Director Michael D. Sullivan      Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Ratify Auditors                         Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Constellation Energy Group,
Inc.                           CEG    210371100 5/18/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Limit Executive Compensation            S/H       Yes    Against  For
Mattel, Inc.                   MAT    577081102 5/18/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Report Progress on Improving Work and
Mattel, Inc.                   MAT    577081102 5/18/2007  Living Conditions                       S/H       Yes    Against  For
Mattel, Inc.                   MAT    577081102 5/18/2007  Pay for Superior Performance            S/H       Yes    For      Against
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Michael J. Dolan         Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Robert A. Eckert         Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Frances D. Fergusson     Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Tully M. Friedman        Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Dominic Ng               Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Andrea L. Rich           Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Ronald L. Sargent        Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Dean A. Scarborough      Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Christopher A. Sinclair  Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director G. Craig Sullivan        Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Elect Director Kathy Brittain White     Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Company Specific- Approve Majority
Mattel, Inc.                   MAT    577081102 5/18/2007  Vote and Eliminate Cumulative Voting    Issuer    Yes    For      For
Mattel, Inc.                   MAT    577081102 5/18/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
                                                           Performance-Based and/or Time-Based
Schering-Plough Corp.          SGP    806605101 5/18/2007  Equity Awards                           S/H       Yes    For      Against
                                                           Company Specific--Adopt Majority
Schering-Plough Corp.          SGP    806605101 5/18/2007  Voting                                  Issuer    Yes    Against  Against
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Hans W. Becherer         Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Thomas J. Colligan       Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Fred Hassan              Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director C. Robert Kidder         Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Philip Leder, M.D.       Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Eugene R. McGrath        Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Carl E. Mundy, Jr.       Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Antonio M. Perez         Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Patricia F. Russo        Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Jack L. Stahl            Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Kathryn C. Turner        Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Robert F.W. van Oordt    Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Elect Director Arthur F. Weinbach       Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Ratify Auditors                         Issuer    Yes    For      For
Schering-Plough Corp.          SGP    806605101 5/18/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Company-Specific- Stockholder
                                                           Ratification of Director
                                                           Compensation, When a Stockholder
Time Warner Inc                TWX    887317105 5/18/2007  Rights Plan Has Been Adopted            S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
Time Warner Inc                TWX    887317105 5/18/2007  Executive Officers'Compensation         S/H       Yes    For      Against
                                                           Company Specific- Adopt Simple
Time Warner Inc                TWX    887317105 5/18/2007  Majority Vote                           S/H       Yes    For      Against
                                                           Amend Articles/Bylaws/Charter -- Call
Time Warner Inc                TWX    887317105 5/18/2007  Special Meetings                        S/H       Yes    For      Against
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director James L. Barksdale       Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Jeffrey L. Bewkes        Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Stephen F. Bollenbach    Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Frank J. Caufield        Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Robert C. Clark          Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Mathias Dopfner          Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Jessica P. Einhorn       Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Reuben Mark              Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Michael A. Miles         Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Kenneth J. Novack        Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Richard D. Parsons       Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Francis T. Vincent, Jr.  Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Elect Director Deborah C. Wright        Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Ratify Auditors                         Issuer    Yes    For      For
Time Warner Inc                TWX    887317105 5/18/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Approve Merger Agreement                Issuer    Yes    Against  Against
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Adjourn Meeting                         Issuer    Yes    Against  Against
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Other Business                          Issuer    Yes    Against  Against
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director Richard J.A. De Lange    Issuer    Yes    For      For
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director Christopher Galvin       Issuer    Yes    For      For
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director Andrew J. Green          Issuer    Yes    For      For
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director Judson C. Green          Issuer    Yes    For      For
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director William L. Kimsey        Issuer    Yes    For      For
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director Scott D. Miller          Issuer    Yes    For      For
NAVTEQ Corporation             NVT    63936L100 5/22/2007  Elect Director Dirk-Jan Van Ommeren     Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director John D. Wren             Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Bruce Crawford           Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Robert Charles Clark     Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Leonard S. Coleman, Jr.  Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Errol M. Cook            Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Susan S. Denison         Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Michael A. Henning       Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director John R. Murphy           Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director John R. Purcell          Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Linda Johnson Rice       Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Elect Director Gary L. Roubos           Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Ratify Auditors                         Issuer    Yes    For      For
Omnicom Group Inc.             OMC    681919106 5/22/2007  Approve Omnibus Stock Plan              Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Pay for Superior Performance            S/H       Yes    For      Against
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Report on Political Contributions       S/H       Yes    For      Against
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Establish a Compensation Committee      S/H       Yes    For      Against
Clear Channel Communications,                              Vote to Ratify Named Executive
Inc.                           CCU    184502102 5/22/2007  Officers' Compensation                  S/H       Yes    For      Against
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director Alan D. Feld             Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director Perry J. Lewis           Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director L. Lowry Mays            Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director Mark P. Mays             Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director Randall T. Mays          Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director B. J. McCombs            Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director Phyllis B. Riggins       Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director Theodore H. Strauss      Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director J. C. Watts              Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director John H. Williams         Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Elect Director John B. Zachry           Issuer    Yes    For      For
Clear Channel Communications,
Inc.                           CCU    184502102 5/22/2007  Ratify Auditors                         Issuer    Yes    For      For
E*Trade Financial Corp.        ETFC   269246104 5/23/2007  Elect Director Ronald D. Fisher         Issuer    Yes    For      For
E*Trade Financial Corp.        ETFC   269246104 5/23/2007  Elect Director George A. Hayter         Issuer    Yes    For      For
E*Trade Financial Corp.        ETFC   269246104 5/23/2007  Elect Director R. Jarrett Lilien        Issuer    Yes    For      For
E*Trade Financial Corp.        ETFC   269246104 5/23/2007  Elect Director Donna L. Weaver          Issuer    Yes    For      For
E*Trade Financial Corp.        ETFC   269246104 5/23/2007  Ratify Auditors                         Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Gary G. Benanav          Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Frank J. Borelli         Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Maura C. Breen           Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Nicholas J. LaHowchic    Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Thomas P. Mac Mahon      Issuer    Yes    For      For
                                                           Elect Director Woodrow A. Myers Jr.,
Express Scripts, Inc.          ESRX   302182100 5/23/2007  M.D.                                    Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director John O. Parker, Jr.      Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director George Paz               Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Samuel K. Skinner        Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Seymour Sternberg        Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Barrett A. Toan          Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Elect Director Howard L. Waltman        Issuer    Yes    For      For
Express Scripts, Inc.          ESRX   302182100 5/23/2007  Ratify Auditors                         Issuer    Yes    For      For
PPL Corp.                      PPL    69351T106 5/23/2007  Adopt Simple Majority Vote              S/H       Yes    For      Against
PPL Corp.                      PPL    69351T106 5/23/2007  Elect Director Stuart Heydt             Issuer    Yes    For      For
PPL Corp.                      PPL    69351T106 5/23/2007  Elect Director Craig A. Rogerson        Issuer    Yes    For      For
PPL Corp.                      PPL    69351T106 5/23/2007  Elect Director W. Keith Smith           Issuer    Yes    For      For
PPL Corp.                      PPL    69351T106 5/23/2007  Ratify Auditors                         Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Prohibit Executive Stock-Based Awards   S/H       Yes    Against  For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Prepare Sustainability Report           S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Executive Officers' Compensation        S/H       Yes    Against  For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Report on Pay Disparity                 S/H       Yes    Against  For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Report on Political Contributions       S/H       Yes    Against  For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
                                                           Company-Specific -- Adopt
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Recapitalization Plan                   S/H       Yes    For      Against
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director S. Decker Anstrom        Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Kenneth J. Bacon         Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Sheldon M. Bonovitz      Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Edward D. Breen          Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Julian A. Brodsky        Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Joseph J. Collins        Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director J. Michael Cook          Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Jeffrey A. Honickman     Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Brian L. Roberts         Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Ralph J. Roberts         Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Judith Rodin             Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Elect Director Michael I. Sovern        Issuer    Yes    For      For
Comcast Corp.                  CMCSA  20030N101 5/23/2007  Ratify Auditors                         Issuer    Yes    For      For
Crown Castle International
Corp.                          CCI    228227104 5/24/2007  Elect Director J. Landis Martin         Issuer    Yes    For      For
Crown Castle International
Corp.                          CCI    228227104 5/24/2007  Elect Director W. Benjamin Moreland     Issuer    Yes    For      For
Crown Castle International
Corp.                          CCI    228227104 5/24/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Crown Castle International
Corp.                          CCI    228227104 5/24/2007  Eliminate Class of Common Stock         Issuer    Yes    For      For
Crown Castle International
Corp.                          CCI    228227104 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Crown Castle International                                 Elect Director Edward C. Hutcheson,
Corp.                          CCI    228227104 5/24/2007  Jr.                                     Issuer    Yes    Withhold Against
                                                           Submit Severance Agreement (Change in
Genzyme Corp.                  GENZ   372917104 5/24/2007  Control) to shareholder Vote            S/H       Yes    For      Against
Genzyme Corp.                  GENZ   372917104 5/24/2007  Elect Director Douglas A. Berthiaume    Issuer    Yes    For      For
Genzyme Corp.                  GENZ   372917104 5/24/2007  Elect Director Gail K. Boudreaux        Issuer    Yes    For      For
Genzyme Corp.                  GENZ   372917104 5/24/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Approve Non-Employee Director Omnibus
Genzyme Corp.                  GENZ   372917104 5/24/2007  Stock Plan                              Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Genzyme Corp.                  GENZ   372917104 5/24/2007  Purchase Plan                           Issuer    Yes    For      For
                                                           Company Specific--Adopt Majority
Genzyme Corp.                  GENZ   372917104 5/24/2007  Voting                                  Issuer    Yes    For      For
Genzyme Corp.                  GENZ   372917104 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director John Maxwell Hamilton    Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director Robert M. Jelenic        Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director Stephen P. Mumblow       Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director Thomas V. Reifenheiser   Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director Anna Reilly              Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director Kevin P. Reilly, Jr.     Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Elect Director Wendell Reilly           Issuer    Yes    For      For
Lamar Advertising Company      LAMR   512815101 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
MEDCO Health Solutions Inc     MHS    58405U102 5/24/2007  Elect Director Howard W. Barker, Jr.    Issuer    Yes    For      For
MEDCO Health Solutions Inc     MHS    58405U102 5/24/2007  Elect Director David B. Snow, Jr.       Issuer    Yes    For      For
MEDCO Health Solutions Inc     MHS    58405U102 5/24/2007  Declassify the Board of Directors       Issuer    Yes    For      For
                                                           Approve Qualified Employee Stock
MEDCO Health Solutions Inc     MHS    58405U102 5/24/2007  Purchase Plan                           Issuer    Yes    For      For
MEDCO Health Solutions Inc     MHS    58405U102 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Ross Stores, Inc.              ROST   778296103 5/24/2007  Elect Director Michael J. Bush          Issuer    Yes    For      For
Ross Stores, Inc.              ROST   778296103 5/24/2007  Elect Director Norman A. Ferber         Issuer    Yes    For      For
Ross Stores, Inc.              ROST   778296103 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Bruce W. Duncan          Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Adam Aron                Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Charlene Barshefsky      Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Lizanne Galbreath        Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Eric Hippeau             Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Stephen R. Quazzo        Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Thomas O. Ryder          Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Kneeland C. Youngblood   Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Amend and Restatement of Charter        Issuer    Yes    For      For
Starwood Hotels & Resorts
Worldwide, Inc.                HOT    85590A401 5/24/2007  Elect Director Jean-Marc Chapus         Issuer    Yes    Withhold Against
Target Corporation             TGT    87612E106 5/24/2007  Report on Political Contributions       S/H       Yes    For      Against
Target Corporation             TGT    87612E106 5/24/2007  Elect Director Calvin Darden            Issuer    Yes    For      For
Target Corporation             TGT    87612E106 5/24/2007  Elect Director Anne M. Mulcahy          Issuer    Yes    For      For
Target Corporation             TGT    87612E106 5/24/2007  Elect Director Stephen W. Sanger        Issuer    Yes    For      For
Target Corporation             TGT    87612E106 5/24/2007  Elect Director Gregg W. Steinhafel      Issuer    Yes    For      For
Target Corporation             TGT    87612E106 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Target Corporation             TGT    87612E106 5/24/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
                                                           Company Specific- Require Majority
Target Corporation             TGT    87612E106 5/24/2007  Vote for the Election of Directors      Issuer    Yes    For      For
                                                           Submit Shareholder Rights Plan
Home Depot, Inc.               HD     437076102 5/24/2007  (Poison Pill) to Shareholder Vote       S/H       Yes    Against  For
Home Depot, Inc.               HD     437076102 5/24/2007  Prepare Employment Diversity Report     S/H       Yes    Against  For
                                                           Claw-back of Payments under
Home Depot, Inc.               HD     437076102 5/24/2007  Restatements                            S/H       Yes    Against  For
Home Depot, Inc.               HD     437076102 5/24/2007  Affirm Political Non-partisanship       S/H       Yes    Against  For
                                                           Advisory Vote to Ratify Named
Home Depot, Inc.               HD     437076102 5/24/2007  Executive Officers' Compensation        S/H       Yes    For      Against
                                                           Submit Supplemental Executive
Home Depot, Inc.               HD     437076102 5/24/2007  Retirement Plans to Shareholder vote    S/H       Yes    For      Against
Home Depot, Inc.               HD     437076102 5/24/2007  Performance-Based Equity Awards         S/H       Yes    For      Against
Home Depot, Inc.               HD     437076102 5/24/2007  Pay for Superior Performance            S/H       Yes    For      Against
Home Depot, Inc.               HD     437076102 5/24/2007  Separate Chairman and CEO Positions     S/H       Yes    For      Against
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Claudio X. Gonzalez      Issuer    Yes    Against  Against
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Kenneth G. Langone       Issuer    Yes    Against  Against
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director David H. Batchelder      Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Francis S. Blake         Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Gregory D. Brenneman     Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director John L. Clendenin        Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Milledge A. Hart, III    Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Bonnie G. Hill           Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Laban P. Jackson, Jr.    Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Helen Johnson-Leipold    Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Elect Director Lawrence R. Johnston     Issuer    Yes    For      For
Home Depot, Inc.               HD     437076102 5/24/2007  Ratify Auditors                         Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director Edward L. Hutton         Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director Joel F. Gemunder         Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director John T. Crotty           Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director Charles H. Erhart, Jr.   Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director Sandra E. Laney          Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director A.R. Lindell             Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director John H. Timoney          Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Elect Director Amy Wallman              Issuer    Yes    For      For
Omnicare, Inc.                 OCR    681904108 5/25/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Require Director Nominee
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Qualifications                          S/H       Yes    Against  For
                                                           Report on Progress Toward
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Implementing the Company's Wood Policy  S/H       Yes    Against  For
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Declassify the Board of Directors       S/H       Yes    For      Against
                                                           Submit Severance Agreement (Change in
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Control) to shareholder Vote            S/H       Yes    For      Against
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Pay For Superior Performance            S/H       Yes    For      Against
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Elect Director David W. Bernauer        Issuer    Yes    For      For
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Elect Director Leonard L. Berry         Issuer    Yes    For      For
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Elect Director Dawn E. Hudson           Issuer    Yes    For      For
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Elect Director Robert A. Niblock        Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Purchase Plan                           Issuer    Yes    For      For
Lowe's Companies, Inc.         LOW    548661107 5/25/2007  Ratify Auditors                         Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Establish SERP Policy                   S/H       Yes    Against  For
                                                           Performance-Based and/or Time-Based
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Equity Awards                           S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Executive Officers' Compensation        S/H       Yes    For      Against
                                                           Equal Access to the Proxy for Purpose
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  of Electing a Director                  S/H       Yes    For      Against
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Elect Director William C. Ballard, Jr.  Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Elect Director Richard T. Burke         Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Elect Director Stephen J. Hemsley       Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Elect Director Robert J. Darretta       Issuer    Yes    For      For
                                                           Company Specific--Majority Vote for
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  the Election of Directors               Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Declassify the Board of Directors       Issuer    Yes    For      For
                                                           Reduce Supermajority Vote Requirement
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  for Removal of Directors                Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Reduce Supermajority Vote Requirement   Issuer    Yes    For      For
                                                           Amend Articles-Make Stylistic,
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Clarifying and Conforming Changes       Issuer    Yes    For      For
UnitedHealth Group Incorporate UNH    91324P102 5/29/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Restore or Provide for Cumulative
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Voting                                  S/H       No              NA
                                                           Amend Articles/Bylaws/Charter -- Call
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Special Meetings                        S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Separate Chairman and CEO Positions     S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Initiate Payment of Cash Dividend       S/H       No              NA
                                                           Advisory Vote to Ratify Named
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Executive Officers' Compensation        S/H       No              NA
                                                           Company-Specific- Amend Article IX of
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  the Corporation's by-laws               S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Review Executive Compensation           S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Limit Executive Compensation            S/H       No              NA
                                                           Claw-back of Payments under
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Restatements                            S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Report on Political Contributions       S/H       No              NA
                                                           Amend Equal Employment Opportunity
                                                           Policy to Prohibit Discrimination
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Based on Sexual Orientation             S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Report on Environmental Accountability  S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Report on Emission Reduction Goals      S/H       No              NA
                                                           Report on Carbon Dioxide Emissions
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Information at Gas Stations             S/H       No              NA
                                                           Adopt Policy to Increase Renewable
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Energy Portfolio                        S/H       No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Michael J. Boskin        Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director William W. George        Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director James R. Houghton        Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director William R. Howell        Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Reatha Clark King        Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Philip E. Lippincott     Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Marilyn Carlson Nelson   Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Samuel J. Palmisano      Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Steven S Reinemund       Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Walter V. Shipley        Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director J. Stephen Simon         Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Elect Director Rex W. Tillerson         Issuer    No              NA
Exxon Mobil Corp.              XOM    30231G102 5/30/2007  Ratify Auditors                         Issuer    No              NA
First Data Corp.               FDC    319963104 5/30/2007  Elect Director David A. Coulter         Issuer    Yes    For      For
First Data Corp.               FDC    319963104 5/30/2007  Elect Director Henry C. Duques          Issuer    Yes    For      For
First Data Corp.               FDC    319963104 5/30/2007  Elect Director Richard P. Kiphart       Issuer    Yes    For      For
First Data Corp.               FDC    319963104 5/30/2007  Elect Director Joan E. Spero            Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
First Data Corp.               FDC    319963104 5/30/2007  Purchase Plan                           Issuer    Yes    For      For
                                                           Approve Non-Employee Director Omnibus
First Data Corp.               FDC    319963104 5/30/2007  Stock Plan                              Issuer    Yes    For      For
First Data Corp.               FDC    319963104 5/30/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
First Data Corp.               FDC    319963104 5/30/2007  Ratify Auditors                         Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director Salvatore Iannuzzi       Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director Robert J. Chrenc         Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director George R. Eisele         Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director John Gaulding            Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director Michael Kaufman          Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director Ronald J. Kramer         Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director Philip R. Lochner, Jr    Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Elect Director David A. Stein           Issuer    Yes    For      For
Monster Worldwide, Inc.        MNST   611742107 5/30/2007  Ratify Auditors                         Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director Richard E. Floor         Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director Sean M. Healey           Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director Harold J. Meyerman       Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director William J. Nutt          Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director Rita M. Rodriguez        Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director Patrick T. Ryan          Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Elect Director Jide J. Zeitlin          Issuer    Yes    For      For
Affiliated Managers Group, Inc AMG    8252108   5/31/2007  Ratify Auditors                         Issuer    Yes    For      For
Biogen Idec Inc.               BIIB   09062X103 5/31/2007  Elect Director James C. Mullem          Issuer    Yes    For      For
Biogen Idec Inc.               BIIB   09062X103 5/31/2007  Elect Director Bruce R. Ross            Issuer    Yes    For      For
Biogen Idec Inc.               BIIB   09062X103 5/31/2007  Elect Director Marijn E. Dekkers        Issuer    Yes    For      For
Biogen Idec Inc.               BIIB   09062X103 5/31/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           RESOLUTION A PROPOSED BY SHAREHOLDERS
                                                           - NOT AGREED BY THE BOARD OF
                                                           DIRECTORS: MODIFICATION OF ARTICLE 22
                                                           OF THE BY-LAWS; CANCELLATION OF THE
Alcatel-Lucent                 ALU    013904305 6/1/2007   PROVISIONS LIMITING VOTING RIGHTS.      S/H       Yes    For      Against
                                                           APPROVAL OF THE FINANCIAL STATEMENTS
                                                           FOR THE FISCAL YEAR ENDED DECEMBER
Alcatel-Lucent                 ALU    013904306 6/1/2007   31, 2006.                               Issuer    Yes    For      For
                                                           APPROVAL OF THE CONSOLIDATED
                                                           FINANCIAL STATEMENTS FOR THE FISCAL
Alcatel-Lucent                 ALU    013904307 6/1/2007   YEAR ENDED DECEMBER 31, 2006.           Issuer    Yes    For      For
                                                           RESULTS FOR THE FISCAL YEAR -
Alcatel-Lucent                 ALU    013904308 6/1/2007   APPROPRIATION.                          Issuer    Yes    For      For
                                                           SETTLING OF ATTENDANCE FEES
Alcatel-Lucent                 ALU    013904309 6/1/2007   ATTRIBUTED TO THE DIRECTORS.            Issuer    Yes    For      For
                                                           SETTLING OF THE REMUNERATION
Alcatel-Lucent                 ALU    013904310 6/1/2007   ATTRIBUTED TO THE CENSEURS.             Issuer    Yes    For      For
                                                           RATIFICATION OF THE APPOINTMENT OF
                                                           LADY JAY AS MEMBER OF THE BOARD OF
Alcatel-Lucent                 ALU    013904311 6/1/2007   DIRECTORS.                              Issuer    Yes    For      For
                                                           RATIFICATION OF THE APPOINTMENT OF MR
                                                           JEAN-CYRIL SPINETTA AS MEMBER OF THE
Alcatel-Lucent                 ALU    013904312 6/1/2007   BOARD OF DIRECTORS.                     Issuer    Yes    For      For
                                                           APPROVAL OF RELATED PARTY AGREEMENTS
                                                           ENTERED INTO OR WHICH REMAINED IN
Alcatel-Lucent                 ALU    013904313 6/1/2007   FORCE DURING THE FISCAL YEAR.           Issuer    Yes    For      For
                                                           APPROVAL OF AGREEMENTS WITH THE CHIEF
Alcatel-Lucent                 ALU    013904314 6/1/2007   EXECUTIVE OFFICER.                      Issuer    Yes    For      For
                                                           AUTHORIZATION TO BE GIVEN TO THE
                                                           BOARD OF DIRECTORS TO ALLOW THE
                                                           COMPANY TO PURCHASE AND SELL ITS OWN
Alcatel-Lucent                 ALU    013904315 6/1/2007   SHARES.                                 Issuer    Yes    For      For
                                                           AUTHORIZATION TO BE GIVEN TO THE
                                                           BOARD OF DIRECTORS TO REDUCE THE
Alcatel-Lucent                 ALU    013904316 6/1/2007   SHARE CAPITAL OF THE COMPANY.           Issuer    Yes    For      For
                                                           DELEGATION OF AUTHORITY TO THE BOARD
                                                           OF DIRECTORS TO PROCEED WITH (I) THE
                                                           ISSUE WITHOUT CANCELLATION OF
                                                           PREFERENTIAL SUBSCRIPTION RIGHTS OF
                                                           ORDINARY SHARES AND OF SECURITIES
                                                           CONFERRING AN IMMEDIATE OR FUTURE
                                                           RIGHT TO THE SHARE CAPITAL OF THE
Alcatel-Lucent                 ALU    013904317 6/1/2007   COMPANY OR O                            Issuer    Yes    For      For
                                                           DELEGATION OF AUTHORITY TO THE BOARD
                                                           OF DIRECTORS TO PROCEED WITH THE
                                                           ISSUE OF CANCELLATION OF PREFERENTIAL
                                                           SUBSCRIPTION RIGHTS, OF (I) ORDINARY
                                                           SHARES AND ANY SECURITIES CONFERRING
                                                           AN IMMEDIATE OR FUTURE RIGHT TO THE
Alcatel-Lucent                 ALU    013904318 6/1/2007   SHARE CAPITAL OF THE COMPANY OR OF I    Issuer    Yes    For      For
                                                           DELEGATION OF AUTHORITY TO THE BOARD
                                                           OF DIRECTORS TO CARRY OUT A SHARE
                                                           CAPITAL INCREASE TO REMUNERATE
                                                           CONTRIBUTIONS IN KIND OF CAPITAL
                                                           STOCK OR MARKETABLE SECURITIES GIVING
                                                           ACCESS TO THE CAPITAL OF THIRD-PARTY
Alcatel-Lucent                 ALU    013904319 6/1/2007   COMPANIES.                              Issuer    Yes    For      For
                                                           AGGREGATE LIMIT TO THE AMOUNT OF
                                                           ISSUANCES CARRIED OUT BY VIRTUE OF
Alcatel-Lucent                 ALU    013904320 6/1/2007   THE 12TH, 13TH, AND 14TH RESOLUTIONS.   Issuer    Yes    For      For
                                                           DELEGATION OF AUTHORITY GRANTED TO
                                                           THE BOARD OF DIRECTORS TO DECIDE ON
                                                           THE DISPOSAL OR INCREASE OF SHARE
                                                           CAPITAL BY THE ISSUANCES OF SHARES
                                                           RESERVED TO THE PARTICIPANTS IN A
Alcatel-Lucent                 ALU    013904321 6/1/2007   COMPANY SAVINGS PLAN.                   Issuer    Yes    For      For
                                                           AUTHORIZATION GIVEN TO THE BOARD OF
                                                           DIRECTORS FOR A FREE BONUS ISSUE OF
                                                           EXISTING SHARES OR OF SHARES TO BE
Alcatel-Lucent                 ALU    013904322 6/1/2007   ISSUED BY THE COMPANY.                  Issuer    Yes    For      For
                                                           MODIFICATION OF BY-LAWS  ARTICLE
                                                           NUMBER 21 RELATING TO SHAREHOLDERS
Alcatel-Lucent                 ALU    013904323 6/1/2007   MEETINGS.                               Issuer    Yes    For      For
Alcatel-Lucent                 ALU    013904324 6/1/2007   POWERS.                                 Issuer    Yes    For      For
                                                           AMENDMENTS OR NEW RESOLUTIONS
Alcatel-Lucent                 ALU    013904325 6/1/2007   PROPOSED AT THE MEETING.                Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Report on Charitable Contributions      S/H       Yes    Against  For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Report on Healthcare Policies           S/H       Yes    Against  For
                                                           Report on Equity Compensation by Race
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   and Gender                              S/H       Yes    Against  For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Report on Pay Disparity                 S/H       Yes    Against  For
                                                           Prepare Business Social
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Responsibility Report                   S/H       Yes    Against  For
                                                           Report on Social and Reputation
                                                           Impact of Failure to Comply with ILO
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Conventions                             S/H       Yes    Against  For
                                                           Require Director Nominee
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Qualifications                          S/H       Yes    Against  For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Pay For Superior Performance            S/H       Yes    For      Against
                                                           Advisory Vote to Ratify Named
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Executive Officers' Compensation        S/H       Yes    For      Against
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Report on Political Contributions       S/H       Yes    For      Against
                                                           Restore or Provide for Cumulative
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Voting                                  S/H       Yes    For      Against
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Jack C. Shewmaker        Issuer    Yes    Against  Against
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Aida M. Alvarez          Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director James W. Breyer          Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director M. Michele Burns         Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director James I. Cash, Jr.       Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Roger C. Corbett         Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Douglas N. Daft          Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director David D. Glass           Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Roland A. Hernandez      Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Allen I. Questrom        Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director H. Lee Scott, Jr.        Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Jim C. Walton            Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director S. Robson Walton         Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Christopher J. Williams  Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Elect Director Linda S. Wolf            Issuer    Yes    For      For
Wal-Mart Stores, Inc.          WMT    931142103 6/1/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           SHAREHOLDER PROPOSAL TO PERMIT
                                                           SHAREHOLDERS TO VOTE ON AN ADVISORY
                                                           RESOLUTION TO RATIFY THE COMPENSATION
                                                           OF THE NAMED EXECUTIVE OFFICERS OF
Nabors Industries, Ltd.        NBR    G6359F103 6/5/2007   THE COMPANY.                            S/H       Yes    For      Against
                                                           SHAREHOLDER PROPOSAL TO ADOPT A PAY
                                                           FOR SUPERIOR PERFORMANCE STANDARD IN
                                                           THE COMPANY S EXECUTIVE COMPENSATION
Nabors Industries, Ltd.        NBR    G6359F103 6/5/2007   PLAN FOR SENIOR EXECUTIVES.             S/H       Yes    For      Against
Nabors Industries, Ltd.        NBR    G6359F103 6/5/2007   Elect  Director Alexander M. Knaster    Issuer    Yes    For      For
Nabors Industries, Ltd.        NBR    G6359F103 6/5/2007   Elect  Director James L. Payne          Issuer    Yes    For      For
Nabors Industries, Ltd.        NBR    G6359F103 6/5/2007   Elect  Director Hans W. Schmidt         Issuer    Yes    For      For
Nabors Industries, Ltd.        NBR    G6359F103 6/5/2007   Ratify Auditors                         Issuer    Yes    For      For
                                                           Require a Majority Vote for the
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Election of Directors                   S/H       Yes    For      Against
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Bernard Cammarata        Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director David T. Ching           Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Michael F. Hines         Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Amy B. Lane              Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Carol Meyrowitz          Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director John F. O'Brien          Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Robert F. Shapiro        Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Willow B. Shire          Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director Fletcher H. Wiley        Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Ratify Auditors                         Issuer    Yes    For      For
The TJX Companies, Inc.        TJX    872540109 6/5/2007   Elect Director David A. Brandon         Issuer    Yes    Withhold Against
Devon Energy Corp.             DVN    25179M103 6/6/2007   Elect Director Thomas F. Ferguson       Issuer    Yes    For      For
Devon Energy Corp.             DVN    25179M103 6/6/2007   Elect Director David M. Gavrin          Issuer    Yes    For      For
Devon Energy Corp.             DVN    25179M103 6/6/2007   Elect Director John Richels             Issuer    Yes    For      For
Devon Energy Corp.             DVN    25179M103 6/6/2007   Ratify Auditors                         Issuer    Yes    For      For
Affiliated Computer Services,                              Advisory Vote to Ratify Named
Inc.                           ACS    008190100 6/7/2007   Executive Officers' Compensation        S/H       Yes    For      Against
Affiliated Computer Services,
Inc.                           ACS    008190101 6/7/2007   Elect Director John H. Rexford          Issuer    Yes    For      For
Affiliated Computer Services,
Inc.                           ACS    008190102 6/7/2007   Elect Director Robert B. Holland, III   Issuer    Yes    For      For
Affiliated Computer Services,
Inc.                           ACS    008190103 6/7/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Affiliated Computer Services,
Inc.                           ACS    008190104 6/7/2007   Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
Affiliated Computer Services,
Inc.                           ACS    008190105 6/7/2007   Ratify Auditors                         Issuer    Yes    For      For
Affiliated Computer Services,
Inc.                           ACS    008190106 6/7/2007   Approve Stock Option Plan               Issuer    Yes    For      For
Affiliated Computer Services,
Inc.                           ACS    008190107 6/7/2007   Elect Director Darwin Deason            Issuer    Yes    Withhold Against
Affiliated Computer Services,
Inc.                           ACS    008190108 6/7/2007   Elect Director Lynn R. Blodgett         Issuer    Yes    Withhold Against
Affiliated Computer Services,
Inc.                           ACS    008190109 6/7/2007   Elect Director Joseph P. O'Neill        Issuer    Yes    Withhold Against
Affiliated Computer Services,
Inc.                           ACS    008190110 6/7/2007   Elect Director Frank A. Rossi           Issuer    Yes    Withhold Against
Affiliated Computer Services,
Inc.                           ACS    008190111 6/7/2007   Elect Director J. Livingston Kosberg    Issuer    Yes    Withhold Against
Affiliated Computer Services,
Inc.                           ACS    008190112 6/7/2007   Elect Director Dennis McCuistion        Issuer    Yes    Withhold Against
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Sol J. Barer             Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Robert J. Hugin          Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Michael D. Casey         Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Rodman L. Drake          Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director A. Hull Hayes, Jr.       Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Gilla Kaplan             Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director James J. Loughlin        Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Richard C. E. Morgan     Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Elect Director Walter L. Robb           Issuer    Yes    For      For
Celgene Corp.                  CELG   151020104 6/12/2007  Ratify Auditors                         Issuer    Yes    For      For
                                                           Adopt Policies to Protect Freedom of
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Access to the Internet                  S/H       Yes    Against  For
                                                           Amend Bylaws to Establish a Board
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Committee on Human Rights               S/H       Yes    Against  For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Pay For Superior Performance            S/H       Yes    For      Against
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Roy J. Bostock           Issuer    Yes    Against  Against
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Ronald W. Burkle         Issuer    Yes    Against  Against
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Arthur H. Kern           Issuer    Yes    Against  Against
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Terry S. Semel           Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Jerry Yang               Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Eric Hippeau             Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Vyomesh Joshi            Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Robert A. Kotick         Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Edward R. Kozel          Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Elect Director Gary L. Wilson           Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Purchase Plan                           Issuer    Yes    For      For
Yahoo!, Inc.                   YHOO   984332106 6/12/2007  Ratify Auditors                         Issuer    Yes    For      For
Caterpillar Inc.               CAT    149123101 6/13/2007  Separate Chairman and CEO Positions     S/H       Yes    Against  For
                                                           Require a Majority Vote for the
Caterpillar Inc.               CAT    149123101 6/13/2007  Election of Directors                   S/H       Yes    For      Against
Caterpillar Inc.               CAT    149123101 6/13/2007  Elect Director John T. Dillon           Issuer    Yes    For      For
Caterpillar Inc.               CAT    149123101 6/13/2007  Elect Director William A. Osborn        Issuer    Yes    For      For
Caterpillar Inc.               CAT    149123101 6/13/2007  Elect Director Edward B. Rust, Jr.      Issuer    Yes    For      For
Caterpillar Inc.               CAT    149123101 6/13/2007  Ratify Auditors                         Issuer    Yes    For      For
Caterpillar Inc.               CAT    149123101 6/13/2007  Elect Director Juan Gallardo            Issuer    Yes    Withhold Against
                                                           Advisory Vote to Ratify Named
Countrywide Financial Corp.    CFC    222372104 6/13/2007  Executive Officers' Compensation        S/H       Yes    For      Against
Countrywide Financial Corp.    CFC    222372104 6/13/2007  Elect Director Henry G. Cisneros        Issuer    Yes    For      For
Countrywide Financial Corp.    CFC    222372104 6/13/2007  Elect Director Robert J. Donato         Issuer    Yes    For      For
Countrywide Financial Corp.    CFC    222372104 6/13/2007  Elect Director Harley W. Snyder         Issuer    Yes    For      For
Countrywide Financial Corp.    CFC    222372104 6/13/2007  Ratify Auditors                         Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director Jeffrey P. Bezos         Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director Tom A. Alberg            Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director John Seely Brown         Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director L. John Doerr            Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director William B. Gordon        Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director Myrtle S. Potter         Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director Thomas O. Ryder          Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Elect Director Patricia Q. Stonesifer   Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Ratify Auditors                         Issuer    Yes    For      For
Amazon.com, Inc.               AMZN   23135106  6/14/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Ratify Auditors                         Issuer    Yes    For      For
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Grover C. Brown          Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Zachary W. Carter        Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Charles D. Ferris        Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Richard H. Hochman       Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Victor Oristano          Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Thomas V. Reifenheiser   Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director John R. Ryan             Issuer    Yes    Withhold Against
Cablevision Systems Corp.      CVC    12686C109 6/14/2007  Elect Director Vincent Tese             Issuer    Yes    Withhold Against
eBay Inc.                      EBAY   278642103 6/14/2007  Elect Director Philippe Bourguignon     Issuer    Yes    For      For
eBay Inc.                      EBAY   278642103 6/14/2007  Elect Director Thomas J. Tierney        Issuer    Yes    For      For
eBay Inc.                      EBAY   278642103 6/14/2007  Elect Director Margaret C. Whitman      Issuer    Yes    For      For
eBay Inc.                      EBAY   278642103 6/14/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
                                                           Amend Qualified Employee Stock
eBay Inc.                      EBAY   278642103 6/14/2007  Purchase Plan                           Issuer    Yes    For      For
eBay Inc.                      EBAY   278642103 6/14/2007  Ratify Auditors                         Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Richard Darman           Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Paul Hanrahan            Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Kristina M. Johnson      Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director John A. Koskinen         Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Philip Lader             Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director John H. McArthur         Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Sandra O. Moose          Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Philip A. Odeen          Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Charles O. Rossotti      Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Elect Director Sven Sandstrom           Issuer    Yes    For      For
The AES Corp.                  AES    00130H105 6/25/2007  Ratify Auditors                         Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Ronald James             Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Elliot S. Kaplan         Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Matthew H. Paul          Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director James E. Press           Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Richard M. Schulze       Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Mary A. Tolan            Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Hatim A. Tyabji          Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Elect Director Rogelio M. Rebolledo     Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Ratify Auditors                         Issuer    Yes    For      For
Best Buy Co., Inc.             BBY    086516101 6/27/2007  Amend Omnibus Stock Plan                Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Report on Climate Change                S/H       Yes    For      Against
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Reuben V. Anderson       Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director John L. Clendenin        Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director David B. Dillon          Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director David B. Lewis           Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Don W. McGeorge          Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director W. Rodney McMullen       Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Jorge P. Montoya         Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Clyde R. Moore           Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Susan M. Phillips        Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Steven R. Rogel          Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director James A. Runde           Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Elect Director Ronald L. Sargent        Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Approve Executive Incentive Bonus Plan  Issuer    Yes    For      For
                                                           Amend Articles/Regulations--i)Rules
                                                           of Conduct in Connection with
                                                           Shareholder Meetings and (ii)
The Kroger Co.                 KR     501044101 6/28/2007  Meetings Outside Cincinnati             Issuer    Yes    For      For
The Kroger Co.                 KR     501044101 6/28/2007  Ratify Auditors                         Issuer    Yes    For      For





Fund:               Principal Variable Contracts Fund, Inc. - LargeCap Growth Equity Account
                    ---------------------------------------------------------------
Sub-Advisor         Grantham, Mayo, Van Otterloo & Co. LLC
                    ---------------------------------------------------------------

- ------------------- --------- ------------- ----------------------------------- ----------------------- ------------ ---------------
                                                                                (f)          (g)                          (i) Was
                                                                                Proposed     Did the      (h)             Vote For
                                            (d)                                 by           Registrant   Vote            or
(a)                 (b)       (c)           S/H Mtg.  (e)                       Issuer (M)   Vote?        (For, Against,  Against
Issuer              Ticker    CUSIP         Date      Matter Voted On           or S/H (S)   (Yes or No)  Abstain)        Management
- ------------------- --------- ------------- ----------------------------------- ----------- ---------------------------- -----------
                                                                    
Dell Inc.           DELL      24702R101     07/21/06  Elect Director Donald     M           Yes          For             For
                                                      J. Carty

                                                      Elect Director Michael
Dell Inc.           DELL      24702R101     07/21/06  S. Dell                   M           Yes          For             For
                                                      Elect Director William
Dell Inc.           DELL      24702R101     07/21/06  H. Gray, III              M           Yes          For             For
                                                      Elect Director Sallie
Dell Inc.           DELL      24702R101     07/21/06  L. Krawcheck              M           Yes          For             For
                                                      Elect Director Alan
Dell Inc.           DELL      24702R101     07/21/06  (A.G.) Lafley             M           Yes          For             For
                                                      Elect Director Judy C.
Dell Inc.           DELL      24702R101     07/21/06  Lewent                    M           Yes          For             For
                                                      Elect Director Klaus S.
Dell Inc.           DELL      24702R101     07/21/06  Luft                      M           Yes          For             For
                                                      Elect Director Alex J.
Dell Inc.           DELL      24702R101     07/21/06  Mandl                     M           Yes          For             For
                                                      Elect Director Michael
Dell Inc.           DELL      24702R101     07/21/06  A. Miles                  M           Yes          For             For
                                                      Elect Director Samuel
Dell Inc.           DELL      24702R101     07/21/06  A. Nunn, Jr.              M           Yes          For             For
                                                      Elect Director Kevin B.
Dell Inc.           DELL      24702R101     07/21/06  Rollins                   M           Yes          For             For
Dell Inc.           DELL      24702R101     07/21/06  Ratify Auditors           M           Yes          For             For
                                                      Adopt ILO-Based Code of
Dell Inc.           DELL      24702R101     07/21/06  Conduct                   S           Yes          Against         For
                                                      Compensation Company
                                                      Specific--Declaration
Dell Inc.           DELL      24702R101     07/21/06  of Dividend               S           Yes          Against         For
                                                      Elect Director Ursula
Centex Corp.        CTX       152312104     07/13/06  O. Fairbairn              M           Yes          For             For
                                                      Elect Director Thomas
Centex Corp.        CTX       152312104     07/13/06  J. Falk                   M           Yes          For             For
                                                      Elect Director Matthew
Centex Corp.        CTX       152312104     07/13/06  K. Rose                   M           Yes          For             For
                                                      Elect Director Thomas
Centex Corp.        CTX       152312104     07/13/06  M. Schoewe                M           Yes          For             For
Centex Corp.        CTX       152312104     07/13/06  Ratify Auditors           M           Yes          For             For
                                                      Report on Energy
Centex Corp.        CTX       152312104     07/13/06  Efficiency                S           Yes          Against         For
                                                      Require a Majority Vote
                                                      for the Election of
Centex Corp.        CTX       152312104     07/13/06  Directors                 S           Yes          For             Against
McKesson                                              Elect Director Wayne A.
Corporation         MCK       58155Q103     07/26/06  Budd                      M           Yes          For             For
McKesson                                              Elect Director Alton F.
Corporation         MCK       58155Q103     07/26/06  Irby III                  M           Yes          For             For
McKesson                                              Elect Director David M.
Corporation         MCK       58155Q103     07/26/06  Lawrence, M.D.            M           Yes          For             For
McKesson                                              Elect Director James V.
Corporation         MCK       58155Q103     07/26/06  Napier                    M           Yes          For             For
McKesson
Corporation         MCK       58155Q103     07/26/06  Ratify Auditors           M           Yes          For             For
McKesson                                              Declassify the Board of
Corporation         MCK       58155Q103     07/26/06  Directors                 S           Yes          For             Against
                                                      Elect Director L. Dale
BEA Systems, Inc.   BEAS      73325102      07/19/06  Crandall                  M           Yes          For             For
                                                      Elect Director William
BEA Systems, Inc.   BEAS      73325102      07/19/06  H. Janeway                M           Yes          For             For
                                                      Elect Director Richard
BEA Systems, Inc.   BEAS      73325102      07/19/06  T. Schlosberg, III        M           Yes          For             For
                                                      Approve Omnibus Stock
BEA Systems, Inc.   BEAS      73325102      07/19/06  Plan                      M           Yes          For             For
                                                      Approve Executive
BEA Systems, Inc.   BEAS      73325102      07/19/06  Incentive Bonus Plan      M           Yes          For             For
BEA Systems, Inc.   BEAS      73325102      07/19/06  Ratify Auditors           M           Yes          For             For
                                                      Act on Shareholder
                                                      Resolutions that
BEA Systems, Inc.   BEAS      73325102      07/19/06  Receive Majority Support  S           Yes          For             Against
                                                      Declassify the Board of
BEA Systems, Inc.   BEAS      73325102      07/19/06  Directors                 S           Yes          For             Against
                                                      Elect Director Carl
Legg Mason, Inc.    LM        524901105     07/18/06  Bildt                     M           Yes          For             For
                                                      Elect Director John E.
Legg Mason, Inc.    LM        524901105     07/18/06  Koerner III               M           Yes          For             For
                                                      Elect Director Cheryl
Legg Mason, Inc.    LM        524901105     07/18/06  Gordon Krongard           M           Yes          For             For
                                                      Elect Director James E.
Legg Mason, Inc.    LM        524901105     07/18/06  Ukrop                     M           Yes          For             For
                                                      Elect Director W. Allen
Legg Mason, Inc.    LM        524901105     07/18/06  Reed                      M           Yes          For             For
                                                      Increase Authorized
Legg Mason, Inc.    LM        524901105     07/18/06  Common Stock              M           Yes          For             For
Legg Mason, Inc.    LM        524901105     07/18/06  Amend Omnibus Stock Plan  M           Yes          For             For
Legg Mason, Inc.    LM        524901105     07/18/06  Ratify Auditors           M           Yes          For             For
                                                      Increase Authorized
Loews Corp.                   540424108     08/03/06  Common Stock              M           Yes          For             For
                                                      Adjust Par Value of
Loews Corp.                   540424108     08/03/06  Common Stock              M           Yes          For             For
Forest                                                Elect Director Howard
Laboratories, Inc.  FRX       345838106     08/07/06  Solomon                   M           Yes          For             For
Forest                                                Elect Director Nesli
Laboratories, Inc.  FRX       345838106     08/07/06  Basgoz                    M           Yes          For             For
Forest                                                Elect Director William
Laboratories, Inc.  FRX       345838106     08/07/06  J. Candee, III            M           Yes          For             For
Forest                                                Elect Director George
Laboratories, Inc.  FRX       345838106     08/07/06  S. Cohan                  M           Yes          For             For
Forest                                                Elect Director Dan L.
Laboratories, Inc.  FRX       345838106     08/07/06  Goldwasser                M           Yes          For             For
Forest                                                Elect Director Kenneth
Laboratories, Inc.  FRX       345838106     08/07/06  E. Goodman                M           Yes          For             For
Forest                                                Elect Director Lester
Laboratories, Inc.  FRX       345838106     08/07/06  B. Salans                 M           Yes          For             For
Forest
Laboratories, Inc.  FRX       345838106     08/07/06  Ratify Auditors           M           Yes          For             For
Microchip                                             Elect Director Steve
Technology, Inc.    MCHP      595017104     08/18/06  Sanghi                    M           Yes          For             For
Microchip                                             Elect Director Albert
Technology, Inc.    MCHP      595017104     08/18/06  J. Hugo-Martinez          M           Yes          For             For
Microchip
Technology, Inc.    MCHP      595017104     08/18/06  Elect Director L.B. Day   M           Yes          For             For
Microchip                                             Elect Director Matthew
Technology, Inc.    MCHP      595017104     08/18/06  W. Chapman                M           Yes          For             For
Microchip                                             Elect Director Wade F.
Technology, Inc.    MCHP      595017104     08/18/06  Meyercord                 M           Yes          For             For
Microchip
Technology, Inc.    MCHP      595017104     08/18/06  Amend Omnibus Stock Plan  M           Yes          For             For
Microchip                                             Approve Executive
Technology, Inc.    MCHP      595017104     08/18/06  Incentive Bonus Plan      M           Yes          For             For
Microchip
Technology, Inc.    MCHP      595017104     08/18/06  Ratify Auditors           M           Yes          For             For
                                                      Elect Director Roger L.
Flowserve Corp.     FLS       34354P105     08/24/06  Fix                       M           Yes          For             For
                                                      Elect Director Lewis M.
Flowserve Corp.     FLS       34354P105     08/24/06  Kling                     M           Yes          For             For
                                                      Elect Director Michael
Flowserve Corp.     FLS       34354P105     08/24/06  F. Johnston               M           Yes          For             For
                                                      Elect Director Charles
Flowserve Corp.     FLS       34354P105     08/24/06  M. Rampacek               M           Yes          For             For
                                                      Elect Director Kevin E.
Flowserve Corp.     FLS       34354P105     08/24/06  Sheehan                   M           Yes          For             For
                                                      Elect Director Roger L.
Flowserve Corp.     FLS       34354P105     08/24/06  Fix                       M           Yes          For             For
                                                      Elect Director Diane C.
Flowserve Corp.     FLS       34354P105     08/24/06  Harris                    M           Yes          For             For
                                                      Elect Director Lewis M.
Flowserve Corp.     FLS       34354P105     08/24/06  Kling                     M           Yes          For             For
                                                      Elect Director James O.
Flowserve Corp.     FLS       34354P105     08/24/06  Rollans                   M           Yes          For             For
                                                      Amendment to Certain
                                                      Stock Options to Extend
Flowserve Corp.     FLS       34354P105     08/24/06  Exercise Period           M           Yes          For             For
Network                                               Elect Director Daniel
Appliance, Inc.     NTAP      64120L104     08/31/06  J. Warmenhoven            M           Yes          For             For
Network                                               Elect Director Donald
Appliance, Inc.     NTAP      64120L104     08/31/06  T. Valentine              M           Yes          For             For
Network                                               Elect Director Jeffry
Appliance, Inc.     NTAP      64120L104     08/31/06  R. Allen                  M           Yes          For             For
Network                                               Elect Director Carol A.
Appliance, Inc.     NTAP      64120L104     08/31/06  Bartz                     M           Yes          For             For
Network                                               Elect Director Alan L.
Appliance, Inc.     NTAP      64120L104     08/31/06  Earhart                   M           Yes          For             For
Network                                               Elect Director Edward
Appliance, Inc.     NTAP      64120L104     08/31/06  Kozel                     M           Yes          For             For
Network                                               Elect Director Mark
Appliance, Inc.     NTAP      64120L104     08/31/06  Leslie                    M           Yes          For             For
Network                                               Elect Director Nicholas
Appliance, Inc.     NTAP      64120L104     08/31/06  G. Moore                  M           Yes          For             For
Network                                               Elect Director George
Appliance, Inc.     NTAP      64120L104     08/31/06  T. Shaheen                M           Yes          For             For
Network                                               Elect Director Robert
Appliance, Inc.     NTAP      64120L104     08/31/06  T. Wall                   M           Yes          For             For
Network
Appliance, Inc.     NTAP      64120L104     08/31/06  Amend Omnibus Stock Plan  M           Yes          For             For
Network
Appliance, Inc.     NTAP      64120L104     08/31/06  Amend Omnibus Stock Plan  M           Yes          For             For
                                                      Amend Qualified
Network                                               Employee Stock Purchase
Appliance, Inc.     NTAP      64120L104     08/31/06  Plan                      M           Yes          For             For
Network
Appliance, Inc.     NTAP      64120L104     08/31/06  Ratify Auditors           M           Yes          For             For
                                                      Elect Director B.
BMC Software, Inc.  BMC       55921100      08/22/06  Garland Cupp              M           Yes          For             For
                                                      Elect Director Robert
BMC Software, Inc.  BMC       55921100      08/22/06  E. Beauchamp              M           Yes          For             For
                                                      Elect Director Jon E.
BMC Software, Inc.  BMC       55921100      08/22/06  Barfield                  M           Yes          For             For
                                                      Elect Director John W.
BMC Software, Inc.  BMC       55921100      08/22/06  Barter                    M           Yes          For             For
                                                      Elect Director Meldon
BMC Software, Inc.  BMC       55921100      08/22/06  K. Gafner                 M           Yes          For             For
                                                      Elect Director Lew W.
BMC Software, Inc.  BMC       55921100      08/22/06  Gray                      M           Yes          For             For
                                                      Elect Director P.
BMC Software, Inc.  BMC       55921100      08/22/06  Thomas Jenkins            M           Yes          For             For
                                                      Elect Director Louis J.
BMC Software, Inc.  BMC       55921100      08/22/06  Lavigne, Jr.              M           Yes          For             For
                                                      Elect Director Kathleen
BMC Software, Inc.  BMC       55921100      08/22/06  A. O'Neil                 M           Yes          For             For
                                                      Elect Director George
BMC Software, Inc.  BMC       55921100      08/22/06  F. Raymond                M           Yes          For             For
                                                      Elect Director Tom C.
BMC Software, Inc.  BMC       55921100      08/22/06  Tinsley                   M           Yes          For             For
BMC Software, Inc.  BMC       55921100      08/22/06  Ratify Auditors           M           Yes          For             For
                                                      Approve Qualified
                                                      Employee Stock Purchase
BMC Software, Inc.  BMC       55921100      08/22/06  Plan                      M           Yes          For             For
Medtronic,                                            Elect Director Richard
Inc.                MDT       585055106     08/24/06  H. Anderson               M           Yes          For             For
Medtronic,                                            Elect Director Michael
Inc.                MDT       585055106     08/24/06  R. Bonsignore             M           Yes          For             For
                                                      Elect Director Robert
Medtronic, Inc.     MDT       585055106     08/24/06  C. Pozen                  M           Yes          For             For
Medtronic,                                            Elect Director Gordon
Inc.                MDT       585055106     08/24/06  M. Sprenger               M           Yes          Withhold        Against
Medtronic,
Inc.                MDT       585055106     08/24/06  Ratify Auditors           M           Yes          For             For
                                                      Require a Majority Vote
Medtronic,                                            for the Election of
Inc.                MDT       585055106     08/24/06  Directors                 S           Yes          For             Against
Golden West
Financial Corp.               381317106     08/31/06  Approve Merger Agreement  M           Yes          For             For
Mentor                                                Approve Decrease in
Corp.               MNT       587188103     09/13/06  Size of Board             M           Yes          For             For
Mentor                                                Elect Director Joseph
Corp.               MNT       587188103     09/13/06  E. Whitters               M           Yes          For             For
Mentor                                                Elect Director Michael
Corp.               MNT       587188103     09/13/06  L. Emmons                 M           Yes          For             For

Mentor                                                Elect Director Walter
Corp.               MNT       587188103     09/13/06  W. Faster                 M           Yes          For             For
Mentor                                                Elect Director Joshua
Corp.               MNT       587188103     09/13/06  H. Levine                 M           Yes          For             For
Mentor                                                Elect Director Michael
Corp.               MNT       587188103     09/13/06  Nakonechny                M           Yes          For             For

Mentor                                                Elect Director Ronald
Corp.               MNT       587188103     09/13/06  J. Rossi                  M           Yes          For             For
Mentor                                                Elect Director Jeffrey
Corp.               MNT       587188103     09/13/06  W. Ubben                  M           Yes          For             For
Mentor
Corp.               MNT       587188103     09/13/06  Amend Omnibus Stock Plan  M           Yes          For             For
Mentor
Corp.               MNT       587188103     09/13/06  Ratify Auditors           M           Yes          For             For
Darden                                                Elect Director Leonard
Restaurants, Inc.   DRI       237194105     09/15/06  L. Berry                  M           Yes          Withhold        Against
Darden                                                Elect Director Odie C.
Restaurants, Inc.   DRI       237194105     09/15/06  Donald                    M           Yes          Withhold        Against
Darden                                                Elect Director David H.
Restaurants, Inc.   DRI       237194105     09/15/06  Hughes                    M           Yes          Withhold        Against
Darden                                                Elect Director Charles
Restaurants, Inc.   DRI       237194105     09/15/06  A. Ledsinger, Jr.         M           Yes          For             For
Darden                                                Elect Director William
Restaurants, Inc.   DRI       237194105     09/15/06  M. Lewis, Jr.             M           Yes          For             For
Darden                                                Elect Director Connie
Restaurants, Inc.   DRI       237194105     09/15/06  Mack, III                 M           Yes          Withhold        Against
Darden                                                Elect Director Andrew
Restaurants, Inc.   DRI       237194105     09/15/06  H. Madsen                 M           Yes          Withhold        Against
Darden                                                Elect Director Clarence
Restaurants, Inc.   DRI       237194105     09/15/06  Otis, Jr.                 M           Yes          Withhold        Against
Darden                                                Elect Director Michael
Restaurants, Inc.   DRI       237194105     09/15/06  D. Rose                   M           Yes          Withhold        Against
Darden                                                Elect Director Maria A.
Restaurants, Inc.   DRI       237194105     09/15/06  Sastre                    M           Yes          Withhold        Against
Darden                                                Elect Director Jack A.
Restaurants, Inc.   DRI       237194105     09/15/06  Smith                     M           Yes          Withhold        Against
Darden                                                Elect Director Blaine
Restaurants, Inc.   DRI       237194105     09/15/06  Sweatt, III               M           Yes          Withhold        Against
Darden                                                Elect Director Rita P.
Restaurants, Inc.   DRI       237194105     09/15/06  Wilson                    M           Yes          Withhold        Against
Darden
Restaurants, Inc.   DRI       237194105     09/15/06  Amend Omnibus Stock Plan  M           Yes          For             For
Darden
Restaurants, Inc.   DRI       237194105     09/15/06  Ratify Auditors           M           Yes          For             For
                                                      Require a Majority Vote
Darden                                                for the Election of
Restaurants, Inc.   DRI       237194105     09/15/06  Directors                 S           Yes          For             Against
                                                      Elect Director James L.
FedEx Corporation   FDX       31428X106     09/25/06  Barksdale                 M           Yes          For             For
                                                      Elect Director August
FedEx Corporation   FDX       31428X106     09/25/06  A. Busch, IV              M           Yes          For             For
                                                      Elect Director John A.
FedEx Corporation   FDX       31428X106     09/25/06  Edwardson                 M           Yes          For             For
                                                      Elect Director Judith
FedEx Corporation   FDX       31428X106     09/25/06  L. Estrin                 M           Yes          For             For
                                                      Elect Director J.
FedEx Corporation   FDX       31428X106     09/25/06  Kenneth Glass             M           Yes          For             For
                                                      Elect Director Philip
FedEx Corporation   FDX       31428X106     09/25/06  Greer                     M           Yes          For             For
                                                      Elect Director J.R.
FedEx Corporation   FDX       31428X106     09/25/06  Hyde, III                 M           Yes          For             For
                                                      Elect Director Shirley
FedEx Corporation   FDX       31428X106     09/25/06  A. Jackson                M           Yes          For             For
                                                      Elect Director Steven
FedEx Corporation   FDX       31428X106     09/25/06  R. Loranger               M           Yes          For             For
                                                      Elect Director Charles
FedEx Corporation   FDX       31428X106     09/25/06  T. Manatt                 M           Yes          For             For
                                                      Elect Director
FedEx Corporation   FDX       31428X106     09/25/06  Frederick W. Smith        M           Yes          For             For
                                                      Elect Director Joshua
FedEx Corporation   FDX       31428X106     09/25/06  I. Smith                  M           Yes          For             For
                                                      Elect Director Paul S.
FedEx Corporation   FDX       31428X106     09/25/06  Walsh                     M           Yes          For             For
                                                      Elect Director Peter S.
FedEx Corporation   FDX       31428X106     09/25/06  Willmott                  M           Yes          For             For
                                                      Reduce Supermajority
FedEx Corporation   FDX       31428X106     09/25/06  Vote Requirement          M           Yes          For             For
FedEx Corporation   FDX       31428X106     09/25/06  Ratify Auditors           M           Yes          For             For
                                                      Report on Environmental
FedEx Corporation   FDX       31428X106     09/25/06  Policy                    S           Yes          Against         For
                                                      Require a Majority Vote
                                                      for the Election of
FedEx Corporation   FDX       31428X106     09/25/06  Directors                 S           Yes          For             Against
                                                      Elect Director Pauline
Tektronix, Inc.     TEK       879131100     09/21/06  Lo Alker                  M           Yes          For             For
                                                      Elect Director A. Gary
Tektronix, Inc.     TEK       879131100     09/21/06  Ames                      M           Yes          For             For
                                                      Elect Director Gerry B.
Tektronix, Inc.     TEK       879131100     09/21/06  Cameron                   M           Yes          For             For
                                                      Elect Director David N.
Tektronix, Inc.     TEK       879131100     09/21/06  Campbell                  M           Yes          For             For
                                                      Elect Director Frank C.
Tektronix, Inc.     TEK       879131100     09/21/06  Gill                      M           Yes          For             For
                                                      Elect Director Robin L.
Tektronix, Inc.     TEK       879131100     09/21/06  Washington                M           Yes          For             For
                                                      Elect Director Richard
Tektronix, Inc.     TEK       879131100     09/21/06  H. Wills                  M           Yes          For             For
                                                      Elect Director Cyril J.
Tektronix, Inc.     TEK       879131100     09/21/06  Yansouni                  M           Yes          For             For
Tektronix, Inc.     TEK       879131100     09/21/06  Ratify Auditors           M           Yes          For             For
                                                      Increase Authorized
Allergan, Inc.      AGN       18490102      09/20/06  Common Stock              M           Yes          For             For
National
Semiconductor                                         Elect Director Brian L.
Corp.               NSM       637640103     10/06/06  Halla                     M           Yes          For             For

National
Semiconductor                                         Elect Director Steven
Corp.               NSM       637640103     10/06/06  R. Appleton               M           Yes          For             For
National
Semiconductor                                         Elect Director Gary P.
Corp.               NSM       637640103     10/06/06  Arnold                    M           Yes          For             For
National
Semiconductor                                         Elect Director Richard
Corp.               NSM       637640103     10/06/06  J. Danzig                 M           Yes          For             For
National
Semiconductor                                         Elect Director John T.
Corp.               NSM       637640103     10/06/06  Dickson                   M           Yes          For             For
National
Semiconductor                                         Elect Director Robert
Corp.               NSM       637640103     10/06/06  J. Frankenberg            M           Yes          For             For
National
Semiconductor                                         Elect Director E. Floyd
Corp.               NSM       637640103     10/06/06  Kvamme                    M           Yes          For             For
National
Semiconductor                                         Elect Director Modesto
Corp.               NSM       637640103     10/06/06  A. Maidique               M           Yes          For             For
National
Semiconductor                                         Elect Director Edward
Corp.               NSM       637640103     10/06/06  McCracken                 M           Yes          For             For

National
Semiconductor
Corp.               NSM       637640103     10/06/06  Ratify Auditors           M           Yes          For             For
Univision
Communications
Inc.                          914906102     09/27/06  Approve Merger Agreement  M           Yes          For             For
Univision
Communications
Inc.                          914906102     09/27/06  Adjourn Meeting           M           Yes          For             For
Herman Miller,                                        Elect Director Douglas
Inc.                MLHR      600544100     09/28/06  D. French                 M           Yes          For             For
Herman Miller,                                        Elect Director John R.
Inc.                MLHR      600544100     09/28/06  Hoke, III                 M           Yes          For             For
Herman Miller,                                        Elect Director James R.
Inc.                MLHR      600544100     09/28/06  Kackley                   M           Yes          For             For
Herman Miller,                                        Elect Director Michael
Inc.                MLHR      600544100     09/28/06  A. Volkema                M           Yes          For             For
Herman Miller,
Inc.                MLHR      600544100     09/28/06  Ratify Auditors           M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  B. Thomas Golisano        M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  David J.S. Flaschen       M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  Phillip Horsley           M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  Grant M. Inman            M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  Pamela A. Joseph          M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  Jonathan J. Judge         M           Yes          For             For
Paychex,                                              Election of Director:
Inc.                PAYX      704326107     10/05/06  Jospeh M. Tucci           M           Yes          For             For
Global Payments,                                      Elect Director Alex W.
Inc.                GPN       37940X102     09/27/06  Hart                      M           Yes          For             For
Global Payments,                                      Elect Director William
Inc.                GPN       37940X102     09/27/06  I Jacobs                  M           Yes          For             For
Global Payments,                                      Elect Director Alan M.
Inc.                GPN       37940X102     09/27/06  Silberstein               M           Yes          For             For
Global Payments,                                      Elect Director Ruth Ann
Inc.                GPN       37940X102     09/27/06  Marshall                  M           Yes          For             For

Harman
International
Industries,                                           Elect Director Edward
Inc.                HAR       413086109     11/02/06  H. Meyer                  M           Yes          For             For
Harman
International
Industries,                                           Elect Director Gina
Inc.                HAR       413086109     11/02/06  Harman                    M           Yes          For             For
Brinker
International,                                        Elect Director Douglas
Inc.                EAT       109641100     11/02/06  H. Brooks                 M           Yes          For             For
Brinker
International,                                        Elect Director Robert
Inc.                EAT       109641100     11/02/06  M. Gates                  M           Yes          For             For
Brinker
International,                                        Elect Director Marvin
Inc.                EAT       109641100     11/02/06  J. Girouard               M           Yes          For             For
Brinker
International,                                        Elect Director Ronald
Inc.                EAT       109641100     11/02/06  Kirk                      M           Yes          For             For
Brinker
International,                                        Elect Director George
Inc.                EAT       109641100     11/02/06  R. Mrkonic                M           Yes          For             For
Brinker
International,
Inc.                EAT       109641100     11/02/06  Elect Director Erle Nye   M           Yes          For             For
Brinker
International,                                        Elect Director James E.
Inc.                EAT       109641100     11/02/06  Oesterreicher             M           Yes          For             For
Brinker
International,                                        Elect Director Rosendo
Inc.                EAT       109641100     11/02/06  G. Parra                  M           Yes          For             For
Brinker
International,                                        Elect Director Cece
Inc.                EAT       109641100     11/02/06  Smith                     M           Yes          For             For
Brinker
International,
Inc.                EAT       109641100     11/02/06  Ratify Auditors           M           Yes          For             For
Brinker
International,                                        Report on Animal
Inc.                EAT       109641100     11/02/06  Welfare Standards         S           Yes          Against         For
                                                      Elect Director Richard
Applera Corp                  38020103      10/19/06  H. Ayers                  M           Yes          For             For
                                                      Elect Director Jean-Luc
Applera Corp                  38020103      10/19/06  Belingard                 M           Yes          Withhold        Against
                                                      Elect Director Robert
Applera Corp                  38020103      10/19/06  H. Hayes                  M           Yes          For             For
                                                      Elect Director Arnold
Applera Corp                  38020103      10/19/06  J. Levine                 M           Yes          For             For
                                                      Elect Director William
Applera Corp                  38020103      10/19/06  H. Longfield              M           Yes          For             For
                                                      Elect Director Theodore
Applera Corp                  38020103      10/19/06  E. Martin                 M           Yes          For             For
                                                      Elect Director Carolyn
Applera Corp                  38020103      10/19/06  W. Slayman                M           Yes          For             For
                                                      Elect Director Orin R.
Applera Corp                  38020103      10/19/06  Smith                     M           Yes          For             For
                                                      Elect Director James R.
Applera Corp                  38020103      10/19/06  Tobin                     M           Yes          Withhold        Against
                                                      Elect Director Tony L.
Applera Corp                  38020103      10/19/06  White                     M           Yes          For             For
Applera Corp                  38020103      10/19/06  Ratify Auditors           M           Yes          For             For
Applera Corp                  38020103      10/19/06  Change Company Name       M           Yes          For             For
Applera Corp                  38020103      10/19/06  Amend Omnibus Stock Plan  M           Yes          For             For
Applera Corp                  38020103      10/19/06  Amend Omnibus Stock Plan  M           Yes          For             For
Molex                                                 Elect Director Michelle
Incorporated        MOLX      608554101     10/27/06  L. Collins                M           Yes          For             For
Molex                                                 Elect Director David L.
Incorporated        MOLX      608554101     10/27/06  Landsittel                M           Yes          For             For
Molex                                                 Elect Director Joe W.
Incorporated        MOLX      608554101     10/27/06  Laymon                    M           Yes          For             For
Molex                                                 Elect Director Fred L.
Incorporated        MOLX      608554101     10/27/06  Krehbiel                  M           Yes          For             For
Molex
Incorporated        MOLX      608554101     10/27/06  Ratify Auditors           M           Yes          For             For
                                                      Elect Director Terry D.
Harris Corp.        HRS       413875105     10/27/06  Growcock                  M           Yes          For             For
                                                      Elect Director Leslie
Harris Corp.        HRS       413875105     10/27/06  F. Kenne                  M           Yes          For             For
                                                      Elect Director David B.
Harris Corp.        HRS       413875105     10/27/06  Rickard                   M           Yes          For             For
                                                      Elect Director Gregory
Harris Corp.        HRS       413875105     10/27/06  T. Swienton               M           Yes          For             For
Harris Corp.        HRS       413875105     10/27/06  Ratify Auditors           M           Yes          For             For
Sara Lee                                              Elect Director Brenda
Corp.               SLE       803111103     10/26/06  C. Barnes                 M           Yes          For             For
Sara Lee                                              Elect Director J.T.
Corp.               SLE       803111103     10/26/06  Battenberg, III           M           Yes          For             For

Sara Lee                                              Elect Director
Corp.               SLE       803111103     10/26/06  Christopher B. Begley     M           Yes          For             For
Sara Lee                                              Elect Director Cynthia
Corp.               SLE       803111103     10/26/06  B. Carroll                M           Yes          For             For
Sara Lee                                              Elect Director Virgis
Corp.               SLE       803111103     10/26/06  W. Colbert                M           Yes          For             For
Sara Lee                                              Elect Director James S.
Corp.               SLE       803111103     10/26/06  Crown                     M           Yes          For             For
Sara Lee                                              Elect Director Willie
Corp.               SLE       803111103     10/26/06  D. Davis                  M           Yes          For             For

Sara Lee                                              Elect Director Laurette
Corp.               SLE       803111103     10/26/06  T. Koellner               M           Yes          For             For
Sara Lee                                              Elect Director Cornelis
Corp.               SLE       803111103     10/26/06  J.A. Van Lede             M           Yes          For             For
Sara Lee                                              Elect Director Sir Ian
Corp.               SLE       803111103     10/26/06  Prosser                   M           Yes          For             For

Sara Lee                                              Elect Director Rozanne
Corp.               SLE       803111103     10/26/06  L. Ridgway                M           Yes          For             For
Sara Lee                                              Elect Director Jonathan
Corp.               SLE       803111103     10/26/06  P. Ward                   M           Yes          For             For
Sara Lee
Corp.               SLE       803111103     10/26/06  Ratify Auditors           M           Yes          For             For

Sara Lee                                              Separate Chairman and
Corp.               SLE       803111103     10/26/06  CEO Positions             S           Yes          For             Against
Sara Lee                                              Approve Report of the
Corp.               SLE       803111103     10/26/06  Compensation Committee    S           Yes          For             Against
Parker-Hannifin                                       Elect Director Robert
Corp.               PH        701094104     10/25/06  J. Kohlhepp               M           Yes          Withhold        Against
Parker-Hannifin                                       Elect Director Giulio
Corp.               PH        701094104     10/25/06  Mazzalupi                 M           Yes          Withhold        Against
Parker-Hannifin                                       Elect Director
Corp.               PH        701094104     10/25/06  Klaus-Peter Mueller       M           Yes          Withhold        Against
Parker-Hannifin                                       Elect Director Markos
Corp.               PH        701094104     10/25/06  I. Tambakeras             M           Yes          Withhold        Against
Parker-Hannifin
Corp.               PH        701094104     10/25/06  Ratify Auditors           M           Yes          For             For
Parker-Hannifin                                       Declassify the Board of
Corp.               PH        701094104     10/25/06  Directors                 S           Yes          For             Against
Archer-Daniels-Midla                                  Elect Director G.A.
Company             ADM       39483102      11/02/06  Andreas                   M           Yes          For             For
Archer-Daniels-Midla                                  Elect Director A.L.
Company             ADM       39483102      11/02/06  Boeckmann                 M           Yes          For             For
Archer-Daniels-Midla                                  Elect Director M.H.
Company             ADM       39483102      11/02/06  Carter                    M           Yes          Withhold        Against
Archer-Daniels-Midla                                  Elect Director R.S.
Company             ADM       39483102      11/02/06  Joslin                    M           Yes          For             For
Archer-Daniels-Midla
Company             ADM       39483102      11/02/06  Elect Director A. Maciel  M           Yes          For             For
Archer-Daniels-Midla                                  Elect Director P.J.
Company             ADM       39483102      11/02/06  Moore                     M           Yes          For             For
Archer-Daniels-Midla                                  Elect Director M.B.
Company             ADM       39483102      11/02/06  Mulroney                  M           Yes          For             For
Archer-Daniels-Midla                                  Elect Director T.F.
Company             ADM       39483102      11/02/06  O'Neill                   M           Yes          For             For
Archer-Daniels-Midla
Company             ADM       39483102      11/02/06  Elect Director O.G. Webb  M           Yes          Withhold        Against
Archer-Daniels-Midla                                  Elect Director K.R.
Company             ADM       39483102      11/02/06  Westbrook                 M           Yes          For             For
Archer-Daniels-Midla                                  Elect Director P.A.
Company             ADM       39483102      11/02/06  Woertz                    M           Yes          For             For
Archer-Daniels-Midla                                  Report on Genetically
Company             ADM       39483102      11/02/06  Modified Organisms (GMO)  S           Yes          Against         For
Archer-Daniels-Midla
Company             ADM       39483102      11/02/06  Adopt ILO Standards       S           Yes          For             Against
                                                      Elect Director Jonathan
SYSCO Corporation   SYY       871829107     11/10/06  Golden                    M           Yes          For             For
                                                      Elect Director Joseph
SYSCO Corporation   SYY       871829107     11/10/06  A. Hafner, Jr.            M           Yes          For             For
                                                      Elect Director Nancy S.
SYSCO Corporation   SYY       871829107     11/10/06  Newcomb                   M           Yes          For             For
                                                      Elect Director Richard
SYSCO Corporation   SYY       871829107     11/10/06  J. Schnieders             M           Yes          For             For
                                                      Elect Director Manuel
SYSCO Corporation   SYY       871829107     11/10/06  A. Fernandez              M           Yes          For             For
SYSCO Corporation   SYY       871829107     11/10/06  Ratify Auditors           M           Yes          For             For
                                                      Require a Majority Vote
                                                      for the Election of
SYSCO Corporation   SYY       871829107     11/10/06  Directors                 S           Yes          For             For
Techne Corp.        TECH      878377100     10/26/06  Fix Number of Directors   M           Yes          For             For
                                                      Elect Director Thomas
Techne Corp.        TECH      878377100     10/26/06  E. Oland                  M           Yes          For             For
                                                      Elect Director Roger C.
Techne Corp.        TECH      878377100     10/26/06  Lucas, Ph.D.              M           Yes          For             For
                                                      Elect Director Howard
Techne Corp.        TECH      878377100     10/26/06  V. O'Connell              M           Yes          For             For
                                                      Elect Director G.
Techne Corp.        TECH      878377100     10/26/06  Arthur Herbert            M           Yes          For             For
                                                      Elect Director R.C.
Techne Corp.        TECH      878377100     10/26/06  Steer, M.D., Ph.D.        M           Yes          For             For
                                                      Elect Director Robert
Techne Corp.        TECH      878377100     10/26/06  V. Baumgartner            M           Yes          For             For
                                                      Elect Director C.A.
Techne Corp.        TECH      878377100     10/26/06  Dinarello, M.D.           M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director Bruce L.
Inc                 BRL       68306109      11/09/06  Downey                    M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director Paul M.
Inc                 BRL       68306109      11/09/06  Bisaro                    M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director George
Inc                 BRL       68306109      11/09/06  P. Stephan                M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director Harold
Inc                 BRL       68306109      11/09/06  N. Chefitz                M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director Richard
Inc                 BRL       68306109      11/09/06  R. Frankovic              M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director Peter R.
Inc                 BRL       68306109      11/09/06  Seaver                    M           Yes          For             For
Barr
Pharmaceuticals                                       Elect Director James S.
Inc                 BRL       68306109      11/09/06  Gilmore, III              M           Yes          Withhold        Against
Barr
Pharmaceuticals
Inc                 BRL       68306109      11/09/06  Ratify Auditors           M           Yes          For             For
Cardinal Health,                                      Elect Director John F.
Inc.                CAH       14149Y108     11/08/06  Finn                      M           Yes          For             For
Cardinal Health,                                      Elect Director David W.
Inc.                CAH       14149Y108     11/08/06  Raisbeck                  M           Yes          For             For
Cardinal Health,                                      Elect Director Robert
Inc.                CAH       14149Y108     11/08/06  D. Walter                 M           Yes          For             For
Cardinal Health,
Inc.                CAH       14149Y108     11/08/06  Ratify Auditors           M           Yes          For             For
                                                      Submit Severance
                                                      Agreements
Cardinal Health,                                      (Change-in-Control)to
Inc.                CAH       14149Y108     11/08/06  Shareholder Vote          S           Yes          For             Against
                                                      Performance-Based
Cardinal Health,                                      and/or Time-Based
Inc.                CAH       14149Y108     11/08/06  Equity Awards             S           Yes          For             Against
Cardinal Health,                                      Increase Disclosure of
Inc.                CAH       14149Y108     11/08/06  Executive Compensation    S           Yes          For             Against
                                                      Elect Director William
Microsoft Corp.     MSFT      594918104     11/14/06  H. Gates, III             M           Yes          For             For
                                                      Elect Director Steven
Microsoft Corp.     MSFT      594918104     11/14/06  A. Ballmer                M           Yes          For             For
                                                      Elect Director James I.
Microsoft Corp.     MSFT      594918104     11/14/06  Cash, Jr., Ph.D.          M           Yes          For             For
                                                      Elect Director Dina
Microsoft Corp.     MSFT      594918104     11/14/06  Dublon                    M           Yes          For             For
                                                      Elect Director Raymond
Microsoft Corp.     MSFT      594918104     11/14/06  V. Gilmartin              M           Yes          For             For
                                                      Elect Director David F.
Microsoft Corp.     MSFT      594918104     11/14/06  Marquardt                 M           Yes          For             For
                                                      Elect Director Charles
Microsoft Corp.     MSFT      594918104     11/14/06  H. Noski                  M           Yes          For             For
                                                      Elect Director Helmut
Microsoft Corp.     MSFT      594918104     11/14/06  Panke                     M           Yes          For             For
                                                      Elect Director Jon A.
Microsoft Corp.     MSFT      594918104     11/14/06  Shirley                   M           Yes          For             For
Microsoft Corp.     MSFT      594918104     11/14/06  Ratify Auditors           M           Yes          For             For
                                                      Cease Product Sales
                                                      that Can Be Used to
Microsoft Corp.     MSFT      594918104     11/14/06  Violate Human Rights      S           Yes          Against         For
                                                      Amend EEO Statement to
                                                      Not Reference Sexual
Microsoft Corp.     MSFT      594918104     11/14/06  Orientation               S           Yes          Against         For
                                                      Establish Shareholder
Microsoft Corp.     MSFT      594918104     11/14/06  Advisory Committee        S           Yes          Against         For
                                                      Elect Director James W.
Lam Research Corp.  LRCX      512807108     11/02/06  Bagley                    M           Yes          For             For
                                                      Elect Director David G.
Lam Research Corp.  LRCX      512807108     11/02/06  Arscott                   M           Yes          For             For
                                                      Elect Director Robert
Lam Research Corp.  LRCX      512807108     11/02/06  M. Berdahl                M           Yes          For             For
                                                      Elect Director Richard
Lam Research Corp.  LRCX      512807108     11/02/06  J. Elkus, Jr.             M           Yes          For             For
                                                      Elect Director Jack R.
Lam Research Corp.  LRCX      512807108     11/02/06  Harris                    M           Yes          For             For
                                                      Elect Director Grant M.
Lam Research Corp.  LRCX      512807108     11/02/06  Inman                     M           Yes          For             For
                                                      Elect Director
Lam Research Corp.  LRCX      512807108     11/02/06  Catherine P. Lego         M           Yes          For             For
                                                      Elect Director Stephen
Lam Research Corp.  LRCX      512807108     11/02/06  G. Newberry               M           Yes          For             For
                                                      Elect Director Seiichi
Lam Research Corp.  LRCX      512807108     11/02/06  Watanabe                  M           Yes          For             For
                                                      Elect Director Patricia
Lam Research Corp.  LRCX      512807108     11/02/06  S. Wolpert                M           Yes          For             For
                                                      Approve/Amend Executive
Lam Research Corp.  LRCX      512807108     11/02/06  Incentive Bonus Plan      M           Yes          For             For
                                                      Approve Omnibus Stock
Lam Research Corp.  LRCX      512807108     11/02/06  Plan                      M           Yes          For             For
Lam Research Corp.  LRCX      512807108     11/02/06  Ratify Auditors           M           Yes          For             For
                                                      Elect Director Edmund
Campbell Soup Co.   CPB       134429109     11/16/06  M. Carpenter              M           Yes          For             For
                                                      Elect Director Paul R.
Campbell Soup Co.   CPB       134429109     11/16/06  Charron                   M           Yes          For             For
                                                      Elect Director Douglas
Campbell Soup Co.   CPB       134429109     11/16/06  R. Conant                 M           Yes          For             For
                                                      Elect Director Bennett
Campbell Soup Co.   CPB       134429109     11/16/06  Dorrance                  M           Yes          For             For
                                                      Elect Director Kent B.
Campbell Soup Co.   CPB       134429109     11/16/06  Foster                    M           Yes          For             For
                                                      Elect Director Harvey
Campbell Soup Co.   CPB       134429109     11/16/06  Golub                     M           Yes          For             For
                                                      Elect Director Randall
Campbell Soup Co.   CPB       134429109     11/16/06  W. Larrimore              M           Yes          For             For
                                                      Elect Director Philip
Campbell Soup Co.   CPB       134429109     11/16/06  E. Lippincott             M           Yes          For             For
                                                      Elect Director Mary
Campbell Soup Co.   CPB       134429109     11/16/06  Alice D. Malone           M           Yes          For             For
                                                      Elect Director Sara
Campbell Soup Co.   CPB       134429109     11/16/06  Mathew                    M           Yes          For             For
                                                      Elect Director David C.
Campbell Soup Co.   CPB       134429109     11/16/06  Patterson                 M           Yes          For             For
                                                      Elect Director Charles
Campbell Soup Co.   CPB       134429109     11/16/06  R. Perrin                 M           Yes          For             For
                                                      Elect Director A. Barry
Campbell Soup Co.   CPB       134429109     11/16/06  Rand                      M           Yes          For             For
                                                      Elect Director George
Campbell Soup Co.   CPB       134429109     11/16/06  Strawbridge, Jr.          M           Yes          For             For
                                                      Elect Director Les C.
Campbell Soup Co.   CPB       134429109     11/16/06  Vinney                    M           Yes          For             For
                                                      Elect Director
Campbell Soup Co.   CPB       134429109     11/16/06  Charlotte C. Weber        M           Yes          For             For
Campbell Soup Co.   CPB       134429109     11/16/06  Ratify Auditors           M           Yes          For             For
Campbell Soup Co.   CPB       134429109     11/16/06  Sustainability Report     S           Yes          For             Against
- ------------------- --------- ------------- ----------------------------------- ----------- ---------------------------- -----------




Fund:  Principal Variable Contracts Fund, Inc. - LargeCap Growth Equity Account
Sub-Advisor:  T. Rowe Price Associates, Inc.

4775 - Principal Variable Contracts Fund - Large Cap Growth Series

- ---------------------- ---------- ---------------------- -------------------- --- -- ---------------------------------------- ------
                                                                                                     (g)
                                                                                                   Did the     (h)         (i)
                                               (d)                                       (f)     Registrant   Vote       Was Vote
       (a)                (b)     (c)        S/H Mtg.             (e)                Proposed by    Vote?     (For,      For or
                                                                                      Issuer or     (Yes      Against,   Against
     Issuer             Ticker    CUSIP        Date         Matter Voted On              S/H          No)     Abstain)   Management
- ---------------------- -------------------------------------------------- ------------ -----------------------------------
                                                                                                     
Walgreen                   WAG   931422109   1/10/2007  Elect Director David W. Bernauer   Issuer     Yes         For       For
Co.
Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director William C. Foote    Issuer     Yes         For       For

Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director James J. Howard     Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director Alan G. McNally     Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director Cordell Reed        Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director Jeffrey A. Rein     Issuer     Yes         For       For
Walgreen                                                Elect Director Nancy M.
Co.                        WAG   931422109   1/10/2007  Schlichting                        Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director David Y. Schwartz   Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Elect Director James A. Skinner    Issuer     Yes         For       For
Walgreen                                                Elect Director Marilou M. von
Co.                        WAG   931422109   1/10/2007  Ferstel                            Issuer     Yes         For       For
                                                        Elect Director Charles R.
Walgreen Co.               WAG   931422109   1/10/2007  Walgreen, III                      Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Ratify Auditors                    Issuer     Yes         For       For
Walgreen
Co.                        WAG   931422109   1/10/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
                                                        Separate Chairman and CEO
Monsanto Co.               MON   61166W101   1/17/2007  Positions                          S/H        Yes         Against   For
                                                        Elect  Director Frank V. Atlee
Monsanto Co.               MON   61166W101   1/17/2007  III                                Issuer     Yes         For       For
Monsanto Co.               MON   61166W101   1/17/2007  Elect  Director Arthur H. Harper   Issuer     Yes         For       For
Monsanto Co.               MON   61166W101   1/17/2007  Elect  Director Gwendolyn S. King  Issuer     Yes         For       For
                                                        Elect  Director Sharon R. Long,
Monsanto Co.               MON   61166W101   1/17/2007  Ph.D.                              Issuer     Yes         For       For
Monsanto Co.               MON   61166W101   1/17/2007  Ratify Auditors                    Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Samuel H. Armacost  Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Charles Crocker     Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Joseph R. Hardiman  Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Robert D. Joffe     Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Charles B. Johnson  Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Gregory E. Johnson  Issuer     Yes         For       For
Franklin Resources,                                     Elect Director Rupert H.
Inc.                       BEN   354613101   1/25/2007  Johnson, Jr.                       Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Thomas H. Kean      Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Chutta Ratnathicam  Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Peter M. Sacerdote  Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Laura Stein         Issuer     Yes         For       For

Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Anne M. Tatlock     Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Elect Director Louis E. Woodworth  Issuer     Yes         For       For
Franklin Resources,
Inc.                       BEN   354613101   1/25/2007  Ratify Auditors                    Issuer     Yes         For       For

Franklin Resources,                                     Amend Qualified Employee Stock
Inc.                       BEN   354613101   1/25/2007  Purchase Plan                      Issuer     Yes         For       For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  DIRECTORS: NOBUYUKI IDEI.          Issuer     Yes         For       For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  DIRECTORS: MARJORIE MAGNER.        Issuer     Yes         For       For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  DIRECTORS: DENNIS F. HIGHTOWER.    Issuer     Yes         For       For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  DIRECTORS: WILLIAM L. KIMSEY.      Issuer     Yes         For       For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  DIRECTORS: ROBERT I. LIPP.         Issuer     Yes         For       For
                                                        APPOINTMENT OF THE FOLLOWING
                                                        NOMINEE TO THE BOARD OF
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  DIRECTORS: WULF VON SCHIMMELMANN.  Issuer     Yes         For       For
ACCENTURE LTD BERMUDA      ACN   G1150G111    2/7/2007  Ratify Auditors                    Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Robert A. Bittman   Issuer     Yes         For       For

International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Richard R. Burt     Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Patti S. Hart       Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Leslie S. Heisz     Issuer     Yes         For       For

International Game                                      Elect Director Robert A.
Technology                 IGT   459902102    3/6/2007  Mathewson                          Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Thomas J. Matthews  Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Robert Miller       Issuer     Yes         For       For
International Game                                      Elect Director Frederick B.
Technology                 IGT   459902102    3/6/2007  Rentschler                         Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Ratify Auditors                    Issuer     Yes         For       For
International Game
Technology                 IGT   459902102    3/6/2007  Elect Director Neil Barsky         Issuer     Yes         WithholdAgainst
                                                        Elect Director Barbara T.
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Alexander                          Issuer     Yes         For       For
                                                        Elect Director Raymond V.
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Dittamore                          Issuer     Yes         For       For
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Elect Director Irwin Mark Jacobs   Issuer     Yes         For       For
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Elect Director Sherry Lansing      Issuer     Yes         For       For
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Elect Director Peter M. Sacerdote  Issuer     Yes         For       For
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Elect Director Marc I. Stern       Issuer     Yes         For       For
QUALCOMM Inc.              QCOM  747525103   3/13/2007  Ratify Auditors                    Issuer     Yes         For       For
Analog Devices, Inc.       ADI   32654105    3/13/2007  Performance-Based Equity Awards    S/H        Yes         For     Against
                                                        Require a Majority Vote for the
Analog Devices, Inc.       ADI   32654105    3/13/2007  Election of Directors              S/H        Yes         For     Against
Analog Devices, Inc.       ADI   32654105    3/13/2007  Elect Director Jerald G. Fishman   Issuer     Yes         For       For
Analog Devices, Inc.       ADI   32654105    3/13/2007  Elect Director John C. Hodgson     Issuer     Yes         For       For
Analog Devices, Inc.       ADI   32654105    3/13/2007  Elect Director F. Grant Saviers    Issuer     Yes         For       For
Analog Devices, Inc.       ADI   32654105    3/13/2007  Elect Director Paul J. Severino    Issuer     Yes         For       For
Analog Devices, Inc.       ADI   32654105    3/13/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Elect Director Michael H.
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Armacost                           Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director Robert H. Brust     Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director Deborah A. Coleman  Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director Philip V. Gerdine   Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director Thomas J. Iannotti  Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director Charles Y.S. Liu    Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director James C. Morgan     Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Elect Director Gerhard H. Parker   Issuer     Yes         For       For
                                                        Elect Director Willem P.
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Roelandts                          Issuer     Yes         For       For
                                                        Elect Director Michael R.
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Splinter                           Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
                                                        Amend Qualified Employee Stock
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Purchase Plan                      Issuer     Yes         For       For
                                                        Amend Executive Incentive Bonus
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Plan                               Issuer     Yes         For       For
Applied Materials, Inc.    AMAT  38222105    3/14/2007  Ratify Auditors                    Issuer     Yes         For       For
Caremark Rx, Inc.          CMX   141705103   3/16/2007  Approve Merger Agreement           Issuer     Yes         For       For
Caremark Rx, Inc.          CMX   141705103   3/16/2007  Adjourn Meeting                    Issuer     Yes         For       For
Caremark Rx, Inc.          CMX   141705103   3/16/2007  Adjourn Meeting                    Issuer     Yes         None       NA
CME Group Inc.             CME   167760107    4/4/2007  Approve Merger Agreement           Issuer     Yes         For       For
CME Group Inc.             CME   167760107    4/4/2007  Adjourn Meeting                    Issuer     Yes         For       For
                                                        Amend Vote Requirements to Amend
Morgan Stanley             MS    617446448   4/10/2007  Articles/Bylaws/Charter            S/H        Yes         For     Against
                                                        Approve Report of the
Morgan Stanley             MS    617446448   4/10/2007  Compensation Committee             S/H        Yes         For     Against
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Klaus Zumwinkel     Issuer     Yes         Against Against
Morgan Stanley             MS    617446448   4/10/2007  Approve Omnibus Stock Plan         Issuer     Yes         Against Against
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Roy J. Bostock      Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Erskine B. Bowles   Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Howard J. Davies    Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director C. Robert Kidder    Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director John J. Mack        Issuer     Yes         For       For
                                                        Elect Director Donald T.
Morgan Stanley             MS    617446448   4/10/2007  Nicolaisen                         Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Charles H. Noski    Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Hutham S. Olayan    Issuer     Yes         For       For
                                                        Elect Director Charles E.
Morgan Stanley             MS    617446448   4/10/2007  Phillips, Jr.                      Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Griffith Sexton     Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Elect Director Laura D. Tyson      Issuer     Yes         For       For
Morgan Stanley             MS    617446448   4/10/2007  Ratify Auditors                    Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director P. Camus            Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director J.S. Gorelick       Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director A. Gould            Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director T. Isaac            Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director N. Kudryavtsev      Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director A. Lajous           Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director M.E. Marks          Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director D. Primat           Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director L.R. Reif           Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director T.I. Sandvold       Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director N. Seydoux          Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director L.G. Stuntz         Issuer     Yes         For       For
Schlumberger Ltd.          SLB   806857108   4/11/2007  Elect Director R. Talwar           Issuer     Yes         For       For
                                                        ADOPTION AND APPROVAL OF
Schlumberger Ltd.          SLB   806857108   4/11/2007  FINANCIALS AND DIVIDENDS.          Issuer     Yes         For       For
                                                        APPROVAL OF INDEPENDENT
                                                        REGISTERED PUBLIC ACCOUNTING
Schlumberger Ltd.          SLB   806857108   4/11/2007  FIRM.                              Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director T. Albright         Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director K. Burnes           Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director P. Coym             Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director N. Darehshori       Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director A. Fawcett          Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director A. Goldstein        Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director D. Gruber           Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director L. Hill             Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director C. LaMantia         Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director R. Logue            Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director M. Miskovic         Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director R. Sergel           Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director R. Skates           Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director G. Summe            Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director D. Walsh            Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Elect Director R. Weissman         Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Increase Authorized Common Stock   Issuer     Yes         For       For
State Street Corp.
(Boston)                   STT   857477103   4/18/2007  Ratify Auditors                    Issuer     Yes         For       For
Genentech, Inc.            DNA   368710406   4/20/2007  Elect Director Debra L. Reed       Issuer     Yes         For       For
                                                        Elect Director Charles A.
Genentech, Inc.            DNA   368710406   4/20/2007  Sanders, M.D.                      Issuer     Yes         For       For
Genentech, Inc.            DNA   368710406   4/20/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Elect Director Herbert W. Boyer,
Genentech, Inc.            DNA   368710406   4/20/2007  Ph.D.                              Issuer     Yes         WithholdAgainst
Genentech, Inc.            DNA   368710406   4/20/2007  Elect Director William M. Burns    Issuer     Yes         WithholdAgainst
                                                        Elect Director Erich Hunziker,
Genentech, Inc.            DNA   368710406   4/20/2007  Ph.D.                              Issuer     Yes         WithholdAgainst
                                                        Elect Director Jonathan K.C.
Genentech, Inc.            DNA   368710406   4/20/2007  Knowles, Ph.D.                     Issuer     Yes         WithholdAgainst
                                                        Elect Director Arthur D.
Genentech, Inc.            DNA   368710406   4/20/2007  Levinson, Ph.D.                    Issuer     Yes         WithholdAgainst
CME Group Inc.             CME   167760107   4/25/2007  Elect Director Craig S. Donohue    Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Elect Director Terrence A. Duffy   Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Elect Director Daniel R. Glickman  Issuer     Yes         For       For
                                                        Elect Director William P.
CME Group Inc.             CME   167760107   4/25/2007  Miller, II                         Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Elect Director James E. Oliff      Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Elect Director John F. Sandner     Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Elect Director Terry L. Savage     Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
                                                        Amend Executive Incentive Bonus
CME Group Inc.             CME   167760107   4/25/2007  Plan                               Issuer     Yes         For       For
CME Group Inc.             CME   167760107   4/25/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Company-Specific -- One Director
General Electric Co.       GE    369604103   4/25/2007  from the Ranks of Retirees         S/H        Yes         Against   For
                                                        Separate Chairman and CEO
General Electric Co.       GE    369604103   4/25/2007  Positions                          S/H        Yes         Against   For
                                                        Report on Charitable
General Electric Co.       GE    369604103   4/25/2007  Contributions                      S/H        Yes         Against   For
General Electric Co.       GE    369604103   4/25/2007  Report on Global Warming           S/H        Yes         Against   For
                                                        Adopt Ethical Criteria for
General Electric Co.       GE    369604103   4/25/2007  Military Contracts                 S/H        Yes         Against   For
General Electric Co.       GE    369604103   4/25/2007  Report on Pay Disparity            S/H        Yes         Against   For
General Electric Co.       GE    369604103   4/25/2007  Provide for Cumulative Voting      S/H        Yes         For     Against
                                                        Company-Specific -- Adopt Policy
General Electric Co.       GE    369604103   4/25/2007  on Overboarded Directors           S/H        Yes         For     Against
                                                        Limit Dividend and Dividend
General Electric Co.       GE    369604103   4/25/2007  Equivalent Payments to Executives  S/H        Yes         For     Against
General Electric Co.       GE    369604103   4/25/2007  Elect Director James I. Cash, Jr.  Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director William M. Castell  Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Ann M. Fudge        Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Susan Hockfield     Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Jerry R. Immelt     Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Andrea Jung         Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Alan G. Lafley      Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Robert W. Lane      Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Ralph S. Larsen     Issuer     Yes         For       For
                                                        Elect Director Rochelle B.
General Electric Co.       GE    369604103   4/25/2007  Lazarus                            Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Sam Nunn            Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Roger S. Penske     Issuer     Yes         For       For
                                                        Elect Director Robert J.
General Electric Co.       GE    369604103   4/25/2007  Swieringa                          Issuer     Yes         For       For
                                                        Elect Director Douglas A. Warner
General Electric Co.       GE    369604103   4/25/2007  III                                Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Elect Director Robert C. Wright    Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Adopt Majority Vote Standard in
General Electric Co.       GE    369604103   4/25/2007  Director Elections                 Issuer     Yes         For       For
General Electric Co.       GE    369604103   4/25/2007  Approve Omnibus Stock Plan         Issuer     Yes         For       For
                                                        Company-Specific-Approve
                                                        Material Terms of Senior Officer
General Electric Co.       GE    369604103   4/25/2007  Performance Goals                  Issuer     Yes         For       For
                                                        Elect Director Claudio X.
General Electric Co.       GE    369604103   4/25/2007  Gonzalez                           Issuer     Yes         WithholdAgainst
                                                        Amend EEO Policy to Reference
Expeditors International                                Discrimination based on Sexual
of Washington, Inc.        EXPD  302130109    5/2/2007  Orientation                        S/H        Yes         For     Against
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Approve Stock Option Plan          Issuer     Yes         Against Against
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Elect Director Peter J. Rose       Issuer     Yes         For       For
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Elect Director James L.K. Wang     Issuer     Yes         For       For
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Elect Director R. Jordan Gates     Issuer     Yes         For       For
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Elect Director James J. Casey      Issuer     Yes         For       For
Expeditors International                                Elect Director Dan P.
of Washington, Inc.        EXPD  302130109    5/2/2007  Kourkoumelis                       Issuer     Yes         For       For
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Elect Director Michael J. Malone   Issuer     Yes         For       For
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Elect Director John W. Meisenbach  Issuer     Yes         For       For
Expeditors International                                Amend Qualified Employee Stock
of Washington, Inc.        EXPD  302130109    5/2/2007  Purchase Plan                      Issuer     Yes         For       For
Expeditors International
of Washington, Inc.        EXPD  302130109    5/2/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Compensation Specific-Adopt
                                                        Policy Concerning Backdating
Broadcom Corp.             BRCM  111320107    5/2/2007  Controversy                        S/H        Yes         For     Against
                                                        Amend Qualified Employee Stock
Broadcom Corp.             BRCM  111320107    5/2/2007  Purchase Plan                      Issuer     Yes         Against Against
Broadcom Corp.             BRCM  111320107    5/2/2007  Amend Omnibus Stock Plan           Issuer     Yes         Against Against
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director George L. Farinsky  Issuer     Yes         For       For
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director Nancy H. Handel     Issuer     Yes         For       For
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director Scott A. McGregor   Issuer     Yes         For       For
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director Robert E. Switz     Issuer     Yes         For       For
                                                        Approve Executive Incentive
Broadcom Corp.             BRCM  111320107    5/2/2007  Bonus Plan                         Issuer     Yes         For       For
Broadcom Corp.             BRCM  111320107    5/2/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Elect Director Maureen E.
Broadcom Corp.             BRCM  111320107    5/2/2007  Grzelakowski                       Issuer     Yes         WithholdAgainst
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director John Major          Issuer     Yes         WithholdAgainst
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director Alan E. Ross        Issuer     Yes         WithholdAgainst
                                                        Elect Director Henry Samueli,
Broadcom Corp.             BRCM  111320107    5/2/2007  Ph.D.                              Issuer     Yes         WithholdAgainst
Broadcom Corp.             BRCM  111320107    5/2/2007  Elect Director Werner F. Wolfen    Issuer     Yes         WithholdAgainst
Kohl's                                                  Require a Majority Vote for the
Corp.                      KSS   500255104    5/2/2007  Election of Directors              S/H        Yes         For     Against
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director Steven A. Burd      Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director Wayne Embry         Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director James D. Ericson    Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director John F. Herma       Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director William S. Kellogg  Issuer     Yes         For       For

Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director Kevin Mansell       Issuer     Yes         For       For
Kohl's                                                  Elect Director R. Lawrence
Corp.                      KSS   500255104    5/2/2007  Montgomery                         Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director Frank V. Sica       Issuer     Yes         For       For
                                                        Elect Director Peter M.
Kohl's Corp.               KSS   500255104    5/2/2007  Sommerhauser                       Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director Stephen E. Watson   Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Elect Director R. Elton White      Issuer     Yes         For       For

Kohl's
Corp.                      KSS   500255104    5/2/2007  Ratify Auditors                    Issuer     Yes         For       For
Kohl's
Corp.                      KSS   500255104    5/2/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
Kohl's                                                  Approve Executive Incentive
Corp.                      KSS   500255104    5/2/2007  Bonus Plan                         Issuer     Yes         For       For

Kohl's                                                  Company Specific-Adopt Majority
Corp.                      KSS   500255104    5/2/2007  Vote for Election of Directors     Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Other Business                     Issuer     Yes         Against Against
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director James DeFranco      Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Michael T. Dugan    Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Cantey Ergen        Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Charles W. Ergen    Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Steven R. Goodbarn  Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Gary S. Howard      Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director David K. Moskowitz  Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Tom A. Ortolf       Issuer     Yes         For       For
Echostar Communications                                 Elect Director C.Michael
Corp.                      DISH  278762109    5/8/2007  Schroeder                          Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Elect Director Carl E. Vogel       Issuer     Yes         For       For
Echostar Communications
Corp.                      DISH  278762109    5/8/2007  Ratify Auditors                    Issuer     Yes         For       For
Wynn Resorts Ltd           WYNN  983134107    5/8/2007  Elect Director Stephen A. Wynn     Issuer     Yes         For       For
Wynn Resorts Ltd           WYNN  983134107    5/8/2007  Elect Director Alvin V. Shoemaker  Issuer     Yes         For       For
Wynn Resorts Ltd           WYNN  983134107    5/8/2007  Elect Director D. Boone Wayson     Issuer     Yes         For       For
                                                        Amend Executive Incentive Bonus
Wynn Resorts Ltd           WYNN  983134107    5/8/2007  Plan                               Issuer     Yes         For       For
Wynn Resorts Ltd           WYNN  983134107    5/8/2007  Ratify Auditors                    Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director Raymond P. Dolan    Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director Ronald M. Dykes     Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director Carolyn F. Katz     Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director Gustavo Lara Cantu  Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director Pamela D.A. Reeve   Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director David E. Sharbutt   Issuer     Yes         For       For
                                                        Elect Director James D. Taiclet,
American Tower Corp.       AMT   29912201     5/9/2007  Jr.                                Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Elect Director Samme L. Thompson   Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Approve Omnibus Stock Plan         Issuer     Yes         For       For
American Tower Corp.       AMT   29912201     5/9/2007  Ratify Auditors                    Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Develop an Animal Welfare Policy   S/H        Yes         Against   For
Amgen, Inc.                AMGN  31162100     5/9/2007  Prepare a Sustainability Report    S/H        Yes         Against   For
                                                        Elect Director Frank J. Biondi,
Amgen, Inc.                AMGN  31162100     5/9/2007  Jr.                                Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Elect Director Jerry D. Choate     Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Elect Director Frank C. Herringer  Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Elect Director Gilbert S. Omenn    Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Ratify Auditors                    Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Declassify the Board of Directors  Issuer     Yes         For       For
Amgen, Inc.                AMGN  31162100     5/9/2007  Declassify the Board of Directors  Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director Paul Berg           Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director John F. Cogan       Issuer     Yes         For       For
                                                        Elect Director Etienne F.
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Davignon                           Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director James M. Denny      Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director Carla A. Hills      Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director John W. Madigan     Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director John C. Martin      Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director Gordon E. Moore     Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director Nicholas Moore      Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Elect Director Gayle E. Wilson     Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Ratify Auditors                    Issuer     Yes         For       For
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
                                                        Amend Qualified Employee Stock
Gilead Sciences, Inc.      GILD  375558103    5/9/2007  Purchase Plan                      Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Limit Executive Compensation       S/H        Yes         Against   For
CVS Caremark Corp          CVS   126650100    5/9/2007  Prepare Sustainability Report      S/H        Yes         Against   For
                                                        Disclose Information on
CVS Caremark Corp          CVS   126650100    5/9/2007  Compensation Consultant            S/H        Yes         Against   For
                                                        Separate Chairman and CEO
CVS Caremark Corp          CVS   126650100    5/9/2007  Positions                          S/H        Yes         For     Against
                                                        Compensation Specific- Policy on
                                                        Stock Option Grants/Option
CVS Caremark Corp          CVS   126650100    5/9/2007  Backdating                         S/H        Yes         For     Against
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Roger L. Headrick   Issuer     Yes         Against Against
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director C.A. Lance Piccolo  Issuer     Yes         Against Against
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Edwin M. Banks      Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director C. David Brown II   Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Edwin Mac Crawford  Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director David W. Dorman     Issuer     Yes         For       For
                                                        Elect Director Kristen E. Gibney
CVS Caremark Corp          CVS   126650100    5/9/2007  Williams                           Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Marian L. Heard     Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director William H. Joyce    Issuer     Yes         For       For
                                                        Elect Director Jean-Pierre
CVS Caremark Corp          CVS   126650100    5/9/2007  Million                            Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Terrence Murray     Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Sheli Z. Rosenberg  Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Thomas M. Ryan      Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Elect Director Richard J. Swift    Issuer     Yes         For       For
CVS Caremark Corp          CVS   126650100    5/9/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Approve Qualified Employee Stock
CVS Caremark Corp          CVS   126650100    5/9/2007  Purchase Plan                      Issuer     Yes         For       For
                                                        Approve Executive Incentive
CVS Caremark Corp          CVS   126650100    5/9/2007  Bonus Plan                         Issuer     Yes         For       For
                                                        Adopt Policies to Protect
                                                        Freedom of Access to the
Google Inc                 GOOG  38259P508   5/10/2007  Internet                           S/H        Yes         Against   For
Google Inc                 GOOG  38259P508   5/10/2007  Amend Omnibus Stock Plan           Issuer     Yes         Against Against
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director Eric Schmidt        Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director Sergey Brin         Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director Larry Page          Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director L. John Doerr       Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director John L. Hennessy    Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director Arthur D. Levinson  Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director Ann Mather          Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director Paul S. Otellini    Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Elect Director K. Ram Shriram      Issuer     Yes         For       For
                                                        Elect Director Shirley M.
Google Inc                 GOOG  38259P508   5/10/2007  Tilghman                           Issuer     Yes         For       For
Google Inc                 GOOG  38259P508   5/10/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Approve Executive Incentive
Google Inc                 GOOG  38259P508   5/10/2007  Bonus Plan                         Issuer     Yes         For       For
                                                        Report on Feasibility of
                                                        Adopting a Toxic Chemical
Apple, Inc.                AAPL  37833100    5/10/2007  Elimination Policy                 S/H        Yes         Against   For
Apple, Inc.                AAPL  37833100    5/10/2007  Stock Retention/Holding Period     S/H        Yes         Against   For
                                                        Report on Computer Recycling
Apple, Inc.                AAPL  37833100    5/10/2007  Policy                             S/H        Yes         Against   For
                                                        Compensation Specific--Option
Apple, Inc.                AAPL  37833100    5/10/2007  Dating Policy                      S/H        Yes         For     Against
Apple, Inc.                AAPL  37833100    5/10/2007  Pay For Superior Performance       S/H        Yes         For     Against
                                                        Advisory Vote to Ratify Named
Apple, Inc.                AAPL  37833100    5/10/2007  Executive Officers' Compensation   S/H        Yes         For     Against
Apple, Inc.                AAPL  37833100    5/10/2007  Elect Director Steven P. Jobs      Issuer     Yes         For       For
Apple, Inc.                AAPL  37833100    5/10/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
                                                        Amend Qualified Employee Stock
Apple, Inc.                AAPL  37833100    5/10/2007  Purchase Plan                      Issuer     Yes         For       For
                                                        Amend Non-Employee Director
Apple, Inc.                AAPL  37833100    5/10/2007  Stock Option Plan                  Issuer     Yes         For       For
Apple, Inc.                AAPL  37833100    5/10/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Elect Director William V.
Apple, Inc.                AAPL  37833100    5/10/2007  Campbell                           Issuer     Yes         WithholdAgainst
Apple, Inc.                AAPL  37833100    5/10/2007  Elect Director Millard S. Drexler  Issuer     Yes         WithholdAgainst
                                                        Elect Director Albert A. Gore,
Apple, Inc.                AAPL  37833100    5/10/2007  Jr.                                Issuer     Yes         WithholdAgainst
                                                        Elect Director Arthur D.
Apple, Inc.                AAPL  37833100    5/10/2007  Levinson, Ph.D.                    Issuer     Yes         WithholdAgainst
                                                        Elect Director Eric E. Schmidt,
Apple, Inc.                AAPL  37833100    5/10/2007  Ph.D.                              Issuer     Yes         WithholdAgainst
Apple, Inc.                AAPL  37833100    5/10/2007  Elect Director Jerome B. York      Issuer     Yes         WithholdAgainst
Sepracor Inc.              SEPR  817315104   5/15/2007  Elect Director Digby W. Barrios    Issuer     Yes         For       For
Sepracor Inc.              SEPR  817315104   5/15/2007  Elect Director Alan A. Steigrod    Issuer     Yes         For       For
Sepracor Inc.              SEPR  817315104   5/15/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
Sepracor Inc.              SEPR  817315104   5/15/2007  Ratify Auditors                    Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Stock Retention/Holding Period     S/H        Yes         Against   For
Danaher Corp.              DHR   235851102   5/15/2007  Elect Director Steven M. Rales     Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Elect Director John T. Schwieters  Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Elect Director Alan G. Spoon       Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Ratify Auditors                    Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Increase Authorized Common Stock   Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Approve Omnibus Stock Plan         Issuer     Yes         For       For
                                                        Approve Executive Incentive
Danaher Corp.              DHR   235851102   5/15/2007  Bonus Plan                         Issuer     Yes         For       For
Danaher Corp.              DHR   235851102   5/15/2007  Amend Deferred Compensation Plan   Issuer     Yes         For       For
St. Jude Medical, Inc.     STJ   790849103   5/16/2007  Elect Director Michael A. Rocca    Issuer     Yes         For       For
                                                        Elect Director Stefan K.
St. Jude Medical, Inc.     STJ   790849103   5/16/2007  Widensohler                        Issuer     Yes         For       For
St. Jude Medical, Inc.     STJ   790849103   5/16/2007  Approve Omnibus Stock Plan         Issuer     Yes         For       For
                                                        Approve Qualified Employee Stock
St. Jude Medical, Inc.     STJ   790849103   5/16/2007  Purchase Plan                      Issuer     Yes         For       For
St. Jude Medical, Inc.     STJ   790849103   5/16/2007  Ratify Auditors                    Issuer     Yes         For       For
Wellpoint Inc              WLP   94973V107   5/16/2007  Elect Director Sheila P. Burke     Issuer     Yes         For       For
Wellpoint Inc              WLP   94973V107   5/16/2007  Elect Director Victor S. Liss      Issuer     Yes         For       For
                                                        Elect Director Jane G. Pisano,
Wellpoint Inc              WLP   94973V107   5/16/2007  Ph.D.                              Issuer     Yes         For       For
                                                        Elect Director George A.
Wellpoint Inc              WLP   94973V107   5/16/2007  Schaefer, Jr.                      Issuer     Yes         For       For
Wellpoint Inc              WLP   94973V107   5/16/2007  Elect Director Jackie M. Ward      Issuer     Yes         For       For
Wellpoint Inc              WLP   94973V107   5/16/2007  Elect Director John E. Zuccotti    Issuer     Yes         For       For
                                                        Company Specific--Approve
                                                        Majority Voting for the Non-
Wellpoint Inc              WLP   94973V107   5/16/2007  Contested Election of Directors    Issuer     Yes         For       For
Wellpoint Inc              WLP   94973V107   5/16/2007  Ratify Auditors                    Issuer     Yes         For       For

Intel Corp.                INTC  458140100   5/16/2007  Limit Executive Compensation       S/H        Yes         Against   For
Intel                                                   Elect Director Charlene
Corp.                      INTC  458140100   5/16/2007  Barshefsky                         Issuer     Yes         Against Against
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director Craig R. Barrett    Issuer     Yes         For       For

Intel Corp.                INTC  458140100   5/16/2007  Elect Director Susan L. Decker     Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director D. James Guzy       Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director Reed E. Hundt       Issuer     Yes         For       For

Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director Paul S. Otellini    Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director James D. Plummer    Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director David S. Pottruck   Issuer     Yes         For       For

Intel Corp.                INTC  458140100   5/16/2007  Elect Director Jane E. Shaw        Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director John L. Thornton    Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Elect Director David B. Yoffie     Issuer     Yes         For       For

Intel Corp.                INTC  458140100   5/16/2007  Ratify Auditors                    Issuer     Yes         For       For
Intel
Corp.                      INTC  458140100   5/16/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
Intel                                                   Approve Executive Incentive
Corp.                      INTC  458140100   5/16/2007  Bonus Plan                         Issuer     Yes         For       For

Southwest Airlines                                      Company Specific-Adopt Simple
Co.                        LUV   844741108   5/16/2007  Majority Vote                      S/H        Yes         Against   For
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director David W. Biegler    Issuer     Yes         For       For
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director Louis E. Caldera    Issuer     Yes         For       For
                                                        Elect Director William H.
Southwest Airlines Co.     LUV   844741108   5/16/2007  Cunningham, Ph.D.                  Issuer     Yes         For       For
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director Travis C. Johnson   Issuer     Yes         For       For
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director John T. Montford    Issuer     Yes         For       For
                                                        Reduce Supermajority Vote
Southwest Airlines Co.     LUV   844741108   5/16/2007  Requirement                        Issuer     Yes         For       For
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Approve Omnibus Stock Plan         Issuer     Yes         For       For
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Ratify Auditors                    Issuer     Yes         For       For

Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director Colleen C. Barrett  Issuer     Yes         WithholdAgainst
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director C. Webb Crockett    Issuer     Yes         WithholdAgainst
Southwest Airlines                                      Elect Director Herbert D.
Co.                        LUV   844741108   5/16/2007  Kelleher                           Issuer     Yes         WithholdAgainst
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director Gary C. Kelly       Issuer     Yes         WithholdAgainst
Southwest Airlines
Co.                        LUV   844741108   5/16/2007  Elect Director Nancy B. Loeffler   Issuer     Yes         WithholdAgainst
                                                        Elect Director Robert M.
Juniper Networks, Inc.     JNPR  48203R104   5/17/2007  Calderoni                          Issuer     Yes         For       For
Juniper Networks, Inc.     JNPR  48203R104   5/17/2007  Elect Director Pradeep Sindhu      Issuer     Yes         For       For
Juniper Networks, Inc.     JNPR  48203R104   5/17/2007  Ratify Auditors                    Issuer     Yes         For       For
E*Trade Financial Corp.    ETFC  269246104   5/23/2007  Elect Director Ronald D. Fisher    Issuer     Yes         For       For
E*Trade Financial Corp.    ETFC  269246104   5/23/2007  Elect Director George A. Hayter    Issuer     Yes         For       For
E*Trade Financial Corp.    ETFC  269246104   5/23/2007  Elect Director R. Jarrett Lilien   Issuer     Yes         For       For
E*Trade Financial Corp.    ETFC  269246104   5/23/2007  Elect Director Donna L. Weaver     Issuer     Yes         For       For
E*Trade Financial Corp.    ETFC  269246104   5/23/2007  Ratify Auditors                    Issuer     Yes         For       For
MEDCO Health Solutions                                  Elect Director Howard W. Barker,
Inc                        MHS   58405U102   5/24/2007  Jr.                                Issuer     Yes         For       For
MEDCO Health Solutions
Inc                        MHS   58405U102   5/24/2007  Elect Director David B. Snow, Jr.  Issuer     Yes         For       For
MEDCO Health Solutions
Inc                        MHS   58405U102   5/24/2007  Declassify the Board of Directors  Issuer     Yes         For       For
MEDCO Health Solutions                                  Approve Qualified Employee Stock
Inc                        MHS   58405U102   5/24/2007  Purchase Plan                      Issuer     Yes         For       For
MEDCO Health Solutions
Inc                        MHS   58405U102   5/24/2007  Ratify Auditors                    Issuer     Yes         For       For
Target Corporation         TGT   87612E106   5/24/2007  Report on Political Contributions  S/H        Yes         For     Against
Target Corporation         TGT   87612E106   5/24/2007  Elect Director Calvin Darden       Issuer     Yes         For       For
Target Corporation         TGT   87612E106   5/24/2007  Elect Director Anne M. Mulcahy     Issuer     Yes         For       For
Target Corporation         TGT   87612E106   5/24/2007  Elect Director Stephen W. Sanger   Issuer     Yes         For       For
                                                        Elect Director Gregg W.
Target Corporation         TGT   87612E106   5/24/2007  Steinhafel                         Issuer     Yes         For       For
Target Corporation         TGT   87612E106   5/24/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Approve Executive Incentive
Target Corporation         TGT   87612E106   5/24/2007  Bonus Plan                         Issuer     Yes         For       For
                                                        Company Specific- Require
                                                        Majority Vote for the Election
Target Corporation         TGT   87612E106   5/24/2007  of Directors                       Issuer     Yes         For       For
                                                        Require Director Nominee
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Qualifications                     S/H        Yes         Against   For
                                                        Report on Progress Toward
                                                        Implementing the Company's Wood
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Policy                             S/H        Yes         Against   For
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Declassify the Board of Directors  S/H        Yes         For     Against
                                                        Submit Severance Agreement
                                                        (Change in Control) to
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  shareholder Vote                   S/H        Yes         For     Against
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Pay For Superior Performance       S/H        Yes         For     Against
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Elect Director David W. Bernauer   Issuer     Yes         For       For
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Elect Director Leonard L. Berry    Issuer     Yes         For       For
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Elect Director Dawn E. Hudson      Issuer     Yes         For       For
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Elect Director Robert A. Niblock   Issuer     Yes         For       For
                                                        Amend Qualified Employee Stock
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Purchase Plan                      Issuer     Yes         For       For
Lowe's Companies, Inc.     LOW   548661107   5/25/2007  Ratify Auditors                    Issuer     Yes         For       For
UnitedHealth Group
Incorporated               UNH   91324P102   5/29/2007  Establish SERP Policy              S/H        Yes         Against   For
UnitedHealth Group                                      Performance-Based and/or
Incorporated               UNH   91324P102   5/29/2007  Time-Based Equity Awards           S/H        Yes         For     Against
UnitedHealth Group                                      Advisory Vote to Ratify Named
Incorporated               UNH   91324P102   5/29/2007  Executive Officers' Compensation   S/H        Yes         For     Against
UnitedHealth Group                                      Equal Access to the Proxy for
Incorporated               UNH   91324P102   5/29/2007  Purpose of Electing a Director     S/H        Yes         For     Against
UnitedHealth Group                                      Elect Director William C.
Incorporated               UNH   91324P102   5/29/2007  Ballard, Jr.                       Issuer     Yes         For       For
UnitedHealth Group
Incorporated               UNH   91324P102   5/29/2007  Elect Director Richard T. Burke    Issuer     Yes         For       For
UnitedHealth Group
Incorporated               UNH   91324P102   5/29/2007  Elect Director Stephen J. Hemsley  Issuer     Yes         For       For
UnitedHealth Group
Incorporated               UNH   91324P102   5/29/2007  Elect Director Robert J. Darretta  Issuer     Yes         For       For
UnitedHealth Group                                      Company Specific--Majority Vote
Incorporated               UNH   91324P102   5/29/2007  for the Election of Directors      Issuer     Yes         For       For
UnitedHealth Group
Incorporated               UNH   91324P102   5/29/2007  Declassify the Board of Directors  Issuer     Yes         For       For
                                                        Reduce Supermajority Vote
UnitedHealth Group                                      Requirement for Removal of
Incorporated               UNH   91324P102   5/29/2007  Directors                          Issuer     Yes         For       For
UnitedHealth Group                                      Reduce Supermajority Vote
Incorporated               UNH   91324P102   5/29/2007  Requirement                        Issuer     Yes         For       For
UnitedHealth Group                                      Amend Articles-Make Stylistic,
Incorporated               UNH   91324P102   5/29/2007  Clarifying and Conforming Changes  Issuer     Yes         For       For
UnitedHealth Group
Incorporated               UNH   91324P102   5/29/2007  Ratify Auditors                    Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director Salvatore Iannuzzi  Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director Robert J. Chrenc    Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director George R. Eisele    Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director John Gaulding       Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director Michael Kaufman     Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director Ronald J. Kramer    Issuer     Yes         For       For
                                                        Elect Director Philip R.
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Lochner, Jr                        Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Elect Director David A. Stein      Issuer     Yes         For       For
Monster Worldwide, Inc.    MNST  611742107   5/30/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Report on Charitable
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Contributions                      S/H        Yes         Against   For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Report on Healthcare Policies      S/H        Yes         Against   For
                                                        Report on Equity Compensation by
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Race and Gender                    S/H        Yes         Against   For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Report on Pay Disparity            S/H        Yes         Against   For
                                                        Prepare Business Social
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Responsibility Report              S/H        Yes         Against   For
                                                        Report on Social and Reputation
                                                        Impact of Failure to Comply with
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  ILO Conventions                    S/H        Yes         Against   For
                                                        Require Director Nominee
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Qualifications                     S/H        Yes         Against   For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Pay For Superior Performance       S/H        Yes         For     Against
                                                        Advisory Vote to Ratify Named
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Executive Officers' Compensation   S/H        Yes         For     Against
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Report on Political Contributions  S/H        Yes         For     Against
                                                        Restore or Provide for
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Cumulative Voting                  S/H        Yes         For     Against
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Jack C. Shewmaker   Issuer     Yes         Against Against
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Aida M. Alvarez     Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director James W. Breyer     Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director M. Michele Burns    Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director James I. Cash, Jr.  Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Roger C. Corbett    Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Douglas N. Daft     Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director David D. Glass      Issuer     Yes         For       For
                                                        Elect Director Roland A.
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Hernandez                          Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Allen I. Questrom   Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director H. Lee Scott, Jr.   Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Jim C. Walton       Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director S. Robson Walton    Issuer     Yes         For       For
                                                        Elect Director Christopher J.
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Williams                           Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Elect Director Linda S. Wolf       Issuer     Yes         For       For
Wal-Mart Stores, Inc.      WMT   931142103    6/1/2007  Ratify Auditors                    Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director Sol J. Barer        Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director Robert J. Hugin     Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director Michael D. Casey    Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director Rodman L. Drake     Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director A. Hull Hayes, Jr.  Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director Gilla Kaplan        Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director James J. Loughlin   Issuer     Yes         For       For
                                                        Elect Director Richard C. E.
Celgene Corp.              CELG  151020104   6/12/2007  Morgan                             Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Elect Director Walter L. Robb      Issuer     Yes         For       For
Celgene Corp.              CELG  151020104   6/12/2007  Ratify Auditors                    Issuer     Yes         For       For
                                                        Elect Director Philippe
eBay Inc.                  EBAY  278642103   6/14/2007  Bourguignon                        Issuer     Yes         For       For
eBay Inc.                  EBAY  278642103   6/14/2007  Elect Director Thomas J. Tierney   Issuer     Yes         For       For
                                                        Elect Director Margaret C.
eBay Inc.                  EBAY  278642103   6/14/2007  Whitman                            Issuer     Yes         For       For
eBay Inc.                  EBAY  278642103   6/14/2007  Amend Omnibus Stock Plan           Issuer     Yes         For       For
                                                        Amend Qualified Employee Stock
eBay Inc.                  EBAY  278642103   6/14/2007  Purchase Plan                      Issuer     Yes         For       For
eBay Inc.                  EBAY  278642103   6/14/2007  Ratify Auditors                    Issuer     Yes         For       For




Fund:  Principal Variable Contracts Fund, Inc. - LargeCap Stock Index Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC-LargeCap Stock Index Account - 901

Mtg                 Company/                                              Mgmt         Vote      Record                    Shares
Date/Type           Ballot Issues                           Security      Rec          Cast      Date        Prpnent        Voted
- ------------------- --------------------------------------- ------------- ------------ --------- ----------- ---------- ----------
- ----------------------------------------------------------------------------------------------------------------------------------

                                                                                                            
05/08/07 - A        3M CO *MMM*                             88579Y101                            03/09/07                  12,411
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    4       Rescind Fair Price Provision                  For          For                   Mgmt
                               Given the similar  protection  provided by Delaware General
                               Corporation  Law, we believe  that the  elimination  of the
                               fair  price  provision  does not  significantly  reduce the
                               company's  ability to discourage  two-tiered tender offers.
                               Rescinding  the fair  price  provision  would  provide  the
                               company   with    flexibility    in   pursuing    strategic
                               transactions  without compromising the company's ability to
                               protect itself from potential hostile takeovers.
                    5       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               ISS has concerns with an individual  award limit  expressed
                               as a percentage of a financial  line item as it can produce
                               astronomical  payouts.          Given  the  tax  advantages
                               that the 162(m)  plan  provides  we  recommend  support for
                               this proposal.  However,  ISS will monitor the  performance
                               bonus payouts provided to named executive  officers and may
                               recommend  a  vote  to  WITHHOLD   from  the   compensation
                               committee  members if the company does reach the individual
                               award  limit  without  providing  sufficient  and  complete
                               disclosure in the proxy statement.
                    6       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    7       Pay For Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate   disclosure   concerning   the  specific   target
                               payments  for the  disclosed  financial  metric,  nor is it
                               clear how payouts  are  determined  with  respect to target
                               performance.  Further,  the long-term  compensation program
                               is largely time-based.  Accordingly,  ISS believes that the
                               company    has    not     sufficiently     established    a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.


04/27/07 - A        Abbott Laboratories *ABT*               002824100                            02/28/07                  25,869
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director R.S. Austin --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider  Samuel C. Scott III. We recommend
                               that shareholders  WITHHOLD votes from independent outsider
                               Samuel C. Scott III for  sitting on more than three  boards
                               and serving as CEO.
                    1.2     Elect Director W.M. Daley --- For
                    1.3     Elect Director W.J. Farrell --- For
                    1.4     Elect Director H.L. Fuller --- For
                    1.5     Elect Director R.A. Gonzalez --- For
                    1.6     Elect Director D.A.L. Owen --- For
                    1.7     Elect Director B. Powell Jr. --- For
                    1.8     Elect Director W.A. Reynolds --- For
                    1.9     Elect Director R.S. Roberts --- For
                    1.10    Elect Director S.C. Scott III --- Withhold
                    1.11    Elect Director W.D. Smithburg --- For
                    1.12    Elect Director G.F. Tilton --- For
                    1.13    Elect Director M.D. White --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    4       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               Conclusion        In  this case,  the company  meets all of
                               the criteria in the  counterbalancing  structure  described
                               above. We believe that the company's  governance  structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


05/17/07 - A        Ace Ltd. *ACE*                          G0070K103                            03/30/07                   5,522
                            Meeting for Holders of ADRs
                    1       ELECTION OF DIRECTOR: BRIAN DUPERREAULT       For          For                   Mgmt
                    2       ELECTION OF DIRECTOR: ROBERT M. HERNANDEZ     For          For                   Mgmt
                    3       ELECTION OF DIRECTOR: PETER MENIKOFF          For          For                   Mgmt
                    4       ELECTION OF DIRECTOR: ROBERT RIPP             For          For                   Mgmt
                    5       ELECTION OF DIRECTOR: DERMOT F. SMURFIT       For          For                   Mgmt
                    6       RATIFICATION OF THE APPOINTMENT OF            For          For                   Mgmt
                            PRICEWATERHOUSECOOPERS LLP AS THE
                            INDEPENDENT REGISTERED PUBLIC ACCOUNTING
                            FIRM OF ACE LIMITED FOR THE FISCAL YEAR
                            ENDING DECEMBER 31, 2007


04/27/07 - A        Aetna Inc. *AET*                        00817Y108                            02/23/07                   8,798
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Company Specific-Majority Vote Standard for   For          For                   Mgmt
                            the Election of Directors in Uncontested
                            Election
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    4       Restore or Provide for Cumulative Voting      Against      Against               ShrHoldr
                               In this case,  the company meets all of the  aforementioned
                               corporate  governance  criteria and  performance  measures.
                               ISS  commends  the  company for  implementing  confidential
                               voting in uncontested  solicitations,  amending the by-laws
                               to provide  that the board does not have the right to alter
                               the  size  of the  board  beyond  a  range  established  by
                               shareholders and seeking shareholder  approval to amend the
                               articles to adopt  majority  voting for director  elections
                               with  a  plurality   carve-out  for  contested   elections.
                               Accordingly,  shareholder  support for this proposal is not
                               warranted.
                    5       Require Director Nominee Qualifications       Against      Against               ShrHoldr
                               ISS does  not  advocate  that no  inside  directors  sit on
                               boards.  The  CEO  and  other  senior  officers  have  more
                               company  knowledge and experience than anyone on the board.
                               Without their  presence,  boards could not fulfill  another
                               primary  obligation:   to  establish   long-term,   overall
                               business  strategy.  However,  shareholders  clearly need a
                               different  kind  of  director  to  act as a  watchdog  over
                               management,   inside  directors  included.   Further,   ISS
                               believes  that  directors  should  be  accountable  to  all
                               shareholders,  and not potentially beholden to one specific
                               group.  As such,  shareholder  support is not warranted for
                               this proposal.


06/07/07 - A        Affiliated Computer Services, Inc.      008190100                            04/13/07                   1,672
                    *ACS*
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Darwin Deason --- Withhold
                               ISS  recommends  shareholders  WITHHOLD  votes from  Darwin
                               Deason,  Lynn R.  Blodgett,  Joseph  P.  O'Neill,  Frank A.
                               Rossi,  J.  Livingston  Kosberg and Dennis  McCuistion  for
                               failure to take steps to recapitalize  the company's stock.
                               ISS  also  recommends   shareholders  WITHHOLD  votes  from
                               Joseph  P.  O'Neill  and  J.  Livingston  Kosberg  for  not
                               providing   adequate   oversight   on   the   equity   plan
                               administration  and the  generous  pay  package to Chairman
                               Deason.  ISS also  recommends  shareholders  WITHHOLD votes
                               from Darwin Deason.
                    1.2     Elect Director Lynn R. Blodgett --- Withhold
                    1.3     Elect Director John H. Rexford --- For
                    1.4     Elect Director Joseph P. O'Neill ---
                            Withhold
                    1.5     Elect Director Frank A. Rossi --- Withhold
                    1.6     Elect Director J. Livingston Kosberg ---
                            Withhold
                    1.7     Elect Director Dennis McCuistion ---
                            Withhold
                    1.8     Elect Director Robert B. Holland, III ---
                            For
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Approve Stock Option Plan                     For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 12 percent is equal to
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    6       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/07/07 - A        AFLAC Incorporated *AFL*                001055102                            02/28/07                   8,334
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


02/27/07 - A        Agilent Technologies Inc. *A*           00846U101                            01/02/07                   6,888
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


01/25/07 - A        Air Products & Chemicals, Inc. *APD*    009158106                            11/30/06                   3,569
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director William L. Davis III --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Margaret G. McGlynn.  We recommend
                               that  shareholders  WITHHOLD votes from Margaret G. McGlynn
                               for poor attendance.
                    1.2     Elect Director W. Douglas Ford --- For
                    1.3     Elect Director Evert Henkes --- For
                    1.4     Elect Director Margaret G. Mcglynn ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt


11/10/06 - S        Alberto-Culver Co. *ACV*                013068101                            10/03/06                   1,264
                    1       Adoption of Investment Agreement and          For          For                   Mgmt
                            Transactions of Holding Company Merger and
                            New Sally Share Issuance
                               We think  that,  for the most  part,  shareholders  benefit
                               from the  transaction  despite  the  absence  of a thorough
                               process  to sell the stake in New  Sally and the  potential
                               loss of control of that company.  Given the sound strategic
                               rationale,  shareholders continued participation in the two
                               companies'  future growth and the positive market reaction,
                               we believe the proposal warrants shareholder support.


04/20/07 - A        Alcoa Inc. *AA*                         013817101                            01/23/07                  14,614
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Alain J.P. Belda --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Carlos Ghosn --- For
                    1.3     Elect Director Henry B. Schacht --- For
                    1.4     Elect Director Franklin A. Thomas --- For
                    2       Ratify Auditor                                For          For                   Mgmt


05/17/07 - A        Allegheny Energy, Inc. *AYE*            017361106                            03/12/07                   2,785
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Claw-back of Payments under Restatements      Against      Against               ShrHoldr
                               ISS believes that the company has  fundamentally  addressed
                               the  proponent's  key concerns.  ISS believes this proposal
                               does not warrant shareholder support.
                    4       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing   structure  described  above.          We
                               believe that the company's  governance structure provides a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    5       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS  believes  that  this  proposal  warrants   shareholder
                               support.
                    6       Amend Articles/Bylaws/Charter -- Call         Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to enhance  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.
                    7       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               The proposal requests that a significant  portion of future
                               stock  option   grants  to  senior   executives   shall  be
                               performance-based.  ISS  believes  that this is not  unduly
                               restrictive.  Based on the available public disclosure,  we
                               could not directly  link any of the stock option  grants or
                               other equity  grants to  performance  metrics.  As such, we
                               support this proposal.
                    8       Report on Impact of Utilizing the National    Against      Against               ShrHoldr
                            Interest Electric Transmission Corridor
                               Therefore,   based  on  the  current  level  of  disclosure
                               provided  by the company on this topic and  questions  over
                               the utility of the requested  information,  ISS  recommends
                               that shareholders oppose this resolution.
                    9       Report on Power Plant Emissions               Against      For                   ShrHoldr
                               Therefore,  based  on  the  lack  of  detailed  information
                               available  on the  company's  approach  to  sustaining  its
                               operations  and  profits   despite   shifting   legislation
                               related to climate change and  heightening  public concerns
                               on  these  issues,   the  limited  cost   associated   with
                               expanding such  information  within the company's  existing
                               disclosure,  and the  potential  benefit that  shareholders
                               may derive from such  transparency,  ISS  recommends a vote
                               for this resolution.


05/02/07 - A        Allegheny Technologies, Inc. *ATI*      01741R102                            03/05/07                   1,698
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Prepare a Sustainability Report               Against      For                   ShrHoldr


09/20/06 - S        Allergan, Inc. *AGN*                    018490102                            08/14/06                   2,409
                    1       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 200,000,000  shares is below the
                               allowable threshold of 330,000,000 shares.


05/17/07 - A        Allied Waste Industries, Inc. *AW*      019589308                            03/20/07                   3,171
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates that a majority vote standard  coupled with a
                               director  resignation  policy would give full effect to the
                               shareholder franchise.


05/15/07 - A        ALLTEL Corp. *AT*                       020039103                            04/11/07                   6,088
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Altria Group, Inc. *MO*                 02209S103                            03/05/07                  35,324
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Provide for Cumulative Voting                 Against      For                   ShrHoldr
                               In this  case,  the  company  fails to meet  certain of the
                               aforementioned      corporate      governance     criteria.
                               Specifically,  shareholders  may not call special  meetings
                               and  may  not  act by  written  consent.  Accordingly,  the
                               proposal warrants shareholder support.
                    4       Disclose Information on Secondhand Smoke      Against      Against               ShrHoldr
                               Considering  the  level  of  discussion  on  SHS  that  the
                               company  provides on its website and through  other  public
                               venues,  including specific  information on health risks to
                               children  with  exposure  to SHS  and  language  advocating
                               increased  regulation  on  labeling  and  smoking in public
                               places;  as well as  concerns  over the  structure  of this
                               resolution, ISS does not recommend shareholder support.
                    5       Cease Add Campaigns Oriented to Prevent       Against      Against               ShrHoldr
                            Youth Smoking
                               Although we believe  that Altria  should be taking steps to
                               explore avenues to improve the  effectiveness  of its youth
                               anti-smoking  advertising  campaign,  ISS  is  particularly
                               concerned  by the  scope  and  nature  of  the  proponent's
                               requests.  We do not think that it is either  practical  or
                               in  the  best   interest   of  the   company  to  halt  all
                               advertisements  within one week of the 2007 annual meeting.
                               Such a  response  may not allow the  company  to  develop a
                               strategic  solution to these concerns by further  reviewing
                               the  effectiveness  of  its  youth  advertising  campaigns.
                               Furthermore,  ISS questions the benefit to  shareholders of
                               annually   transferring  funds  from  company  YSP  ads  to
                               advertising  campaigns  which  are  purported  to have been
                               more  effective,  absent a coherent and  effective  process
                               and/or  methodology  for the  evaluation  of these  outside
                               campaigns.  As such,  we believe that  shareholders  should
                               not support this request.
                    6       Cease Production, Promotion, and Marketing    Against      Against               ShrHoldr
                            of Tobacco Products
                               ISS notes the company's  new strategic  direction is likely
                               to represent a portfolio-mix  well in excess of its current
                               73 percent tobacco holdings,  following its divestment from
                               Kraft,  As such,  requesting a full divestment by 2010 from
                               its  tobacco  may  be   unfeasible   from  an   operational
                               perspective.  ISS believes that  requesting  the company to
                               fully  change its  primary  line  business,  when  balanced
                               against  the  company's  historical  financial  performance
                               would significantly  disrupt strategic  operations,  weaken
                               market   penetration   and  represent  the  abandonment  of
                               established  brand  recognition.   Ultimately,  it  is  our
                               opinion  that  this  request  would  benefit   neither  the
                               company nor its  shareholders.  Based on these  facts,  ISS
                               does  not  believe  this  proposal   warrants   shareholder
                               support.
                    7       Adopt Animal Welfare Policy                   Against      Against               ShrHoldr
                               In this  case,  ISS notes  that  Altria  has  committed  to
                               compliance  with  applicable  guidelines on animal welfare,
                               and   that  the   company's   position   does  not   appear
                               inconsistent  with  industry   standards.   Moreover,   the
                               company has  received  accreditation  from the  Association
                               for Assessment and  Accreditation of Laboratory Animal Care
                               (AAALAC)  for the testing  conducted  by its  laboratories.
                               Finally,  establishing  new  policies  on  animal  welfare,
                               monitoring  the  compliance  of  external   animal  testing
                               facilities,  and reporting this information to shareholders
                               may not provide benefits to shareholders  commensurate with
                               cost and burden of complying  with this  request.  As such,
                               we do not recommend shareholder support for the resolution.


05/08/07 - A        Ambac Financial Group, Inc. *ABK*       023139108                            03/09/07                   1,788
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/24/07 - A        Ameren Corporation *AEE*                023608102                            03/06/07                   3,476
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce the Release of Radioactive Materials   Against      Against               ShrHoldr
                            from Callaway Facility
                               Because   of   Ameren's   demonstrated    compliance   with
                               regulatory   requirements   under  its  Callaway  operating
                               license,  the public availability of effluent data from the
                               NRC website,  and the existing  monitoring,  oversight  and
                               corrective   action   systems  in  place  at  the  Callaway
                               facility,  ISS  questions  the  value  that the  additional
                               reporting  would  provide to  shareholders.  As such, we do
                               not  believe  that  this  resolution   merits   shareholder
                               support.


04/24/07 - A        American Electric Power Co. *AEP*       025537101                            03/06/07                   6,667
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director E.R. Brooks --- For
                               It appears that  crediting  additional  pension  years is a
                               prevalent  practice at this company but the company has not
                               disclosed the rationale and policy for such poor  practice.
                               At  this  time,   ISS  will  monitor  the  actions  of  the
                               compensation  committee members and may recommend withholds
                               in the future.
                    1.2     Elect Director Donald M. Carlton --- For
                    1.3     Elect Director Ralph D. Crosby, Jr. --- For
                    1.4     Elect Director John P. DesBarres --- For
                    1.5     Elect Director Robert W. Fri --- For
                    1.6     Elect Director Linda A. Goodspeed --- For
                    1.7     Elect Director William R. Howell --- For
                    1.8     Elect Director Lester A. Hudson, Jr. --- For
                    1.9     Elect Director Michael G. Morris --- For
                    1.10    Elect Director Lionel L. Nowell III --- For
                    1.11    Elect Director Richard L. Sandor --- For
                    1.12    Elect Director Donald G. Smith --- For
                    1.13    Elect Director Kathryn D. Sullivan --- For
                    2       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt


04/23/07 - A        American Express Co. *AXP*              025816109                            02/28/07                  20,306
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Provide for Cumulative Voting                 Against      For                   ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.  Specifically,   shareholders  do  not  have  the
                               ability to call special  meetings or act by written consent
                               with 90 days' notice.  Accordingly,  the proposal  warrants
                               shareholder support.


05/16/07 - A        American International Group, Inc.      026874107                            03/23/07                  43,970
                    *AIG*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given that: 1) the company's  long-term equity compensation
                               program  for  senior   executives   is  not   significantly
                               performance-based  according  to  ISS'  guidelines;  and 2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.


01/16/07 - S        American Power Conversion Corp.         029066107                            12/06/06                   2,746
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the market
                               check  process and the  30.5-percent  one-day  premium,  we
                               believe  that the  merger  agreement  warrants  shareholder
                               support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Given our  support of the merger  agreement,  we  recommend
                               shareholders  support  this  narrowly-tailored  adjournment
                               proposal.


05/03/07 - A        American Standard Companies Inc.        029712106                            03/09/07                   2,924
                    *ASD*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               the allowable cap for this company of 6 percent.
                    3       Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        Ameriprise Financial, Inc. *AMP*        03076C106                            02/28/07                   4,078
                    1       Elect Director James M. Cracchiolo            For          For                   Mgmt
                    2       Elect Director Warren D. Knowlton             For          For                   Mgmt
                    3       Elect Director H. Jay Sarles                  For          For                   Mgmt
                    4       Elect Director Robert F. Sharpe, Jr.          For          For                   Mgmt
                    5       Amend Omnibus Stock Plan                      For          For                   Mgmt
                               The proposed  amendments  do not affect  shareholder  value
                               transfer in a negative  manner.  Moreover,  preservation of
                               the full  deductibility  of all  compensation  paid reduces
                               the  company's   corporate  tax  obligation,   pursuant  to
                               Section   162(m)  under  the  Internal   Revenue  Code  for
                               performance-based  compensation.  Shareholder  support  for
                               this proposal is warranted.
                    6       Ratify Auditors                               For          For                   Mgmt


05/09/07 - A        Amgen, Inc. *AMGN*                      031162100                            03/12/07                  19,661
                    1       Elect Director Frank J. Biondi, Jr.           For          For                   Mgmt
                    2       Elect Director Jerry D. Choate                For          For                   Mgmt
                    3       Elect Director Frank C. Herringer             For          For                   Mgmt
                    4       Elect Director Gilbert S. Omenn               For          For                   Mgmt
                    5       Ratify Auditors                               For          For                   Mgmt
                    6       Declassify the Board of Directors             For          For                   Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important use of the  shareholder  franchise.  ISS believes
                               that all  directors  should  be  accountable  on an  annual
                               basis.  A  classified  board can  entrench  management  and
                               effectively  preclude most takeover bids or proxy contests.
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    7       Declassify the Board of Directors             For          For                   Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important use of the  shareholder  franchise.  ISS believes
                               that all  directors  should  be  accountable  on an  annual
                               basis.  A  classified  board can  entrench  management  and
                               effectively  preclude most takeover bids or proxy contests.
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    8       Develop an Animal Welfare Policy              Against      Against               ShrHoldr
                               ISS notes  that  Amgen has  committed  to  compliance  with
                               applicable  guidelines  on  animal  welfare,  and  that the
                               company's  position  does  not  appear   inconsistent  with
                               industry  standards.  Moreover,  the company  has  received
                               accreditation  from the AAALAC for the testing conducted by
                               its  laboratories.  Finally,  establishing  new policies on
                               animal  welfare,  monitoring  the  compliance  of  external
                               animal testing  facilities,  and reporting this information
                               to  shareholders  may not provide  benefits to shareholders
                               commensurate  with cost and burden of  complying  with this
                               request.  As such, we do not recommend  shareholder support
                               for the resolution.
                    9       Prepare a Sustainability Report               Against      Against               ShrHoldr
                               ISS encourages  Amgen to increase its level of transparency
                               related to  certain  social  and  environmental  management
                               strategies  and  performance   metrics.  By  continuing  to
                               expand on its existing sustainability-related  information,
                               management  may gain a better  understanding  of how  these
                               issues affect the company's strategic position.  That said,
                               we  believe  that  Amgen's  existing   disclosure  provides
                               sufficient  insight for shareholders  into its policies and
                               practices  and  demonstrates  a  commitment  to  addressing
                               numerous   issues  related  to  creating  and   maintaining
                               sustainable  operations.  As such,  we do not believe  this
                               proposal warrants shareholder support.


10/03/06 - S        AmSouth Bancorporation                  032165102                            08/14/06                   5,460
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Although we have some concerns  about the MOE structure and
                               lack of  market  check,  based  on the  sensible  strategic
                               rationale,  attractive and reasonable  potential synergies,
                               increased  dividend  payout and  takeover  speculation,  we
                               believe  that  the  proposed  merger  warrants  shareholder
                               support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for  this  transaction,   we  recommend  that  shareholders
                               support this proposal.


05/16/07 - A        Anadarko Petroleum Corp. *APC*          032511107                            03/21/07                   7,827
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


03/13/07 - A        Analog Devices, Inc. *ADI*              032654105                            01/12/07                   5,764
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Jerald G. Fishman --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John C. Hodgson --- For
                    1.3     Elect Director F. Grant Saviers --- For
                    1.4     Elect Director Paul J. Severino --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Performance-Based Equity Awards               Against      For                   ShrHoldr
                               In this case, the proposal is not overly  restrictive as it
                               does not request  that all future  stock  option  grants to
                               senior  executives be  performance-based.  The company does
                               not  utilize   performance-based  awards  as  part  of  its
                               long-term   equity   compensation    program   for   senior
                               executives.  In fiscal 2006, the company  awarded  standard
                               stock  options  to  named  executive   officers  under  its
                               long-term  equity  compensation.   ISS  does  not  consider
                               standard         stock         options         to        be
                               performance-based.        Given  that:  (1)  the  company's
                               long-term   equity   compensation    program   for   senior
                               executives  is  not  performance-based  according  to  ISS'
                               guidelines   and;   (2)  this   proposal   is  not   overly
                               restrictive;  we  believe  this item  warrants  shareholder
                               support.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority  vote under a  majority  vote  standard.
                               Further,  the proposal allow for plurality vote standard in
                               contested  elections where the number of director  nominees
                               exceeds  the  available  board  seats.  We concur  with the
                               proponent  that a majority vote standard  (with a carve out
                               for  plurality in  contested  election)  combined  with the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process.   As  such  we  believe  this  proposal   warrants
                               shareholder support.


04/25/07 - A        Anheuser-Busch Companies, Inc. *BUD*    035229103                            02/28/07                  12,958
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 6
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Approve Nonqualified Employee Stock           For          For                   Mgmt
                            Purchase Plan
                                                                                   VI.
                               Vote  Recommendation        The  plan has a employer  match
                               rate  in  the  range  of 10 to 50  percent  of  all  shares
                               purchased  by  participant.  If  the  employer  match  were
                               greater  than 25  percent  of  employ's  contribution,  the
                               non-qualified  employee  stock purchase plan acts more like
                               an incentive  award.  Hence the shareholder  value transfer
                               becomes one of  concerns.        The  estimated shareholder
                               value  transfer  of the  company's  plans of 3  percent  is
                               equal to or less than the  allowable  cap for this  company
                               of 6 percent.
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Report on Charitable Contributions            Against      Against               ShrHoldr


05/18/07 - A        Aon Corp. *AOC*                         037389103                            03/21/07                   5,043
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/02/07 - A        Apache Corp. *APA*                      037411105                            03/13/07                   5,552
                    1       Elect Director Eugene C. Fiedorek             For          For                   Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of Patricia Albjerg Graham.  We recommend that shareholders
                               vote  AGAINST  votes  from  Patricia   Albjerg  Graham  for
                               standing  as  an  affiliated  outsider  on  the  Nominating
                               Committee.
                    2       Elect Director Patricia Albjerg Graham        For          Against               Mgmt
                    3       Elect Director F. H. Merelli                  For          For                   Mgmt
                    4       Elect Director Raymond Plank                  For          For                   Mgmt
                    5       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    6       Company-Specific --Reimbursement of Proxy     Against      Against               ShrHoldr
                            Expenses
                               While we are supportive of the spirit of this proposal,  it
                               fails to address the issue of  reimbursement  proportionate
                               to success and  reasonableness of amount that is not overly
                               burdensome  to  shareholders.  As such,  we do not  believe
                               that this item warrants shareholder support.


04/30/07 - A        Apartment Investment & Management Co.   03748R101                            03/02/07                   1,626
                    *AIV*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote  Recommendation        Although  the total cost of the
                               company's  plans of 5 percent is equal to the allowable cap
                               for  this  company  of 5  percent  and the  plan  expressly
                               forbids  repricing,  the company's  three-year average burn
                               rate of 3.06  percent is higher  than its  four-digit  GICS
                               peer group of 2.23 percent.  However,  the company has made
                               a three-year  burn rate  commitment  equal to its GICS peer
                               group of 2.23  percent.  Therefore,  ISS will  continue  to
                               monitor the awards granted to its participants.
                    4       Approve Nonqualified Employee Stock           For          For                   Mgmt
                            Purchase Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective,  the limit
                               on the company's  matching  contribution  is reasonable and
                               there  are  caps  placed  on  the  employee's  contribution
                               (expressed as a percent of  compensation  which may exclude
                               bonus,  commissions  or  special  compensation).  There  is
                               minimum  dilution  associated with the plan since shares of
                               company  stock are purchased on the open market with mainly
                               employee contributions.


05/10/07 - A        Apple, Inc. *AAPL*                      037833100                            03/20/07                  14,335
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director William V. Campbell ---
                            Withhold
                               In 2003, ISS recommended  withholds from almost all members
                               of the  board,  including  Steve  Jobs  for  conducting  an
                               option   exchange   program   without   prior   shareholder
                               approval.  Once  again,  Apple is  displaying  a pattern of
                               poor pay practice and disregard for shareholders'  input on
                               compensation  issues  at the  company.  The  Apple  board's
                               handling of the entire  options  imbroglio does not inspire
                               investor  confidence.  The  window  into  current  and past
                               compensation  practices  at  the  company  provided  by the
                               board is best described as opaque.  Instead of candor,  the
                               directors  have parsed  their words with such  deliberation
                               that  they have at times  tortured  the  English  language.
                               Handcuffed   by  its  own   spin,   the   board  has  taken
                               insufficient  steps to assure  investors that insiders will
                               not  profit  from the  favorable  timing of equity  grants.
                               Such  behavior sets an  unacceptably  low bar for corporate
                               conduct  at  Apple.  In this  age of  heightened  corporate
                               scrutiny,  it is  critical  that the  board  sets the tone.
                               Unfortunately,  the Apple board with respect to these grant
                               timing  issues  has  proven  to be  tone-deaf  at the  top.
                               Strong   financial   performance   does  not  excuse   such
                               shortcomings   in  oversight.   CEO  Steve  Jobs  has  been
                               instrumental  in creating  significant  shareholder  value;
                               however,  a  cult-like  devotion  to any  CEO can be a huge
                               downside risk to shareholders.  The entire board, including
                               Steve  Jobs,  needs to ensure that even  superstar  CEOs do
                               not  rule  the  empire.   At  this  time,   ISS  recommends
                               withholding  from  all  members  of the  past  and  present
                               compensation  committee  (Millard  S.  Drexler,  William V.
                               Campbell,  Albert  Gore Jr.  and Arthur  Levinson)  and the
                               special  committee  (Jerome B. York,  Albert Gore Jr.,  and
                               Eric E.  Schmidt).  As for Steve Jobs, ISS will continue to
                               monitor  the  situation  as it unfolds  and update our vote
                               recommendation,  if necessary. We note that the company has
                               a plurality  vote  standard for the election of  directors.
                               Therefore,  the  withhold  vote  would  serve  as a  strong
                               signal to the board  but  would  not cause  removal  of the
                               directors.
                    1.2     Elect Director Millard S. Drexler ---
                            Withhold
                    1.3     Elect Director Albert A. Gore, Jr. ---
                            Withhold
                    1.4     Elect Director Steven P. Jobs --- For
                    1.5     Elect Director Arthur D. Levinson, Ph.D.
                            --- Withhold
                    1.6     Elect Director Eric E. Schmidt, Ph.D. ---
                            Withhold
                    1.7     Elect Director Jerome B. York --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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 Non-Employee Director Stock Option      For          For                   Mgmt
                            Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    5       Ratify Auditors                               For          For                   Mgmt
                    6       Compensation Specific--Option Dating Policy   Against      For                   ShrHoldr
                               ISS notes that many  companies,  including  those that have
                               not been alleged with options backdating,  have adopted and
                               disclosed  fixed  equity  grant  schedule  with  respect to
                               annual  equity  grants  as well as new hire  grants.  Other
                               companies  publicly  disclose that they have adopted window
                               period  policy on equity grants and do not  coordinate  the
                               issuance of equity  compensation in  coordination  with the
                               release of material  non-public  information.  ISS supports
                               this proposal in light of the company's  past  misdating of
                               options and the lack of  disclosure  of its current  option
                               grant practices.
                    7       Pay For Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation   programs  for  senior   executives  are  not
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   the  company   does  not  disclose
                               specific hurdles rates for its annual incentive  program to
                               senior executives,  which denies shareholder the ability to
                               monitor  the   correlation   between   executive   pay  and
                               performance.  Accordingly, ISS believes shareholders should
                               support this proposal.
                    8       Report on Feasibility of Adopting a Toxic     Against      Against               ShrHoldr
                            Chemical Elimination Policy
                               Therefore,  based on our concern with the structure of this
                               resolution,  as  well  as  the  management's  policies  and
                               commitments  to  actively   assess  and  manage  its  toxic
                               chemical   related   risks,   and  the  existing  level  of
                               disclosure  related  to its  toxic  chemical  policies  and
                               initiatives,  ISS recommends that shareholders  oppose this
                               resolution.
                    9       Stock Retention/Holding Period                Against      For                   ShrHoldr
                               ISS supports this  shareholder  proposal as the company has
                               not adopted any  executive  stock  ownership  guidelines or
                               retention guidelines.
                    10      Report on Computer Recycling Policy           Against      Against               ShrHoldr
                               ISS  agrees  with the  proponent  that the  company  should
                               continuously  evaluate its  recycling  programs,  including
                               publicly   stated   recovery  goals,  to  ensure  that  its
                               policies  do not appear to lag behind  industry  standards.
                               In this case,  we note that the company  does not appear to
                               disclose   product  take  back  goals  and  its   recycling
                               programs  may not be in all cases be as  flexible  relative
                               to industry peers.  That said, we note that the company has
                               taken  significant  strides in the last year to upgrade its
                               recycling   initiatives  by  offering  free  recycling  and
                               shipping  of any old  computer to  purchasers  of new Apple
                               Macintosh computers or flat-panel  displays.  Further,  ISS
                               notes that the company offers substantial  country-specific
                               information  to assist  customers  in the  recycling of its
                               products.  Regarding its environmental  management systems,
                               Apple provides significant  publicly available  information
                               discussing   the  company's   environmental   policies  and
                               commitments to minimize waste and toxic  chemicals over the
                               course of its  products'  life  cycle.  While we agree that
                               this disclosure does not address each issue  recommended by
                               the proponent's  resolution,  it does provide  shareholders
                               with substantial  insight into the company's  environmental
                               and  recycling  policies,  and it  demonstrates  an  active
                               commitment  on the  part  of the  company  to  continue  to
                               improve its  existing  environmental,  product  life cycle,
                               and  recycling-specific   initiatives.   Additionally,  the
                               company  has not  been  the  subject  of  recent  fines  or
                               litigation  related  to  this  issue  suggesting  that  the
                               company  has  systematic  problems  with its  environmental
                               management  systems.  As  such,  we  do  not  believe  this
                               proposal warrants shareholder support.
                    11      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


10/19/06 - A        Applera Corp                            038020103                            08/30/06                   2,920
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Richard H. Ayers --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of James R.  Tobin and  Jean-Luc  Belingard.  We  recommend
                               shareholders   WITHHOLD  votes  from  James  R.  Tobin  for
                               standing as an affiliated  outsider on the Audit Committee.
                               We also  recommend  that  shareholders  WITHHOLD votes from
                               Jean-Luc Belingard for sitting on more than three boards.
                    1.2     Elect Director Jean-Luc Belingard ---
                            Withhold
                    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
                    1.9     Elect Director James R. Tobin --- Withhold
                    1.10    Elect Director Tony L. White --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Change Company Name                           For          For                   Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    4       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 8.53 percent is within the  allowable cap for this
                               company   of  12.36   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    5       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.41 percent is within the  allowable cap for this
                               company   of  13.12   percent.   Additionally,   this  plan
                               expressly forbids repricing.


03/14/07 - A        Applied Materials, Inc. *AMAT*          038222105                            01/19/07                  23,409
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 11 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 12
                               percent and the plan expressly forbids repricing.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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 Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Ratify Auditors                               For          For                   Mgmt


11/17/06 - S        Applied Micro Circuits Corp. *AMCC*     03822W109                            04/03/06                   4,594
                    1       Approve Repricing of Options                  For          For                   Mgmt
                               According  to  ISS,  the  proposed  program   represents  a
                               value-for-value  exchange. The RSUs would vest ratably over
                               two  years.   In  addition,   directors  and  officers  are
                               excluded from participating.
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 12.51  percent  is within  the  allowable  cap for
                               this  company  of 16.20  percent.  Additionally,  this plan
                               expressly forbids repricing.


11/02/06 - A        Archer-Daniels-Midland Company *ADM*    039483102                            09/15/06                  10,325
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director G.A. Andreas --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsiders  Mollie Hale Carter and O.G. Webb.
                               We recommend that  shareholders  WITHHOLD votes from Mollie
                               Hale Carter for standing as an  affiliated  outsider on the
                               Compensation  and Nominating  committees and from O.G. Webb
                               for standing as an affiliated  outsider on the Compensation
                               Committee.
                    1.2     Elect Director A.L. Boeckmann --- For
                    1.3     Elect Director M.H. Carter --- Withhold
                    1.4     Elect Director R.S. Joslin --- For
                    1.5     Elect Director A. Maciel --- For
                    1.6     Elect Director P.J. Moore --- For
                    1.7     Elect Director M.B. Mulroney --- For
                    1.8     Elect Director T.F. O'Neill --- For
                    1.9     Elect Director O.G. Webb --- Withhold
                    1.10    Elect Director K.R. Westbrook --- For
                    1.11    Elect Director P.A. Woertz --- For
                    2       Report on Genetically Modified Organisms      Against      Against               ShrHoldr
                            (GMO)
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task. Given the widespread existence of these products,  we
                               question  whether such an  initiative  can be  successfully
                               and economically implemented.  Conversely, a broad approach
                               of labeling  all  products as  "potentially  containing  GE
                               ingredients"  would  be of  limited  use to  consumers  and
                               shareholders.   Therefore,   based  on  concerns  with  the
                               associated    costs   and    feasibility   of   effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.
                    3       Adopt ILO Standards                           Against      For                   ShrHoldr
                               In this  case,  Archer-Daniels  Midland's  code of  conduct
                               addresses  some of the  proponent's  concerns  for  company
                               employees;  however, it does not provide specific reference
                               to certain  workplace  labor rights,  including  freedom of
                               association   and  the  right  to   bargain   collectively.
                               Furthermore,  while this document does address the issue of
                               child  labor  with  ADM's  business  partners,  it does not
                               clearly  discuss  other key labor  rights  issues  that may
                               impact  vendor  and/or  supplier  relationships.  ISS notes
                               that many  multinational  companies have  established  such
                               codes or standards and have posted them on their  websites.
                               While  we  recognize  that  the  adoption  of  an  outside,
                               independent   monitoring   program   could  be   costly  or
                               inappropriate  for  some  companies,  we  do  believe  that
                               formal   workplace   labor   rights   policies   based   on
                               internationally   accepted  standards  can  help  companies
                               avoid high-profile  public issues, thus managing reputation
                               risk and  mitigating  the  potential for exposure to costly
                               fines or litigation.


05/16/07 - A        Archstone Smith Trust *ASN*             039583109                            03/26/07                   3,725
                    1       Elect Directors                               For          For                   Mgmt
                    2       Pay For Superior Performance                  Against      Against               ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   a   substantial   portion  of  the
                               executives;   short-term   and   long-term   incentives  is
                               benchmarked  to  the  company's   performance  against  the
                               NAREIT  Apartment  Index.  Further,  the  company  provides
                               disclosure   regarding  the  achievement  levels  at  which
                               certain  awards  were  paid  in  the  past.  While  we  are
                               concerned  by the fact that the same  performance  criteria
                               are  used  for  both the  cash  bonus  and RSU  grants,  we
                               believe  that the company has  sufficiently  fulfilled  the
                               objective of the proposal.  As such, we do not believe that
                               this item warrants shareholder support.
                    3       Ratify Auditors                               For          For                   Mgmt


01/25/07 - A        Ashland Inc. *ASH*                      044209104                            11/20/06                   1,025
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We feel  that  the
                               company's  current  policy  that  directors  who  receive a
                               majority of withhold  votes tender their  resignation  is a
                               move toward a more democratic voting process.  However,  we
                               do  not  believe   that  this   resignation   policy  is  a
                               sufficient  alternative  to the  proposed  majority  voting
                               standard.   ISS  feels  that  support  for  this  proposal,
                               coupled with  continued  debate on election  reforms,  will
                               allow the  director  election  system to evolve to the next
                               level.


07/21/06 - S        AT&T Inc *T*                            00206R102                            06/01/06                  11,220
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               We  believe  that  the  merger  has  a  sensible  strategic
                               rationale,  and that the market has had a positive  initial
                               to date  reaction  to the deal.  Based on our review of the
                               terms of the transaction and the factors  described  above,
                               we believe that the share  issuance in connection  with the
                               merger with BellSouth warrants shareholder support.


04/27/07 - A        AT&T Inc *T*                            00206R102                            02/28/07                 105,503
                    1       Elect Director William F. Aldinger III        For          For                   Mgmt
                               At this time, ISS will monitor the company's  executive pay
                               practices and may recommend  withholding from  compensation
                               committees in the future.
                    2       Elect Director Gilbert F. Amelio              For          For                   Mgmt
                    3       Elect Director Reuben V. Anderson             For          For                   Mgmt
                    4       Elect Director James H. Blanchard             For          For                   Mgmt
                    5       Elect Director August A. Busch III            For          For                   Mgmt
                    6       Elect Director James P. Kelly                 For          For                   Mgmt
                    7       Elect Director Charles F. Knight              For          For                   Mgmt
                    8       Elect Director Jon C. Madonna                 For          For                   Mgmt
                    9       Elect Director Lynn M. Martin                 For          For                   Mgmt
                    10      Elect Director John B. McCoy                  For          For                   Mgmt
                    11      Elect Director Mary S. Metz                   For          For                   Mgmt
                    12      Elect Director Toni Rembe                     For          For                   Mgmt
                    13      Elect Director Joyce M. Roche                 For          For                   Mgmt
                    14      Elect Director Randall L. Stephenson          For          For                   Mgmt
                    15      Elect Director Laura D' Andrea Tyson          For          For                   Mgmt
                    16      Elect Director Patricia P. Upton              For          For                   Mgmt
                    17      Elect Director Edward E. Whitacre, Jr.        For          For                   Mgmt
                    18      Ratify Auditors                               For          For                   Mgmt
                    19      Compensation Specific-Severance Payments to   For          For                   Mgmt
                            Executives
                               ISS commends the company for  adopting  such a policy,  and
                               recommends that shareholder vote FOR this proposal.
                    20      Report on Political Contributions             Against      Against               ShrHoldr
                               Based on existing  disclosure that AT&T provides  regarding
                               its  rationale,  policies,  and  oversight  mechanisms  for
                               corporate  political  contributions  and trade  association
                               activities,  and a lack of recent,  significant controversy
                               or  litigation  related to such public  policy  activities,
                               ISS  does  not  recommend   shareholder  support  for  this
                               resolution.
                    21      Amend Articles/Bylaws/Charter - Call          Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    22      Pay For Superior Performance                  Against      For                   ShrHoldr
                    23      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    24      Establish SERP Policy                         Against      For                   ShrHoldr
                               The  company's  plan uses the average base salary and bonus
                               for calculation of the retirement benefits,  which can have
                               the  effect  of  converting   short-term   incentives  into
                               guaranteed  future  benefits  and  creating  a  substantial
                               lifetime  cost to the  company  and its  shareholders.  ISS
                               recommends shareholders vote FOR this proposal.


11/14/06 - A        Automatic Data Processing, Inc. *ADP*   053015103                            09/15/06                   9,094
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt


05/09/07 - A        AutoNation, Inc. *AN*                   05329W102                            03/29/07                   2,521
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Non-Employee Director Stock Option    For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the allowable cap for this company of 9 percent.
                    4       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Amend Articles/Bylaws/Charter -- Call         Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests   of   shareholders.   Accordingly,   shareholder
                               support of this proposal is warranted.


12/13/06 - A        AutoZone, Inc. *AZO*                    053332102                            10/17/06                     854
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Charles M. Elson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Sue E. Gove --- 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 W. Andrew McKenna --- For
                    1.7     Elect Director George R. Mrkonic, Jr. ---
                            For
                    1.8     Elect Director William C. Rhodes, III ---
                            For
                    1.9     Elect Director Theodore W. Ullyot --- For
                    2       Approve Stock Option Plan                     For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.99 percent is within the  allowable cap for this
                               company   of  11.11   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Amend Nonqualified Employee Stock Purchase    For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.01 percent is within the  allowable cap for this
                               company of 11.11 percent.
                    4       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Avery Dennison Corp. *AVY*              053611109                            02/26/07                   1,591
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


08/29/06 - A        Avis Budget Group, Inc *CAR*            151313103                            07/20/06                  15,781
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Henry R. Silverman ---
                            Withhold
                               We  recommend  that  shareholders  WITHHOLD  votes from all
                               directors,  with the  exception  of F.  Robert  Salerno and
                               Stender E.  Sweeney,  for  failure to submit the  company's
                               poison  pill  to a  shareholder  vote.  We  recommend  that
                               shareholders   WITHHOLD   votes  from  Brian  Mulroney  for
                               failure  to  submit  the   company's   poison   pill  to  a
                               shareholder   vote  and  for  standing  as  an   affiliated
                               outsider on the  Nominating  Committee.  We also  recommend
                               that shareholders WITHHOLD votes from Myra Biblowit,  Sheli
                               Rosenberg  and  Robert F.  Smith for  failure to submit the
                               company's  poison pill to a  shareholder  vote and for poor
                               compensation practices.
                    1.2     Elect Director Myra J. Biblowit --- Withhold
                    1.3     Elect Director James E. Buckman --- Withhold
                    1.4     Elect Director Leonard S. Coleman ---
                            Withhold
                    1.5     Elect Director Martin L. Edelman ---
                            Withhold
                    1.6     Elect Director George Herrera --- Withhold
                    1.7     Elect Director Stephen P. Holmes ---
                            Withhold
                    1.8     Elect Director Louise T. Blouin MacBain ---
                            Withhold
                    1.9     Elect Director Cheryl D. Mills --- Withhold
                    1.10    Elect Director Brian Mulroney --- Withhold
                    1.11    Elect Director Robert E. Nederlander ---
                            Withhold
                    1.12    Elect Director Ronald L. Nelson --- Withhold
                    1.13    Elect Director Robert W. Pittman ---
                            Withhold
                    1.14    Elect Director Pauline D.E. Richards ---
                            Withhold
                    1.15    Elect Director Sheli Z. Rosenberg ---
                            Withhold
                    1.16    Elect Director Robert F. Smith --- Withhold
                    1.17    Elect Director Ronald L. Nelson --- Withhold
                    1.18    Elect Director Leonard S. Coleman ---
                            Withhold
                    1.19    Elect Director Martin L. Edelman ---
                            Withhold
                    1.20    Elect Director Sheli Z. Rosenberg ---
                            Withhold
                    1.21    Elect Director F. Robert Salerno ---
                            Withhold
                    1.22    Elect Director Stender E. Sweeney --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Reverse Stock Split                   For          For                   Mgmt
                               As the  company  is  proposing  to  reduce  its  number  of
                               outstanding  shares  proportionally  to the  reverse  stock
                               split  in  Item  6,  this  proposal  will  not  involve  an
                               increase  in the  number of shares  issuable.  As such,  we
                               believe the proposal warrants shareholder support.
                    4       Change Company Name                           For          For                   Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    5       Company Specific-Redesignation of Common      For          For                   Mgmt
                            Stock
                               Given the change in the  company's  name and the absence of
                               Move.com  stock,  we  suggest   shareholders  support  this
                               proposal.
                    6       Reduce Authorized Common Stock                For          For                   Mgmt
                               We  believe  this   proposal  is  in   shareholders'   best
                               interests  because it would limit future  dilution of their
                               investment.
                    7       Non-Employee Director Compensation            Against      Against               ShrHoldr
                               ISS  believes  the  proponent's  request to  annually  seek
                               shareholder    approval   for   every    future    director
                               compensation  package is burdensome and offers little value
                               to  shareholders.  While the charitable  award program is a
                               lucrative   perk  and  is   provided   at  the  expense  of
                               shareholders,  the  benefit  will no  longer  exist  at the
                               completion of the separation plan.
                    8       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               ISS  supports the  submission  of "golden  parachutes"  and
                               other severance  agreements for  shareholder  approval as a
                               general  principle.  We believe that a company's  severance
                               agreements  should be reasonable and not  excessive.  To be
                               effective  without  creating   distorted   incentives  with
                               respect  to  management,   severance   agreements  must  be
                               considerably  less  attractive  than  continued  employment
                               with the  company.  In light  of the  company's  concerning
                               executive  pay  practices  and its  ability to depart  from
                               this  threshold  under  extraordinary  circumstances,   ISS
                               believes that this proposal warrants shareholder support.


05/03/07 - A        Avon Products, Inc. *AVP*               054303102                            03/15/07                   7,493
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Articles/Bylaws/Charter-Adopt           For          For                   Mgmt
                            Majority Voting
                               In  this  case,  the  proposal  to  adopt  majority  voting
                               standard in the election of directors  is  contingent  upon
                               eliminating  the  provision  that  provides for  cumulative
                               voting from the company's certificate of incorporation.  We
                               believe  that the  benefits  of  adopting  majority  voting
                               standards  in  the  election  of  directors   outweigh  the
                               benefits of maintaining cumulative voting.  Majority voting
                               in  the   election   of   directors   would   ensure   that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have meaningful  consequences  and
                               thereby  transforming the director  election process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               As  such,  we  believe  that  the  proposed  amendments  to
                               institute a majority vote standard in uncontested  director
                               election   and   eliminate   cumulative   voting  from  the
                               company's  certificate of incorporation warrant shareholder
                               support.
                    4       Pay For Superior Performance                  Against      For                   ShrHoldr
                               While we  recognize  that a  significant  portion of Avon's
                               annual  and  long-term   programs  for  senior   executives
                               executive    is    contingent    upon     achievement    of
                               pre-established  financial criteria, Avon fails to disclose
                               specific  hurdle  rates for the  performance  goals,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes that this proposal merits shareholder support.


04/26/07 - A        Baker Hughes Incorporated *BHI*         057224107                            03/01/07                   5,406
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.  We applaud  management for submitting  this
                               proposal at this year's and  addressing  the request of the
                               previous shareholder proposal.


04/25/07 - A        Ball Corp. *BLL*                        058498106                            03/01/07                   1,756
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Hanno C. Fiedler --- Withhold
                               We  recommend a vote FOR Georgia R.  Nelson.  We  recommend
                               shareholders  WITHHOLD  votes from John F. Lehman,  Erik H.
                               van  der  Kaay,   and  Hanno  C.  Fiedler  for  failure  to
                               implement the shareholder  proposal to declassify the board
                               of directors
                    1.2     Elect Director John F. Lehman --- Withhold
                    1.3     Elect Director Georgia R. Nelson --- For
                    1.4     Elect Director Erik H. van der Kaay ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        Bank of America Corp. *BAC*             060505104                            03/02/07                  75,687
                    1       Elect Director William Barnet, III            For          For                   Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Frank P. Bramble, Sr.          For          For                   Mgmt
                    3       Elect Director John T. Collins                For          For                   Mgmt
                    4       Elect Director Gary L. Countryman             For          For                   Mgmt
                    5       Elect Director Tommy R. Franks                For          For                   Mgmt
                    6       Elect Director Charles K. Gifford             For          For                   Mgmt
                    7       Elect Director W. Steven Jones                For          For                   Mgmt
                    8       Elect Director Kenneth D. Lewis               For          For                   Mgmt
                    9       Elect Director Monica C. Lozano               For          For                   Mgmt
                    10      Elect Director Walter E. Massey               For          For                   Mgmt
                    11      Elect Director Thomas J. May                  For          For                   Mgmt
                    12      Elect Director Patricia E. Mitchell           For          For                   Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                   Mgmt
                    14      Elect Director O. Temple Sloan, Jr.           For          For                   Mgmt
                    15      Elect Director Meredith R. Spangler           For          For                   Mgmt
                    16      Elect Director Robert L. Tillman              For          For                   Mgmt
                    17      Elect Director Jackie M. Ward                 For          For                   Mgmt
                    18      Ratify Auditors                               For          For                   Mgmt
                    19      Prohibit Executive Stock-Based Awards         Against      Against               ShrHoldr
                               According   to  ISS  policy,   stock  option  plans  should
                               explicitly  prohibit  repricing  underwater options without
                               shareholder  consent. We do, however,  believe that issuers
                               should have some latitude in  determining  the mix of award
                               types  granted to  executives  and  employees.  The company
                               currently  uses a mix of  award  types  including  options,
                               restricted   stock,  and  restricted  stock  units  in  its
                               compensation  of senior  executives.  Prohibiting the award
                               of any  future  stock  options  to  anyone  can  constitute
                               micromanagement  and  put  the  company  at  a  competitive
                               disadvantage.  Because this proposal is overly restrictive,
                               we do not believe this item warrants shareholder support.
                    20      Change Size of Board of Directors             Against      Against               ShrHoldr
                               ISS  believes  that the company  should have the ability to
                               determine  the  number  of  directors  within a  reasonable
                               range.  ISS  feels  that  this  decrease  in board  size is
                               arbitrary.  Further,  ISS agrees with  management  that the
                               proponent has not proven that imposing arbitrary  restraint
                               on the company would have  additional  cost benefits to the
                               company.   Accordingly,   the  proposal  does  not  warrant
                               shareholder support.
                    21      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In  this  case,   Bank  of   America   has  more  than  2/3
                               independent  outsiders  on its board,  all-independent  key
                               committees,    and   established    corporate    governance
                               guidelines.  Additionally,  we note that the board  amended
                               the  corporate  governance  guidelines  in  April  2006  to
                               provide for an independent lead director,  who performs all
                               the duties listed above. At the time, O. Temple Sloan,  Jr.
                               was elected by the  independent  directors to serve as lead
                               director  for a  one-year  term        With  regard  to the
                               company's total  shareholder  return  performance,  Bank of
                               America  outperformed  the S&P 500 index on both a one-year
                               and  three-year  TSR  basis.        In  this case,  Bank of
                               America  meets  all  of  the  governance  and   performance
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


11/09/06 - A        Barr Pharmaceuticals Inc *BRL*          068306109                            09/15/06                   1,675
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Bruce L. Downey --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated outsider James S. Gilmore,  III. We recommend
                               that  shareholders  WITHHOLD  votes from James S.  Gilmore,
                               III  for  standing  as  an   affiliated   outsider  on  the
                               Compensation and Nominating committees.
                    1.2     Elect Director Paul M. Bisaro --- For
                    1.3     Elect Director George P. Stephan --- For
                    1.4     Elect Director Harold N. Chefitz --- For
                    1.5     Elect Director Richard R. Frankovic --- For
                    1.6     Elect Director Peter R. Seaver --- For
                    1.7     Elect Director James S. Gilmore, III ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Barr Pharmaceuticals Inc *BRL*          068306109                            03/30/07                   1,803
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Bruce L. Downey --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider  James S. Gilmore III. We recommend
                               that shareholders  WITHHOLD votes from James S. Gilmore III
                               for standing as an  affiliated  outsider on the  Nominating
                               Committee.
                    1.2     Elect Director Paul M. Bisaro --- For
                    1.3     Elect Director George P. Stephan --- For
                    1.4     Elect Director Harold N. Chefitz --- For
                    1.5     Elect Director Richard R. Frankovic --- For
                    1.6     Elect Director Peter R. Seaver --- For
                    1.7     Elect Director James S. Gilmore, III ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 9 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/01/07 - A        Baxter International Inc. *BAX*         071813109                            03/02/07                  11,030
                    1       Elect Director Blake E. Devitt                For          For                   Mgmt
                    2       Elect Director John D. Forsyth                For          For                   Mgmt
                    3       Elect Director Gail D. Fosler                 For          For                   Mgmt
                    4       Elect Director Carole J. Shapazian            For          For                   Mgmt
                    5       Ratify Auditors                               For          For                   Mgmt
                    6       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.


04/24/07 - A        BB&T Corporation *BBT*                  054937107                            02/28/07                   9,117
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against               Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plan of 7 percent is above the
                               allowable cap for this company of 6 percent.  Additionally,
                               the company's plan includes a buyout provision,  which is a
                               form of repricing according to ISS policy.
                    3       Ratify Auditors                               For          For                   Mgmt


01/30/07 - A        Becton, Dickinson and Company *BDX*     075887109                            12/06/06                   3,963
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.61 percent is within the  allowable cap for this
                               company of 8.03 percent. Additionally,  this plan expressly
                               forbids repricing.
                    4       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               Although  the  company  substantially  meets  the  required
                               corporate  governance and performance  guidelines,  it does
                               not  have  an  annually-elected  board.  Accordingly,   ISS
                               believes  that this  cumulative  voting  proposal  warrants
                               shareholder support.


07/21/06 - S        BellSouth Corp.                         079860102                            06/01/06                  28,065
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               We  believe  that  based  on: 1) the 17.9  percent  one-day
                               premium;   2)  the  sensible  strategic  rationale  of  the
                               merger; and 3) the improvement in shareholders  rights, the
                               merger agreement warrants shareholder support.


05/03/07 - A        Bemis Company, Inc. *BMS*               081437105                            03/09/07                   1,767
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Pay Disparity                       Against      Against               ShrHoldr
                               Although ISS typically  recommends  support for shareholder
                               proposals  that  increase  the  level  of  transparency  on
                               topics  of  importance  to  shareholders,  and  we  support
                               performance-based  compensation for executives,  the system
                               and report  recommended  in this  shareholder  proposal  is
                               arbitrary  in  nature  and  may  have  limited   value  for
                               shareholders.  Therefore,  we do not recommend  shareholder
                               support for this resolution.


06/27/07 - A        Best Buy Co., Inc. *BBY*                086516101                            04/30/07                   6,842
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.


05/31/07 - A        Biogen Idec Inc. *BIIB*                 09062X103                            04/13/07                     106
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


09/20/06 - A        Biomet, Inc. *BMET*                     090613100                            07/13/06                   3,882
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   V.
                               Vote  RecommendationThe  total cost of the company's  plans
                               of 5.84  percent  is  within  the  allowable  cap for  this
                               company of 9.01 percent.
                    3       Ratify Auditors                               For          For                   Mgmt


06/08/07 - S        Biomet, Inc. *BMET*                     090613100                            04/20/07                   4,139
                    1       Approve Merger Agreement                      For          Against               Mgmt
                               Although  the deal terms  appear fair as of the time of the
                               deal's  announcement  in  December,  the  rally of the peer
                               group and the in-line  performance  of the company's  recon
                               business  appears to imply  that  there is little  takeover
                               premium in the current $44 offer price.  We recommend  that
                               shareholders  who are  willing  to risk  the  "bird  in the
                               hand"  offer for likely  short-term  downside in return for
                               long-term value vote against the transaction.
                    2       Adjourn Meeting                               For          Against               Mgmt
                               Since ISS  recommends  voting  against the merger,  we also
                               vote against  adjournment  of the meeting purely to solicit
                               additional shareholder votes for the merger.


01/30/07 - A        BJ Services Company *BJS*               055482103                            12/08/06                   4,845
                    1       Elect Directors                               For          For                   Mgmt


08/22/06 - A        BMC Software, Inc. *BMC*                055921100                            07/05/06                   3,358
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.


05/15/07 - A        Boston Properties Inc. *BXP*            101121101                            03/26/07                   2,010
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Mortimer B. Zuckerman --- For
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend  shareholders  WITHHOLD  votes from  Mortimer  B.
                               Zuckerman,  Carol B.  Einiger  and  Richard E.  Salomon for
                               failure  to   implement   the   shareholder   proposal   to
                               declassify the board of directors.
                    1.2     Elect Director Carol B. Einiger --- For
                    1.3     Elect Director Richard E. Salomon --- For
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                               VI. Vote  Recommendation  The estimated  shareholder  value
                               transfer  of the  company's  plans of 4 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally,  this plan expressly forbids repricing.  Note
                               that ISS has  adjusted  the common  shares  outstanding  to
                               include    outstanding    operating    partnership   units.
                               Typically,  ISS would have excluded  operating  partnership
                               units from the common  shares  outstanding  as we deem them
                               to  be  convertible  equity  and  are  not  included  in  a
                               company's  market  value,  as  noted  in  our  2007  policy
                               updates.  In this case,  operating  partnership  units have
                               been  granted  to  employees  as  part  of  LTIPs.  ISS  is
                               interested to capture the portion of  shareholders'  equity
                               that  is  attributed  to  employee   equity   compensation.
                               Therefore,   it   is   necessary   to   include   operating
                               partnership units in the analysis.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Declassify the Board of Directors             Against      Against               ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    5       Report on Energy Efficiency                   Against      Against               ShrHoldr
                               In  this  case,  ISS  notes  that  Boston   Properties  has
                               responded   to  this   shareholder   request  by   recently
                               providing  general  information   relating  to  its  energy
                               conservation    initiatives   and   environmentally   sound
                               development  practices through its 2007 proxy statement and
                               its 2006 fiscal year annual report.  This  information does
                               provide some insight to shareholders  about its commitments
                               to energy efficiency.  However, management does not provide
                               the processes and strategies  used to implement its various
                               stated energy efficiency improvement  initiatives,  and the
                               company   does  not   appear  to  set   goals  or   provide
                               performance  metrics to assist in the  monitoring of stated
                               initiatives.  Considering increasing energy costs, shifting
                               consumer demands, and a changing regulatory landscape,  ISS
                               believes  that the  potential  impact  that this  issue may
                               have on the  company's  long  term  performance  may  merit
                               consideration.  As such, we believe that Boston  Properties
                               and its  shareholders can derive  substantial  benefit from
                               developing a more detailed,  strategic  system of reporting
                               and disclosure to assess energy  efficiency  opportunities,
                               reduce  current and future energy costs,  and mitigate risk
                               exposure  related  to  carbon  constraints  that may  apply
                               across the  company's  operations.  Based on the  potential
                               benefits and limited cost  associated  with  preparing  the
                               requested report, ISS recommends that shareholders  support
                               this resolution.


05/08/07 - A        Boston Scientific Corp. *BSX*           101137107                            03/09/07                  19,874
                    1       Elect Directors                               For          For                   Mgmt
                    2       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Increase in Size of Board             For          For                   Mgmt
                    4       Approve Repricing of Options                  For          For                   Mgmt
                               ISS   analyzes   management   repricing   proposals   on  a
                               case-by-case  basis.  ISS considers the following  factors:
                               (1) historic  trading  pattern - the stock price should not
                               be so  volatile  that  exchanged  options  are likely to be
                               back in the money over the near term;  (2)  rationale - was
                               the stock price decline beyond  management's  control;  (3)
                               is   the   exchange   value-for-value;   (4)   vesting   of
                               replacement  awards  - what  are the  vesting  terms of the
                               replacement  awards; (5) participation - executive officers
                               and directors must be excluded;  (6) treatment of cancelled
                               option shares - will cancelled  options shares be available
                               for future issuance under the company's  plan(s)?        In
                               this  case,  the  option  exchange  program   represents  a
                               value-for-value   exchange,   the  replacement  awards  are
                               subject  to minimum  vesting  requirements,  and  executive
                               officers and  directors  are excluded  from  participating.
                               However,  cancelled  options shares that were granted under
                               the  2003  Long-Term   Incentive  Plan  or  2000  Long-Term
                               Incentive  Plan will be  returned  to the plans for  future
                               issuance,  which increases the cost of the exchange program
                               to  shareholders.  ISS has  measured  the total cost of the
                               company's plans on a  post-repricing  basis,  which is 3.89
                               percent and is less than the  company's  allowable cap of 7
                               percent.  Therefore,  shareholder  support of this proposal
                               is warranted.
                    5       Stock Retention/Holding Period                Against      For                   ShrHoldr
                               ISS   Analysis        ISS   views  such   proposals   on  a
                               case-by-case  approach.  We take into account the following
                               factors:        1.  Whether  the  company  has any  holding
                               period,  retention ratio, or officer ownership requirements
                               in  place.  These  should  consist  of:          --Rigorous
                               stock ownership  guidelines (7x to 10x salary for CEOs with
                               the  multiple  declining  for other  executives)        --A
                               short-term  holding period  requirement  (six months to one
                               year)  coupled  with  a  significant   long-term  ownership
                               requirement,  or        --A  meaningful retention ratio (at
                               least 50 percent for full tenure)        2.  Actual officer
                               stock  ownership  and the  degree  to  which  it  meets  or
                               exceeds the proponent's suggested holding  period/retention
                               ratio or the  company's  own stock  ownership  or retention
                               requirements.          In this case,  Boston Scientific has
                               adopted ownership guidelines for its executives.  The CEO's
                               guideline  is  set  at a  multiple  of  around  five  times
                               annualized  base  salary and the other  executive  officers
                               are  required  to own  shares  equal to one to three  times
                               such  officer's  base salary.  We note that the  guidelines
                               include a five-year  time  period  allowing  executives  to
                               earn or  purchase  shares in order to fully  meet  targeted
                               levels of  ownership  commenced  at the time of adoption of
                               the  guidelines  or the  date of  their  appointment  as an
                               executive officer, whichever is later.                  ISS
                               recognizes  that Boston  Scientific has  implemented  stock
                               ownership  guidelines.   However,  we  believe  that  these
                               guidelines  are not  rigorous  enough  and should go beyond
                               the standard 5x salary for CEOs.  In addition,  the company
                               does  not  have a  retention  ratio  nor a  holding  period
                               requirement.  As such,  we believe this  proposal  warrants
                               shareholder support.
                    6       Ratify Auditors                               For          For                   Mgmt
                    7       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/02/07 - A        Brunswick Corp. *BC*                    117043109                            03/01/07                   1,547
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Nolan D. Archibald ---
                            Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Nolan D.  Archibald.  We recommend
                               that  shareholders  WITHHOLD  votes from Nolan D. Archibald
                               for sitting on more than three boards.
                    1.2     Elect Director Jeffrey L. Bleustein --- For
                    1.3     Elect Director Graham H. Phillips --- For
                    1.4     Elect Director Lawrence A. Zimmerman --- For
                    2       Ratify Auditors                               For          For                   Mgmt


04/19/07 - A        Burlington Northern Santa Fe Corp.      12189T104                            02/28/07                   6,054
                    *BNI*
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Alan L. Boeckmann --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Donald G. Cook --- For
                    1.3     Elect Director Vilma S. Martinez --- For
                    1.4     Elect Director Marc F. Racicot --- For
                    1.5     Elect Director Roy S. Roberts --- For
                    1.6     Elect Director Matthew K. Rose --- For
                    1.7     Elect Director Marc J. Shapiro --- For
                    1.8     Elect Director J.C. Watts, Jr. --- For
                    1.9     Elect Director Robert H. West --- For
                    1.10    Elect Director J. Steven Whisler --- For
                    1.11    Elect Director Edward E. Whitacre, Jr. ---
                            For
                    2       Ratify Auditors                               For          For                   Mgmt


04/18/07 - A        C. R. Bard, Inc. *BCR*                  067383109                            02/26/07                   1,736
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        C.H. Robinson Worldwide, Inc. *CHRW*    12541W209                            03/26/07                   2,926
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


09/18/06 - A        CA Inc *CA*                             12673P105                            07/31/06                   4,457
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Alfonse M. D'Amato ---
                            Withhold
                               ISS recommends  voting FOR all directors with the exception
                               of Alfonse M. D'Amato for not providing  adequate oversight
                               on the approval process of stock options in 2000.
                    1.2     Elect Director Gary J. Fernandes --- For
                    1.3     Elect Director Robert E. La Blanc --- For
                    1.4     Elect Director Christopher B. Lofgren ---
                            For
                    1.5     Elect Director Jay W. Lorsch --- For
                    1.6     Elect Director William E. McCracken --- For
                    1.7     Elect Director Lewis S. Ranieri --- For
                    1.8     Elect Director Walter P. Schuetze --- For
                    1.9     Elect Director John A. Swainson --- For
                    1.10    Elect Director Laura S. Unger --- For
                    1.11    Elect Director Ron Zambonini --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Terms of Existing Poison Pill           Against      For                   ShrHoldr
                               Since  adoption  of the  proposed  bylaw  would  limit  the
                               board's   discretion,   it  is   relevant  to  examine  the
                               company's    track    record    on     governance/boardroom
                               accountability  issues.  CA  (formerly  known  as  Computer
                               Associates)  was  involved  in a massive  accounting  fraud
                               where senior  executives  inflated the company's  quarterly
                               earnings by backdating  contracts.  The SEC charged certain
                               senior  executives  with fraud and  sentenced  them to jail
                               time. The accounting  fraud is further  compounded with the
                               option backdating  finding,  though less severe.  While the
                               current  CA  board  has made  strides  in  cleaning  up the
                               company's  governance  practices,  it has not addressed the
                               rights plan  issue.CA's  current rights plan was not put up
                               for shareholder  vote.  Further,  the board does not have a
                               policy  with  respect to  shareholder  approval of a rights
                               plan in the future.          In light of these factors, ISS
                               believes  that this  bylaw  proposal  warrants  shareholder
                               vote.


04/26/07 - A        Capital One Financial Corp. *COF*       14040H105                            02/28/07                   6,876
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Articles of Incorporation - Remove      For          For                   Mgmt
                            Provision of Plurality Voting for the
                            Election of Directors
                               ISS commends  management  for  submitting  this proposal to
                               institute a majority vote standard in uncontested  director
                               elections,    which    demonstrates    a   commitment    to
                               shareholders'    interests.     Therefore,    we    believe
                               shareholders support of this proposal is warranted.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


11/08/06 - A        Cardinal Health, Inc. *CAH*             14149Y108                            09/11/06                   6,590
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Submit Severance Agreements                   Against      For                   ShrHoldr
                            (Change-in-Control)to Shareholder Vote
                               ISS believes that tax gross-ups  associated  with severance
                               benefits   and  the  value  of   accelerated   vesting   of
                               outstanding  equity   compensation  awards  can  amount  to
                               significant  value.  By excluding  these two benefits  from
                               the  company's  policy,  shareholders  are  unable to voice
                               their  opinion  on  overly-generous   severance   benefits.
                               Therefore, ISS believes this proposal warrants support.
                    4       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and ;(2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.
                    5       Increase Disclosure of Executive              Against      For                   ShrHoldr
                            Compensation
                               In the U.K.  where  shareholders  have the  right to cast a
                               non-binding   advisory  vote  on  a  company's   "directors
                               remuneration  report",  ISS'  recent  analysis  shows  that
                               unfavorable  votes occur to a small percentage of companies
                               and that  shareholders  exercise  their votes  judiciously.
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  to  have a  voice  in a  company's  executive
                               compensation  practices.  The  advisory  vote  would  be  a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  on  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  ISS believes
                               that such a process  will  provide  companies  with  useful
                               information  concerning  shareholders' view on compensation
                               practices and executive pay packages.


03/16/07 - PC       Caremark Rx, Inc.                       141705103                            01/15/07                   7,188
                            Management Proxy (White Card)
                    1       Approve Merger Agreement                      For          For                   Mgmt
                    2       Adjourn Meeting                               For          For                   Mgmt
                            Dissident Proxy (Gold Card)
                    1       Approve Merger Agreement                      Against      None                  Mgmt
                    2       Adjourn Meeting                               For          None                  Mgmt


04/16/07 - A        Carnival Corp. *CCL*                    143658300                            02/16/07                   7,500
                            Meeting for ADR Holders
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       TO AUTHORIZE THE AUDIT COMMITTEE OF           For          For                   Mgmt
                            CARNIVAL PLC TO AGREE TO THE REMUNERATION
                            OF THE INDEPENDENT AUDITORS.
                    4       TO RECEIVE THE ACCOUNTS AND REPORTS FOR       For          For                   Mgmt
                            CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED
                            NOVEMBER 30, 2006.
                    5       TO APPROVE THE DIRECTORS REMUNERATION         For          For                   Mgmt
                            REPORT OF CARNIVAL PLC.
                    6       TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT   For          For                   Mgmt
                            SHARES BY CARNIVAL PLC.
                    7       TO APPROVE THE DISAPPLICATION OF              For          For                   Mgmt
                            PRE-EMPTION RIGHTS FOR CARNIVAL PLC.
                    8       TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL   For          For                   Mgmt
                            PLC TO BUY BACK CARNIVAL PLC ORDINARY
                            SHARES IN THE OPEN MARKET.
                    9       TO APPROVE ELECTRONIC COMMUNICATION WITH      For          For                   Mgmt
                            CARNIVAL PLC SHAREHOLDERS.


06/13/07 - A        Caterpillar Inc. *CAT*                  149123101                            04/16/07                  10,915
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director John T. Dillon --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  Juan  Gallardo,  from  whom we  recommend  shareholders
                               WITHHOLD  votes  for  sitting  on more  than  three  public
                               boards while serving as a CEO.
                    1.2     Elect Director Juan Gallardo --- Withhold
                    1.3     Elect Director William A. Osborn --- For
                    1.4     Elect Director Edward B. Rust, Jr. --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates that a majority vote standard  coupled with a
                               director  resignation  policy would give full effect to the
                               shareholder franchise.


05/24/07 - A        Centerpoint Energy Inc. *CNP*           15189T107                            03/26/07                     137
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director Michael E. Shannon ---
                            Withhold
                               We recommend that shareholders  WITHHOLD votes from Michael
                               E. Shannon,  Donald R. Campbell,  Milton Carroll, and Peter
                               S.  Wareing  for  failure  to  implement  the   shareholder
                               proposal to declassify the board of directors
                    1.2     Elect Director Donald R. Campbell ---
                            Withhold
                    1.3     Elect Director Milton Carroll --- Withhold
                    1.4     Elect Director Peter S. Wareing --- Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Other Business                                None         Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


07/13/06 - A        Centex Corp. *CTX*                      152312104                            05/25/06                   1,917
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Energy Efficiency                   Against      Against               ShrHoldr
                               ISS notes that Centex Homes does  provide  some  disclosure
                               on its  company  website  regarding  energy  efficiency  in
                               general,  as well as examples of specific energy  efficient
                               homes   constructed   by  the  company  or  its  subsidiary
                               operations.  While this  disclosure  is broad in nature and
                               does not specifically  provide a detailed evaluation of the
                               impact that energy  efficiency  will have on the  company's
                               operations  and  shareholder  value,  it is an indicator of
                               the  company's   commitment  to  evaluate  public  opinion,
                               market   demand,   and   legislation   related   to  energy
                               efficiency.   Additionally,   the  disclosure  provided  by
                               Centex  appears  to  be  consistent  with,  or  exceed  the
                               information   provided   by   some   industry   peers   and
                               competitors while still providing  operational  flexibility
                               for the  company  to  develop  its  new  home  designs  and
                               materials  in response to consumer  demands.  We agree that
                               Centex  should  continue to evaluate the impact that energy
                               efficiency   will   have   on  the   company   and   inform
                               shareholders  of these issues;  however,  in light of their
                               current  initiatives  and  existing  disclosure,  we do not
                               believe that  shareholder  support for this  resolution  is
                               warranted at this time.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect to the  shareholder  franchise.  ISS views  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace   advances   the  debate.   We  feel  that  the
                               company's  current  policy  that  directors  who  receive a
                               majority of withhold  votes tender their  resignation  is a
                               move toward a more democratic voting process.  However,  we
                               do  not  believe   that  this   resignation   policy  is  a
                               sufficient  alternative  to the  proposed  majority  voting
                               standard.   ISS  feels  that  support  for  this  proposal,
                               coupled with  continued  debate on election  reforms,  will
                               allow the  director  election  system to evolve to the next
                               level.


05/10/07 - A        CenturyTel, Inc. *CTL*                  156700106                            03/23/07                   1,882
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Report of the Compensation Committee  Against      Against               ShrHoldr
                               As such, ISS recommends that  shareholder vote AGAINST this
                               proposal.


04/25/07 - A        Chevron Corporation *CVX*               166764100                            03/12/07                  36,742
                    1       Elect Director Samuel H. Armacost             For          For                   Mgmt
                    2       Elect Director Linnet F. Deily                For          For                   Mgmt
                    3       Elect Director Robert E. Denham               For          For                   Mgmt
                    4       Elect Director Robert J. Eaton                For          For                   Mgmt
                    5       Elect Director Sam Ginn                       For          For                   Mgmt
                    6       Elect Director Franklyn G. Jenifer            For          For                   Mgmt
                    7       Elect Director Sam Nunn                       For          For                   Mgmt
                    8       Elect Director David J. O'Reilly              For          For                   Mgmt
                    9       Elect Director Donald B. Rice                 For          For                   Mgmt
                    10      Elect Director Peter J. Robertson             For          For                   Mgmt
                    11      Elect Director Kevin W. Sharer                For          For                   Mgmt
                    12      Elect Director Charles R. Shoemate            For          For                   Mgmt
                    13      Elect Director Ronald D. Sugar                For          For                   Mgmt
                    14      Elect Director Carl Ware                      For          For                   Mgmt
                    15      Ratify Auditors                               For          For                   Mgmt
                    16      Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    17      Adopt Human Rights Policy                     Against      For                   ShrHoldr
                               Conclusion        In  this case,  Chevron does have a Human
                               Rights  Statement and a code of business  ethics  available
                               on the  company  website  to convey its  policies  on human
                               rights,  as well as  additional  discussion on these topics
                               in its Corporate  Responsibility  Report.  The Human Rights
                               Statement  underscores  Chevron's support for the Universal
                               Declaration   of  Human  Rights  and  ILO   Declaration  of
                               Fundamental  Principles and Rights at Work;  however, we do
                               not believe that this information  substantially  addresses
                               certain key issues  related to workplace  human rights.  Of
                               note,  we are  concerned  that  this  disclosure  does  not
                               provide    significant    insight   into    implementation,
                               performance  metrics,  or  monitoring  associated  with the
                               company's human rights policies.  Such disclosure is common
                               at companies  operating in  industries  or markets that are
                               exposed to higher  levels of risk  because of human  rights
                               violations,  controversy,  and/or  litigation.  As such, we
                               recommend shareholder support for this resolution.
                    18      Adopt Greenhouse Gas Emission Reduction       Against      Against               ShrHoldr
                            Goals
                               Conclusion        Therefore,  based on our concern with the
                               structure  of this  resolution,  as  well as the  company's
                               existing level of disclosure  related to climate change and
                               GHG  emissions  policies and  initiatives,  ISS  recommends
                               that shareholders oppose this resolution.
                    19      Adopt Animal Welfare Policy                   Against      Against               ShrHoldr
                               Conclusion        Therefore,  ISS  questions  the  value of
                               the proposed  report to  shareholders  based on the limited
                               involvement  that  the  company  has with  animal  testing.
                               Establishing  new  policies on animal  welfare,  monitoring
                               the compliance of external animal testing  facilities,  and
                               reporting this  information to shareholders may not provide
                               enough  meaningful  information to  shareholders  to offset
                               the cost and burden to the company of  complying  with this
                               proposal.  As such, we do not recommend shareholder support
                               for the resolution.
                    20      Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               Conclusion        Absent     an    offsetting    governance
                               structure,  including a designated lead director performing
                               all of the duties listed  above,  we believe that a company
                               of  this  size   should   be  able  to  find  a   qualified
                               independent chairman.
                    21      Approve/Amend Terms of Existing Poison Pill   Against      Against               ShrHoldr
                               Conclusion        Given    that   the    company   has   an
                               established policy with respect to shareholder  approval of
                               a rights plan in the future,  which was previously approved
                               by  Chevron   shareholders,   we  do  not  recommend   that
                               shareholders support this bylaw amendment.
                    22      Report on Market Specific Environmental Laws  Against      Against               ShrHoldr
                               Conclusion        Based  on ISS' concern with the structure
                               of  this  resolution  and  Chevron's   existing   policies,
                               programs,    initiatives,   and   disclosure   related   to
                               operational  risks  associated  with  human  health and the
                               environmental   issues,   we  recommend  that  shareholders
                               oppose this resolution.


04/25/07 - A        Chicago Mercantile Exchange Holdings,   167760107                            03/01/07                     587
                    Inc. *CME*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        CIGNA Corp. *CI*                        125509109                            02/27/07                   1,729
                    1       Elect Director Robert H. Campbell             For          For                   Mgmt
                    2       Elect Director Isaiah Harris, Jr.             For          For                   Mgmt
                    3       Elect Director Jane E. Henney, M.D.           For          For                   Mgmt
                    4       Elect Director Donna F. Zarcone               For          For                   Mgmt
                    5       Ratify Auditors                               For          For                   Mgmt
                    6       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/05/07 - A        Cincinnati Financial Corp. *CINF*       172062101                            03/07/07                   2,920
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


10/10/06 - A        Cintas Corp. *CTAS*                     172908105                            08/18/06                   2,175
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In this  case,  Cintas  does  not  have a  designated  lead
                               director  performing  the duties  listed  above.  Absent an
                               offsetting governance structure,  we believe that a company
                               of  this  size   should   be  able  to  find  a   qualified
                               independent director to serve as chairman of the board.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace   advances  the  debate.   In  supporting  this
                               precatory proposal,  we would look to the company to create
                               a workable model for its own election  system,  including a
                               return  to  the   plurality   vote  standard  in  contested
                               elections.  ISS advocates that the director election system
                               give full  effect  to the  shareholder  franchise.  We feel
                               that  support for this  proposal,  coupled  with  continued
                               debate  on  election  reforms,   will  allow  the  director
                               election system to evolve to the next level.


11/15/06 - A        Cisco Systems, Inc. *CSCO*              17275R102                            09/18/06                  96,317
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.
                    4       Report on Pay Disparity                       Against      Against               ShrHoldr
                               Although  ISS  generally  recommends  votes  for  proposals
                               which  increase  the  level  of  disclosure  on  topics  of
                               importance to  shareholders  and support  performance-based
                               compensation  for executives,  the system suggested in this
                               shareholder   proposal   suggests   reporting   on   salary
                               comparisons and evaluating overall compensation  thresholds
                               that may have limited utility for shareholders.  Therefore,
                               based on the  limited  utility or  arbitrary  nature of the
                               detailed  information  requested  by the report,  we do not
                               recommend shareholder support for this resolution.
                    5       Report on Internet Fragmentation              Against      For                   ShrHoldr
                               Therefore,  while we commend  Cisco for its broad  approach
                               to  international  human  rights  issues,  we believe  that
                               including  additional  information  in its existing  public
                               documents  on  policies  and  practices  related  to  doing
                               business  with  governments  that  restrict  certain  human
                               rights  could  be   beneficial  to   shareholders   without
                               significant  expense or burden on the company.  As such, we
                               recommend shareholder support for this resolution.


05/08/07 - A        CIT Group Inc *CIT*                     125581108                            03/19/07                   3,342
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        Citigroup Inc. *C*                      172967101                            02/21/07                  82,816
                    1       Elect Director C. Michael Armstrong           For          For                   Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Alain J.P. Belda               For          For                   Mgmt
                    3       Elect Director George David                   For          For                   Mgmt
                    4       Elect Director Kenneth T. Derr                For          For                   Mgmt
                    5       Elect Director John M. Deutch                 For          For                   Mgmt
                    6       Elect Director Roberto Hernandez Ramirez      For          For                   Mgmt
                    7       Elect Director Klaus Kleinfeld                For          For                   Mgmt
                    8       Elect Director Andrew N. Liveris              For          For                   Mgmt
                    9       Elect Director Anne Mulcahy                   For          For                   Mgmt
                    10      Elect Director Richard D. Parsons             For          For                   Mgmt
                    11      Elect Director Charles Prince                 For          For                   Mgmt
                    12      Elect Director Judith Rodin                   For          For                   Mgmt
                    13      Elect Director Robert E. Rubin                For          For                   Mgmt
                    14      Elect Director Franklin A. Thomas             For          For                   Mgmt
                    15      Ratify Auditors                               For          For                   Mgmt
                    16      Report on Government Service of Employees     Against      Against               ShrHoldr
                               ISS   recognizes   that  companies  can  benefit  from  the
                               knowledge  and  expertise  of  former  government  workers.
                               These  employees  may  be  intimately   familiar  with  the
                               internal   processes   of   government    procurement   and
                               decision-making.  The  knowledge of such  employees can add
                               real  value  to a  company's  operations.  ISS  shares  the
                               proponent's  concern for potential conflicts of interest at
                               such  companies;  but in this case, the company states that
                               it has specific  policies in place to avoid such  conflicts
                               of  interest.  Moreover,  the  production  of such a report
                               annually  could be  costly  without  providing  substantial
                               benefit to  shareholders.  Given these  factors,  we see no
                               reason to support this request.
                    17      Report on Political Contributions             Against      For                   ShrHoldr
                               Therefore,  while ISS commends the company for its level of
                               disclosure  on political  contributions,  we are  concerned
                               about  the  lack  of  policy  or  transparency  related  to
                               Citigroup's  trade  association  activities.  As  such,  we
                               recommend shareholder support for this resolution.
                    18      Report on Charitable Contributions            Against      Against               ShrHoldr
                               In  this  case,   we  note  that   Citigroup   discloses  a
                               significant  amount  of the  information  requested  by the
                               proponent  it its  Corporate  Responsibility  Report and in
                               the Citigroup  Foundation's Annual Report.  Moreover,  some
                               aspects  of  the  resolution,   including  determining  the
                               estimated   or   actual   benefits   of   each   charitable
                               contribution   may  be   difficult   to   produce   without
                               significant  speculation,  and  could  place a  significant
                               burden on the company without providing  commensurate value
                               to   shareholders.   Therefore,   ISS  does  not  recommend
                               shareholder support for the resolution at this time
                    19      Approve Report of the Compensation Committee  Against      For                   ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    20      Report on Pay Disparity                       Against      Against               ShrHoldr
                               Although  ISS  generally  recommends  in favor of proposals
                               that    support    performance-based    compensation    for
                               executives,   the  system  suggested  in  this  shareholder
                               proposal  instead seeks to establish a cap on executive pay
                               at  100  times  the  average  salary  of  other   Citigroup
                               employees.  Based on the  arbitrary  nature of this  salary
                               cap,  and the fact that it does not appear to  encourage  a
                               strong  link   between  the   company's   performance   and
                               executive pay, we do not recommend  shareholder support for
                               this resolution.
                    21      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.
                    22      Stock Retention/Holding Period                Against      Against               ShrHoldr
                               In  this  case,   Citigroup's   current   stock   ownership
                               requirements  serve as an  effective  tool  for  increasing
                               executive  ownership of and  accountability to the company.
                               The  proponent's  recommendation  of  a  five-year  holding
                               period  for all  options  is  arbitrary  and  should not be
                               applied as a blanket  policy  for all option  grants at the
                               company.
                    23      Restore or Provide for Cumulative Voting      Against      Against               ShrHoldr
                               Because  the  company  meets  all  of the  criteria  listed
                               above,  ISS does not believe  that this  proposal  warrants
                               shareholder support at this time.
                    24      Amend Bylaws to Permit Shareholders to Call   Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.


05/18/07 - A        Citizens Communications Co. *CZN*       17453B101                            03/28/07                      34
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote  Recommendation        This  proposal  is not  seeking
                               any increase or other  modification to the number of shares
                               that are  authorized  for  issuance  under  the 2000  plan.
                               Hence the proposal  would not create any  additional  costs
                               to  shareholders.   Moreover,   preservation  of  the  full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                   Mgmt


05/22/07 - S        Clear Channel Communications, Inc.      184502102                            03/23/07                   8,386
                    *CCU*
                    1       Approve Merger Agreement                      For          Against               Mgmt
                               However,  based on the current facts and  circumstances  as
                               detailed  below,  on  balance  we tend to  agree  with  the
                               second  group and  conclude  CCU  shareholders  should  not
                               support the proposed transaction as currently constructed.
                    2       Adjourn Meeting                               For          Against               Mgmt
                               Since  ISS  recommends  to  vote  AGAINST  the  merger,  we
                               recommend  to  vote  against  the  adjournment  to  solicit
                               additional votes also.
                    3       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/22/07 - A        Clear Channel Communications, Inc.      184502102                            04/02/07                   8,386
                    *CCU*
                    1       Elect Director Alan D. Feld                   For          For                   Mgmt
                               We recommend a vote FOR all the directors.
                    2       Elect Director Perry J. Lewis                 For          For                   Mgmt
                    3       Elect Director L. Lowry Mays                  For          For                   Mgmt
                    4       Elect Director Mark P. Mays                   For          For                   Mgmt
                    5       Elect Director Randall T. Mays                For          For                   Mgmt
                    6       Elect Director B. J. McCombs                  For          For                   Mgmt
                    7       Elect Director Phyllis B. Riggins             For          For                   Mgmt
                    8       Elect Director Theodore H. Strauss            For          For                   Mgmt
                    9       Elect Director J. C. Watts                    For          For                   Mgmt
                    10      Elect Director John H. Williams               For          For                   Mgmt
                    11      Elect Director John B. Zachry                 For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Pay for Superior Performance                  Against      For                   ShrHoldr
                               In this case,  the  company's  lack of  disclosure  for its
                               annual  and  long-term  compensation  programs  for  senior
                               executives  denies  shareholders the ability to monitor the
                               correlation  between  executive pay and performance.  While
                               the company has disclosed the performance  metrics it uses,
                               at a minimum the company  should  disclose  target  bonuses
                               (as a  percentage  of base  salary),  specific  weights and
                               targets for  financial  metrics,  and the  specific  weight
                               placed  on   individual   performance.   Accordingly,   ISS
                               believes shareholders should support this proposal.
                    14      Report on Political Contributions             Against      For                   ShrHoldr
                               ISS notes  that Clear  Channel  has  provided  shareholders
                               with some  information  to  assess  the  company's  general
                               policies and approval  mechanisms relating to its political
                               contributions.  We are concerned  that there is no detailed
                               information   available  about  Clear  Channel's   policies
                               regarding   oversight  or   accountability   for  corporate
                               contributions,   or  more  detailed   information   on  the
                               company's  rationale  behind  these  contributions.  We are
                               also concerned that shareholders lack information  relating
                               to  the  type  of  organizations  or  candidates  that  the
                               company  may  support  and  information   about  its  trade
                               association   spending.   Such   disclosure   could  assist
                               shareholders in their  assessment of the risks and benefits
                               associated with public policy activities  through political
                               activity and trade associations  without  significant cost,
                               burden,  or strategic  risk for the company.  As such,  ISS
                               believes that this proposal warrants stockholder support.
                    15      Establish a Compensation Committee            Against      For                   ShrHoldr
                               ISS  believes  that members of the  compensation  committee
                               should be  independent  in their  roles as well as in their
                               decision-making process.  Therefore, ISS believes that this
                               proposal warrants shareholder support.
                    16      Vote to Ratify Named Executive Officers'      Against      For                   ShrHoldr
                            Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


11/02/06 - A        Coach, Inc. *COH*                       189754104                            09/14/06                   1,174
                    1       Elect Directors                               For          For                   Mgmt


04/24/07 - A        Coca-Cola Enterprises Inc. *CCE*        191219104                            03/01/07                   4,671
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Gary P. Fayard --- For
                               Conclusion        The  company  has  fact-based  disclosure
                               with  respect  to  the  pension  value.   The  purpose  and
                               rationale  behind  such  decision is not  discussed  in the
                               company's  CD&A and ISS believes that such  information  is
                               important for  shareholders.  Moreover,  ISS notes that the
                               practise of  crediting  additional  pension  years is not a
                               good pay or  governance  practise.  At this time,  ISS will
                               monitor  the  company's  executive  pay  practices  and may
                               recommend  withhold from the compensation  committee in the
                               future.
                    1.2     Elect Director Marvin J. Herb --- For
                    1.3     Elect Director L. Phillip Humann --- For
                    1.4     Elect Director Paula R. Reynolds --- For
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote


06/07/07 - A        Cognizant Technology Solutions Corp.    192446102                            04/17/07                   2,412
                    *CTSH*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 11 percent is less than
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/03/07 - A        Colgate-Palmolive Co.                   194162103                            03/07/07                   8,668
                    1       Elect Director John T. Cahill                 For          For                   Mgmt
                    2       Elect Director Jill K. Conway                 For          For                   Mgmt
                    3       Elect Director Ellen M. Hancock               For          For                   Mgmt
                    4       Elect Director David W. Johnson               For          For                   Mgmt
                    5       Elect Director Richard J. Kogan               For          For                   Mgmt
                    6       Elect Director Delano E. Lewis                For          For                   Mgmt
                    7       Elect Director Reuben Mark                    For          For                   Mgmt
                    8       Elect Director J. Pedro Reinhard              For          For                   Mgmt
                    9       Ratify Auditors                               For          For                   Mgmt
                    10      Amend Articles/Bylaws/Charter -- Call         Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants shareholder support.
                    11      Pay for Superior Performance                  Against      For                   ShrHoldr
                               Conclusion        While  we commend  Colgate-Palmolive  for
                               disclosing  the specific  performance  measures and hurdles
                               under its  annual  bonus  program,  we  recommend  that the
                               specific  weightings  for the  measures  applicable  to the
                               executives   with  divisional   responsibilities   also  be
                               disclosed.  We do not believe that the company's  long-term
                               incentive program is substantially  performance-based.  Per
                               ISS'  valuation  of the  performance  mix, we compared  the
                               actual  number  of  shares  (performance-based   restricted
                               stock vs. options and time-vested  restricted stock awards)
                               granted in the past  fiscal year and only 18 percent of the
                               equity awards granted to named  executive  officers  during
                               that  period  were   performance-based   according  to  our
                               guidelines.  Therefore,  given that the company's long-term
                               program for  executives is not  performance-based  per ISS'
                               guidelines and does not  sufficiently  meet the proponent's
                               requirements,  we believe  this item  warrants  shareholder
                               support.


05/15/07 - A        Comerica Inc. *CMA*                     200340107                            03/16/07                   2,677
                    1       Elect Director Ralph W. Babb, Jr.             For          For                   Mgmt
                    2       Elect Director James F. Cordes                For          For                   Mgmt
                    3       Elect Director Peter D. Cummings              For          For                   Mgmt
                    4       Elect Director William P. Vititoe             For          For                   Mgmt
                    5       Elect Director Kenneth L. Way                 For          For                   Mgmt
                    6       Ratify Auditors                               For          For                   Mgmt
                    7       Prepare Sustainability Report                 Against      For                   ShrHoldr
                               ISS  typically  supports  shareholder  proposals  that seek
                               additional  disclosure,  as shareholders should be provided
                               with sufficient  information in key business areas to fully
                               assess the risks  associated  with their  investment.  When
                               evaluating   resolutions   calling  for  a   sustainability
                               report,  ISS reviews the current reporting  policies of the
                               company   as  they   relate   to   sustainability   issues.
                               Specifically,  we examine the existence and substance of an
                               EHS or  similar  report,  code of  corporate  conduct,  and
                               diversity  or equal  opportunity  data,  or a  consolidated
                               sustainability  report based on a widely accepted  standard
                               such  as  the  GRI.        ISS   notes  that  Comerica  has
                               limited   information   relating  to  its  social  policies
                               through  its  corporate  website;   however,   the  current
                               reporting does not appear to disclose  information relating
                               to   the   processes   and   procedures   related   to  its
                               environmental  risk management  systems for certain project
                               finance  initiatives,  as  described by  management  in its
                               response  to the  proponent's  request.  Further,  Comerica
                               does not  appear to  provide  information  relating  to its
                               internal   environmental   management   practices  and  the
                               company  does not appear to provide  sustainability-related
                               performance   metrics   typically   found   in  an  EHS  or
                               sustainability  report.  ISS  believes  that  the  benefits
                               realized  by the  company  by  evaluating,  monitoring  and
                               reporting potential risks,  liabilities,  and opportunities
                               associated   with   sustainability   issues   outweigh  the
                               potential cost and burden of producing such a report.  This
                               disclosure  would  allow   shareholders  to  better  assess
                               Comerica's policies,  practices and performance relating to
                               a  broader  set of issues  that may  impact  the  company's
                               operations.        In   light  of  the   current   lack  of
                               publicly  available  information  provided  by the  company
                               relating  to   sustainability   issues  and  the  potential
                               benefits that could be derived from increased  reporting on
                               sustainability   initiatives  pertinent  to  the  company's
                               operations,  ISS recommends that shareholders vote for this
                               proposal.


05/15/07 - A        Commerce Bancorp, Inc. *CBH*            200519106                            04/02/07                   3,170
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Vernon W. Hill, II --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jack R. Bershad --- For
                    1.3     Elect Director Joseph E. Buckelew --- For
                    1.4     Elect Director Donald T. DiFrancesco --- For
                    1.5     Elect Director Nicholas A. Giordano --- For
                    1.6     Elect Director Morton N. Kerr --- For
                    1.7     Elect Director Steven M. Lewis --- For
                    1.8     Elect Director John K. Lloyd --- For
                    1.9     Elect Director George E. Norcross, III ---
                            For
                    1.10    Elect Director Daniel J. Ragone --- For
                    1.11    Elect Director William A. Schwartz, Jr. ---
                            For
                    1.12    Elect Director Joseph T. Tarquini, Jr. ---
                            For
                    1.13    Elect Director Joseph S. Vassalluzzo --- For


07/31/06 - A        Computer Sciences Corporation *CSC*     205363104                            06/02/06                   2,911
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Non-Employee Director Omnibus Stock   For          For                   Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.92 percent is within the  allowable cap for this
                               company   of  12.37   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Board Diversity                               Against      For                   ShrHoldr
                               ISS  agrees  with the  company  that some  aspects  of this
                               resolution may be overly  restrictive,  specifically  those
                               requesting detailed  information on company initiatives and
                               timelines.  However,  Computer  Sciences Corp.'s board does
                               not include any women or racial  minorities.  Additionally,
                               unlike many large  corporations,  Computer  Sciences  Corp.
                               does not appear to provide  significant  disclosure related
                               to gender or racial  diversity at the director level of the
                               company.  As such,  we  believe  that the  company's  board
                               could  better  address  questions  related  to its  lack of
                               diversity  by  clearly   disclosing   board   policies  and
                               procedures  related to diversity.  Therefore,  we recommend
                               shareholder support for this resolution.


09/28/06 - A        Conagra Foods Inc. *CAG*                205887102                            07/31/06                   8,194
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 3.99 percent is within the  allowable cap for this
                               company of 6.28 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


05/09/07 - A        ConocoPhillips *COP*                    20825C104                            03/12/07                  27,738
                    1       Elect Director James E. Copeland, Jr.         For          For                   Mgmt
                    2       Elect Director Kenneth M. Duberstein          For          For                   Mgmt
                    3       Elect Director Ruth R. Harkin                 For          For                   Mgmt
                    4       Elect Director William R. Rhodes              For          For                   Mgmt
                    5       Elect Director J. Stapleton Roy               For          For                   Mgmt
                    6       Elect Director William E. Wade, Jr.           For          For                   Mgmt
                    7       Ratify Auditors                               For          For                   Mgmt
                    8       Report on Political Contributions             Against      Against               ShrHoldr
                               Based on existing disclosure that  ConocoPhillips  provides
                               regarding   its   rationale,    policies,   and   oversight
                               mechanisms for corporate political  contributions and trade
                               association activities,  and a lack of recent,  significant
                               litigation  related to such public policy  activities,  ISS
                               does not recommend shareholder support for this resolution.
                    9       Report on Renewable Energy Sources            Against      Against               ShrHoldr
                               ISS believes that the company does sufficiently  explain to
                               its shareholders  its rationale for its strategic  business
                               decision relating to alternative energy.  Specifically,  we
                               believe  that  operational   decisions  involving  specific
                               research  policies,   procedures,  and  capital  investment
                               decisions should be the  responsibility  of management,  so
                               long  as  these   decisions   are   guided  by   applicable
                               legislation and appropriate internal policies.  In light of
                               ConocoPhillip's  efforts to  elucidate  stakeholders  about
                               its  renewable  energy  policy and its  business  rationale
                               behind such  policies;  and,  given its extensive  publicly
                               available  discussions on alternative energy, CO2 reduction
                               initiative,   and,   more  broadly,   on  its   initiatives
                               surrounding  climate  change,  ISS believes that developing
                               such a report  would be  largely  duplicative  of  existing
                               disclosure.  While  the  company  may not be  investing  in
                               renewable  energy  commitments to the extent the proponents
                               would choose to see, the company has recently  demonstrated
                               a  commitment  to  evaluating  the  impact  of the risks of
                               operating  in a  carbon-constrained  world and the  company
                               appears to be taking  steps to  mitigate  its  exposure  to
                               such  risks.  As  such,  ISS  does not  believe  that  this
                               proposal warrants shareholder support.
                    10      Require Director Nominee Qualifications       Against      Against               ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus  on  fiduciary  duty  among  Conoco   Phillips  board
                               members,   ISS  does  not  believe  that  adoption  of  the
                               proposed   guidelines   would  add   additional   value  to
                               shareholders at this time.
                    11      Report on Environmental Damage from           Against      For                   ShrHoldr
                            Drilling in the National Petroleum Reserve
                               In  this  case,  we  note  that  the  resolution  asks  for
                               disclosure  on the impact of the  company's  operations  in
                               the  NPR-A  originally  protected  by  the  ROD,  including
                               discussion on refraining from drilling in this region.  ISS
                               agrees with  management  that it may be  inappropriate  for
                               the company to commit to refrain from  operating in certain
                               areas.  Such actions could limit the  company's  ability to
                               take  advantage  of  opportunities  that would  benefit the
                               company and its  shareholders.  That said,  we believe that
                               increased   reporting   on   operations   in  sensitive  or
                               protected   ecosystems   is   warranted,    especially   in
                               circumstances  where there has been some  controversy  over
                               the use of regions  recently opened for oil and gas leases.
                               As much of the  information  requested in these  reports is
                               already    evaluated   under   the   permitting    process,
                               consolidation  of a report should not be overly  burdensome
                               or  costly  to the  company.  Conversely,  such  disclosure
                               could  be   beneficial   for  the  company  by   mitigating
                               reputational risk,  improving  stakeholder  relations,  and
                               communicating the company's  proactive efforts to implement
                               its policies to develop  protected  areas in a  responsible
                               manner.  Therefore,  based on the limited cost of providing
                               the report and potential value that such  disclosure  could
                               provide for shareholders,  ISS recommends  support for this
                               resolution.
                    12      Report on Indigenous Peoples Rights Policies  Against      Against               ShrHoldr
                               Considering  that the company  demonstrated  commitment  to
                               work in concert  with,  and  continue to improve  relations
                               with   stakeholders   within  the   communities   where  it
                               operates,  and  given  its  policies,  the  development  of
                               stakeholder   engagement   strategies,   and  its  existing
                               information  relating to certain activities related to this
                               issue;  and,  considering  our  concerns  over  the  scope,
                               timeline,  and value of additional  disclosure  beyond that
                               which is included in the company's filings and website,  we
                               do not recommend shareholder support for this resolution.
                    13      Report on Community Impact of Operations      Against      Against               ShrHoldr
                               ISS notes that the company provides  significant,  detailed
                               reporting on its social and environmental  impact including
                               emissions,  spills,  and  policies  to promote  sustainable
                               development.  Moreover,  the company is involved in certain
                               stakeholder  initiatives  that  seek  to  include  external
                               stakeholders  in the  company's  evaluation  of social  and
                               environmental  impact.  Finally,  the company has committed
                               to expand and develop its  reporting  and  operations as it
                               produces  future  sustainability  reports.  Considering the
                               existing  disclosure and  initiatives  at the company,  ISS
                               does not believe that the  additional  reporting  requested
                               by  this  proposal  would  provide  significant  value  for
                               shareholders.   Therefore,   based  on  current  discussion
                               related  to  social  and   environmental   performance  and
                               initiatives  the  company  has  taken to  involve  external
                               stakeholders  in its  evaluation  processes,  ISS  does not
                               believe that  shareholder  support for this  resolution  is
                               warranted.


05/01/07 - A        Consol Energy, Inc. *CNX*               20854P109                            03/07/07                   3,078
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director John Whitmire --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated   outsider  James  E.   Altmeyer,   Sr..  We
                               recommend  that  shareholders  WITHHOLD votes from James E.
                               Altmeyer,  Sr. for  standing as an  affiliated  outsider on
                               the Audit and Compensation committees.
                    1.2     Elect Director J. Brett Harvey --- For
                    1.3     Elect Director James E. Altmeyer, Sr. ---
                            Withhold
                    1.4     Elect Director William E. Davis --- For
                    1.5     Elect Director Raj K. Gupta --- For
                    1.6     Elect Director Patricia A. Hammick --- For
                    1.7     Elect Director David C. Hardesty, Jr. ---
                            For
                    1.8     Elect Director John T. Mills --- For
                    1.9     Elect Director William P. Powell --- For
                    1.10    Elect Director Joseph T. Williams --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                               Approval  of this item would allow the company to realize a
                               tax  benefit  while  providing  incentives  to  executives.
                               Therefore,  we believe that this item warrants  shareholder
                               support.
                    4       Report on Emissions                           Against      Against               ShrHoldr
                               Based on the Consol  Energy's  limited current and proposed
                               power  plant   operations   we  do  not  believe  that  the
                               resolution merits shareholder support.


07/27/06 - A        Constellation Brands, Inc. *STZ.B*      21036P108                            05/31/06                   3,078
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Barry A. Fromberg --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider  James A. Locke III. We  recommend
                               that  shareholders  WITHHOLD  votes from James A. Locke III
                               for standing as an  affiliated  outsider on the  Nominating
                               Committee.
                    1.2     Elect Director Jeananne K. Hauswald --- For
                    1.3     Elect Director James A. Locke, III ---
                            Withhold
                    1.4     Elect Director Richard Sands --- For
                    1.5     Elect Director Robert Sands --- For
                    1.6     Elect Director Thomas C. McDermott --- For
                    1.7     Elect Director Paul L. Smith --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Nonqualified Employee Stock           For          For                   Mgmt
                            Purchase Plan
                               Generally,  savings-related  share option  plans  encourage
                               share   ownership  among  employees  by  enabling  them  to
                               acquire  shares at a discount by entering  into a long-term
                               savings  contract  of three,  five,  or an  extended  seven
                               years with a building  society or a bank to which they make
                               monthly  contributions  of GBP 5 (USD  9) to GBP  250  (USD
                               440).  Options are exercisable  within six months following
                               the end of a contract  and cannot be  exercised  before the
                               contract  is  completed,  except  in cases of  takeover  or
                               winding-up.  ISS supports such plans as they are similar to
                               the U.S. version of employee stock purchase plans.


12/08/06 - A        Constellation Energy Group, Inc.        210371100                            10/27/06                   2,910
                    *CEG*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             None         For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


05/18/07 - A        Constellation Energy Group, Inc.        210371100                            03/16/07                   3,034
                    *CEG*
                    1       Elect Director Yves C. de Balmann             For          For                   Mgmt
                               At  this  time,   ISS  will  monitor  the  actions  of  the
                               compensation  committee  and may recommend  voting  AGAINST
                               the members for poor pay practice.
                    2       Elect Director Douglas L. Becker              For          For                   Mgmt
                    3       Elect Director James T. Brady                 For          For                   Mgmt
                    4       Elect Director Edward A. Crooke               For          For                   Mgmt
                    5       Elect Director James R. Curtiss               For          For                   Mgmt
                    6       Elect Director Freeman A. Hrabowski, III      For          For                   Mgmt
                    7       Elect Director Nancy Lampton                  For          For                   Mgmt
                    8       Elect Director Robert J. Lawless              For          For                   Mgmt
                    9       Elect Director Lynn M. Martin                 For          For                   Mgmt
                    10      Elect Director Mayo A. Shattuck, III          For          For                   Mgmt
                    11      Elect Director Michael D. Sullivan            For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.  While the company's  burn rate of 2.53% exceeds
                               that of the  Utilities  peer group,  the company has made a
                               commitment to limit the number of awards  granted such that
                               the average  burn rate for the three year period  2007-2009
                               will be no more than 2% common shares outstanding.
                    14      Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               ISS has two  concerns  with the plan  design:  (1) an award
                               limit  expressed as a percentage  of a financial  line item
                               can  produce  astronomical  payouts;  and (2)  there  is no
                               maximum  individual  dollar  limit  established.   However,
                               given the tax  advantages  that the 162(m) plan provides we
                               recommend  support for this proposal.  Going  forward,  ISS
                               will  monitor the  performance  bonus  payouts  provided to
                               named executive officers.


04/17/07 - A        Convergys Corp. *CVG*                   212485106                            02/28/07                   2,322
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Reincorporate in Another State [ Ohio to      Against      For                   ShrHoldr
                            Delaware ]
                               Although  the  company   believes  that  the  Ohio  General
                               Corporation  Law provides  shareholder  rights that are not
                               provided in Delaware,  ISS notes that Ohio has adopted very
                               protective   antitakeover   legislation,    including   six
                               provisions as shown under state  takeover  statutes  above.
                               In contrast,  Delaware has only two antitakeover provisions
                               in place,  resulting  in a more  positive  environment  for
                               shareholders.  Additionally,  Delaware  has  a  substantial
                               body  of  developed   case  law,   which   provides   great
                               predictability  with respect to legal  affairs.  Though the
                               company  currently has great  familiarity with Ohio law and
                               procedural  rules,  it is not  unreasonable to believe that
                               the  same   familiarity  can  be  gained  with  respect  to
                               Delaware.  Further,  the company noted that the very strong
                               non-disclosure  and non-compete  language as governed under
                               Ohio  law are not  necessarily  lost  under  Delaware  law.
                               Although  the  company  describes  the  potential  to  lose
                               millions  of  dollars  in  tax   incentives,   among  other
                               benefits,  ISS notes that the  incentives  and benefits are
                               largely  based upon the  physical  presence  of the company
                               and  its  employees  in  Ohio/Cincinnati  rather  than  the
                               jurisdiction of  incorporation.  This proposal will have no
                               effect on the  physical  location  of the  company  and its
                               employees in Ohio.          On  balance,  ISS believes that
                               the  proposed  reincorporation  from Ohio to Delaware  will
                               have a  positive  impact  to  shareholders.  As  such,  ISS
                               believes  that  shareholder  support  for this  proposal is
                               warranted.


04/24/07 - A        COOPER INDUSTRIES LTD *CBE*             G24182100                            02/28/07                   1,532
                            Meeting for Holders of ADRs
                    1a      Elect Director S.G. Butler                    For          For                   Mgmt
                    1b      Elect Director D.F. Smith                     For          For                   Mgmt
                    1c      Elect Director G.B. Smith                     For          For                   Mgmt
                    1d      Elect Director M.S. Thompson                  For          For                   Mgmt
                    1e      Elect Director L.D. Kingsley                  For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       AMENDMENT TO COOPER S BYE-LAWS TO INCREASE    For          For                   Mgmt
                            AUTHORIZED SHARES.
                    4       ILO Standards                                 Against      Against               ShrHoldr
                               Given  that the  company  already  has a policy in place to
                               address  workplace  human rights,  support of this proposal
                               is not warranted at this time.


01/31/07 - A        Costco Wholesale Corporation *COST*     22160K105                            11/27/06                   7,579
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Coventry Health Care Inc. *CVH*         222862104                            03/19/07                   2,686
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/08/07 - A        Cummins , Inc. *CMI*                    231021106                            03/19/07                       3
                    1       Elect Director Robert J. Darnall              For          For                   Mgmt
                    2       Elect Director John M. Deutch                 For          For                   Mgmt
                    3       Elect Director Alexis M. Herman               For          For                   Mgmt
                    4       Elect Director F. Joseph Loughrey             For          For                   Mgmt
                    5       Elect Director William I. Miller              For          For                   Mgmt
                    6       Elect Director Georgia R. Nelson              For          For                   Mgmt
                    7       Elect Director Theodore M. Solso              For          For                   Mgmt
                    8       Elect Director Carl Ware                      For          For                   Mgmt
                    9       Elect Director J. Lawrence Wilson             For          For                   Mgmt
                    10      Ratify Auditors                               For          For                   Mgmt
                    11      Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    12      Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 150,000,000  shares is below the
                               allowable threshold of 240,000,000 shares.


03/15/07 - S        CVS Caremark Corp *CVS*                 126650100                            01/19/07                  13,881
                    1       Amend Articles/Increase Common Stock and      For          For                   Mgmt
                            Change Company Name
                               Since ISS is supportive of the  underlying  merger from the
                               perspective of CVS  shareholders,  we are supportive of the
                               proposals that enable the completion of the merger
                    2       Issue Shares in Connection with an            For          For                   Mgmt
                            Acquisition
                               Based on the current  facts and  circumstances  as detailed
                               above,  we conclude that CVS  shareholders  should  support
                               the proposed  transaction and that CMX shareholders  should
                               vote against the deal.
                    3       Adjourn Meeting                               For          For                   Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the underlying transaction.


05/09/07 - A        CVS Caremark Corp *CVS*                 126650100                            03/30/07                  25,921
                    1       Elect Director Edwin M. Banks                 For          For                   Mgmt
                               We recommend a vote FOR the nominees  with the exception of
                               Mr.   Headrick  and  Mr.   Piccolo.   We   recommend   that
                               shareholders vote AGAINST Messrs.  Headrick and Piccolo for
                               conducting  and/or  participating  in a flawed  process for
                               Caremark shareholders in the CVS transaction.
                    2       Elect Director C. David Brown II              For          For                   Mgmt
                    3       Elect Director Edwin Mac Crawford             For          For                   Mgmt
                    4       Elect Director David W. Dorman                For          For                   Mgmt
                    5       Elect Director Kristen E. Gibney Williams     For          For                   Mgmt
                    6       Elect Director Roger L. Headrick              For          Against               Mgmt
                    7       Elect Director Marian L. Heard                For          For                   Mgmt
                    8       Elect Director William H. Joyce               For          For                   Mgmt
                    9       Elect Director Jean-Pierre Million            For          For                   Mgmt
                    10      Elect Director Terrence Murray                For          For                   Mgmt
                    11      Elect Director C.A. Lance Piccolo             For          Against               Mgmt
                    12      Elect Director Sheli Z. Rosenberg             For          For                   Mgmt
                    13      Elect Director Thomas M. Ryan                 For          For                   Mgmt
                    14      Elect Director Richard J. Swift               For          For                   Mgmt
                    15      Ratify Auditors                               For          For                   Mgmt
                    16      Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    17      Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    18      Limit Executive Compensation                  Against      Against               ShrHoldr
                               Conclusion        We  oppose  this  item  because  it could
                               place  the  company  at  a  competitive   disadvantage   in
                               attempting to attract a qualified CEO.
                    19      Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               Conclusion        We  believe that the company's governance
                               structure  does not  provide a  satisfactory  balance  to a
                               non-independent   chairman.   Accordingly,   the   proposal
                               warrants shareholder support.
                    20      Prepare Sustainability Report                 Against      For                   ShrHoldr
                               Conclusion        ISS  encourages CVS to increase its level
                               of  transparency   related  to  social  and   environmental
                               performance   and  consider  the   potential   benefits  of
                               structuring its reporting along  established best practices
                               guidelines.   Detailed  information  on  how  these  issues
                               affect the company's  strategic  position,  how the company
                               is overseeing the  implementation  of these  policies,  and
                               how the company is  performing  relative to industry  peers
                               and/or   internally   established   goals,   provides  both
                               management   and  its   shareholders   insight   into   the
                               effectiveness  of its  established  guidelines  relating to
                               sustainability.   We   believe   that  more   comprehensive
                               reporting  on  sustainability  issues  will  benefit CVS by
                               helping the company and its shareholders  better assess the
                               financial    risks   and    opportunities    that   certain
                               sustainability  issues  pose  to  its  business  model  and
                               future  development.  As such,  ISS believes  this proposal
                               warrants shareholder support.
                    21      Disclose Information on Compensation          Against      For                   ShrHoldr
                            Consultant
                               Conclusion        Based   on  the  above  disclosure,   ISS
                               believes  that  the  company  has  not  adequately  met the
                               proponent's request.
                    22      Compensation Specific- Policy on Stock        Against      For                   ShrHoldr
                            Option Grants/Option Backdating
                               Conclusion        While  we do not  agree  with  all of the
                               points  in the  proponent's  proposed  policy,  we  believe
                               support for a proposal  advocating a more robust  policy is
                               warranted given the circumstances  surrounding the company.
                               Further,  this proposal is non-binding and thus serves as a
                               recommendation to the board. As such, we support this item.


05/15/07 - A        Danaher Corp. *DHR*                     235851102                            03/19/07                   3,995
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 500,000,000  shares is below the
                               allowable threshold of 750,000,000 shares.
                    4       Approve Omnibus Stock Plan                    For          Against               Mgmt
                                                                                   VI.
                               Vote   Recommendation        The   company  has   submitted
                               multiple  equity plan proposals for  shareholder  approval.
                               The aggregate  shareholder  value transfer for all plans is
                               8 percent,  which is above the company's allowable cap of 5
                               percent.          We  commend  the  company  for  expressly
                               forbidding  the  repricing of stock options under the plan.
                               However,  the estimated  shareholder  value transfer of the
                               company's  plans of 8 percent  is above the  allowable  cap
                               for this company of 5 percent.
                    5       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    6       Amend Deferred Compensation Plan              For          For                   Mgmt
                                                                                   VII.
                               Vote   Recommendation        The   company  has   submitted
                               multiple  equity plan proposals for  shareholder  approval.
                               The aggregate  shareholder  value transfer for all plans is
                               8 percent,  which is above the company's allowable cap of 5
                               percent.        However,  the estimated  shareholder  value
                               transfer of the EDIP and the company's  existing plans of 5
                               percent is equal to the  allowable  cap for this company of
                               5  percent.   ISS  will  recommend  a  vote  for  the  most
                               exensiexpensivethat  is equal to or less than the allowable
                               cap.  As  such,   shareholder  support  for  this  plan  is
                               warranted.
                    7       Stock Retention/Holding Period                Against      For                   ShrHoldr
                               ISS   recognizes   that  Danaher  has   implemented   stock
                               ownership  guidelines.   However,  we  believe  that  these
                               guidelines  are not  rigorous  enough  and should go beyond
                               the standard 5x salary for CEOs.  In addition,  the company
                               does  not  have a  retention  ratio  nor a  holding  period
                               requirement.   As  such,  ISS  believes  that   shareholder
                               support for this proposal is warranted.


09/15/06 - A        Darden Restaurants, Inc. *DRI*          237194105                            07/24/06                   2,034
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Leonard L. Berry --- Withhold
                               We  recommend  withholding  votes  from  Andrew  H.  (Drew)
                               Madsen,   Clarence  Otis,  Jr.,  and  Blaine  Sweatt,  III,
                               Leonard L. Berry, Odie C. Donald, David H. Hughes,  Senator
                               Connie Mack, III,  Michael D. Rose,  Maria A. Sastre,  Jack
                               A.  Smith,  and Rita P.  Wilson  for  failure to submit the
                               company's poison pill to a shareholder vote.
                    1.2     Elect Director Odie C. Donald --- Withhold
                    1.3     Elect Director David H. Hughes --- Withhold
                    1.4     Elect Director Charles A. Ledsinger, Jr.
                            --- For
                    1.5     Elect Director William M. Lewis, Jr. --- For
                    1.6     Elect Director Connie Mack, III --- Withhold
                    1.7     Elect Director Andrew H. Madsen --- Withhold
                    1.8     Elect Director Clarence Otis, Jr. ---
                            Withhold
                    1.9     Elect Director Michael D. Rose --- Withhold
                    1.10    Elect Director Maria A. Sastre --- Withhold
                    1.11    Elect Director Jack A. Smith --- Withhold
                    1.12    Elect Director Blaine Sweatt, III ---
                            Withhold
                    1.13    Elect Director Rita P. Wilson --- Withhold
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.64 percent is within the  allowable cap for this
                               company of 9.87 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace  advances the debate.  We feel that support for
                               this proposal,  coupled with  continued  debate on election
                               reforms,  will allow the director election system to evolve
                               to the next level.


05/18/07 - A        Dean Foods Company *DF*                 242370104                            03/23/07                   2,179
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against               Mgmt
                                                                                   VI.
                               Vote  Recommendation        We   commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the plan.  However,  the company's  three year average burn
                               rate of 3.32  percent is higher  than its  four-digit  GICS
                               peer group of 2.91  percent.  Therefore,  the  company  has
                               failed   ISS's   three-year   average   burn  rate  policy.
                               Additionally,  the estimated  shareholder value transfer of
                               the  company's  plans of 13 percent is above the  allowable
                               cap for this company of 8 percent.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In  this  case,  the  company  does  not  meet  all  of the
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               does  not  provide  a  satisfactory  balance  to a  unified
                               chairman  and  CEO  position.   Accordingly,  the  proposal
                               warrants shareholder support.


02/28/07 - A        Deere & Co. *DE*                        244199105                            12/31/06                   3,897
                    1       Elect Director Robert W. Lane                 For          For                   Mgmt
                    2       Elect Director Antonio Madero B.              For          For                   Mgmt
                    3       Elect Director Aulana L. Peters               For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt


07/21/06 - A        Dell Inc. *DELL*                        24702R101                            05/26/06                  36,740
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Adopt ILO-Based Code of Conduct               Against      Against               ShrHoldr
                               ISS believes that the  information  provided by the company
                               regarding its policies and procedures  related to workplace
                               labor rights standards  substantially addresses many of the
                               key concerns  noted by the  proponents.  Additionally,  the
                               company  does not appear to have been the subject of recent
                               significant  controversy  related  to its  workplace  labor
                               rights  standards.   Therefore,  we  do  not  believe  that
                               support for this resolution is warranted at this time
                    4       Compensation Company Specific--Declaration    Against      Against               ShrHoldr
                            of Dividend
                               ISS  believes  that the  company's  financial  policies are
                               best  left  to  the  board  and  management,  as  decisions
                               regarding  a company's  funds are the essence of  corporate
                               philosophy.  ISS believes that  management  should have the
                               flexibility  to determine the  company's  dividend or stock
                               repurchase  policies so that future  growth is  unhindered.
                               Therefore,   we  believe  that  shareholders   should  vote
                               against the proposal.


06/06/07 - A        Devon Energy Corp. *DVN*                25179M103                            04/09/07                   7,512
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/19/07 - A        Dillards, Inc *DDS*                     254067101                            03/30/07                   1,029
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Prepare Sustainability Report                 Against      For                   ShrHoldr
                               Conclusion        ISS  encourages Dillard's to increase its
                               level of transparency  related to social and  environmental
                               performance   and  consider  the   potential   benefits  of
                               structuring its reporting along  established best practices
                               guidelines.   Detailed  information  on  how  these  issues
                               affect the company's  strategic  position,  how the company
                               is overseeing the  implementation  of these  policies,  and
                               how the company is  performing  relative to industry  peers
                               and/or   internally   established   goals,   provides  both
                               management   and  its   shareholders   insight   into   the
                               effectiveness of its stated  commitments to sustainability.
                               We believe  that more  comprehensive  policies,  monitoring
                               and  reporting  on   sustainability   issues  will  benefit
                               Dillard's  by  helping  the  company  and its  shareholders
                               better assess the financial  risks and  opportunities  that
                               certain  sustainability  issues pose to its business  model
                               and  future   development.   As  such,  ISS  believes  this
                               proposal warrants shareholder support.


04/27/07 - A        Dominion Resources, Inc. *D*            25746U109                            02/23/07                   5,962
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Greenhouse Gas Emissions            Against      For                   ShrHoldr
                               Therefore,  based  on  the  lack  of  detailed  information
                               available  on the  company's  approach  to  sustaining  its
                               operations and profits  despite  changing  legislation  and
                               public opinion,  the limited cost associated with including
                               such information in the company's  existing report, and the
                               potential  benefit that  shareholders  may derive from such
                               transparency, ISS recommends a vote for this resolution.
                    4       Report on Impact of Utilizing National        Against      Against               ShrHoldr
                            Interest Electric Transmission Corridor
                               Therefore,   based  on  the  current  level  of  disclosure
                               provided  by the company on this topic and  questions  over
                               the utility of the requested  information,  ISS  recommends
                               that shareholders oppose this resolution.


04/17/07 - A        Dover Corporation *DOV*                 260003108                            02/28/07                   3,441
                    1       Elect Directors                               For          For                   Mgmt
                    2       Sustainability Report                         Against      For                   ShrHoldr
                               In light of the  current  lack of  information  provided by
                               the  company  and the  potential  benefits  that  could  be
                               derived  from  increased  reporting,  ISS  recommends  that
                               shareholders vote for this proposal.
                    3       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


10/24/06 - A        Duke Energy Corp. *DUK*                 26441C105                            08/25/06                  19,485
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Roger Agnelli --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Michael E.J. Phelps and independent
                               outsider  Roger  Agnelli.  We recommend  that  shareholders
                               WITHHOLD votes from Michael E.J.  Phelps for standing as an
                               affiliated  outsider on the  Nominating  Committee and from
                               Roger Agnelli for sitting on more than three boards.
                    1.2     Elect Director Paul M. Anderson --- For
                    1.3     Elect Director William Barnet, III --- For
                    1.4     Elect Director G. Alex Bernhardt, Sr. ---
                            For
                    1.5     Elect Director Michael G. Browning --- For
                    1.6     Elect Director Phillip R. Cox --- For
                    1.7     Elect Director William T. Esrey --- For
                    1.8     Elect Director Ann Maynard Gray --- For
                    1.9     Elect Director James H. Hance, Jr. --- For
                    1.10    Elect Director Dennis R. Hendrix --- For
                    1.11    Elect Director Michael E.J. Phelps ---
                            Withhold
                    1.12    Elect Director James T. Rhodes --- For
                    1.13    Elect Director James E. Rogers --- For
                    1.14    Elect Director Mary L. Schapiro --- For
                    1.15    Elect Director Dudley S. Taft --- For
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 1.57 percent is within the  allowable cap for this
                               company of 5.00 percent. Additionally,  this plan expressly
                               forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


05/10/07 - A        Duke Energy Corp. *DUK*                 26441C105                            03/26/07                  21,247
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


03/29/07 - S        Dynegy, Inc. *DYN*                      26816Q101                            01/29/07                   6,481
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  specifically  the strategic
                               rationale and the  favorable  market  reaction,  we believe
                               that the merger agreement warrants shareholder support.


05/23/07 - A        E*Trade Financial Corp. *ETFC*          269246104                            04/02/07                   7,220
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        E.I. Du Pont De Nemours & Co. *DD*      263534109                            03/02/07                  15,503
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this   company  of  6  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Report on Genetically Modified Organisms      Against      Against               ShrHoldr
                    5       Evaluate Community Impact of Plant Closures   Against      Against               ShrHoldr
                            or Layoffs
                    6       Report on PFOA Compounds in DuPont Products   Against      For                   ShrHoldr
                    7       Report on Lobbying Expenditures related to    Against      Against               ShrHoldr
                            Environmental Pollution
                    8       Prepare a Global Warming Report               Against      Against               ShrHoldr
                    9       Report on Security of Chemical Facilities     Against      Against               ShrHoldr


04/26/07 - A        E.W. Scripps Co. (The) *SSP*            811054204                            03/01/07                   1,404
                    1       Elect Directors                               For          For                   Mgmt


05/03/07 - A        Eastman Chemical Co. *EMN*              277432100                            03/15/07                   1,387
                    1       Elect Director Renee J. Hornbaker             For          For                   Mgmt
                    2       Elect Director Thomas H. McLain               For          For                   Mgmt
                    3       Elect Director Peter M. Wood                  For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    6       Establish SERP Policy                         Against      For                   ShrHoldr
                               Eastman  Chemical  includes  variable  compensation  in its
                               SERP  formula.  ISS  recommends  shareholders  support this
                               proposal  as we believe  that base  salary is a  sufficient
                               basis upon which to base pension benefits to executives.


04/25/07 - A        Eaton Corporation *ETN*                 278058102                            02/26/07                   2,511
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


06/14/07 - A        eBay Inc. *EBAY*                        278642103                            04/16/07                  18,421
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the company given its line of business and
                               long-term   objectives.    Additionally,    the   plan   is
                               administered   by  a  committee  of   independent   outside
                               directors who must certify  attainment of these objectives.
                               Moreover,  attainment  of  the  full  deductibility  of all
                               compensation  paid  reduces  the  company's  corporate  tax
                               obligation.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because the plan  complies  with
                               Section 423 of the  Internal  Revenue  Code,  the  offering
                               period  is  reasonable,   and  there  are   limitations  on
                               participation.
                    4       Ratify Auditors                               For          For                   Mgmt


05/04/07 - A        Ecolab, Inc. *ECL*                      278865100                            03/20/07                   3,005
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Richard U. DeSchutter --- For
                               Jerry W. Levin serves as CEO of Sharper  Image Corp.  on an
                               interim basis.  Therefore,  the overboarded policy does not
                               apply to  him.        John  J.  Zillmer  sits on more  than
                               three boards and serves as CEO of Allied Waste  Industries,
                               Inc.  While  CEOs  benefit  from  their  exposure  to other
                               company  boards,  the time demands of their  full-time jobs
                               limit the  number of  outside  commitments  they can manage
                               without  compromising  their  effectiveness  as CEOs and as
                               outside directors.  Considering the increased oversight and
                               regulatory demands facing board members,  ISS believes that
                               directors who are  overextended  may be jeopardizing  their
                               ability   to  serve   as   effective   representatives   of
                               shareholders.   In  the  future,  ISS  may  recommend  that
                               shareholders  WITHHOLD  votes  from John J.  Zillmer  if he
                               continues  to  serve  as CEO  and sit on  more  than  three
                               boards.
                    1.2     Elect Director Joel W. Johnson --- For
                    1.3     Elect Director Beth M. Pritchard --- For
                    1.4     Elect Director Hans Van Bylen --- For
                    2       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Edison International *EIX*              281020107                            02/26/07                   5,491
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 3 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines;   and  (2)   this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/17/07 - A        Electronic Data Systems Corp. *EDS*     285661104                            02/16/07                   8,717
                    1       Elect Director W. Roy Dunbar                  For          For                   Mgmt
                    2       Elect Director Martin C. Faga                 For          For                   Mgmt
                    3       Elect Director S. Malcolm Gillis              For          For                   Mgmt
                    4       Elect Director Ray J. Groves                  For          For                   Mgmt
                    5       Elect Director Ellen M. Hancock               For          For                   Mgmt
                    6       Elect Director Jeffrey M. Heller              For          For                   Mgmt
                    7       Elect Director Ray L. Hunt                    For          For                   Mgmt
                    8       Elect Director Michael H. Jordan              For          For                   Mgmt
                    9       Elect Director Edward A. Kangas               For          For                   Mgmt
                    10      Elect Director James K. Sims                  For          For                   Mgmt
                    11      Elect Director R. David Yost                  For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Conclusion        EDS  maintains  that it grants 50 percent
                               of its  long-term  incentive  compensation  "value"  in the
                               form  of  P-RSUs.   However,  per  ISS'  valuation  of  the
                               performance  mix, we compared  the actual  number of shares
                               (P-RSUs  vs.  options and  time-vested  restricted/deferred
                               stock  awards)  granted in the past fiscal year and only 29
                               percent of the  equity  awards  granted to named  executive
                               officers   during  that   period   were   performance-based
                               according to our  guidelines.  Therefore,  given that:  (1)
                               the  company's  long-term  program  for  executives  is not
                               performance-based  per  ISS'  guidelines;  (2) the  program
                               fails  to  provide   shareholders  with  clearly  disclosed
                               hurdle   rates;   and  (3)  this  proposal  is  not  overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.
                    14      Amend Bylaws -- Call Special Meetings         Against      For                   ShrHoldr
                               We believe the proponent's  request calling for the company
                               to  provide  shareholders  with the  right to call  special
                               meetings is in the best interests of shareholders.  We note
                               that  the  proposal  limits  the  right  to call a  special
                               meeting  to an  aggregate  of at  least 25  percent  of the
                               outstanding shares.


04/16/07 - A        Eli Lilly and Co. *LLY*                 532457108                            02/15/07                  16,593
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Sir Winfried Bischoff --- For
                               Pay  for  Performance  Analysis:        ISS  has a pay  for
                               performance  policy that calls for the  examination  of CEO
                               compensation   relative  to  his  or  her  company's  stock
                               performance.  Companies  with negative one- and  three-year
                               total  shareholder  returns coupled with an increase in CEO
                               compensation  generally warrant further scrutiny.  ISS also
                               examines the returns of the  company's  GICS peer group and
                               the  broader   market  to   determine  if  the  company  is
                               underperforming on a relative  basis.        The  company's
                               one and three  fiscal year total  shareholder  returns were
                               -5.18 percent and -7.11  percent,  versus 10.49 percent and
                               6.45 percent for the company's  4-digit GICS peer group and
                               15.78  percent  and  10.43  percent  for the S&P  500.  The
                               company also  underperformed  relative to its 6-digits GICS
                               peer   group   (pharmaceuticals),   which   had   one-  and
                               three-year total  shareholder  returns of 16.62 percent and
                               3.14  percent,  respectively.           In  2006,  the  SEC
                               updated  disclosure  requirements on executive and director
                               compensation  and called for more  information  on pension,
                               deferred  compensation  and  severance  agreements.  A year
                               over year comparison in CEO total  compensation will not be
                               meaningful  because of the change in disclosure rules, such
                               as the inclusion of pension,  above-market  interest  rates
                               and  lower  threshold  on perks  disclosure.  However,  pay
                               elements,  such as  salary,  bonus and equity  awards,  are
                               disclosed.  Therefore,  in applying the pay-for-performance
                               policy,  ISS will sum the following pay  components for the
                               previous  fiscal  year  (under the former SEC  regulation):
                               base  salary,   bonus,  present  value  of  stock  options,
                               restricted  stock and LTIP payouts and compare  against the
                               following  pay  components  for the most  recent  completed
                               fiscal year (under the new SEC  regulation):  base  salary,
                               bonus,   stock  awards  (as  disclosed  in  the  Grants  of
                               Plan-Based  Awards table),  option awards (as calculated by
                               Equilar)      and      non-equity       incentive      plan
                               compensation.        In  this  case,  between  fiscal  year
                               2005 and 2006,  CEO Taurel's total  compensation  decreased
                               by 5.69  percent  from  $11.986  million in fiscal  2005 to
                               $11.304  million in fiscal year 2006. At this time, the pay
                               for  performance  policy  does not  apply at this  company.
                               However,  ISS will  continue  to monitor the actions of the
                               compensation committee
                    1.2     Elect Director J. Michael Cook --- For
                    1.3     Elect Director Franklyn G. Prendergast,
                            M.D., Ph.D. --- For
                    1.4     Elect Director Kathi P. Seifert --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Amend Omnibus Stock Plan                      For          For                   Mgmt
                    5       Report on Animal Welfare                      Against      Against               ShrHoldr
                    6       Report on Animal Testing Policies             Against      Against               ShrHoldr
                    7       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In this case,  the  company  has an 83 percent  independent
                               board,  all-independent  key  committees,  and  established
                               governance  guidelines.  ISS  notes  that  the  independent
                               chair  of  the   Compensation   Committee   serves  as  the
                               presiding director of the board.  However, the company does
                               not have a  designated  lead  director  who performs all of
                               the  duties   listed  above.   In  addition,   the  company
                               underperformed   its  peers  and  index   based  on  fiscal
                               one-year     and     three-year      total      shareholder
                               returns.        Absent  an offsetting  governance structure
                               and  in  view  of  the  company's  stock   underperformance
                               relative to its peers and index,  we believe that a company
                               of this size  should be able to find two  qualified  people
                               willing to serve in the separate  positions of chairman and
                               CEO.
                    8       Amend Vote Requirements to Amend              Against      For                   ShrHoldr
                            Articles/Bylaws/Charter
                               ISS   commends  the  company  for  making   commitment   to
                               declassify  the board at this year's annual  meeting and to
                               adopt a majority  voting standard for directors at the next
                               year's   annual   meeting.   However,   we  maintain   that
                               shareholder  should  be  entitled  to amend  the  company's
                               bylaws and that simple  majority of voting shares should be
                               sufficient  to effect major  transactions  and changes in a
                               company's  corporate  governance.  Requiring  more  than  a
                               simple  majority may permit  management to entrench  itself
                               by  blocking  initiatives  that are in  shareholders'  best
                               interests.
                    9       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               ISS  believes  that  supermajority  provisions  violate the
                               principle  that a simple  majority of voting  shares should
                               be all that is  necessary  to  effect  change  regarding  a
                               company and its corporate governance provisions.  Requiring
                               more  than  this  may  permit   managements   to   entrench
                               themselves  by  blocking  amendments  that  are in the best
                               interests of  shareholders.  As such,  we believe that this
                               precatory proposal warrants shareholder support.


04/26/07 - A        Embarq Corp *EQ*                        29078E105                            03/05/07                   2,520
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/03/07 - A        EMC Corp. *EMC*                         268648102                            03/05/07                  37,120
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 9 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 9
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    6       Limit Composition of Committee(s) to          Against      Against               ShrHoldr
                            Independent Directors
                               Further,  ISS notes that the company's  audit  committee is
                               currently  comprised of solely independent  directors,  per
                               our  definition  of   independence.   ISS'   definition  of
                               non-independence   is  broader,   and   consequently   more
                               restrictive,  than the  standards  established  by the NYSE
                               and  most  companies.  Furthermore,  it is  ISS  policy  to
                               withhold votes on both  non-independent  director  nominees
                               who  sit  on  the   company's   audit,   compensation,   or
                               nomination   committees,   and  on   independent   director
                               nominees   if  the  board  is   non-majority   independent.
                               Restrictions  beyond these may adversely  affect the boards
                               ability to both maintain a non-majority  independent board,
                               and to  create  a fully  independent  audit  committee.  In
                               conclusion,  ISS  does  not feel  that it is  necessary  to
                               expand on the  definition of director  non-independence  as
                               outlined in this shareholder proposal at this time.
                    7       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               While ISS notes the uncertainty  under  Massachusetts  law,
                               ISS advocates  that a majority  vote standard  coupled with
                               the company's  current  director  resignation  policy would
                               give full effect to the shareholder franchise.
                    8       Company Specific-Adopt Simple Majority Vote   Against      For                   ShrHoldr
                               ISS  believes  that  supermajority  provisions  violate the
                               principle  that a simple  majority of voting  shares should
                               be all that is  necessary  to  effect  change  regarding  a
                               company and its corporate governance provisions.  Requiring
                               more  than  this  may  permit   managements   to   entrench
                               themselves  by  blocking  amendments  that  are in the best
                               interests of  shareholders.  As such,  we believe that this
                               precatory proposal warrants shareholder support.
                    9       Pay For Superior Performance                  Against      Against               ShrHoldr
                               In  this  case,   the  company  has   provided   sufficient
                               disclosure on the performance measure(s),  weighting(s) and
                               hurdle  rate(s)  for the  annual  incentive  program.  With
                               respect  to the  long-term  incentive  program,  using 2005
                               equity mix, only 40% is performance-based  according to ISS
                               guidelines.  However,  the company has committed to provide
                               50%  of  the  total  number  of  shares  awarded  to  EMC's
                               executive officers in any fiscal year as  performance-based
                               awards.   The  company  has   committed   to  disclose  the
                               performance  measures  with respect to the  cumulative  EPS
                               target  in  subsequent  proxy  statements.   As  such,  ISS
                               believes that this  proposal  does not warrant  shareholder
                               support at this time.


02/06/07 - A        Emerson Electric Co. *EMR*              291011104                            11/28/06                   6,603
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director C. Fernandez G --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of   Carlos   Fernandez   Gonzales.   We   recommend   that
                               shareholders  WITHHOLD votes from Carlos Fernandez Gonzales
                               for sitting on more than three  boards  while  serving as a
                               CEO.
                    1.2     Elect Director W. J. Galvin --- For
                    1.3     Elect Director R. L. Ridgway --- For
                    1.4     Elect Director R. L. Stephenson --- For
                    2       Ratify Auditors                               For          For                   Mgmt


05/22/07 - A        Ensco International, Inc. *ESV*         26874Q100                            03/26/07                   2,550
                    1       Elect Director David M. Carmichael            For          For                   Mgmt
                    2       Elect Director Thomas L. Kelly II             For          For                   Mgmt
                    3       Elect Director Rita M. Rodriguez              For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/04/07 - A        Entergy Corp. *ETR*                     29364G103                            03/06/07                   3,486
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Political Contributions             Against      For                   ShrHoldr
                               ISS  is  concerned  that   shareholders   lack  information
                               relating   to  the   company's   policies   and   oversight
                               mechanisms  related to  political  contributions  and trade
                               association   spending.   Such   information   could   help
                               shareholders  assess the risks and benefits associated with
                               its public policy  initiatives  without  significant  cost,
                               burden,  or strategic risk for the company.  Therefore,  we
                               believe this resolution warrants shareholder support.
                    4       Limit Executive Compensation                  Against      Against               ShrHoldr
                               We oppose  this item  because it could place the company at
                               a  competitive   disadvantage  in  attempting  to  attract,
                               retain, motivate and reward executives.


04/24/07 - A        EOG Resources, Inc. *EOG*               26875P101                            03/01/07                   4,104
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


02/07/07 - S        Equity Office Properties Trust          294741103                            12/28/06                   5,924
                    1       Approve Merger Agreement                      For          Against               Mgmt
                    2       Adjourn Meeting                               For          Against               Mgmt


05/24/07 - A        Equity Residential *EQR*                29476L107                            03/30/07                   4,969
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               While  the  company  has  adopted  a  trustee   resignation
                               policy,  we believe that the majority  vote  standard  with
                               the trustee  resignation  policy and a  plurality  standard
                               for   contested   elections  is  the   benchmark  to  which
                               companies should strive.


05/08/07 - A        Exelon Corp. *EXC*                      30161N101                            03/19/07                  11,308
                    1       Elect Director Nicholas DeBenedictis          For          Against               Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsiders  Thomas J.  Ridge  and  Nicholas
                               DeBenedictis.  We recommend that  shareholders vote AGAINST
                               Thomas J.  Ridge  for poor  attendance.  We also  recommend
                               that  shareholders  vote AGAINST Nicholas  DeBenedictis for
                               sitting  on more than  three  boards  while  serving  as an
                               outside CEO.
                    2       Elect Director Sue L. Gin                     For          For                   Mgmt
                    3       Elect Director William C. Richardson, Ph.D.   For          For                   Mgmt
                    4       Elect Director Thomas J. Ridge                For          For                   Mgmt
                    5       Elect Director Don Thompson                   For          For                   Mgmt
                    6       Elect Director Stephen D. Steinour            For          For                   Mgmt
                    7       Ratify Auditors                               For          For                   Mgmt
                    8       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    9       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.


05/30/07 - A        Exxon Mobil Corp. *XOM*                 30231G102                            04/05/07                  96,226
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Michael J. Boskin --- For
                               That  said;  it does not  appear  to ISS that  Boskin as an
                               individual  has acted in a manner that is  unresponsive  or
                               inconsistent  with  ExxonMobil's  guidelines  for  director
                               communications   with  shareholders.   His  responses,   by
                               directing   investors  to  existing   company  reports  and
                               offering dialogue with ExxonMobil's  senior management,  do
                               provide substantial  disclosure into the company's policies
                               and positions related to climate change.  However,  in ISS'
                               opinion  the  issue at hand is a  broader  concern  for the
                               entire  board,   specifically   related  to  the  company's
                               governance  procedures.  ISS urges the  company to consider
                               amending   its   guidelines   or   adopting  a   consistent
                               interpretation  of its policies that encourages more active
                               dialogue between  shareholders and the independent  members
                               of the board.  We will  continue  to  monitor  ExxonMobil's
                               actions to improve  shareholder access to the board and may
                               consider  future  proposals  that  call  for  a  review  of
                               ExxonMobil's   governance   guidelines   or  procedures  if
                               investors   continue  to  lack  access  to  the   company's
                               independent  directors.  That said,  we do not believe that
                               withholding votes from Boskin as an individual  director is
                               warranted at this time.
                    1.2     Elect Director William W. George --- For
                    1.3     Elect Director James R. Houghton --- For
                    1.4     Elect Director William R. Howell --- For
                    1.5     Elect Director Reatha Clark King --- For
                    1.6     Elect Director Philip E. Lippincott --- For
                    1.7     Elect Director Marilyn Carlson Nelson ---
                            For
                    1.8     Elect Director Samuel J. Palmisano --- For
                    1.9     Elect Director Steven S Reinemund --- For
                    1.10    Elect Director Walter V. Shipley --- For
                    1.11    Elect Director J. Stephen Simon --- For
                    1.12    Elect Director Rex W. Tillerson --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               In this case,  the  company  does not have a majority  vote
                               standard  in  director  elections.  Further,  the number of
                               directors  at any time may be increased  or  diminished  by
                               the  vote  of the  board  of  directors  as  stated  in the
                               company's  certificate  of  incorporation.  With respect to
                               the stock  performance,  the company has  outperformed  the
                               index on the  one-year  and three  year  total  shareholder
                               requirements.  In  addition,  there was a change in the CEO
                               position in 2006.          The company fails to meet two of
                               the   aforementioned    corporate    governance   criteria.
                               Accordingly, the proposal warrants shareholder support.
                    4       Amend Articles/Bylaws/Charter -- Call         Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call special  meetings,  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits the right to call a special  meeting to an aggregate
                               of at least ten  percent  of the  outstanding  shares.  ISS
                               believes  that this is a reasonable  threshold,  consistent
                               with  many  state  statutes.  We  believe  that  this  item
                               warrants   shareholder  support.   Further,   according  to
                               Exxon's bylaws,  special  meetings of the  shareholders may
                               be called by the board of  directors,  the  chairman of the
                               board or the president.
                    5       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               Overall,  having  an  independent  director  serve as board
                               chair is a matter  of best  governance  practice.  Adopting
                               this proposal would strengthen  management  accountability,
                               build  investor  confidence,  and ensure that the board has
                               strong independent leadership.
                    6       Initiate Payment of Cash Dividend             Against      Against               ShrHoldr
                               In  general,  ISS  believes  that the  decision  to  return
                               excess  cash to  shareholders  should  be be  best  left to
                               management.   While  there  are  pros  and  cons  for  both
                               dividends payments and share repurchase,  the preference of
                               one over the  other is  largely  a  function  of  company's
                               needs   and   an   individual   investor's   circumstances.
                               Therefore,  to mandate a policy on how the  company  should
                               return   its   excess   cash   would   limit   management's
                               flexibility  that is not warranted in this case and may not
                               be in shareholders best interest.  Therefore,  ISS does not
                               support this proposal.
                    7       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    8       Company-Specific- Amend Article IX of the     Against      Against               ShrHoldr
                            Corporation's by-laws
                               In evaluating  the merits of this  proposal,  ISS considers
                               how shareholders would benefit from this process.  At Exxon
                               Mobil, the  Compensation  Committee  oversees  compensation
                               for the senior executives,  including their salary,  bonus,
                               and incentive  awards,  as well as succession plans for key
                               executive positions.  The Committee  subsequently makes its
                               recommendation  to the  board.  One of  the  merits  of the
                               proposal  is  to  ensure  that  the  board  is   completely
                               responsible  for  CEO  compensation  decisions  and  is not
                               rubber-stamping  the  recommendations  of the  compensation
                               committee.  However,  ISS views the binding  proposal being
                               restrictive,  and it micromanages the process undertaken by
                               the  compensation  committee.  Requiring  a  super-majority
                               voting  standard  and  approval  by the  board  would  also
                               undermine   the   authority   and   effectiveness   of  the
                               compensation  committee.  Further,  ISS  is  not  sure  how
                               shareholders  would be informed if less than  two-thirds of
                               the board support the  recommendations  of the compensation
                               committee.  Therefore,  ISS does not believe  this  binding
                               proposal warrants shareholder support.
                    9       Review Executive Compensation                 Against      Against               ShrHoldr
                               ISS  questions  the utility to  shareholders  of a detailed
                               report   disclosing  and  analyzing  the  balance   between
                               executive  compensation and the pay of Exxon Mobil's lowest
                               paid  employees  over the last  ten  years.  While we agree
                               that  shareholders  could benefit from continued,  detailed
                               review of the compensation  committee's policies to control
                               excessive  CEO pay, the specific  information  requested by
                               this  resolution  focuses more directly on the issue of pay
                               disparity  within the  company,  and may result in a report
                               that  is   arbitrary   in  nature,   or  provides   limited
                               meaningful information to shareholders.  As such, we do not
                               recommend shareholder support for this resolution.
                    10      Limit Executive Compensation                  Against      Against               ShrHoldr
                               ISS believes  that top five  compensation  should be linked
                               to the  company's  performance.  If the  company has met or
                               exceeded the target  performance  level,  executives should
                               be remunerated  for their  efforts.  Although we agree with
                               the principle of  pay-for-performance  in setting executive
                               pay, we believe that limiting  remuneration to $500,000 per
                               year:  (1) is  arbitrary,  (2) does not  resolve  potential
                               disconnects  between pay and performance,  and (3) would be
                               unduly   restrictive   with   respect   to  the   company's
                               compensation  strategies.  As  such,  we  recommend  a vote
                               AGAINST.
                    11      Claw-back of Payments under Restatements      Against      For                   ShrHoldr
                               ISS  recommends  a  vote  FOR  this  proposal  because  the
                               company  has not  adopted a formal  claw-back  policy  that
                               outlines  the  necessary   actions  that  the  compensation
                               committee  will  take  to  recoup  all  bonuses  to  senior
                               executives.
                    12      Report on Political Contributions             Against      For                   ShrHoldr
                               ISS notes that Exxon Mobil has provided  shareholders  with
                               significant  information  to assess the  company's  general
                               policies   and   oversight   mechanisms   relating  to  its
                               political  activities.  While ISS  commends the company for
                               this  level  of  transparency  into its  corporate  and PAC
                               contributions,  we are  concerned  that  shareholders  lack
                               similar  information  relating  to  its  trade  association
                               spending.  Such  disclosure  could assist  shareholders  in
                               their assessment of the risks and benefits  associated with
                               public policy activities  through  politically active trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.
                    13      Amend Equal Employment Opportunity Policy     Against      For                   ShrHoldr
                            to Prohibit Discrimination Based on Sexual
                            Orientation
                               Given the fact that company's  competitors reference sexual
                               orientation  discrimination in their EEO statements and the
                               fact   that   Mobil  did   explicitly   bar  this  type  of
                               discrimination  in its EEO  statement  prior to the  merger
                               with Exxon,  we believe  that the company  should amend its
                               EEO to explicitly prohibit  discrimination  based on sexual
                               orientation.  As such, we recommend that  shareholders vote
                               for this resolution.
                    14      Report on Environmental Accountability        Against      Against               ShrHoldr
                               In this case,  the  proponents  are asking  Exxon  Mobil to
                               disclose  information  on how  it is  accountable  for  the
                               environmental  impacts  that its  operations  have on local
                               communities.  Specifically,  the shareholder is asking that
                               the  company  discuss not only the  negative  impact of its
                               operations,  but also details on how the company integrates
                               community  awareness into its policies and  reporting.  ISS
                               notes that the  company is  involved  in several  community
                               initiatives to improve social welfare or encourage  ongoing
                               dialogue  with the  company  on  issues  of  importance  to
                               stakeholders,  and provides information on these engagement
                               policies  and  activities  on  the  corporate  website  and
                               through  its  reports.  Moreover,  the  company  provides a
                               substantial  amount  of  disclosure  on  its  environmental
                               performance and social  initiatives.  While this disclosure
                               may not discuss each issue  recommended  by the  proponent,
                               it does allow  investors  to clearly  evaluate the policies
                               and  management  controls that the company has  established
                               to measure and evaluate  environmental  performance and the
                               impact of company  operations  on  community  stakeholders.
                               Therefore,  ISS does not believe that  shareholder  support
                               for this resolution is warranted.
                    15      Report on Emission Reduction Goals            Against      For                   ShrHoldr
                               In this  case,  we  note  that  the  company  has  provided
                               shareholders with a significant  amount of insight into its
                               evaluation  of the future of  worldwide  energy  demand and
                               the   company's   policies   and   activities   to   remain
                               competitive in the global  marketplace.  Additionally,  the
                               company   has  made  some   significant   improvements   in
                               increasing energy efficiency and decreasing  emissions from
                               its  operations.  That said,  ISS notes that the  company's
                               policies do not appear to  establish  goals  related to the
                               reduction   of  GHG   emissions   from  its   products  and
                               operations in the future.  Considering Exxon Mobil's global
                               operations  and the impact that proposed or enacted  state,
                               national,   and   international   legislation   related  to
                               reducing  GHG  emissions  might  have on the  company,  ISS
                               believes  that such  metrics  may be useful for the company
                               and  its   shareholders   as  a  means  of  evaluating  the
                               company's  ability to  effectively  respond  to  increasing
                               public concern,  shifting  consumer demands and legislative
                               activity  on  this  matter.   We  further  note  that  this
                               resolution  does not prescribe  specific goals or timelines
                               for the  company to meet;  rather it allows the  company to
                               flexibility  to establish  targets  that are  appropriately
                               balanced  with the company's  need to meet consumer  demand
                               and maintain operational efficiency.  Finally,  considering
                               the  level of  research  and  disclosure  that the  company
                               already  provides   related  to  its  current   operational
                               emissions  and the future  demand for  energy  sources,  it
                               does  not   appear   that   establishing   such  goals  and
                               disclosing  them as a part of its existing  reporting would
                               be overly costly or burdensome,  or would place the company
                               at a competitive disadvantage.  Therefore, while we commend
                               the company for its current level of disclosure  related to
                               its  policies  and   strategies,   ISS  believes  that  the
                               adoption of GHG emission  goals for Exxon Mobil's  products
                               and  operations  would be  beneficial  for both the company
                               and  its   shareholders  by  providing   insight  into  the
                               company's  ability to maintain its  leadership  position in
                               the   market  by   ensuring   continued   compliance   with
                               developing  legislation related to GHG emissions.  As such,
                               we recommend that shareholders support this resolution.
                    16      Report on Carbon Dioxide Emissions            Against      Against               ShrHoldr
                            Information at Gas Stations
                               In this case, the proponent is requesting  that the company
                               disclose  information  on CO2 emissions  from  conventional
                               gasoline  and  diesel  fuels on the fuel  pumps.  While ISS
                               believes  it  is   beneficial   for  companies  to  provide
                               thorough  disclosure on issues that may impact  shareholder
                               value, we question the scope of this particular  resolution
                               as well as the utility that such  information  may have for
                               consumers   and   Exxon   Mobil   shareholders.    Detailed
                               information   about  the  carbon   content  and   emissions
                               associated   with  fuel  for  motor   vehicles  is  readily
                               available on the US Environmental  Protection  Agency (EPA)
                               website in  segment of their  overview  of  pollutants  and
                               programs entitled:  Emission Facts:  Average Carbon Dioxide
                               Emissions  Resulting from Gasoline and Diesel Fuel, as well
                               as through other publicly available sources.  Additionally,
                               complex   variables  in  establishing   the  lifecycle  CO2
                               emissions of individual fuels,  including the source of the
                               original  fossil  fuel and the method of  refining  the raw
                               materials   into   diesel  or   gasoline   fuels  all  have
                               significant  impact on the total  CO2  emissions  of a fuel
                               product and may make  accurately  evaluating and disclosing
                               such  information  in a manner that is useful for consumers
                               unfeasible.   Therefore,   based  on  questions   over  the
                               feasibility and utility of the information  requested,  ISS
                               does not  believe  that this  proposal  merits  shareholder
                               support.
                    17      Adopt Policy to Increase Renewable Energy     Against      Against               ShrHoldr
                            Portfolio
                               Exxon  Mobil has long  contended  that it is an oil and gas
                               company,  and that it is best positioned for future success
                               in  the   marketplace  by  increasing  its  efficiency  and
                               reducing  the  emissions  from   traditional   fossil  fuel
                               sources while  continuing to evaluate  alternative  sources
                               that fit within the company's  parameters  for feasible and
                               profitable   operations.   As  such,   the  fact  that  the
                               company's  investment in renewable energy sources is not as
                               significant  as  those  seen  at  its  competitors  appears
                               consistent  with the  company's  forecasts  for the  energy
                               market   and   stated   policy   positions.    While   some
                               shareholders  may not agree  with Exxon  Mobil's  strategy,
                               ISS believes that the company has been  transparent  on its
                               position  related  to  renewable  energy  sources  and  has
                               substantially  explained  the  rationale  that it  believes
                               supports its policies and activities.  Therefore,  based on
                               the company's  existing  level of  disclosure  and concerns
                               over the  prescriptive  nature of the proposed  targets and
                               timelines,  ISS does not recommend  shareholder support for
                               this resolution.


06/19/07 - A        Family Dollar Stores, Inc. *FDO*        307000109                            04/25/07                   2,563
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


09/25/06 - A        FedEx Corporation *FDX*                 31428X106                            07/31/06                   4,814
                    1       Elect Directors                               For          For                   Mgmt
                    2       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Report on Environmental Policy                Against      Against               ShrHoldr
                               Therefore,   while  ISS  would  encourage  the  company  to
                               continue  to  evaluate  and  disclose  information  on  its
                               policies and strategic  directions,  we do not believe that
                               shareholder support for this resolution is warranted.
                    5       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace  advances the debate.  We feel that support for
                               this proposal,  coupled with  continued  debate on election
                               reforms,  will allow the director election system to evolve
                               to the next level.


05/23/07 - A        Fidelity National Information           31620M106                            04/16/07                   2,751
                    Services Inc *FIS*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        Fifth Third Bancorp *FITB*              316773100                            02/28/07                   9,406
                    1       Elect Directors                               For          For                   Mgmt
                    2       Company Specific-Equity-Related               For          For                   Mgmt
                               ISS recommends that shareholders vote FOR this proposal.
                    3       Ratify Auditors                               For          For                   Mgmt


05/30/07 - A        First Data Corp. *FDC*                  319963104                            04/02/07                  12,727
                    1       Elect Director David A. Coulter               For          For                   Mgmt
                    2       Elect Director Henry C. Duques                For          For                   Mgmt
                    3       Elect Director Richard P. Kiphart             For          For                   Mgmt
                    4       Elect Director Joan E. Spero                  For          For                   Mgmt
                    5       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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.
                    6       Approve Non-Employee Director Omnibus Stock   For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    7       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   III.
                               Vote Recommendation        The  amendments to the 2002 plan
                               are  reasonable  and will  not  create  additional  cost to
                               shareholders. As such, we recommend a vote FOR Item 7.
                    8       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        First Horizon National Corp *FHN*       320517105                            02/23/07                      91
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt


05/15/07 - A        FirstEnergy Corporation *FE*            337932107                            03/21/07                   5,395
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Paul T. Addison --- Withhold
                               We recommend a vote FOR Michael J.  Anderson,  but WITHHOLD
                               votes from all of the other  nominees.  We  recommend  that
                               shareholders   WITHHOLD  votes  from  insider   Anthony  J.
                               Alexander  and  independent   outsiders  George  M.  Smart,
                               Catherine A. Rein, Carol A.  Cartwright,  Jesse T. Williams
                               Sr.,  Robert B.  Heisler Jr.,  William T.  Cottle,  Paul T.
                               Addison,  Ernest  J.  Novak  Jr.,  and  Wes M.  Taylor  for
                               failure to implement the proposal to adopt simple  majority
                               vote requirement.
                    1.2     Elect Director Anthony J. Alexander ---
                            Withhold
                    1.3     Elect Director Michael J. Anderson --- For
                    1.4     Elect Director Carol A. Cartwright ---
                            Withhold
                    1.5     Elect Director William T. Cottle ---
                            Withhold
                    1.6     Elect Director Robert B. Heisler, Jr. ---
                            Withhold
                    1.7     Elect Director Ernest J. Novak, Jr. ---
                            Withhold
                    1.8     Elect Director Catherine A. Rein ---
                            Withhold
                    1.9     Elect Director George M. Smart --- Withhold
                    1.10    Elect Director Wes M. Taylor --- Withhold
                    1.11    Elect Director Jesse T. Williams, Sr. ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Reincorporate in Another State [Ohio to       Against      For                   ShrHoldr
                            Delaware ]
                               On balance, ISS believes that the proposed  reincorporation
                               from  Ohio to  Delaware  will  have a  positive  impact  to
                               shareholders.   As  such,  ISS  believes  that  shareholder
                               support for this proposal is warranted.
                    5       Adopt a Policy Establishing an Engagement     Against      For                   ShrHoldr
                            Process to Shareholder Proposals
                               ISS    notes    that     FirstEnergy    has    ignored    a
                               majority-supported  shareholder  proposal  in the past.  We
                               also note that the  company  has not taken  action in spite
                               of last  year's  simple  majority  proposal  receiving  the
                               support of a majority  of shares  outstanding  and of votes
                               cast.  As such,  ISS believes it is best practice to ensure
                               direct  communication  with shareholder  proponent(s),  and
                               notes  that  shareholder   support  for  this  proposal  is
                               warranted.
                    6       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               ISS  maintains  that a simple  majority  of  voting  shares
                               should be  sufficient  to  effect  changes  in a  company's
                               corporate   governance.   Requiring   more  than  a  simple
                               majority  may  permit  management  to  entrench  itself  by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.  As such, ISS believes that shareholder  support
                               for this proposal is warranted.


05/23/07 - A        Fiserv, Inc. *FISV*                     337738108                            03/20/07                   2,919
                    1       Elect Directors                               For          For                   Mgmt
                    2       Company Specific- Provide Majority Vote for   For          For                   Mgmt
                            the Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this  company  of  11  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Ratify Auditors                               For          For                   Mgmt


08/30/06 - S        Fisher Scientific International Inc.    338032204                            07/24/06                   1,959
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               In our  analysis  we  considered  that:  1) the  company is
                               receiving  a  premium  over  market  price;  2)  there is a
                               compelling  strategic  rationale for the merger; and 3) the
                               new  board  will be  controlled  by  Thermo.  Based  on our
                               review  of the  terms of the  transaction  and the  factors
                               described  above,  we  believe  that the  merger  agreement
                               warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/02/07 - A        Fluor Corp. *FLR*                       343412102                            03/07/07                   1,484
                    1       Elect Director James T. Hackett               For          For                   Mgmt
                    2       Elect Director Kent Kresa                     For          For                   Mgmt
                    3       Elect Director Lord Robin W. Renwick          For          For                   Mgmt
                    4       Elect Director Peter S. Watson                For          For                   Mgmt
                    5       Ratify Auditors                               For          For                   Mgmt


08/07/06 - A        Forest Laboratories, Inc. *FRX*         345838106                            06/20/06                   5,087
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/25/07 - A        FPL Group, Inc. *FPL*                   302571104                            03/26/07                      42
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Sherry S. Barrat --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of J. Hyatt Brown. We recommend that shareholders  WITHHOLD
                               votes  from J. Hyatt  Brown for  sitting on more than three
                               boards while serving as an outside CEO.
                    1.2     Elect Director Robert M. Beall, II --- For
                    1.3     Elect Director J. Hyatt Brown --- Withhold
                    1.4     Elect Director James L. Camaren --- For
                    1.5     Elect Director J. Brian Ferguson --- For
                    1.6     Elect Director Lewis Hay, III --- For
                    1.7     Elect Director Toni Jennings --- For
                    1.8     Elect Director Oliver D. Kingsley, Jr. ---
                            For
                    1.9     Elect Director Rudy E. Schupp --- For
                    1.10    Elect Director Michael H. Thaman --- For
                    1.11    Elect Director Hansel E. Tookes, II --- For
                    1.12    Elect Director Paul R. Tregurtha --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Non-Employee Director Stock Option    For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the allowable cap for this company of 5 percent.


01/25/07 - A        Franklin Resources, Inc. *BEN*          354613101                            11/30/06                   2,700
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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.


09/08/06 - A        Freddie Mac *FRE*                       313400301                            06/30/06                  10,902
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Charitable Contributions            Against      Against               ShrHoldr
                               In  this  case,  we  note  that  Freddie  Mac  discloses  a
                               significant  amount  of the  information  requested  by the
                               proponent  in the Freddie Mac  Foundation's  Annual  Report
                               and other segments of the company website.  Moreover,  some
                               aspects of the resolution,  including detailed  information
                               on the personal  involvement  of any  executive  officer or
                               director  with any  charitable  organization  could place a
                               significant   burden  on  the  company  without   providing
                               commensurate value to shareholders.  Finally,  while recent
                               controversy at Freddie Mac raises certain  questions  about
                               the company's internal controls and accounting  procedures,
                               these  issues do not appear to have any  relationship  with
                               either   the   company   or  the   foundations   charitable
                               contributions.  Therefore,  based on Freddie Mac's existing
                               disclosure on charitable  contributions  and questions over
                               the utility of certain  aspects of this proposal,  ISS does
                               not  recommend  shareholder  support for the  resolution at
                               this time.


06/08/07 - A        Freddie Mac *FRE*                       313400301                            03/30/07                  11,713
                    1       Elect Director Barbara T. Alexander           For          For                   Mgmt
                    2       Elect Director Geoffrey T. Boisi              For          For                   Mgmt
                    3       Elect Director Michelle Engler                For          For                   Mgmt
                    4       Elect Director Robert R. Glauber              For          For                   Mgmt
                    5       Elect Director Richard Karl Goeltz            For          For                   Mgmt
                    6       Elect Director Thomas S. Johnson              For          For                   Mgmt
                    7       Elect Director William M. Lewis, Jr           For          For                   Mgmt
                    8       Elect Director Eugene M. McQuade              For          For                   Mgmt
                    9       Elect Director Shaud F. O Malley              For          For                   Mgmt
                    10      Elect Director Jeffrey M. Peek                For          For                   Mgmt
                    11      Elect Director Nicolas P. Retsinas            For          For                   Mgmt
                    12      Elect Director Stephen A. Ross                For          For                   Mgmt
                    13      Elect Director Richard F. Syron               For          For                   Mgmt
                    14      Ratify Auditors                               For          For                   Mgmt
                    15      Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 3 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


11/13/06 - S        Freescale Semiconductor, Inc.           35687M206                            10/18/06                   6,570
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               We  believe   that  the   company  was  able  to  secure  a
                               significant premium,  aided by KKR/SLP's last minute offer.
                               Additionally,  we think that the board's decision to accept
                               the firm offer from  Blackstone was  reasonable,  given the
                               preliminary   nature   of   KKR/SLP's   offer,   the   time
                               constraints  set by  Blackstone,  and the "go shop"  period
                               included  in  the   agreement.   As  such,   we   recommend
                               shareholders support the merger agreement.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


04/24/07 - A        Gannett Co., Inc. *GCI*                 364730101                            02/28/07                   3,828
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Company Specific-Governance                   Against      Against               ShrHoldr
                            Related--Require Chairman to be Independent
                               Given  that the  company's  governance  structure  does not
                               meet the  criteria  above and the fact that the company has
                               underperformed  both the index and its peers  with  respect
                               to one year and  three-year  TSR, we believe that this item
                               warrants shareholder support.


05/02/07 - A        General Dynamics Corp. *GD*             369550108                            03/09/07                   6,820
                    1       Elect Director Nicholas D. Chabraja           For          For                   Mgmt
                    2       Elect Director James S. Crown                 For          For                   Mgmt
                    3       Elect Director William P. Fricks              For          For                   Mgmt
                    4       Elect Director Charles H. Goodman             For          For                   Mgmt
                    5       Elect Director Jay L. Johnson                 For          For                   Mgmt
                    6       Elect Director George A. Joulwan              For          For                   Mgmt
                    7       Elect Director Paul G. Kaminski               For          For                   Mgmt
                    8       Elect Director John M. Keane                  For          For                   Mgmt
                    9       Elect Director Deborah J. Lucas               For          For                   Mgmt
                    10      Elect Director Lester L. Lyles                For          For                   Mgmt
                    11      Elect Director Carl E. Mundy, Jr.             For          For                   Mgmt
                    12      Elect Director Robert Walmsley                For          For                   Mgmt
                    13      Ratify Auditors                               For          For                   Mgmt
                    14      Pay For Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation   programs  for  senior   executives  are  not
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   the  company   does  not  disclose
                               specific   performance   measures  and  hurdles  rates  for
                               performance-based award grants to senior executives,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes shareholders should support this proposal.
                    15      Performance-Based and/or Equity Based Awards  Against      For                   ShrHoldr
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines;   and  (2)   this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/25/07 - A        General Electric Co. *GE*               369604103                            02/26/07                 133,235
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director James I. Cash, Jr. --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Claudio X. Gonzalez.  We recommend
                               shareholders  WITHHOLD  votes from Claudio X.  Gonzalez for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director William M. Castell --- For
                    1.3     Elect Director Ann M. Fudge --- For
                    1.4     Elect Director Claudio X. Gonzalez ---
                            Withhold
                    1.5     Elect Director Susan Hockfield --- For
                    1.6     Elect Director Jerry R. Immelt --- For
                    1.7     Elect Director Andrea Jung --- For
                    1.8     Elect Director Alan G. Lafley --- For
                    1.9     Elect Director Robert W. Lane --- For
                    1.10    Elect Director Ralph S. Larsen --- For
                    1.11    Elect Director Rochelle B. Lazarus --- For
                    1.12    Elect Director Sam Nunn --- For
                    1.13    Elect Director Roger S. Penske --- For
                    1.14    Elect Director Robert J. Swieringa --- For
                    1.15    Elect Director Douglas A. Warner III --- For
                    1.16    Elect Director Robert C. Wright --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Adopt Majority Vote Standard in Director      For          For                   Mgmt
                            Elections
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    4       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    5       Company-Specific-Approve Material Terms of    For          For                   Mgmt
                            Senior Officer Performance Goals
                               The performance  measures disclosed are appropriate for the
                               company  given its line of  business,  long-term  strategic
                               objectives,  and  industry-specific  measures for assessing
                               market  competitiveness.   Additionally,   the  performance
                               awards  are  administered  by a  committee  of  independent
                               outsiders who must certify  attainment of these  objective,
                               measurable  performance  goals  before  awards  are paid to
                               participants.    Moreover,   preservation   of   the   full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    6       Provide for Cumulative Voting                 Against      For                   ShrHoldr
                               In this  case,  while  GE  meets  the  governance  criteria
                               specified,  the  company  does  not  meet  the  performance
                               criteria.  The  company  underperforms  both the  index and
                               peers  in both  one-year  and  three-year  TSR as  detailed
                               above.  Accordingly,   the  proposal  warrants  shareholder
                               support.
                    7       Company-Specific -- Adopt Policy on           Against      For                   ShrHoldr
                            Overboarded Directors
                               Although   the  company   maintains   a  policy   regarding
                               overboarded  directors,  the policy permits the maintenance
                               of current  directors  who exceed these limits if the board
                               determines that such director's  service on the board would
                               not be impaired.  In fact,  the company has already made an
                               exception  with regard to director  Claudio  Gonzalez,  who
                               sits on a total  of ten  boards.  The  proponent's  request
                               would  not  allow the  company  to  bypass  or alter  these
                               limits without shareholder approval.  Therefore, we believe
                               that  the  proponent's   request  represents  a  preferable
                               policy  framework  from  a  shareholder's  perspective.  As
                               such, we believe this item warrants shareholder support.
                    8       Company-Specific -- One Director from the     Against      Against               ShrHoldr
                            Ranks of Retirees
                               ISS believes that director  nominees who are best qualified
                               and who  have  the  relevant  experience  should  serve  as
                               directors  for  the  interests  of  all  shareholders.  The
                               director  selection  process  should  not be  limited  to a
                               certain type of  director.  This  proposal  would limit the
                               board's  independent  nominating  committee  from selecting
                               the best director candidates.  As such, we do not recommend
                               shareholder support this item.
                    9       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In this  case,  while  GE  meets  the  governance  criteria
                               specified,  the  company  does  not  meet  the  performance
                               criteria.  The  company  underperforms  both the  index and
                               peers  in both  one-year  and  three-year  TSR as  detailed
                               above.  Accordingly,   the  proposal  warrants  shareholder
                               support.
                    10      Limit Dividend and Dividend Equivalent        Against      For                   ShrHoldr
                            Payments to Executives
                               While  ISS  notes  that  dividends  paid to  executives  on
                               unvested  shares  may  not  necessarily  represent  a large
                               percentage  of their total  compensation,  we are concerned
                               that,  over  time,  such  dividend  payments  can result in
                               large   payouts.   Such   payouts   are  not  tied  to  the
                               performance  of the award  recipient  or the  company  as a
                               whole.  ISS believes  that  adoption of a policy  providing
                               that shares must be  fully-vested  prior to dividends being
                               paid minimizes costs to the company and its shareholders.
                    11      Report on Charitable Contributions            Against      Against               ShrHoldr
                               In this  case,  we note  that GE  discloses  a  significant
                               amount of the  information  requested  by the  proponent on
                               its foundation  website, in its 2006 Citizenship Report and
                               through other public sources.  Included in this information
                               is  disclosure  of  total  funds  contributed,  as  well as
                               charts  showing  the  percentage  of funds  contributed  by
                               focus  area  and   domestically   versus   internationally.
                               Further  discussion on the foundation's  website  describes
                               the initiatives  that the company is involved in as well as
                               its   broad   rationale   for   charitable   contributions.
                               Therefore,  based on the existing level of disclosure,  ISS
                               does not recommend  shareholder  support for the resolution
                               at this time.
                    12      Report on Global Warming                      Against      Against               ShrHoldr
                               Therefore,   while  ISS  would  encourage  the  company  to
                               continue  to  evaluate  and  disclose  information  on  its
                               policies and strategic  directions,  we do not believe that
                               shareholder support for this resolution is warranted.
                    13      Adopt Ethical Criteria for Military           Against      Against               ShrHoldr
                            Contracts
                               ISS  generally  agrees that  detailed  disclosure  from the
                               company on the risks  associated  with certain  markets and
                               operations can be beneficial to  shareholders  by providing
                               them with more  information  to  consider  when  evaluating
                               their investments.  However, we also believe that it may be
                               inappropriate to disclose  detailed  information  about the
                               contract  evaluation and bidding  process,  as provision of
                               this data may give  insight  into  contractual  agreements,
                               thereby  providing  competition  with  bidding  advantages.
                               Additionally,  while ISS supports a sustainable approach to
                               business   operations,   we  also  note  that  the  federal
                               government  has stringent  regulations  regarding  military
                               and  weapons   production,   weapons  exportation  and  the
                               associated  contract bidding  process.  We believe that the
                               combination of existing federal  regulation,  the necessity
                               to limit  disclosure  where it could  affect the  company's
                               competitive  advantage,  and the company's current policies
                               and  oversight  systems for military and  government  sales
                               outweigh the  potential  benefits  that may be derived from
                               this proposal.
                    14      Report on Pay Disparity                       Against      Against               ShrHoldr
                               Although  ISS  generally  recommends  votes  for  proposals
                               which  increase  the  level  of  disclosure  on  topics  of
                               importance to  shareholders  and support  performance-based
                               compensation  for executives,  the system suggested in this
                               shareholder   proposal   suggests   reporting   on   salary
                               comparisons and evaluating overall compensation  thresholds
                               that may have limited utility for shareholders.  Therefore,
                               based on the  limited  utility  and  potentially  arbitrary
                               nature  of  the  detailed  information   requested  by  the
                               report,  we do not recommend  shareholder  support for this
                               resolution.


09/25/06 - A        General Mills, Inc. *GIS*               370334104                            07/27/06                   5,616
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Paul Danos --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Michael D. Rose. We recommend that
                               shareholders  WITHHOLD  votes from Michael D. Rose for poor
                               attendance.
                    1.2     Elect Director William T. Esrey --- For
                    1.3     Elect Director Raymond V. Gilmartin --- For
                    1.4     Elect Director Judith Richards Hope --- For
                    1.5     Elect Director Heidi G. Miller --- For
                    1.6     Elect Director H. Ochoa-Brillembourg --- For
                    1.7     Elect Director Steve Odland --- For
                    1.8     Elect Director Kendall J. Powell --- For
                    1.9     Elect Director Michael D. Rose --- For
                    1.10    Elect Director Robert L. Ryan --- For
                    1.11    Elect Director Stephen W. Sanger --- For
                    1.12    Elect Director A. Michael Spence --- For
                    1.13    Elect Director Dorothy A. Terrell --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Non-Employee Director Stock Option    For          For                   Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.23 percent is within the  allowable cap for this
                               company of 6.73 percent. Additionally,  this plan expressly
                               forbids repricing.
                    4       Label Genetically Modified Ingredients        Against      Against               ShrHoldr
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task,  particularly  for companies that opt as end users or
                               retailers  for  products   that  may  contain   genetically
                               modified  ingredients.  Given the  widespread  existence of
                               these products,  we question whether such an initiative can
                               be successfully and economically  implemented.  Conversely,
                               a broad  approach of labeling all products as  "potentially
                               containing  GE  ingredients"  would  be of  limited  use to
                               consumers and  shareholders.  Therefore,  based on concerns
                               with the  associated  costs and  feasibility of effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.


05/15/07 - A        Genworth Financial, Inc. *GNW*          37247D106                            03/20/07                   7,470
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/24/07 - A        Genzyme Corp. *GENZ*                    372917104                            03/30/07                   4,453
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Approve Non-Employee Director Omnibus Stock   For          For                   Mgmt
                            Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 9 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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       Company Specific--Adopt Majority Voting       For          For                   Mgmt
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               ISS commends  management for submitting  this proposal that
                               demonstrates   the  board's   commitment  to  shareholders'
                               interests.
                    6       Ratify Auditors                               For          For                   Mgmt
                    7       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               The above severance benefits,  on an individual basis or in
                               aggregate,  can amount to a sizable severance  payment.  By
                               excluding   these  benefits  from  the  company's   policy,
                               shareholders   are  unable  to  voice   their   opinion  on
                               overly-generous severance benefits.  Further, some of these
                               benefits  would  be  included  in   determining   parachute
                               payments  in   association   with  change  in  control  and
                               executive   severance   agreements   under   Section  280G.
                               Therefore, ISS believes this proposal warrants support.


05/09/07 - A        Gilead Sciences, Inc. *GILD*            375558103                            03/22/07                   7,853
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Paul Berg --- For
                               ISS  recommends  that  shareholders  vote FOR all  director
                               nominees  with the  exception of Etienne F.  Davignon.  ISS
                               recommends  that  shareholders  votes  against  Etienne  F.
                               Davignon for sitting on more than six public boards.
                    1.2     Elect Director John F. Cogan --- For
                    1.3     Elect Director Etienne F. Davignon ---
                            Withhold
                    1.4     Elect Director James M. Denny --- For
                    1.5     Elect Director Carla A. Hills --- For
                    1.6     Elect Director John W. Madigan --- For
                    1.7     Elect Director John C. Martin --- For
                    1.8     Elect Director Gordon E. Moore --- For
                    1.9     Elect Director Nicholas Moore --- For
                    1.10    Elect Director Gayle E. Wilson --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 9 percent is equal to
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because the plan  complies  with
                               Section 423 of the  Internal  Revenue  Code,  the number of
                               shares  being  added is  relatively  conservative,  and the
                               offering period is reasonable.


08/31/06 - S        Golden West Financial Corp.             381317106                            07/11/06                   4,041
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based  on our  review  of  the  terms  of the  transaction,
                               particularly  the 1-day initial  premium and the ability it
                               affords to Golden West's  shareholders  to  participate  in
                               the  growth  of a  larger  and more  diversified  financial
                               institution,  we believe that the merger agreement warrants
                               shareholder support.


04/24/07 - A        Goodrich Corporation *GR*               382388106                            03/05/07                   2,103
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Pay For Superior Performance                  Against      For                   ShrHoldr
                               While we commend the company for using a short-term  annual
                               incentive   program   for   executive   officers   that  is
                               performance-based  with  pre-determined  performance  goals
                               and   performance   criteria   weighting,   the   company's
                               long-term   equity   compensation    program   for   senior
                               executives   is   not    substantially    performance-based
                               according to ISS' guidelines and do not  sufficiently  meet
                               the  proponents'  requirements.  As such,  we  believe  the
                               proposal warrants shareholder support.


05/10/07 - A        Google Inc *GOOG*                       38259P508                            03/22/07                   3,679
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          Against               Mgmt
                                                                                   VI.
                               Vote     Recommendation        Although    the    estimated
                               shareholder  value  transfer  of the  company's  plans of 7
                               percent  is equal to or less  than  the  allowable  cap for
                               this  company of 8 percent,  the plan allows  repricing  of
                               underwater  stock options in a variety of methods (see Plan
                               Features) without  shareholder  approval,  which we believe
                               reduces the incentive  value of the plan.  Please note that
                               the  Plan  permits  transfer  of  awards  to a  third-party
                               financial institutional.
                    4       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Adopt Policies to Protect Freedom of Access   Against      For                   ShrHoldr
                            to the Internet
                               Therefore,  based on  Google's  lack of  disclosure  on its
                               policies related to Internet monitoring and censorship,  as
                               well  as the  impact  that  these  issues  may  have on the
                               company,   we  recommend   shareholder   support  for  this
                               resolution.


04/28/07 - A        Harley-Davidson, Inc. *HOG*             412822108                            03/05/07                   4,368
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/05/07 - S        Harrah's Entertainment, Inc. *HET*      413619107                            03/08/07                   3,135
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Conclusion        Based  on our  review of the terms of the
                               transaction,  particularly  the 36.9 percent premium to the
                               stock  price  on  Sept.  29,  2006  (one-day  prior  to the
                               announcement  of initial  offer);  and the  strategic  sale
                               process in which the board  managed to  increase  the offer
                               price from  $81.0 per share to $90.0 per share,  we believe
                               that the merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Given our support for the merger  agreement  and the narrow
                               scope of this proposal,  we recommend  shareholders support
                               Item 2.


04/26/07 - A        Harrah's Entertainment, Inc. *HET*      413619107                            02/28/07                   3,135
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Stephen F. Bollenbach --- For
                               ISS notes that Mr.  Loveman's cost of aircraft and personal
                               security  benefits is  significant  in  comparison to other
                               CEOs and will  monitor  the cost  attributed  to the  CEO's
                               personal use of corporate aircraft.  Furthermore,  on April
                               5, 2007 the  company  announced  shareholders'  approval of
                               the proposed  merger  transaction  with affiliates of Texas
                               Pacific  Group and  Apollo  Management,  L.P.  Pursuant  to
                               approval of the merger  transaction,  the company  would no
                               longer  be  a   publicly   traded   company.   Also,   upon
                               consummation  of  the  merger  transaction,  the  board  of
                               directors  would be replaced by designees of Texas  Pacific
                               Group and Apollo Management, L.P.
                    1.2     Elect Director Ralph Horn --- For
                    1.3     Elect Director Gary W. Loveman --- For
                    1.4     Elect Director Boake A. Sells --- For
                    2       Ratify Auditors                               For          For                   Mgmt


05/24/07 - A        Hasbro, Inc. *HAS*                      418056107                            04/06/07                   2,719
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Prepare Sustainability Report                 Against      For                   ShrHoldr
                               ISS  commends  the company for  providing  transparency  on
                               certain  sustainability  related  policies and initiatives,
                               however we  encourage  Hasbro to  increase  its  disclosure
                               related  to  social  and  environmental  performance,   and
                               consider  the  potential   benefits  of   structuring   its
                               reporting  along  established  best  practices  guidelines.
                               Providing   more   comprehensive   sustainability   related
                               information,    including    comprehensive    social    and
                               environmental  performance  metrics and goals, would assist
                               management  in better  understanding  how it is  performing
                               relative  to  industry  peers,  how its  products  may face
                               sustainability  related  challenges,  and  it  may  provide
                               management  as well as  shareholders  with insight into the
                               effectiveness    of    its    established    sustainability
                               commitments  and  guidelines.  Further,  in  light  of  the
                               disclosure  provided  by the  company,  it does not  appear
                               that  consolidating the existing  information and providing
                               additional details in a more comprehensive  report would be
                               overly  burdensome or costly.  As such, ISS recommends that
                               shareholders support this resolution.


04/19/07 - A        Hercules Inc. *HPC*                     427056106                            03/05/07                   1,914
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.


05/02/07 - A        HESS CORP *HES*                         42809H107                            03/12/07                   4,563
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director N.F. Brady --- Withhold
                               We recommend  that  shareholders  WITHHOLD votes from Frank
                               A.  Olsen  and  Nicholas  F.  Brady  for poor  compensation
                               practices.
                    1.2     Elect Director J.B. Collins --- For
                    1.3     Elect Director T.H. Kean --- For
                    1.4     Elect Director F.A. Olsen --- Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             None         For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


03/14/07 - A        Hewlett-Packard Co. *HPQ*               428236103                            01/16/07                  46,163
                    1       Elect Director L.T. Babbio, Jr.               For          For                   Mgmt
                    2       Elect Director S.M. Baldauf                   For          For                   Mgmt
                    3       Elect Director R.A. Hackborn                  For          For                   Mgmt
                    4       Elect Director J.H. Hammergren                For          For                   Mgmt
                    5       Elect Director M.V. Hurd                      For          For                   Mgmt
                    6       Elect Director R.L. Ryan                      For          For                   Mgmt
                    7       Elect Director L.S. Salhany                   For          For                   Mgmt
                    8       Elect Director G.K.Thompson                   For          For                   Mgmt
                    9       Ratify Auditors                               For          For                   Mgmt
                    10      Require Director Nominee Qualifications       Against      For                   ShrHoldr
                               Proxy  access  is a tool  that  will  enable  investors  to
                               fulfill their  ownership  responsibilities  while improving
                               board  accountability.  We believe  that this proxy  access
                               proposal allows significant  shareholders an opportunity to
                               participate in the nomination  process,  while safeguarding
                               the  process,   the  board,   and  the   interests  of  all
                               shareholders.  ISS  believes  that  support for this ballot
                               access proposal  represents a significant and positive step
                               in the director election  process.  The reform is needed to
                               right a steeply  tilted  playing field on which  management
                               and board incumbents  dominate the election  process.  This
                               proposal  affords  shareholders  an  opportunity  to effect
                               reforms   on  the   nomination   process.   Based   on  the
                               fundamental  need  for  a  more  effective  and  meaningful
                               director   election   process   and  given   the   adequate
                               provisions  of this  proposal,  we believe that support for
                               this resolution is warranted.
                    11      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   Chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    12      Submit Shareholder Rights Plan (Poison        Against      For                   ShrHoldr
                            Pill) to Shareholder Vote
                               In this case,  H-P has not included in their  fiduciary out
                               policy the  stipulation  that the plan must be submitted to
                               a shareholder vote within 12 months of adoption.  While the
                               board   believes   this   policy   responds   directly   to
                               stockholders'  concerns,  ISS believes that it still leaves
                               to the board the  decision to proceed  with the adoption of
                               a pill  without  shareholder  approval  and does not have a
                               sunset  provision  in case  the pill  was not  approved  by
                               shareholders.  Therefore,  we do  not  believe  that  H-P's
                               policy  substantially  addresses  the issues  raised by the
                               shareholder proposal. We recommend a vote FOR this item.
                    13      Performance-Based Equity Awards               Against      For                   ShrHoldr
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive;  we believe this
                               item warrants shareholder support.


05/24/07 - A        Hilton Hotels Corp. *HLT*               432848109                            03/29/07                      58
                    1       Elect Director A. Steven Crown                For          For                   Mgmt
                    2       Elect Director John H. Myers                  For          For                   Mgmt
                    3       Elect Director Donna F. Tuttle                For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


05/24/07 - A        Home Depot, Inc. *HD*                   437076102                            03/26/07                  34,493
                    1       Elect Director David H. Batchelder            For          For                   Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Claudio X. Gonzalez and Kenneth G.
                               Langone.   We  recommend  that  shareholders  vote  AGAINST
                               Claudio  X.  Gonzalez  for  sitting on more than six boards
                               and  Kenneth  Langone  for  the  lack of  oversight  on the
                               option grant process from 1994 - 2000.
                    2       Elect Director Francis S. Blake               For          For                   Mgmt
                    3       Elect Director Gregory D. Brenneman           For          For                   Mgmt
                    4       Elect Director John L. Clendenin              For          For                   Mgmt
                    5       Elect Director Claudio X. Gonzalez            For          Against               Mgmt
                    6       Elect Director Milledge A. Hart, III          For          For                   Mgmt
                    7       Elect Director Bonnie G. Hill                 For          For                   Mgmt
                    8       Elect Director Laban P. Jackson, Jr.          For          For                   Mgmt
                    9       Elect Director Helen Johnson-Leipold          For          For                   Mgmt
                    10      Elect Director Lawrence R. Johnston           For          For                   Mgmt
                    11      Elect Director Kenneth G. Langone             For          Against               Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Submit Shareholder Rights Plan (Poison        Against      Against               ShrHoldr
                            Pill) to Shareholder Vote
                               In  this  case,   we  believe  that  Home  Depot's   policy
                               addresses  the issue  raised by this  proposal by requiring
                               the rights to be  redeemed,  caused to expire or  submitted
                               to a vote of the shareholders within one year.
                    14      Prepare Employment Diversity Report           Against      For                   ShrHoldr
                               As  such we  recommend  that  shareholders  vote  for  this
                               resolution.
                    15      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    16      Claw-back of Payments under Restatements      Against      Against               ShrHoldr
                               Because:  1) the  board has  adopted a formal  compensation
                               recoupment   policy  that   substantially   addresses   the
                               provisions set forth by the proponent;  2) the company does
                               not appear to be the  subject of any  material  restatement
                               nor does it have a chronic  restatement  history, we do not
                               believe that  shareholder  support for this  resolution  is
                               warranted.
                    17      Submit Supplemental Executive Retirement      Against      For                   ShrHoldr
                            Plans to Shareholder vote
                               ISS generally  votes FOR shareholder  proposals  requesting
                               to put extraordinary  benefits contained in SERP agreements
                               to  a  shareholder  vote  unless  the  company's  executive
                               pension plans contain no excessive  benefits beyond what is
                               offered under  employee-wide  plans.  However,  in light of
                               the lucrative SERP that was provided to former CEO,  Robert
                               Nardelli,  ISS believes  that  support of this  proposal is
                               warranted.
                    18      Performance-Based Equity Awards               Against      For                   ShrHoldr
                               Based on the  above  analysis,  ISS  recommends  a vote FOR
                               this shareholder proposal.
                    19      Pay for Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   the  company's   long-term   compensation
                               programs   for   named    executive    officers   are   not
                               substantially    performance-based    under   current   ISS
                               guidelines.  Further, the company did not disclose specific
                               performance   hurdles   rates  for  the  annual   incentive
                               program,  which denies  shareholder  the ability to monitor
                               the  correlation  between  executive  pay and  performance.
                               Accordingly,  ISS believes shareholders should support this
                               proposal.
                    20      Affirm Political Non-partisanship             Against      Against               ShrHoldr
                               Since it appears  that the company  has  already  addressed
                               this  issue   through  its  own   internal   policies   and
                               observance  of federal  law, we do not believe that support
                               of this proposal is warranted.
                    21      Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In this case,  the board is at least 2/3  independent,  all
                               key  committees  are  comprised   entirely  of  independent
                               directors,  and  the  company  has  established  governance
                               guidelines.  As  stated  from the  company's  website,  the
                               independent  directors  serving on the company's board will
                               select a lead director annually.  The lead director, who is
                               required  to be  independent,  will  (i)  act as a  liaison
                               between  the  non-management  directors  and the  company's
                               management,   (ii)   chair  the   executive   sessions   of
                               non-management  directors,  (iii) chair board meetings when
                               the  chairman  is  not  present,   (iv)  consult  with  the
                               chairman   and   approve   the   schedules,   agendas   and
                               information  provided to the board for each meeting and (v)
                               consult with the chairman on such other  matters  pertinent
                               to the company and the board.  The lead  director  may call
                               meetings   of   non-management   directors   by   providing
                               appropriate  notice of such meetings in accordance with the
                               Bylaws.  The lead  director  shall  also be  available  for
                               consultation   and   direct    communication   with   major
                               shareholders  upon  request.  Therefore,  the company meets
                               all the  duties of lead  director.  While the  company  has
                               underperformed  the S&P 500 index,  there has been a change
                               in the  chairman  & CEO  position  within  the  past  year.
                                       We  note that the lead  director has all the duties
                               that ISS considers  necessary to act as a counterbalance to
                               combined Chair/CEO position.  However,  the company has had
                               problematic  governance  issues  specially  relating to its
                               compensation  practices  and  ignoring  majority  supported
                               shareholder  proposal (see discussion under Company Insight
                               and Elect  Directors  section).  Further,  the current lead
                               director,  Kenneth  Langone,  was part of the Stock  Option
                               Committee,  that failed to provide  adequate  oversight  to
                               the  stock  option  grant   practices  from  1994  -  2000.
                               Therefore,   ISS  believes  that  the   separation  of  the
                               combined roles will provide for an independent  Chairman to
                               monitor the performance of the CEO.


04/23/07 - A        Honeywell International, Inc. *HON*     438516106                            02/23/07                  13,762
                    1       Elect Director Gordon M. Bethune              For          For                   Mgmt
                    2       Elect Director Jaime Chico Pardo              For          For                   Mgmt
                    3       Elect Director David M. Cote                  For          For                   Mgmt
                    4       Elect Director D. Scott Davis                 For          For                   Mgmt
                    5       Elect Director Linnet F. Deily                For          For                   Mgmt
                    6       Elect Director Clive R. Hollick               For          For                   Mgmt
                    7       Elect Director James J. Howard                For          For                   Mgmt
                    8       Elect Director Ivan G. Seidenberg             For          For                   Mgmt
                    9       Elect Director Bradley T. Sheares             For          For                   Mgmt
                    10      Elect Director Eric K. Shinseki               For          For                   Mgmt
                    11      Elect Director John R. Stafford               For          For                   Mgmt
                    12      Elect Director Michael W. Wright              For          For                   Mgmt
                    13      Ratify Auditors                               For          For                   Mgmt
                    14      Approve Nonqualified Employee Stock           For          For                   Mgmt
                            Purchase Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective,  the limit
                               on the company's  matching  contribution  is reasonable and
                               there  are  caps  placed  on  the  employee's  contribution
                               (expressed as a percent of  compensation  which may exclude
                               bonus,  commissions  or  special  compensation).  There  is
                               minimum  dilution  associated with the plan since shares of
                               company  stock are purchased on the open market with mainly
                               employee contributions.
                    15      Claw-back of Payments under Restatements      Against      Against               ShrHoldr
                               Because:  1) the  board  has  adopted  a  formal  Claw-Back
                               policy that  substantially  addresses  the  provisions  set
                               forth by the  proponent;  2) the company does not appear to
                               be the  subject  of any  material  restatement  nor does it
                               have a chronic restatement  history, we do not believe that
                               shareholder support for this resolution is warranted.
                    16      Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive,  we believe this
                               item warrants shareholder support.
                    17      Amend Articles/Bylaws/Charter -- Call         Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests   of   shareholders.   Accordingly,   shareholder
                               support of this proposal is warranted.
                    18      Remove Six Sigma Terminology                  Against      Against               ShrHoldr
                               We believe that these  decisions are  operational in nature
                               and are best left to the company's  management.  Therefore,
                               we  believe  shareholder  support of this  proposal  is not
                               warranted.


05/15/07 - A        Hospira, Inc. *HSP*                     441060100                            03/19/07                   2,626
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Host Hotels & Resorts, Inc. *HST*       44107P104                            03/29/07                   8,781
                    1       Elect Director Roberts M. Baylis              For          For                   Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of Terence C. Golden.  We recommend that  shareholders vote
                               AGAINST  Terence C. Golden for  standing  as an  affiliated
                               outsider on the Audit Committee.
                    2       Elect Director Terence C. Golden              For          Against               Mgmt
                    3       Elect Director Ann M. Korologos               For          For                   Mgmt
                    4       Elect Director Richard E. Marriott            For          For                   Mgmt
                    5       Elect Director Judith A. Mchale               For          For                   Mgmt
                    6       Elect Director John B. Morse Jr               For          For                   Mgmt
                    7       Elect Director Christopher J. Nassetta        For          For                   Mgmt
                    8       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Humana Inc. *HUM*                       444859102                            03/05/07                   2,802
                    1       Elect Director David A. Jones, Jr.            For          For                   Mgmt
                    2       Elect Director Frank A. D'Amelio              For          For                   Mgmt
                    3       Elect Director W. Roy Dunbar                  For          For                   Mgmt
                    4       Elect Director Kurt J. Hilzinger              For          For                   Mgmt
                    5       Elect Director Michael B. McCallister         For          For                   Mgmt
                    6       Elect Director James J. O'Brien               For          For                   Mgmt
                    7       Elect Director W. Ann Reynolds                For          For                   Mgmt
                    8       Elect Director James O. Robbins               For          For                   Mgmt
                    9       Ratify Auditors                               For          For                   Mgmt


05/30/07 - A        Huntington Bancshares Inc. *HBAN*       446150104                            03/15/07                   4,005
                    1       Organization-Related-Approve Issuance of      For          For                   Mgmt
                            Common Stock without Par Value in
                            Connection with the Merger
                               We believe  that the  company is  benefiting  from a merger
                               that makes  strategic  sense and that has the  potential of
                               being  immediately  accretive  to  earnings.  As  such,  we
                               recommend shareholders support the merger agreement.
                    2       Elect Directors                               For          For                   Mgmt
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    5       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    6       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 500,000,000  shares is below the
                               allowable threshold of 850,000,000 shares.
                    7       Other Business                                For          Against               Mgmt


05/04/07 - A        IMS Health Inc. *RX*                    449934108                            03/09/07                   3,345
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               Conclusion        The  ability  to elect  directors  is the
                               single most  important  use of the  shareholder  franchise,
                               and  all  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.


06/06/07 - A        Ingersoll-Rand Company Limited *IR*     G4776G101                            04/09/07                   5,202
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For          For                   Mgmt
                    2       ADOPTION OF THE INCENTIVE STOCK PLAN OF       For          For                   Mgmt
                            2007.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       SHAREHOLDER PROPOSAL TO REQUIRE A             Against      For                   ShrHoldr
                            SHAREHOLDER VOTE ON AN ADVISORY RESOLUTION
                            WITH RESPECT TO EXECUTIVE COMPENSATION.


05/17/07 - A        Integrys Energy Group Inc *TEG*         45822P105                            03/22/07                   1,262
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Amend Deferred Compensation Plan              For          For                   Mgmt
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 2 percent is less than
                               the allowable cap for this company of 5 percent.
                    4       Ratify Auditors                               For          For                   Mgmt


05/16/07 - A        Intel Corp. *INTC*                      458140100                            03/19/07                  97,182
                    1       Elect Director Craig R. Barrett               For          For                   Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Charlene  Barshefsky.  We recommend
                               that  shareholders  vote AGAINST  Charlene  Barshefsky  for
                               standing  as  an  affiliated  outsider  on  the  Nominating
                               Committee.
                    2       Elect Director Charlene Barshefsky            For          Against               Mgmt
                    3       Elect Director Susan L. Decker                For          For                   Mgmt
                    4       Elect Director D. James Guzy                  For          For                   Mgmt
                    5       Elect Director Reed E. Hundt                  For          For                   Mgmt
                    6       Elect Director Paul S. Otellini               For          For                   Mgmt
                    7       Elect Director James D. Plummer               For          For                   Mgmt
                    8       Elect Director David S. Pottruck              For          For                   Mgmt
                    9       Elect Director Jane E. Shaw                   For          For                   Mgmt
                    10      Elect Director John L. Thornton               For          For                   Mgmt
                    11      Elect Director David B. Yoffie                For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 12
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    14      Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               While ISS prefers that the 2007  Incentive  Plan  qualifies
                               for favorable tax deduction  under Section  162(m)  limits,
                               ISS  notes  that  the   flexibility  of  increasing   named
                               executive  officers'  bonus payouts will be limited to only
                               10% of target payout.  Therefore,  the upward potential has
                               been capped and  disclosed to  shareholders.  At this time,
                               ISS recommends a vote FOR this proposal.
                    15      Limit Executive Compensation                  Against      Against               ShrHoldr
                               ISS believes  that top five  compensation  should be linked
                               to the  company's  performance.  If the  company has met or
                               exceeded the target  performance  level,  executives should
                               be remunerated  for their  efforts.  Although we agree with
                               the principle of  pay-for-performance  in setting executive
                               pay, we believe that the cessation of all rights,  options,
                               SARs,   and  possible   severance   payments  to  top  five
                               management:  (1) does  not  resolve  potential  disconnects
                               between  pay  and  performance  and  (2)  would  be  unduly
                               restrictive  with  respect  to the  company's  compensation
                               strategies. As such, we recommend a vote AGAINST.


04/24/07 - A        International Business Machines Corp.   459200101                            02/23/07                  25,388
                    *IBM*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    5       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    6       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    7       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               Although  IBM  does  not  fail  the  performance   criteria
                               specified,  it  does  not  meet  all of the  aforementioned
                               corporate  governance criteria.  Accordingly,  the proposal
                               warrants shareholder support.
                    8       Evaluate Age Discrimination in Retirement     Against      Against               ShrHoldr
                            Plans
                               ISS  believes  the  scope of the  proponent's  proposal  is
                               overly  broad since it asks that all  employees  be allowed
                               to choose  participation in the plan, which could be costly
                               to shareholders.  Accordingly,  we recommend a vote AGAINST
                               this proposal.
                    9       Review Executive Compensation                 Against      For                   ShrHoldr
                               ISS  believes  that  pension  fund income can distort  true
                               operating   performance,   which   may  be  the  basis  for
                               determining executive bonuses and  performance-related  pay
                               rather than gains from defined benefit plans.  Shareholders
                               should  therefore  support  proposals  that  would  exclude
                               pension    credits   from    calculations    of   executive
                               compensation   as  this  provides  a  cleaner  measure  for
                               assessing actual performance.  Furthermore,  the company is
                               not  precluded   from   including   pension   credits  from
                               calculations of executive pay in the future.  Adopting this
                               practice is a matter of good corporate governance practice.
                    10      Report on Outsourcing                         Against      Against               ShrHoldr
                               Conclusion        In  this  case,  we note  that  IBM  does
                               outsource and continues to seek  opportunities to outsource
                               some  positions  to foreign  markets  where the company has
                               determined that such actions would  ultimately  benefit the
                               company and increase  shareholder value.  Further,  we note
                               that due to increasing global demand for IT outsourcing,  a
                               number of the company's peers and  competitors  also pursue
                               similar  outsourcing  opportunities.  Finally,  we question
                               whether  or  not  detailed   disclosure  on  the  company's
                               policies  regarding job outsourcing  will provide  benefits
                               to  shareholders  commensurate  with the cost of  preparing
                               this report.  Therefore, ISS does not recommend support for
                               this proposal at this time.
                    11      Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority  vote under a  majority  vote  standard.
                               Further,  the proposal allow for plurality vote standard in
                               contested  elections where the number of director  nominees
                               exceeds  the  available  board  seats.  We concur  with the
                               proponent  that a majority vote standard  (with a carve out
                               for  plurality in  contested  election)  combined  with the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process.   As  such,  we  believe  this  proposal  warrants
                               shareholder support.


05/08/07 - A        International Flavors & Fragrances      459506101                            03/15/07                   1,315
                    Inc. *IFF*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the company given its line of business and
                               long-term  strategic  objectives.  Additionally,  the  plan
                               expressly forbids repricing. Moreover,  preservation of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


03/06/07 - A        International Game Technology *IGT*     459902102                            01/08/07                   5,720
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


12/15/06 - A        Intuit Inc. *INTU*                      461202103                            10/20/06                   5,534
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Stephen M. Bennett --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Stratton D. Sclavos.  We recommend
                               that  shareholders  WITHHOLD votes from Stratton D. Sclavos
                               for sitting on more than three boards.
                    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
                    1.6     Elect Director Diane B. Greene --- For
                    1.7     Elect Director Michael R. Hallman --- For
                    1.8     Elect Director Dennis D. Powell --- For
                    1.9     Elect Director Stratton D. Sclavos ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.80 percent is within the  allowable cap for this
                               company   of  12.46   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.


05/08/07 - A        ITT Corp. *ITT*                         450911102                            03/12/07                   3,113
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/18/07 - A        J. C. Penney Co., Inc (HLDG CO) *JCP*   708160106                            03/19/07                   3,792
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               While the company  has taken  steps in the right  direction
                               with the addition of the director  resignation  policy, the
                               company  currently has a plurality voting standard with the
                               director  resignation policy (in an uncontested  election).
                               We  believe  that  the  majority  vote  standard  with  the
                               director  resignation  along with a plurality  standard for
                               contested  elections is the benchmark that companies should
                               transition  to. As such,  we  recommend  that  shareholders
                               vote FOR this proposal.


11/14/06 - A        JDS Uniphase Corp.                      46612J101                            09/22/06                     706
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.93 percent is within the  allowable cap for this
                               company   of  12.41   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Johnson & Johnson *JNJ*                 478160104                            02/27/07                  48,866
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates that a majority vote standard  coupled with a
                               director  resignation  policy and a  plurality  carveout in
                               contested   elections   would  give  full   effect  to  the
                               shareholder franchise.
                    4       Submit Supplemental Executive Retirement      Against      For                   ShrHoldr
                            Plans to Shareholder vote
                               ISS  recommends  shareholders  support this  proposal as we
                               believe that base salary is a  sufficient  basis upon which
                               to base pension benefits to executives.


01/24/07 - A        Johnson Controls, Inc. *JCI*            478366107                            11/16/06                   3,167
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Stock Option Plan                     For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.35 percent is within the  allowable cap for this
                               company of 6.80 percent. Additionally,  this plan expressly
                               forbids repricing.


06/14/07 - A        Jones Apparel Group, Inc. *JNY*         480074103                            04/09/07                   1,834
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Peter Boneparth --- For
                    1.2     Elect Director Sidney Kimmel --- For
                    1.3     Elect Director Howard Gittis --- Withhold
                    1.4     Elect Director Matthew H. Kamens --- For
                    1.5     Elect Director J. Robert Kerrey --- For
                    1.6     Elect Director Ann N. Reese --- For
                    1.7     Elect Director Gerald C. Crotty --- For
                    1.8     Elect Director Lowell W. Robinson --- For
                    1.9     Elect Director Frits D. van Paasschen ---
                            For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Company Specific--Adopt majority vote         For          For                   Mgmt
                            standard for election of directors
                               ISS recommends that shareholders vote FOR this proposal.
                    4       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/15/07 - A        JPMorgan Chase & Co. *JPM*              46625H100                            03/16/07                  58,467
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Put Repricing of Stock Options to             Against      Against               ShrHoldr
                            Shareholder Vote
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               under the company's  corporate  governance  guidelines  and
                               existing  equity  plans,  the  company is  prohibited  from
                               repricing options without  shareholder  proposal.  As such,
                               ISS  does  not  feel  that  shareholder   support  of  this
                               proposal is warranted.
                    4       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               In this case,  ISS does not believe the  proposal is overly
                               restrictive  nor does it appear that a substantial  portion
                               of the company's equity awards are truly  performance-based
                               with  some  inherent  risk  of  forfeiture.  Therefore,  we
                               believe this proposal merits shareholder support.
                    5       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    7       Provide for Cumulative Voting                 Against      For                   ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.   Specifically,  the  company  does  not  have  a
                               majority vote standard in place. Accordingly,  the proposal
                               warrants shareholder support.
                    8       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               In this case,  the company  employs  plurality  standard in
                               the election of  directors  with a  post-election  director
                               resignation  policy in its Bylaws,  which we do not believe
                               it has substantially  implemented this shareholder proposal
                               on  majority  voting.   ISS  advocates  that  the  director
                               election   system  give  full  effect  to  the  shareholder
                               franchise.  A majority  vote  standard  (with carve out for
                               plurality   in  contested   elections)   coupled  with  the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process and would  afford the board a structure  to address
                               failed  elections.   Accordingly,  this  proposal  warrants
                               shareholder support.
                    9       Report on Political Contributions             Against      Against               ShrHoldr
                               In the case of JP Morgan Chase,  ISS notes that the company
                               provides a policy  statement on political  contributions on
                               its  corporate   website.   This  document  provides  broad
                               discussion  on the  company's  rationale  and  strategy for
                               political  contributions and public policy  activities,  as
                               well  as   information   on  JP  Morgan's   compliance  and
                               oversight  procedures.  Additionally,  the company has also
                               publicly  disclosed  a list of PAC  contributions  for 2006
                               and has  committed  to  continue  to update  the  reporting
                               annually.  While this  reporting does not meet the level of
                               transparency  requested by the  proponent,  we believe that
                               it does provide  shareholders  with sufficient  information
                               to  evaluate  the  company's  policies,   activities,   and
                               oversight  mechanisms  related to  political  contributions
                               and assess potential risks to their  investment  related to
                               such  actions.  As such,  we do not  recommend  shareholder
                               support for this resolution.
                    10      Report on Management Initiatives to Address   Against      Against               ShrHoldr
                            Links to Slavery and Human Rights Abuse
                               ISS is concerned with the broad nature of this  resolution.
                               We  believe   that  the  company   has  clearly   disclosed
                               information  in this filing and in other  public  documents
                               regarding   its   public   apology   for  its   predecessor
                               companies'  association  with  slavery and the  scholarship
                               fund  that  was  established  in  Louisiana.   Beyond  this
                               specific  issue,  ISS is not aware of other  initiatives by
                               JP Morgan to broadly or  specifically  address human rights
                               abuses  and  questions   the  utility  of  including   this
                               information   in  a  separate   report  on  this   subject.
                               Therefore,  based  on  concerns  over  the  scope  of  this
                               resolution  and the  existing  disclosure  provided  by the
                               company,  we do not  believe  that  shareholder  support is
                               warranted for this resolution.


05/17/07 - A        Juniper Networks, Inc. *JNPR*           48203R104                            03/21/07                   9,621
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/27/07 - A        Kellogg Co. *K*                         487836108                            03/01/07                   4,230
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Prepare a Sustainability Report               Against      Against               ShrHoldr
                               ISS   encourages   Kellogg's   to  increase  its  level  of
                               transparency  related to social and  environmental  metrics
                               and  performance,  and consider the  potential  benefits of
                               structuring its reporting along established guidelines.  We
                               believe  that  by  continuing  to  expand  on its  existing
                               sustainability   related   information,    management   and
                               shareholders   will  better  understand  how  these  issues
                               affect  the  company's   strategic  position  and  how  the
                               company  is  responding  to  the   implementation   of  its
                               sustainability   policies.   That  said,  we  believe  that
                               Kellogg's existing  disclosure  provides sufficient insight
                               for shareholders into Kellogg's  policies and practices and
                               demonstrates  its  commitment  to  addressing  many  issues
                               related  to  developing   sustainable   operations  at  the
                               company.  As such, we do not believe this proposal warrants
                               shareholder support.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Conclusion        While  the company has taken steps in the
                               right   direction   with  the   addition  of  the  director
                               resignation  policy,  the company currently has a plurality
                               voting  standard with the director  resignation  policy (in
                               an  uncontested  election).  We believe  that the  majority
                               vote  standard with the director  resignation  along with a
                               plurality   standard   for   contested   elections  is  the
                               benchmark that companies should  transition to. As such, we
                               recommend that shareholders vote FOR this proposal.


08/10/06 - S        Kerr-McGee Corp.                        492386107                            07/06/06                   3,582
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based  on our  review  of  the  terms  of the  transaction,
                               particularly  40.2 percent  1-day  before the  announcement
                               premium,  we  believe  that the merger  agreement  warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Given that this  proposal is  narrowly  defined and that we
                               support  Item 1, we  believe  that this  proposal  warrants
                               shareholder support.


05/10/07 - A        KeyCorp *KEY*                           493267108                            03/13/07                   6,768
                    1       Elect Directors                               For          For                   Mgmt
                    2       Establish Range For Board Size                For          For                   Mgmt
                               ISS believes that the proposed  change is relatively  minor
                               and  that  it is not  motivated  by a  desire  to  entrench
                               management.
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Ratify Auditors                               For          For                   Mgmt


08/17/06 - A        KeySpan Corporation *KSE*               49337W100                            07/03/06                   2,760
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on the 16  percent  premium  versus  the day prior to
                               the press reporting on a potential  merger and the positive
                               market  reaction,  we  believe  that the  merger  agreement
                               warrants shareholder support.
                    2       Elect Directors                               For          For                   Mgmt
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Adopt Simple Majority Vote Requirement        Against      For                   ShrHoldr
                               ISS  believes  that  supermajority  provisions  violate the
                               principle  that a simple  majority of voting  shares should
                               be all that is  necessary  to  effect  change  regarding  a
                               company and its corporate governance provisions.  Requiring
                               more  than  this  may  permit   managements   to   entrench
                               themselves  by  blocking  amendments  that  are in the best
                               interests of  shareholders.  As such,  we believe that this
                               precatory proposal warrants shareholder support.


04/26/07 - A        Kimberly-Clark Corp. *KMB*              494368103                            02/26/07                   7,724
                    1       Elect Director James M. Jenness               For          For                   Mgmt
                    2       Elect Director Linda Johnson Rice             For          For                   Mgmt
                    3       Elect Director Marc J. Shapiro                For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Declassify the Board of Directors             For          For                   Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important use of the  shareholder  franchise.  ISS believes
                               that all  directors  should  be  accountable  on an  annual
                               basis.  A  classified  board can  entrench  management  and
                               effectively  preclude most takeover bids or proxy contests.
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    6       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               ISS  maintains  that a simple  majority  of  voting  shares
                               should be  sufficient  to  effect  changes  in a  company's
                               corporate   governance.   Requiring   more  than  a  simple
                               majority  may  permit  management  to  entrench  itself  by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.  Accordingly,  we  believe  that  this  proposal
                               warrants shareholder support.
                    7       Adopt ILO Standards                           Against      Against               ShrHoldr
                               ISS  notes  that  Kimberly-Clark's   sustainability  report
                               substantially  addresses  each of the  key ILO  conventions
                               set forth by the proponent.  Moreover, the company does not
                               appear  to  be  the  subject  of  any  recent,  significant
                               litigation  related to its workplace labor rights policies.
                               As such,  we do not believe  that  shareholder  support for
                               this resolution is warranted.
                    8       Report on Feasibility of Phasing Out the      Against      Against               ShrHoldr
                            Use of Non-certified Wood Fiber
                               In this case,  ISS notes that the proponent is requesting a
                               feasibility  study rather than a commitment to use only FSC
                               certified  fibers  within a ten-year  period;  however,  we
                               question  the  benefit  that  shareholders  may derive from
                               this  additional  disclosure,  particularly in light of the
                               forthcoming  feasibility study  commissioned by the company
                               on this  issue.  Beyond  its  commitment  to  evaluate  the
                               feasibility  of  sourcing  only  FSC  certified  materials,
                               Kimberly   Clark   has   made   its   policies    regarding
                               certification  readily  available on its corporate  website
                               through  its  sustainability  report,  and  in  its  public
                               filings.  ISS believes that this  disclosure,  coupled with
                               the  pending   feasibility   report  conducted  by  Hawkins
                               Wright, LTD., provides  Kimberly-Clark's  shareholders with
                               sufficient   information   to   understand   the  company's
                               policies and evaluate the potential for associated  risk to
                               their   investment.   Therefore,   ISS  does  not   believe
                               shareholder support for the resolution is warranted


05/17/07 - A        Kimco Realty Corp. *KIM*                49446R109                            03/23/07                   3,820
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Martin S. Kimmel --- For
                               We recommend a vote FOR the directors  with the  exceptions
                               of insiders Milton Cooper,  Michael J. Flynn,  and David B.
                               Henry,  and  affiliated  outsiders  Richard  G.  Dooley and
                               Frank  Lourenso.  We recommend that  shareholders  WITHHOLD
                               votes from Richard G. Dooley for standing as an  affiliated
                               outsider  on  the  Audit,   Compensation   and   Nominating
                               committees   and  for  failure  to   establish  a  majority
                               independent  board.  We also  recommend  that  shareholders
                               WITHHOLD  votes  from Frank  Lourenso  for  standing  as an
                               affiliated  outsider  on the  Compensation  and  Nominating
                               committees   and  for  failure  to   establish  a  majority
                               independent  board.  Lastly, we recommend that shareholders
                               WITHHOLD  votes from  Milton  Cooper,  Michael J. Flynn and
                               David  B.  Henry  for  failure  to   establish  a  majority
                               independent board.
                    1.2     Elect Director Milton Cooper --- Withhold
                    1.3     Elect Director Richard G. Dooley ---
                            Withhold
                    1.4     Elect Director Michael J. Flynn --- Withhold
                    1.5     Elect Director Joe Grills --- For
                    1.6     Elect Director David B. Henry --- Withhold
                    1.7     Elect Director F. Patrick Hughes --- For
                    1.8     Elect Director Frank Lourenso --- Withhold
                    1.9     Elect Director Richard Saltzman --- For
                    2       Company Specific-Equity-Related --Increase    For          For                   Mgmt
                            Number of Shares of Authorized Stock to
                            Issue, Common Stock and Excess Stock
                               Since  the  requested  increase  of  450,000,000  shares of
                               common   stock  is  below  the   allowable   threshold   of
                               600,000,000  shares  and  the  increase  in  excess  shares
                               assists  in  preserving  the  company's  REIT  status,   we
                               recommend that shareholders support this proposal.
                    3       Ratify Auditors                               For          For                   Mgmt


12/19/06 - S        Kinder Morgan, Inc.                     49455P101                            11/08/06                   1,735
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               While we believe there were issues in the sale process,  we
                               think the final  offer is fair.  The fact that KMI's  stock
                               is  trading  at  a  normal  discount  may  indicate  market
                               acceptance  of the  deal.  As  such,  we  believe  that the
                               merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/16/07 - A        King Pharmaceuticals Inc. *KG*          495582108                            03/30/07                   4,110
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Philip A. Incarnati --- For
                               Members of the  compensation  committee  in 2001 consist of
                               the entire board of directors:  John M. Gregory,  Jefferson
                               J. Gregory,  Ernest C. Bourne,  Frank W. DeFriece,  Jr., R.
                               Charles Moyer,  Joseph R. Gregory,  Earnest W.  Deavenport,
                               Jr.,  Gregory D. Jordan and D. Greg Rooker.  Members of the
                               compensation  committee  in 2000 also consist of the entire
                               board of  directors:  John M.  Gregory,  Joseph R. Gregory,
                               Jefferson  J.  Gregory,   Ernest  C.  Bourne,   Earnest  W.
                               Deavenport,  Jr., Frank W. DeFriece, Jr., R. Charles Moyer,
                               D. Greg  Rooker,  and  Richard  C.  Williams.  The  current
                               compensation   committee  members  consist  of  Gregory  D.
                               Jordan,  Earnest  W.  Deavenport  Jr.,  and  Ted  G.  Wood.
                               Gregory  Jordan  joined  the board in June 2001 and was not
                               present  for the option  grants made in late 2000 and early
                               2001.  Because this is a classified board, ISS recommends a
                               vote to WITHHOLD  from  Gregory  Jordan for not  disclosing
                               robust internal controls  surrounding  future option grants
                               and ensuring that  "favorable  dates" would not be selected
                               for option grants going forward.
                    1.2     Elect Director Gregory D. Jordan ---
                            Withhold
                    1.3     Elect Director Brian A. Markison --- For
                    2       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Ratify Auditors                               For          For                   Mgmt


03/29/07 - A        KLA-Tencor Corp. *KLAC*                 482480100                            02/15/07                   3,355
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/02/07 - A        Kohl's Corp. *KSS*                      500255104                            03/07/07                   5,512
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Company Specific-Adopt Majority Vote for      For          For                   Mgmt
                            Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    6       Require a Majority Vote for the Election of   Against      Against               ShrHoldr
                            Directors
                               ISS  notes  that the board has  submitted  a  substantially
                               similar  amendment for  shareholder  approval,  as detailed
                               above in Item 5.


04/24/07 - A        L-3 Communications Holdings, Inc.       502424104                            03/16/07                   2,106
                    *LLL*
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Michael T. Strianese --- For
                               While ISS does not favor this  action,  we realize that the
                               overall  effect  of the  actions  taken by the  company  to
                               address the  administrative  errors outweighs this negative
                               action.  Based  on the size of  adjustment  of 0.3% of 2006
                               revenue  and the  remedial  actions  that the  compensation
                               committee  has  adopted,  ISS does not believe  withholding
                               from the past or present compensation  committee members is
                               warranted at this time.
                    1.2     Elect Director Claude R. Canizares --- For
                    1.3     Elect Director Thomas A. Corcoran --- For
                    1.4     Elect Director Alan H. Washkowitz --- For
                    2       Ratify Auditors                               For          For                   Mgmt


07/18/06 - A        Legg Mason, Inc. *LM*                   524901105                            05/19/06                   1,929
                    1       Elect Directors                               For          For                   Mgmt
                    2       Increase Authorized Common Stock              For          For                   Mgmt
                               This proposal seeks to increase  authorized common stock by
                               250,000,000  shares which is  125,000,000  shares below the
                               allowable increase of 375,000,000 shares.
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   Vote
                               Recommendation        Shareholder  re-approval  of the plan
                               will  allow the  company  to  benefit  from  favorable  tax
                               treatment    under   Section    162(m)   with   regard   to
                               performance-based compensation.
                    4       Ratify Auditors                               For          For                   Mgmt


05/09/07 - A        Leggett & Platt, Inc. *LEG*             524660107                            03/05/07                   3,017
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend EEO Statement to Prohibit               Against      For                   ShrHoldr
                            Discrimination based on Sexual Orientation
                               Conclusion        In  this  case,  Leggett  & Platt  states
                               that it may be  exposed  to  significant  costs  associated
                               with paying  domestic  partner  benefits  and/or  frivolous
                               lawsuits   if  the   company   specifically   adds   sexual
                               orientation to its list of protected  categories on its EEO
                               statement.  ISS agrees that  management  should be provided
                               the flexibility to determine the most appropriate  benefits
                               programs  to offer  its  employees;  however,  we note that
                               this  resolution  deals   specifically  with  amending  the
                               company's  EEO  policy,  not  with the  company's  policies
                               related to employee  benefits.  Furthermore,  a significant
                               number of manufacturing  companies, and the majority of the
                               companies  in the Fortune  500,  include  such  language in
                               their  EEO   statements   without  any  apparent   negative
                               results.  Finally,  the  company  does not appear to be the
                               subject of any recent,  significant  litigation  related to
                               discrimination  based on sexual orientation.  However,  the
                               fact  that  the   company's   stated  EEO  policy  is  less
                               inclusive than policies seen at some industry  peers, or at
                               other companies of comparable  size,  could limit Leggett &
                               Platt's  access  to  certain  market  segments  or pools of
                               potentially  qualified  employees.  As such, ISS recommends
                               that shareholders support this resolution.


04/12/07 - A        Lehman Brothers Holdings Inc. *LEH*     524908100                            02/12/07                   8,934
                    1       Elect Director Michael L. Ainslie             For          For                   Mgmt
                    2       Elect Director John F. Akers                  For          For                   Mgmt
                    3       Elect Director Roger S. Berlind               For          For                   Mgmt
                    4       Elect Director Thomas H. Cruikshank           For          For                   Mgmt
                    5       Elect Director Marsha Johnson Evans           For          For                   Mgmt
                    6       Elect Director Richard S. Fuld, Jr.           For          For                   Mgmt
                    7       Elect Director Christopher Gent               For          For                   Mgmt
                    8       Elect Director Roland A. Hernandez            For          For                   Mgmt
                    9       Elect Director Henry Kaufman                  For          For                   Mgmt
                    10      Elect Director John D. Macomber               For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt
                    12      Amend Omnibus Stock Plan                      For          Against               Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 50 percent is above the
                               allowable cap for this company of 10 percent.  In addition,
                               the company's  three-year average burn rate of 9.40 percent
                               exceeds  the  company's  industry  burn  rate  cap of  3.75
                               percent.          For  institutional clients who accept the
                               premise  that  investment  banks have a  distinctly  unique
                               compensation  standard,  with  respect to its peers  Lehman
                               Brothers'  equity  compensation   practices  appear  to  be
                               reasonable.  However,  ISS believes  that  compensation  at
                               investment  banks remains to be the  exception  rather than
                               the  rule,  and  should  be  benchmarked  against a broader
                               financial  services peer group.  In  conclusion,  given the
                               excessive  economic  and  dilutive  costs of the  company's
                               stock-based   compensation   plans  coupled  with  mediocre
                               corporate  performance  vis-a-vis  its peers,  ISS does not
                               believe  that  shareholders  should  support the  company's
                               request for an additional 75 million shares.
                    13      Publish Political Contributions               Against      Against               ShrHoldr
                               When   reviewing   requests  for   proposals  on  political
                               contributions,  ISS takes into account the scope and nature
                               of  the  request,  the  company's  adherence  to  laws  and
                               regulations governing political contributions,  and company
                               policies and additional  disclosure on such  contributions.
                               In this case, the company notes that its  contributions  to
                               political  entities and the related  disclosure comply with
                               all applicable  laws on this topic.  The proposal asks that
                               this report  should be published  within five business days
                               of the annual meeting,  disclosing the recipient and amount
                               of each  political  contribution  be made  in a  series  of
                               local and  national  newspapers.  While ISS  believes  that
                               increased disclosure is generally  beneficial,  it does not
                               appear  that the cost of  preparing  and  publicizing  such
                               reports in the manner  requested by the proponent  would be
                               the most effective use of shareholder funds.


03/28/07 - A        Lennar Corp. *LEN*                      526057104                            02/09/07                   2,324
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 8 percent is less than
                               the allowable cap for this company of 9 percent.
                    3       Approve Executive Incentive Bonus Plan        For          Against               Mgmt
                               Despite the tax  advantages  of this  Section  162(m) plan,
                               ISS  does  not  believe  that  supporting  this  plan is in
                               shareholders' best interests.
                    4       Prepare Sustainability Report                 Against      For                   ShrHoldr
                               Based  on  the  company's   limited  public  disclosure  of
                               social,   environmental,    and   economic   policies   and
                               performance,  and  potential  benefit  to  shareholders  of
                               increased  transparency  on these  topics,  ISS  recommends
                               that shareholders support this resolution.
                    5       Pay For Superior Performance                  Against      For                   ShrHoldr
                               With  respect  to  the  annual  bonus   program  for  named
                               officers  (other than for the CEO),  the  company  does not
                               provide   adequate   disclosure   concerning  the  selected
                               performance   measures   and  targets.   Further,   ISS  is
                               concerned  with the bonus  formula  used to  determine  the
                               CEO's annual incentive  compensation  because it guarantees
                               payouts in years when the  company's  pre-tax  earnings are
                               positive.  With respect to the long-term equity program for
                               named  officers,  none of the equity awards  granted during
                               the last three years have been performance-based  under ISS
                               guidelines.  Accordingly, ISS believes that the company has
                               not   sufficiently    established   a   pay-for-performance
                               standard   in   its   executive    compensation   programs.
                               Therefore,  ISS believes that shareholder  support for this
                               proposal is warranted.


05/10/07 - A        Lincoln National Corp. *LNC*            534187109                            03/05/07                   4,839
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Approve Non-Employee Director Stock Option    For          For                   Mgmt
                            Plan
                                                                                   VII.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.


11/01/06 - A        Linear Technology Corp. *LLTC*          535678106                            09/05/06                   4,791
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Robert H. Swanson, Jr. ---
                            For
                               We recommend a vote FOR the  directors  with the  exception
                               of   independent   outsider  David  S.  Lee.  We  recommend
                               shareholders  WITHHOLD  votes from David S. Lee for sitting
                               on more than three boards while serving as a CEO.
                    1.2     Elect Director David S. Lee --- Withhold
                    1.3     Elect Director Lothar Maier --- For
                    1.4     Elect Director Richard M. Moley --- For
                    1.5     Elect Director Thomas S. Volpe --- For
                    2       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Liz Claiborne, Inc. *LIZ*               539320101                            03/19/07                   1,727
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority  vote under a  majority  vote  standard.
                               Further,  the proposal allows for a plurality vote standard
                               in  contested   elections  where  the  number  of  director
                               nominees  exceeds the available board seats.  ISS advocates
                               that the director  election  system give full effect to the
                               shareholder franchise.  We concur with the proponent that a
                               majority vote  standard  (with a carve out for plurality in
                               contested  elections)  combined with the company's  current
                               post-election  director  resignation policy would establish
                               a more meaningful  director  election  process.  As such we
                               believe this proposal warrants shareholder support.


04/26/07 - A        Lockheed Martin Corp. *LMT*             539830109                            03/01/07                   6,001
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director E. C. Aldridge, Jr. ---
                            Withhold
                               We recommend  shareholders WITHHOLD votes from all nominees
                               for  failure  to  adopt  all  provisions  of a  shareholder
                               proposal  that  received  the  approval of the  majority of
                               shares cast for the previous two consecutive years.
                    1.2     Elect Director Nolan D. Archibald ---
                            Withhold
                    1.3     Elect Director Marcus C. Bennett ---
                            Withhold
                    1.4     Elect Director James O. Ellis, Jr. ---
                            Withhold
                    1.5     Elect Director Gwendolyn S. King ---
                            Withhold
                    1.6     Elect Director James M. Loy --- Withhold
                    1.7     Elect Director Douglas H. McCorkindale ---
                            Withhold
                    1.8     Elect Director Eugene F. Murphy --- Withhold
                    1.9     Elect Director Joseph W. Ralston ---
                            Withhold
                    1.10    Elect Director Frank Savage --- Withhold
                    1.11    Elect Director James M. Schneider ---
                            Withhold
                    1.12    Elect Director Anne Stevens --- Withhold
                    1.13    Elect Director Robert J. Stevens ---
                            Withhold
                    1.14    Elect Director James R. Ukropina ---
                            Withhold
                    1.15    Elect Director Douglas C. Yearley ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Increase Disclosure of Executive              Against      Against               ShrHoldr
                            Compensation
                               ISS believes that the  proponent's  argument for additional
                               disclosure  is not  compelling  and  the  benefits  of such
                               disclosures  are  unclear.  In  addition,   the  additional
                               disclosures  are not required by the SEC and could  provide
                               competitors  with sensitive  compensation  information that
                               could  place  the  company  at  a  potential   disadvantage
                               regarding hiring and retaining executive talent.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Report on Nuclear Weapons                     Against      Against               ShrHoldr
                               ISS notes that  Lockheed  Martin does not appear to provide
                               any detailed  information about its policies and procedures
                               related to DU and nuclear components.  However, the company
                               does  provide  detailed  EHS  information  demonstrating  a
                               commitment  to  manage  its  operations   with  an  eye  on
                               sustainability   issues   pertinent  to  the  company.   In
                               particular,  this  information  includes  company goals and
                               performance  targets aimed at improving its efficiencies in
                               areas of  employee  safety and the  environment.  Moreover,
                               the  company  does  not  appear  to be the  subject  of any
                               recent,  significant  litigation  or  fines  related  to it
                               management of DU or nuclear  materials.  As such,  ISS does
                               not  believe  that  the   potential   cost  and  burden  of
                               providing  this report will produce  commensurate  benefits
                               to shareholders.  As such, we do not recommend  support for
                               this resolution.


08/03/06 - S        Loews Corp.                             540424108                            06/22/06                   6,406
                    1       Increase Authorized Common Stock              For          For                   Mgmt
                               This proposal seeks to increase  authorized common stock by
                               1,200,000,000  shares which is 30,000,000  shares below the
                               allowable increase of 1,230,000,000 shares.
                    2       Adjust Par Value of Common Stock              For          For                   Mgmt
                               Adjusting  par value is a routine  financing  decision that
                               warrants shareholder support.


05/08/07 - A        Loews Corp.                             540424108                            03/15/07                   7,702
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Provide for Cumulative Voting                 Against      Against               ShrHoldr
                               In this  case,  the  company  has  met  the  aforementioned
                               corporate governance criteria,  or management has expressed
                               its  intention  to  recommend  that the  board  adopt  such
                               provisions.  As such,  we do not believe  that the proposal
                               warrants shareholder support at this time.
                    5       Social Proposal                               Against      Against               ShrHoldr
                               ISS notes the company's  strategic  position in the tobacco
                               business, through Lorillard,  represents over 22 percent of
                               Loews'  consolidated  revenues.  ISS believes  that certain
                               financial and  reputational  risks are associated  with the
                               Loews'  tobacco   segment,   however,   requesting  a  full
                               divestment by 2010 from its tobacco may be unfeasible  from
                               an operational  perspective.  ISS believes that  requesting
                               the  company to fully  change a primary  line of  business,
                               when balanced  against the company's  historical  financial
                               performance,    could   substantially   disrupt   strategic
                               operations,  weaken  market  penetration  and represent the
                               abandonment of established brand  recognition.  Ultimately,
                               it is our opinion that this request would  benefit  neither
                               the company  nor its  shareholders.  Based on these  facts,
                               ISS does not believe  this  proposal  warrants  shareholder
                               support.


05/25/07 - A        Lowe's Companies, Inc. *LOW*            548661107                            03/30/07                  25,737
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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
                    4       Require Director Nominee Qualifications       Against      Against               ShrHoldr
                               ISS  believes  that  this  decision  should  be  made on an
                               individual  basis  and  not  according  to  an  inflexible,
                               across-the-board   standard,  as  this  proposal  suggests.
                                       Given that the company has governance  standards in
                               place which provide for independence,  accountability,  and
                               a focus on fiduciary duty among Lowe's board  members,  ISS
                               does not believe that  adoption of the proposed  guidelines
                               would add additional value to shareholders at this time.
                    5       Report on Progress Toward Implementing the    Against      Against               ShrHoldr
                            Company's Wood Policy
                               Based on the  company's  publicly  disclosed  wood  policy,
                               combined  with the annually  updated  status  report on the
                               implementation  of this  policy,  ISS does not believe that
                               the requested  information  would provide enough meaningful
                               information   to   shareholders   to   warrant   additional
                               reporting.  Therefore,  we  do  not  recommend  shareholder
                               support for this resolution.
                    6       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                               As  such,   shareholder   support  for  this   proposal  is
                               warranted.
                    7       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               ISS believes that tax gross-ups  associated  with severance
                               benefits  can amount to  significant  value.  By  excluding
                               these benefits from the company's policy,  shareholders are
                               unable to voice their opinion on overly-generous  severance
                               benefits.  Therefore,  ISS believes this proposal  warrants
                               shareholder support.
                    8       Pay For Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program  for named  executives  does  provide
                               adequate  disclosure  concerning the specific  hurdle rates
                               and target  payments for the  disclosed  financial  metric.
                               However,  the  long-term  compensation  program  is largely
                               time-based  and  does  not  disclose  performance  metrics,
                               hurdle rates or target payouts.  Accordingly,  ISS believes
                               that  the  company  has  not  sufficiently   established  a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.


04/17/07 - A        M & T Bank Corp. *MTB*                  55261F104                            02/28/07                   1,306
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Brent D. Baird --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Robert T.  Brady.  We  recommend
                               shareholders  WITHHOLD  votes  from  Robert  T.  Brady  for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director Robert J. Bennet --- For
                    1.3     Elect Director C. Angela Bontempo --- For
                    1.4     Elect Director Robert T. Brady --- Withhold
                    1.5     Elect Director Michael D. Buckley --- For
                    1.6     Elect Director T.J. Cunningham III --- For
                    1.7     Elect Director Mark J. Czarnecki --- For
                    1.8     Elect Director Colm E. Doherty --- For
                    1.9     Elect Director Richard E. Garman --- For
                    1.10    Elect Director Daniel R. Hawbaker --- For
                    1.11    Elect Director Patrick W.E. Hodgson --- For
                    1.12    Elect Director Richard G. King --- For
                    1.13    Elect Director Reginald B. Newman II --- For
                    1.14    Elect Director Jorge G. Pereira --- For
                    1.15    Elect Director Michael P. Pinto --- For
                    1.16    Elect Director Robert E. Sadler, Jr. --- For
                    1.17    Elect Director Eugene J. Sheehy --- For
                    1.18    Elect Director Stephen G. Sheetz --- For
                    1.19    Elect Director Herbert L. Washington --- For
                    1.20    Elect Director Robert G. Wilmers --- For
                    2       Ratify Auditors                               For          For                   Mgmt


05/18/07 - A        Macy's Inc *M*                          31410H101                            03/23/07                      25
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Change Company Name                           For          For                   Mgmt
                               Because it is unlikely  that the name  change  would have a
                               negative  financial  impact on the company,  ISS recommends
                               supporting the proposal.
                    4       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Approve Deferred Compensation Plan            For          For                   Mgmt
                               Although this plan reserves  250,000  shares for issue,  it
                               does not result in shareholder  wealth  transfer.  Instead,
                               it merely alters the medium through which  participants are
                               paid by allowing such  individuals to receive common shares
                               in  lieu of  cash.  The  potential  voting  power  dilution
                               resulting  from the shares  reserved under this proposal is
                               0.05  percent.  By paying  directors  a greater  portion of
                               their   compensation  in  stock  rather  than  cash,  their
                               interests  may  be  more  closely  aligned  with  those  of
                               shareholders.


04/25/07 - A        Marathon Oil Corp *MRO*                 565849106                            02/26/07                   5,925
                    1       Elect Director Charles F. Bolden, Jr.         For          For                   Mgmt
                    2       Elect Director Charles R. Lee                 For          For                   Mgmt
                    3       Elect Director Dennis H. Reilley              For          For                   Mgmt
                    4       Elect Director John W. Snow                   For          For                   Mgmt
                    5       Elect Director Thomas J. Usher                For          For                   Mgmt
                    6       Ratify Auditors                               For          For                   Mgmt
                    7       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    8       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    9       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 550,000,000  shares is below the
                               allowable threshold of 825,000,000 shares.


05/17/07 - A        Marsh & McLennan Companies, Inc.        571748102                            03/20/07                   9,289
                    *MMC*
                    1       Elect Director Zachary W. Carter              For          For                   Mgmt
                    2       Elect Director Oscar Fanjul                   For          For                   Mgmt
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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       Report on Political Contributions             Against      For                   ShrHoldr
                               ISS   believes   that   Marsh  &  McLennan   has   provided
                               shareholders  with some information to assess the company's
                               general policies and its oversight  mechanisms  relating to
                               its political  contributions.  We are,  however,  concerned
                               that   shareholders   lack  information   relating  to  the
                               company's  overarching  business  rationale  for  political
                               contributions,  the  administration  of its  PACs,  and its
                               trade association  spending.  Such information could assist
                               shareholders in their  assessment of the risks and benefits
                               associated   with   public   policy   activities    through
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.


04/24/07 - A        Marshall & Ilsley Corp. *MI*            571834100                            03/01/07                   4,300
                    1       Elect Directors                               For          For                   Mgmt
                    2       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                   Mgmt


05/18/07 - A        Mattel, Inc. *MAT*                      577081102                            03/30/07                   6,645
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Company Specific- Approve Majority Vote and   For          For                   Mgmt
                            Eliminate Cumulative Voting
                               In  such  cases,   ISS   believes   that  the  benefits  to
                               shareholders  of a majority  vote  standard in  uncontested
                               elections,   with  a  plurality   carve-out  for  contested
                               elections,  outweigh  the costs of  eliminating  cumulative
                               voting. As such,  shareholder  support for this proposal is
                               warranted.
                    4       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    5       Limit Executive Compensation                  Against      Against               ShrHoldr
                               We oppose  this item  because it could place the company at
                               a  competitive  disadvantage  in  attempting  to  attract a
                               qualified CEO.
                    6       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.
                    7       Report Progress on Improving Work and         Against      Against               ShrHoldr
                            Living Conditions
                               We believe that,  despite  shortcomings  in certain  areas,
                               Mattel's GMP program,  the  associated  public  disclosure,
                               and  remediation as needed  represents a positive  approach
                               toward  proactively  addressing issues related to workplace
                               labor  rights.  Therefore,  we believe that the  additional
                               reporting requested by this resolution is unnecessary,  and
                               may be  contrary  to the  company's  existing  approach  of
                               forthright disclosure and timely remediation.
                    8       Pay for Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               any disclosure  concerning the specific target hurdle rates
                               for  the  disclosed   financial   metrics.   Further,   the
                               long-term   compensation  program  is  largely  time-based.
                               Accordingly,   ISS  believes   that  the  company  has  not
                               sufficiently  established  a   pay-for-superior-performance
                               standard in its executive  compensation  programs. As such,
                               ISS believes that shareholder  support for this proposal is
                               warranted.


05/03/07 - A        MBIA Inc. *MBI*                         55262C100                            03/09/07                   2,272
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/24/07 - A        McDonald's Corp. *MCD*                  580135101                            03/26/07                  20,340
                    1       Elect Director Edward A. Brennan              For          For                   Mgmt
                    2       Elect Director Walter E. Massey               For          For                   Mgmt
                    3       Elect Director John W. Rogers, Jr.            For          For                   Mgmt
                    4       Elect Director Roger W. Stone                 For          For                   Mgmt
                    5       Ratify Auditors                               For          For                   Mgmt
                    6       Label Genetically Modified Organisms          Against      Against               ShrHoldr
                    7       Adopt and Implement ILO Based Code of         Against      Against               ShrHoldr
                            Conduct


07/26/06 - A        McKesson Corporation *MCK*              58155Q103                            05/31/06                   4,779
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


04/30/07 - A        MeadWestvaco Corp. *MWV*                583334107                            03/01/07                   3,054
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               While the  company  has  modified  its voting  standard  to
                               include the director  resignation policy (in an uncontested
                               election),  we believe that the majority vote standard with
                               the director  resignation  along with a plurality  standard
                               for  contested  elections is the benchmark  that  companies
                               should  transition  to.        As  such, we recommend  that
                               shareholders vote FOR this proposal.
                    4       Submit Shareholder Rights Plan (Poison        Against      For                   ShrHoldr
                            Pill) to Shareholder Vote
                               Conclusion        In  this case, the company's  rights plan
                               was not  approved  by  shareholders  nor does it embody the
                               above  features  that ISS  recommends.  We therefore  agree
                               with the  proponent  that the current pill should be put to
                               a  shareholder  vote or  redeemed  and that any new pill be
                               put to a shareholder vote.


05/24/07 - A        MEDCO Health Solutions Inc *MHS*        58405U102                            03/29/07                   4,868
                    1       Elect Directors                               For          For                   Mgmt
                    2       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code (if the company opts to
                               structure  awards  for  such  tax-favored  treatment),  the
                               number   of   shares   being    reserved   is    relatively
                               conservative,   the  offering  period  is  reasonable,  the
                               dollar limit on the  contribution is reasonable,  there are
                               caps placed on the employee's  contribution (expressed as a
                               percent   of   compensation),   and  there  are  limits  on
                               participation.
                    4       Ratify Auditors                               For          For                   Mgmt


08/24/06 - A        Medtronic, Inc. *MDT*                   585055106                            06/26/06                  19,044
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Richard H. Anderson --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider  Gordon M.  Sprenger.  We recommend
                               that  shareholders  WITHHOLD  votes from Gordon M. Sprenger
                               for standing as an affiliated  outsider on the Compensation
                               Committee.
                    1.2     Elect Director Michael R. Bonsignore --- For
                    1.3     Elect Director Robert C. Pozen --- For
                    1.4     Elect Director Gordon M. Sprenger ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect to the  shareholder  franchise.  ISS views  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace   advances   the  debate.   We  feel  that  the
                               company's  current  policy  that  directors  who  receive a
                               majority of withhold  votes tender their  resignation  is a
                               move toward a more democratic voting process.  However,  we
                               do  not  believe   that  this   resignation   policy  is  a
                               sufficient  alternative  to the  proposed  majority  voting
                               standard.   ISS  feels  that  support  for  this  proposal,
                               coupled with  continued  debate on election  reforms,  will
                               allow the  director  election  system to evolve to the next
                               level.


04/24/07 - A        Merck & Co., Inc. *MRK*                 589331107                            02/23/07                  36,591
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    5       Establish Range For Board Size                For          For                   Mgmt
                               Given  the  proposed  change  will  impose  a limit  on the
                               ability  of  the  board  to  increase   its  size   without
                               stockholder  approval,  we recommend  shareholders  support
                               this item.
                    6       Replace Cumulative Voting to Majority Vote    For          For                   Mgmt
                            Standard for the Election of Directors
                               ISS  believes   that  a  majority  vote  standard  for  the
                               election of directors in  uncontested  elections  increases
                               directors'  accountability  to  stockholders.  As such,  we
                               recommend shareholders support this proposal.
                    7       Publish Political Contributions               Against      Against               ShrHoldr
                               When   reviewing   requests  for   proposals  on  political
                               contributions,  ISS takes into account the scope and nature
                               of  the  request,  the  company's  adherence  to  laws  and
                               regulations governing political contributions,  and company
                               policies and additional  disclosure on such  contributions.
                               In this case, the company notes that its  contributions  to
                               political  entities and the related  disclosure comply with
                               all applicable  laws on this topic.  The proposal asks that
                               this report  should be published  within five business days
                               of the annual meeting,  disclosing the recipient and amount
                               of each  political  contribution  be made  in a  series  of
                               local and  national  newspapers.  While ISS  believes  that
                               increased disclosure is generally  beneficial,  it does not
                               appear  that the cost of  preparing  and  publicizing  such
                               reports in the manner  requested by the proponent  would be
                               the most effective use of shareholder funds.
                    8       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


11/08/06 - A        Meredith Corp. *MDP*                    589433101                            09/08/06                     667
                    1       Elect Directors                               For          For                   Mgmt


04/27/07 - A        Merrill Lynch & Co., Inc.               590188108                            02/28/07                  14,899
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned   corporate   governance   and   performance
                               criteria.   Specifically,  the  company  does  not  have  a
                               majority   vote   standard   in  place  with  a   plurality
                               carve-out.  Accordingly,  the proposal warrants shareholder
                               support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               In   determining   the   vote   recommendation   for   this
                               shareholder  proposal,  ISS  looks  for  disclosure  of the
                               performance measures,  hurdle rates,  weightings and payout
                               levels (minimum,  target and maximum) as a prerequisite for
                               granting  these  restricted  stock  awards  in lieu of cash
                               bonus  compensation.   Because  of  the  high  compensation
                               levels,  additional  long-term  incentives are not awarded.
                               As mentioned  above,  the committee has a list of financial
                               objectives,  strategic objectives and leadership objectives
                               for the CEO. The  committee  also focused in  particular on
                               growth in net revenues,  after-tax  earnings,  earnings per
                               share and ROE. However,  no disclosure on the complete list
                               of  performance  measures,  their hurdle rates,  weightings
                               and payout levels have been made.  Without this disclosure,
                               ISS cannot  determine that these grants of restricted stock
                               awards   in   lieu   of   cash   bonus    compensation   is
                               performance-vesting  shares.  As such,  ISS  supports  this
                               shareholder proposal.


04/24/07 - A        MetLife, Inc *MET*                      59156R108                            03/01/07                  12,813
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


12/05/06 - A        Micron Technology, Inc. *MU*            595112103                            10/11/06                     438
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 11.96  percent  is within  the  allowable  cap for
                               this  company  of 12.40  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Amend EEO Policy to Prohibit Discrimination   Against      For                   ShrHoldr
                            Based on Sexual Orientation or Gender
                            Identity
                               In  this  case,  the  proponent  has  listed  a  series  of
                               principles to be addressed  through the company's  policies
                               to ensure the protection of employee  rights  regardless of
                               sexual  orientation or gender identity.  While ISS believes
                               that  some  aspects  of  this   resolution  may  be  overly
                               prescriptive  in  nature,  we  do  support  the  underlying
                               concern of the  shareholders  related to  nondiscrimination
                               based on sexual  orientation.  Such language is included in
                               many  large  companies'  EEO  language  and  can  serve  to
                               increase  a  company's  access  to  markets  and  potential
                               employees  while  mitigating   exposure  to  litigation  or
                               negative  publicity  stemming from this issue. As such, ISS
                               recommends shareholder support for this resolution.


11/14/06 - A        Microsoft Corp. *MSFT*                  594918104                            09/08/06                 138,418
                    1       Elect Director William H. Gates, III          For          For                   Mgmt
                    2       Elect Director Steven A. Ballmer              For          For                   Mgmt
                    3       Elect Director James I. Cash, Jr., Ph.D.      For          For                   Mgmt
                    4       Elect Director Dina Dublon                    For          For                   Mgmt
                    5       Elect Director Raymond V. Gilmartin           For          For                   Mgmt
                    6       Elect Director David F. Marquardt             For          For                   Mgmt
                    7       Elect Director Charles H. Noski               For          For                   Mgmt
                    8       Elect Director Helmut Panke                   For          For                   Mgmt
                    9       Elect Director Jon A. Shirley                 For          For                   Mgmt
                    10      Ratify Auditors                               For          For                   Mgmt
                    11      Cease Product Sales that Can Be Used to       Against      Against               ShrHoldr
                            Violate Human Rights
                               In this case, the proponent is requesting  that the company
                               cease providing  products that can be used to violate human
                               or labor  rights to foreign  governments,  departments,  or
                               agencies.  ISS is  concerned  with the  potential  negative
                               impact  that  such  actions   could  have  on   Microsoft's
                               competitive  position and,  ultimately,  shareholder value.
                               Moreover,  the company has  publicly  outlined the issue in
                               general,  potential options that the company is evaluating,
                               and its current policies related to government  regulations
                               on free expression.  This information  provides  disclosure
                               to  shareholders  on the potential  impact of this issue on
                               the company's  operations and informs interested parties of
                               Microsoft's  general  approach to  providing  products  and
                               services in such markets.  Considering Microsoft's level of
                               transparency  on this  issue as well as the  nature  of the
                               requested  actions,   ISS  does  not  believe   shareholder
                               support for this resolution is warranted.
                    12      Amend EEO Statement to Not Reference Sexual   Against      Against               ShrHoldr
                            Orientation
                               Therefore,  considering  potential  benefits  that  may  be
                               associated  with  Microsoft's   existing  policy,  and  the
                               absence   of   information   suggesting   that   there  are
                               significant  costs  or  negative  impacts  associated  with
                               including  reference  to  sexual  orientation  in  the  EEO
                               statement,  we do not believe  shareholder support for this
                               resolution is warranted.
                    13      Establish Shareholder Advisory Committee      Against      Against               ShrHoldr
                               While we agree  with the  proponent  that all  shareholders
                               are   entitled  to   third-party   proxy  advice  which  is
                               independent  from  management,  we are concerned  that this
                               proposal  includes  an inherent  conflict  of interest  and
                               creates a potential  legal  liability  to the  corporation.
                               Microsoft  would be  paying a proxy  advisor  directly  for
                               analysis of its own proxy matters.  The company may also be
                               responsible for any errors or omissions  contained in proxy
                               analysis.  ISS is also concerned that this resolution could
                               be expensive and  bureaucratic to administer.  The proposal
                               offers no details on how the bidding  process and  advisory
                               firm selection  would be handled or what hidden costs might
                               be  associated  with  these   processes.   Such  additional
                               corporate   expenditures   would   be   hard   to   justify
                               considering  analysis of proxy voting matters are currently
                               readily  available to the public from a variety of vendors,
                               and barriers to entry are low.


10/27/06 - A        Molex Incorporated *MOLX*               608554101                            08/29/06                   2,240
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/16/07 - A        Molson Coors Brewing Co *TAP*           60871R209                            03/20/07                     771
                    1       Elect Directors                               For          For                   Mgmt


05/30/07 - A        Monster Worldwide, Inc. *MNST*          611742107                            04/26/07                   2,172
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Salvatore Iannuzzi --- For
                               The  company's  compensation  committee  was  charged  with
                               administering   the  company's  stock  option  and  benefit
                               plans.  John  Gaulding,  Michael  Kaufman and Ronald Kramer
                               were part of the  compensation  committee for various years
                               during 1997 - 2003.  ISS recommends a vote to WITHHOLD from
                               John  Gaulding,  Michael  Kaufman and Ronald Kramer for the
                               lack of adequate  oversight on option grants between 1997 -
                               2003.  Further,  ISS  recommends  a vote to  WITHHOLD  from
                               current compensation  committee member, David A. Stein, for
                               not adopting and/or  disclosing  robust  internal  controls
                               surrounding  equity grants to ensure that a reoccurrence of
                               options  backdating  would not happen in the future.  While
                               both Robert Chrenc and Philip  Lochner,  Jr are part of the
                               compensation  committee,  they  joined  the board in recent
                               months.  Mr.  Chrenc  became a director  of the  company in
                               April  2007  and  Mr.  Lochner   joined  the   compensation
                               committee as of the date of the company's proxy statement.
                    1.2     Elect Director Robert J. Chrenc --- For
                    1.3     Elect Director George R. Eisele --- For
                    1.4     Elect Director John Gaulding --- Withhold
                    1.5     Elect Director Michael Kaufman --- Withhold
                    1.6     Elect Director Ronald J. Kramer --- Withhold
                    1.7     Elect Director Philip R. Lochner, Jr --- For
                    1.8     Elect Director David A. Stein --- For
                    2       Ratify Auditors                               For          For                   Mgmt


04/24/07 - A        Moody's Corporation *MCO*               615369105                            03/01/07                   3,961
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Basil L. Anderson --- For
                               Pension  Plans:        In  reviewing the company's  Pension
                               Benefits  Table For 2006, we noted that the number of years
                               credited   service  for  Retirement   Account  and  Pension
                               Benefit  Equalization  Plan ("PBEP") was different from the
                               number  of  years   credited   service   for   Supplemental
                               Executive  Benefit Plan  ("SEBP").  However,  the number of
                               years credited service for Retirement  Account and PBEP was
                               based on  service  from the  date the  individual  became a
                               participant  in  the  plan,   while  the  number  of  years
                               credited  service  for SEBP was based on  service  from the
                               participant's  date of  hire.  Hence,  it may  appear  that
                               additional  years of pension  service has been credited but
                               this is not the case.
                    1.2     Elect Director Raymond W. McDaniel, Jr. ---
                            For
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               the allowable cap for this company of 10 percent.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Declassify the Board of Directors             Against      For                   ShrHoldr


04/10/07 - A        Morgan Stanley                          617446448                            02/09/07                  17,841
                    1       Elect Director Roy J. Bostock                 For          For                   Mgmt
                               Vote  Recommendations        We  recommend  a vote  FOR the
                               directors  with  the  exceptions  of  Klaus  Zumwinkel.  We
                               recommend  that   shareholders   vote  AGAINST  from  Klaus
                               Zumwinkel for sitting on more than three boards.
                    2       Elect Director Erskine B. Bowles              For          For                   Mgmt
                    3       Elect Director Howard J. Davies               For          For                   Mgmt
                    4       Elect Director C. Robert Kidder               For          For                   Mgmt
                    5       Elect Director John J. Mack                   For          For                   Mgmt
                    6       Elect Director Donald T. Nicolaisen           For          For                   Mgmt
                    7       Elect Director Charles H. Noski               For          For                   Mgmt
                    8       Elect Director Hutham S. Olayan               For          For                   Mgmt
                    9       Elect Director Charles E. Phillips, Jr.       For          For                   Mgmt
                    10      Elect Director Griffith Sexton                For          For                   Mgmt
                    11      Elect Director Laura D. Tyson                 For          For                   Mgmt
                    12      Elect Director Klaus Zumwinkel                For          Against               Mgmt
                    13      Ratify Auditors                               For          For                   Mgmt
                    14      Approve Omnibus Stock Plan                    For          Against               Mgmt
                                                                                   VI.
                               Vote  Recommendation        For  institutional  clients who
                               accept the premise that investment  banking  companies have
                               a  distinctly   different  pay  philosophy  and  standards,
                               Morgan  Stanley's  equity pay  practices  against  the four
                               peer  companies  appear  to  be  reasonable.  However,  ISS
                               continues  to  believe  that  the  investment  banking  pay
                               strategy  remains to be the exception rather than the rule,
                               and  should  be  benchmarked  against  a  larger  financial
                               services   peer   group.   ISS  also   questions   if  high
                               compensation  structures are achieving  higher  shareholder
                               returns for these  companies  compared  to other  financial
                               services companies.          ISS  recommends a vote AGAINST
                               for the 2007 Equity Incentive Compensation Plan.
                    15      Amend Vote Requirements to Amend              Against      For                   ShrHoldr
                            Articles/Bylaws/Charter
                               ISS  supports  a  simple  majority  vote  requirement.   We
                               recommend a vote FOR the proposal.
                    16      Approve Report of the Compensation Committee  Against      For                   ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/07/07 - PC       Motorola, Inc. *MOT*                    620076109                            03/08/07                  40,745
                            Management Proxy (White Card)
                    1       Elect Directors                               For          DoNotVote             Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  For          DoNotVote             Mgmt
                    3       Advisory Vote to Ratify Named Executive       Against      DoNotVote             ShrHoldr
                            Officers' Compensation
                    4       Claw-back of Payments under Restatements      Against      DoNotVote             ShrHoldr
                            Dissident Proxy (Gold Card)
                    1       Elect Directors (Opposition Slate)            For          For                   Mgmt
                    1.1     Elect Director Carl C. Icahn --- For
                               ISS  Conclusion  and Vote  Recommendation  We find that MOT
                               has  significantly  underperformed  its peers  over  recent
                               quarters  and by most  accounts is expected to struggle the
                               remainder of the year.  Although the  long-term  historical
                               picture  is  more  favorable,   the  significant  near-term
                               deterioration  argues for a new  perspective  on the board.
                               MOT  has an  enviable  position  as the  #2  player  in the
                               handset  business.  Some  argue,  however,  the company has
                               fumbled  execution  during one of the most  robust  markets
                               for  handsets  in  history.  Since this is a contest  for a
                               minority  position  on the board,  we do not have to decide
                               whether or not the  dissident  has a  superior  plan to the
                               current  plan  of  the   incumbents.   We  need  merely  to
                               determine  if the  dissidents  could  bring an  alternative
                               viewpoint  to  the  board  that  is  likely  to  result  in
                               increased  shareholder  value.  Because the company appears
                               to be at an  important  inflection  point with  significant
                               uncertainty  about the  company's  current plan, we believe
                               the  presence  of a new  viewpoint  may help to ensure that
                               shareholder  value is preserved.  The company  argues Icahn
                               is not a  technology  expert  and  knows  little  about the
                               company's  business,  having just bought shares in January.
                               We note, however,  that many of the incumbent board members
                               have no  technology  experience,  and we  presume  most had
                               little  knowledge  of the  company  prior  to  joining  the
                               board.  We conclude that Icahn has a positive  track record
                               for creating  shareholder  value across a diverse  universe
                               of  industries,  whether as a board member or as an outside
                               shareholder  activist.  In our  opinion,  it's more  likely
                               than not  Icahn  will act as a  positive  influence  on the
                               board   by   providing   a   fresh   perspective   from   a
                               shareholder's  perspective.  Based on the factors discussed
                               above,  on balance we  conclude  that the  presence of Carl
                               Icahn on the MOT board would  likely  prove  beneficial  to
                               long-term  shareholder value. The financial and operational
                               performance  of the company and the  dissident's  skill set
                               and track  record  establish  both the need for  change and
                               the  dissident's  ability to effect  change.  The  specific
                               details of the  dissident  plan are of less  importance  in
                               this short-slate contest.
                    1.2     Elect Director E. Zander --- For
                    1.3     Elect Director D. Dorman --- For
                    1.4     Elect Director J. Lewent --- For
                    1.5     Elect Director T. Meredith --- For
                    1.6     Elect Director N. Negroponte --- For
                    1.7     Elect Director S. Scott, III --- For
                    1.8     Elect Director R. Sommer --- For
                    1.9     Elect Director J. Stengel --- For
                    1.10    Elect Director D. Warner, III --- For
                    1.11    Elect Director M. White --- For
                    2       Amend Qualified Employee Stock Purchase Plan  None         For                   Mgmt
                               ISS  approves of this item because 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       Advisory Vote to Ratify Named Executive       For          For                   ShrHoldr
                            Officers' Compensation
                               Conclusion  ISS believes that the advisory vote would allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability
                    4       Claw-back of Payments under Restatements      None         For                   ShrHoldr
                               Conclusion   ISS   believes   that  the   company  has  not
                               fundamentally   addressed  the  proponent's  key  concerns.
                               Therefore,  ISS believes this proposal warrants shareholder
                               vote and we recommend a vote FOR.


05/09/07 - A        Murphy Oil Corp. *MUR*                  626717102                            03/12/07                   3,153
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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


07/28/06 - A        Mylan Laboratories Inc. *MYL*           628530107                            06/05/06                   3,412
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   III.
                               Vote  Recommendation        Approval  of  this  item  would
                               allow the  company to  preserve  the tax  deductibility  of
                               performance-based  compensation  under Section 162(m).  ISS
                               recommends a vote FOR this proposal.
                    3       Ratify Auditors                               For          For                   Mgmt


06/05/07 - A        National Oilwell Varco, Inc. *NOV*      637071101                            04/13/07                   2,858
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


10/06/06 - A        National Semiconductor Corp. *NSM*      637640103                            08/18/06                   5,327
                    1       Elect Director Brian L. Halla                 For          For                   Mgmt
                    2       Elect Director Steven R. Appleton             For          For                   Mgmt
                    3       Elect Director Gary P. Arnold                 For          For                   Mgmt
                    4       Elect Director Richard J. Danzig              For          For                   Mgmt
                    5       Elect Director John T. Dickson                For          For                   Mgmt
                    6       Elect Director Robert J. Frankenberg          For          For                   Mgmt
                    7       Elect Director E. Floyd Kvamme                For          For                   Mgmt
                    8       Elect Director Modesto A. Maidique            For          For                   Mgmt
                    9       Elect Director Edward McCracken               For          For                   Mgmt
                    10      Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        NCR Corporation *NCR*                   62886E108                            02/12/07                   3,003
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


08/31/06 - A        Network Appliance, Inc. *NTAP*          64120L104                            07/05/06                   5,841
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 12.41  percent  is within  the  allowable  cap for
                               this  company  of 12.50  percent.  Additionally,  this plan
                               expressly forbids repricing.
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                               Because  the  total  cost of the  company's  plans of 12.41
                               percent is within  the  allowable  cap for this  company of
                               12.50  percent and the plan  expressly  forbids  repricing,
                               ISS recommends a vote FOR this amendment.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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


05/08/07 - A        Newell Rubbermaid Inc. *NWL*            651229106                            03/15/07                   4,672
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Scott S. Cowen --- Withhold
                               We  recommend a vote FOR Michael A.  Todman,  but  WITHHOLD
                               votes  from  all the  other  nominees.  We  recommend  that
                               shareholders  WITHHOLD  votes  from  independent  outsiders
                               Gordon R.  Sullivan,  Cynthia  A.  Montgomery  and Scott S.
                               Cowen for failure to implement  the board  declassification
                               proposal.
                    1.2     Elect Director Cynthia A. Montgomery ---
                            Withhold
                    1.3     Elect Director Gordon R. Sullivan ---
                            Withhold
                    1.4     Elect Director Michael A. Todman --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               Effective  corporate  governance  depends  upon  the  board
                               being  accountable  to  shareholders.  ISS maintains that a
                               simple  majority of voting  shares  should be sufficient to
                               effect  changes  in  a  company's   corporate   governance.
                               Requiring   more  than  a  simple   majority   may   permit
                               management to entrench  itself by blocking  amendments that
                               are  in  shareholders'  best  interests.   Accordingly,  we
                               believe that this proposal warrants shareholder support.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS advocates  that a majority vote standard  (with a carve
                               out for  plurality  in contested  election)  coupled with a
                               director  resignation  policy would give full effect to the
                               shareholder   franchise.   Accordingly,   we  believe  this
                               proposal warrants shareholder support.


04/24/07 - A        Newmont Mining Corp. *NEM*              651639106                            02/27/07                   7,588
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Glen A. Barton --- Withhold
                    1.2     Elect Director Vincent A. Calarco --- For
                    1.3     Elect Director Noreen Doyle --- For
                    1.4     Elect Director Veronica M. Hagen --- For
                    1.5     Elect Director Michael S. Hamson --- For
                    1.6     Elect Director Pierre Lassonde --- For
                    1.7     Elect Director Robert J. Miller --- For
                    1.8     Elect Director Wayne W. Murdy --- For
                    1.9     Elect Director Robin A. Plumbridge --- For
                    1.10    Elect Director John B. Prescott --- Withhold
                    1.11    Elect Director Donald C. Roth --- Withhold
                    1.12    Elect Director James V. Taranik --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Impact of Operations in Indonesia   Against      Against               ShrHoldr
                               In this  case,  we note that  there has been a  significant
                               level of  controversy  and litigation  surrounding  some of
                               the company's  operations  in Indonesia.  The ruling of the
                               criminal  complaint  against  PTNMR and the findings of the
                               scientific   panel   established   by  agreement  with  the
                               Indonesian  government  could have a significant  financial
                               impact on the  company,  and  potentially  have a  negative
                               impact  on its  continuing  operations  in  other  parts of
                               Indonesia.   That  said,   the  company   has   provided  a
                               considerable amount of detailed  information in its filings
                               and on  corporate  websites  to discuss  this  topic.  This
                               includes  information  on the company's  relationship  with
                               subsidiaries  operating in Indonesia,  detailed  discussion
                               of   the   policies   and   procedures    surrounding   the
                               controversy,    an   outline    ongoing    litigation   and
                               settlements,   and  summary  data  of  scientific  findings
                               commissioned  by the company to evaluate  pollution  in the
                               Buyat Bay region. In our opinion,  this existing disclosure
                               provides   shareholders  with  sufficient   information  to
                               evaluate the company's policies,  procedures,  and findings
                               related to public health and pollution  resulting  from its
                               operations  in  Indonesia.  As such, we do not believe that
                               shareholder support for this resolution is warranted.
                    4       Report on Policies related to Public          For          For                   ShrHoldr
                            Opposition to Mining Operations
                               In  this  case,   management  has  opted  to  support  this
                               shareholder  resolution,  noting  that  its  Environmental,
                               Health,   and  Safety   Committee   is  in  a  position  to
                               effectively  address the concerns noted in the proposal and
                               provide  a  report   to  the   board   and  the   company's
                               shareholders  on its findings.  This proactive  approach to
                               stakeholder  relations could improve the company's  ability
                               to operate in challenging markets and increase  shareholder
                               awareness  of company  policies and  procedures  related to
                               these  issues  without  significant  cost or  burden to the
                               company.  Therefore, ISS recommends shareholder support for
                               this resolution.
                    5       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               While  the  company's   governance   structure   meets  the
                               criteria  listed above,  Newmont Mining has  underperformed
                               both  the  index  and  the  peers  in  both   one-year  and
                               three-year TSR. Therefore,  this item warrants  shareholder
                               support.


09/18/06 - A        Nike, Inc. *NKE*                        654106103                            07/25/06                   2,979
                    1       Elect Directors                               For          For                   Mgmt
                    2       Report on Charitable Contributions            Against      Against               ShrHoldr
                               In this case,  we note that Nike  discloses  a  significant
                               amount of the  information  requested  by the  proponent on
                               its  corporate  website,   in  its  corporate   citizenship
                               report,  and through other public sources.  Moreover,  some
                               aspects  of  the  resolution,   including  determining  the
                               estimated   or   actual   benefits   of   each   charitable
                               contribution   may  be   difficult   to   produce   without
                               significant  speculation,  and  could  place a  significant
                               burden on the company without providing  commensurate value
                               to   shareholders.   Therefore,   ISS  does  not  recommend
                               shareholder support for the resolution at this time.
                    3       Ratify Auditors                               For          For                   Mgmt


05/08/07 - A        NiSource Inc. *NI*                      65473P105                            03/13/07                   4,601
                    1       Elect Director Steven C. Beering              For          For                   Mgmt
                    2       Elect Director Dennis E. Foster               For          For                   Mgmt
                    3       Elect Director Marty K. Kittrell              For          For                   Mgmt
                    4       Elect Director Peter McCausland               For          For                   Mgmt
                    5       Elect Director Steven R. McCracken            For          For                   Mgmt
                    6       Elect Director W. Lee Nutter                  For          For                   Mgmt
                    7       Elect Director Ian M. Rolland                 For          For                   Mgmt
                    8       Elect Director Robert C. Skaggs, Jr           For          For                   Mgmt
                    9       Elect Director Richard L. Thompson            For          For                   Mgmt
                    10      Elect Director Carolyn Y. Woo                 For          For                   Mgmt
                    11      Elect Director Roger A. Young                 For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Noble Corporation *NE*                  G65422100                            03/01/07                   2,285
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/22/07 - A        Nordstrom, Inc. *JWN*                   655664100                            03/14/07                   3,856
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/10/07 - A        Norfolk Southern Corp. *NSC*            655844108                            03/05/07                   6,689
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


08/22/06 - A        North Fork Bancorporation, Inc.         659424105                            07/07/06                   7,339
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based  on the  market  premium  received,  positive  market
                               reaction  and  strategic  rationale,  we  believe  that the
                               merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          Against               Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.
                    3       Elect Directors                               For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        Northern Trust Corp. *NTRS*             665859104                            02/26/07                   3,160
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Linda Walker Bynoe --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Nicholas D. Chabraja --- For
                    1.3     Elect Director Susan Crown --- For
                    1.4     Elect Director Dipak C. Jain --- For
                    1.5     Elect Director Arthur L. Kelly --- For
                    1.6     Elect Director Robert C. Mccormack --- For
                    1.7     Elect Director Edward J. Mooney --- For
                    1.8     Elect Director William A. Osborn --- For
                    1.9     Elect Director John W. Rowe --- For
                    1.10    Elect Director Harold B. Smith --- For
                    1.11    Elect Director William D. Smithburg --- For
                    1.12    Elect Director Enrique J. Sosa --- For
                    1.13    Elect Director Charles A. Tribbett III ---
                            For
                    1.14    Elect Director Frederick H. Waddell --- For
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 11 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 12
                               percent.
                    3       Ratify Auditors                               For          For                   Mgmt


05/16/07 - A        Northrop Grumman Corp. *NOC*            666807102                            03/20/07                   5,822
                    1       Elect Director Lewis W. Coleman               For          For                   Mgmt
                    2       Elect Director Victor H. Fazio                For          For                   Mgmt
                    3       Elect Director Donald E. Felsinger            For          For                   Mgmt
                    4       Elect Director Stephen E. Frank               For          For                   Mgmt
                    5       Elect Director Charles R. Larson              For          For                   Mgmt
                    6       Elect Director Richard B. Myers               For          For                   Mgmt
                    7       Elect Director Philip A. Odeen                For          For                   Mgmt
                    8       Elect Director Aulana L. Peters               For          For                   Mgmt
                    9       Elect Director Kevin W. Sharer                For          For                   Mgmt
                    10      Elect Director Ronald D. Sugar                For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt
                    12      Approve Non-Employee Director Omnibus Stock   For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote  Recommendation        In   2005,  ISS  implemented  a
                               modified policy in evaluating  director  equity plans.  ISS
                               considers  the costs of  equity  plans  including  director
                               plans  and   employee-based   compensation   plans  in  the
                               binomial  compensation  model.  If the  total  costs of the
                               combined  equity plans exceed the  allowable  cap, ISS will
                               review the qualitative  features of director  compensation,
                               taking  into   account   (i)   director   stock   ownership
                               guidelines  (ii)  vesting  schedule  (iii) mix between cash
                               and  equity   (iv)   retirement/benefit   and   perquisites
                               programs  and (v)  quality  of  disclosure.        In  this
                               case,  the  combined  cost of the 1995 plan and the  shares
                               from  remaining  equity  plans  available  for future grant
                               exceed the company's  allowable cap of 5 percent.  However,
                               in  reviewing  the  qualitative  features of the  company's
                               director  compensation,  the  company has met all the above
                               criteria.   Specifically,  each  non-employee  director  is
                               expected  to  defer at least  50  percent  of their  annual
                               retainer  into  company  stock to be placed in a stock unit
                               account.  The deferred stock is distributed to the director
                               upon  termination  of  his  or her  service  on the  board.
                               Further,  the company provided a tabular  disclosure on its
                               director  compensation  by displaying  fees earned in cash,
                               option   awards,   all   other   compensation   and   total
                               compensation  for each  non-employee  director.  We believe
                               the company meets all of the above qualitative  features of
                               director  compensation.  As such,  we  recommend a vote FOR
                               Item 12
                    13      Report on Foreign Arms Sales                  Against      Against               ShrHoldr
                               ISS believes that the  combination  of federal  regulation,
                               the current level of disclosure  by Northrop  Grumman,  and
                               the  necessity  to limit  disclosure  where it could affect
                               the company's  competitive advantage outweigh the potential
                               benefits   that  may  be   derived   from  this   proposal.
                               Therefore,   we  do  not  believe  this  proposal  warrants
                               shareholder support.
                    14      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    15      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.


05/11/07 - A        Novellus Systems, Inc. *NVLS*           670008101                            03/30/07                   2,125
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 12 percent is equal to
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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


05/10/07 - A        Nucor Corp. *NUE*                       670346105                            03/12/07                   5,092
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions  that do not allow for a carveout for plurality
                               elections  when there are more  nominees  that board seats.
                               ISS advocates  that a majority vote standard in uncontested
                               elections coupled with a director  resignation policy would
                               give full effect to the shareholder franchise.


05/04/07 - A        Occidental Petroleum Corp. *OXY*        674599105                            03/15/07                  14,520
                    1       Elect Director Spencer Abraham                For          Against               Mgmt
                               While  the   compensation   committee   has  shifted   from
                               time-based  restricted  stock  units  to  performance-based
                               equity  awards  with  disclosed   performance  measure  and
                               hurdle  rates,  the  sheer  magnitude  of Dr.  Irani's  pay
                               package  continues  to be a sticker  shock and  overshadows
                               the positive  steps that the committee has taken.  As such,
                               ISS   recommends   a  vote   AGAINST  all  members  of  the
                               compensation  committee:  R. Chad Dreier,  Rosemary Tomich,
                               Irvin W.  Maloney,  Rodolfo  Segovia,  John S.  Chalsty and
                               Spencer  Abraham.  New members who can provide a rethinking
                               and  prudence  on  compensation  payouts are needed on this
                               compensation  committee.  We also  recommend a vote AGAINST
                               Spencer  Abraham for standing as an affiliated  outsider on
                               the  Compensation  Committee.  Other  compensation  related
                               items  include a  management  proposal to  increase  shares
                               under  the  2005  Plan   (Item  14)  and  two   shareholder
                               proposals  (Items 16 and 17).  Please note that the company
                               has  a  plurality   vote   standard  for  the  election  of
                               directors,  and has a  director  resignation  policy in its
                               bylaws/charter.
                    2       Elect Director Ronald W. Burkle               For          For                   Mgmt
                    3       Elect Director John S. Chalsty                For          Against               Mgmt
                    4       Elect Director Edward P. Djerejian            For          For                   Mgmt
                    5       Elect Director R. Chad Dreier                 For          Against               Mgmt
                    6       Elect Director John E. Feick                  For          For                   Mgmt
                    7       Elect Director Ray R. Irani                   For          For                   Mgmt
                    8       Elect Director Irvin W. Maloney               For          Against               Mgmt
                    9       Elect Director Rodolfo Segovia                For          Against               Mgmt
                    10      Elect Director Aziz D. Syriani                For          For                   Mgmt
                    11      Elect Director Rosemary Tomich                For          Against               Mgmt
                    12      Elect Director Walter L. Weisman              For          For                   Mgmt
                    13      Ratify Auditors                               For          For                   Mgmt
                    14      Amend Omnibus Stock Plan                      For          Against               Mgmt
                                                                                   VI.
                               Vote Recommendation        Please  refer to the Election of
                               Directors   for  a  complete   analysis  of  the  company's
                               executive  compensation  review.  In  determining  the vote
                               recommendation for the 2005 Plan,  besides  considering the
                               total  shareholder value transfer and the burn rate policy,
                               ISS also  considered the perennial pay issue at Occidental.
                               While the company's total  shareholder value transfer costs
                               is within the  allowable  cap and the  company's  burn rate
                               meets the threshold of the peer group,  equity compensation
                               has been fueling Dr.  Irani's  outsized  pay  package.  ISS
                               analyzed   the  portion  of  Dr.   Irani's   total   equity
                               compensation  as a percent of total  equity  grants made to
                               the  entire  company  (i.e.,  on a share  basis,  how  much
                               equity is  concentrated  on Dr.  Irani's annual grants as a
                               percent of total grants made to all  employees?)  Dr. Irani
                               received  35%, 34% and 18% of total  equity  grants made to
                               all  employees  for  fiscal  years  2006,  2005,  and 2004,
                               respectively.  Almost a third of the  total  equity  grants
                               has been granted to Dr.  Irani for the past two years.  For
                               the  PRSUs,  which  was  implemented  in  2006,  Dr.  Irani
                               received  66%  of  the  total  PRSUs  granted  to  all  key
                               employees.  While  this  is  a  broad-based  plan,  ISS  is
                               concerned  that an approval  of this plan will  continue to
                               perpetuate the pay issue at Occidental.  Further, ISS notes
                               that the  company has  approximately  20.4  million  shares
                               remaining,  which  should be  sufficient  for grants to the
                               rank-and-file employees.  Therefore, ISS recommends to vote
                               AGAINST  the  proposed  amendment  to  increase  32 million
                               under the 2005 Plan.
                    15      Publish a Scientific Global Warming Report    Against      Against               ShrHoldr
                               While  Occidental's  reporting does not address some issues
                               of concern  related to climate  change,  we believe that it
                               effectively    presents    shareholders   with   sufficient
                               information to understand  the company's  broad position on
                               this issue and provides some  discussion that speaks to the
                               company's   rationale  for  certain   strategic   decisions
                               related to climate  change.  While we encourage the company
                               to  continue  to evaluate  initiatives  to address  climate
                               change and increase its disclosure,  we do not believe that
                               the  information  requested  in the  proposed  report  will
                               benefit  shareholders  from  an  economic  perspective.  As
                               such, we recommend a vote against this resolution.
                    16      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    17      Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               significantly    performance-based    according   to   ISS'
                               guidelines   and;   (2)  this   proposal   is  not   overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/25/07 - A        Office Depot, Inc. *ODP*                676220106                            03/20/07                   4,692
                    1       Elect Director Lee A. Ault, III               For          For                   Mgmt
                    2       Elect Director Neil R. Austrian               For          For                   Mgmt
                    3       Elect Director David W. Bernauer              For          For                   Mgmt
                    4       Elect Director Abelardo E. Bru                For          For                   Mgmt
                    5       Elect Director Marsha J. Evans                For          For                   Mgmt
                    6       Elect Director David I. Fuente                For          For                   Mgmt
                    7       Elect Director Brenda J. Gaines               For          For                   Mgmt
                    8       Elect Director Myra M. Hart                   For          For                   Mgmt
                    9       Elect Director W. Scott Hedrick               For          For                   Mgmt
                    10      Elect Director Kathleen Mason                 For          For                   Mgmt
                    11      Elect Director Michael J. Myers               For          For                   Mgmt
                    12      Elect Director Steve Odland                   For          For                   Mgmt
                    13      Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    14      Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        OfficeMax Incorporated *OMX*            67622P101                            03/07/07                   1,255
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS  believes  that a  simple  majority  of  voting  shares
                               should be all that is necessary to effect change  regarding
                               a  company  and its  corporate  governance  provisions.  As
                               such, we support this proposal.
                    4       Establish an Engagement Process with          Against      For                   ShrHoldr
                            Proponents of a Shareholder Proposal
                               Conclusion        Although    Officemax    acted    on    a
                               majority-supported  shareholder  proposal to declassify the
                               board last year,  the company has ignored that  proposal in
                               prior  years.  We also note that the  company has not taken
                               action  towards  the  proponent's  request in spite of last
                               year's proposal  receiving the support of a majority of the
                               votes cast.  In light of a  majority-supported  shareholder
                               proposal,  which  has been  ignored  by  management  in the
                               past,  we  believe  it is best  practice  to ensure  direct
                               communication     with    the    respective     shareholder
                               proponent(s). We recommend in favor of this proposal.


05/22/07 - A        Omnicom Group Inc. *OMC*                681919106                            04/06/07                   2,824
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 7 percent is equal to
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.


10/09/06 - A        Oracle Corp. *ORCL*                     68389X105                            08/14/06                  61,443
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Jeffrey O. Henley --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider Jack F. Kemp.  We recommend  that
                               shareholders  WITHHOLD  votes from Jack F. Kemp for sitting
                               on more than six boards.
                    1.2     Elect Director Lawrence J. Ellison --- For
                    1.3     Elect Director Donald L. Lucas --- For
                    1.4     Elect Director Michael J. Boskin --- For
                    1.5     Elect Director Jack F. Kemp --- Withhold
                    1.6     Elect Director Jeffrey S. Berg --- For
                    1.7     Elect Director Safra A. Catz --- For
                    1.8     Elect Director Hector Garcia-Molina --- For
                    1.9     Elect Director H. Raymond Bingham --- For
                    1.10    Elect Director Charles E Phillips, Jr. ---
                            For
                    1.11    Elect Director Naomi O. Seligman --- For
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Amend Non-Employee Director Omnibus Stock     For          For                   Mgmt
                            Plan
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.05 percent is within the  allowable cap for this
                               company   of  12.23   percent.   Additionally,   this  plan
                               expressly forbids repricing.


11/15/06 - A        Pall Corp. *PLL*                        696429307                            09/26/06                      52
                    1       Elect Directors                               For          For                   Mgmt
                    2       Declassify the Board of Directors             For          For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    3       Ratify Auditors                               For          For                   Mgmt


10/25/06 - A        Parker-Hannifin Corp. *PH*              701094104                            08/31/06                   1,898
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director Robert J. Kohlhepp ---
                            Withhold
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend   shareholders  WITHHOLD  votes  from  Markos  I.
                               Tambakeras,  Klaus-Peter  M  ller,  Giulio  Mazzalupi,  and
                               Robert  J.   Kohlhepp   for   failure  to   implement   the
                               shareholder proposal to declassify the board.
                    1.2     Elect Director Giulio Mazzalupi --- Withhold
                    1.3     Elect Director Klaus-Peter Mueller ---
                            Withhold
                    1.4     Elect Director Markos I. Tambakeras ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


09/18/06 - A        Patterson Cos Inc. *PDCO*               703395103                            07/21/06                     351
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    3       Ratify Auditors                               For          For                   Mgmt


10/05/06 - A        Paychex, Inc. *PAYX*                    704326107                            08/07/06                   5,273
                    1       Election of Director: B. Thomas Golisano      For          For                   Mgmt
                    2       Election of Director: David J.S. Flaschen     For          For                   Mgmt
                    3       Election of Director: Phillip Horsley         For          For                   Mgmt
                    4       Election of Director: Grant M. Inman          For          For                   Mgmt
                    5       Election of Director: Pamela A. Joseph        For          For                   Mgmt
                    6       Election of Director: Jonathan J. Judge       For          For                   Mgmt
                    7       Election of Director: Jospeh M. Tucci         For          For                   Mgmt


05/01/07 - A        Peabody Energy Corp. *BTU*              704549104                            03/09/07                     646
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director William A. Coley --- Withhold
                               We recommend  withholding  votes from all of the  nominees.
                               We recommend that shareholders  WITHHOLD votes from insider
                               Irl F.  Engelhardt,  and independent  outsiders  William A.
                               Coley, William C. Rusnack, Alan H. Washkowitz,  and John F.
                               Turner for failure to implement  the proposal to declassify
                               the board.
                    1.2     Elect Director Irl F. Engelhardt ---
                            Withhold
                    1.3     Elect Director William C. Rusnack ---
                            Withhold
                    1.4     Elect Director John F. Turner --- Withhold
                    1.5     Elect Director Alan H. Washkowitz ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                               As such,  we believe  that this item  warrants  shareholder
                               support.


05/02/07 - A        PepsiCo, Inc. *PEP*                     713448108                            03/09/07                  27,676
                    1       Elect Director Dina Dublon                    For          For                   Mgmt
                    2       Elect Director Victor J. Dzau, M.D.           For          For                   Mgmt
                    3       Elect Director Ray L. Hunt                    For          For                   Mgmt
                    4       Elect Director Alberto Ibarguen               For          For                   Mgmt
                    5       Elect Director Arthur C. Martinez             For          For                   Mgmt
                    6       Elect Director Indra K. Nooyi                 For          For                   Mgmt
                    7       Elect Director Sharon Percy Rockefeller       For          For                   Mgmt
                    8       Elect Director James J. Schiro                For          For                   Mgmt
                    9       Elect Director Daniel Vasella                 For          For                   Mgmt
                    10      Elect Director Michael D. White               For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt
                    12      Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    13      Report on Charitable Contributions            Against      Against               ShrHoldr
                               Conclusion        In   this  case,  we  note  that  PepsiCo
                               discloses   a   significant   amount  of  the   information
                               requested  by  the  proponent  on  its  corporate  website.
                               Included  in this  information  is  disclosure  of both the
                               company's     contributions     and    its     Foundation's
                               contributions,  as  well  as  a  broad  discussion  of  the
                               company's  charitable  contribution  policies and programs.
                               Further,   discussion   on  the   website   describes   the
                               initiatives  that the company is involved in as well as its
                               broad  rationale for charitable  contributions.  Therefore,
                               based on the  existing  level of  disclosure,  ISS does not
                               recommend shareholder support for the resolution.


04/24/07 - A        PerkinElmer, Inc. *PKI*                 714046109                            02/26/07                   2,073
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Articles/Bylaws to Require Majority     For          For                   Mgmt
                            Vote For Uncontested Election of Directors
                               ISS generally  supports  both  management  and  shareholder
                               proposals   that  seek   majority  vote   requirements   in
                               boardroom   elections.   Director   accountability  is  the
                               hallmark of good  governance.  The board  election  process
                               must   ensure    that    shareholders'    expressions    of
                               dissatisfaction  with the  performance  of  directors  have
                               meaningful   consequences.   A   majority   vote   standard
                               transforms  the director  election  process from a symbolic
                               gesture  to  a  meaningful  voice  for  shareholders.   ISS
                               commends  the  company  for  responding  to   shareholders'
                               request  and  amending  its article and bylaws to require a
                               majority vote for uncontested elections of directors.
                    4       Pay For Superior Performance                  Against      For                   ShrHoldr
                               While  the  both  the PIP and the  LTIP  are  substantially
                               performance-driven,  on the whole,  the lack of  disclosure
                               of specific hurdle rates for the  performance  metrics used
                               to award the  incentives  would  limit the  extent to which
                               shareholders  can  assess  the rigor of the of the  program
                               and  determine  to  what  extent  pay and  performance  are
                               linked.


04/26/07 - A        Pfizer Inc. *PFE*                       717081103                            03/01/07                 121,527
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               With  regards  to  performance,  Pfizer's  one-year  TSR of
                               15.20% was below the  one-year TSR for the S&P 500 Index of
                               15.78%  but above  that of the GICS peer  group of  10.49%.
                               The company's three-year TSR of -7.16%  underperformed both
                               the S&P 500  Index's  and the GICS peer TSR  totals for the
                               same   period  of  10.43%  and  6.45%,   respectively.   As
                               mentioned  above,  Pfizer  experienced  a change in the CEO
                               position  in  2006.        In  this case,  however,  Pfizer
                               fails  to  meet  some  of  the   aforementioned   corporate
                               governance  criteria.  Specifically,  shareholders  may not
                               act by written  consent and call special  meetings.  Pfizer
                               also does not  provide  for a  majority  vote  standard  in
                               director  elections,  including a carve-out  for  plurality
                               voting  in  contested   situations.        Although  Pfizer
                               does not fail the performance  criteria specified,  it does
                               not meet  all of the  aforementioned  corporate  governance
                               criteria.  Accordingly,  the proposal warrants  shareholder
                               support.
                    4       Report on Animal Testing Policies             Against      Against               ShrHoldr
                               Conclusion        Given  the company's current policies and
                               level of  disclosure  on animal  welfare and  testing,  the
                               lack  of  recent,  significant  litigation  related  to the
                               company's  international  testing  programs,  and questions
                               over the scope and value to  shareholders  of the requested
                               report, ISS does not believe  shareholder  support for this
                               resolution is warranted.
                    5       Amend Animal Welfare Policy                   Against      Against               ShrHoldr
                               Conclusion        In  this case,  we note that  Pfizer does
                               provide   stakeholders  with  publicly  available  policies
                               addressing   issues  of  animal  welfare.   These  policies
                               include  commitment  to  treating  animals  with  care  and
                               respect,  strict  compliance with  applicable  legislation,
                               training programs for employees  involved in animal testing
                               and   a   discussion   of   oversight   mechanism   through
                               third-party  audits.  Further,  ISS notes that the  company
                               expects all independent  contractors conducting research on
                               the  company's  behalf to adhere  to the  company's  animal
                               welfare  principles.  While  these  policies do not address
                               certain  issues to the degree  requested by the  proponent,
                               they do  appear  to be  comparable  to  policies  at  other
                               companies in the same  industry.  Moreover,  there does not
                               appear to be any recent,  significant  fines or  litigation
                               on the issue of animal  welfare  at  Pfizer  that  indicate
                               systematic  problems  with  the  company's  animal  welfare
                               policies,  or that  suggest  that the  company  lags behind
                               industry  peers on the matter of animal  welfare.  Finally,
                               ISS is concerned  with the  structure  of this  resolution.
                               Beyond  asking  for  a  feasibility  study  evaluating  the
                               merits of amending  the  company's  guidelines,  compliance
                               with this  resolution  also  implies  that the company must
                               apply this  policy to its  contract  laboratories,  oversee
                               adherence  to the  policy,  and  publish  an annual  report
                               outlining contractor compliance.  These additional measures
                               could  place  a  significant   burden  on  the  company  or
                               complicate the company's  contractual  agreements  with the
                               external  laboratories  that it retains for certain  animal
                               testing   programs.   As  such,   ISS  does  not  recommend
                               stockholder support for this proposal.
                    6       Require Director Nominee Qualifications       Against      Against               ShrHoldr
                               Given that the company has  governance  standards  in place
                               which   provide   for   independence,   including  a  stock
                               ownership  policy for directors,  ISS does not believe that
                               adoption of the proposed  guidelines  would add  additional
                               value to shareholders at this time.


04/18/07 - A        PG&E Corp. *PCG*                        69331C108                            02/20/07                   5,879
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Performance-Based and/or Time-Based Equity    Against      Against               ShrHoldr
                            Awards
                               Given that the company's long-term  incentive  compensation
                               program is  substantially  performance  based  according to
                               ISS' guidelines,  and considering the fact that the company
                               attaches  payment to specific  pre-established  performance
                               targets,   we   believe   that  the   company's   long-term
                               compensation  program  sufficiently  meets the  proponent's
                               requirements.  As such, we believe  shareholder  support of
                               this proposal is not warranted.
                    4       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               The  company  does  not  meet  all  of  the  aforementioned
                               corporate    governance    and    performance     criteria.
                               Specifically,  the  company  does not have a majority  vote
                               standard in place with a plurality carve-out.  Accordingly,
                               the proposal warrants shareholder support.


03/14/07 - S        Phelps Dodge Corp.                      717265102                            02/12/07                   3,438
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the merger
                               premium  and  strategic  rationale,  we  believe  that  the
                               merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               When ISS is supportive of the  underlying  transaction,  we
                               may  support a  narrowly-crafted  proposal  to adjourn  the
                               meeting for the purpose of soliciting  additional  votes to
                               approve the transaction.


05/23/07 - A        Pinnacle West Capital Corp. *PNW*       723484101                            03/26/07                   1,690
                    1       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    2       Elect Directors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Ratify Auditors                               For          For                   Mgmt


05/14/07 - A        Pitney Bowes Inc. *PBI*                 724479100                            03/09/07                   3,740
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 8
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Require Majority Vote to Elect Directors in   For          For                   Mgmt
                            an Uncontested Election


05/02/07 - A        Plum Creek Timber Company, Inc. *PCL*   729251108                            03/09/07                   2,984
                    1       Elect Director Rick R. Holley                 For          For                   Mgmt
                               We recommend a vote FOR the directors.
                    2       Elect Director Ian B. Davidson                For          For                   Mgmt
                    3       Elect Director Robin Josephs                  For          For                   Mgmt
                    4       Elect Director John G. McDonald               For          For                   Mgmt
                    5       Elect Director Robert B. McLeod               For          For                   Mgmt
                    6       Elect Director John F. Morgan, Sr.            For          For                   Mgmt
                    7       Elect Director John H. Scully                 For          For                   Mgmt
                    8       Elect Director Stephen C. Tobias              For          For                   Mgmt
                    9       Elect Director Carl B. Webb                   For          For                   Mgmt
                    10      Elect Director Martin A. White                For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt
                    12      Report on Political Contributions             Against      For                   ShrHoldr
                               ISS   believes   that  Plum  Creek   Timber  has   provided
                               shareholders  with some information to assess the company's
                               general policies and its oversight  mechanisms  relating to
                               its political  contributions.  We are,  however,  concerned
                               that   shareholders   lack  information   relating  to  the
                               company's  trade  association  spending.  Such  information
                               could assist  shareholders in their assessment of the risks
                               and  benefits  associated  with  public  policy  activities
                               through  associations  without significant cost, burden, or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.
                    13      Pay For Superior Performance                  Against      Against               ShrHoldr
                               Given  that:  1) a  significant  portion of both the annual
                               and long-term incentive  compensation paid to the company's
                               executive officers is  performance-based  according to ISS'
                               guidelines;  2) the  company  attaches  payment to specific
                               pre-established  performance  targets,  we believe that the
                               company's  compensation  program is  performance-based  and
                               sufficiently meets the proponent's  requirements.  As such,
                               we  believe  shareholder  support of this  proposal  is not
                               warranted.


04/24/07 - A        PNC Financial Services Group, Inc.      693475105                            02/28/07                   4,952
                    *PNC*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt


04/19/07 - A        PPG Industries, Inc. *PPG*              693506107                            02/16/07                   2,785
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Articles/Bylaws/Charter General         For          For                   Mgmt
                            Matters
                               ISS generally  supports  both  management  and  shareholder
                               proposals   that  seek   majority  vote   requirements   in
                               boardroom   elections.   Director   accountability  is  the
                               hallmark of good  governance.  The board  election  process
                               must   ensure    that    shareholders'    expressions    of
                               dissatisfaction  with the  performance  of  directors  have
                               meaningful   consequences.   A   majority   vote   standard
                               transforms  the director  election  process from a symbolic
                               gesture  to  a  meaningful  voice  for  shareholders.   ISS
                               commends  the company for  amending its bylaws to require a
                               majority vote for election of directors.
                    4       Eliminate Cumulative Voting                   For          For                   Mgmt
                               Though different in  philosophical  view, ISS believes that
                               cumulative  voting and  majority  voting can work  together
                               operationally   using   majority   voting  in   uncontested
                               elections and cumulative voting in contested  elections for
                               increased     accountability    and    ensuring    minority
                               representation  on  the  board.   While  cumulative  voting
                               promotes  the   interests  of  minority   shareholders   by
                               allowing them representation on the board,  majority voting
                               promotes  a  democratic   election  of  directors  for  all
                               shareholders.  However, the company is seeking to eliminate
                               cumulative  voting in order to  facilitate  the adoption of
                               the majority vote standard in  uncontested  elections.  ISS
                               notes that  adoption  of the  majority  vote  standard,  as
                               shown  in Item 3, is  contingent  upon the  elimination  of
                               cumulative  voting.  In such cases,  ISS believes  that the
                               benefits to  shareholders  of a majority  vote  standard in
                               uncontested  elections,  with  a  plurality  carve-out  for
                               contested  elections,  outweigh  the  costs of  eliminating
                               cumulative  voting. As such,  shareholder  support for this
                               proposal is warranted.
                    5       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               In this  case,  the  only  severance  agreements  that  PPG
                               currently  has in place  with  its  senior  executives  are
                               change in control  agreements.  Change in control generally
                               includes  the  acquisition  of 20  percent  or  more of the
                               outstanding  shares  of  PPG  or the  voting  power  of the
                               outstanding voting securities of PPG. Further,  the company
                               discloses  that in the event of a change in control of PPG,
                               the company stock plans and award  agreements  provide that
                               the   participant   will  be  entitled   to  full   vesting
                               acceleration  of his or her  unvested  stock  options,  TSR
                               awards  and  RSUs.  Generally,  ISS  looks  for  change  in
                               control to be 50 percent or greater.          As it stands,
                               change in control  agreements have three-year terms,  which
                               are   automatically   extended   by  one  year   upon  each
                               anniversary.  As found in the  company's  most recent Proxy
                               Statement,  generally  the  officer is  entitled to receive
                               the  following  payments:  a  pro-rata  bonus  based on the
                               highest  annual bonus  during the three years prior;  three
                               times the  annual  base  salary;  three  times the  highest
                               annual  bonus;  a lump  sum  payment  having  an  actuarial
                               present  value  equal to the  additional  pension  benefits
                               that would have been received if  employment  continued for
                               an  additional  three  years for  purposes  of both age and
                               service;  continued  medical,  dental  and  life  insurance
                               benefits  for three  years and  continued  age and  service
                               credit  for   purposes   of   determining   the   officer's
                               eligibility   for  retiree  medical   benefits;   continued
                               payment of financial  counseling  expenses for three years;
                               and a payment  sufficient to make the officer whole for any
                               excise tax on excess  parachute  payment under Section 4999
                               of  the  Internal   Revenue   Code  of  1986.           ISS
                               continues  to believe  that  shareholders  should  have the
                               opportunity  to  approve  the  terms  of  future  severance
                               agreements.  We  believe  that  the  cap  suggested  by the
                               proponent  of 2.99  times  base  salary  and cash  bonus is
                               widely  considered  as  the  standard  threshold  level  of
                               severance  payments  for senior  executives  that should be
                               subject to a  shareholder  vote.  The  proposed  limit also
                               conforms  to the  parachute  tax  laws.  If the  amount  of
                               change-in-control  payments to an  executive  exceed  three
                               times  his or her base  amount,  then the  federal  tax law
                               categorizes  those  payments  as  parachute  payments.  The
                               Internal  Revenue Code  imposes on  executives a 20-percent
                               excise tax on excess  parachute  payments  and Section 280G
                               denies  corporation  tax  deductions  for excess  parachute
                               payments.          Therefore,  the limit  suggested  by the
                               proponent  is  not  arbitrary.   Additionally,   since  the
                               proponent's  proposal  does not  require  that  shareholder
                               approval be  obtained  prior to the  drafting of  severance
                               agreements,  we  do  not  believe  that  adoption  of  this
                               proposal  would  unduly  hinder  the  company's  ability to
                               negotiate such  agreements with potential  executives.  ISS
                               believes   that   shareholders   should  have  a  voice  in
                               lucrative  severance  payments  and prevent  the  excessive
                               "pay for  failure"  packages  that have been  witnessed  at
                               some  companies.  Shareholder  support for this proposal is
                               warranted.


05/23/07 - A        PPL Corp. *PPL*                         69351T106                            02/28/07                   6,431
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               ISS  supports,   where   permitted  under  state  law,  the
                               application of a simple  majority  voting  requirement  for
                               most  corporate  actions.   ISS  maintains  that  a  simple
                               majority of voting  shares  should be  sufficient to effect
                               major  transactions  and changes in a  company's  corporate
                               governance.  Requiring  more  than a  simple  majority  may
                               permit   management   to   entrench   itself  by   blocking
                               initiatives    that    are    in     shareholders'     best
                               interests.        We  support shareholder proposals seeking
                               to  eliminate  supermajority  vote  requirements,  as  they
                               could  serve as  entrenchment  devices for  management  and
                               therefore are not in the shareholders' best interest.


04/24/07 - A        Praxair, Inc. *PX*                      74005P104                            03/01/07                   5,442
                    1       Elect Directors                               For          For                   Mgmt
                    2       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS Analysis and Conclusion        Director  accountability
                               is the  hallmark  of good  governance.  The board  election
                               process  must  ensure  that  shareholders'  expressions  of
                               dissatisfaction  with the  performance  of  directors  have
                               meaningful   consequences.   A   majority   vote   standard
                               transforms  the director  election  process from a symbolic
                               gesture  to  a  meaningful  voice  for  shareholders.   ISS
                               believes that proposals  seeking majority vote requirements
                               in  boardroom   elections   warrant   shareholder   support
                               provided  a majority  vote  requirement  does not  conflict
                               with the  state  law where  the  company  is  incorporated.
                               Further,  ISS will not support any resolutions  that do not
                               allow for a carveout  for  plurality  elections  when there
                               are more  nominees that board seats.  ISS advocates  that a
                               majority vote standard coupled with a director  resignation
                               policy   would   give  full   effect  to  the   shareholder
                               franchise.        In  this case,  Praxair  has a  plurality
                               voting  system in place  and the  board  has not  adopted a
                               meaningful   alternative  to  the  proposed  majority  vote
                               standard.  As such, we recommend that shareholders vote FOR
                               this proposal.
                    3       Submit Shareholder Rights Plan (Poison        Against      Against               ShrHoldr
                            Pill) to Shareholder Vote
                               In  this  case,  Praxair's  rights  plan  was  approved  by
                               shareholders  in 2004.  ISS believes it is a good  practice
                               to  adopt a policy  to  submit  the  pill to a  shareholder
                               vote,  which Praxair did. While the company's pill does not
                               mirror all the features that ISS advocates,  it does have a
                               meaningful  flip  in  trigger,  a  shareholder   redemption
                               feature  in  case  of a  qualifying  offer,  and an  annual
                               evaluation   of  the   pill   by   independent   directors.
                               Therefore,  we do not recommend that  shareholders  support
                               this proposal.
                    4       Ratify Auditors                               For          For                   Mgmt


05/15/07 - A        ProLogis *PLD*                          743410102                            03/12/07                   4,171
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director K. Dane Brooksher --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider  William D. Zollars.  We recommend
                               that  shareholders  WITHHOLD  votes from William D. Zollars
                               for sitting on more than three boards.
                    1.2     Elect Director Stephen L. Feinberg --- For
                    1.3     Elect Director George L. Fotiades --- For
                    1.4     Elect Director Christine N. Garvey --- For
                    1.5     Elect Director Donald P. Jacobs --- For
                    1.6     Elect Director Walter C. Rakowich --- For
                    1.7     Elect Director Nelson C. Rising --- For
                    1.8     Elect Director Jeffrey H. Schwartz --- For
                    1.9     Elect Director D. Michael Steuert --- For
                    1.10    Elect Director J. Andre Teixeira --- For
                    1.11    Elect Director William D. Zollars ---
                            Withhold
                    1.12    Elect Director Andrea M. Zulberti --- For
                    2       Ratify Auditors                               For          For                   Mgmt


05/08/07 - A        Prudential Financial Inc *PRU*          744320102                            03/09/07                   8,039
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


11/21/06 - A        Public Service Enterprise Group Inc.    744573106                            09/29/06                   4,077
                    *PEG*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Limit Executive Compensation                  Against      Against               ShrHoldr
                               ISS believes that the compensation  committee should set up
                               and   administer   pay   practices   that   link   pay  and
                               performance.  Rather than setting arbitrary pay cap limits,
                               we  prefer  to  see   policies  in  place  that  reflect  a
                               relationship    between    executive    pay   and   company
                               performance.  That said, we note that the proposal seeks to
                               place a cap on the  CEO's  base  salary at  $1,000,000  and
                               annual  bonus at 25 percent of salary.  ISS  believes  that
                               establishing  a specific pay cap or threshold  could impede
                               the  company's  ability  to retain  and  attract  qualified
                               individuals  for executive  leadership.  Moreover,  we note
                               that an  arbitrary  pay cap can be  contrary to linking CEO
                               compensation  to  performance,  as it creates an artificial
                               guideline by which  executive pay should be measured.  With
                               respect  to long term  equity  compensation,  the  proposal
                               requests   the  company  to  grant  only   time-vested   or
                               performance-vested  restricted stock and not stock options.
                               In this case,  the company  recently  granted a substantial
                               number of  time-vested  restricted  stock to the Chairman &
                               CEO, which  reflected  awards for two years'  compensation.
                               No awards  were made in  December  2004 due to the  ongoing
                               merger  negotiations.  As such,  awards  for two  different
                               time  periods  were made in fiscal  2005.  While  there are
                               elements  of the  proposal  that  ISS  favors,  such as the
                               long-term    holding     requirement    of    equity    and
                               performance-based  equity awards,  ISS believes the overall
                               proposal is too restrictive.


04/17/07 - A        Public Service Enterprise Group Inc.    744573106                            02/19/07                   4,251
                    *PEG*
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Ernest H. Drew --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director William V. Hickey --- For
                    1.3     Elect Director Ralph Izzo --- For
                    1.4     Elect Director Richard J. Swift --- For
                    2       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 500,000,000  shares is below the
                               allowable threshold of 575,000,000 shares.
                    3       Approve Non-Employee Director Stock Option    For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.
                    4       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    5       Eliminate Cumulative Voting                   For          For                   Mgmt
                               ISS  believes  that  the  proposed  board  declassification
                               described in Item 4 will  enhance  shareholder  rights.  We
                               further  believe that the  benefits of an annually  elected
                               board  outweigh  any  downside  of the  loss of  cumulative
                               voting.  Accordingly,  we believe  that this item  warrants
                               shareholder support.
                    6       Eliminate Preemptive Rights                   For          For                   Mgmt
                               Approval  of  this  item  would   enhance   the   company's
                               flexibility  with  respect  to  raising  capital,  which we
                               believe  is  in   shareholders'   interests.   We  have  no
                               objection to this item.
                    7       Ratify Auditors                               For          For                   Mgmt


08/22/06 - A        Public Storage *PSA*                    74460D109                            06/23/06                   1,306
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above, in particular the reasonable
                               premium being paid and the strategic rationale,  we believe
                               that the merger agreement warrants shareholder support.
                    2       Elect Directors                               For          Split                 Mgmt
                    2.1     Elect Director B. Wayne Hughes --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsiders B. Wayne Hughes,  Jr. and B. Wayne
                               Hughes. We recommend that shareholders  WITHHOLD votes from
                               B.  Wayne  Hughes,   Jr.  and  B.  Wayne  Hughes  for  poor
                               attendance.
                    2.2     Elect Director Ronald L. Havner, Jr. --- For
                    2.3     Elect Director Harvey Lenkin --- For
                    2.4     Elect Director Robert J. Abernethy --- For
                    2.5     Elect Director Dann V. Angeloff --- For
                    2.6     Elect Director William C. Baker --- For
                    2.7     Elect Director John T. Evans --- For
                    2.8     Elect Director Uri P. Harkham --- For
                    2.9     Elect Director B. Wayne Hughes, Jr. ---
                            Withhold
                    2.10    Elect Director Daniel C. Staton --- For
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Adjourn Meeting                               For          For                   Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for the merger,  we  recommend  that  shareholders  support
                               this proposal.


05/03/07 - A        Public Storage *PSA*                    74460D109                            03/23/07                   2,073
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director B. Wayne Hughes --- For
                               ISS urges the compensation  committee to reassess the above
                               concerning  pay practices and provide a good  rationale for
                               them. ISS may recommend  withholding  from the compensation
                               committee members in the future, if the practices  continue
                               and/or disclosure continues to be lacking.
                    1.2     Elect Director Ronald L. Havner, Jr. --- For
                    1.3     Elect Director Dann V. Angeloff --- For
                    1.4     Elect Director William C. Baker --- For
                    1.5     Elect Director John T. Evans --- For
                    1.6     Elect Director Uri P. Harkham --- For
                    1.7     Elect Director B. Wayne Hughes, Jr. --- For
                    1.8     Elect Director Harvey Lenkin --- For
                    1.9     Elect Director Gary E. Pruitt --- For
                    1.10    Elect Director Daniel C. Staton --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Change State of Incorporation [From           For          Against               Mgmt
                            California Corporation to Maryland Real
                            Estate Investment Trust]
                               Although we  recognize  that the  reincorporation  proposal
                               would;   a)  enable  the  company  to  take   advantage  of
                               Maryland's   comprehensive   statutes   and  REIT   related
                               policies;  b) increase shareholder  ownership limit; and c)
                               help  realize  cost  savings,  we note  that  the  proposed
                               changes  to bylaws  would  adversely  affect  shareholders'
                               rights. More specifically,  shareholders would not have the
                               right to  amend  bylaws,  or to use  cumulative  voting  in
                               election of directors.  Furthermore,  shareholders would be
                               able  to  remove   directors   for  cause  only,   with  an
                               affirmative  vote of at  least  two-thirds  of  outstanding
                               shares,  instead of the simple majority presently.  We also
                               deem the  increase  in number of  shares  required  to call
                               special  meetings  from at least 10  percent to at least 50
                               percent  under  the  proposed  bylaws  to be  negative  for
                               shareholder  rights. As such, we believe that this proposal
                               does not warrant shareholder support.
                    5       Adjourn Meeting                               For          Against               Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


05/10/07 - A        Pulte Homes Inc. *PHM*                  745867101                            03/13/07                   3,561
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director William J. Pulte --- Withhold
                               ISS recommends  shareholders WITHHOLD votes from William J.
                               Pulte,  Richard  J.  Dugas,  Jr.,  David N.  McCammon,  and
                               Francis  J. Sehn for  failure  to  implement  the  majority
                               supported shareholder proposal to declassify the board.
                    1.2     Elect Director Richard J. Dugas, Jr. ---
                            Withhold
                    1.3     Elect Director David N. McCammon ---
                            Withhold
                    1.4     Elect Director Francis J. Sehn --- Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               In this case, the shareholder  proposal allows for a return
                               to the  plurality  vote  standard in a contested  election.
                               While  we note  that  the  company's  director  resignation
                               policy is a move in the right  direction,  we advocate that
                               a majority vote standard such as the one proposed,  coupled
                               with a director  resignation policy, would give full effect
                               to the shareholder franchise.
                    4       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    5       Establish Other Board Committee               Against      For                   ShrHoldr
                               ISS notes that a majority  of shares  outstanding  voted in
                               favor   of   a   2006   shareholder   proposal   requesting
                               declassification  of the board.  To date, the board has not
                               taken action to implement an  annually-elected  board.  ISS
                               believes  that this  proposal  is  reasonable,  and that it
                               will   help    facilitate    communication    between   the
                               shareholders  and the board.  Additionally,  this  proposal
                               will encourage future action by the board when necessary.
                    6       Performance-Based Awards                      Against      For                   ShrHoldr
                               In this case,  the  proposal is asking  that a  substantial
                               portion    of    options    grants    to    executive    be
                               performance-based.  Given that the company  grants  options
                               to executives that are  time-vesting  and considering  that
                               this  proposal  would not limit  the  board  from  granting
                               other equity vehicles,  this proposal warrants  shareholder
                               support.


08/24/06 - A        QLogic Corp. *QLGC*                     747277101                            07/07/06                   2,544
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.69 percent is within the  allowable cap for this
                               company   of  12.52   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


03/13/07 - A        QUALCOMM Inc. *QCOM*                    747525103                            01/12/07                  27,853
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/15/07 - A        Questar Corp. *STR*                     748356102                            03/19/07                   1,447
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Teresa Beck --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of R. D. Cash.  We  recommend  that  shareholders  WITHHOLD
                               votes  from  R.  D.  Cash  for  standing  as an  affiliated
                               outsider on the Nominating Committee.
                    1.2     Elect Director R.D. Cash --- For
                    1.3     Elect Director Robert E. McKee --- For
                    1.4     Elect Director Gary G. Michael --- For
                    1.5     Elect Director Charles B. Stanley --- For


05/24/07 - A        R. R. Donnelley & Sons Co. *RRD*        257867101                            04/05/07                   3,691
                    1       Elect Director Thomas J. Quinlan, III         For          For                   Mgmt
                    2       Elect Director Oliver R. Sockwell             For          For                   Mgmt
                    3       Elect Director Stephen M. Wolf                For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    6       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    7       Prepare a Sustainability Report               Against      For                   ShrHoldr
                               As such,  we believe  that the  limited  cost and burden of
                               expanding the company's  sustainability reporting to better
                               incorporate  a  more  comprehensive  "triple  bottom  line"
                               sustainability  reporting  approach,   including  increased
                               disclosure on human rights  policies,  may be of benefit to
                               the company.  Given the current lack of public  information
                               available  to  discussing  R.R.  Donnelley's  policies  and
                               commitments  to  basic  human  rights,  and  the  potential
                               benefit to shareholders of limiting the company's  exposure
                               to  such  risks  in  its  international   operations,   ISS
                               believes that this proposal warrants shareholder support.
                    8       Declassify the Board of Directors             Against      Against               ShrHoldr
                               We believe that the  objectives  of this proposal have been
                               fulfilled  in the  management  proposal to  declassify  the
                               board  described in Item 5. As such, we do not believe that
                               support of this proposal is necessary at this time.


05/02/07 - A        Raytheon Co. *RTN*                      755111507                            03/08/07                   7,494
                    1       Elect Director Barbara M. Barrett             For          For                   Mgmt
                    2       Elect Director Vernon E. Clark                For          For                   Mgmt
                    3       Elect Director John M. Deutch                 For          For                   Mgmt
                    4       Elect Director Frederic M. Poses              For          For                   Mgmt
                    5       Elect Director Michael C. Ruettgers           For          For                   Mgmt
                    6       Elect Director Ronald L. Skates               For          For                   Mgmt
                    7       Elect Director William R. Spivey              For          For                   Mgmt
                    8       Elect Director Linda G. Stuntz                For          For                   Mgmt
                    9       Elect Director William H. Swanson             For          For                   Mgmt
                    10      Ratify Auditors                               For          For                   Mgmt
                    11      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory  balance  to  the  unified  Chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    12      Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               In this  case,  the  company  fails to meet  certain of the
                               aforementioned  corporate governance.  Specifically,  there
                               is  no  disclosure  of  a   confidential   voting   policy,
                               shareholders   may  not  act  by   written   consent,   and
                               shareholders  may not call special  meetings.  Accordingly,
                               the proposal warrants shareholder support.
                    13      Submit Supplemental Executive Retirement      Against      For                   ShrHoldr
                            Plans to Shareholder vote
                               Because the company's SERP confers  extraordinary  benefits
                               not included in  employee-wide  plans,  we believe that the
                               proposal warrants shareholder  support.  Further, the board
                               is able to implement  this policy in a manner that does not
                               violate  any  existing   employment   agreement  or  vested
                               pension benefit.


03/30/07 - S        Realogy Corp                            75605E100                            02/20/07                   3,613
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Conclusion        Based  on our  review of the terms of the
                               transaction and the factors  described above, in particular
                               the reasonable  market premium,  we believe that the merger
                               agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for the merger,  we  recommend  that  shareholders  support
                               this proposal.


10/03/06 - S        Regions Financial Corp. *RF*            7591EP100                            08/14/06                   7,196
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in particular the strategic
                               and   economic   benefits,   we  believe  that  the  merger
                               agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Given the narrow  scope of this  proposal,  and our support
                               for  this  transaction,   we  recommend  that  shareholders
                               support this proposal.


04/19/07 - A        Regions Financial Corp. *RF*            7591EP100                            02/20/07                  12,288
                    1       Elect Director Samuel W. Bartholomew, Jr.     For          For                   Mgmt
                    2       Elect Director Susan W. Matlock               For          For                   Mgmt
                    3       Elect Director Jackson W. Moore               For          For                   Mgmt
                    4       Elect Director Allen B. Morgan, Jr.           For          For                   Mgmt
                    5       Elect Director John R. Roberts                For          For                   Mgmt
                    6       Elect Director Lee J. Styslinger, III         For          For                   Mgmt
                    7       Ratify Auditors                               For          For                   Mgmt
                    8       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.


05/11/07 - A        Reynolds American Inc *RAI*             761713106                            03/14/07                   2,890
                    1       Elect Directors                               For          For                   Mgmt
                    2       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 400,000,000  shares is below the
                               allowable threshold of 620,000,000 shares.
                    3       Ratify Auditors                               For          For                   Mgmt


05/03/07 - A        Robert Half International Inc. *RHI*    770323103                            03/09/07                   2,824
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend EEO Statement to Include Reference to   Against      Against               ShrHoldr
                            Sexual Orientation
                               In this case, ISS notes that Robert Half  International has
                               specifically  committed to  nondiscrimination  on the basis
                               of sexual  orientation in its employee  handbook.  Although
                               this  handbook  does not appear to be  publicly  available,
                               the   company's    commitment    to   sexual    orientation
                               nondiscrimination   is  stated  on  the  "About  Us-  Equal
                               Employment  Opportunity"  segment of its corporate website.
                                       Therefore,   while  we  believe  that  Robert  Half
                               International  could  improve  disclosure  on its  policies
                               related to non-discrimination,  it appears that the company
                               has taken  appropriate  measures to address  discrimination
                               based on sexual  orientation in its existing  policies.  As
                               such,   ISS  does  not  believe  this   resolution   merits
                               shareholder support.


02/07/07 - A        Rockwell Automation Inc *ROK*           773903109                            12/11/06                   2,850
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


02/13/07 - A        Rockwell Collins, Inc. *COL*            774341101                            12/15/06                   2,776
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/08/07 - A        Rowan Companies, Inc. *RDC*             779382100                            03/09/07                   1,861
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/04/07 - A        Ryder System, Inc. *R*                  783549108                            03/09/07                   1,024
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


03/29/07 - S        Sabre Holdings Corporation              785905100                            02/20/07                   2,231
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in  particular  the auction
                               process followed as well as the merger premium,  we believe
                               that the merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Where ISS is supportive of the underlying  transaction,  we
                               may  support a  narrowly-crafted  proposal  to adjourn  the
                               meeting to  solicit  additional  proxies  to  approve  such
                               transaction.


05/02/07 - A        Safeco Corp. *SAF*                      786429100                            03/05/07                   1,774
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               While  the  company  has  adopted  a  director  resignation
                               policy,  we believe that the majority  vote  standard  with
                               the director  resignation  policy and a plurality  standard
                               for   contested   elections  is  the   benchmark  to  which
                               companies should strive.


05/16/07 - A        Safeway Inc. *SWY*                      786514208                            03/19/07                   7,471
                    1       Elect Director Steven A. Burd                 For          For                   Mgmt
                    2       Elect Director Janet E. Grove                 For          For                   Mgmt
                    3       Elect Director Mohan Gyani                    For          For                   Mgmt
                    4       Elect Director Paul Hazen                     For          For                   Mgmt
                    5       Elect Director Robert I. MacDonnell           For          For                   Mgmt
                    6       Elect Director Douglas J. MacKenzie           For          For                   Mgmt
                    7       Elect Director Rebecca A. Stirn               For          For                   Mgmt
                    8       Elect Director William Y. Tauscher            For          For                   Mgmt
                    9       Elect Director Raymond G. Viault              For          For                   Mgmt
                    10      Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this   company  of  6  percent.
                               Additionally, this plan expressly forbids repricing.
                    11      Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Provide for Cumulative Voting                 Against      For                   ShrHoldr
                               In this case,  the company meets all of the  aforementioned
                               corporate governance and performance criteria,  except that
                               the   company   does   not   have   confidential    voting.
                               Accordingly, the proposal warrants shareholder support.
                    14      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the criteria in the
                               counterbalancing  structure  described  above.  We  believe
                               that  the  company's   governance   structure   provides  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.
                    15      Label Genetically Modified Organisms          Against      Against               ShrHoldr
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task. Given the widespread existence of these products,  we
                               question  whether such an  initiative  can be  successfully
                               and economically implemented.  Conversely, a broad approach
                               of labeling  all  products as  "potentially  containing  GE
                               ingredients"  would  be of  limited  use to  consumers  and
                               shareholders.   Therefore,   based  on  concerns  with  the
                               associated    costs   and    feasibility   of   effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.
                    16      Prepare Sustainability Report                 Against      For                   ShrHoldr
                               As such,  ISS  encourages  Safeway to increase its level of
                               transparency    related   to   social   and   environmental
                               performance   and  consider  the   potential   benefits  of
                               structuring its reporting along  established best practices
                               guidelines. By providing more comprehensive  sustainability
                               related  information,  including  comprehensive  social and
                               environmental  performance  metrics and goals, would assist
                               management  in better  understanding  how it is  performing
                               relative to industry  peers and  provides  both  management
                               and its shareholders  insight into the effectiveness of its
                               established   commitments   and   guidelines   relating  to
                               sustainability.   Finally,   in  light   of  the   existing
                               information  provided  by the  company,  it does not appear
                               that    consolidating   the   information   and   providing
                               additional details in a more comprehensive  report would be
                               overly  burdensome  or costly.  Therefore,  ISS  recommends
                               that shareholders support this resolution.
                    17      Report on Feasibility of Improving Animal     Against      Against               ShrHoldr
                            Welfare Standards
                               We believe that Safeway's  existing policies and procedures
                               appear to be  consistent  with industry  norms,  and it has
                               demonstrated  a continued  commitment to enhance audits and
                               oversight   processes,   and  to   continue   to   evaluate
                               alternative  slaughter methods,  including CAK.  Therefore,
                               while we encourage  expanded  disclosure on these topics in
                               general,  ISS does not believe  that the  publication  of a
                               specific  feasibility study into the  implementation of CAK
                               methods for its  suppliers is  necessary  at this time.  As
                               such, we do not believe this proposal warrants  shareholder
                               support.


02/26/07 - A        Sanmina-SCI Corp. *SANM*                800907107                            01/16/07                   8,980
                    1       Elect Director Neil R. Bonke                  For          For                   Mgmt
                               Given the adoption of control  procedures to strengthen the
                               administration  and  accounting  for future award grants as
                               well  as  the  termination  of  two  management  executives
                               involved in past, improper award accounting practices,  ISS
                               believes  the company has taken  adequate  steps to rectify
                               the   material   weakness   in   its   internal   controls.
                               Accordingly,  ISS does not believe that  withholding  votes
                               from  compensation  committee  members is warranted at this
                               time.
                    2       Elect Director Alain Couder                   For          For                   Mgmt
                    3       Elect Director Mario M. Rosati                For          For                   Mgmt
                    4       Elect Director A. Eugene Sapp, Jr.            For          For                   Mgmt
                    5       Elect Director Wayne Shortidge                For          For                   Mgmt
                    6       Elect Director Peter J. Simone                For          For                   Mgmt
                    7       Elect Director Jure Sola                      For          For                   Mgmt
                    8       Elect Director Jacquelyn M. Ward              For          For                   Mgmt
                    9       Ratify Auditors                               For          For                   Mgmt


10/26/06 - A        Sara Lee Corp. *SLE*                    803111103                            09/01/06                  11,993
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Brenda C. Barnes --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director J.T. Battenberg, III --- For
                    1.3     Elect Director Christopher B. Begley --- For
                    1.4     Elect Director Cynthia B. Carroll --- For
                    1.5     Elect Director Virgis W. Colbert --- For
                    1.6     Elect Director James S. Crown --- For
                    1.7     Elect Director Willie D. Davis --- For
                    1.8     Elect Director Laurette T. Koellner --- For
                    1.9     Elect Director Cornelis J.A. Van Lede ---
                            For
                    1.10    Elect Director Sir Ian Prosser --- For
                    1.11    Elect Director Rozanne L. Ridgway --- For
                    1.12    Elect Director Jonathan P. Ward --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               Absent an offsetting governance  structure,  in this case a
                               lead  director  who  performs  all of the  duties  outlined
                               above,  we believe  that a company  of this size  should be
                               able to find two qualified  people  willing to serve in the
                               separate positions of chairman and CEO.
                    4       Approve Report of the Compensation Committee  Against      For                   ShrHoldr
                               In the U.K.  where  shareholders  have the  right to cast a
                               non-binding   advisory  vote  on  a  company's   "directors
                               remuneration  report",  ISS'  recent  analysis  shows  that
                               unfavorable  votes occur to a small percentage of companies
                               and that  shareholders  exercise  their votes  judiciously.
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  to have a  voice  in  executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  ISS believes
                               that such a process  will  provide  companies  with  useful
                               information  concerning  shareholders' view on compensation
                               practices and executive pay packages.


05/18/07 - A        Schering-Plough Corp. *SGP*             806605101                            03/28/07                  25,145
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    4       Company Specific--Adopt Majority Voting       For          Against               Mgmt
                               ISS  commends  the  company for seeking to adopt a majority
                               vote standard for the election of directors.  However,  the
                               company's  proposed  majority  vote standard does not allow
                               for a  carve-out  for  plurality  elections  when there are
                               more nominees than board seats.  As such, we do not support
                               this item.
                    5       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Conclusion        Per  ISS'  valuation  of the  performance
                               mix, we compared the actual  number of shares  (performance
                               awards vs. options and  time-vested  deferred stock awards)
                               granted in the past  fiscal year and only 31 percent of the
                               equity awards granted to named  executive  officers  during
                               that  period  were   performance-based   according  to  our
                               guidelines.   Therefore,  given  that:  (1)  the  company's
                               long-term  program for executives is not  performance-based
                               per ISS'  guidelines  and (3) this  proposal  is not overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.


04/11/07 - A        Schlumberger Ltd. *SLB*                 806857108                            02/21/07                  19,858
                            Meeting for ADR Holders
                    1       Elect Directors                               For          For                   Mgmt
                    2       ADOPTION AND APPROVAL OF FINANCIALS AND       For          For                   Mgmt
                            DIVIDENDS.
                               The board also  reports a dividend  of $0.50 per share,  up
                               approximately  19  percent  from last  year's  dividend  of
                               $0.42 per share.  The payout  ratio for the year ended Dec.
                               31, 2006,  is 16.6  percent,  compared to 23.1 percent last
                               year.          Netherlands  Antilles law requires companies
                               to seek shareholder approval for such resolutions.  This is
                               a routine request.
                    3       APPROVAL OF INDEPENDENT REGISTERED PUBLIC     For          For                   Mgmt
                            ACCOUNTING FIRM.
                               This is a routine item.


04/26/07 - A        Sempra Energy *SRE*                     816851109                            03/02/07                   4,419
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Vote Requirements to Amend              Against      For                   ShrHoldr
                            Articles/Bylaws/Charter
                               ISS  support  a  simple  majority  vote  requirement,   and
                               recommends   that   shareholders   support  this  precatory
                               proposal.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions   that  do  not  allow  for  a  carve-out   for
                               plurality  elections  when  there  are more  nominees  than
                               board seats.  ISS believes  that the majority vote standard
                               in uncontested  elections,  with a plurality vote carve-out
                               for contested elections,  is a preferable voting structure.
                               As  such,   shareholder   support  for  this   proposal  is
                               warranted.
                    5       Establish SERP Policy                         Against      For                   ShrHoldr
                               ISS  supports  this  proposal   because  the  inclusion  of
                               variable  compensation  drives  up the cost of SERPs to the
                               company and its shareholders.


05/01/07 - A        Sigma-Aldrich Corp. *SIAL*              826552101                            03/02/07                   2,222
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/10/07 - A        Simon Property Group, Inc. *SPG*        828806109                            03/09/07                   3,730
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Birch Bayh --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider J. Albert  Smith,  Jr. We recommend
                               that shareholders  WITHHOLD votes from J. Albert Smith, Jr.
                               for  standing  as an  affiliated  outsider on the Audit and
                               Nominating committees.
                    1.2     Elect Director Melvyn E. Bergstein --- For
                    1.3     Elect Director Linda Walker Bynoe --- For
                    1.4     Elect Director Karen N. Horn, Ph.D. --- For
                    1.5     Elect Director Reuben S. Leibowitz --- For
                    1.6     Elect Director J. Albert Smith, Jr. --- For
                    1.7     Elect Director Pieter S. van den Berg ---
                            For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Pay for Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate  disclosure  concerning  the specific  performance
                               metrics or respective hurdle rates for performance,  nor is
                               it clear how payouts are determined  with respect to target
                               performance.  Further,  though the  long-term  compensation
                               program is  performance-based,  there is no  disclosure  of
                               the  specific  hurdle  rates and the  corresponding  payout
                               levels for meeting  minimum,  target and maximum levels for
                               each  performance  metric.  Accordingly,  ISS believes that
                               the   company   has   not   sufficiently    established   a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.


05/17/07 - A        SLM Corporation *SLM*                   78442P106                            03/19/07                   6,889
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/24/07 - A        Smith International, Inc. *SII*         832110100                            02/28/07                   3,361
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the  allowable  cap  for  this  company  of 5  percent.  In
                               addition, the plan expressly prohibits option repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Snap-on Incorporated *SNA*              833034101                            02/26/07                     984
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


01/10/07 - A        Solectron Corp. *SLR*                   834182107                            11/17/06                   7,102
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director William A. Hasler ---
                            Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of Paul R. Low, Richard A. D'Amore,  William A. Hasler, and
                               Cyril Yansouni.  We recommend  shareholders  WITHHOLD votes
                               from  William  A.  Hasler  for  sitting  on more  than  six
                               boards;  and from  Executive  Compensation  and  Management
                               Resources   Committee  members  Paul  R.  Low,  Richard  A.
                               D'Amore,  William A.  Hasler,  and Cyril  Yansouni  for the
                               disconnect  between the company's stock performance and the
                               CEO's compensation.
                    1.2     Elect Director Michael R. Cannon --- For
                    1.3     Elect Director Richard A. D'Amore ---
                            Withhold
                    1.4     Elect Director H. Paulett Eberhart --- For
                    1.5     Elect Director Heinz Fridrich --- For
                    1.6     Elect Director William R. Graber --- For
                    1.7     Elect Director Paul R. Low --- Withhold
                    1.8     Elect Director C. Wesley M. Scott --- For
                    1.9     Elect Director Cyril Yansouni --- Withhold
                    2       Ratify Auditors                               For          For                   Mgmt


05/23/07 - A        Southern Company *SO*                   842587107                            03/26/07                  12,518
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Report on Emission Reduction Goals            Against      Against               ShrHoldr
                               Specifically  regarding Southern,  we note that the company
                               has taken a number of  voluntary  steps to  address  issues
                               related  to  its  GHG  emissions  and  climate   change  in
                               general.   These  policies  and  initiatives   seek  broad,
                               strategic  solutions  to  challenges  that face the company
                               related  to  climate   change   rather  than   focusing  on
                               specific,  quantitative  goals or guidelines.  Beyond these
                               forward-looking  actions, the company has also demonstrated
                               a  level  of   transparency   on  emissions   policies  and
                               initiatives  that exceed the  reporting  seen at peer firms
                               in the  industry.  We  agree  with  the  proponents  that a
                               company should  position  itself to effectively  respond to
                               changes  in  the  regulatory   environment;   however,  ISS
                               believes  it is equally  important  that the  company  seek
                               appropriate  strategic  solutions to issues that may have a
                               significant  long-term  impact on the  company  and provide
                               its shareholders with insight into applicable  policies and
                               initiatives.  ISS believes that this type broad,  strategic
                               approach  coupled with  comprehensive  disclosure  can help
                               mitigate a company's  exposure  to a broad  series of risks
                               posed by changes in public opinion,  consumer  demand,  and
                               legislative climate.  Therefore,  considering the voluntary
                               initiatives   taken  by   Southern  to  reduce  its  carbon
                               footprint,  as well as the detailed  climate change related
                               disclosure   publicly   available   through  its  corporate
                               website,  ISS does not believe that the  additional  report
                               requested by this proposal is warranted.


09/20/06 - A        Sovereign Bancorp, Inc. *SOV*           845905108                            08/01/06                   5,938
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Brian Hard --- Withhold
                               We recommend  shareholders  WITHHOLD votes from Brian Hard,
                               Marian L. Heard and  Cameron C.  Troilo for  failure to act
                               in the best  interests of  shareholders  and protect  their
                               rights   during  the   negotiation   and  approval  of  the
                               Santander  agreement.  We recommend  shareholders  vote FOR
                               the election of independent  director  Ralph V.  Whitworth,
                               as he  was  not  a  party  to  the  company's  questionable
                               actions.  He was a dissident  shareholder  who also opposed
                               the   company  in  its   tainted   process   of   acquiring
                               Independence.
                    1.2     Elect Director Marian L. Heard --- Withhold
                    1.3     Elect Director Cameron C. Troilo, Sr. ---
                            Withhold
                    1.4     Elect Director Ralph V. Whitworth --- For
                    2       Approve Non-Employee Director Stock Option    For          For                   Mgmt
                            Plan
                                                                                   V.
                               Vote  RecommendationThe  total cost of the company's  plans
                               of 3.73  percent  is  within  the  allowable  cap for  this
                               company of 6.84 percent.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Declassify the Board of Directors             Against      For                   ShrHoldr
                               ISS believes that although  shareholders  need some form of
                               protection  from hostile  takeover  attempts,  a classified
                               board tips the balance of power too much  toward  incumbent
                               management   at   the   price   of   potentially   ignoring
                               shareholder  interests.  The  company  has  other  tools to
                               protect itself from a hostile takeover,  and we do not find
                               market   evidence   of  lack  of  board   stability   as  a
                               consequence  of  annual  director  elections.  As such,  we
                               suggest shareholders support this proposal.


05/03/07 - A        Sovereign Bancorp, Inc. *SOV*           845905108                            03/01/07                   5,633
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director P. Michael Ehlerman --- For
                               We recommend a vote FOR all of the directors.
                    1.2     Elect Director Andrew C. Hove, Jr. --- For
                    1.3     Elect Director Juan Rodriguez-Inciarte ---
                            For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Opt Out of State's Control Share              For          For                   Mgmt
                            Acquisition Law
                               Control  share  acquisition  statutes  may  harm  long-term
                               share  value by  effectively  entrenching  management.  The
                               ability  to  buy  shares  should  not  be   constrained  by
                               requirements  to secure approval of the purchase from other
                               shareholders.  Denying  certain  shares their voting rights
                               violates  the "one  share,  one  vote"  principle  of stock
                               ownership.  While it would be unusual for  shareholders  to
                               vote  against  a  proposal  to opt out of a  control  share
                               acquisition,  there  may be cases in which  discouraging  a
                               particularly  harmful  takeover  does prove  beneficial  to
                               shareholders.  In this  case,  as a  result  of the  recent
                               change of CEO and the  addition of two new  directors,  any
                               concern  that opting out of the control  share  acquisition
                               statute  would  enable a harmful  takeover by  Santander is
                               mitigated.


05/08/07 - A        Sprint Nextel Corp *S*                  852061100                            03/20/07                  48,791
                    1       Elect Director Keith J. Bane                  For          For                   Mgmt
                    2       Elect Director Robert R. Bennett              For          For                   Mgmt
                    3       Elect Director Gordon M. Bethune              For          For                   Mgmt
                    4       Elect Director Frank M. Drendel               For          For                   Mgmt
                    5       Elect Director Gary D. Forsee                 For          For                   Mgmt
                    6       Elect Director James H. Hance, Jr.            For          For                   Mgmt
                    7       Elect Director V. Janet Hill                  For          For                   Mgmt
                    8       Elect Director Irvine O. Hockaday, Jr.        For          For                   Mgmt
                    9       Elect Director Linda Koch Lorimer             For          For                   Mgmt
                    10      Elect Director William H. Swanson             For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt
                    12      Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               our allowable cap for this company of 5 percent.
                    13      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/16/07 - A        St. Jude Medical, Inc. *STJ*            790849103                            03/19/07                   5,957
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    4       Ratify Auditors                               For          For                   Mgmt


06/11/07 - A        Staples, Inc. *SPLS*                    855030102                            04/17/07                  12,118
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Basil L. Anderson --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Arthur M. Blank. We recommend that
                               shareholders  WITHHOLD  votes from Arthur M. Blank for poor
                               attendance.
                    1.2     Elect Director Arthur M. Blank --- Withhold
                    1.3     Elect Director Mary Elizabeth Burton --- For
                    1.4     Elect Director Gary L. Crittenden --- For
                    1.5     Elect Director Rowland T. Moriarty --- For
                    1.6     Elect Director Robert C. Nakasone --- For
                    1.7     Elect Director Ronald L. Sargent --- For
                    1.8     Elect Director Martin Trust --- For
                    1.9     Elect Director Vijay Vishwanath --- For
                    1.10    Elect Director Paul F. Walsh --- For
                    2       Company Specific- Majority Vote for the       For          For                   Mgmt
                            Uncontested Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Company Specific- Adopt Simple Majority Vote  Against      For                   ShrHoldr
                               ISS Analysis  and  Conclusion        ISS  maintains  that a
                               simple  majority of voting  shares  should be sufficient to
                               effect  changes  in  a  company's   corporate   governance.
                               Requiring   more  than  a  simple   majority   may   permit
                               management to entrench  itself by blocking  amendments that
                               are in  shareholders'  best  interests        ISS  supports
                               any reduction of a company's voting  requirements,  even if
                               the change is simply a lower supermajority.


05/24/07 - A        Starwood Hotels & Resorts Worldwide,    85590A401                            03/21/07                   3,631
                    Inc. *HOT*
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Bruce W. Duncan --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Jean-Marc  Chapus.  We recommend
                               that shareholders  WITHHOLD votes from Jean-Marc Chapus for
                               poor attendance.
                    1.2     Elect Director Adam Aron --- For
                    1.3     Elect Director Charlene Barshefsky --- For
                    1.4     Elect Director Jean-Marc Chapus --- Withhold
                    1.5     Elect Director Lizanne Galbreath --- For
                    1.6     Elect Director Eric Hippeau --- For
                    1.7     Elect Director Stephen R. Quazzo --- For
                    1.8     Elect Director Thomas O. Ryder --- For
                    1.9     Elect Director Kneeland C. Youngblood ---
                            For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend and Restatement of Charter              For          For                   Mgmt
                               ISS  notes  that  the  amendment  and  restatement  of  the
                               company's  charter  is not  material  in  nature.  As such,
                               shareholder  value  is  not  affected.  ISS  believes  that
                               shareholder support for this proposal is warranted.


04/18/07 - A        State Street Corp. (Boston) *STT*       857477103                            02/23/07                   5,597
                    1       Elect Directors                               For          For                   Mgmt
                    2       Increase Authorized Common Stock              For          For                   Mgmt
                               The requested  increase of 250,000,000  shares is below the
                               allowable threshold of 525,000,000 shares.
                    3       Ratify Auditors                               For          For                   Mgmt


11/02/06 - A        Sun Microsystems, Inc. *SUNW*           866810104                            09/06/06                  55,186
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Approve Report of the Compensation Committee  Against      For                   ShrHoldr
                               In the U.K.  where  shareholders  have the  right to cast a
                               non-binding   advisory  vote  on  a  company's   "directors
                               remuneration  report",  ISS'  recent  analysis  shows  that
                               unfavorable  votes occur to a small percentage of companies
                               and that  shareholders  exercise  their votes  judiciously.
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  to have a  voice  in  executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  ISS believes
                               that such a process  will  provide  companies  with  useful
                               information  concerning  shareholders' view on compensation
                               practices and executive pay packages.


05/03/07 - A        Sunoco, Inc. *SUN*                      86764P109                            02/09/07                   2,075
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        SunTrust Banks, Inc. *STI*              867914103                            02/27/07                   5,969
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Robert M. Beall, II --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider J. Hicks Lanier. We recommend that
                               shareholders  WITHHOLD  votes  from  J.  Hicks  Lanier  for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director Jeffrey C. Crowe --- For
                    1.3     Elect Director J. Hicks Lanier --- Withhold
                    1.4     Elect Director Larry L. Prince --- For
                    1.5     Elect Director Frank S. Royal, M.D. --- For
                    1.6     Elect Director Phail Wynn, Jr. --- For
                    1.7     Elect Director James M. Wells, III --- For
                    2       Amend Rights and Preferences of Preferred     For          For                   Mgmt
                            Stock
                               Pursuant to the proposed  article  amendment,  the terms of
                               the  preferred  stock  would be more  favorable  to  common
                               shareholders  than  the  current  terms.  Accordingly,   we
                               recommend shareholder vote for this proposal.
                    3       Declassify the Board of Directors             For          For                   Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important use of the  shareholder  franchise.  ISS believes
                               that all  directors  should  be  accountable  on an  annual
                               basis.  A  classified  board can  entrench  management  and
                               effectively  preclude most takeover bids or proxy contests.
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority  vote under a  majority  vote  standard.
                               Further,  the proposal allow for plurality vote standard in
                               contested  elections where the number of director  nominees
                               exceeds  the  available  board  seats.  We concur  with the
                               proponent  that a majority vote standard  (with a carve out
                               for  plurality in  contested  election)  combined  with the
                               company's  current   post-election   director   resignation
                               policy would establish a more meaningful  director election
                               process.   As  such  we  believe  this  proposal   warrants
                               shareholder support.
                    5       Ratify Auditors                               For          For                   Mgmt


05/24/07 - A        Supervalu Inc. *SVU*                    868536103                            03/26/07                   3,512
                    1       Elect Director A. Gary Ames                   For          For                   Mgmt
                    2       Elect Director Charles M. Lillis              For          For                   Mgmt
                    3       Elect Director Jeffrey Noddle                 For          For                   Mgmt
                    4       Elect Director Steven S. Rogers               For          For                   Mgmt
                    5       Elect Director Wayne C. Sales                 For          For                   Mgmt
                    6       Elect Director Kathi P. Seifert               For          For                   Mgmt
                    7       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally,  this plan expressly forbids  repricing.  The
                               company's  three year  average burn rate of 4.02 percent is
                               higher  than  its  four-digit   GICS  peer  group  of  2.91
                               percent.  Therefore,  the company has failed ISS three-year
                               average  burn  rate  policy.   However,   the  company  has
                               publicly   committed   that,  for  the  three-year   period
                               comprising  its 2008 - 2010  fiscal  years,  its burn  rate
                               will not exceed 2.91 percent of the shares  outstanding  as
                               calculated  at  the  end  of  each  fiscal  year  over  the
                               three-year  period.  Therefore,  we believe  that this item
                               warrants shareholder support.
                    8       Ratify Auditors                               For          For                   Mgmt
                    9       Report on Feasibility of Improving Animal     Against      Against               ShrHoldr
                            Welfare Standards
                               In this  instance,  ISS notes that  Supervalu's  management
                               has  stated  that  it  is  developing  policies  on  animal
                               handling  for  its  vendors  and  suppliers;   however  the
                               company does not  currently  appear to provide any detailed
                               information  related  to its  animal  welfare  policies  or
                               procedures.   While  we  believe  that  the  company  could
                               benefit  from  increased   transparency   into  its  animal
                               welfare and handling  policies,  ISS questions the value of
                               the   requested   feasibility   study   for   shareholders.
                               Therefore,   while  we  are   concerned   by  the  lack  of
                               transparency   at  Supervalu   related  to  animal  welfare
                               standards  in  its  supply  chain,   and  we  may  consider
                               supporting  a proposal  requesting  the  adoption of animal
                               welfare  guidelines in line with industry  norms,  ISS does
                               not believe that the publication of a specific  feasibility
                               study  into  the  implementation  of CAK  methods  for  its
                               suppliers  is necessary  at this time.  As such,  we do not
                               believe this proposal warrants shareholder support.
                    10      Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


09/13/06 - A        Symantec Corp. *SYMC*                   871503108                            07/17/06                  16,332
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Michael Brown --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Robert S.  Miller.  We recommend
                               that shareholders  WITHHOLD votes from Robert S. Miller for
                               poor attendance.
                    1.2     Elect Director William T. Coleman --- For
                    1.3     Elect Director David L. Mahoney --- For
                    1.4     Elect Director Robert S. Miller --- Withhold
                    1.5     Elect Director George Reyes --- For
                    1.6     Elect Director David Roux --- For
                    1.7     Elect Director Daniel H. Schulman --- For
                    1.8     Elect Director John W. Thompson --- For
                    1.9     Elect Director V. Paul Unruh --- For
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 6.70 percent is within the  allowable cap for this
                               company of 12.51 percent.  Additionally, the plan expressly
                               prohibits repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


01/09/07 - S        Symbol Technologies, Inc.               871508107                            12/05/06                   4,113
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review of the terms of the  transaction,  the
                               factors  described above and the  approximate  18.0 percent
                               offer  premium,  ISS  believes  that the  merger  agreement
                               warrants shareholder support.


04/25/07 - A        Synovus Financial Corp. *SNV*           87161C105                            02/20/07                   5,477
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Daniel P. Amos --- For
                               We recommend a vote FOR the directors
                    1.2     Elect Director Richard E. Anthony --- For
                    1.3     Elect Director James H. Blanchard --- For
                    1.4     Elect Director Richard Y. Bradley --- For
                    1.5     Elect Director Frank W. Brumley --- For
                    1.6     Elect Director Elizabeth W. Camp --- For
                    1.7     Elect Director Gardiner W. Garrard, Jr. ---
                            For
                    1.8     Elect Director T. Michael Goodrich --- For
                    1.9     Elect Director Frederick L. Green, III ---
                            For
                    1.10    Elect Director V. Nathaniel Hansford --- For
                    1.11    Elect Director Alfred W. Jones III --- For
                    1.12    Elect Director Mason H. Lampton --- For
                    1.13    Elect Director Elizabeth C. Ogie --- For
                    1.14    Elect Director H. Lynn Page --- For
                    1.15    Elect Director J. Neal Purcell --- For
                    1.16    Elect Director Melvin T. Stith --- For
                    1.17    Elect Director William B. Turner, Jr. ---
                            For
                    1.18    Elect Director James D. Yancey --- For
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 6 percent is less than
                               the   allowable   cap  for  this   company  of  7  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               While the company  has taken  steps in the right  direction
                               with respect to the director election voting standard,  the
                               company  currently has a plurality voting standard with the
                               director  resignation policy (in an uncontested  election).
                               We  believe  that  the  majority  vote  standard  with  the
                               director  resignation  along with a plurality  standard for
                               contested  elections is the benchmark that companies should
                               transition to.


04/12/07 - A        T. Rowe Price Group, Inc. *TROW*        74144T108                            02/12/07                     143
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Edward C. Bernard --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director James T. Brady --- For
                    1.3     Elect Director J. Alfred Broaddus, Jr. ---
                            For
                    1.4     Elect Director Donald B. Hebb, Jr. --- For
                    1.5     Elect Director James A.C. Kennedy --- For
                    1.6     Elect Director Brian C. Rogers --- For
                    1.7     Elect Director Dr. Alfred Sommer --- For
                    1.8     Elect Director Dwight S. Taylor --- For
                    1.9     Elect Director Anne Marie Whittemore --- For
                    2       Approve Non-Employee Director Omnibus Stock   For          For                   Mgmt
                            Plan
                                                                                   VI.
                               Vote  Recommendation        In   2005,  ISS  implemented  a
                               modified policy in evaluating  director  equity plans.  ISS
                               considers  the costs of  equity  plans  including  director
                               plans  and   employee-based   compensation   plans  in  the
                               binomial  compensation  model.  If the  total  costs of the
                               combined  equity plans exceed the  allowable  cap, ISS will
                               review the qualitative  features of director  compensation,
                               taking  into   account   (i)   director   stock   ownership
                               guidelines  (ii)  vesting  schedule  (iii) mix between cash
                               and  equity   (iv)   retirement/benefit   and   perquisites
                               programs  and (v)  quality  of  disclosure.        In  this
                               case,  the  combined  cost of the 2007 Plan and the  shares
                               from  remaining  equity  plans  available  for future grant
                               exceed the company's  allowable cap of 9 percent.  However,
                               in  reviewing  the  qualitative  features of the  company's
                               director  compensation,  the  company has met all the above
                               criteria.   Specifically,  each  non-employee  director  is
                               expected  to  acquire  and  hold  shares  of the  company's
                               common  stock with a value  being  equal to three times his
                               or her current  annual cash  retainer.  With respect to the
                               vesting schedule,  awards vest after one year from the date
                               of grant.  Each  director  is then  expected  to retain net
                               gain shares  resulting  from the exercise of stock  options
                               or the vesting of  restricted  stock granted under the 2007
                               Plan for two  years  prior to sale or other  transfer.  The
                               mix  between  cash and equity is  approximately  55 percent
                               cash and 45  percent  equity.  Non-employee  directors  are
                               eligible   to   direct   the  T.  Rowe   Price   Associates
                               Foundation,  Inc. to match  personal  gifts up to an annual
                               limit to  qualified  charitable  organizations.  For  2006,
                               non-employee  directors  were eligible to have up to $7,500
                               matched.  ISS does not  view  the perk to be  excessive  or
                               costly to  shareholders.  Further,  the company  provided a
                               tabular   disclosure  on  its  director   compensation   by
                               displaying  fees earned in cash,  option awards,  all other
                               compensation and total  compensation for each  non-employee
                               director.  We believe  the  company  meets all of the above
                               qualitative features of director compensation.  As such, we
                               recommend a vote FOR proposal 2.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/24/07 - A        Target Corporation *TGT*                87612E106                            03/26/07                  14,516
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Company Specific- Require Majority Vote for   For          For                   Mgmt
                            the Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    5       Report on Political Contributions             Against      For                   ShrHoldr
                               ISS notes that Target has provided  shareholders  with some
                               information  to assess the company's  general  policies and
                               oversight    mechanisms    relating   to   its    political
                               contributions.    We   are,    however,    concerned   that
                               shareholders  lack  information  relating  to the  type  of
                               organizations  or  candidates  that the company may support
                               and information about its trade association spending.  Such
                               disclosure  could assist  shareholders in their  assessment
                               of the risks and  benefits  associated  with public  policy
                               activities    through   political    activity   and   trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.


05/02/07 - A        TECO Energy, Inc. *TE*                  872375100                            02/23/07                   3,526
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


09/21/06 - A        Tektronix, Inc. *TEK*                   879131100                            07/17/06                   1,320
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Pauline Lo Alker --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director A. Gary Ames --- For
                    1.3     Elect Director Gerry B. Cameron --- For
                    1.4     Elect Director David N. Campbell --- For
                    1.5     Elect Director Frank C. Gill --- For
                    1.6     Elect Director Robin L. Washington --- For
                    1.7     Elect Director Richard H. Wills --- For
                    1.8     Elect Director Cyril J. Yansouni --- For
                    2       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Tellabs, Inc. *TLAB*                    879664100                            02/28/07                   7,446
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/04/07 - A        Temple-Inland Inc. *TIN*                879868107                            03/27/07                   1,777
                    1       Elect Directors                               For          For                   Mgmt
                    2       Company Specific-- Majority Vote for the      For          For                   Mgmt
                            Election of Director
                               Director   accountability   is   the   hallmark   of   good
                               governance.  The board  election  process  must ensure that
                               shareholders'   expressions  of  dissatisfaction  with  the
                               performance of directors have  meaningful  consequences.  A
                               majority vote  standard  transforms  the director  election
                               process from a symbolic  gesture to a meaningful  voice for
                               shareholders.  ISS believes that proposals seeking majority
                               vote   requirements   in   boardroom    elections   warrant
                               shareholder  support  provided a majority vote  requirement
                               does not  conflict  with the state law where the company is
                               incorporated.   Further,   ISS   will   not   support   any
                               resolutions   that  do  not  allow  for  a  carve-out   for
                               plurality  elections  when  there  are more  nominees  than
                               board seats.  ISS  advocates  that a majority vote standard
                               coupled with a director  resignation policy would give full
                               effect to the shareholder franchise.
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports   the  removal  of  a   supermajority   vote
                               requirement on business combinations.
                    4       Authorize Board to Fill Vacancies             For          For                   Mgmt
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               directors  should be accountable on an annual basis.  Given
                               that  the  company  has  a  classified   board,   appointed
                               directors  should  stand for  election  at the next  annual
                               meeting as  opposed to holding  office for the full term of
                               the class. ISS supports this proposal.
                    5       Ratify Auditors                               For          For                   Mgmt


05/10/07 - A        Tenet Healthcare Corp. *THC*            88033G100                            03/15/07                     310
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Trevor Fetter --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  Compensation  Committee  members J. McDonald  Williams,
                               Richard  R.  Pettingill,  Brenda J.  Gaines,  and Edward A.
                               Kangas, from whom we recommend  shareholders WITHHOLD votes
                               for the pay-for-performance disconnect at the company.
                    1.2     Elect Director John Ellis (Jeb) Bush --- For
                    1.3     Elect Director Brenda J. Gaines --- Withhold
                    1.4     Elect Director Karen M. Garrison --- For
                    1.5     Elect Director Edward A. Kangas --- Withhold
                    1.6     Elect Director J. Robert Kerrey --- For
                    1.7     Elect Director Floyd D. Loop, M.D. --- For
                    1.8     Elect Director Richard R. Pettingill ---
                            Withhold
                    1.9     Elect Director James A. Unruh --- For
                    1.10    Elect Director J. McDonald Williams ---
                            Withhold
                    2       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Terex Corp. *TEX*                       880779103                            03/23/07                   1,734
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Increase Authorized Common Stock              For          Against               Mgmt
                               The requested  increase of 450,000,000  shares is above the
                               allowable threshold of 232,500,000 shares.
                    4       Approve Nonqualified Employee Stock           For          For                   Mgmt
                            Purchase Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective,  the limit
                               on the company's  matching  contribution  is reasonable and
                               there  are  caps  placed  on  the  employee's  contribution
                               (expressed as a percent of  compensation  which may exclude
                               bonus,  commissions  or  special  compensation).  There  is
                               minimum  dilution  associated with the plan since shares of
                               company  stock are purchased on the open market with mainly
                               employee contributions.


04/25/07 - A        Textron Inc. *TXT*                      883203101                            03/02/07                   2,114
                    1       Elect Director Kathleen M. Bader              For          For                   Mgmt
                               In  conclusion,  ISS recommends  voting against  members of
                               the  compensation  committee for making  concessions  for a
                               poor pay practice.  Ivor J. Evans, Charles D. Powell and R.
                               Kerry  Clark  are  current  members  of  the   compensation
                               committee  who were also  present in 2005 when the  company
                               amended Mr. Campbell's  employment  contract.  In addition,
                               the  company  has  adopted a  majority  vote  standard  (of
                               shares  cast)  for  the   election  of  directors   with  a
                               plurality  carve-out  for  contested  elections,  and has a
                               director resignation policy in its bylaws/charter.
                    2       Elect Director R. Kerry Clark                 For          Against               Mgmt
                    3       Elect Director Ivor J. Evans                  For          Against               Mgmt
                    4       Elect Director Lord Powell                    For          Against               Mgmt
                    5       Elect Director James L. Ziemer                For          For                   Mgmt
                    6       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    7       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 5 percent is less than
                               the   allowable   cap  for  this   company  of  6  percent.
                               Additionally, this plan expressly forbids repricing.
                    8       Ratify Auditors                               For          For                   Mgmt
                    9       Social Proposal                               Against      Against               ShrHoldr
                               ISS notes that Textron  discloses some limited  information
                               on  these  matters  and  appears  to  actively  demonstrate
                               compliance with export regulations  through the development
                               of an internal export  management  system and the company's
                               participation  in defense  trade  controls  best  practices
                               forums.   Additionally,    Textron   provides   appropriate
                               financial  information  on its military or weapons  related
                               programs.  Further,  ISS notes that the federal  government
                               agencies tasked with evaluating  these transfer  agreements
                               already  provide  substantial   regulatory   oversight  and
                               enforcement  regarding the foreign sale of  weapons-related
                               products  and  services.  Finally,  while we note  that the
                               proponents   have  stated  that  the  company  should  omit
                               proprietary or classified  information from the report,  we
                               believe  that  detailed   disclosure   into  the  company's
                               contract  bidding  and  market  promotion   strategies  may
                               negatively  impact  the  company  by  providing  insight to
                               industry    competitors   without   providing    additional
                               meaningful   information  to  shareholders.   In  light  of
                               management's   existing   disclosure,   coupled   with  the
                               necessity   to  limit   disclosure   where  it  may  affect
                               Textron's  competitiveness  and the  existence of extensive
                               federal  foreign weapons export  regulations,  ISS does not
                               believe  that this  shareholder  proposal is  warranted  at
                               this time.


06/25/07 - A        The AES Corp. *AES*                     00130H105                            04/27/07                  11,226
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/15/07 - A        The Allstate Corp. *ALL*                020002101                            03/16/07                  10,533
                    1       Elect Director F. Duane Ackerman              For          For                   Mgmt
                    2       Elect Director James G. Andress               For          For                   Mgmt
                    3       Elect Director Robert D. Beyer                For          For                   Mgmt
                    4       Elect Director W. James Farrell               For          For                   Mgmt
                    5       Elect Director Jack M. Greenberg              For          For                   Mgmt
                    6       Elect Director Ronald T. LeMay                For          For                   Mgmt
                    7       Elect Director Edward M. Liddy                For          For                   Mgmt
                    8       Elect Director J. Christopher Reyes           For          For                   Mgmt
                    9       Elect Director H. John Riley, Jr.             For          For                   Mgmt
                    10      Elect Director Joshua I. Smith                For          For                   Mgmt
                    11      Elect Director Judith A. Sprieser             For          For                   Mgmt
                    12      Elect Director Mary Alice Taylor              For          For                   Mgmt
                    13      Elect Director Thomas J. Wilson               For          For                   Mgmt
                    14      Ratify Auditors                               For          For                   Mgmt
                    15      Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements.  We commend  management for  submitting  this
                               proposal at this year's and  addressing  the request of the
                               previous shareholder proposal.


04/10/07 - A        The Bank Of New York Co., Inc. *BK*     064057102                            02/20/07                  12,880
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Vote Requirements to Amend              Against      For                   ShrHoldr
                            Articles/Bylaws/Charter
                               ISS   recommends   shareholders   support  this   precatory
                               proposal  that  would  eliminate  all  supermajority   vote
                               requirements of the company.
                    4       Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               In  this  case,  the  company  fails  to  meet  all  of the
                               aforementioned      corporate      governance     criteria.
                               Specifically,  the company has not adopted a majority  vote
                               standard in director elections with a plurality  carve-out;
                               shareholders   may   not   call   special   meetings;   and
                               shareholders may not act by written  consent.  Accordingly,
                               the proposal warrants shareholder support.
                    5       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.


05/24/07 - S        The Bank Of New York Co., Inc. *BK*     064057102                            04/12/07                  12,777
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  in particular  the positive
                               market   reaction,   strategic   rational   and   potential
                               synergies,  we believe that the merger  agreement  warrants
                               shareholder support.
                    2       Adopt Supermajority Vote Requirement for      For          For                   Mgmt
                            Mergers
                               As a matter of policy,  we recommend that shareholders vote
                               against  most   proposals  to  adopt   supermajority   vote
                               requirements,  as they serve as  entrenchment  devices  for
                               management and,  therefore,  are not in shareholders'  best
                               interests.  A  supermajority   requirement  puts  a  higher
                               burden  of proof on  shareholders.  After the  merger,  the
                               interests of both BONY and Mellon  investors  should be one
                               and  the  same  and  therefore  do not  need  the  proposed
                               protection.  The  directors  after  the  merger  should  be
                               accountable to all  shareholders and should not distinguish
                               between BONY and Mellon investors.  We believe that in this
                               case,  given  that this is a  temporary  provision  and the
                               risk of disruption  to a merger that we otherwise  support,
                               the proposal warrants shareholder support.
                    3       Increase Authorized Preferred and Common      For          For                   Mgmt
                            Stock
                               Given that the proposed  increase in  authorized  shares of
                               common stock is below the allowable  threshold,  that there
                               is no effective  increase in authorized  preferred  shares,
                               and  that  approval  of  this  item is a  condition  to the
                               merger with Mellon, we recommend  shareholders support this
                               item.
                    4       Adjourn Meeting                               For          For                   Mgmt
                               Given our  support  of the merger and the rest of the items
                               in  the  ballot,  and  the  fact  that  item  2  and  3 are
                               conditions  to  the  merger,   we  recommend   shareholders
                               support this adjournment proposal.


04/19/07 - A        The Black & Decker Corp. *BDK*          091797100                            02/20/07                   1,147
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Pay For Superior Performance                  Against      For                   ShrHoldr
                               According   to  ISS'   compensation   policies,   only  the
                               executive  annual   incentive   program  and  the  PEP  are
                               performance    driven.     These    plans    require    the
                               pre-establishment   of  EPS  targets  and  other  specified
                               metrics  at  the  beginning  of  the  performance   period.
                                       ISS  believes  that  a  significant  portion  ,  50
                               percent  or  greater  , of  equity  compensation  for named
                               officers   should  be   performance-based,   with   clearly
                               disclosed,  specific, and challenging  performance targets.
                               Accordingly,   traditional  stock  options  and  awards  of
                               restricted  stock that  vests  over time do not  qualify as
                               performance-based  equity  compensation.  The  company  has
                               placed  significant  reliance on traditional  stock options
                               and time-based  restricted stock with only seven percent of
                               total long-term equity  compensation in  performance-linked
                               awards.  ISS believes  that,  currently,  long-term  equity
                               compensation     for     named     executives     is    not
                               performance-based.        Further,  the  company  uses  the
                               same  performance  criteria,  EPS, for both the  short-term
                               incentive  program  and the PEP,  which  could  result in a
                               double windfall for the  executives.  ISS believes that the
                               underlying goals and motivation for a short-term  incentive
                               program should be substantially  different from a long-term
                               incentive  program.           Black  &  Decker  is  in  the
                               consumer durables & apparel business,  is the 418th largest
                               public US  company by market  capitalization,  and has been
                               publicly  traded for over 25 years.  ISS believes  that the
                               proponent's    pay-for-superior-performance   standard   is
                               implementable  for the  company  given  its  size,  age and
                               industry.           In  conclusion,   while  the  company's
                               annual  incentive  plan  and  the  PEP  provide   exemplary
                               disclosure  with  respect  to hurdle  rates  and  limits on
                               bonuses,   the   long-term   incentive   program   is   not
                               substantially   performance   based,  given  that  the  PEP
                               constitutes  only seven percent of the long-term  incentive
                               awards to named  executives.  Therefore,  ISS supports this
                               shareholder proposal.


04/30/07 - A        The Boeing Co. *BA*                     097023105                            03/01/07                  13,327
                    1       Elect Director John H. Biggs                  For          For                   Mgmt
                               ISS   recognizes   that   attracting    executive   talent,
                               particularly  at the CEO position,  can be  challenging  in
                               today's  environment.  Golden  hello"  payments  are  being
                               increasingly   used  by  boards  to  lure  executives  from
                               outside  companies into the CEO suite.  Often, pay problems
                               emerge  when a crisis in the corner  office,  coupled  with
                               poor  succession  planning,   places  a  board  in  a  weak
                               negotiating  position.        At Boeing, two successive CEO
                               departures  set the stage for outside  talent to be brought
                               in at a  hefty  price  tag  to  shareholders.  It is a fair
                               question  for  shareholders  to ask whether Mr.  McNerney's
                               benefits from his former  employment  should be made whole,
                               and  whether  the  board   could  have   exercised   better
                               oversight  and  planning  in  light  of the  scandal-driven
                               departures  of Mr.  Stonecipher  in 2005 and Mr.  Condit in
                               2003.   While  we  do  not   recommend   withholding   from
                               compensation  committee  members  at this  time,  ISS  will
                               closely  monitor the pay practices and succession  planning
                               at  Boeing.  Shareholders  would be well  served  to do the
                               same.
                    2       Elect Director John E. Bryson                 For          For                   Mgmt
                    3       Elect Director Arthur D. Collins, Jr.         For          For                   Mgmt
                    4       Elect Director Linda Z. Cook                  For          For                   Mgmt
                    5       Elect Director William M. Daley               For          For                   Mgmt
                    6       Elect Director Kenneth M. Duberstein          For          For                   Mgmt
                    7       Elect Director John F. McDonnell              For          For                   Mgmt
                    8       Elect Director W. James McNerney, Jr.         For          For                   Mgmt
                    9       Elect Director Richard D. Nanula              For          For                   Mgmt
                    10      Elect Director Rozanne L. Ridgway             For          For                   Mgmt
                    11      Elect Director Mike S. Zafirovski             For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Report on Foreign Arms Sales                  Against      Against               ShrHoldr
                               ISS believes that the  combination  of federal  regulation,
                               the  current  level  of  disclosure  by  Boeing,   and  the
                               necessity  to limit  disclosure  where it could  affect the
                               company's  competitive  advantage  outweigh  the  potential
                               benefits that may be derived from this  proposal.  As such,
                               we believe that this resolution does not merit  shareholder
                               support.
                    14      Adopt Human Rights Policy                     Against      For                   ShrHoldr
                               In light of the serious  human rights  concerns in a number
                               of the  countries  where the company  operates and the fact
                               that   the   company    does   not    currently    have   a
                               publicly-available   code  of   conduct   that   references
                               international  labor  standards,  we believe that this step
                               of publicly endorsing these  international  labor standards
                               will benefit the company and its shareholders.
                    15      Report on Charitable Contributions            Against      Against               ShrHoldr
                               In this  instance,  ISS notes that Boeing  describes in its
                               response  to this  proposal  its  oversight  mechanism  for
                               charitable  giving and also provides  through its corporate
                               website a  substantial  overview of its  charitable  giving
                               initiatives,   including   providing   its  most   recently
                               available  total  cash  budget,  recent  fiscal  year  cash
                               contributions  by focus area,  geography,  and by employee,
                               retiree  and  board  member.   The  company  also  provides
                               specific   selected   programs   details   within   various
                               geographic  regions  around  the world.  Additionally,  the
                               company's Global Corporate  Citizenship  corporate  website
                               discusses  focus areas,  grant  guidelines,  exclusions and
                               evaluation  criteria,  and contact information for regional
                               community  relations  offices.   Therefore,  based  on  the
                               existing  level  of  disclosure,  ISS  does  not  recommend
                               shareholder support for the resolution at this time.
                    16      Report on Political Contributions             Against      For                   ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to  assess  the  company's  current
                               public policy  activities.  In particular,  Boeing provides
                               an overview of its political  contribution policies and its
                               commitment  to the  oversight  process.  We  are,  however,
                               concerned that  shareholders  lack information  relating to
                               the company's trade association spending.  Such information
                               could  help  shareholders  assess  the risks  and  benefits
                               associated   with   public   policy   activities    through
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.
                    17      Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this  case,  Boeing  meets  all of the  criteria  in the
                               counterbalancing  structure  described  above. The board is
                               90  percent  independent,  with  all key  board  committees
                               including no  affiliated  directors.  Corporate  governance
                               guidelines  are  established  and publicly  available.  The
                               current lead  director  performs  all of the duties  listed
                               above.  With  regard  to the  company's  total  shareholder
                               return  performance,  Boeing  outperformed  its  peers  and
                               index  both  on  both  a  one-year  and  three-year   total
                               shareholder  returns          We believe that the company's
                               governance  structure provides a satisfactory  balance to a
                               unified  chairman  and  CEO  position.   Accordingly,   the
                               proposal does not warrant shareholder support.
                    18      Submit Shareholder Rights Plan (Poison        Against      Against               ShrHoldr
                            Pill) to Shareholder Vote
                               We believe that Boeing's policy  addresses the issue raised
                               by this  proposal by  requiring  the rights to be redeemed,
                               caused   to  expire   or   submitted   to  a  vote  of  the
                               shareholders within one year.
                    19      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    20      Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Conclusion        Per  ISS'  valuation  of the  performance
                               mix, we compared the actual  number of shares  (performance
                               awards  vs.  options  and  time-vested  restricted/deferred
                               stock  awards)  granted in the past fiscal year and only 20
                               percent of the  equity  awards  granted to named  executive
                               officers   during  that   period   were   performance-based
                               according to our  guidelines.  Therefore,  given that:  (1)
                               the  company's  long-term  program  for  executives  is not
                               performance-based  per  ISS'  guidelines;  (2) the  program
                               fails  to  provide   shareholders  with  clearly  disclosed
                               hurdle   rates;   and  (3)  this  proposal  is  not  overly
                               restrictive,  we  believe  this item  warrants  shareholder
                               support.
                    21      Claw-back of Payments under Restatements      Against      Against               ShrHoldr
                               ISS believes that the company has  fundamentally  addressed
                               the  proponent's  key concerns.  ISS believes this proposal
                               does not warrant shareholder support.


04/24/07 - A        The Chubb Corp. *CB*                    171232101                            03/05/07                   6,938
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Articles/Bylaws/Charter General         For          For                   Mgmt
                            Matters--Adopt Majority Vote Standard for
                            the Election of Directors
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    4       Report on Political Contributions             Against      For                   ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to assess  Chubb's  current  public
                               policy  activities.   Specifically,  the  company  provides
                               broad  discussion  on  its  involvement  in  public  policy
                               initiatives  through political  contributions.  However, we
                               are  concerned  with the lack of  information  available to
                               shareholders  related to the  company's  trade  association
                               spending.  Such information could help shareholders  assess
                               the  risks  and  benefits  associated  with  public  policy
                               activities through  associations  without significant cost,
                               burden,  or strategic  risk for the company.  As such,  ISS
                               recommends that shareholders support this resolution.


11/15/06 - A        The Clorox Company *CLX*                189054109                            09/19/06                   2,380
                    1       Elect Director Daniel Boggan, Jr.             For          For                   Mgmt
                    2       Elect Director Tully M. Friedman              For          For                   Mgmt
                    3       Elect Director George J. Harad                For          For                   Mgmt
                    4       Elect Director Donald R. Knauss               For          For                   Mgmt
                    5       Elect Director Robert W. Matschullat          For          For                   Mgmt
                    6       Elect Director Gary G. Michael                For          For                   Mgmt
                    7       Elect Director Jan L. Murley                  For          For                   Mgmt
                    8       Elect Director Michael E. Shannon             For          For                   Mgmt
                    9       Elect Director Pamela Thomas-Graham           For          For                   Mgmt
                    10      Elect Director Carolyn M. Ticknor             For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt


04/18/07 - A        The Coca-Cola Company *KO*              191216100                            02/20/07                  34,368
                    1       Elect Director Herbert A. Allen               For          For                   Mgmt
                               We recommend that  shareholders vote FOR the directors with
                               the exception of  independent  outsider  Barry  Diller.  We
                               recommend that  shareholders  vote AGAINST Barry Diller for
                               sitting on more than three boards.
                    2       Elect Director Ronald W. Allen                For          For                   Mgmt
                    3       Elect Director Cathleen P. Black              For          For                   Mgmt
                    4       Elect Director Barry Diller                   For          Against               Mgmt
                    5       Elect Director E. Neville Isdell              For          For                   Mgmt
                    6       Elect Director Donald R. Keough               For          For                   Mgmt
                    7       Elect Director Donald F. McHenry              For          For                   Mgmt
                    8       Elect Director Sam Nunn                       For          For                   Mgmt
                    9       Elect Director James D. Robinson, III         For          For                   Mgmt
                    10      Elect Director Peter V. Ueberroth             For          For                   Mgmt
                    11      Elect Director James B. Williams              For          For                   Mgmt
                    12      Ratify Auditors                               For          For                   Mgmt
                    13      Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    14      Limit Executive Compensation                  Against      Against               ShrHoldr
                               In  conclusion,  ISS  does  not  support  this  shareholder
                               proposal due to the  arbitrary  and  restrictive  nature of
                               the limiting executive compensation.
                    15      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    16      Report on Chemical and Biological Testing     Against      Against               ShrHoldr
                            Data
                               Therefore,  considering  the  company's  existing  level of
                               disclosure  on this  topic  as well as  concerns  over  the
                               cost,  burden,  and utility of the  information  requested,
                               ISS  does  not  recommend   shareholder  support  for  this
                               resolution.
                    17      Report on Environmental Liabilities in India  Against      Against               ShrHoldr
                               In this case, the proponent is requesting  that the company
                               evaluate  the  potential  environmental  and public  health
                               damage  associated  with utilizing  ground water in regions
                               that  suffer  from  a  water  shortage.  Specifically,  the
                               resolution   is  asking  that  the  company   evaluate  the
                               feasibility  of refraining  from the use of ground water in
                               India.   ISS  believes  that  the  proponent   raises  some
                               significant   issues   regarding   the  impact  that  local
                               protests and associated pressure from government  officials
                               may  have on the  company's  operations.  However,  we also
                               note that the company has provided  significant  discussion
                               on issues  related to water  quality  and  scarcity  in its
                               public  filings  and on the  corporate  website.  Moreover,
                               Coca-Cola,  its  subsidiaries,  and affiliates are involved
                               in numerous  initiatives  in India to improve water quality
                               and  the   availability  of  fresh  water  in  water-scarce
                               regions,  and have committed to  collaborative  programs to
                               seek improved  methods of  addressing  these  concerns.  As
                               such,  while  ISS  agrees  with the  proponent  that  water
                               scarcity  in India  and  other  global  markets  may have a
                               significant  impact on the  company,  we also  believe that
                               Coca-Cola has provided a substantial  amount of information
                               for  shareholders to review when  considering  these risks.
                               Therefore,  we do not believe that the additional reporting
                               requested by this resolution is warranted at this time.
                    18      Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               ISS supports  the  shareholder  proposal  since the company
                               does   not    provide    for    significant    portion   of
                               performance-based   awards.   Further,   in  light  of  the
                               company's  history of  accelerating  the  vesting of awards
                               for   departing   executives   coupled   with  the  board's
                               continued  ability to modify or waive vesting  requirements
                               without  shareholder  approval  under  the  company's  1989
                               plan, ISS believes  shareholder support of this proposal is
                               warranted.


06/05/07 - A        The DirecTV Group, Inc *DTV*            25459L106                            04/09/07                     101
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.


05/10/07 - A        The Dow Chemical Company *DOW*          260543103                            03/12/07                  16,099
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Arnold A. Allemang --- For
                               Vote  Recommendation  While we recognize that Mr.  Reinhard
                               categorically  denies  being "part of any secret  effort to
                               take  over or  acquire  Dow  Chemical",  we note  that  the
                               company  conducted  an  internal   investigation  and  were
                               convinced   based  on  its   findings   that  he  (and  Mr.
                               Kreinberg) was at the center of the news leaks  regarding a
                               possible   acquisition   of  the   company.   Dow  Chemical
                               maintains  that the recent moves show a "commitment  to the
                               highest   standards  of  integrity,   ethical  conduct  and
                               corporate  governance".  As such, ISS will recommend a vote
                               FOR all of the  board-supported  director nominees shown on
                               Dow Chemical's  amended voting ballot.  With regards to Mr.
                               Reihard's  WITHDRAWN position on the revised ballot,  ISS's
                               recommendation  is NONE since the company indicates that no
                               votes will be cast for Mr. Reinhard.
                    1.2     Elect Director Jacqueline K. Barton --- For
                    1.3     Elect Director James A. Bell --- For
                    1.4     Elect Director Jeff M. Fettig --- For
                    1.5     Elect Director Barbara H. Franklin --- For
                    1.6     Elect Director John B. Hess --- For
                    1.7     Elect Director Andrew N. Liveris --- For
                    1.8     Elect Director Geoffery E. Merszei --- For
                    1.9     WITHDRAWN                                     None         Withhold              Mgmt
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.  ISS commends the company for submitting the
                               proposed  changes,   which  demonstrates  a  commitment  to
                               shareholders' interests.
                    4       Report on Remediation Policies in Bhopal      Against      Against               ShrHoldr
                               Conclusion  ISS  believes  that  this   resolution   merits
                               consideration  based on the impact of the  tragic  accident
                               in Bhopal on thousands of people,  and the potential affect
                               that   reputational   damage  may  have  on  the  company's
                               operations in Asia.  That said,  ISS notes that the company
                               has  disclosed  certain  information  on Bhopal both on the
                               Dow  Chemical  website  and on  www.bhopal.com,  a  website
                               sponsored   by  Union   Carbide   specifically   discussing
                               information on the tragedy.  Further, while we believe that
                               the  company  could  improve  its  transparency  on certain
                               issues,  ISS notes that the company  has clearly  stated in
                               its  filings  that it does not  believe  that it  maintains
                               liability  for  future  remediation,  nor does it intend to
                               invest in new  initiatives to address  concerns  related to
                               this issue.  As such,  we question  the value of the report
                               specified in this resolution.  The company's  discussion of
                               the tragedy in Bhopal not only provides  information on the
                               specific   incident  and  associated   legal   proceedings,
                               remediation efforts, and business developments;  it clearly
                               outlines Dow  Chemical's  position on this  matter.  As the
                               company  has  stated  that it does not  intend to  initiate
                               further actions related to Bhopal,  it does not appear that
                               a  report  to  specifically   discuss  such  actions  would
                               provide  significant,  meaningful  benefit to shareholders.
                               As such,  ISS  does not  believe  this  shareholder  merits
                               shareholder support.
                    5       Report on Genetically Modified Organisms      Against      Against               ShrHoldr
                               Conclusion   Given   the   existing   publicly    available
                               information  relating  to Dow's GE  products,  the  current
                               oversight  of  GE  ingredients  by  public  agencies,   the
                               disclosure   of   existing   internal   controls   and  its
                               commitment  to  perform a Risk  Review  Process  at various
                               stages of a product's  life cycle,  ISS does not  recommend
                               shareholder support for this proposal.
                    6       Report on Environmental Remediation           Against      For                   ShrHoldr
                               Conclusion    Considering   Dow's   continued   significant
                               financial   obligations,   including   its  total   accrued
                               obligation  of $347 million as of Dec.  31,  2006,  and the
                               potential  for  future   litigation   costs  which  may  be
                               associated with its Midland-related  remediation and, given
                               the  past,   present  and  future   financial,   legal  and
                               reputational  risks  associated  with  its  Midland-related
                               remediation   activities;   and,   providing  the  existing
                               availability    of   estimated    timelines   for   various
                               remediation   projects   which   would  limit  the  expense
                               associated with  summarizing the pace and  effectiveness of
                               these  environmental  remediation  processes,  ISS believes
                               that this resolution warrants shareholder support.
                    7       Evaluate Potential Links Between Company      Against      Against               ShrHoldr
                            Products and Asthma
                               Conclusion In light of the  demonstrated  commitment on the
                               part of Dow to  provide  transparency  on  health  concerns
                               associated with certain  product  ingredients and given the
                               current  oversight  processes for Dow's  products by public
                               agencies,   we  do  not  believe  this  proposal   warrants
                               shareholder support.


10/31/06 - A        The Estee Lauder Companies Inc. *EL*    518439104                            09/15/06                   1,875
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Rose Marie Bravo --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Barry S. Sternlicht.  We recommend
                               that  shareholders  WITHHOLD votes from Barry S. Sternlicht
                               for poor attendance.
                    1.2     Elect Director Paul J. Fribourg --- For
                    1.3     Elect Director Mellody Hobson --- For
                    1.4     Elect Director Irvine O. Hockaday, Jr. ---
                            For
                    1.5     Elect Director Barry S. Sternlicht ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt


06/05/07 - A        The Gap, Inc. *GPS*                     364760108                            04/09/07                   8,905
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/11/07 - A        The Goldman Sachs Group, Inc.           38141G104                            01/26/07                   7,177
                    1       Elect Director Lloyd C. Blankfein             For          For                   Mgmt
                    2       Elect Director Lord Browne of Madingley       For          For                   Mgmt
                    3       Elect Director John H. Bryan                  For          For                   Mgmt
                    4       Elect Director Gary D. Cohn                   For          For                   Mgmt
                    5       Elect Director Claes Dahlback                 For          For                   Mgmt
                    6       Elect Director Stephen Friedman               For          For                   Mgmt
                    7       Elect Director William W. George              For          For                   Mgmt
                    8       Elect Director Rajat K. Gupta                 For          For                   Mgmt
                    9       Elect Director James A. Johnson               For          For                   Mgmt
                    10      Elect Director Lois D. Juliber                For          For                   Mgmt
                    11      Elect Director Edward M. Liddy                For          For                   Mgmt
                    12      Elect Director Ruth J. Simmons                For          For                   Mgmt
                    13      Elect Director Jon Winkelried                 For          For                   Mgmt
                    14      Ratify Auditors                               For          For                   Mgmt
                    15      Report on Charitable Contributions            Against      Against               ShrHoldr
                               Conclusion        In  this case, we note that Goldman Sachs
                               discloses  some  of  the   information   requested  by  the
                               proponent  on  its  corporate   website,   in  the  segment
                               dedicated to its Charitable  Services Group.  Additionally,
                               while details of the transaction  are minimal,  the company
                               does  briefly  discuss its donation of the Tierra del Fuego
                               property on its website,  including  broad  information  on
                               the  company's   rationale  for  purchasing  the  land  for
                               conservation purposes.  Therefore,  while we agree with the
                               proponents  that  companies  should  provide  disclosure to
                               shareholders on its charitable  contributions,  we question
                               whether the detailed  information  requested in addition to
                               Goldman Sachs' existing  report would provide  shareholders
                               with  significant  benefit.          Based on the company's
                               existing  disclosure of its  charitable  contributions  and
                               policies,  ISS does not believe  that  shareholder  support
                               for this resolution is warranted at this time.
                    16      Sustainability Report                         Against      Against               ShrHoldr
                               Conclusion        In  this  case,  ISS notes  that  Goldman
                               Sachs  provides   discussion  on  some  issues  related  to
                               sustainability  on  the  company  website,  covering  broad
                               topics   related  to  social  and   economic   development,
                               environmental  policies  and  performance,   and  corporate
                               ethics.  ISS believes  that the company  could benefit from
                               creating a more structured  sustainability  report, similar
                               to  those  produced  by  many  other  large   multinational
                               corporations;  however,  Goldman Sachs' existing disclosure
                               does provide  shareholders with some transparency into some
                               key issues evaluated in basic sustainability  reporting and
                               addresses   certain   concerns   noted  by  the   proponent
                               including  information on its policies and projects related
                               to  social,  environmental,  and  economic  sustainability.
                               Therefore,  ISS does not recommend  shareholder support for
                               the resolution at this time.
                    17      Prohibit Executive Stock-Based Awards         Against      Against               ShrHoldr
                               According   to  ISS  policy,   stock  option  plans  should
                               explicitly  prohibit  repricing  underwater options without
                               shareholder  consent. We do, however,  believe that issuers
                               should have some latitude in  determining  the mix of award
                               types  granted to  executives  and  employees.  The company
                               currently  uses a mix of  award  types  including  options,
                               restricted   stock,   and  restricted  stock  unit  in  its
                               compensation  of senior  executives.  Prohibiting the award
                               of any  future  stock  options  to  anyone  can  constitute
                               micromanagement  and  put  the  company  at  a  competitive
                               disadvantage.  Because this proposal is overly restrictive,
                               we do not believe this item warrants shareholder support.


04/10/07 - A        The Goodyear Tire & Rubber Co. *GT*     382550101                            02/16/07                      33
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.
                    4       Pay for Superior Performance                  Against      For                   ShrHoldr
                               Conclusion        We  do not  believe  that  the  company's
                               annual and long-term  executive  compensation  programs are
                               substantially   performance-based,   per  ISS'  guidelines,
                               given that the company fails to provide  shareholders  with
                               the   necessary   disclosure   (performance   measures  and
                               performance    targets)   to   effectively    monitor   the
                               pay-for-performance  standard  established  by  management.
                               Accordingly,  ISS  believes  that  shareholder  support for
                               this proposal is warranted.
                    5       Establish Supplemental Executive Retirement   Against      For                   ShrHoldr
                            Plan Policy
                               Conclusion        ISS  recommends shareholders support this
                               proposal  as the  inclusion  of  variable  compensation  or
                               other enhancements  significantly drive up the costs to the
                               company and its shareholders.


05/16/07 - A        The Hartford Financial Services         416515104                            03/20/07                   5,342
                    Group, Inc. *HIG*
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        The Hershey Co *HSY*                    427866108                            02/20/07                   2,931
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          Against               Mgmt
                                                                                   VI.
                               Vote  Recommendation        We   commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the  company's  plans of 8 percent is above the
                               allowable cap for this company of 7 percent.


06/28/07 - A        The Kroger Co. *KR*                     501044101                            04/30/07                  11,965
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Amend Articles/Regulations--i)Rules of        For          For                   Mgmt
                            Conduct in Connection with Shareholder
                            Meetings and (ii) Meetings Outside
                            Cincinnati
                               ISS believes the 45 days advance notice is  reasonable.  We
                               recommend shareholders vote FOR Item 3.
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Report on Climate Change                      Against      For                   ShrHoldr


04/25/07 - A        The McGraw-Hill Companies, Inc. *MHP*   580645109                            03/12/07                   5,970
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director Pedro Aspe --- Withhold
                               ISS  recommends   shareholders   WITHHOLD  votes  from  all
                               director  nominees,  for  failure to  implement  a majority
                               supported shareholder proposal.
                    1.2     Elect Director Robert P. Mcgraw --- Withhold
                    1.3     Elect Director H. Ochoa-Brillembourg ---
                            Withhold
                    1.4     Elect Director Edward B. Rust, Jr. ---
                            Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    4       Amend Vote Requirements to Amend              Against      For                   ShrHoldr
                            Articles/Bylaws/Charter
                               Based on principle,  ISS maintains  that a simple  majority
                               of voting shares should be sufficient to effect  changes in
                               a company's  corporate  governance.  Requiring  more than a
                               simple  majority may permit the board to entrench itself by
                               blocking   amendments  that  are  in   shareholders'   best
                               interests.        ISS   supports  a  simple  majority  vote
                               requirement. We recommend a vote FOR the proposal.
                    5       Political Contributions/Activities            Against      For                   ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to  assess  the  company's  current
                               public policy  activities.  McGraw Hill provides an overall
                               business  rationale for  participating in the public policy
                               process,  an overview of its policies and its commitment to
                               the oversight  process.  We are,  however,  concerned  that
                               shareholders  lack  information  relating to the  company's
                               trade  association  spending.  Such information  could help
                               shareholders  assess the risks and benefits associated with
                               public  policy  activities  through   associations  without
                               significant  cost,   burden,  or  strategic  risk  for  the
                               company.  Therefore,  we believe this  resolution  warrants
                               shareholder support.


05/23/07 - A        The Pepsi Bottling Group, Inc. *PBG*    713409100                            03/26/07                   2,222
                    1       Elect Director Linda G. Alvarado              For          For                   Mgmt
                    2       Elect Director Barry H. Beracha               For          For                   Mgmt
                    3       Elect Director Eric J. Foss                   For          For                   Mgmt
                    4       Elect Director Ira D. Hall                    For          For                   Mgmt
                    5       Elect Director Hugh F. Johnston               For          For                   Mgmt
                    6       Elect Director Susan D. Kronick               For          For                   Mgmt
                    7       Elect Director Blythe J. McGarvie             For          For                   Mgmt
                    8       Elect Director Margaret D. Moore              For          For                   Mgmt
                    9       Elect Director John A. Quelch                 For          For                   Mgmt
                    10      Elect Director Javier G. Teruel               For          For                   Mgmt
                    11      Ratify Auditors                               For          For                   Mgmt


10/10/06 - A        The Procter & Gamble Company *PG*       742718109                            08/11/06                  51,774
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Decrease in Size of Board             For          For                   Mgmt
                               Empirical  evidence  has shown  that  board  size is not an
                               indicator of performance.  Proposals  concerning board size
                               should be evaluated  based on  management's  stated  motive
                               for the  change.  In this case,  the  proposal is not being
                               put forth to force a  dissident  member off the  board.  It
                               would preclude an arbitrary  increase in board size, and it
                               may enable the board to operate more efficiently.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   III.
                               Vote    Recommendation        The    performance   measures
                               included  under the plan are  appropriate  for the  company
                               given   its   line   of   business,   long-term   strategic
                               objectives,  and  industry-specific  measures for assessing
                               market competitiveness.  Moreover, preservation of the full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    5       Put Repricing of Stock Options to             Against      Against               ShrHoldr
                            Shareholder Vote
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               under the company's  existing equity plans,  the company is
                               prohibited  from  repricing  options  without   shareholder
                               proposal.  As such,  ISS does  not  feel  that  shareholder
                               support of this proposal is warranted.


04/18/07 - A        The Sherwin-Williams Co. *SHW*          824348106                            03/02/07                   1,886
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt


04/25/07 - A        The Stanley Works *SWK*                 854616109                            02/28/07                   1,370
                    1       Elect Directors                               For          Withhold              Mgmt
                    1.1     Elect Director John G. Breen --- Withhold
                               We recommend  withholding  votes from all of the  nominees.
                               We  recommend   that   shareholders   WITHHOLD  votes  from
                               independent   insider  John  F.  Lundgren  and  independent
                               outsiders  Virgis W.  Colbert and John G. Breen for failure
                               to implement the board declassification proposal.
                    1.2     Elect Director Virgis W. Colbert ---
                            Withhold
                    1.3     Elect Director John F. Lundgren --- Withhold
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Declassify the Board of Directors             Against      For                   ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.


06/05/07 - A        The TJX Companies, Inc. *TJX*           872540109                            04/16/07                   7,692
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director David A. Brandon --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  David A.  Brandon for sitting on
                               more than three boards.
                    1.2     Elect Director Bernard Cammarata --- For
                    1.3     Elect Director David T. Ching --- For
                    1.4     Elect Director Michael F. Hines --- For
                    1.5     Elect Director Amy B. Lane --- For
                    1.6     Elect Director Carol Meyrowitz --- For
                    1.7     Elect Director John F. O'Brien --- For
                    1.8     Elect Director Robert F. Shapiro --- For
                    1.9     Elect Director Willow B. Shire --- For
                    1.10    Elect Director Fletcher H. Wiley --- For
                    2       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors


05/01/07 - A        The Travelers Companies, Inc. *TRV*     89417E109                            03/05/07                  11,630
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Alan L. Beller --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John H. Dasburg --- For
                    1.3     Elect Director Janet M. Dolan --- For
                    1.4     Elect Director Kenneth M. Duberstein --- For
                    1.5     Elect Director Jay S. Fishman --- For
                    1.6     Elect Director Lawrence G. Graev --- For
                    1.7     Elect Director Patricia L. Higgins --- For
                    1.8     Elect Director Thomas R. Hodgson --- For
                    1.9     Elect Director Cleve L. Killingsworth, Jr.
                            --- For
                    1.10    Elect Director Robert I. Lipp --- For
                    1.11    Elect Director Blythe J. McGarvie --- For
                    1.12    Elect Director Glen D. Nelson, M.D. --- For
                    1.13    Elect Director Laurie J. Thomsen --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Company Specific- Majority Vote for the       For          For                   Mgmt
                            Election of Directors
                               ISS  believes   that  a  majority  vote  standard  for  the
                               election of directors in  uncontested  elections  increases
                               directors'  accountability  to  shareholders.  As such,  we
                               recommend shareholders support this proposal.


03/08/07 - A        The Walt Disney Company *DIS*           254687106                            01/08/07                  34,862
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director John E. Bryson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John S. Chen --- For
                    1.3     Elect Director Judith L. Estrin --- For
                    1.4     Elect Director Robert A. Iger --- For
                    1.5     Elect Director Steven P. Jobs --- For
                    1.6     Elect Director Fred H. Langhammer --- For
                    1.7     Elect Director Aylwin B. Lewis --- For
                    1.8     Elect Director Monica C. Lozano --- For
                    1.9     Elect Director Robert W. Matschullat --- For
                    1.10    Elect Director John E. Pepper, Jr. --- For
                    1.11    Elect Director Orin C. Smith --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 7
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Amend Executive Incentive Bonus Plan          For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable  performance goals before awards are
                               paid to  participants.  Moreover,  preservation of the full
                               deductibility   of  all   compensation   paid  reduces  the
                               company's corporate tax obligation.
                    5       Company-Specific--Governance-Related - No     Against      Against               ShrHoldr
                            Greenmail payments
                               ISS  recommends  that  shareholders  vote for  proposals to
                               adopt   anti-greenmail   charter  or  bylaw  amendments  or
                               otherwise  restrict a company's  ability to make  greenmail
                               payments.  Greenmail is a form of payment that economically
                               disenfranchises  all other  shareholders.  In this case, we
                               believe  that the  company's  recent bylaw  amendment  with
                               regard  to  greenmail  has   substantially   addressed  the
                               requests of this shareholder proposal.
                    6       Approve/Amend Terms of Existing Poison Pill   Against      For                   ShrHoldr
                               Overall,    the   benefits   of    requiring    shareholder
                               ratification  of a pill  outweigh  the  potential  negative
                               effects  of a  supermajority  board  requirement  for  pill
                               adoption.  Given that the  company  has not  established  a
                               policy  with  respect to  shareholder  approval of a rights
                               plan  in  the  future  and  the   proposed   bylaw  is  not
                               inconsistent  with good  governance  practice  of putting a
                               pill to a  shareholder  vote  within 12 months,  this bylaw
                               proposal warrants shareholder vote.


05/17/07 - A        The Williams Companies, Inc. *WMB*      969457100                            03/26/07                  10,105
                    1       Elect Director Kathleen B. Cooper             For          For                   Mgmt
                    2       Elect Director William R. Granberry           For          For                   Mgmt
                    3       Elect Director Charles M. Lillis              For          For                   Mgmt
                    4       Elect Director William G. Lowrie              For          For                   Mgmt
                    5       Ratify Auditors                               For          For                   Mgmt
                    6       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    7       Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.


08/30/06 - S        Thermo Fisher Scientific Inc. *TMO*     883556102                            07/24/06                   2,583
                    1       Issue Shares in Connection with an            For          For                   Mgmt
                            Acquisition
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  particularly  the strategic
                               rationale,  we believe that the merger  agreement  warrants
                               shareholder support.
                    2       Amend Articles/Increase Authorized Common     For          For                   Mgmt
                            Stock and Change Company Name
                               Given that:  the authorized  capital  increase is below the
                               allowable threshold;  the name change is unlikely to have a
                               negative  effect on the company;  and that this proposal is
                               a condition to complete the merger with Fisher,  we suggest
                               shareholders support this item.


05/15/07 - A        Thermo Fisher Scientific Inc. *TMO*     883556102                            03/29/07                   7,099
                    1       Elect Director Marijn E. Dekkers              For          For                   Mgmt
                    2       Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    3       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Tiffany & Co. *TIF*                     886547108                            03/23/07                   2,288
                    1       Elect Director Michael J. Kowalski            For          For                   Mgmt
                    2       Elect Director Rose Marie Bravo               For          For                   Mgmt
                    3       Elect Director William R. Chaney              For          For                   Mgmt
                    4       Elect Director Gary E. Costley                For          For                   Mgmt
                    5       Elect Director Abby F. Kohnstamm              For          For                   Mgmt
                    6       Elect Director Charles K. Marquis             For          For                   Mgmt
                    7       Elect Director J. Thomas Presby               For          For                   Mgmt
                    8       Elect Director James E. Quinn                 For          For                   Mgmt
                    9       Elect Director William A. Shutzer             For          For                   Mgmt
                    10      Ratify Auditors                               For          For                   Mgmt


05/18/07 - A        Time Warner Inc *TWX*                   887317105                            03/30/07                  64,488
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements.  As  such,  we  believe  that  this  proposal
                               warrants shareholder support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers'Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.
                    6       Company Specific- Adopt Simple Majority Vote  Against      For                   ShrHoldr
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority. As such, we support this proposal
                    7       Amend Articles/Bylaws/Charter -- Call         Against      For                   ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    8       Company-Specific- Stockholder Ratification    Against      Against               ShrHoldr
                            of Director Compensation, When a
                            Stockholder Rights Plan Has Been Adopted
                               As such,  ISS believes  that this proposal does not warrant
                               shareholder support.


04/26/07 - A        Torchmark Corp. *TMK*                   891027104                            03/02/07                   1,653
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 4 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 5
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Commit to Board Diversity                     Against      Against               ShrHoldr
                               In  this  case,   we  note  that   Torchmark  has  included
                               information on its director qualification  standards on the
                               company's  website.  The criteria  discussed by the company
                               include  achievements and experience,  integrity,  business
                               understanding,   and   diversity.   While   this  does  not
                               specifically  address  each  part  of the  resolution,  ISS
                               believes that this form of public commitment,  supported by
                               inclusion  among  newly  nominated  directors,  effectively
                               communicates   the  company's   position  on  this  matter.
                               Finally,   as  a  potential   indicator  of  the  company's
                               commitment  to  attract  and  retain  the  most   qualified
                               directors,  regardless  of race,  ISS  notes  that the most
                               recent  appointee  to the  company's  board  is an  African
                               American.  Therefore,  ISS urges the company to continue to
                               develop  its   disclosure   related  to  board   diversity;
                               however,  in  light  of its  existing  discussion  of  this
                               matter and  demonstrated  commitment to its stated director
                               qualifications   standards   we   do   not   believe   that
                               shareholder  support for the  resolution  is  warranted  at
                               this time.


05/10/07 - A        Transocean Inc. *RIG*                   G90078109                            03/19/07                   4,928
                            Meeting for Holders of ADRs
                    1       ELECTION OF DIRECTOR: ROBERT L. LONG          For          For                   Mgmt
                    2       ELECTION OF DIRECTOR: MARTIN B. MCNAMARA      For          For                   Mgmt
                    3       ELECTION OF DIRECTOR: ROBERT M. SPRAGUE       For          For                   Mgmt
                    4       ELECTION OF DIRECTOR: J. MICHAEL TALBERT      For          For                   Mgmt
                    5       APPROVAL OF THE APPOINTMENT OF ERNST &        For          For                   Mgmt
                            YOUNG LLP TO SERVE AS OUR INDEPENDENT
                            REGISTERED PUBLIC ACCOUNTING FIRM FOR 2007.


03/08/07 - A        Tyco International Ltd. *TYC*           902124106                            01/12/07                  33,521
                            Meeting for ADR Holders
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


03/08/07 - S        Tyco International Ltd. *TYC*           902124106                            01/12/07                  33,521
                            Meeting for ADR Holders
                    1       APPROVAL OF REVERSE STOCK SPLIT OF THE        For          For                   Mgmt
                            COMPANYS COMMON SHARES AT A SPLIT RATIO OF
                            1 FOR 4
                    2       APPROVAL OF CONSEQUENTIAL AMENDMENT TO THE    For          For                   Mgmt
                            COMPANY S AMENDED AND RESTATED BYE-LAWS.


04/17/07 - A        U.S. Bancorp *USB*                      902973304                            02/26/07                  29,627
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Victoria Buynisk Gluckman
                            --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Arthur D. Collins, Jr. ---
                            For
                    1.3     Elect Director Olivia F. Kirtley --- For
                    1.4     Elect Director Jerry W. Levin --- For
                    1.5     Elect Director Richard G. Reiten --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 3 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 6
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    5       Approve Report of the Compensation Committee  Against      For                   ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Establish SERP Policy                         Against      For                   ShrHoldr
                               ISS  recommends  shareholders  support this  proposal as we
                               believe that base salary is a  sufficient  basis upon which
                               to base pension benefits to executives.


05/03/07 - A        Union Pacific Corp. *UNP*               907818108                            02/22/07                   4,546
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               ISS notes that the  proponent has crafted the proposal in a
                               way that would afford the board the  flexibility to address
                               the  status  of  incumbent  director  nominees  who fail to
                               receive a majority vote under a majority vote standard.  We
                               concur with the  proponent  that a majority  vote  standard
                               combined with the company's current post-election  director
                               resignation   policy  would  establish  a  more  meaningful
                               director  election   process.   As  such  we  believe  this
                               proposal warrants shareholder support.
                    4       Report on Political Contributions             Against      For                   ShrHoldr
                               While ISS  believes  that some  aspects of this  resolution
                               may be overly  restrictive  or  burdensome,  we also  agree
                               with the proponents  that  shareholders  should have access
                               to  information  that allows  them to evaluate  the general
                               rationale  and  criteria  behind  the  company's  political
                               contributions,  as  well  as the  level  of  oversight  and
                               accountability  in place to ensure  compliance with company
                               policy and  applicable  legislation.  As such, we recommend
                               that shareholders vote for this resolution.


04/26/07 - A        Unisys Corp. *UIS*                      909214108                            02/28/07                   5,808
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 10 percent is less than
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Report on Political Contributions             Against      For                   ShrHoldr
                               ISS believes  that  management  has  provided  shareholders
                               with some  information  to assess its current public policy
                               activities,  and the company  provides broad  discussion on
                               its policy,  processes,  and oversight  mechanisms relevant
                               to political contributions.  However, we are concerned with
                               the lack of information  available to shareholders  related
                               to  the  company's   trade   association   spending.   Such
                               information  could help  shareholders  assess the risks and
                               benefits  associated with public policy activities  through
                               associations   without   significant   cost,   burden,   or
                               strategic  risk for the  company.  Therefore,  ISS believes
                               that shareholders support for this resolution is warranted.
                    5       Prepare Sustainability Report                 Against      Against               ShrHoldr
                               As  such,   ISS  encourages  the  company  to  continue  to
                               increase  its level of  transparency  related to social and
                               environmental   performance   and  consider  the  potential
                               benefits of  structuring  its reporting  along  established
                               best  practices  guidelines.  However,  we believe that its
                               existing   disclosure   informs   shareholders  of  Unisys'
                               strategic   policies  and   commitments   to  managing  the
                               company's  operations in a sustainable fashion. As such, we
                               do not believe this proposal warrants shareholder support.


05/10/07 - A        United Parcel Service, Inc. *UPS*       911312106                            03/12/07                   1,784
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Michael J. Burns --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider  James P. Kelly.  We recommend that
                               shareholders   WITHHOLD  votes  from  James  P.  Kelly  for
                               standing  as  an  affiliated  outsider  on  the  Nominating
                               Committee.
                    1.2     Elect Director D. Scott Davis --- For
                    1.3     Elect Director Stuart E. Eizenstat --- For
                    1.4     Elect Director Michael L. Eskew --- For
                    1.5     Elect Director James P. Kelly --- Withhold
                    1.6     Elect Director Ann M. Livermore --- For
                    1.7     Elect Director Victor A. Pelson --- For
                    1.8     Elect Director John W. Thompson --- For
                    1.9     Elect Director Carol B. Tome --- For
                    1.10    Elect Director Ben Verwaayen --- For
                    2       Ratify Auditors                               For          For                   Mgmt


04/24/07 - A        United States Steel Corp. *X*           912909108                            02/23/07                   1,997
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Robert J. Darnall --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Jeffrey M. Lipton.  We recommend
                               that  shareholders  WITHHOLD  votes from  Jeffrey M. Lipton
                               for sitting on more than three  boards  while  serving as a
                               CEO.
                    1.2     Elect Director John G. Drosdick --- For
                    1.3     Elect Director Charles R. Lee --- For
                    1.4     Elect Director Jeffrey M. Lipton ---
                            Withhold
                    1.5     Elect Director Glenda G. McNeal --- For
                    1.6     Elect Director Patricia A. Tracey --- For
                    2       Ratify Auditors                               For          For                   Mgmt


04/11/07 - A        United Technologies Corp. *UTX*         913017109                            02/13/07                  16,916
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Louis R. Chenevert --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director George David --- For
                    1.3     Elect Director John V. Faraci --- For
                    1.4     Elect Director Jean-Pierre Garnier --- For
                    1.5     Elect Director Jamie S. Gorelick --- For
                    1.6     Elect Director Charles R. Lee --- For
                    1.7     Elect Director Richard D. Mccormick --- For
                    1.8     Elect Director Harold Mcgraw III --- For
                    1.9     Elect Director Richard B. Myers --- For
                    1.10    Elect Director Frank P. Popoff --- For
                    1.11    Elect Director H. Patrick Swygert --- For
                    1.12    Elect Director Andre Villeneuve --- For
                    1.13    Elect Director H.A. Wagner --- For
                    1.14    Elect Director Christine Todd Whitman ---
                            For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Establish Term Limits for Directors           Against      Against               ShrHoldr
                               Under   an   effective    corporate    governance   system,
                               shareholders  have the right to express  their  preferences
                               each year by voting on  directors  at the  annual  meeting.
                               Thus,  shareholders can remove or reelect directors as they
                               see fit.
                    4       Report on Foreign Military Sales              Against      Against               ShrHoldr
                               Conclusion        ISS   notes  that   United   Technologies
                               already  discloses  some  information on these matters both
                               through  public  filings  and  on  the  company's  website.
                               Topics  addressed in these  forums  include  disclosure  on
                               certain   company   policies   related  to  export  control
                               compliance,  government  contract bidding,  and appropriate
                               financial   information  on  military  or  weapons  related
                               programs.  Additionally,  the federal  government  agencies
                               tasked with evaluating  these transfer  agreements  already
                               provide  substantial  regulatory  oversight and enforcement
                               regarding the foreign sale of weapons-related  products and
                               services.  Finally,  while we note that the proponents have
                               stated  that  the  company   should  omit   proprietary  or
                               classified  information  from the report,  we believe  that
                               detailed  disclosure  into the company's  contract  bidding
                               and market promotion  strategies may negatively  impact the
                               company  by  providing  insight  to  industry   competitors
                               without  providing  additional  meaningful  information  to
                               shareholders.  As such,  ISS believes that the  combination
                               of federal  regulation,  the current level of disclosure by
                               United Technologies,  and the necessity to limit disclosure
                               where it could affect the company's  competitive  advantage
                               outweigh the  potential  benefits  that may be derived from
                               this proposal.
                    5       Report on Political Contributions             Against      Against               ShrHoldr
                               Conclusion        ISS   agrees  with  the  proponent   that
                               companies should provide clear  information to shareholders
                               on their  public  policy  initiatives,  as these may impact
                               the  company's  ability  to  operate  effectively  in  some
                               highly  regulated  industries  and could expose the company
                               to  negative   publicity  or  costly   litigation  if  such
                               contributions  are  poorly  managed.  That  said,  based on
                               United  Technologies'  existing disclosure on public policy
                               activities  and  trade  association  costs,  as well as its
                               public  commitment to expand  disclosure on company and PAC
                               contributions  this year, ISS does not believe  shareholder
                               support for the resolution is necessary at this time.
                    6       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    7       Pay For Superior Performance                  Against      For                   ShrHoldr
                               Conclusion        While  the company's annual bonus program
                               is  performance-based  with clearly disclosed hurdle rates,
                               the  long-term   incentive  program  is  not  substantially
                               performance-based under current ISS guidelines.  We commend
                               the company for  disclosing  specific  target rates for EPS
                               and TSR for PSUs granted under the long-term  program.  The
                               company   maintains   that   it   has   increased   use  of
                               performance-based  compensation  to greater than 50 percent
                               of the value of annual  long-term  incentive  awards if the
                               total  value  of the PSUs to SARs is  taken  into  account.
                               However,  per ISS'  valuation  of the  performance  mix, we
                               compared  the  actual  number  of shares  (PSUs  vs.  SARs)
                               granted in the past fiscal  year and only13  percent of the
                               equity awards granted to named executive  officers over the
                               past  year  have been  performance-based  according  to our
                               guidelines.   ISS  calculates  the  performance  mix  using
                               shares  rather  than in dollars  because  values can change
                               over time and with different  modeling  assumptions,  among
                               other  things.  Therefore,  ISS believes  that  shareholder
                               support of the  proposal  is  warranted.  Accordingly,  ISS
                               believes  that  shareholder  support  for this  proposal is
                               warranted.


05/29/07 - A        UnitedHealth Group Incorporated *UNH*   91324P102                            04/09/07                  22,890
                    1       Elect Directors                               For          For                   Mgmt
                    2       Company Specific--Majority Vote for the       For          For                   Mgmt
                            Election of Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               voting standard in uncontested elections,  with a carve out
                               for  plurality  in contested  election and a  post-election
                               director resignation policy.
                    3       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    4       Reduce Supermajority Vote Requirement for     For          For                   Mgmt
                            Removal of Directors
                               ISS supports this proposal.
                    5       Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS supports this proposal.
                    6       Amend Articles-Make Stylistic, Clarifying     For          For                   Mgmt
                            and Conforming Changes
                               Given  that  approval  of this  item will  incorporate  the
                               amendments  in  Items  2-5  which  we  support,  this  item
                               warrants shareholder support.
                    7       Ratify Auditors                               For          For                   Mgmt
                    8       Performance-Based and/or Time-Based Equity    Against      For                   ShrHoldr
                            Awards
                               Given   that:   (1)   the   company's    long-term   equity
                               compensation   program   for  senior   executives   is  not
                               performance-based  according  to ISS'  guidelines  and; (2)
                               this  proposal is not overly  restrictive,  we believe this
                               item warrants shareholder support.
                    9       Establish SERP Policy                         Against      For                   ShrHoldr
                               In this case,  the company  capped  supplemental  executive
                               retirement  plan benefits  payable to the CEO at the amount
                               vested and accrued as of May 1, 2006.  Other  current named
                               executive  officers  do  not  have  supplemental  executive
                               retirement   plan  benefits  and,  with  the  exception  of
                               pre-existing   supplemental   executive   retirement   plan
                               obligations  that the  company  may  assume  as a result of
                               acquisitions,   the   company  no  longer   provides   such
                               benefits.  However,  the  company  is  not  precluded  from
                               entering  into a new SERP  agreement  with a new  executive
                               hire that  includes  base  salary and bonus.  Further,  the
                               company  has  not  adopted  a  SERP  policy  that  excludes
                               variable   compensation.   As  such,   this  item  warrants
                               shareholder support.
                    10      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    11      Equal Access to the Proxy for Purpose of      Against      For                   ShrHoldr
                            Electing a Director
                               Conclusion and Vote  Recommendation        Proxy  access is
                               a  tool  that  will  enable   investors  to  fulfill  their
                               ownership    responsibilities    while    improving   board
                               accountability.  We believe that this proxy access proposal
                               allows   significant   shareholders   an   opportunity   to
                               participate in the nomination  process,  while safeguarding
                               the  process,   the  board,   and  the   interests  of  all
                               shareholders.  ISS  believes  that  support for this ballot
                               access proposal  represents a significant and positive step
                               in the director election  process.  The reform is needed to
                               right a steeply  tilted  playing field on which  management
                               and board incumbents  dominate the election  process.  This
                               proposal  affords  shareholders  an  opportunity  to effect
                               reforms   on  the   nomination   process.   Based   on  the
                               fundamental  need  for  a  more  effective  and  meaningful
                               director   election   process   and  given   the   adequate
                               provisions  of this  proposal,  we believe that support for
                               this resolution is warranted.


09/27/06 - S        Univision Communications Inc.           914906102                            08/17/06                   3,519
                    1       Approve Merger Agreement                      For          For                   Mgmt
                               We believe  that,  based on the  auction  process  that was
                               conducted  and the  premium  being  received,  the  current
                               merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                   Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/01/07 - A        UST Inc. *UST*                          902911106                            03/08/07                   2,712
                    1       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    2       Elect Directors                               For          For                   Mgmt
                    3       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Valero Energy Corp. *VLO*               91913Y100                            03/01/07                  10,190
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director Ruben M. Escobedo --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Bob Marbut.  We  recommend  that
                               shareholders  WITHHOLD votes from Bob Marbut for sitting on
                               more than three boards.
                    1.2     Elect Director Bob Marbut --- Withhold
                    1.3     Elect Director Robert A. Profusek --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               While  the  company  has  adopted  a  director  resignation
                               policy,  we believe that the majority  vote  standard  with
                               the director  resignation  policy and a plurality  standard
                               for   contested   elections  is  the   benchmark  to  which
                               companies should strive.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               Conclusion        ISS   believes  that  the  advisory  vote
                               would allow shareholders a voice in executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  An  advisory
                               vote on executive  compensation  is another step forward in
                               enhancing board accountability.
                    5       Establish SERP Policy                         Against      For                   ShrHoldr
                               Conclusion        ISS  recommends shareholders support this
                               proposal  as the  inclusion  of  variable  compensation  or
                               other  enhancements  under  SERP  provisions  significantly
                               drives up the cost of such  plans,  a cost that is absorbed
                               by the company and its shareholders.


05/03/07 - A        Verizon Communications *VZ*             92343V104                            03/05/07                  49,206
                    1       Elect Director James R. Barker                For          For                   Mgmt
                               While ISS  recognizes  that  Verizon had some pay issues in
                               2005 and that it should do a better  job with the design of
                               the short-term and long-term incentive programs,  we do not
                               believe that AGAINST vote  recommendations are warranted at
                               this  time.   Particularly,   the  company's  one-year  and
                               three-year total shareholder  returns have outperformed the
                               S&P 500 index and that Mr.  Seidenberg's  2006 pay  package
                               is not  excessively  out of line  with the peer  companies.
                               Going  forward,   ISS  will  monitor  the  actions  of  the
                               compensation   committee.  At  this  time,  ISS  urges  the
                               compensation  committee  to redesign  the  programs so that
                               achieving  target  performance  level results in target and
                               not above  target  payouts.  Further,  if the  compensation
                               committee  were to exercise its  discretion to increase Mr.
                               Seidenberg's  actual PSUs payouts, it would need to provide
                               complete  disclosure and justification so that shareholders
                               are provided with  sufficient  insight to the high payouts.
                               The lack of a solid  rationale  may  result  in a  withhold
                               vote from  members  of the  compensation  committee  in the
                               future.   Included  in  this   annual   meeting  are  three
                               compensation-related  shareholder  proposals  sponsored  by
                               the unions which ISS will be supporting.
                    2       Elect Director Richard L. Carrion             For          For                   Mgmt
                    3       Elect Director M. Frances Keeth               For          For                   Mgmt
                    4       Elect Director Robert W. Lane                 For          For                   Mgmt
                    5       Elect Director Sandra O. Moose                For          For                   Mgmt
                    6       Elect Director Joseph Neubauer                For          For                   Mgmt
                    7       Elect Director Donald T. Nicolaisen           For          For                   Mgmt
                    8       Elect Director Thomas H. O'Brien              For          For                   Mgmt
                    9       Elect Director Clarence Otis, Jr.             For          For                   Mgmt
                    10      Elect Director Hugh B. Price                  For          For                   Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                   Mgmt
                    12      Elect Director Walter V. Shipley              For          For                   Mgmt
                    13      Elect Director John W. Snow                   For          For                   Mgmt
                    14      Elect Director John R. Stafford               For          For                   Mgmt
                    15      Elect Director Robert D. Storey               For          For                   Mgmt
                    16      Ratify Auditors                               For          For                   Mgmt
                    17      Limit Executive Compensation                  Against      Against               ShrHoldr
                               ISS  believes  that  taking away the  company's  ability to
                               grant  stock  options  is  an  arbitrary  and   excessively
                               restrictive  proposal that could  potentially  prohibit the
                               company  from  compensating   employees  based  upon  their
                               individual and  company-wide  performance.  Being unable to
                               issue stock options  could hinder the company's  ability to
                               attract and retain competent executive officers.  Moreover,
                               the company's  outstanding  plans forbids repricing without
                               shareholder  proposal.  As such,  ISS  does  not  recommend
                               shareholder support for the resolution.
                    18      Eliminate or Restrict Severance Agreements    Against      For                   ShrHoldr
                            (Change-in-Control)
                               ISS  believes   that  the   exclusion   of  tax   gross-ups
                               associated   with   severance   benefits,   the   value  of
                               accelerated  vesting  of  outstanding  equity  compensation
                               awards  and  others can  amount to  significant  value.  By
                               excluding   these  benefits  from  the  company's   policy,
                               shareholders   are  unable  to  voice   their   opinion  on
                               overly-generous   severance   benefits.    Therefore,   ISS
                               believes this proposal warrants support.
                    19      Disclose Information on Compensation          Against      For                   ShrHoldr
                            Consultant
                               Based  on the  above  disclosure,  ISS  believes  that  the
                               company has not adequately met the proponent's request.
                    20      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officer's Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    21      Adopt Policy on Overboarded Director          Against      Against               ShrHoldr
                               ISS  notes   that  the   company's   Corporate   Governance
                               Guidelines  with  respect to the  number of public  company
                               boards  that a  director  can  sit on  conforms  with  ISS'
                               standards.  The proposal is slightly  more  restrictive  in
                               which  directors  can only  serve  on the  board of no more
                               than two  other  for-profit  corporations,  if he or she is
                               employed  full-time.  At this  time,  ISS does not  support
                               this proposal due to its restrictive nature.
                    22      Approve Terms of Existing Poison Pill         Against      Against               ShrHoldr
                               In this  case,  we note  that the  company  has  adopted  a
                               formal   policy   regarding   the   adoption   of  a  pill.
                               Specifically,  the  board  will  not  adopt  a  shareholder
                               rights plan without prior  shareholder  approval or present
                               the plan to  shareholders  for their  approval  within  one
                               year of adopting  the plan.  If the plan is not approved by
                               shareholders,  it will  expire one year from the date it is
                               adopted  and  cannot  be  renewed  or  replaced.  Any  plan
                               adopted  by  the  board   must  also   contain  a  "sunset"
                               provision,   providing  that  shareholders  will  have  the
                               opportunity  to ratify or reject the plan every three years
                               following  the date of initial  shareholder  approval.  ISS
                               does not believe a bylaw  change is  necessary at this time
                               since the company has established a policy.  Therefore, ISS
                               does not support this proposal.
                    23      Report on Charitable Contributions            Against      Against               ShrHoldr
                               In this case, we note that Verizon  discloses a significant
                               amount of the  information  requested  by the  proponent on
                               its corporate  website.  Included in this  information  are
                               disclosure of the  Foundation's  contributions  and a broad
                               discussion   of  the  company's   charitable   contribution
                               policies and programs.  Further,  discussion on the website
                               describes the  initiatives  that the company is involved in
                               as   well   as   its   broad   rationale   for   charitable
                               contributions.  Therefore,  based on the existing  level of
                               disclosure,  ISS does not recommend shareholder support for
                               the resolution at this time.


04/24/07 - A        VF Corp. *VFC*                          918204108                            03/06/07                   1,507
                    1       Elect Directors                               For          For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 8
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


05/22/07 - A        Vornado Realty Trust *VNO*              929042109                            04/12/07                   2,204
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                   ShrHoldr
                            Directors
                               Hence,   we  recommend  that   shareholders   support  this
                               proposal.


04/25/07 - A        W.W. Grainger, Inc. *GWW*               384802104                            03/05/07                   1,233
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


08/31/06 - S        Wachovia Corp. *WB*                     929903102                            07/11/06                  25,378
                    1       Issue Shares in Connection with an            For          For                   Mgmt
                            Acquisition
                               Based  on  our  review   and  terms  of  the   transaction,
                               particularly   the   strategic   fit,  we  recommend   that
                               shareholders support the proposed issuance of shares.
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.69 percent is within the  allowable cap for this
                               company of 5.79 percent. Additionally,  this plan expressly
                               forbids  repricing.  Although Wachovia failed the burn-rate
                               test,  the board commits that for fiscal years 2007 through
                               2009,  the average  run-rate for new grants will not exceed
                               2.46 percent of common shares outstanding.


04/17/07 - A        Wachovia Corp. *WB*                     929903102                            02/12/07                  32,125
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Ernest S. Rady --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jerry Gitt --- For
                    1.3     Elect Director John T. Casteen, III --- For
                    1.4     Elect Director Maryellen C. Herringer ---
                            For
                    1.5     Elect Director Joseph Neubauer --- For
                    1.6     Elect Director Timothy D. Proctor --- For
                    1.7     Elect Director Van L. Richey --- For
                    1.8     Elect Director Dona Davis Young --- For
                    2       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends  management  for  submitting  this  proposal,
                               which demonstrates a commitment to shareholders' interests.
                    3       Company Specific--Provide for Majority        For          For                   Mgmt
                            Voting
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               ISS commends  management for submitting  this proposal that
                               demonstrates   the  board's   commitment  to  shareholders'
                               interests.
                    4       Ratify Auditors                               For          For                   Mgmt
                    5       Approve Report of the Compensation Committee  Against      For                   ShrHoldr
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    6       Require Director Nominee Qualifications       Against      Against               ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus on fiduciary duty among  Wachovia board members,  ISS
                               does not believe that  adoption of the proposed  guidelines
                               would add additional value to shareholders at this time.
                    7       Report on Political Contributions             Against      Against               ShrHoldr
                               In the  case  of  Wachovia,  ISS  notes  that  the  company
                               discusses   political   contributions   both  in  a  policy
                               statement  and in the corporate  Code of Ethics  located on
                               the  company   website.   These   policies  do  not  appear
                               inconsistent   with   industry    standards   or   existing
                               regulatory  requirements on this issue.  Wachovia's  policy
                               statement  does not outline the criteria used in evaluating
                               political  contributions;  however,  it does clearly  state
                               that the company does not  contribute  any corporate  funds
                               to political  organizations  (including 527s), and that all
                               contributions   and  political   activities  are  conducted
                               through   voluntary,   employee-sponsored   PACs.   Further
                               disclosure  includes  information on the  departments  that
                               are  accountable  for overseeing  political  activity,  and
                               annual  director-level audit process.  Finally, the company
                               does  not  appear  to  be  the   subject  of  any   recent,
                               significant  controversy,  fines,  or litigation  resulting
                               from  political  action  or  contributions  from  it or its
                               employee  sponsored  PACs.  Therefore,  while we agree with
                               the  proponents  that  data  on  every  type  of  political
                               contribution may not be easily accessed,  it is our opinion
                               that    information    provided   by   Wachovia    provides
                               shareholders  with  sufficient  insight into the  company's
                               policies  and   controls.   Furthermore,   company   policy
                               prohibits   the  use  of  corporate   funds  for  political
                               contributions.   Therefore,   ISS  does  not  believe  that
                               additional  reporting  on this matter is  warranted at this
                               time.
                    8       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               In this case,  the company meets all of the  governance and
                               performance  criteria  in  the  counterbalancing  structure
                               described  above. We believe that the company's  governance
                               structure  provides  a  satisfactory  balance  to a unified
                               chairman and CEO position.  Accordingly,  the proposal does
                               not warrant shareholder support.


06/01/07 - A        Wal-Mart Stores, Inc. *WMT*             931142103                            04/05/07                  41,563
                    1       Elect Director Aida M. Alvarez                For          For                   Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider Jack C.  Shewmaker.  We recommend
                               shareholders   vote   AGAINST   Mr.   Shewmaker   for  poor
                               attendance.
                    2       Elect Director James W. Breyer                For          For                   Mgmt
                    3       Elect Director M. Michele Burns               For          For                   Mgmt
                    4       Elect Director James I. Cash, Jr.             For          For                   Mgmt
                    5       Elect Director Roger C. Corbett               For          For                   Mgmt
                    6       Elect Director Douglas N. Daft                For          For                   Mgmt
                    7       Elect Director David D. Glass                 For          For                   Mgmt
                    8       Elect Director Roland A. Hernandez            For          For                   Mgmt
                    9       Elect Director Allen I. Questrom              For          For                   Mgmt
                    10      Elect Director H. Lee Scott, Jr.              For          For                   Mgmt
                    11      Elect Director Jack C. Shewmaker              For          Against               Mgmt
                    12      Elect Director Jim C. Walton                  For          For                   Mgmt
                    13      Elect Director S. Robson Walton               For          For                   Mgmt
                    14      Elect Director Christopher J. Williams        For          For                   Mgmt
                    15      Elect Director Linda S. Wolf                  For          For                   Mgmt
                    16      Ratify Auditors                               For          For                   Mgmt
                    17      Report on Charitable Contributions            Against      Against               ShrHoldr
                               Based on the company's  existing level of disclosure on its
                               charitable contributions and related policy guidelines,  we
                               do not believe that shareholder  support for the resolution
                               is warranted at this time.
                    18      Report on Healthcare Policies                 Against      Against               ShrHoldr
                               We agree  with the  proponents  that  healthcare  costs can
                               have  a  significant   impact  on  a  company's   financial
                               stability,  productivity,  and  competitive  position,  and
                               that  shareholders   should  be  informed  of  a  company's
                               exposure  to these  costs and  policies to limit the impact
                               on  the  company's  success.  However,  in  this  case,  we
                               believe that  information  provided by the  company,  while
                               not   comprehensive,   does   provide   shareholders   with
                               substantial  disclosure  on  the  general  implications  of
                               rising  healthcare  costs, how it is positioning  itself to
                               address this policy issue,  and its aim to improve coverage
                               by  not   compromise   the   healthcare   benefits  of  its
                               employees.  Therefore,  ISS recommends  shareholders oppose
                               this resolution.
                    19      Pay For Superior Performance                  Against      For                   ShrHoldr
                               While  we  recognize  that a large  portion  of  Wal-Mart's
                               annual  and  long-term   programs  for  senior   executives
                               executive    is    contingent    upon     achievement    of
                               pre-established  performance criteria, the company fails to
                               provide rationale for the discretionary  increase in annual
                               bonus,  up to a doubled  amount.  This  lack of  disclosure
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes that this proposal warrants shareholder support.
                    20      Report on Equity Compensation by Race and     Against      For                   ShrHoldr
                            Gender
                               Given  the  nature  and  potentially  significant  cost  of
                               current  litigation  regarding  this issue at Wal-Mart,  we
                               believe that  shareholder  support for this  resolution  is
                               warranted.
                    21      Report on Pay Disparity                       Against      Against               ShrHoldr
                               Although ISS typically  supports  proposals  which increase
                               the  level  of   disclosure  on  topics  of  importance  to
                               shareholders  and  support  performance-based  compensation
                               for executives,  the system  suggested in this  shareholder
                               proposal  suggests  reporting  on  salary  comparisons  and
                               evaluating  overall  compensation  thresholds that may have
                               limited utility for shareholders.  Therefore,  based on the
                               limited  utility  or  arbitrary   nature  of  the  detailed
                               information  requested by the report,  we do not  recommend
                               shareholder support for this resolution.
                    22      Prepare Business Social Responsibility        Against      Against               ShrHoldr
                            Report
                               Therefore,  ISS urges the  company to  continue to evaluate
                               its  strategies  related to legal and public  policy issues
                               that  can   impact   the   company's   ability  to  operate
                               efficiently  and  profitably;  however,  based on the broad
                               nature of the  information  requested by the proponent,  we
                               question   the    feasibility   and   ultimate   value   to
                               shareholders  of complying with this proposal.  As such, we
                               recommend that shareholders oppose the resolution.
                    23      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    24      Report on Political Contributions             Against      For                   ShrHoldr
                               ISS notes that  Wal-Mart  has  provided  shareholders  with
                               some  information to assess the company's  general policies
                               and   approval   mechanisms   relating  to  its   political
                               contributions.  We are concerned  that there is no detailed
                               information  available about  Wal-Mart's  policy  processes
                               for its  accountability  for  corporate  contributions,  or
                               more  detailed   information  on  the  company's  rationale
                               behind  these  contributions.  We are also  concerned  that
                               shareholders  lack  information  relating  to the  type  of
                               organizations  or  candidates  that the company may support
                               and information about its trade association spending.  Such
                               disclosure  could assist  shareholders in their  assessment
                               of the risks and  benefits  associated  with public  policy
                               activities    through   political    activity   and   trade
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes that
                               this proposal warrants stockholder support.
                    25      Report on Social and Reputation Impact of     Against      Against               ShrHoldr
                            Failure to Comply with ILO Conventions
                               Therefore,  ISS believes that  Wal-Mart  could benefit from
                               developing  an  enhanced  compliance  monitoring  system to
                               safeguard the company against  workplace  violations of its
                               Statement of Ethics, and more complete  disclosure of these
                               policies  in a  manner  similar  to its  existing  Supplier
                               Standards monitoring and reporting system.  However, ISS is
                               concerned by the scope of this  resolution,  in  particular
                               at  it  relates  to  publicly   disclosing   the  perceived
                               reputational   impact  of  reported   and  known  cases  of
                               management non-compliance with ILO conventions.  We believe
                               that the disclosing  information relating to reported cases
                               of human rights  non-compliance  may be premature,  pending
                               internal  investigation  by the  company's  Ethics  Office.
                               Further,  disclosing such information  relating to on-going
                               workplace  related  litigation may not be appropriate given
                               the ongoing  status of legal  proceedings or may jeopardize
                               the company's  ability to effectively  represent itself. As
                               such,  ISS does not  believe  the  proposal  in its current
                               form warrants shareholder support.
                    26      Restore or Provide for Cumulative Voting      Against      For                   ShrHoldr
                               In this  case,  the  company  fails to meet  certain of the
                               aforementioned   corporate   governance   and   performance
                               criteria.  Specifically,  the board may unilaterally  alter
                               the size of the board  and the  company  underperforms  the
                               index  and  peers  in  both   one-  and   three-year   TSR.
                               Accordingly, the proposal warrants shareholder support.
                    27      Require Director Nominee Qualifications       Against      Against               ShrHoldr
                               Given that the company has  governance  standards  in place
                               which  provide  for  independence,  accountability,  and  a
                               focus on fiduciary duty among  Wal-Mart board members,  ISS
                               does not believe that  adoption of the proposed  guidelines
                               would add additional value to shareholders at this time.


01/10/07 - A        Walgreen Co. *WAG*                      931422109                            11/13/06                  16,326
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   V.
                               Vote  RecommendationThe  total cost of the company's  plans
                               of 4.46  percent  is  within  the  allowable  cap for  this
                               company of 5.45 percent.


05/04/07 - A        Waste Management, Inc. *WMI*            94106L109                            03/09/07                   9,017
                    1       Elect Director Pastora San Juan Cafferty      For          For                   Mgmt
                    2       Elect Director Frank M. Clark, Jr.            For          For                   Mgmt
                    3       Elect Director Patrick W. Gross               For          For                   Mgmt
                    4       Elect Director Thomas I. Morgan               For          For                   Mgmt
                    5       Elect Director John C. Pope                   For          For                   Mgmt
                    6       Elect Director W. Robert Reum                 For          For                   Mgmt
                    7       Elect Director Steven G. Rothmeier            For          For                   Mgmt
                    8       Elect Director David P. Steiner               For          For                   Mgmt
                    9       Elect Director Thomas H. Weidemeyer           For          For                   Mgmt
                    10      Ratify Auditors                               For          For                   Mgmt


05/04/07 - A        Watson Pharmaceuticals, Inc. *WPI*      942683103                            03/16/07                   1,727
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Allen Chao --- For
                               Pay  For  Performance  Analysis:        ISS  has a pay  for
                               performance  policy  that  examines  a  CEO's  compensation
                               package relative to its company's stock  performance over a
                               time   period.   A  company  with   negative   stock  price
                               performance  over  the  past  one and  three  fiscal  years
                               coupled  with an increase in CEO's  compensation  generally
                               warrants a closer  scrutiny  from ISS.  ISS also  considers
                               the  company's   sustained   negative   stock   performance
                               relative to an industry  peer to ensure that the company is
                               truly  underperforming for an extended period.  Further, if
                               more than 50 percent of the  increase  is  attributable  to
                               equity grants and there is a stock plan on the ballot,  ISS
                               shall  recommend  voting  AGAINST the stock plan if the CEO
                               is a  participant  of this  plan.        In  2006,  the SEC
                               updated  disclosure  requirements on executive and director
                               compensation  and called for more  information  on pension,
                               deferred  compensation  and  severance  agreements.  A year
                               over year comparison in CEO total  compensation will not be
                               meaningful  because of the enhanced  disclosure rules, such
                               as the inclusion of pension,  above-market  interest  rates
                               and  lower  threshold  on perks  disclosure.  However,  pay
                               elements,   such  as  salary,   bonus  and  equity  awards,
                               continue  to  be  disclosed.  Therefore,  in  applying  the
                               pay-for-performance  policy, ISS will sum the following pay
                               components  for the previous  fiscal year (under the former
                               SEC  regulation):  base  salary,  bonus,  present  value of
                               stock options (as calculated by Equilar),  restricted stock
                               and LTIP  payouts and compare  against  the  following  pay
                               components  for  the  most  recent  completed  fiscal  year
                               (under the new SEC regulation):  base salary,  bonus, stock
                               awards (as  disclosed  in the Grants of  Plan-Based  Awards
                               table),  option  awards  (as  calculated  by  Equilar)  and
                               non-equity  incentive plan  compensation.          In  this
                               case,  Watson's total  shareholder  losses were -19.93% and
                               -17.29%  over the past one and  three  fiscal  years and it
                               underperformed     the    six-digit    global    industrial
                               classification   standards  (GICS)  of  pharmaceuticals  at
                               0.41%  and  7.51%  for  the  one and  three  fiscal  years,
                               respectively.   The   company   also   underperformed   the
                               four-digit  GICS peer  group of  materials  at  10.49%  and
                               6.45%,  respectively.          Dr.  Allen Chao,  CEO of the
                               company  since  1985,  received  an  estimated  pay package
                               (based  on  the  sum  of  base  salary,  bonus,  non-equity
                               incentive,  stock awards and option  awards) of  $4,762,766
                               for fiscal 2006 as opposed to $3,720,828  (based on the sum
                               of base  salary,  bonus,  restricted  stock and the present
                               value of stock  options) for fiscal 2005.  His  approximate
                               year-over-year  increase  was 28%.  The  increase in pay is
                               primarily  attributed to annual cash bonus and equity-based
                               compensation,    contributing    21.85%    and   6.53%   of
                               year-over-year   increase,    respectively.            With
                               respect  to annual  cash  incentive  awards,  Dr.  Chao was
                               eligible   to  receive  a  target   cash  bonus  of  up  to
                               $1,200,000.   Of  this  amount,  $800,000  was  based  upon
                               achieving  target  operating  cash flow (two  thirds of the
                               eligible  target amount) and target gross profit (one third
                               of the eligible target amount).  The remaining  $400,000 of
                               available  bonus was at the  discretion  of the  committee.
                               The  Compensation  Committee  determined  that a  bonus  of
                               $773,000  would be awarded to Dr. Chao based on the company
                               2006   operating   cash  flow  and  gross  profit,   and  a
                               discretionary  bonus of  $220,000  would be  awarded to Dr.
                               Chao.  The  total of  $993,000  of  annual  cash  bonus for
                               fiscal  year  2006 was more  than four  times  higher  than
                               $180,000  of annual  cash  bonus  awarded  to Dr.  Chao for
                               fiscal  year   2005.        As  part  of  long-term  equity
                               compensation,  executive  officers receive restricted stock
                               and standard  stock  options.  In  determining  the size of
                               equity compensation,  the Committee considers the number of
                               shares available under the company's  Incentive Award Plan,
                               the  potential   dilutive   impact  of  such  grants,   the
                               individual's  position  with the company,  the  appropriate
                               allocation   of  such  grants  based  on   individual   and
                               corporate  performance,  and the level of grants awarded by
                               the  company's  peers.  The  restricted  stock  would  vest
                               contingent  on  the  continued   employment  of  the  named
                               executive officer with the company.  We noted that Dr. Chao
                               was granted  48,000 shares of restricted  stock and 100,000
                               stock options in fiscal year 2006,  comparing 33,333 shares
                               of restricted  stock and 100,000  stock options  granted in
                               fiscal year 2005.          Based  on the  company's  fiscal
                               year end  financial  statement,  gross  profit in year 2006
                               was  $745.8   million,   which  decreased  6%  from  $793.8
                               million.  The gross margin declined to 37.7% in fiscal year
                               2006  from  48.2%  of  year   2005.   Net  cash  flow  from
                               operations in fiscal year 2006 was $471.4  million,  an 55%
                               increase  from  $325.5  million in fiscal  year  2005.  The
                               increase in cash flow from  operation from fiscal year 2005
                               to 2006  was  primarily  due to  increased  collections  on
                               accounts  receivable  during  the  year  and  increases  in
                               accounts  payable balances during the year due to royalties
                               payable on higher sales of  authorized  generics and due to
                               restructuring  charges.        Based on the above analysis,
                               ISS has  concerns  with the CEO pay  package.  First,  cash
                               bonus was  granted in fiscal year 2006 more than four times
                               higher  than in fiscal  year 2005,  even  though  financial
                               data showed the  performance  of the company in fiscal year
                               2006 was mixed.  Second,  the CD&A lacks  disclosure on the
                               rationale for the size of Dr. Chao's  100,000 stock options
                               and 48,000  shares of  restricted  stock.  ISS notices that
                               the annual  grant  pattern of  100,000  options  and 48,000
                               shares of  restricted  stock appear to be automatic  rather
                               than tied to any performance  criteria.        In  light of
                               the  company's  negative  stock  performance,  mixed fiscal
                               year financial  performance,  and the problematic long-term
                               incentive  pay  structure  to the CEO,  ISS  believes  that
                               there  is  a  disconnect   between  pay  and   performance.
                               However,  on Feb.  26,  2007  the  company  filed a form 8K
                               stating  that up to  $800,000  of the CEO's 2007 cash bonus
                               would no  longer  be based on gross  profit  and cash  flow
                               from  operation,  rather would be based on adjusted  EBITDA
                               (earnings   before   interest,   taxes,   depreciation  and
                               amortization,  adjusted for non-cash  charges,  share-based
                               compensation,  acquisition  related charges,  restructuring
                               charges,  litigation  charges,  gains  or  losses  on  debt
                               repurchase,  and  gains or  losses  on  sales of  operating
                               assets or  securities).  Up to  $400,000  of the CEO's 2007
                               cash  bonus  will be at the  discretion  of the  committee.
                               Considering   the   approximate   80   percent   of   CEO's
                               year-over-year  compensation  increase  contributes to cash
                               bonus,   we  believe   using  the   adjusted   EBITDA  will
                               effectively  address  the  disconnection  between  pay  and
                               performance  for  fiscal  year  2007.  We  will  pay  close
                               attention  to  the   company's   long-term   incentive  pay
                               structure  in the  future  and  may  recommend  a  vote  to
                               WITHHOLD from members of Compensation Committee.
                    1.2     Elect Director Michel J. Feldman --- For
                    1.3     Elect Director Fred G. Weiss --- For
                    2       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                   Mgmt


05/16/07 - A        Wellpoint Inc *WLP*                     94973V107                            03/15/07                  10,450
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Sheila P. Burke --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Victor S. Liss --- For
                    1.3     Elect Director Jane G. Pisano, Ph.D. --- For
                    1.4     Elect Director George A. Schaefer, Jr. ---
                            For
                    1.5     Elect Director Jackie M. Ward --- For
                    1.6     Elect Director John E. Zuccotti --- For
                    2       Company Specific--Approve Majority Voting     For          For                   Mgmt
                            for the Non- Contested Election of Directors
                               ISS advocates that the director  election  system give full
                               effect    to   the    shareholder    franchise.    Director
                               accountability  is the  hallmark  of good  governance.  The
                               board  election  process  must  ensure  that  shareholders'
                               expressions  of  dissatisfaction  with the  performance  of
                               directors  have  meaningful  consequences.  A majority vote
                               standard  transforms the director  election  process from a
                               symbolic  gesture to a meaningful  voice for  shareholders.
                               Therefore  we  recommend  that  shareholders  support  this
                               resolution  for  instituting  a majority  vote  standard in
                               uncontested director elections.
                    3       Ratify Auditors                               For          For                   Mgmt


04/24/07 - A        Wells Fargo & Company *WFC*             949746101                            03/06/07                  56,899
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director John S. Chen --- For
                               We recommend a vote FOR the directors  with the  exceptions
                               of Cynthia H. Milligan,  Philip J. Quigley, Donald B. Rice,
                               and Michael W. Wright. We recommend  shareholders  WITHHOLD
                               votes from  Cynthia H.  Milligan  and Philip J. Quigley for
                               standing as  affiliated  outsiders on the Audit  Committee;
                               Donald  B. Rice and  Michael  W.  Wright  for  standing  as
                               affiliated  outsiders on the  Compensation  Committee;  and
                               Cynthia H.  Milligan,  Philip J.  Quigley,  Donald B. Rice,
                               and Michael W. Wright for standing as affiliated  outsiders
                               on the Nominating Committee.
                    1.2     Elect Director Lloyd H. Dean --- For
                    1.3     Elect Director Susan E. Engel --- For
                    1.4     Elect Director Enrique Hernandez, Jr. ---
                            For
                    1.5     Elect Director Robert L. Joss --- For
                    1.6     Elect Director Richard M. Kovacevich --- For
                    1.7     Elect Director Richard D. McCormick --- For
                    1.8     Elect Director Cynthia H. Milligan ---
                            Against
                    1.9     Elect Director Nicholas G. Moore --- For
                    1.10    Elect Director Philip J. Quigley --- Against
                    1.11    Elect Director Donald B. Rice --- Against
                    1.12    Elect Director Judith M. Runstad --- For
                    1.13    Elect Director Stephen W. Sanger --- For
                    1.14    Elect Director Susan G. Swenson --- For
                    1.15    Elect Director John G. Stumpf --- For
                    1.16    Elect Director Michael W. Wright --- Against
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               Wells  Fargo  does  not  meet  all of the  criteria  in the
                               counterbalancing   structure  described  above.  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 separate  positions of chairman and
                               CEO.   Accordingly,   the  proposal  warrants   shareholder
                               support.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Establish SERP Policy                         Against      For                   ShrHoldr
                               In this case,  the company  includes  more than only salary
                               in its SERP provisions.  ISS agrees with the proponent that
                               base  salary  is a  sufficient  basis  upon  which  to base
                               pension benefits to executives.
                    6       Report on Racial and Ethnic Disparities in    Against      Against               ShrHoldr
                            Loan Pricing
                               Therefore,  based  on  concerns  over the  utility  of this
                               information to shareholders,  and information  available on
                               the company's  website that  addresses some of the concerns
                               set  forth  in  the  proposal,   we  do  not  believe  that
                               shareholder support for this resolution is warranted.
                    7       Report on Emission Reduction Goals            Against      For                   ShrHoldr
                               Therefore,   based   on   the   potential   strategic   and
                               reputational    value   that   performing   the   requested
                               assessments  and  establishing   appropriate  policies  may
                               create for the  company and its  shareholders,  the limited
                               cost and burden of  compliance,  and the apparent  industry
                               trends towards  addressing this issue,  ISS recommends that
                               shareholders support this resolution.


04/26/07 - A        Wendy's International, Inc. *WEN*       950590109                            03/05/07                   1,611
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 9 percent is equal to
                               or less  than  the  allowable  cap for this  company  of 10
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    5       Label Genetically Modified Organisms          Against      Against               ShrHoldr
                               In this case,  the  proponent  is seeking  the  labeling of
                               products, not an outright phase-out.  ISS reviews proposals
                               to label GE  products  on a  case-by-case  basis.  While we
                               generally   support   proposals   that   seek  to   provide
                               shareholders  with greater  disclosure  regarding the risks
                               associated  with  their  investment,  we  believe  that the
                               practice  of  labeling   every  product  that  may  contain
                               genetically  modified  ingredients  would  be a  formidable
                               task. Given the widespread existence of these products,  we
                               question  whether such an  initiative  can be  successfully
                               and economically implemented.  Conversely, a broad approach
                               of labeling  all  products as  "potentially  containing  GE
                               ingredients"  would  be of  limited  use to  consumers  and
                               shareholders.   Therefore,   based  on  concerns  with  the
                               associated    costs   and    feasibility   of   effectively
                               implementing  this  resolution,  ISS does not believe  that
                               shareholder support is warranted.
                    6       Prepare Sustainability Report                 Against      For                   ShrHoldr
                               ISS agrees with  management  that the  company  should have
                               the  flexibility to determine the most  appropriate  format
                               for  its  sustainability   report,   balancing  appropriate
                               levels  of  disclosure  with  the cost  and  burden  to the
                               company of creating and maintaining a specific  report.  We
                               further note that Wendy's existing  disclosure on corporate
                               responsibility   and   sustainability   does   discuss  the
                               company's  definition  of  sustainability,  and  highlights
                               certain policies and initiatives  related to Wendy's social
                               and environmental programs.  However,  detailed information
                               on  how  these  issues  affect  the   company's   strategic
                               position,  how company is overseeing the  implementation of
                               these  policies,   and  Wendy's  performance   relative  to
                               industry peers or internally  established  goals,  does not
                               appear to be readily  available.  As such,  we believe that
                               more comprehensive  reporting on sustainability issues will
                               benefit   Wendy's   by   helping   the   Company   and  its
                               shareholders   better  assess  the  financial   risks  that
                               certain  issues  pose to its  Wendy's  business  model  and
                               future   development.    As   such,   we   recommend   that
                               shareholders support this resolution.
                    7       Report on Animal Welfare Standards            Against      Against               ShrHoldr
                               In the case of Wendy's,  the  company  appears to be taking
                               reasonable  steps to support animal welfare in its supplier
                               relationships.  While the company's  animal  welfare policy
                               does not  discuss  CAK in  detail,  it does  provide  broad
                               insight  into the  company's  over-arching  animal  welfare
                               policy  as  well as  detailed  guidelines  for its  poultry
                               suppliers.   Further,   while  we   believe   it  would  be
                               beneficial  for the company to consider the benefits of new
                               technology   at  its   suppliers,   we  also  believe  that
                               management  should  be  afforded  the  flexibility  to make
                               decisions   on  supplier   relationships   based  on  their
                               assessment of the most beneficial  sourcing  strategies for
                               the company.  Therefore, we do not believe that shareholder
                               support for this resolution is warranted.


05/10/07 - A        Western Union Co *WU*                   959802109                            03/12/07                  12,918
                    1       Elect Directors                               For          For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                   Mgmt
                               The estimated  shareholder  value transfer of the company's
                               plans of 7  percent  is lower  than the  allowable  cap for
                               this  company  of  8  percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Approve Executive Incentive Bonus Plan        For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                   Mgmt


04/17/07 - A        Whirlpool Corp. *WHR*                   963320106                            03/02/07                   1,321
                    1       Elect Director Michael F. Johnston            For          For                   Mgmt
                    2       Elect Director William T. Kerr                For          For                   Mgmt
                    3       Elect Director Janice D. Stoney               For          For                   Mgmt
                    4       Elect Director Michael D. White               For          For                   Mgmt
                    5       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 8 percent is equal to
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.


03/05/07 - A        Whole Foods Market, Inc. *WFMI*         966837106                            01/08/07                   2,409
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director David W. Dupree --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director John B. Elstrott --- For
                    1.3     Elect Director Gabrielle E. Greene --- For
                    1.4     Elect Director Hass Hassan --- For
                    1.5     Elect Director John P. Mackey --- For
                    1.6     Elect Director Linda A. Mason --- For
                    1.7     Elect Director Morris J. Siegel --- For
                    1.8     Elect Director Ralph Z. Sorenson --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally,   this  plan  expressly  forbids   repricing.
                                       The  company's three year average burn rate of 4.71
                               percent is higher  than its  four-digit  GICS peer group of
                               2.91  percent,  therefore,  the  company  has failed  ISS's
                               three-year average burn rate policy.  However,  the company
                               has  committed to a burn rate for fiscal  years 2007,  2008
                               and 2009 of 2.91 percent or lower.
                    4       Approve Qualified Employee Stock Purchase     For          For                   Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the Internal  Revenue Code,  the offering  period is
                               reasonable, and there are limits on participation.
                    5       Report on Energy Efficiency                   Against      Against               ShrHoldr
                               In this  case,  ISS notes  that  Whole  Foods has  publicly
                               disclosed  significant  information  on  its  environmental
                               policies and performance.  This disclosure includes company
                               policies on the environment  and energy  efficiency as well
                               a  commitment   to   sustainable   agriculture   and  store
                               development.  Moreover,  Whole  Foods has made the  largest
                               purchase  of wind  credits in the U.S.  or  Canada,  and is
                               currently  the only  company  on the  Fortune  500 that has
                               offset  100%  percent  of its  electricity  use  with  wind
                               credits.  Finally,  the  company has  received  recognition
                               from  several   organizations   further  attesting  to  its
                               environmentally  responsible  approach  to food  retailing.
                               Considering  the  company's  leadership  position on issues
                               related to the environment and energy efficiency,  ISS does
                               not believe that the report  requested  by this  resolution
                               warrants shareholder support.
                    6       Separate Chairman and CEO Positions           Against      Against               ShrHoldr
                               Upon  review  of  the  most  recent  Proxy  Statement,  the
                               company's corporate  governance  principles titled Board of
                               Directors' Mission Statement & Role Definition,  and a Form
                               8-K filed on Feb.  20,  2007  updating  the  aforementioned
                               corporate  governance  principles  effective Feb. 16, 2007,
                               ISS notes that the  company  meets all of the  criteria  in
                               the counterbalancing  structure described above.         We
                               believe that the company's  governance structure provides a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.   Accordingly,  the  proposal  does  not  warrant
                               shareholder support.


03/14/07 - A        Wm. Wrigley Jr. Co. *WWY*               982526105                            01/12/07                   3,700
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Thomas A. Knowlton --- For
                               ISS recommends a vote FOR all directors.
                    1.2     Elect Director Steven B. Sample --- For
                    1.3     Elect Director Alex Shumate --- For
                    1.4     Elect Director William D. Perez --- For
                    2       Amend Bylaws to Require a Majority Vote for   For          For                   Mgmt
                            the Election of Directors
                               ISS generally  supports  both  management  and  shareholder
                               proposals   that  seek   majority  vote   requirements   in
                               boardroom   elections.   Director   accountability  is  the
                               hallmark of good  governance.  The board  election  process
                               must   ensure    that    shareholders'    expressions    of
                               dissatisfaction  with the  performance  of  directors  have
                               meaningful   consequences.   A   majority   vote   standard
                               transforms  the director  election  process from a symbolic
                               gesture  to  a  meaningful  voice  for  shareholders.   The
                               company did not even receive the widely  proposed  majority
                               vote  shareholder  proposal  last year.  ISS  commends  the
                               company for amending its bylaws to require a majority  vote
                               for election of directors.
                    3       Ratify Auditors                               For          For                   Mgmt


04/26/07 - A        Wyeth *WYE*                             983024100                            03/02/07                  22,698
                    1       Elect Director Robert Essner                  For          For                   Mgmt
                    2       Elect Director John D. Feerick                For          For                   Mgmt
                    3       Elect Director Frances D. Fergusson           For          For                   Mgmt
                    4       Elect Director Victor F. Ganzi                For          For                   Mgmt
                    5       Elect Director Robert Langer                  For          For                   Mgmt
                    6       Elect Director John P. Mascotte               For          For                   Mgmt
                    7       Elect Director Raymond J. McGuire             For          For                   Mgmt
                    8       Elect Director Mary Lake Polan                For          For                   Mgmt
                    9       Elect Director Bernard Poussot                For          For                   Mgmt
                    10      Elect Director Gary L. Rogers                 For          For                   Mgmt
                    11      Elect Director Ivan G. Seidenberg             For          For                   Mgmt
                    12      Elect Director Walter V. Shipley              For          For                   Mgmt
                    13      Elect Director John R. Torell III             For          For                   Mgmt
                    14      Ratify Auditors                               For          For                   Mgmt
                    15      Reduce Supermajority Vote Requirement         For          For                   Mgmt
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,  as we  believe a simple  majority  of voting
                               shares  should  be  sufficient  to  effect   changes  in  a
                               company's corporate governance
                    16      Amend Omnibus Stock Plan                      For          For                   Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    17      Adopt Animal Welfare Policy                   Against      Against               ShrHoldr
                               Beyond  asking  for  a  feasibility  study  evaluating  the
                               merits of amending  the  company's  Laboratory  Animal Care
                               and  Use  Policy,  compliance  with  this  resolution  also
                               implies  that the  company  must apply  this  policy to its
                               contract  labs,   oversee  adherence  to  the  policy,  and
                               publish an annual report outlining  contractor  compliance.
                               These additional  measures could place a significant burden
                               on the  company or  complicate  the  company's  contractual
                               agreements with the external  laboratories  that it retains
                               for certain animal testing programs.  Therefore,  we do not
                               recommend shareholders support for this resolution.
                    18      Report on Policy to Limit Drug Supply to      Against      For                   ShrHoldr
                            Canada
                               ISS notes that there are certain legal and safety  concerns
                               that  can  be   associated   with  the   reimportation   of
                               prescription   medications.   However,  public  action  and
                               litigation  on this matter  continues to become more common
                               and   contentious,   and  could   result  in  costly  legal
                               maneuvering,  damaging  publicity,  and onerous legislation
                               in the future.  Therefore,  considering  the widely  varied
                               stance on this issue, and the degree to which  legislation,
                               litigation,  and public  opinion  related  to  prescription
                               drug access will impact the industry as a whole,  and Wyeth
                               specifically,  ISS believes  that a report on impact of the
                               company's policies related to this topic is warranted.
                    19      Report on Political Contributions             Against      For                   ShrHoldr
                               ISS  believes  that the  company  should be  commended  for
                               increasing  the level of  information  that it has provided
                               to shareholders  related to its current corporate political
                               contributions  policy.  We  are,  however,  concerned  that
                               shareholders  lack  information  relating to the  company's
                               trade   association   spending,   including  the  types  of
                               associations  being  supported and the company's  rationale
                               for supporting these organizations.  Such information could
                               help shareholders  assess the risks and benefits associated
                               with public policy activities through  associations without
                               significant  cost,   burden,  or  strategic  risk  for  the
                               company.  Therefore,  we believe this  resolution  warrants
                               shareholder support.
                    20      Claw-back of Payments under Restatements      Against      For                   ShrHoldr
                               ISS  believes  that  the  company  has  not   fundamentally
                               addressed the proponent's  key concerns.  ISS believes this
                               proposal warrants  shareholder vote and we recommend a vote
                               FOR.
                    21      Company-Specific - Interlocking Directorship  Against      Against               ShrHoldr
                               We believe that given that the  company's  regulations  and
                               procedures  for  the  selection  of  directors   provide  a
                               safeguard for possible interlocking  directorships that may
                               jeopardize  a director's  independence,  this item does not
                               warrant shareholder support.
                    22      Disclose Information-Proposal Withdrawn. No   Against      Abstain               ShrHoldr
                            Vote Required
                               This item was withdrawn by the stockholder
                    23      Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In this case,  Wyeth's  board is more than 2/3  independent
                               and has all the key board  committees  composed of entirely
                               independent  directors.  The company  has also  established
                               governance guidelines,  which are available on its website.
                               The company has a lead  director,  which  rotates among the
                               chairmen of the standing committee.  However,  ISS does not
                               feel  that  this  rotating  lead  director  is an  adequate
                               alternative   to  the  annually   elected   lead   director
                               appointed   by   the    independent    directors   of   the
                               board.        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 separate
                               positions of chairman and  CEO.        We  believe that the
                               company's   governance   structure   does  not   provide  a
                               satisfactory   balance  to  a  unified   chairman  and  CEO
                               position.  Accordingly,  the proposal warrants  shareholder
                               support.
                    24      Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  to have a  voice  in  executive  compensation
                               practices  of a  company.  The  advisory  vote  would  be a
                               confidence vote on the work of the compensation  committee.
                               ISS encourages  companies to allow  shareholders to express
                               their  opinions  of  executive  compensation  practices  by
                               establishing  an annual  referendum  process.  ISS believes
                               that such a process  will  provide  companies  with  useful
                               information  concerning  shareholders' view on compensation
                               practices and executive pay packages.


04/26/07 - A        Wyndham Worldwide Corp *WYN*            98310W108                            03/07/07                   3,339
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt


05/23/07 - A        Xcel Energy Inc. *XEL*                  98389B100                            03/29/07                   6,892
                    1       Elect Directors                               For          Split                 Mgmt
                    1.1     Elect Director C. Coney Burgess --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Richard K. Davis. We recommend that
                               shareholders  WITHHOLD votes from Richard K. Davis for poor
                               attendance.
                    1.2     Elect Director Fredric W. Corrigan --- For
                    1.3     Elect Director Richard K. Davis --- Withhold
                    1.4     Elect Director Roger R. Hemminghaus --- For
                    1.5     Elect Director A. Barry Hirschfeld --- For
                    1.6     Elect Director Richard C. Kelly --- For
                    1.7     Elect Director Douglas W. Leatherdale ---
                            For
                    1.8     Elect Director Albert F. Moreno --- For
                    1.9     Elect Director Margaret R. Preska --- For
                    1.10    Elect Director A. Patricia Sampson --- For
                    1.11    Elect Director Richard H. Truly --- For
                    1.12    Elect Director David A. Westerlund --- For
                    1.13    Elect Director Timothy V. Wolf --- For
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                   ShrHoldr
                               In  this  case,  the  company  does  not  meet  all  of the
                               criteria  in  the   counterbalancing   structure  described
                               above. We believe that the company's  governance  structure
                               does  not  provide  a  satisfactory  balance  to a  unified
                               chairman  and  CEO  position.   Accordingly,  the  proposal
                               warrants shareholder support.
                    4       Pay For Superior Performance                  Against      Against               ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               performance-based  under current ISS  guidelines.  Further,
                               the company  discloses  specific  performance  measures and
                               hurdles rates for both  short-term and long-term  incentive
                               awards to senior executives,  which allows  shareholders to
                               monitor  the   correlation   between   executive   pay  and
                               performance.  Accordingly, ISS believes shareholders should
                               not support this proposal.


05/24/07 - A        Xerox Corp. *XRX*                       984121103                            03/26/07                  16,039
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                   Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this   company  of  9  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Adopt ILO Based Vendor Standards              Against      Against               ShrHoldr
                               ISS  agrees  with the  proponents  that  failure to address
                               workplace  labor rights issues in internal  operations  and
                               vendor/supplier  relationships  can have a negative  impact
                               on  a  company's  operations,   may  decrease  a  company's
                               license  to  operate  in  certain  markets,  and can damage
                               brand image and reputation.  However, we are concerned with
                               the  prescriptive  nature  of the  resolution  in the sense
                               that it  requires  specific  language  to be  added  to the
                               company's  purchasing  contracts  and supplier  codes.  ISS
                               questions  the  value  of  such  actions  in  light  of the
                               company's  commitments to adhere to EICC  guidelines and to
                               begin an external  monitoring  program of its key  supplier
                               facility  this year.  Therefore,  while the  company  could
                               benefit  from  more  thorough  disclosure  of its  company,
                               vendor,  and supplier  workplace  labor rights policies and
                               performance,  ISS believes that the company's commitment to
                               the  EICC and  additional  compliance  monitoring  programs
                               substantially  address many of the proponent's concerns. As
                               such,  we do not  recommend  shareholder  support  for this
                               resolution.


07/26/06 - A        Xilinx, Inc. *XLNX*                     983919101                            05/26/06                   5,382
                    1       Elect Directors                               For          For                   Mgmt
                    1.1     Elect Director Willem P. Roelandts --- For
                               .
                    1.2     Elect Director John L. Doyle --- For
                    1.3     Elect Director Jerald G. Fishman --- For
                    1.4     Elect Director Philip T. Gianos --- For
                    1.5     Elect Director William G. Howard, Jr. ---
                            For
                    1.6     Elect Director J. Michael Patterson --- For
                    1.7     Elect Director Elizabeth W. Vanderslice ---
                            For
                    2       Amend Qualified Employee Stock Purchase Plan  For          For                   Mgmt
                               ISS  approves of this item because 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 Omnibus Stock Plan                    For          For                   Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 8.68 percent is within the  allowable cap for this
                               company   of  12.44   percent.   Additionally,   this  plan
                               expressly forbids repricing.          Please  note that the
                               SEC is  conducting  an informal  inquiry into the company's
                               practices,  procedures and disclosures  regarding its stock
                               option  grants.  At this time, the company has not admitted
                               to any  option  backdating  practice.  As  such,  ISS  will
                               monitor   the   situation   and   may   update   our   vote
                               recommendations accordingly.
                    4       Ratify Auditors                               For          For                   Mgmt


04/27/07 - A        XL Capital Ltd *XL*                     G98255105                            03/08/07                   3,043
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For          For                   Mgmt
                    2       TO RATIFY THE APPOINTMENT OF                  For          For                   Mgmt
                            PRICEWATERHOUSECOOPERS LLP, NEW YORK, NEW
                            YORK TO ACT AS THE INDEPENDENT REGISTERED
                            PUBLIC ACCOUNTING FIRM OF THE COMPANY FOR
                            THE FISCAL YEAR ENDING DECEMBER 31, 2007.


05/15/07 - A        XTO Energy Inc *XTO*                    98385X106                            03/30/07                   6,219
                    1       Elect Director Lane G. Collins                For          For                   Mgmt
                    2       Elect Director Scott G. Sherman               For          For                   Mgmt
                    3       Elect Director Bob R. Simpson                 For          For                   Mgmt
                    4       Ratify Auditors                               For          For                   Mgmt


05/17/07 - A        Yum Brands, Inc. *YUM*                  988498101                            03/19/07                   4,468
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Adopt MacBride Principles                     Against      Against               ShrHoldr
                               ISS is concerned  about reports that the ratios of Catholic
                               to Protestant  employees at franchises  affiliated with the
                               company  do  not  appear  to be  consistent  with  averages
                               evaluated in the Equality  Commission's  monitoring report.
                               However,  based on the fact  that  the  existing  reporting
                               requirements  are  substantially  similar  to the  MacBride
                               Principles,  the  potential  difficulties  associated  with
                               full  implementation  of the  Principles,  and the barriers
                               towards  adoption  through  the  franchise  agreements,  we
                               recommend that shareholders oppose this request.
                    4       Advisory Vote to Ratify Named Executive       Against      For                   ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Pay For Superior Performance                  Against      For                   ShrHoldr
                               In  this  case,   the  company's   long-term   compensation
                               programs  for  senior   executives  is  not   substantially
                               performance-based  under  current ISS  guidelines  and does
                               not  substantially  meet the requirements set forth by this
                               shareholder    proposal.    Accordingly,    ISS    believes
                               shareholders should support this proposal.
                    6       Submit Severance Agreement (Change in         Against      For                   ShrHoldr
                            Control) to shareholder Vote
                               ISS believes that seeking  shareholder  approval  after the
                               material  terms of the  contract are agreed upon would give
                               the board a framework  within which to work and may prevent
                               the  excessive  "pay for failure"  packages  that have been
                               witnessed at other companies.  We believe that shareholders
                               should have a voice in  lucrative  severance  packages.  As
                               such, this proposal merits shareholder support.
                    7       Report on Sustainable Fish/Seafood Sourcing   Against      Against               ShrHoldr
                            Policies
                               ISS  believes  that Yum!  Brands  should  adopt a policy to
                               monitor   the   sustainability   of  its   seafood   supply
                               procedures  in order to ensure  its  suppliers'  compliance
                               with  applicable  fishing  regulations  and to protect  the
                               long term  interests  of the company and its  shareholders.
                               However,  because of  questions  related  to the  ambiguous
                               language in the  resolution,  as well as concerns  over the
                               feasibility of  implementation,  we do not believe that the
                               proposal in its current form warrants shareholder support.
                    8       Report on Animal Welfare Policies             Against      Against               ShrHoldr
                               We  believe  that  it  is  important  for  the  company  to
                               mitigate  its  exposure  to the  risk  of  damaging  public
                               perception   related  to  its  animal  welfare   standards.
                               However,   we  also  believe  that  management   should  be
                               afforded  the   flexibility   to  make   decisions  on  the
                               recommendations   of  its  advisory   panel  based  on  its
                               assessment of what is most  beneficial for the company as a
                               whole, including financial,  operational,  and public image
                               considerations.  Therefore, based on the company's level of
                               disclosure  on  the  topic  of  animal  welfare,  we do not
                               believe  that the  requested  report  warrants  shareholder
                               support at this time.


05/07/07 - A        Zimmer Holdings Inc *ZMH*               98956P102                            03/08/07                   3,915
                    1       Elect Director Larry C. Glasscock             For          For                   Mgmt
                    2       Elect Director John L. McGoldrick             For          For                   Mgmt
                    3       Ratify Auditors                               For          For                   Mgmt
                    4       Declassify the Board of Directors             For          For                   Mgmt
                               ISS  commends   management  for  submitting  this  proposed
                               changes,  which  demonstrates a commitment to shareholders'
                               interests.
                    5       Adopt Simple Majority Vote                    Against      For                   ShrHoldr
                               ISS   supports  any   reduction   of  a  company's   voting
                               requirements,   even  if  the  change  is  simply  a  lower
                               supermajority.


05/04/07 - A        Zions Bancorporation *ZION*             989701107                            03/06/07                   1,802
                    1       Elect Directors                               For          For                   Mgmt
                    2       Ratify Auditors                               For          For                   Mgmt
                    3       Other Business                                For          Against               Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


Fund:  Principal Variable Contracts Fund, Inc. - LargeCap Value Account
Sub-Advisor:  AllianceBernstein L.P.




******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-gen02
Reporting Period: 07/01/2006 - 06/30/2007
PF - Principal Variable Contracts Fund


=============================== LARGE CAP VALUE ================================


ACCENTURE LTD BERMUDA

Ticker:       ACN            Security ID:  G1150G111
Meeting Date: FEB 7, 2007    Meeting Type: Annual
Record Date:  DEC 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPOINTMENT OF THE FOLLOWING NOMINEE TO   For       For        Management
      THE BOARD OF DIRECTORS: NOBUYUKI IDEI.
2     APPOINTMENT OF THE FOLLOWING NOMINEE TO   For       For        Management
      THE BOARD OF DIRECTORS: MARJORIE MAGNER.
3     APPOINTMENT OF THE FOLLOWING NOMINEE TO   For       For        Management
      THE BOARD OF DIRECTORS: DENNIS F.
      HIGHTOWER.
4     APPOINTMENT OF THE FOLLOWING NOMINEE TO   For       For        Management
      THE BOARD OF DIRECTORS: WILLIAM L.
      KIMSEY.
5     APPOINTMENT OF THE FOLLOWING NOMINEE TO   For       For        Management
      THE BOARD OF DIRECTORS: ROBERT I. LIPP.
6     APPOINTMENT OF THE FOLLOWING NOMINEE TO   For       For        Management
      THE BOARD OF DIRECTORS: WULF VON
      SCHIMMELMANN.
7     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ACE LTD.

Ticker:       ACE            Security ID:  G0070K103
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF DIRECTOR: BRIAN DUPERREAULT   For       For        Management
2     ELECTION OF DIRECTOR: ROBERT M. HERNANDEZ For       For        Management
3     ELECTION OF DIRECTOR: PETER MENIKOFF      For       For        Management
4     ELECTION OF DIRECTOR: ROBERT RIPP         For       For        Management
5     ELECTION OF DIRECTOR: DERMOT F. SMURFIT   For       For        Management
6     RATIFICATION OF THE APPOINTMENT OF        For       For        Management
      PRICEWATERHOUSECOOPERS LLP AS THE
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING
      FIRM OF ACE LIMITED FOR THE FISCAL YEAR
      ENDING DECEMBER 31, 2007


- --------------------------------------------------------------------------------

ALLEGHENY ENERGY, INC.

Ticker:       AYE            Security ID:  017361106
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H. Furlong Baldwin         For       For        Management
1.2   Elect Director Eleanor Baum               For       For        Management
1.3   Elect Director Paul J. Evanson            For       For        Management
1.4   Elect Director Cyrus F. Freidheim, Jr     For       For        Management
1.5   Elect Director Julia L. Johnson           For       For        Management
1.6   Elect Director Ted J. Kleisner            For       For        Management
1.7   Elect Director Steven H. Rice             For       For        Management
1.8   Elect Director Gunner E. Sarsten          For       For        Management
1.9   Elect Director Michael H. Sutton          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Claw-back of Payments under Restatements  Against   Against    Shareholder
4     Separate Chairman and CEO Positions       Against   Against    Shareholder
5     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
6     Amend Articles/Bylaws/Charter -- Call     Against   Against    Shareholder
      Special Meetings
7     Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards
8     Report on Impact of Utilizing the         Against   Against    Shareholder
      National Interest Electric Transmission
      Corridor
9     Report on Power Plant Emissions           Against   Against    Shareholder


- --------------------------------------------------------------------------------

ALLSTATE CORP., THE

Ticker:       ALL            Security ID:  020002101
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director F. Duane Ackerman          For       For        Management
2     Elect Director James G. Andress           For       For        Management
3     Elect Director Robert D. Beyer            For       For        Management
4     Elect Director W. James Farrell           For       For        Management
5     Elect Director Jack M. Greenberg          For       For        Management
6     Elect Director Ronald T. LeMay            For       For        Management
7     Elect Director Edward M. Liddy            For       For        Management
8     Elect Director J. Christopher Reyes       For       For        Management
9     Elect Director H. John Riley, Jr.         For       For        Management
10    Elect Director Joshua I. Smith            For       For        Management
11    Elect Director Judith A. Sprieser         For       For        Management
12    Elect Director Mary Alice Taylor          For       For        Management
13    Elect Director Thomas J. Wilson           For       For        Management
14    Ratify Auditors                           For       For        Management
15    Reduce Supermajority Vote Requirement     For       For        Management


- --------------------------------------------------------------------------------

ALTRIA GROUP, INC.

Ticker:       MO             Security ID:  02209S103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Elizabeth E. Bailey        For       For        Management
1.2   Elect Director Harold Brown               For       For        Management
1.3   Elect Director Mathis Cabiallavetta       For       For        Management
1.4   Elect Director Louis C. Camilleri         For       For        Management
1.5   Elect Director J. Dudley Fishburn         For       For        Management
1.6   Elect Director Robert E. R. Huntley       For       For        Management
1.7   Elect Director Thomas W. Jones            For       For        Management
1.8   Elect Director George Munoz               For       For        Management
1.9   Elect Director Lucio A. Noto              For       For        Management
1.10  Elect Director John S. Reed               For       For        Management
1.11  Elect Director Stephen M. Wolf            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   Against    Shareholder
4     Disclose Information on Secondhand Smoke  Against   Against    Shareholder
5     Cease Add Campaigns Oriented to Prevent   Against   Against    Shareholder
      Youth Smoking
6     Cease Production, Promotion, and          Against   Against    Shareholder
      Marketing of Tobacco Products
7     Adopt Animal Welfare Policy               Against   Against    Shareholder


- --------------------------------------------------------------------------------

AMERICAN INTERNATIONAL GROUP, INC.

Ticker:       AIG            Security ID:  026874107
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Marshall A. Cohen          For       For        Management
1.2   Elect Director Martin S. Feldstein        For       For        Management
1.3   Elect Director Ellen V. Futter            For       For        Management
1.4   Elect Director Stephen L. Hammerman       For       For        Management
1.5   Elect Director Richard C. Holbrooke       For       For        Management
1.6   Elect Director Fred H. Langhammer         For       For        Management
1.7   Elect Director George L. Miles, Jr.       For       For        Management
1.8   Elect Director Morris W. Offit            For       For        Management
1.9   Elect Director James F. Orr, III          For       For        Management
1.10  Elect Director Virginia M. Rometty        For       For        Management
1.11  Elect Director Martin J. Sullivan         For       For        Management
1.12  Elect Director Michael H. Sutton          For       For        Management
1.13  Elect Director Edmund S.W. Tse            For       For        Management
1.14  Elect Director Robert B. Willumstad       For       For        Management
1.15  Elect Director Frank G. Zarb              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

AMERICAN TOWER CORP.

Ticker:       AMT            Security ID:  029912201
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Raymond P. Dolan           For       For        Management
1.2   Elect Director Ronald M. Dykes            For       For        Management
1.3   Elect Director Carolyn F. Katz            For       For        Management
1.4   Elect Director Gustavo Lara Cantu         For       For        Management
1.5   Elect Director Pamela D.A. Reeve          For       For        Management
1.6   Elect Director David E. Sharbutt          For       For        Management
1.7   Elect Director James D. Taiclet, Jr.      For       For        Management
1.8   Elect Director Samme L. Thompson          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

AON CORP.

Ticker:       AOC            Security ID:  037389103
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Patrick G. Ryan            For       For        Management
1.2   Elect Director Gregory C. Case            For       For        Management
1.3   Elect Director Edgar D. Jannotta          For       For        Management
1.4   Elect Director Jan Kalff                  For       For        Management
1.5   Elect Director Lester B. Knight           For       For        Management
1.6   Elect Director J. Michael Losh            For       For        Management
1.7   Elect Director R. Eden Martin             For       For        Management
1.8   Elect Director Andrew J. McKenna          For       For        Management
1.9   Elect Director Robert S. Morrison         For       For        Management
1.10  Elect Director Richard B. Myers           For       For        Management
1.11  Elect Director Richard C. Notebaert       For       For        Management
1.12  Elect Director John W. Rogers, Jr.        For       For        Management
1.13  Elect Director Gloria Santona             For       For        Management
1.14  Elect Director Carolyn Y. Woo             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ASHLAND INC.

Ticker:       ASH            Security ID:  044209104
Meeting Date: JAN 25, 2007   Meeting Type: Annual
Record Date:  NOV 20, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ernest H. Drew             For       For        Management
1.2   Elect Director Mannie L. Jackson          For       For        Management
1.3   Elect Director Theodore M. Solso          For       For        Management
1.4   Elect Director Michael J. Ward            For       For        Management
1.5   Elect Director John F. Turner             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

ASTORIA FINANCIAL CORP.

Ticker:       AF             Security ID:  046265104
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John J. Conefry, Jr.       For       For        Management
1.2   Elect Director Thomas V. Powderly         For       For        Management
2     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

AT&T INC

Ticker:       T              Security ID:  00206R102
Meeting Date: JUL 21, 2006   Meeting Type: Special
Record Date:  JUN 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


- --------------------------------------------------------------------------------

AT&T INC

Ticker:       T              Security ID:  00206R102
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William F. Aldinger III    For       For        Management
2     Elect Director Gilbert F. Amelio          For       For        Management
3     Elect Director Reuben V. Anderson         For       For        Management
4     Elect Director James H. Blanchard         For       For        Management
5     Elect Director August A. Busch III        For       For        Management
6     Elect Director James P. Kelly             For       For        Management
7     Elect Director Charles F. Knight          For       For        Management
8     Elect Director Jon C. Madonna             For       For        Management
9     Elect Director Lynn M. Martin             For       For        Management
10    Elect Director John B. McCoy              For       For        Management
11    Elect Director Mary S. Metz               For       For        Management
12    Elect Director Toni Rembe                 For       For        Management
13    Elect Director Joyce M. Roche             For       For        Management
14    Elect Director Randall L. Stephenson      For       For        Management
15    Elect Director Laura D' Andrea Tyson      For       For        Management
16    Elect Director Patricia P. Upton          For       For        Management
17    Elect Director Edward E. Whitacre, Jr.    For       For        Management
18    Ratify Auditors                           For       For        Management
19    Compensation Specific-Severance Payments  For       For        Management
      to Executives
20    Report on Political Contributions         Against   Against    Shareholder
21    Amend Articles/Bylaws/Charter - Call      Against   Against    Shareholder
      Special Meetings
22    Pay For Superior Performance              Against   Against    Shareholder
23    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
24    Establish SERP Policy                     Against   Against    Shareholder


- --------------------------------------------------------------------------------

AUTOLIV INC.

Ticker:       ALV            Security ID:  052800109
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert W. Alspaugh         For       For        Management
1.2   Elect Director Lars Westerberg            For       For        Management
1.3   Elect Director Walter Kunerth             For       For        Management
1.4   Elect Director Lars Nyberg                For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

AVERY DENNISON CORP.

Ticker:       AVY            Security ID:  053611109
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rolf Borjesson             For       For        Management
1.2   Elect Director Peter W. Mullin            For       For        Management
1.3   Elect Director Patrick T. Siewert         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William Barnet, III        For       For        Management
2     Elect Director Frank P. Bramble, Sr.      For       For        Management
3     Elect Director John T. Collins            For       For        Management
4     Elect Director Gary L. Countryman         For       For        Management
5     Elect Director Tommy R. Franks            For       For        Management
6     Elect Director Charles K. Gifford         For       For        Management
7     Elect Director W. Steven Jones            For       For        Management
8     Elect Director Kenneth D. Lewis           For       For        Management
9     Elect Director Monica C. Lozano           For       For        Management
10    Elect Director Walter E. Massey           For       For        Management
11    Elect Director Thomas J. May              For       For        Management
12    Elect Director Patricia E. Mitchell       For       For        Management
13    Elect Director Thomas M. Ryan             For       For        Management
14    Elect Director O. Temple Sloan, Jr.       For       For        Management
15    Elect Director Meredith R. Spangler       For       For        Management
16    Elect Director Robert L. Tillman          For       For        Management
17    Elect Director Jackie M. Ward             For       For        Management
18    Ratify Auditors                           For       For        Management
19    Prohibit Executive Stock-Based Awards     Against   Against    Shareholder
20    Change Size of Board of Directors         Against   Against    Shareholder
21    Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

BB&T CORPORATION

Ticker:       BBT            Security ID:  054937107
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John A. Allison Iv         For       For        Management
1.2   Elect Director Jennifer S. Banner         For       For        Management
1.3   Elect Director Anna R. Cablik             For       For        Management
1.4   Elect Director Nelle R. Chilton           For       For        Management
1.5   Elect Director Ronald E. Deal             For       For        Management
1.6   Elect Director Tom D. Efird               For       For        Management
1.7   Elect Director Barry J. Fitzpatrick       For       For        Management
1.8   Elect Director L. Vincent Hackley         For       For        Management
1.9   Elect Director Jane P. Helm               For       For        Management
1.10  Elect Director John P. Howe, III, M.D.    For       For        Management
1.11  Elect Director James H. Maynard           For       For        Management
1.12  Elect Director Albert O. McCauley         For       For        Management
1.13  Elect Director J. Holmes Morrison         For       For        Management
1.14  Elect Director Nido R. Qubein             For       For        Management
1.15  Elect Director E. Rhone Sasser            For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BELLSOUTH CORP.

Ticker:       BLS            Security ID:  079860102
Meeting Date: JUL 21, 2006   Meeting Type: Special
Record Date:  JUN 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


- --------------------------------------------------------------------------------

BLACK & DECKER CORP., THE

Ticker:       BDK            Security ID:  091797100
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Nolan D. Archibald         For       For        Management
1.2   Elect Director Norman R. Augustine        For       For        Management
1.3   Elect Director Barbara L. Bowles          For       For        Management
1.4   Elect Director George W. Buckley          For       For        Management
1.5   Elect Director M. Anthony Burns           For       For        Management
1.6   Elect Director Kim B. Clark               For       For        Management
1.7   Elect Director Manuel A. Fernandez        For       For        Management
1.8   Elect Director Benjamin H. Griswold, IV   For       For        Management
1.9   Elect Director Anthony Luiso              For       For        Management
1.10  Elect Director Robert L. Ryan             For       For        Management
1.11  Elect Director Mark H. Willes             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Pay For Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------

BOEING CO., THE

Ticker:       BA             Security ID:  097023105
Meeting Date: APR 30, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director John H. Biggs              For       For        Management
2     Elect Director John E. Bryson             For       For        Management
3     Elect Director Arthur D. Collins, Jr.     For       For        Management
4     Elect Director Linda Z. Cook              For       For        Management
5     Elect Director William M. Daley           For       For        Management
6     Elect Director Kenneth M. Duberstein      For       For        Management
7     Elect Director John F. McDonnell          For       For        Management
8     Elect Director W. James McNerney, Jr.     For       For        Management
9     Elect Director Richard D. Nanula          For       For        Management
10    Elect Director Rozanne L. Ridgway         For       For        Management
11    Elect Director Mike S. Zafirovski         For       For        Management
12    Ratify Auditors                           For       For        Management
13    Report on Foreign Arms Sales              Against   Against    Shareholder
14    Adopt Human Rights Policy                 Against   Against    Shareholder
15    Report on Charitable Contributions        Against   Against    Shareholder
16    Report on Political Contributions         Against   Against    Shareholder
17    Separate Chairman and CEO Positions       Against   Against    Shareholder
18    Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote
19    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
20    Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards
21    Claw-back of Payments under Restatements  Against   Against    Shareholder


- --------------------------------------------------------------------------------

BP PLC

Ticker:       BP             Security ID:  055622104
Meeting Date: APR 12, 2007   Meeting Type: Annual
Record Date:  FEB 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE THE DIRECTORS  ANNUAL REPORT   For       For        Management
      AND ACCOUNTS
2     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT
3.1   Elect  Director Dr D C Allen              For       For        Management
3.2   Elect  Director Lord Browne               For       For        Management
3.3   Elect  Director Mr A Burgmans             For       For        Management
3.4   Elect  Director Sir William Castell       For       For        Management
3.5   Elect  Director Mr I C Conn               For       For        Management
3.6   Elect  Director Mr E B Davis, Jr          For       For        Management
3.7   Elect  Director Mr D J Flint              For       For        Management
3.8   Elect  Director Dr B E Grote              For       For        Management
3.9   Elect  Director Dr A B Hayward            For       For        Management
3.10  Elect  Director Mr A G Inglis             For       For        Management
3.11  Elect  Director Dr D S Julius             For       For        Management
3.12  Elect  Director Sir Tom Mckillop          For       For        Management
3.13  Elect  Director Mr J A Manzoni            For       For        Management
3.14  Elect  Director Dr W E Massey             For       For        Management
3.15  Elect  Director Sir Ian Prosser           For       For        Management
3.16  Elect  Director Mr P D Sutherland         For       For        Management
4     Ratify Auditors                           For       For        Management
5     TO GIVE LIMITED AUTHORITY TO MAKE         For       For        Management
      POLITICAL DONATIONS AND INCUR POLITICAL
      EXPENDITURE
6     TO AUTHORIZE THE USE OF ELECTRONIC        For       For        Management
      COMMUNICATIONS
7     SPECIAL RESOLUTION: TO GIVE LIMITED       For       For        Management
      AUTHORITY FOR THE PURCHASE OF ITS OWN
      SHARES BY THE COMPANY
8     TO GIVE AUTHORITY TO ALLOT SHARES UP TO A For       For        Management
      SPECIFIED AMOUNT
9     SPECIAL RESOLUTION: TO GIVE AUTHORITY TO  For       For        Management
      ALLOT A LIMITED NUMBER OF SHARES FOR CASH
      FREE OF PRE-EMPTION RIGHTS


- --------------------------------------------------------------------------------

CHEVRON CORPORATION

Ticker:       CVX            Security ID:  166764100
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Samuel H. Armacost         For       For        Management
2     Elect Director Linnet F. Deily            For       For        Management
3     Elect Director Robert E. Denham           For       For        Management
4     Elect Director Robert J. Eaton            For       For        Management
5     Elect Director Sam Ginn                   For       For        Management
6     Elect Director Franklyn G. Jenifer        For       For        Management
7     Elect Director Sam Nunn                   For       For        Management
8     Elect Director David J. O'Reilly          For       For        Management
9     Elect Director Donald B. Rice             For       For        Management
10    Elect Director Peter J. Robertson         For       For        Management
11    Elect Director Kevin W. Sharer            For       For        Management
12    Elect Director Charles R. Shoemate        For       For        Management
13    Elect Director Ronald D. Sugar            For       For        Management
14    Elect Director Carl Ware                  For       For        Management
15    Ratify Auditors                           For       For        Management
16    Reduce Supermajority Vote Requirement     For       For        Management
17    Adopt Human Rights Policy                 Against   Against    Shareholder
18    Adopt Greenhouse Gas Emission Reduction   Against   Against    Shareholder
      Goals
19    Adopt Animal Welfare Policy               Against   Against    Shareholder
20    Separate Chairman and CEO Positions       Against   For        Shareholder
21    Approve/Amend Terms of Existing Poison    Against   Against    Shareholder
      Pill
22    Report on Market Specific Environmental   Against   Against    Shareholder
      Laws


- --------------------------------------------------------------------------------

CHUBB CORP., THE

Ticker:       CB             Security ID:  171232101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Zoe Bard                   For       For        Management
1.2   Elect Director Sheila P. Burke            For       For        Management
1.3   Elect Director James I. Cash, Jr.         For       For        Management
1.4   Elect Director  Joel J. Cohen             For       For        Management
1.5   Elect Director John D. Finnegan           For       For        Management
1.6   Elect Director Klaus J. Mangold           For       For        Management
1.7   Elect Director David G. Scholey           For       For        Management
1.8   Elect Director Lawrence M. Small          For       For        Management
1.9   Elect Director Daniel E. Somers           For       For        Management
1.10  Elect Director  Karen Hastie Williams     For       For        Management
1.11  Elect Director Alfred W. Zollar           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles/Bylaws/Charter General     For       For        Management
      Matters--Adopt Majority Vote Standard for
      the Election of Directors
4     Report on Political Contributions         Against   Against    Shareholder


- --------------------------------------------------------------------------------

CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 18, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carol A. Bartz             For       For        Management
1.2   Elect Director M. Michele Burns           For       For        Management
1.3   Elect Director Michael D. Capellas        For       For        Management
1.4   Elect Director Larry R. Carter            For       For        Management
1.5   Elect Director John T. Chambers           For       For        Management
1.6   Elect Director Dr. John L. Hennessy       For       For        Management
1.7   Elect Director Richard M. Kovacevich      For       For        Management
1.8   Elect Director Roderick C. McGeary        For       For        Management
1.9   Elect Director Steven M. West             For       For        Management
1.10  Elect Director Jerry Yang                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards
4     Report on Pay Disparity                   Against   Against    Shareholder
5     Report on Internet Fragmentation          Against   Against    Shareholder


- --------------------------------------------------------------------------------

CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director C. Michael Armstrong       For       For        Management
2     Elect Director Alain J.P. Belda           For       For        Management
3     Elect Director George David               For       For        Management
4     Elect Director Kenneth T. Derr            For       For        Management
5     Elect Director John M. Deutch             For       For        Management
6     Elect Director Roberto Hernandez Ramirez  For       For        Management
7     Elect Director Klaus Kleinfeld            For       For        Management
8     Elect Director Andrew N. Liveris          For       For        Management
9     Elect Director Anne Mulcahy               For       For        Management
10    Elect Director Richard D. Parsons         For       For        Management
11    Elect Director Charles Prince             For       For        Management
12    Elect Director Judith Rodin               For       For        Management
13    Elect Director Robert E. Rubin            For       For        Management
14    Elect Director Franklin A. Thomas         For       For        Management
15    Ratify Auditors                           For       For        Management
16    Report on Government Service of Employees Against   Against    Shareholder
17    Report on Political Contributions         Against   Against    Shareholder
18    Report on Charitable Contributions        Against   Against    Shareholder
19    Approve Report of the Compensation        Against   Against    Shareholder
      Committee
20    Report on Pay Disparity                   Against   Against    Shareholder
21    Separate Chairman and CEO Positions       Against   Against    Shareholder
22    Stock Retention/Holding Period            Against   Against    Shareholder
23    Restore or Provide for Cumulative Voting  Against   Against    Shareholder
24    Amend Bylaws to Permit Shareholders to    Against   Against    Shareholder
      Call Special Meetings


- --------------------------------------------------------------------------------

CLOROX COMPANY, THE

Ticker:       CLX            Security ID:  189054109
Meeting Date: NOV 15, 2006   Meeting Type: Annual
Record Date:  SEP 19, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Daniel Boggan, Jr.         For       For        Management
2     Elect Director Tully M. Friedman          For       For        Management
3     Elect Director George J. Harad            For       For        Management
4     Elect Director Donald R. Knauss           For       For        Management
5     Elect Director Robert W. Matschullat      For       For        Management
6     Elect Director Gary G. Michael            For       For        Management
7     Elect Director Jan L. Murley              For       For        Management
8     Elect Director Michael E. Shannon         For       For        Management
9     Elect Director Pamela Thomas-Graham       For       For        Management
10    Elect Director Carolyn M. Ticknor         For       For        Management
11    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

COCA-COLA COMPANY, THE

Ticker:       KO             Security ID:  191216100
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Herbert A. Allen           For       For        Management
2     Elect Director Ronald W. Allen            For       For        Management
3     Elect Director Cathleen P. Black          For       For        Management
4     Elect Director Barry Diller               For       For        Management
5     Elect Director E. Neville Isdell          For       For        Management
6     Elect Director Donald R. Keough           For       For        Management
7     Elect Director Donald F. McHenry          For       For        Management
8     Elect Director Sam Nunn                   For       For        Management
9     Elect Director James D. Robinson, III     For       For        Management
10    Elect Director Peter V. Ueberroth         For       For        Management
11    Elect Director James B. Williams          For       For        Management
12    Ratify Auditors                           For       For        Management
13    Approve Executive Incentive Bonus Plan    For       For        Management
14    Limit Executive Compensation              Against   Against    Shareholder
15    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
16    Report on Chemical and Biological Testing Against   Against    Shareholder
      Data
17    Report on Environmental Liabilities in    Against   Against    Shareholder
      India
18    Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

COLGATE-PALMOLIVE CO.

Ticker:       CL             Security ID:  194162103
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 7, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director John T. Cahill             For       For        Management
2     Elect Director Jill K. Conway             For       For        Management
3     Elect Director Ellen M. Hancock           For       For        Management
4     Elect Director David W. Johnson           For       For        Management
5     Elect Director Richard J. Kogan           For       For        Management
6     Elect Director Delano E. Lewis            For       For        Management
7     Elect Director Reuben Mark                For       For        Management
8     Elect Director J. Pedro Reinhard          For       For        Management
9     Ratify Auditors                           For       For        Management
10    Amend Articles/Bylaws/Charter -- Call     Against   Against    Shareholder
      Special Meetings
11    Pay for Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------

COMERICA INC.

Ticker:       CMA            Security ID:  200340107
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Ralph W. Babb, Jr.         For       For        Management
2     Elect Director James F. Cordes            For       For        Management
3     Elect Director Peter D. Cummings          For       For        Management
4     Elect Director William P. Vititoe         For       For        Management
5     Elect Director Kenneth L. Way             For       For        Management
6     Ratify Auditors                           For       For        Management
7     Prepare Sustainability Report             Against   Against    Shareholder


- --------------------------------------------------------------------------------

CONAGRA FOODS INC.

Ticker:       CAG            Security ID:  205887102
Meeting Date: SEP 28, 2006   Meeting Type: Annual
Record Date:  JUL 31, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David H. Batchelder        For       For        Management
1.2   Elect Director Steven F. Goldstone        For       For        Management
1.3   Elect Director Mark H. Rauenhorst         For       For        Management
1.4   Elect Director Gary M. Rodkin             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CONOCOPHILLIPS

Ticker:       COP            Security ID:  20825C104
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James E. Copeland, Jr.     For       For        Management
2     Elect Director Kenneth M. Duberstein      For       For        Management
3     Elect Director Ruth R. Harkin             For       For        Management
4     Elect Director William R. Rhodes          For       For        Management
5     Elect Director J. Stapleton Roy           For       For        Management
6     Elect Director William E. Wade, Jr.       For       For        Management
7     Ratify Auditors                           For       For        Management
8     Report on Political Contributions         Against   Against    Shareholder
9     Report on Renewable Energy Sources        Against   Against    Shareholder
10    Require Director Nominee Qualifications   Against   Against    Shareholder
11    Report on Environmental Damage from       Against   Against    Shareholder
      Drilling in the National Petroleum
      Reserve
12    Report on Indigenous Peoples Rights       Against   Against    Shareholder
      Policies
13    Report on Community Impact of Operations  Against   Against    Shareholder


- --------------------------------------------------------------------------------

CONSTELLATION ENERGY GROUP, INC.

Ticker:       CEG            Security ID:  210371100
Meeting Date: DEC 8, 2006    Meeting Type: Annual
Record Date:  OCT 27, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Douglas L. Becker          For       For        Management
1.2   Elect Director Edward A. Crooke           For       For        Management
1.3   Elect Director Mayo A. Shattuck III       For       For        Management
1.4   Elect Director Michael D. Sullivan        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         None      For        Shareholder


- --------------------------------------------------------------------------------

CONSTELLATION ENERGY GROUP, INC.

Ticker:       CEG            Security ID:  210371100
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Yves C. de Balmann         For       For        Management
2     Elect Director Douglas L. Becker          For       For        Management
3     Elect Director James T. Brady             For       For        Management
4     Elect Director Edward A. Crooke           For       For        Management
5     Elect Director James R. Curtiss           For       For        Management
6     Elect Director Freeman A. Hrabowski, III  For       For        Management
7     Elect Director Nancy Lampton              For       For        Management
8     Elect Director Robert J. Lawless          For       For        Management
9     Elect Director Lynn M. Martin             For       For        Management
10    Elect Director Mayo A. Shattuck, III      For       For        Management
11    Elect Director Michael D. Sullivan        For       For        Management
12    Ratify Auditors                           For       For        Management
13    Approve Omnibus Stock Plan                For       For        Management
14    Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------

COOPER INDUSTRIES LTD

Ticker:       CBE            Security ID:  G24182100
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1a    Elect  Director S.G. Butler               For       For        Management
1b    Elect  Director D.F. Smith                For       For        Management
1c    Elect  Director G.B. Smith                For       For        Management
1d    Elect  Director M.S. Thompson             For       For        Management
1e    Elect  Director L.D. Kingsley             For       For        Management
2     Ratify Auditors                           For       For        Management
3     AMENDMENT TO COOPER S BYE-LAWS TO         For       For        Management
      INCREASE AUTHORIZED SHARES.
4     ILO Standards                             Against   Against    Shareholder


- --------------------------------------------------------------------------------

CROWN CASTLE INTERNATIONAL CORP.

Ticker:       CCI            Security ID:  228227104
Meeting Date: JAN 11, 2007   Meeting Type: Special
Record Date:  NOV 27, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


- --------------------------------------------------------------------------------

CROWN CASTLE INTERNATIONAL CORP.

Ticker:       CCI            Security ID:  228227104
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward C. Hutcheson, Jr.   For       For        Management
1.2   Elect Director J. Landis Martin           For       For        Management
1.3   Elect Director W. Benjamin Moreland       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Eliminate Class of Common Stock           For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CROWN HOLDINGS, INC.

Ticker:       CCK            Security ID:  228368106
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jenne K. Britell, Ph.D.    For       For        Management
1.2   Elect Director ohn W. Conway              For       For        Management
1.3   Elect Director Arnold W. Donald           For       For        Management
1.4   Elect Director William G. Little          For       For        Management
1.5   Elect Director Hans J. Loliger            For       For        Management
1.6   Elect Director Thomas A. Ralph            For       For        Management
1.7   Elect Director Hugues du Rouret           For       For        Management
1.8   Elect Director Alan W. Rutherford         For       For        Management
1.9   Elect Director Jim L. Turner              For       For        Management
1.10  Elect Director William S. Urkiel          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

DEL MONTE FOODS CO.

Ticker:       DLM            Security ID:  24522P103
Meeting Date: SEP 21, 2006   Meeting Type: Annual
Record Date:  AUG 3, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Samuel H. Armacost         For       For        Management
1.2   Elect Director Terence D. Martin          For       For        Management
1.3   Elect Director Richard G. Wolford         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DILLARDS, INC

Ticker:       DDS            Security ID:  254067101
Meeting Date: MAY 19, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert C. Connor           For       Did Not    Management
                                                          Vote
1.2   Elect Director Will D. Davis              For       Did Not    Management
                                                          Vote
1.3   Elect Director John Paul Hammerschmidt    For       Did Not    Management
                                                          Vote
1.4   Elect Director Peter R. Johnson           For       Did Not    Management
                                                          Vote
2     Ratify Auditors                           For       Did Not    Management
                                                          Vote
3     Prepare Sustainability Report             Against   Did Not    Shareholder
                                                          Vote


- --------------------------------------------------------------------------------

DOW CHEMICAL COMPANY, THE

Ticker:       DOW            Security ID:  260543103
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Arnold A. Allemang         For       Did Not    Management
                                                          Vote
1.2   Elect Director Jacqueline K. Barton       For       Did Not    Management
                                                          Vote
1.3   Elect Director James A. Bell              For       Did Not    Management
                                                          Vote
1.4   Elect Director Jeff M. Fettig             For       Did Not    Management
                                                          Vote
1.5   Elect Director Barbara H. Franklin        For       Did Not    Management
                                                          Vote
1.6   Elect Director John B. Hess               For       Did Not    Management
                                                          Vote
1.7   Elect Director Andrew N. Liveris          For       Did Not    Management
                                                          Vote
1.8   Elect Director Geoffery E. Merszei        For       Did Not    Management
                                                          Vote
1.9   WITHDRAWN                                 None      Did Not    Management
                                                          Vote
1.10  Elect Director James M. Ringler           For       Did Not    Management
                                                          Vote
1.11  Elect Director Ruth G. Shaw               For       Did Not    Management
                                                          Vote
1.12  Elect Director Paul G. Stern              For       Did Not    Management
                                                          Vote
2     Ratify Auditors                           For       Did Not    Management
                                                          Vote
3     Reduce Supermajority Vote Requirement     For       Did Not    Management
                                                          Vote
4     Report on Remediation Policies in Bhopal  Against   Did Not    Shareholder
                                                          Vote
5     Report on Genetically Modified Organisms  Against   Did Not    Shareholder
                                                          Vote
6     Report on Environmental Remediation       Against   Did Not    Shareholder
                                                          Vote
7     Evaluate Potential Links Between Company  Against   Did Not    Shareholder
      Products and Asthma                                 Vote


- --------------------------------------------------------------------------------

EATON CORPORATION

Ticker:       ETN            Security ID:  278058102
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Christopher M. Connor      For       For        Management
1.2   Elect Director Michael J. Critelli        For       For        Management
1.3   Elect Director Charles E. Golden          For       For        Management
1.4   Elect Director Ernie Green                For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ELECTRONIC DATA SYSTEMS CORP.

Ticker:       EDS            Security ID:  285661104
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director W. Roy Dunbar              For       For        Management
2     Elect Director Martin C. Faga             For       For        Management
3     Elect Director S. Malcolm Gillis          For       For        Management
4     Elect Director Ray J. Groves              For       For        Management
5     Elect Director Ellen M. Hancock           For       For        Management
6     Elect Director Jeffrey M. Heller          For       For        Management
7     Elect Director Ray L. Hunt                For       For        Management
8     Elect Director Michael H. Jordan          For       For        Management
9     Elect Director Edward A. Kangas           For       For        Management
10    Elect Director James K. Sims              For       For        Management
11    Elect Director R. David Yost              For       For        Management
12    Ratify Auditors                           For       For        Management
13    Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards
14    Amend Bylaws -- Call Special Meetings     Against   Against    Shareholder


- --------------------------------------------------------------------------------

EMBARQ CORP

Ticker:       EQ             Security ID:  29078E105
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter C. Brown             For       For        Management
1.2   Elect Director Steven A. Davis            For       For        Management
1.3   Elect Director Daniel R. Hesse            For       For        Management
1.4   Elect Director John P. Mullen             For       For        Management
1.5   Elect Director William A. Owens           For       For        Management
1.6   Elect Director Dinesh C. Paliwal          For       For        Management
1.7   Elect Director Stephanie M. Shern         For       For        Management
1.8   Elect Director Laurie A. Siegel           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ENTERGY CORP.

Ticker:       ETR            Security ID:  29364G103
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Maureen Scannell Bateman   For       For        Management
1.2   Elect Director W. Frank Blount            For       For        Management
1.3   Elect Director Simon D. DeBree            For       For        Management
1.4   Elect Director Gary W. Edwards            For       For        Management
1.5   Elect Director Alexis M. Herman           For       For        Management
1.6   Elect Director Donald C. Hintz            For       For        Management
1.7   Elect Director J. Wayne Leonard           For       For        Management
1.8   Elect Director Stuart L. Levenick         For       For        Management
1.9   Elect Director James R. Nichols           For       For        Management
1.10  Elect Director William A. Percy, II       For       For        Management
1.11  Elect Director W.J. Tauzin                For       For        Management
1.12  Elect Director Steven V. Wilkinson        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political Contributions         Against   Against    Shareholder
4     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

EXXON MOBIL CORP.

Ticker:       XOM            Security ID:  30231G102
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Boskin          For       For        Management
1.2   Elect Director William W. George          For       For        Management
1.3   Elect Director James R. Houghton          For       For        Management
1.4   Elect Director William R. Howell          For       For        Management
1.5   Elect Director Reatha Clark King          For       For        Management
1.6   Elect Director Philip E. Lippincott       For       For        Management
1.7   Elect Director Marilyn Carlson Nelson     For       For        Management
1.8   Elect Director Samuel J. Palmisano        For       For        Management
1.9   Elect Director Steven S Reinemund         For       For        Management
1.10  Elect Director Walter V. Shipley          For       For        Management
1.11  Elect Director J. Stephen Simon           For       For        Management
1.12  Elect Director Rex W. Tillerson           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
4     Amend Articles/Bylaws/Charter -- Call     Against   Against    Shareholder
      Special Meetings
5     Separate Chairman and CEO Positions       Against   For        Shareholder
6     Initiate Payment of Cash Dividend         Against   Against    Shareholder
7     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
8     Company-Specific- Amend Article IX of the Against   Against    Shareholder
      Corporation's by-laws
9     Review Executive Compensation             Against   Against    Shareholder
10    Limit Executive Compensation              Against   Against    Shareholder
11    Claw-back of Payments under Restatements  Against   For        Shareholder
12    Report on Political Contributions         Against   Against    Shareholder
13    Amend Equal Employment Opportunity Policy Against   For        Shareholder
      to Prohibit Discrimination Based on
      Sexual Orientation
14    Report on Environmental Accountability    Against   Against    Shareholder
15    Report on Emission Reduction Goals        Against   Against    Shareholder
16    Report on Carbon Dioxide Emissions        Against   Against    Shareholder
      Information at Gas Stations
17    Adopt Policy to Increase Renewable Energy Against   Against    Shareholder
      Portfolio


- --------------------------------------------------------------------------------

FAMILY DOLLAR STORES, INC.

Ticker:       FDO            Security ID:  307000109
Meeting Date: JUN 19, 2007   Meeting Type: Annual
Record Date:  APR 25, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mark R. Bernstein          For       For        Management
1.2   Elect Director Sharon Allred Decker       For       For        Management
1.3   Elect Director Edward C. Dolby            For       For        Management
1.4   Elect Director Glenn A. Eisenberg         For       For        Management
1.5   Elect Director Howard R. Levine           For       For        Management
1.6   Elect Director George R. Mahoney, Jr.     For       For        Management
1.7   Elect Director James G. Martin            For       For        Management
1.8   Elect Director Dale C. Pond               For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  31620R105
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cary H. Thompson           For       For        Management
1.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
1.3   Elect Director General William Lyon       For       For        Management
1.4   Elect Director Richard N. Massey          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FIFTH THIRD BANCORP

Ticker:       FITB           Security ID:  316773100
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Darryl F. Allen            For       For        Management
1.2   Elect Director John F. Barrett            For       For        Management
1.3   Elect Director James P. Hackett           For       For        Management
1.4   Elect Director Gary R. Heminger           For       For        Management
1.5   Elect Director Joan R. Herschede          For       For        Management
1.6   Elect Director Allen M. Hill              For       For        Management
1.7   Elect Director Kevin T. Kabat             For       For        Management
1.8   Elect Director Robert L. Koch II          For       For        Management
1.9   Elect Director Mitchel D. Livingston      For       For        Management
1.10  Elect Director Hendrik G. Meijer          For       For        Management
1.11  Elect Director James E. Rogers            For       For        Management
1.12  Elect Director George A. Schaefer, Jr.    For       For        Management
1.13  Elect Director John J. Schiff, Jr.        For       For        Management
1.14  Elect Director Dudley S. Taft             For       For        Management
1.15  Elect Director Thomas W. Traylor          For       For        Management
2     Company Specific-Equity-Related           For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FLEXTRONICS INTERNATIONAL LTD.

Ticker:       FLEX           Security ID:  Y2573F102
Meeting Date: OCT 4, 2006    Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RE-ELECTION OF MR. MICHAEL E. MARKS AS A  For       For        Management
      DIRECTOR OF THE COMPANY.
2     RE-ELECTION OF MR. RICHARD SHARP AS A     For       For        Management
      DIRECTOR OF THE COMPANY.
3     RE-ELECTION OF MR. H. RAYMOND BINGHAM AS  For       For        Management
      A DIRECTOR OF THE COMPANY.
4     RE-ELECTION OF MR. MICHAEL MCNAMARA AS A  For       For        Management
      DIRECTOR OF THE COMPANY.
5     RE-ELECTION OF MR. ROCKWELL A. SCHNABEL   For       For        Management
      AS A DIRECTOR OF THE COMPANY.
6     RE-ELECTION OF MR. AJAY B. SHAH AS A      For       For        Management
      DIRECTOR OF THE COMPANY.
7     Ratify Auditors                           For       For        Management
8     TO APPROVE THE AUTHORIZATION FOR THE      For       For        Management
      DIRECTORS OF THE COMPANY TO ALLOT AND
      ISSUE ORDINARY SHARES.
9     TO APPROVE AUTHORIZATION TO PROVIDE       For       For        Management
      DIRECTOR CASH COMPENSATION AND ADDITIONAL
      CASH COMPENSATION FOR CHAIRMAN OF AUDIT
      COMMITTEE
10    TO APPROVE THE COMPANY S AMENDED AND      For       For        Management
      RESTATED ARTICLES OF ASSOCIATION.
11    APPROVE THE RENEWAL OF THE SHARE PURCHASE For       For        Management
      MANDATE RELATING TO ACQUISITIONS BY THE
      COMPANY OF ITS OWN ISSUED ORDINARY
      SHARES.
12    AMENDMENT TO 2001 EQUITY INCENTIVE PLAN   For       For        Management
      TO ELIMINATE TWO MILLION SHARE SUB-LIMIT
      ON ISSUED AND OUTSTANDING SHARE BONUS
      AWARDS.
13    AMENDMENT TO 2001 EQUITY INCENTIVE PLAN   For       For        Management
      PROVIDING THE AUTOMATIC OPTION GRANT TO
      NON-EMPLOYEE DIRECTORS WILL NOT BE
      PRO-RATED.
14    APPROVE AN AMENDMENT TO THE COMPANY S     For       For        Management
      2001 EQUITY INCENTIVE PLAN TO INCREASE
      THE NUMBER OF SHARES RESERVED FOR
      ISSUANCE.


- --------------------------------------------------------------------------------

FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: SEP 8, 2006    Meeting Type: Annual
Record Date:  JUN 30, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara T. Alexander       For       For        Management
1.2   Elect Director Geoffrey T. Boisi          For       For        Management
1.3   Elect Director Michelle Engler            For       For        Management
1.4   Elect Director Robert R. Glauber          For       For        Management
1.5   Elect Director Richard Karl Goeltz        For       For        Management
1.6   Elect Director Thomas S. Johnson          For       For        Management
1.7   Elect Director William M. Lewis, Jr.      For       For        Management
1.8   Elect Director Eugene M. McQuade          For       For        Management
1.9   Elect Director Shaun F. O'Malley          For       For        Management
1.10  Elect Director Jeffrey M. Peek            For       For        Management
1.11  Elect Director Ronald F. Poe              For       For        Management
1.12  Elect Director Stephen A. Ross            For       For        Management
1.13  Elect Director Richard F. Syron           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: JUN 8, 2007    Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Barbara T. Alexander       For       For        Management
2     Elect Director Geoffrey T. Boisi          For       For        Management
3     Elect Director Michelle Engler            For       For        Management
4     Elect Director Robert R. Glauber          For       For        Management
5     Elect Director Richard Karl Goeltz        For       For        Management
6     Elect Director Thomas S. Johnson          For       For        Management
7     Elect Director William M. Lewis, Jr       For       For        Management
8     Elect Director Eugene M. McQuade          For       For        Management
9     Elect Director Shaud F. O Malley          For       For        Management
10    Elect Director Jeffrey M. Peek            For       For        Management
11    Elect Director Nicolas P. Retsinas        For       For        Management
12    Elect Director Stephen A. Ross            For       For        Management
13    Elect Director Richard F. Syron           For       For        Management
14    Ratify Auditors                           For       For        Management
15    Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------

GANNETT CO., INC.

Ticker:       GCI            Security ID:  364730101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charles B. Fruit           For       For        Management
1.2   Elect Director Arthur H. Harper           For       For        Management
1.3   Elect Director John Jeffry Louis          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Company Specific-Governance               Against   For        Shareholder
      Related--Require Chairman to be
      Independent


- --------------------------------------------------------------------------------

GAP, INC., THE

Ticker:       GPS            Security ID:  364760108
Meeting Date: JUN 5, 2007    Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Howard P. Behar            For       For        Management
1.2   Elect Director Adrian D.P. Bellamy        For       For        Management
1.3   Elect Director Domenico De Sole           For       For        Management
1.4   Elect Director Donald G. Fisher           For       For        Management
1.5   Elect Director Doris F. Fisher            For       For        Management
1.6   Elect Director Robert J. Fisher           For       For        Management
1.7   Elect Director Penelope L. Hughes         For       For        Management
1.8   Elect Director Bob L. Martin              For       For        Management
1.9   Elect Director Jorge P. Montoya           For       For        Management
1.10  Elect Director James M. Schneider         For       For        Management
1.11  Elect Director Mayo A. Shattuck, III      For       For        Management
1.12  Elect Director Kneeland C. Youngblood     For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GENERAL ELECTRIC CO.

Ticker:       GE             Security ID:  369604103
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James I. Cash, Jr.         For       For        Management
1.2   Elect Director William M. Castell         For       For        Management
1.3   Elect Director Ann M. Fudge               For       For        Management
1.4   Elect Director Claudio X. Gonzalez        For       For        Management
1.5   Elect Director Susan Hockfield            For       For        Management
1.6   Elect Director Jerry R. Immelt            For       For        Management
1.7   Elect Director Andrea Jung                For       For        Management
1.8   Elect Director Alan G. Lafley             For       For        Management
1.9   Elect Director Robert W. Lane             For       For        Management
1.10  Elect Director Ralph S. Larsen            For       For        Management
1.11  Elect Director Rochelle B. Lazarus        For       For        Management
1.12  Elect Director Sam Nunn                   For       For        Management
1.13  Elect Director Roger S. Penske            For       For        Management
1.14  Elect Director Robert J. Swieringa        For       For        Management
1.15  Elect Director Douglas A. Warner III      For       For        Management
1.16  Elect Director Robert C. Wright           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt Majority Vote Standard in Director  For       For        Management
      Elections
4     Approve Omnibus Stock Plan                For       For        Management
5     Company-Specific-Approve Material Terms   For       For        Management
      of Senior Officer Performance Goals
6     Provide for Cumulative Voting             Against   Against    Shareholder
7     Company-Specific -- Adopt Policy on       Against   Against    Shareholder
      Overboarded Directors
8     Company-Specific -- One Director from the Against   Against    Shareholder
      Ranks of Retirees
9     Separate Chairman and CEO Positions       Against   Against    Shareholder
10    Limit Dividend and Dividend Equivalent    Against   Against    Shareholder
      Payments to Executives
11    Report on Charitable Contributions        Against   Against    Shareholder
12    Report on Global Warming                  Against   Against    Shareholder
13    Adopt Ethical Criteria for Military       Against   Against    Shareholder
      Contracts
14    Report on Pay Disparity                   Against   Against    Shareholder


- --------------------------------------------------------------------------------

GENERAL MILLS, INC.

Ticker:       GIS            Security ID:  370334104
Meeting Date: SEP 25, 2006   Meeting Type: Annual
Record Date:  JUL 27, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul Danos                 For       For        Management
1.2   Elect Director William T. Esrey           For       For        Management
1.3   Elect Director Raymond V. Gilmartin       For       For        Management
1.4   Elect Director Judith Richards Hope       For       For        Management
1.5   Elect Director Heidi G. Miller            For       For        Management
1.6   Elect Director H. Ochoa-Brillembourg      For       For        Management
1.7   Elect Director Steve Odland               For       For        Management
1.8   Elect Director Kendall J. Powell          For       For        Management
1.9   Elect Director Michael D. Rose            For       For        Management
1.10  Elect Director Robert L. Ryan             For       For        Management
1.11  Elect Director Stephen W. Sanger          For       For        Management
1.12  Elect Director A. Michael Spence          For       For        Management
1.13  Elect Director Dorothy A. Terrell         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Stock       For       For        Management
      Option Plan
4     Label Genetically Modified Ingredients    Against   Against    Shareholder


- --------------------------------------------------------------------------------

GENWORTH FINANCIAL, INC.

Ticker:       GNW            Security ID:  37247D106
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank J. Borelli           For       For        Management
1.2   Elect Director Michael D. Fraizer         For       For        Management
1.3   Elect Director Nancy J. Karch             For       For        Management
1.4   Elect Director J. Robert Kerrey           For       For        Management
1.5   Elect Director Saiyid T. Naqvi            For       For        Management
1.6   Elect Director James A. Parke             For       For        Management
1.7   Elect Director James S. Riepe             For       For        Management
1.8   Elect Director Barrett A. Toan            For       For        Management
1.9   Elect Director Thomas B. Wheeler          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GOLDMAN SACHS GROUP, INC., THE

Ticker:       GS             Security ID:  38141G104
Meeting Date: APR 11, 2007   Meeting Type: Annual
Record Date:  JAN 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lloyd C. Blankfein         For       For        Management
2     Elect Director Lord Browne of Madingley   For       For        Management
3     Elect Director John H. Bryan              For       For        Management
4     Elect Director Gary D. Cohn               For       For        Management
5     Elect Director Claes Dahlback             For       For        Management
6     Elect Director Stephen Friedman           For       For        Management
7     Elect Director William W. George          For       For        Management
8     Elect Director Rajat K. Gupta             For       For        Management
9     Elect Director James A. Johnson           For       For        Management
10    Elect Director Lois D. Juliber            For       For        Management
11    Elect Director Edward M. Liddy            For       For        Management
12    Elect Director Ruth J. Simmons            For       For        Management
13    Elect Director Jon Winkelried             For       For        Management
14    Ratify Auditors                           For       For        Management
15    Report on Charitable Contributions        Against   Against    Shareholder
16    Sustainability Report                     Against   Against    Shareholder
17    Prohibit Executive Stock-Based Awards     Against              Shareholder


- --------------------------------------------------------------------------------

HARTFORD FINANCIAL SERVICES GROUP, INC., THE

Ticker:       HIG            Security ID:  416515104
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ramani Ayer                For       For        Management
1.2   Elect Director Ramon De Oliveira          For       For        Management
1.3   Elect Director Trevor Fetter              For       For        Management
1.4   Elect Director Edward J. Kelly, III       For       For        Management
1.5   Elect Director Paul G. Kirk, Jr.          For       For        Management
1.6   Elect Director Thomas M. Marra            For       For        Management
1.7   Elect Director Gail J. Mcgovern           For       For        Management
1.8   Elect Director Michael G. Morris          For       For        Management
1.9   Elect Director Robert W. Selander         For       For        Management
1.10  Elect Director Charles B. Strauss         For       For        Management
1.11  Elect Director H. Patrick Swygert         For       For        Management
1.12  Elect Director David K. Zwiener           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

HERCULES INC.

Ticker:       HPC            Security ID:  427056106
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John C. Hunter, III        For       For        Management
1.2   Elect Director Robert D. Kennedy          For       For        Management
1.3   Elect Director Craig A. Rogerson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management


- --------------------------------------------------------------------------------

HEWLETT-PACKARD CO.

Ticker:       HPQ            Security ID:  428236103
Meeting Date: MAR 14, 2007   Meeting Type: Annual
Record Date:  JAN 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director L.T. Babbio, Jr.           For       For        Management
2     Elect Director S.M. Baldauf               For       For        Management
3     Elect Director R.A. Hackborn              For       For        Management
4     Elect Director J.H. Hammergren            For       For        Management
5     Elect Director M.V. Hurd                  For       For        Management
6     Elect Director R.L. Ryan                  For       For        Management
7     Elect Director L.S. Salhany               For       For        Management
8     Elect Director G.K.Thompson               For       For        Management
9     Ratify Auditors                           For       For        Management
10    Require Director Nominee Qualifications   Against   Against    Shareholder
11    Separate Chairman and CEO Positions       Against   Against    Shareholder
12    Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
13    Performance-Based Equity Awards           Against   Against    Shareholder


- --------------------------------------------------------------------------------

INGERSOLL-RAND COMPANY LIMITED

Ticker:       IR             Security ID:  G4776G101
Meeting Date: JUN 6, 2007    Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director G.D. Forsee               For       For        Management
1.2   Elect  Director P.C. Godsoe               For       For        Management
1.3   Elect  Director C.J. Horner               For       For        Management
1.4   Elect  Director T.E. Martin               For       For        Management
1.5   Elect  Director P. Nachtigal              For       For        Management
1.6   Elect  Director O.R. Smith                For       For        Management
1.7   Elect  Director R.J. Swift                For       For        Management
2     ADOPTION OF THE INCENTIVE STOCK PLAN OF   For       For        Management
      2007.
3     Ratify Auditors                           For       For        Management
4     SHAREHOLDER PROPOSAL TO REQUIRE A         Against   Against    Shareholder
      SHAREHOLDER VOTE ON AN ADVISORY
      RESOLUTION WITH RESPECT TO EXECUTIVE
      COMPENSATION.


- --------------------------------------------------------------------------------

INTERNATIONAL BUSINESS MACHINES CORP.

Ticker:       IBM            Security ID:  459200101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cathleen Black             For       For        Management
1.2   Elect Director Kenneth I. Chenault        For       For        Management
1.3   Elect Director Juergen Dormann            For       For        Management
1.4   Elect Director Michael L. Eskew           For       For        Management
1.5   Elect Director Shirley Ann Jackson        For       For        Management
1.6   Elect Director Minoru Makihara            For       For        Management
1.7   Elect Director Lucio A. Noto              For       For        Management
1.8   Elect Director James W. Owens             For       For        Management
1.9   Elect Director Samuel J. Palmisano        For       For        Management
1.10  Elect Director Joan E. Spero              For       For        Management
1.11  Elect Director Sidney Taurel              For       For        Management
1.12  Elect Director Lorenzo H. Zambrano        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Reduce Supermajority Vote Requirement     For       For        Management
5     Reduce Supermajority Vote Requirement     For       For        Management
6     Reduce Supermajority Vote Requirement     For       For        Management
7     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
8     Evaluate Age Discrimination in Retirement Against   Against    Shareholder
      Plans
9     Review Executive Compensation             Against   For        Shareholder
10    Report on Outsourcing                     Against   Against    Shareholder
11    Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

JONES APPAREL GROUP, INC.

Ticker:       JNY            Security ID:  480074103
Meeting Date: JUN 14, 2007   Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter Boneparth            For       For        Management
1.2   Elect Director Sidney Kimmel              For       For        Management
1.3   Elect Director Howard Gittis              For       For        Management
1.4   Elect Director Matthew H. Kamens          For       For        Management
1.5   Elect Director J. Robert Kerrey           For       For        Management
1.6   Elect Director Ann N. Reese               For       For        Management
1.7   Elect Director Gerald C. Crotty           For       For        Management
1.8   Elect Director Lowell W. Robinson         For       For        Management
1.9   Elect Director Frits D. van Paasschen     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company Specific--Adopt majority vote     For       For        Management
      standard for election of directors
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

JPMORGAN CHASE & CO.

Ticker:       JPM            Security ID:  46625H100
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Crandall C. Bowles         For       For        Management
1.2   Elect Director Stephen B. Burke           For       For        Management
1.3   Elect Director James S. Crown             For       For        Management
1.4   Elect Director James Dimon                For       For        Management
1.5   Elect Director Ellen V. Futter            For       For        Management
1.6   Elect Director William H. Gray, III       For       For        Management
1.7   Elect Director Laban P. Jackson, Jr.      For       For        Management
1.8   Elect Director Robert I. Lipp             For       For        Management
1.9   Elect Director David C. Novak             For       For        Management
1.10  Elect Director Lee R. Raymond             For       For        Management
1.11  Elect Director William C. Weldon          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote
4     Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards
5     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Provide for Cumulative Voting             Against   Against    Shareholder
8     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
9     Report on Political Contributions         Against   Against    Shareholder
10    Report on Management Initiatives to       Against   Against    Shareholder
      Address Links to Slavery and Human Rights
      Abuse


- --------------------------------------------------------------------------------

KELLOGG CO.

Ticker:       K              Security ID:  487836108
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Benjamin S. Carson, Sr.    For       For        Management
1.2   Elect Director Gordon Gund                For       For        Management
1.3   Elect Director Dorothy A. Johnson         For       For        Management
1.4   Elect Director Ann McLaughlin Korologos   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Prepare a Sustainability Report           Against   Against    Shareholder
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

KEYCORP

Ticker:       KEY            Security ID:  493267108
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alexander M. Cutler        For       For        Management
1.2   Elect Director Eduardo R. Menasce         For       For        Management
1.3   Elect Director Henry L. Meyer, III        For       For        Management
1.4   Elect Director Peter G. Ten Eyck, II      For       For        Management
2     Establish Range For Board Size            For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

KIMBERLY-CLARK CORP.

Ticker:       KMB            Security ID:  494368103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James M. Jenness           For       For        Management
2     Elect Director Linda Johnson Rice         For       For        Management
3     Elect Director Marc J. Shapiro            For       For        Management
4     Ratify Auditors                           For       For        Management
5     Declassify the Board of Directors         For       For        Management
6     Adopt Simple Majority Vote                Against   For        Shareholder
7     Adopt ILO Standards                       Against   Against    Shareholder
8     Report on Feasibility of Phasing Out the  Against   Against    Shareholder
      Use of Non-certified Wood Fiber


- --------------------------------------------------------------------------------

KROGER CO., THE

Ticker:       KR             Security ID:  501044101
Meeting Date: JUN 28, 2007   Meeting Type: Annual
Record Date:  APR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Reuben V. Anderson         For       For        Management
1.2   Elect Director John L. Clendenin          For       For        Management
1.3   Elect Director David B. Dillon            For       For        Management
1.4   Elect Director David B. Lewis             For       For        Management
1.5   Elect Director Don W. McGeorge            For       For        Management
1.6   Elect Director W. Rodney McMullen         For       For        Management
1.7   Elect Director Jorge P. Montoya           For       For        Management
1.8   Elect Director Clyde R. Moore             For       For        Management
1.9   Elect Director Susan M. Phillips          For       For        Management
1.10  Elect Director Steven R. Rogel            For       For        Management
1.11  Elect Director James A. Runde             For       For        Management
1.12  Elect Director Ronald L. Sargent          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Articles/Regulations--i)Rules of    For       For        Management
      Conduct in Connection with Shareholder
      Meetings and (ii) Meetings Outside
      Cincinnati
4     Ratify Auditors                           For       For        Management
5     Report on Climate Change                  Against   Against    Shareholder


- --------------------------------------------------------------------------------

LOCKHEED MARTIN CORP.

Ticker:       LMT            Security ID:  539830109
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director E. C. Aldridge, Jr.        For       Withhold   Management
1.2   Elect Director Nolan D. Archibald         For       Withhold   Management
1.3   Elect Director Marcus C. Bennett          For       Withhold   Management
1.4   Elect Director James O. Ellis, Jr.        For       Withhold   Management
1.5   Elect Director Gwendolyn S. King          For       Withhold   Management
1.6   Elect Director James M. Loy               For       Withhold   Management
1.7   Elect Director Douglas H. McCorkindale    For       Withhold   Management
1.8   Elect Director Eugene F. Murphy           For       Withhold   Management
1.9   Elect Director Joseph W. Ralston          For       Withhold   Management
1.10  Elect Director Frank Savage               For       Withhold   Management
1.11  Elect Director James M. Schneider         For       Withhold   Management
1.12  Elect Director Anne Stevens               For       Withhold   Management
1.13  Elect Director Robert J. Stevens          For       Withhold   Management
1.14  Elect Director James R. Ukropina          For       Withhold   Management
1.15  Elect Director Douglas C. Yearley         For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Increase Disclosure of Executive          Against   Against    Shareholder
      Compensation
4     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
5     Report on Nuclear Weapons                 Against   Against    Shareholder


- --------------------------------------------------------------------------------

LUBRIZOL CORP., THE

Ticker:       LZ             Security ID:  549271104
Meeting Date: APR 23, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Hambrick          For       For        Management
1.2   Elect Director Gordon D. Harnett          For       For        Management
1.3   Elect Director Victoria F. Haynes         For       For        Management
1.4   Elect Director William P. Madar           For       For        Management
1.5   Elect Director James E. Sweetnam          For       For        Management
1.6   Elect Director Harriett Tee Taggart       For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MAGNA INTERNATIONAL INC.

Ticker:       MG.A           Security ID:  559222401
Meeting Date: MAY 10, 2007   Meeting Type: Annual/Special
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael D. Harris          For       For        Management
1.2   Elect Director Louis E. Lataif            For       For        Management
1.3   Elect Director Klaus Mangold              For       For        Management
1.4   Elect Director Donald Resnick             For       For        Management
1.5   Elect Director Frank Stronach             For       For        Management
1.6   Elect Director Franz Vranitzky            For       For        Management
1.7   Elect Director Donald J. Walker           For       For        Management
1.8   Elect Director Siegfried Wolf             For       For        Management
1.9   Elect Director Lawrence D. Worrall        For       For        Management
2     Approve Ernst & Young LLP as Auditors and For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors
3     Amend Stock Option Plan                   For       For        Management


- --------------------------------------------------------------------------------

MARATHON OIL CORP

Ticker:       MRO            Security ID:  565849106
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Charles F. Bolden, Jr.     For       For        Management
2     Elect Director Charles R. Lee             For       For        Management
3     Elect Director Dennis H. Reilley          For       For        Management
4     Elect Director John W. Snow               For       For        Management
5     Elect Director Thomas J. Usher            For       For        Management
6     Ratify Auditors                           For       For        Management
7     Approve Omnibus Stock Plan                For       For        Management
8     Reduce Supermajority Vote Requirement     For       For        Management
9     Increase Authorized Common Stock          For       For        Management


- --------------------------------------------------------------------------------

MATTEL, INC.

Ticker:       MAT            Security ID:  577081102
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Dolan           For       For        Management
1.2   Elect Director Robert A. Eckert           For       For        Management
1.3   Elect Director Frances D. Fergusson       For       For        Management
1.4   Elect Director Tully M. Friedman          For       For        Management
1.5   Elect Director Dominic Ng                 For       For        Management
1.6   Elect Director Andrea L. Rich             For       For        Management
1.7   Elect Director Ronald L. Sargent          For       For        Management
1.8   Elect Director Dean A. Scarborough        For       For        Management
1.9   Elect Director Christopher A. Sinclair    For       For        Management
1.10  Elect Director G. Craig Sullivan          For       For        Management
1.11  Elect Director Kathy Brittain White       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company Specific- Approve Majority Vote   For       For        Management
      and Eliminate Cumulative Voting
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Limit Executive Compensation              Against   Against    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Report Progress on Improving Work and     Against   Against    Shareholder
      Living Conditions
8     Pay for Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------

MBIA INC.

Ticker:       MBI            Security ID:  55262C100
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David C. Clapp             For       For        Management
1.2   Elect Director Gary C. Dunton             For       For        Management
1.3   Elect Director Claire L. Gaudiani         For       For        Management
1.4   Elect Director Daniel P. Kearney          For       For        Management
1.5   Elect Director Laurence H. Meyer          For       For        Management
1.6   Elect Director David M. Moffett           For       For        Management
1.7   Elect Director Debra J. Perry             For       For        Management
1.8   Elect Director John A. Rolls              For       For        Management
1.9   Elect Director Richard H. Walker          For       For        Management
1.10  Elect Director Jeffery W. Yabuki          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MCDONALD'S CORP.

Ticker:       MCD            Security ID:  580135101
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Edward A. Brennan          For       For        Management
2     Elect Director Walter E. Massey           For       For        Management
3     Elect Director John W. Rogers, Jr.        For       For        Management
4     Elect Director Roger W. Stone             For       For        Management
5     Ratify Auditors                           For       For        Management
6     Label Genetically Modified Organisms      Against   Against    Shareholder
7     Adopt and Implement ILO Based Code of     Against   Against    Shareholder
      Conduct


- --------------------------------------------------------------------------------

MELLON FINANCIAL CORP.

Ticker:       MEL            Security ID:  58551A108
Meeting Date: MAY 24, 2007   Meeting Type: Special
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adopt Supermajority Vote Requirement for  For       For        Management
      Mergers
3     Increase Authorized Preferred and Common  For       For        Management
      Stock
4     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

MERCK & CO., INC.

Ticker:       MRK            Security ID:  589331107
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard T. Clark           For       For        Management
1.2   Elect Director Johnnetta B. Cole, Ph.D.   For       For        Management
1.3   Elect Director William B. Harrison, Jr.   For       For        Management
1.4   Elect Director William N. Kelley, M.D.    For       For        Management
1.5   Elect Director Rochelle B. Lazarus        For       For        Management
1.6   Elect Director Thomas E. Shenk, Ph.D.     For       For        Management
1.7   Elect Director Anne M. Tatlock            For       For        Management
1.8   Elect Director Samuel O. Thier, M.D.      For       For        Management
1.9   Elect Director Wendell P. Weeks           For       For        Management
1.10  Elect Director Peter C. Wendell           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Reduce Supermajority Vote Requirement     For       For        Management
5     Establish Range For Board Size            For       For        Management
6     Replace Cumulative Voting to Majority     For       For        Management
      Vote Standard for the Election of
      Directors
7     Publish Political Contributions           Against   Against    Shareholder
8     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

MERRILL LYNCH & CO., INC.

Ticker:       MER            Security ID:  590188108
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John D. Finnegan           For       For        Management
1.2   Elect Director Joseph W. Prueher          For       For        Management
1.3   Elect Director Ann N. Reese               For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
4     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
5     Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

METLIFE, INC

Ticker:       MET            Security ID:  59156R108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Burton A. Dole, Jr.        For       For        Management
1.2   Elect Director R. Glenn Hubbard           For       For        Management
1.3   Elect Director James M. Kilts             For       For        Management
1.4   Elect Director Charles M. Leighton        For       For        Management
1.5   Elect Director David Satcher              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 14, 2006   Meeting Type: Annual
Record Date:  SEP 8, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William H. Gates, III      For       For        Management
2     Elect Director Steven A. Ballmer          For       For        Management
3     Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
4     Elect Director Dina Dublon                For       For        Management
5     Elect Director Raymond V. Gilmartin       For       For        Management
6     Elect Director David F. Marquardt         For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Helmut Panke               For       For        Management
9     Elect Director Jon A. Shirley             For       For        Management
10    Ratify Auditors                           For       For        Management
11    Cease Product Sales that Can Be Used to   Against   Against    Shareholder
      Violate Human Rights
12    Amend EEO Statement to Not Reference      Against   Against    Shareholder
      Sexual Orientation
13    Establish Shareholder Advisory Committee  Against   Against    Shareholder


- --------------------------------------------------------------------------------

MORGAN STANLEY

Ticker:       MS             Security ID:  617446448
Meeting Date: APR 10, 2007   Meeting Type: Annual
Record Date:  FEB 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Roy J. Bostock             For       For        Management
2     Elect Director Erskine B. Bowles          For       For        Management
3     Elect Director Howard J. Davies           For       For        Management
4     Elect Director C. Robert Kidder           For       For        Management
5     Elect Director John J. Mack               For       For        Management
6     Elect Director Donald T. Nicolaisen       For       For        Management
7     Elect Director Charles H. Noski           For       For        Management
8     Elect Director Hutham S. Olayan           For       For        Management
9     Elect Director Charles E. Phillips, Jr.   For       For        Management
10    Elect Director Griffith Sexton            For       For        Management
11    Elect Director Laura D. Tyson             For       For        Management
12    Elect Director Klaus Zumwinkel            For       For        Management
13    Ratify Auditors                           For       For        Management
14    Approve Omnibus Stock Plan                For       For        Management
15    Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
16    Approve Report of the Compensation        Against   Against    Shareholder
      Committee


- --------------------------------------------------------------------------------

NEWELL RUBBERMAID INC.

Ticker:       NWL            Security ID:  651229106
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Scott S. Cowen             For       Withhold   Management
1.2   Elect Director Cynthia A. Montgomery      For       Withhold   Management
1.3   Elect Director Gordon R. Sullivan         For       Withhold   Management
1.4   Elect Director Michael A. Todman          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt Simple Majority Vote                Against   For        Shareholder
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

NOKIA CORP.

Ticker:       NOK            Security ID:  654902204
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          For       For        Management
      Statutory Reports, Including Auditors'
      Report; Accept Financial Statements and
      Statutory Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 0.43 Per Share
3     Approve Discharge of Board and President  For       For        Management
4     Amend Articles to Comply with New Finnish For       For        Management
      Companies Act
5     Approve Remuneration of Directors         For       For        Management
6     Fix Number of Directors at 11             For       For        Management
7.1   Elect Director Georg Ehrnrooth            For       For        Management
7.2   Elect Director Daniel R. Hesse            For       For        Management
7.3   Elect Director Bengt Holmstrom            For       For        Management
7.4   Elect Director Per Karlsson               For       For        Management
7.5   Elect Director Jorma Ollila               For       For        Management
7.6   Elect Director Marjorie Scardino          For       For        Management
7.7   Elect Director Keijo Suila                For       For        Management
7.8   Elect Director Vesa Vainio                For       For        Management
7.9   Elect Director Lalita D. Gupte            For       For        Management
7.10  Elect Director Henning Kagermann          For       For        Management
7.11  Elect Director Olli-Pekka Kallasvuo       For       For        Management
8     Approve Remuneration of Auditors          For       For        Management
9     Reelect PricewaterhouseCoopers Oy as      For       For        Management
      Auditor
10    Approve Stock Option Plan for Key         For       For        Management
      Employees; Approve Creation of Pool of
      Conditional Capital to Guarantee
      Conversion Rights
11    Approve Minimum EUR 2.3 Billion Reduction For       For        Management
      in Share Premium Account
12    Amend 2001, 2003, and 2005 Stock Option   For       For        Management
      Plans Re: Record Subscription Prices in
      Invested Non-restricted Equity Fund
13    Approve Creation of Pool of Capital       For       For        Management
      without Preemptive Rights Consisting of
      up to 800 Million Shares
14    Authorize Repurchase of up to 10 Percent  For       For        Management
      of Issued Share Capital
15    Mark The Box If you wish to Instruct      None      Against    Management
      Nokia S Legal Counsels To Vote In their
      Discretion On Your behalf Only Upon Item
      15 *NOTE* Voting Options For Props 5-6,
      8-9 are FOR or ABSTAIN


- --------------------------------------------------------------------------------

NORTHROP GRUMMAN CORP.

Ticker:       NOC            Security ID:  666807102
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lewis W. Coleman           For       For        Management
2     Elect Director Victor H. Fazio            For       For        Management
3     Elect Director Donald E. Felsinger        For       For        Management
4     Elect Director Stephen E. Frank           For       For        Management
5     Elect Director Charles R. Larson          For       For        Management
6     Elect Director Richard B. Myers           For       For        Management
7     Elect Director Philip A. Odeen            For       For        Management
8     Elect Director Aulana L. Peters           For       For        Management
9     Elect Director Kevin W. Sharer            For       For        Management
10    Elect Director Ronald D. Sugar            For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
13    Report on Foreign Arms Sales              Against   Against    Shareholder
14    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
15    Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

OCCIDENTAL PETROLEUM CORP.

Ticker:       OXY            Security ID:  674599105
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Spencer Abraham            For       For        Management
2     Elect Director Ronald W. Burkle           For       For        Management
3     Elect Director John S. Chalsty            For       For        Management
4     Elect Director Edward P. Djerejian        For       For        Management
5     Elect Director R. Chad Dreier             For       For        Management
6     Elect Director John E. Feick              For       For        Management
7     Elect Director Ray R. Irani               For       For        Management
8     Elect Director Irvin W. Maloney           For       For        Management
9     Elect Director Rodolfo Segovia            For       For        Management
10    Elect Director Aziz D. Syriani            For       For        Management
11    Elect Director Rosemary Tomich            For       For        Management
12    Elect Director Walter L. Weisman          For       For        Management
13    Ratify Auditors                           For       For        Management
14    Amend Omnibus Stock Plan                  For       For        Management
15    Publish a Scientific Global Warming       Against   Against    Shareholder
      Report
16    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers Compensation
17    Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

OFFICE DEPOT, INC.

Ticker:       ODP            Security ID:  676220106
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lee A. Ault, III           For       For        Management
2     Elect Director Neil R. Austrian           For       For        Management
3     Elect Director David W. Bernauer          For       For        Management
4     Elect Director Abelardo E. Bru            For       For        Management
5     Elect Director Marsha J. Evans            For       For        Management
6     Elect Director David I. Fuente            For       For        Management
7     Elect Director Brenda J. Gaines           For       For        Management
8     Elect Director Myra M. Hart               For       For        Management
9     Elect Director W. Scott Hedrick           For       For        Management
10    Elect Director Kathleen Mason             For       For        Management
11    Elect Director Michael J. Myers           For       For        Management
12    Elect Director Steve Odland               For       For        Management
13    Approve Omnibus Stock Plan                For       For        Management
14    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

OLD REPUBLIC INTERNATIONAL CORP.

Ticker:       ORI            Security ID:  680223104
Meeting Date: MAY 25, 2007   Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jimmy A. Dew               For       Withhold   Management
1.2   Elect Director John M. Dixon              For       Withhold   Management
1.3   Elect Director John W. Popp               For       Withhold   Management
1.4   Elect Director Dennis P. Van Mieghem      For       Withhold   Management


- --------------------------------------------------------------------------------

PARTNERRE LTD (FRM. PARTNERRE HOLDINGS LTD. )

Ticker:       PRE            Security ID:  G6852T105
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John A. Rollwagen         For       For        Management
1.2   Elect  Director Vito H. Baumgartner       For       For        Management
1.3   Elect  Director Jean-Paul Montupet        For       For        Management
1.4   Elect  Director Lucio Stanca              For       For        Management
2     Ratify Auditors                           For       For        Management
3     TO APPROVE AN AMENDMENT TO OUR BYE-LAWS.  For       For        Management
4     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

PEPSICO, INC.

Ticker:       PEP            Security ID:  713448108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Dina Dublon                For       For        Management
2     Elect Director Victor J. Dzau, M.D.       For       For        Management
3     Elect Director Ray L. Hunt                For       For        Management
4     Elect Director Alberto Ibarguen           For       For        Management
5     Elect Director Arthur C. Martinez         For       For        Management
6     Elect Director Indra K. Nooyi             For       For        Management
7     Elect Director Sharon Percy Rockefeller   For       For        Management
8     Elect Director James J. Schiro            For       For        Management
9     Elect Director Daniel Vasella             For       For        Management
10    Elect Director Michael D. White           For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Omnibus Stock Plan                For       For        Management
13    Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

PFIZER INC.

Ticker:       PFE            Security ID:  717081103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Dennis A. Ausiello         For       For        Management
1.2   Elect Director Michael S. Brown           For       For        Management
1.3   Elect Director M. Anthony Burns           For       For        Management
1.4   Elect Director Robert N. Burt             For       For        Management
1.5   Elect Director W. Don Cornwell            For       For        Management
1.6   Elect Director William H. Gray, III       For       For        Management
1.7   Elect Director Constance J. Horner        For       For        Management
1.8   Elect Director William R. Howell          For       For        Management
1.9   Elect Director Jeffrey B. Kindler         For       For        Management
1.10  Elect Director George A. Lorch            For       For        Management
1.11  Elect Director Dana G. Mead               For       For        Management
1.12  Elect Director William C. Steere, Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
4     Report on Animal Testing Policies         Against   Against    Shareholder
5     Amend Animal Welfare Policy               Against   Against    Shareholder
6     Require Director Nominee Qualifications   Against   Against    Shareholder


- --------------------------------------------------------------------------------

PINNACLE WEST CAPITAL CORP.

Ticker:       PNW            Security ID:  723484101
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Declassify the Board of Directors         For       For        Management
2.1   Elect Director Roy A. Herberger, Jr.      For       For        Management
2.2   Elect Director Humberto S. Lopez          For       For        Management
2.3   Elect Director Kathryn L. Munro           For       For        Management
2.4   Elect Director William L. Stewart         For       For        Management
2.5   Elect Director Edward N. Basha, Jr.       For       For        Management
2.6   Elect Director Jack E. Davis              For       For        Management
2.7   Elect Director Michael L. Gallagher       For       For        Management
2.8   Elect Director Pamela Grant               For       For        Management
2.9   Elect Director William S. Jamieson, Jr.   For       For        Management
2.10  Elect Director Bruce J. Nordstrom         For       For        Management
2.11  Elect Director William J. Post            For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PPG INDUSTRIES, INC.

Ticker:       PPG            Security ID:  693506107
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James G. Berges            For       For        Management
1.2   Elect Director Erroll B. Davis, Jr.       For       For        Management
1.3   Elect Director Victoria F. Haynes         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles/Bylaws/Charter General     For       For        Management
      Matters
4     Eliminate Cumulative Voting               For       For        Management
5     Submit Severance Agreement (Change in     Against   For        Shareholder
      Control) to shareholder Vote


- --------------------------------------------------------------------------------

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 10, 2006   Meeting Type: Annual
Record Date:  AUG 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Approve Decrease in Size of Board         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Put Repricing of Stock Options to         Against   Against    Shareholder
      Shareholder Vote


- --------------------------------------------------------------------------------

PRUDENTIAL FINANCIAL INC

Ticker:       PRU            Security ID:  744320102
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frederic K. Becker         For       For        Management
1.2   Elect Director Gordon M. Bethune          For       For        Management
1.3   Elect Director Gaston Caperton            For       For        Management
1.4   Elect Director Gilbert F. Casellas        For       For        Management
1.5   Elect Director James G. Cullen            For       For        Management
1.6   Elect Director William H. Gray, III       For       For        Management
1.7   Elect Director Jon F. Hanson              For       For        Management
1.8   Elect Director Constance J. Horner        For       For        Management
1.9   Elect Director Karl J. Krapek             For       For        Management
1.10  Elect Director Christine A. Poon          For       For        Management
1.11  Elect Director Arthur F. Ryan             For       For        Management
1.12  Elect Director James A. Unruh             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

REGIONS FINANCIAL CORP.

Ticker:       RF             Security ID:  7591EP100
Meeting Date: OCT 3, 2006    Meeting Type: Special
Record Date:  AUG 14, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management


- --------------------------------------------------------------------------------

RENAISSANCERE HOLDINGS LTD.

Ticker:       RNR            Security ID:  G7496G103
Meeting Date: MAY 31, 2007   Meeting Type: Annual
Record Date:  APR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William F. Hecht          For       For        Management
1.2   Elect  Director Henry Klehm III           For       For        Management
1.3   Elect  Director Nicholas L. Trivisonno    For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ROYAL DUTCH SHELL PLC

Ticker:       RDS.B          Security ID:  780259206
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  APR 4, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ADOPTION OF ANNUAL REPORT AND ACCOUNTS    For       For        Management
2     APPROVAL OF REMUNERATION REPORT           For       For        Management
3     ELECTION OF RIJKMAN GROENINK AS A         For       For        Management
      DIRECTOR OF THE COMPANY
4     RE-ELECTION OF MALCOLM BRINDED AS A       For       For        Management
      DIRECTOR OF THE COMPANY
5     RE-ELECTION OF LINDA COOK AS A DIRECTOR   For       For        Management
      OF THE COMPANY
6     RE-ELECTION OF MAARTEN VAN DEN BERGH AS A For       For        Management
      DIRECTOR OF THE COMPANY
7     RE-ELECTION OF NINA HENDERSON AS A        For       For        Management
      DIRECTOR OF THE COMPANY
8     RE-ELECTION OF CHRISTINE MORIN-POSTEL AS  For       For        Management
      A DIRECTOR OF THE COMPANY
9     Ratify Auditors                           For       For        Management
10    REMUNERATION OF AUDITORS                  For       For        Management
11    AUTHORITY TO ALLOT SHARES                 For       For        Management
12    DISAPPLICATION OF PRE-EMPTION RIGHTS      For       For        Management
13    AUTHORITY TO PURCHASE OWN SHARES          For       For        Management
14    AUTHORITY FOR CERTAIN DONATIONS AND       For       For        Management
      EXPENDITURE


- --------------------------------------------------------------------------------

SAFEWAY INC.

Ticker:       SWY            Security ID:  786514208
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Steven A. Burd             For       For        Management
2     Elect Director Janet E. Grove             For       For        Management
3     Elect Director Mohan Gyani                For       For        Management
4     Elect Director Paul Hazen                 For       For        Management
5     Elect Director Robert I. MacDonnell       For       For        Management
6     Elect Director Douglas J. MacKenzie       For       For        Management
7     Elect Director Rebecca A. Stirn           For       For        Management
8     Elect Director William Y. Tauscher        For       For        Management
9     Elect Director Raymond G. Viault          For       For        Management
10    Approve Omnibus Stock Plan                For       For        Management
11    Amend Executive Incentive Bonus Plan      For       For        Management
12    Ratify Auditors                           For       For        Management
13    Provide for Cumulative Voting             Against   Against    Shareholder
14    Separate Chairman and CEO Positions       Against   Against    Shareholder
15    Label Genetically Modified Organisms      Against   Against    Shareholder
16    Prepare Sustainability Report             Against   Against    Shareholder
17    Report on Feasibility of Improving Animal Against   Against    Shareholder
      Welfare Standards


- --------------------------------------------------------------------------------

SAKS INCORPORATED

Ticker:       SKS            Security ID:  79377W108
Meeting Date: JUN 6, 2007    Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stanton J. Bluestone       For       For        Management
1.2   Elect Director Robert B. Carter           For       For        Management
1.3   Elect Director Donald E. Hess             For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management
4     Provide for Cumulative Voting             Against   Against    Shareholder


- --------------------------------------------------------------------------------

SANMINA-SCI CORP.

Ticker:       SANM           Security ID:  800907107
Meeting Date: FEB 26, 2007   Meeting Type: Annual
Record Date:  JAN 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Neil R. Bonke              For       For        Management
2     Elect Director Alain Couder               For       For        Management
3     Elect Director Mario M. Rosati            For       For        Management
4     Elect Director A. Eugene Sapp, Jr.        For       For        Management
5     Elect Director Wayne Shortidge            For       For        Management
6     Elect Director Peter J. Simone            For       For        Management
7     Elect Director Jure Sola                  For       For        Management
8     Elect Director Jacquelyn M. Ward          For       For        Management
9     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SARA LEE CORP.

Ticker:       SLE            Security ID:  803111103
Meeting Date: OCT 26, 2006   Meeting Type: Annual
Record Date:  SEP 1, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Brenda C. Barnes           For       For        Management
1.2   Elect Director J.T. Battenberg, III       For       For        Management
1.3   Elect Director Christopher B. Begley      For       For        Management
1.4   Elect Director Cynthia B. Carroll         For       For        Management
1.5   Elect Director Virgis W. Colbert          For       For        Management
1.6   Elect Director James S. Crown             For       For        Management
1.7   Elect Director Willie D. Davis            For       For        Management
1.8   Elect Director Laurette T. Koellner       For       For        Management
1.9   Elect Director Cornelis J.A. Van Lede     For       For        Management
1.10  Elect Director Sir Ian Prosser            For       For        Management
1.11  Elect Director Rozanne L. Ridgway         For       For        Management
1.12  Elect Director Jonathan P. Ward           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   Against    Shareholder
4     Approve Report of the Compensation        Against   Against    Shareholder
      Committee


- --------------------------------------------------------------------------------

SOLECTRON CORP.

Ticker:       SLR            Security ID:  834182107
Meeting Date: JAN 10, 2007   Meeting Type: Annual
Record Date:  NOV 17, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William A. Hasler         For       For        Management
1.2   Elect  Director Michael R. Cannon         For       For        Management
1.3   Elect  Director Richard A. D'Amore        For       For        Management
1.4   Elect  Director H. Paulett Eberhart       For       For        Management
1.5   Elect  Director Heinz Fridrich            For       For        Management
1.6   Elect  Director William R. Graber         For       For        Management
1.7   Elect  Director Paul R. Low               For       For        Management
1.8   Elect  Director C. Wesley M. Scott        For       For        Management
1.9   Elect  Director Cyril Yansouni            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SONOCO PRODUCTS CO.

Ticker:       SON            Security ID:  835495102
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Fitz L.H. Coker            For       For        Management
1.2   Elect Director Caleb C. Fort              For       For        Management
1.3   Elect Director John H. Mullin, III        For       For        Management
1.4   Elect Director Thomas E. Whiddon          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SPRINT NEXTEL CORP

Ticker:       S              Security ID:  852061100
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Keith J. Bane              For       For        Management
2     Elect Director Robert R. Bennett          For       For        Management
3     Elect Director Gordon M. Bethune          For       For        Management
4     Elect Director Frank M. Drendel           For       For        Management
5     Elect Director Gary D. Forsee             For       For        Management
6     Elect Director James H. Hance, Jr.        For       For        Management
7     Elect Director V. Janet Hill              For       For        Management
8     Elect Director Irvine O. Hockaday, Jr.    For       For        Management
9     Elect Director Linda Koch Lorimer         For       For        Management
10    Elect Director  William H. Swanson        For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Omnibus Stock Plan                For       For        Management
13    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation


- --------------------------------------------------------------------------------

SPX CORP.

Ticker:       SPW            Security ID:  784635104
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director J. Michael Fitzpatrick     For       For        Management
1.2   Elect Director Albert A. Koch             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SUNTRUST BANKS, INC.

Ticker:       STI            Security ID:  867914103
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert M. Beall, II        For       For        Management
1.2   Elect Director Jeffrey C. Crowe           For       For        Management
1.3   Elect Director J. Hicks Lanier            For       For        Management
1.4   Elect Director Larry L. Prince            For       For        Management
1.5   Elect Director Frank S. Royal, M.D.       For       For        Management
1.6   Elect Director Phail Wynn, Jr.            For       For        Management
1.7   Elect Director James M. Wells, III        For       For        Management
2     Amend Rights and Preferences of Preferred For       For        Management
      Stock
3     Declassify the Board of Directors         For       For        Management
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TECH DATA CORP.

Ticker:       TECD           Security ID:  878237106
Meeting Date: JUN 5, 2007    Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charles E. Adair           For       For        Management
1.2   Elect Director Maximilian Ardelt          For       For        Management
1.3   Elect Director John Y. Williams           For       For        Management
1.4   Elect Director Thomas I. Morgan           For       For        Management
1.5   Elect Director Robert M. Dutkowsky        For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------

TIME WARNER INC

Ticker:       TWX            Security ID:  887317105
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Barksdale         For       For        Management
1.2   Elect Director Jeffrey L. Bewkes          For       For        Management
1.3   Elect Director Stephen F. Bollenbach      For       For        Management
1.4   Elect Director Frank J. Caufield          For       For        Management
1.5   Elect Director Robert C. Clark            For       For        Management
1.6   Elect Director Mathias Dopfner            For       For        Management
1.7   Elect Director Jessica P. Einhorn         For       For        Management
1.8   Elect Director Reuben Mark                For       For        Management
1.9   Elect Director Michael A. Miles           For       For        Management
1.10  Elect Director Kenneth J. Novack          For       For        Management
1.11  Elect Director Richard D. Parsons         For       For        Management
1.12  Elect Director Francis T. Vincent, Jr.    For       For        Management
1.13  Elect Director Deborah C. Wright          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers'Compensation
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Company Specific- Adopt Simple Majority   Against   For        Shareholder
      Vote
7     Amend Articles/Bylaws/Charter -- Call     Against   Against    Shareholder
      Special Meetings
8     Company-Specific- Stockholder             Against   Against    Shareholder
      Ratification of Director Compensation,
      When a Stockholder Rights Plan Has Been
      Adopted


- --------------------------------------------------------------------------------

TORCHMARK CORP.

Ticker:       TMK            Security ID:  891027104
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charles E. Adair           For       For        Management
1.2   Elect Director Joseph L. Lanier, Jr.      For       For        Management
1.3   Elect Director Lloyd W. Newton            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Commit to Board Diversity                 Against   Against    Shareholder


- --------------------------------------------------------------------------------

TRAVELERS COMPANIES, INC., THE

Ticker:       TRV            Security ID:  89417E109
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alan L. Beller             For       For        Management
1.2   Elect Director John H. Dasburg            For       For        Management
1.3   Elect Director Janet M. Dolan             For       For        Management
1.4   Elect Director Kenneth M. Duberstein      For       For        Management
1.5   Elect Director Jay S. Fishman             For       For        Management
1.6   Elect Director Lawrence G. Graev          For       For        Management
1.7   Elect Director Patricia L. Higgins        For       For        Management
1.8   Elect Director Thomas R. Hodgson          For       For        Management
1.9   Elect Director Cleve L. Killingsworth,    For       For        Management
      Jr.
1.10  Elect Director Robert I. Lipp             For       For        Management
1.11  Elect Director Blythe J. McGarvie         For       For        Management
1.12  Elect Director Glen D. Nelson, M.D.       For       For        Management
1.13  Elect Director Laurie J. Thomsen          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company Specific- Majority Vote for the   For       For        Management
      Election of Directors


- --------------------------------------------------------------------------------

UST INC.

Ticker:       UST            Security ID:  902911106
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 8, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Declassify the Board of Directors         For       For        Management
2.1   Elect Director J.D. Barr                  For       For        Management
2.2   Elect Director J.P. Clancey               For       For        Management
2.3   Elect Director P. Diaz Dennis             For       For        Management
2.4   Elect Director V.A. Gierer                For       For        Management
2.5   Elect Director J.E. Heid                  For       For        Management
2.6   Elect Director M.S. Kessler               For       For        Management
2.7   Elect Director P.J. Neff                  For       For        Management
2.8   Elect Director A.J. Parsons               For       For        Management
2.9   Elect Director R.J. Rossi                 For       For        Management
2.10  Elect Director J.P. Clancey               For       For        Management
2.11  Elect Director V.A. Gierer, Jr.           For       For        Management
2.12  Elect Director J.E. Heid                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

VERIZON COMMUNICATIONS

Ticker:       VZ             Security ID:  92343V104
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James R. Barker            For       For        Management
2     Elect Director Richard L. Carrion         For       For        Management
3     Elect Director M. Frances Keeth           For       For        Management
4     Elect Director Robert W. Lane             For       For        Management
5     Elect Director Sandra O. Moose            For       For        Management
6     Elect Director Joseph Neubauer            For       For        Management
7     Elect Director Donald T. Nicolaisen       For       For        Management
8     Elect Director Thomas H. O'Brien          For       For        Management
9     Elect Director Clarence Otis, Jr.         For       For        Management
10    Elect Director Hugh B. Price              For       For        Management
11    Elect Director Ivan G. Seidenberg         For       For        Management
12    Elect Director Walter V. Shipley          For       For        Management
13    Elect Director John W. Snow               For       For        Management
14    Elect Director John R. Stafford           For       For        Management
15    Elect Director Robert D. Storey           For       For        Management
16    Ratify Auditors                           For       For        Management
17    Limit Executive Compensation              Against   Against    Shareholder
18    Eliminate or Restrict Severance           Against   For        Shareholder
      Agreements (Change-in-Control)
19    Disclose Information on Compensation      Against   For        Shareholder
      Consultant
20    Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officer's Compensation
21    Adopt Policy on Overboarded Director      Against   Against    Shareholder
22    Approve Terms of Existing Poison Pill     Against   Against    Shareholder
23    Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

VF CORP.

Ticker:       VFC            Security ID:  918204108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward E. Crutchfield      For       For        Management
1.2   Elect Director George Fellows             For       For        Management
1.3   Elect Director Daniel R. Hesse            For       For        Management
1.4   Elect Director Clarence Otis, Jr.         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WACHOVIA CORP.

Ticker:       WB             Security ID:  929903102
Meeting Date: AUG 31, 2006   Meeting Type: Special
Record Date:  JUL 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       Against    Management
      Acquisition
2     Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------

WACHOVIA CORP.

Ticker:       WB             Security ID:  929903102
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ernest S. Rady             For       For        Management
1.2   Elect Director Jerry Gitt                 For       For        Management
1.3   Elect Director John T. Casteen, III       For       For        Management
1.4   Elect Director Maryellen C. Herringer     For       For        Management
1.5   Elect Director Joseph Neubauer            For       For        Management
1.6   Elect Director Timothy D. Proctor         For       For        Management
1.7   Elect Director Van L. Richey              For       For        Management
1.8   Elect Director Dona Davis Young           For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Company Specific--Provide for Majority    For       For        Management
      Voting
4     Ratify Auditors                           For       For        Management
5     Approve Report of the Compensation        Against   Against    Shareholder
      Committee
6     Require Director Nominee Qualifications   Against   Against    Shareholder
7     Report on Political Contributions         Against   Against    Shareholder
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

WADDELL & REED FINANCIAL, INC.

Ticker:       WDR            Security ID:  930059100
Meeting Date: APR 11, 2007   Meeting Type: Annual
Record Date:  FEB 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Henry J. Herrmann          For       For        Management
1.2   Elect Director James M. Raines            For       For        Management
1.3   Elect Director William L. Rogers          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WALT DISNEY COMPANY, THE

Ticker:       DIS            Security ID:  254687106
Meeting Date: MAR 8, 2007    Meeting Type: Annual
Record Date:  JAN 8, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John E. Bryson             For       For        Management
1.2   Elect Director John S. Chen               For       For        Management
1.3   Elect Director Judith L. Estrin           For       For        Management
1.4   Elect Director Robert A. Iger             For       For        Management
1.5   Elect Director Steven P. Jobs             For       For        Management
1.6   Elect Director Fred H. Langhammer         For       For        Management
1.7   Elect Director Aylwin B. Lewis            For       For        Management
1.8   Elect Director Monica C. Lozano           For       For        Management
1.9   Elect Director Robert W. Matschullat      For       For        Management
1.10  Elect Director John E. Pepper, Jr.        For       For        Management
1.11  Elect Director Orin C. Smith              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Company-Specific--Governance-Related - No Against   Against    Shareholder
      Greenmail payments
6     Approve/Amend Terms of Existing Poison    Against   For        Shareholder
      Pill


- --------------------------------------------------------------------------------

WELLS FARGO & COMPANY

Ticker:       WFC            Security ID:  949746101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John S. Chen               For       For        Management
1.2   Elect Director Lloyd H. Dean              For       For        Management
1.3   Elect Director Susan E. Engel             For       For        Management
1.4   Elect Director Enrique Hernandez, Jr.     For       For        Management
1.5   Elect Director Robert L. Joss             For       For        Management
1.6   Elect Director Richard M. Kovacevich      For       For        Management
1.7   Elect Director Richard D. McCormick       For       For        Management
1.8   Elect Director Cynthia H. Milligan        For       For        Management
1.9   Elect Director Nicholas G. Moore          For       For        Management
1.10  Elect Director Philip J. Quigley          For       For        Management
1.11  Elect Director Donald B. Rice             For       For        Management
1.12  Elect Director Judith M. Runstad          For       For        Management
1.13  Elect Director Stephen W. Sanger          For       For        Management
1.14  Elect Director Susan G. Swenson           For       For        Management
1.15  Elect Director John G. Stumpf             For       For        Management
1.16  Elect Director Michael W. Wright          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   For        Shareholder
4     Advisory Vote to Ratify Named Executive   Against   Against    Shareholder
      Officers' Compensation
5     Establish SERP Policy                     Against   Against    Shareholder
6     Report on Racial and Ethnic Disparities   Against   Against    Shareholder
      in Loan Pricing
7     Report on Emission Reduction Goals        Against   Against    Shareholder


- --------------------------------------------------------------------------------

WISCONSIN ENERGY CORP.

Ticker:       WEC            Security ID:  976657106
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Ahearne            For       For        Management
1.2   Elect Director John F. Bergstrom          For       For        Management
1.3   Elect Director Barbara L. Bowles          For       For        Management
1.4   Elect Director Patricia W. Chadwick       For       For        Management
1.5   Elect Director Robert A. Cornog           For       For        Management
1.6   Elect Director Curt S. Culver             For       For        Management
1.7   Elect Director Thomas J. Fischer          For       For        Management
1.8   Elect Director Gale E. Klappa             For       For        Management
1.9   Elect Director Ulice Payne Jr             For       For        Management
1.10  Elect Director Frederick P Stratton Jr    For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

XL CAPITAL LTD

Ticker:       XL             Security ID:  G98255105
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  MAR 8, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph Mauriello          For       For        Management
1.2   Elect  Director Eugene M. Mcquade         For       For        Management
1.3   Elect  Director Robert S. Parker          For       For        Management
1.4   Elect  Director Alan Z. Senter            For       For        Management
2     TO RATIFY THE APPOINTMENT OF              For       For        Management
      PRICEWATERHOUSECOOPERS LLP, NEW YORK, NEW
      YORK TO ACT AS THE INDEPENDENT REGISTERED
      PUBLIC ACCOUNTING FIRM OF THE COMPANY FOR
      THE FISCAL YEAR ENDING DECEMBER 31, 2007.
========== END NPX REPORT



Fund:  Principal Variable Contracts Fund, Inc. - MidCap Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC - MidCap Account - 101

Mtg                 Company/                                              Mgmt         Vote     Record                    Shares
Date/Type           Ballot Issues                           Security      Rec          Cast     Date        Prpnent        Voted
- ------------------- --------------------------------------- ------------- ------------ -------------------- ---------- ----------
- ---------------------------------------------------------------------------------------------------------------------------------

                                                                                                           
05/07/07 - A        AFLAC Incorporated *AFL*                001055102                           02/28/07                 174,305
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


08/01/06 - A        Alliant Techsystems Inc. *ATK*          018804104                           06/05/06                  12,318
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                  Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Develop Ethical Criteria for Military         Against      Against              ShrHoldr
                            Contracts
                               Conclusion        ISS  agrees that detailed disclosure from
                               the company on the risks  associated  with certain  markets
                               and  operations  can  be  beneficial  to   shareholders  by
                               providing  them  with more  information  to  consider  when
                               evaluating  their  investments.  However,  we also  believe
                               that  it  may  be   inappropriate   to  disclose   detailed
                               information  about  the  contract  evaluation  and  bidding
                               process,  as  provision  of this data may give insight into
                               contractual agreements,  thereby providing competition with
                               bidding  advantages.  Additionally,  while ISS  supports  a
                               sustainable approach to business  operations,  we also note
                               that  the  federal  government  has  stringent  regulations
                               regarding   military  and  weapons   production,   and  the
                               associated  contract  bidding  process.  As such,  while we
                               urge  Alliant  Techsystems  to  evaluate  and take steps to
                               address    concerns    associated    with   the   company's
                               international  operations,  we believe that the combination
                               of  federal   regulation   and  the   necessity   to  limit
                               disclosure where it could affect the company's  competitive
                               advantage  outweigh  the  potential  benefits  that  may be
                               derived from this proposal.
                    5       Report on Depleted Uranium Weapons            Against      Against              ShrHoldr
                            Components
                               Conclusion        In  this case,  Alliant  Techsystems does
                               not  appear to  provide  significant  detailed  information
                               about its policies and procedures  related to DU weapons or
                               munitions  produced by the  company.  However,  the company
                               does provide  information on its environmental  stewardship
                               objectives  and  corporate  values on the company  website.
                               Moreover,  the  company's  Business  Ethics Code of Conduct
                               and annual report address  issues such as workplace  safety
                               and certain  environmental risks and liabilities.  Finally,
                               the  company  does  not  appear  to be the  subject  of any
                               recent,  significant  litigation  or  fines  related  to it
                               management  of  DU  materials.   Therefore,  ISS  does  not
                               believe  that the  potential  cost and burden of  providing
                               this  report   will   produce   commensurate   benefits  to
                               shareholders.  As such,  we do not  recommend  support  for
                               this resolution.


05/08/07 - A        Ambac Financial Group, Inc. *ABK*       023139108                           03/09/07                  75,634
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


04/24/07 - A        Ameren Corporation *AEE*                023608102                           03/06/07                  72,026
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Reduce the Release of Radioactive Materials   Against      Against              ShrHoldr
                            from Callaway Facility
                               Because   of   Ameren's   demonstrated    compliance   with
                               regulatory   requirements   under  its  Callaway  operating
                               license,  the public availability of effluent data from the
                               NRC website,  and the existing  monitoring,  oversight  and
                               corrective   action   systems  in  place  at  the  Callaway
                               facility,  ISS  questions  the  value  that the  additional
                               reporting  would  provide to  shareholders.  As such, we do
                               not  believe  that  this  resolution   merits   shareholder
                               support.


05/09/07 - A        American Tower Corp. *AMT*              029912201                           03/12/07                 274,047
                    1       Elect Directors                               For          For                  Mgmt
                    1.1     Elect Director Raymond P. Dolan --- For
                               In light of the  extensive  remedial  actions  taken by the
                               committee and the  disclosure of option grant  policies and
                               procedures to prevent options backdating reoccurrence,  ISS
                               believes  it  is  not   necessary  to  withhold   from  the
                               compensation committee at this time.
                    1.2     Elect Director Ronald M. Dykes --- For
                    1.3     Elect Director Carolyn F. Katz --- For
                    1.4     Elect Director Gustavo Lara Cantu --- For
                    1.5     Elect Director Pamela D.A. Reeve --- For
                    1.6     Elect Director David E. Sharbutt --- For
                    1.7     Elect Director James D. Taiclet, Jr. --- For
                    1.8     Elect Director Samme L. Thompson --- For
                    2       Approve Omnibus Stock Plan                    For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 10 percent is less than
                               the   allowable   cap  for  this  company  of  12  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                  Mgmt


05/18/07 - A        Aon Corp. *AOC*                         037389103                           03/21/07                  67,115
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


11/14/06 - A        Automatic Data Processing, Inc. *ADP*   053015103                           09/15/06                  76,294
                    1       Elect Directors                               For          For                  Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                  Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                  Mgmt


12/13/06 - A        AutoZone, Inc. *AZO*                    053332102                           10/17/06                  35,996
                    1       Elect Directors                               For          For                  Mgmt
                    1.1     Elect Director Charles M. Elson --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Sue E. Gove --- 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 W. Andrew McKenna --- For
                    1.7     Elect Director George R. Mrkonic, Jr. ---
                            For
                    1.8     Elect Director William C. Rhodes, III ---
                            For
                    1.9     Elect Director Theodore W. Ullyot --- For
                    2       Approve Stock Option Plan                     For          For                  Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 7.99 percent is within the  allowable cap for this
                               company   of  11.11   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Amend Nonqualified Employee Stock Purchase    For          For                  Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  total cost of the company's
                               plans of 4.01 percent is within the  allowable cap for this
                               company of 11.11 percent.
                    4       Ratify Auditors                               For          For                  Mgmt


01/30/07 - A        BJ Services Company *BJS*               055482103                           12/08/06                 226,407
                    1       Elect Directors                               For          For                  Mgmt


05/24/07 - A        Borders Group, Inc. *BGP*               099709107                           03/27/07                  10,838
                    1       Elect Directors                               For          For                  Mgmt
                    2       Company Specific- Adopt Majority Voting       For          For                  Mgmt
                               We commend  management  for taking  steps,  in  response to
                               majority  shareholder  wishes, to implement a majority vote
                               standard   for   director   elections,   with  a  plurality
                               carve-out  for  contested  elections  along with a director
                               resignation    policy.            ISS    recommends    that
                               shareholders vote FOR this proposal.
                    3       Ratify Auditors                               For          For                  Mgmt
                    4       Amend Articles/Bylaws/Charter -- Call         Against      For                  ShrHoldr
                            Special Meetings
                               The proposal seeks to provide  shareholders  with the right
                               to call  special  meetings  which we believe is in the best
                               interests  of  shareholders.  We  note  that  the  proposal
                               limits  the right to call a special  meeting  to holders of
                               at least 10 to 25 percent of the outstanding shares.
                    5       Separate Chairman and CEO Positions           Against      Against              ShrHoldr
                               In this case,  the company has an  independent  chairman of
                               the board,  and a  provisions  in its bylaw to ensure  that
                               the board would have either an independent  chairman,  or a
                               designated lead director with the above delineated  duties.
                                       We believe that the company's  governance structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO   position.   We  commend   the   company   for  taking
                               appropriate  steps  in  response  to  majority  shareholder
                               wishes.   Accordingly,   the  proposal   does  not  warrant
                               shareholder support.


05/02/07 - A/S      Brookfield Asset Management Inc.        112585104                           03/21/07                 251,437
                    *BAM.A*
                            Meeting for Class A Limited Voting Shares
                    1       Elect Directors                               For          For                  Mgmt
                    2       Amend Stock Option Plan                       For          Against              Mgmt
                               Conclusion        Where  companies are proposing changes to
                               the   amendment   or  black-out   provisions   of  existing
                               equity-based   compensation  plans  are  not  contemplating
                               increasing  the size of such plans,  ISS will base our vote
                               recommendation  solely  on the  merits  of  the  provisions
                               being  proposed.  For  clarification,  where  companies are
                               also   proposing   any   other    amendments    that   will
                               substantially   affect   the   cost   of  an   equity-based
                               compensation   plan,   ISS   will   continue   to  run  our
                               proprietary  compensation  model and  review  all  relevant
                               provisions  and  usage of the plan  when  determining  vote
                               recommendations.           The   terms  of  the   black-out
                               provision  are  reasonable.  ISS  feels  that the  proposed
                               amendment  provision  provides  the board with overly broad
                               discretionary  powers to amend the  company's  equity-based
                               compensation  plans as currently  approved by shareholders.
                               In addition  to the  amendments  included  in the  proposed
                               provision,   ISS  also   prefers  to  see  any   amendments
                               regarding  the  transferability  or  assignability,  (other
                               than   for   estate   planning   purposes)   also   require
                               shareholder  approval  as well as any  amendment  extending
                               the expiry  date or term of an option  held by anyone,  not
                               just insiders.
                    3       Approve 2007 Stock Option Plan                For          Against              Mgmt
                                                                                   VI.
                               Vote   Recommendation        In    Canada,   ISS   recently
                               implemented a pay-for-performance  assessment,  looking for
                               correlation  between  CEO's  pay  and the  company's  total
                               shareholder return.  Specifically if a company has negative
                               one- and three-year fiscal total shareholder  returns,  and
                               its CEO also had an increase in total  direct  compensation
                               from the prior year, it would require closer  scrutiny.  If
                               more   than   half  of  the   increase   in  total   direct
                               compensation is attributable  to equity  compensation,  ISS
                               may recommend a vote against an  equity-based  compensation
                               plan in which the CEO participates.  The assessment applies
                               to TSX Composite  Index  companies that have at least three
                               fiscal  years of stock price  history and have had the same
                               CEO in  place  for the past two  fiscal  years.  Brookfield
                               Assets'  one-  and  three-year  TSR are 46 and 50  percent,
                               respectively.  Flatt's  total direct  compensation  in 2006
                               was $1,258,755,  down 30 percent from his 2005 figure. More
                               specifically,  his equity-based compensation,  decreased by
                               40  percent  from the  previous  year.  While the number of
                               deferred  share  units  granted  decreased  from  9,159  to
                               6,832,  the value of the 2006 award increased from $331,858
                               to $353,982.  Flatt was also granted only 50,000 options in
                               2006 with a value of $529,000 (2005 - 225,000  options with
                               a value of  $1,128,319).  The 2005 option award  included a
                               special   grant  of   150,000   options   recognizing   his
                               contribution  to reposition the  corporation  over the past
                               three years in addition to 75,000 options  allocated on the
                               same    basis    as    the    other     Named     Executive
                               Officers.        The  estimated  shareholder value transfer
                               of the company's  plans of 4 percent is above the allowable
                               cap for this company of 3 percent.          The  plan could
                               permit the  repricing of insider  underwater  stock options
                               with shareholder approval,  while non-insider options could
                               have  their  terms  or  expiry   dates   extended   without
                               shareholder  approval.          Non-employee  directors are
                               not   eligible   participants   in  this   plan.        ISS
                               believes the plan amendment  provision will grant the board
                               overreaching  authority to amend the plan without requiring
                               further  shareholders   approval.  ISS  believes  the  plan
                               amendment  provision  has  adequately  limited  the board's
                               unilateral authority to amend the plan going forward.
                    4       Approve Deloitte & Touche LLP as Auditors     For          For                  Mgmt
                            and Authorize Board to Fix Remuneration of
                            Auditors


05/01/07 - A        ChoicePoint Inc. *CPS*                  170388102                           03/16/07                  92,253
                    1       Elect Directors                               For          For                  Mgmt
                    2       Company Specific-Provide for Majority         For          For                  Mgmt
                            Voting for Directors
                               ISS  commends  the  company for seeking to adopt a majority
                               vote  standard  for  the  election  of  directors,  with  a
                               plurality  vote  carve-out  for  contested  elections and a
                               director resignation policy.
                    3       Amend Omnibus Stock Plan                      For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 8 percent is less than
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Ratify Auditors                               For          For                  Mgmt


05/16/07 - A        Cimarex Energy Co *XEC*                 171798101                           03/21/07                 153,123
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Cortlandt S. Dietler --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Hans  Helmerich.  We recommend that
                               shareholders   WITHHOLD   votes  from  Hans  Helmerich  for
                               standing as an affiliated  outsider on the Compensation and
                               Nominating committees.
                    1.2     Elect Director Hans Helmerich --- Withhold
                    1.3     Elect Director Monroe W. Robertson --- For
                    2       Ratify Auditors                               For          For                  Mgmt


10/10/06 - A        Cintas Corp. *CTAS*                     172908105                           08/18/06                 358,096
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Separate Chairman and CEO Positions           Against      For                  ShrHoldr
                               In this  case,  Cintas  does  not  have a  designated  lead
                               director  performing  the duties  listed  above.  Absent an
                               offsetting governance structure,  we believe that a company
                               of  this  size   should   be  able  to  find  a   qualified
                               independent director to serve as chairman of the board.
                    4       Require a Majority Vote for the Election of   Against      For                  ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace   advances  the  debate.   In  supporting  this
                               precatory proposal,  we would look to the company to create
                               a workable model for its own election  system,  including a
                               return  to  the   plurality   vote  standard  in  contested
                               elections.  ISS advocates that the director election system
                               give full  effect  to the  shareholder  franchise.  We feel
                               that  support for this  proposal,  coupled  with  continued
                               debate  on  election  reforms,   will  allow  the  director
                               election system to evolve to the next level.


05/15/07 - A        Commerce Bancorp, Inc. *CBH*            200519106                           04/02/07                  89,291
                    1       Elect Directors                               For          For                  Mgmt
                    1.1     Elect Director Vernon W. Hill, II --- For
                               We recommend a vote FOR the directors.
                    1.2     Elect Director Jack R. Bershad --- For
                    1.3     Elect Director Joseph E. Buckelew --- For
                    1.4     Elect Director Donald T. DiFrancesco --- For
                    1.5     Elect Director Nicholas A. Giordano --- For
                    1.6     Elect Director Morton N. Kerr --- For
                    1.7     Elect Director Steven M. Lewis --- For
                    1.8     Elect Director John K. Lloyd --- For
                    1.9     Elect Director George E. Norcross, III ---
                            For
                    1.10    Elect Director Daniel J. Ragone --- For
                    1.11    Elect Director William A. Schwartz, Jr. ---
                            For
                    1.12    Elect Director Joseph T. Tarquini, Jr. ---
                            For
                    1.13    Elect Director Joseph S. Vassalluzzo --- For


11/16/06 - S        Covanta Holding Corp. *CVA*             22282E102                           10/10/06                 306,644
                    1       Company-Specific--Organization-Related        For          For                  Mgmt
                               ISS  agrees  that  this  provision   which   restricts  the
                               acquisition  and  transfer  of  stock by five  percent  and
                               greater  shareholders  is no  longer  necessary  given  the
                               company's current position.  The deletion of this provision
                               would afford the company more  opportunities  for financing
                               and would offer the company greater liquidity.
                    2       Company-Specific--Organization-Related        For          Against              Mgmt
                               ISS  encourages  bringing all material  items to a vote, so
                               that  shareholders may determine whether the actions of the
                               board are in  shareholders'  best  interests.  Blank  check
                               preferred  stock  can  potentially  be used  as a  takeover
                               defense by placing  blocks of shares with parties  friendly
                               to  management.  Preferred  stock  can  also  substantially
                               dilute  common   shareholders'   voting  power  and  equity
                               interest.  Because the terms of  preferred  stock issued by
                               the  company  could  have  a  significant   impact  on  all
                               shareholders,  we do not believe that Section 4.3 should be
                               deleted,  as this would allow terms of preferred  shares to
                               be  established  by the board without  further  approval by
                               shareholders.


05/17/07 - A        Coventry Health Care Inc. *CVH*         222862104                           03/19/07                 166,968
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


09/21/06 - A        Del Monte Foods Co. *DLM*               24522P103                           08/03/06                 216,659
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


12/21/06 - S        Delta & Pine Land Company               247357106                           10/23/06                  46,586
                    1       Approve Merger Agreement                      For          For                  Mgmt
                               Based on our  review of the terms of the  transaction,  the
                               factors  described  above and the premium of 15.9  percent,
                               ISS   believes   that   the   merger   agreement   warrants
                               shareholder support.
                    2       Adjourn Meeting                               For          For                  Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/15/07 - A        Dentsply International, Inc. *XRAY*     249030107                           03/27/07                 187,307
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Paula H. Cholmondeley --- For
                    1.2     Elect Director Michael J. Coleman --- For
                    1.3     Elect Director John C. Miles II --- Withhold
                    1.4     Elect Director W. Keith Smith --- For
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                  Mgmt
                               Given  that  the   elimination   of  automatic   grants  to
                               directors   reduces  the  cost  of  the  company's   equity
                               compensation  plan and the  company  will be  entitled to a
                               business  expense   deduction  due  to  the  favorable  tax
                               treatment  attributable to Section  162(m),  we believe the
                               proposed amendments warrant shareholder approval.


05/01/07 - A        Discovery Holdings Company *DISCA*      25468Y107                           03/28/07                  64,396
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Paul A. Gould --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider Paul A. Gould.  We recommend  that
                               shareholders   WITHHOLD   votes  from  Paul  A.  Gould  for
                               standing  as  an  affiliated  outsider  on  the  Audit  and
                               Compensation  committees  and for failure to  establish  an
                               independent nominating committee.
                    1.2     Elect Director M. LaVoy Robinson --- For
                    2       Ratify Auditors                               For          For                  Mgmt


04/17/07 - A        Dover Corporation *DOV*                 260003108                           02/28/07                  88,517
                    1       Elect Directors                               For          For                  Mgmt
                    2       Sustainability Report                         Against      For                  ShrHoldr
                               In light of the  current  lack of  information  provided by
                               the  company  and the  potential  benefits  that  could  be
                               derived  from  increased  reporting,  ISS  recommends  that
                               shareholders vote for this proposal.
                    3       Other Business                                For          Against              Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


03/29/07 - S        Dynegy, Inc. *DYN*                      26816Q101                           01/29/07                   1,866
                    1       Approve Merger Agreement                      For          For                  Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  specifically  the strategic
                               rationale and the  favorable  market  reaction,  we believe
                               that the merger agreement warrants shareholder support.


05/08/07 - A        Echostar Communications Corp. *DISH*    278762109                           03/23/07                 193,688
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director James DeFranco --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  insiders  James  DeFranco,  Michael  T.  Dugan,  Cantey
                               Ergen,  Charles W. Ergen,  David K.  Moskowitz  and Carl E.
                               Vogel. We recommend that  shareholders  WITHHOLD votes from
                               Cantey Ergen and Michael T. Dugan for poor  attendance  and
                               for failure to establish a majority  independent  board. We
                               recommend  that  shareholders  WITHHOLD  votes  from  James
                               DeFranco,  Charles W. Ergen, David K. Moskowitz and Carl E.
                               Vogel for  failure  to  establish  a  majority  independent
                               board.
                    1.2     Elect Director Michael T. Dugan --- Withhold
                    1.3     Elect Director Cantey Ergen --- Withhold
                    1.4     Elect Director Charles W. Ergen --- Withhold
                    1.5     Elect Director Steven R. Goodbarn --- For
                    1.6     Elect Director Gary S. Howard --- For
                    1.7     Elect Director David K. Moskowitz ---
                            Withhold
                    1.8     Elect Director Tom A. Ortolf --- For
                    1.9     Elect Director C.Michael Schroeder --- For
                    1.10    Elect Director Carl E. Vogel --- Withhold
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Other Business                                For          Against              Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/03/07 - A        Encore Acquisition Company *EAC*        29255W100                           03/15/07                  79,330
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


04/11/07 - A        Equitable Resources, Inc. *EQT*         294549100                           02/12/07                 161,753
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Amend Articles/Bylaws/Charter General         For          For                  Mgmt
                            Matters
                               This proposal is administrative  in nature,  and aligns the
                               company's    articles   with   Pennsylvania    state   law.
                                       ISS  notes that removing the  designation  from the
                               series one preferred  stock  essentially  creates new blank
                               check  preferred  stock.  Companies  can use newly  created
                               blank  check  preferred  stock  as a  takeover  defense  by
                               placing   blocks  of  shares  with   parties   friendly  to
                               management.   Blank   check   preferred   stock   can  also
                               substantially  dilute common shareholders' voting power and
                               equity interest. Additionally,  holders of preferred shares
                               receive dividends and  distributions in liquidation  before
                               holders  of common  stock.        However,  ISS notes  that
                               the company has 3,000,000  shares  authorized  for issuance
                               as preferred stock, with zero shares  outstanding.  In this
                               case,  the company  initially  established  and  designated
                               500,000 shares as series one preferred stock.  Although the
                               company  would  essentially  create  500,000  shares of new
                               blank check  preferred  stock by removing the  designation,
                               it already has 2,500,000  undesignated shares available for
                               issuance.   As  such,  ISS  believes  that  the  impact  to
                               shareholders  as a result  of this  proposal  would  remain
                               unchanged.
                    4       Pay For Superior Performance                  Against      Against              ShrHoldr
                               Although  the  long-term  compensation  program  for  named
                               executives  is  largely  performance-based,  the  company's
                               annual  compensation  program for named executive  officers
                               does  not  provide  adequate   disclosure   concerning  the
                               weights  and  hurdle  rates of given  performance  metrics.
                               Accordingly,   ISS  believes   that  the  company  has  not
                               sufficiently established a pay-for-performance  standard in
                               its executive  compensation programs. As such, ISS believes
                               that shareholder support for this proposal is warranted.


05/23/07 - A        Everest Re Group LTD *RE*               G3223R108                           03/27/07                  72,558
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For          For                  Mgmt
                    2       TO APPOINT PRICEWATERHOUSECOOPERS LLP AS      For          For                  Mgmt
                            THE COMPANY S REGISTERED PUBLIC ACCOUNTING
                            FIRM FOR THE YEAR ENDING DECEMBER 31, 2007
                            AND AUTHORIZE THE BOARD OF DIRECTORS ACTING
                            BY THE AUDIT COMMITTEE OF THE BOARD TO SET
                            THE FEES FOR THE REGISTERED PUBLIC ACCOU


04/17/07 - A        Fastenal Co. *FAST*                     311900104                           02/19/07                 102,552
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Robert A. Kierlin ---
                            Withhold
                               We recommend a vote FOR the directors  with the  exceptions
                               of  affiliated  outsiders  Robert A.  Kierlin,  Stephen  M.
                               Slaggie,  and  insiders  Willard  D.  Oberton  and Reyne K.
                               Wisecup.  We recommend  that  shareholders  WITHHOLD  votes
                               from  Robert A.  Kierlin,  Stephen M.  Slaggie,  Willard D.
                               Oberton and Reyne K.  Wisecup for failure to  establish  an
                               independent nominating committee.
                    1.2     Elect Director Stephen M. Slaggie ---
                            Withhold
                    1.3     Elect Director Michael M. Gostomski --- For
                    1.4     Elect Director Hugh L. Miller --- For
                    1.5     Elect Director Henry K. McConnon --- For
                    1.6     Elect Director Robert A. Hansen --- For
                    1.7     Elect Director Willard D. Oberton ---
                            Withhold
                    1.8     Elect Director Michael J. Dolan --- For
                    1.9     Elect Director Reyne K. Wisecup --- Withhold
                    2       Amend Stock Option Plan                       For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 3 percent is less than
                               the allowable cap for this company of 6 percent.
                    3       Approve Executive Incentive Bonus Plan        For          For                  Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                  Mgmt


10/23/06 - A        Fidelity National Financial, Inc.       316326107                           09/11/06                  63,344
                    1       Approve Merger Agreement                      For          For                  Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the factors  described  above,  specifically  the  positive
                               market reaction,  the benefits of the simplified  corporate
                               structure,   and  the  sensible  strategic  rationale,   we
                               believe  that the  merger  agreement  warrants  shareholder
                               support.
                    2       Elect Directors                               For          For                  Mgmt
                    3       Ratify Auditors                               For          For                  Mgmt


05/23/07 - A        Fidelity National Financial, Inc.       31620R105                           04/16/07                  56,296
                    *FNF*
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Cary H. Thompson --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated outsider Cary H. Thompson.  We recommend that
                               shareholders  WITHHOLD  votes  from  Cary H.  Thompson  for
                               standing  as an  affiliated  outsider  on the  Compensation
                               Committee.
                    1.2     Elect Director Daniel D. (Ron) Lane --- For
                    1.3     Elect Director General William Lyon --- For
                    1.4     Elect Director Richard N. Massey --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/23/07 - A        Fidelity National Information           31620M106                           04/16/07                 160,179
                    Services Inc *FIS*
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


05/30/07 - A        First Data Corp. *FDC*                  319963104                           04/02/07                 158,281
                    1       Elect Director David A. Coulter               For          For                  Mgmt
                    2       Elect Director Henry C. Duques                For          For                  Mgmt
                    3       Elect Director Richard P. Kiphart             For          For                  Mgmt
                    4       Elect Director Joan E. Spero                  For          For                  Mgmt
                    5       Amend Qualified Employee Stock Purchase Plan  For          For                  Mgmt
                               ISS  approves of this item because 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.
                    6       Approve Non-Employee Director Omnibus Stock   For          For                  Mgmt
                            Plan
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 10 percent is equal to
                               the   allowable   cap  for  this  company  of  10  percent.
                               Additionally, this plan expressly forbids repricing.
                    7       Amend Omnibus Stock Plan                      For          For                  Mgmt
                                                                                   III.
                               Vote Recommendation        The  amendments to the 2002 plan
                               are  reasonable  and will  not  create  additional  cost to
                               shareholders. As such, we recommend a vote FOR Item 7.
                    8       Ratify Auditors                               For          For                  Mgmt


06/21/07 - A        Forest City Enterprises, Inc. *FCE.A*   345550107                           04/23/07                 103,090
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Michael P. Esposito, Jr ---
                            For
                               We recommend a vote for the  directors  with the  exception
                               of insider Joan k. Shafran.  We recommend that shareholders
                               WITHHOLD   votes  from  Joan  K  .Shafran  for  failure  to
                               establish a majority independent board.
                    1.2     Elect Director Joan K. Shafran --- Withhold
                    1.3     Elect Director Louis Stokes --- For
                    1.4     Elect Director Stan Ross --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/16/07 - A        Gemstar - TV Guide International,       36866W106                           03/19/07                   1,828
                    Inc. *GMST*
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Anthea Disney --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider David F. DeVoe.  We recommend that
                               shareholders  WITHHOLD  votes  from David F. DeVoe for poor
                               attendance.
                    1.2     Elect Director Richard Battista --- For
                    1.3     Elect Director Peter Chernin --- For
                    1.4     Elect Director David F. DeVoe --- Withhold
                    1.5     Elect Director Nicholas Donatiello, Jr. ---
                            For
                    1.6     Elect Director James E. Meyer --- For
                    1.7     Elect Director K. Rupert Murdoch --- For
                    1.8     Elect Director James P. O'Shaughnessy ---
                            For
                    1.9     Elect Director Ruthann Quindlen --- For
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 9 percent is less than
                               the   allowable   cap  for  this  company  of  14  percent.
                               Additionally, this plan expressly forbids repricing.


05/10/07 - A        Gentex Corp. *GNTX*                     371901109                           03/16/07                   2,142
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


04/05/07 - S        Harrah's Entertainment, Inc. *HET*      413619107                           03/08/07                  22,056
                    1       Approve Merger Agreement                      For          For                  Mgmt
                               Conclusion        Based  on our  review of the terms of the
                               transaction,  particularly  the 36.9 percent premium to the
                               stock  price  on  Sept.  29,  2006  (one-day  prior  to the
                               announcement  of initial  offer);  and the  strategic  sale
                               process in which the board  managed to  increase  the offer
                               price from  $81.0 per share to $90.0 per share,  we believe
                               that the merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                  Mgmt
                               Given our support for the merger  agreement  and the narrow
                               scope of this proposal,  we recommend  shareholders support
                               Item 2.


04/26/07 - A        Harrah's Entertainment, Inc. *HET*      413619107                           02/28/07                  37,744
                    1       Elect Directors                               For          For                  Mgmt
                    1.1     Elect Director Stephen F. Bollenbach --- For
                               ISS notes that Mr.  Loveman's cost of aircraft and personal
                               security  benefits is  significant  in  comparison to other
                               CEOs and will  monitor  the cost  attributed  to the  CEO's
                               personal use of corporate aircraft.  Furthermore,  on April
                               5, 2007 the  company  announced  shareholders'  approval of
                               the proposed  merger  transaction  with affiliates of Texas
                               Pacific  Group and  Apollo  Management,  L.P.  Pursuant  to
                               approval of the merger  transaction,  the company  would no
                               longer  be  a   publicly   traded   company.   Also,   upon
                               consummation  of  the  merger  transaction,  the  board  of
                               directors  would be replaced by designees of Texas  Pacific
                               Group and Apollo Management, L.P.
                    1.2     Elect Director Ralph Horn --- For
                    1.3     Elect Director Gary W. Loveman --- For
                    1.4     Elect Director Boake A. Sells --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/10/07 - A        Heartland Express, Inc. *HTLD*          422347104                           03/14/07                 177,856
                    1       Elect Directors                               For          For                  Mgmt


03/06/07 - A        International Game Technology *IGT*     459902102                           01/08/07                 121,052
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


12/15/06 - A        Intuit Inc. *INTU*                      461202103                           10/20/06                 175,188
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Stephen M. Bennett --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Stratton D. Sclavos.  We recommend
                               that  shareholders  WITHHOLD votes from Stratton D. Sclavos
                               for sitting on more than three boards.
                    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
                    1.6     Elect Director Diane B. Greene --- For
                    1.7     Elect Director Michael R. Hallman --- For
                    1.8     Elect Director Dennis D. Powell --- For
                    1.9     Elect Director Stratton D. Sclavos ---
                            Withhold
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                  Mgmt
                                                                                   V.
                               Vote Recommendation        The  total cost of the company's
                               plans of 9.80 percent is within the  allowable cap for this
                               company   of  12.46   percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                  Mgmt
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.


05/24/07 - A        Iron Mountain Inc. *IRM*                462846106                           04/12/07                     845
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Clarke H. Bailey --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Clarke H.  Bailey.  We recommend
                               that shareholders  WITHHOLD votes from Clarke H. Bailey for
                               poor attendance.
                    1.2     Elect Director Constantin R. Boden --- For
                    1.3     Elect Director Kent P. Dauten --- For
                    1.4     Elect Director Arthur D. Little --- For
                    1.5     Elect Director C. Richard Reese --- For
                    1.6     Elect Director Vincent J. Ryan --- For
                    1.7     Elect Director Laurie A. Tucker --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/16/07 - A        Laboratory Corporation of America       50540R409                           03/30/07                  64,246
                    Holdings *LH*
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Thomas P. Mac Mahon --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider Jean-Luc  Belingard.  We recommend
                               that  shareholders  WITHHOLD votes from Jean-Luc  Belingard
                               for sitting on more than three boards.
                    1.2     Elect Director Kerrii B. Anderson --- For
                    1.3     Elect Director Jean-Luc Belingard ---
                            Withhold
                    1.4     Elect Director David P. King --- For
                    1.5     Elect Director Wendy E. Lane --- For
                    1.6     Elect Director Robert E. Mittelstaedt, Jr.
                            --- For
                    1.7     Elect Director Arthur H. Rubenstein --- For
                    1.8     Elect Director Bradford T. Smith --- For
                    1.9     Elect Director M. Smith Weikel --- For
                    1.10    Elect Director R. Sanders Williams --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/24/07 - A        Lamar Advertising Company *LAMR*        512815101                           04/02/07                  37,332
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


05/01/07 - A        Liberty Media Holding Corp              53071M104                           03/28/07                 108,762
                    1       Approve Omnibus Stock Plan                    For          Against              Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 7 percent is within the
                               allowable cap for this company of 6 percent.  However,  the
                               plan expressly  allows for the  cancellation and regrant of
                               awards  without  shareholder  approval,  which  we  believe
                               reduces the incentive value of the plan.
                    2       Elect Directors                               For          Split                Mgmt
                    2.1     Elect Director Robert R. Bennett --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of insider John C. Malone.  We recommend that  shareholders
                               WITHHOLD  votes  from John C.  Malone  for  sitting on more
                               than three boards.
                    2.2     Elect Director Paul A. Gould --- For
                    2.3     Elect Director John C. Malone --- Withhold
                    3       Ratify Auditors                               For          For                  Mgmt


05/01/07 - A        Liberty Media Holding Corp              53071M302                           03/28/07                  69,362
                    1       Approve Omnibus Stock Plan                    For          Against              Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 7 percent is within the
                               allowable cap for this company of 6 percent.  However,  the
                               plan expressly  allows for the  cancellation and regrant of
                               awards  without  shareholder  approval,  which  we  believe
                               reduces the incentive value of the plan.
                    2       Elect Directors                               For          Split                Mgmt
                    2.1     Elect Director Robert R. Bennett --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of insider John C. Malone.  We recommend that  shareholders
                               WITHHOLD  votes  from John C.  Malone  for  sitting on more
                               than three boards.
                    2.2     Elect Director Paul A. Gould --- For
                    2.3     Elect Director John C. Malone --- Withhold
                    3       Ratify Auditors                               For          For                  Mgmt


05/07/07 - A        Lincare Holdings, Inc. *LNCR*           532791100                           03/30/07                 175,697
                    1       Elect Directors                               For          For                  Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against              Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 10 percent is above the
                               allowable cap for this company of 9 percent.
                    3       Adopt Board Diversity Policies                Against      For                  ShrHoldr
                               We  believe   some   aspects  of  this   proposal   may  be
                               unnecessary or overly  burdensome on the company;  however,
                               given  Lincare  Holding's  lack of  disclosure on diversity
                               and nondiscrimination  policies, ISS recommends shareholder
                               support for this resolution.


08/03/06 - S        Loews Corp.                             540424108                           06/22/06                 210,367
                    1       Increase Authorized Common Stock              For          For                  Mgmt
                               This proposal seeks to increase  authorized common stock by
                               1,200,000,000  shares which is 30,000,000  shares below the
                               allowable increase of 1,230,000,000 shares.
                    2       Adjust Par Value of Common Stock              For          For                  Mgmt
                               Adjusting  par value is a routine  financing  decision that
                               warrants shareholder support.


05/08/07 - A        Loews Corp.                             540424108                           03/15/07                 215,703
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                  Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Provide for Cumulative Voting                 Against      Against              ShrHoldr
                               In this  case,  the  company  has  met  the  aforementioned
                               corporate governance criteria,  or management has expressed
                               its  intention  to  recommend  that the  board  adopt  such
                               provisions.  As such,  we do not believe  that the proposal
                               warrants shareholder support at this time.
                    5       Social Proposal                               Against      Against              ShrHoldr
                               ISS notes the company's  strategic  position in the tobacco
                               business, through Lorillard,  represents over 22 percent of
                               Loews'  consolidated  revenues.  ISS believes  that certain
                               financial and  reputational  risks are associated  with the
                               Loews'  tobacco   segment,   however,   requesting  a  full
                               divestment by 2010 from its tobacco may be unfeasible  from
                               an operational  perspective.  ISS believes that  requesting
                               the  company to fully  change a primary  line of  business,
                               when balanced  against the company's  historical  financial
                               performance,    could   substantially   disrupt   strategic
                               operations,  weaken  market  penetration  and represent the
                               abandonment of established brand  recognition.  Ultimately,
                               it is our opinion that this request would  benefit  neither
                               the company  nor its  shareholders.  Based on these  facts,
                               ISS does not believe  this  proposal  warrants  shareholder
                               support.


04/17/07 - A        M & T Bank Corp. *MTB*                  55261F104                           02/28/07                  28,889
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Brent D. Baird --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Robert T.  Brady.  We  recommend
                               shareholders  WITHHOLD  votes  from  Robert  T.  Brady  for
                               sitting on more than three boards while serving as a CEO.
                    1.2     Elect Director Robert J. Bennet --- For
                    1.3     Elect Director C. Angela Bontempo --- For
                    1.4     Elect Director Robert T. Brady --- Withhold
                    1.5     Elect Director Michael D. Buckley --- For
                    1.6     Elect Director T.J. Cunningham III --- For
                    1.7     Elect Director Mark J. Czarnecki --- For
                    1.8     Elect Director Colm E. Doherty --- For
                    1.9     Elect Director Richard E. Garman --- For
                    1.10    Elect Director Daniel R. Hawbaker --- For
                    1.11    Elect Director Patrick W.E. Hodgson --- For
                    1.12    Elect Director Richard G. King --- For
                    1.13    Elect Director Reginald B. Newman II --- For
                    1.14    Elect Director Jorge G. Pereira --- For
                    1.15    Elect Director Michael P. Pinto --- For
                    1.16    Elect Director Robert E. Sadler, Jr. --- For
                    1.17    Elect Director Eugene J. Sheehy --- For
                    1.18    Elect Director Stephen G. Sheetz --- For
                    1.19    Elect Director Herbert L. Washington --- For
                    1.20    Elect Director Robert G. Wilmers --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/14/07 - A        Markel Corp. *MKL*                      570535104                           03/08/07                   9,939
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director J. Alfred Broaddus, Jr. ---
                            For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsider  Leslie A.  Grandis.  We recommend
                               that  shareholders  WITHHOLD  votes from Leslie A.  Grandis
                               for standing as an affiliated  outsider on the Compensation
                               and Nominating committees.
                    1.2     Elect Director Douglas C. Eby --- For
                    1.3     Elect Director Leslie A. Grandis ---
                            Withhold
                    1.4     Elect Director Stewart M. Kasen --- For
                    1.5     Elect Director Alan I. Kirshner --- For
                    1.6     Elect Director Lemuel E. Lewis --- For
                    1.7     Elect Director Anthony F. Markel --- For
                    1.8     Elect Director Steven A. Markel --- For
                    1.9     Elect Director Jay M. Weinberg --- For
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Approve Nonqualified Employee Stock           For          For                  Mgmt
                            Purchase Plan
                                                                                   VI.
                               Vote  Recommendation        Employee  stock  purchase plans
                               enable employees to become  shareholders,  which gives them
                               a stake in the company's  growth.  Stock purchase plans are
                               beneficial  only  when  they are well  balanced  and in the
                               best interests of all  shareholders.  From a  shareholder's
                               perspective,   the   limit   on  the   company's   matching
                               contribution  is  reasonable.  There  is  minimum  dilution
                               associated  with the plan since shares of company stock are
                               purchased   on  the  open  market   with  mainly   employee
                               contributions.   Additionally,  the  estimated  shareholder
                               value transfer of the company's  plans of 3 percent is less
                               than the allowable cap for this company of 6 percent.


05/17/07 - A        Marsh & McLennan Companies, Inc.        571748102                           03/20/07                 153,092
                    *MMC*
                    1       Elect Director Zachary W. Carter              For          For                  Mgmt
                    2       Elect Director Oscar Fanjul                   For          For                  Mgmt
                    3       Ratify Auditors                               For          For                  Mgmt
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                  Mgmt
                               ISS  approves of this item because 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       Report on Political Contributions             Against      For                  ShrHoldr
                               ISS   believes   that   Marsh  &  McLennan   has   provided
                               shareholders  with some information to assess the company's
                               general policies and its oversight  mechanisms  relating to
                               its political  contributions.  We are,  however,  concerned
                               that   shareholders   lack  information   relating  to  the
                               company's  overarching  business  rationale  for  political
                               contributions,  the  administration  of its  PACs,  and its
                               trade association  spending.  Such information could assist
                               shareholders in their  assessment of the risks and benefits
                               associated   with   public   policy   activities    through
                               associations   without   significant   cost,   burden,   or
                               strategic risk for the company.  As such, ISS believes this
                               proposal merits shareholder support.


05/09/07 - A        Mercury General Corp. *MCY*             589400100                           03/15/07                 115,176
                    1       Elect Directors                               For          For                  Mgmt


04/24/07 - A        Newmont Mining Corp. *NEM*              651639106                           02/27/07                 168,090
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Glen A. Barton --- Withhold
                    1.2     Elect Director Vincent A. Calarco --- For
                    1.3     Elect Director Noreen Doyle --- For
                    1.4     Elect Director Veronica M. Hagen --- For
                    1.5     Elect Director Michael S. Hamson --- For
                    1.6     Elect Director Pierre Lassonde --- For
                    1.7     Elect Director Robert J. Miller --- For
                    1.8     Elect Director Wayne W. Murdy --- For
                    1.9     Elect Director Robin A. Plumbridge --- For
                    1.10    Elect Director John B. Prescott --- Withhold
                    1.11    Elect Director Donald C. Roth --- Withhold
                    1.12    Elect Director James V. Taranik --- For
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Report on Impact of Operations in Indonesia   Against      Against              ShrHoldr
                               In this  case,  we note that  there has been a  significant
                               level of  controversy  and litigation  surrounding  some of
                               the company's  operations  in Indonesia.  The ruling of the
                               criminal  complaint  against  PTNMR and the findings of the
                               scientific   panel   established   by  agreement  with  the
                               Indonesian  government  could have a significant  financial
                               impact on the  company,  and  potentially  have a  negative
                               impact  on its  continuing  operations  in  other  parts of
                               Indonesia.   That  said,   the  company   has   provided  a
                               considerable amount of detailed  information in its filings
                               and on  corporate  websites  to discuss  this  topic.  This
                               includes  information  on the company's  relationship  with
                               subsidiaries  operating in Indonesia,  detailed  discussion
                               of   the   policies   and   procedures    surrounding   the
                               controversy,    an   outline    ongoing    litigation   and
                               settlements,   and  summary  data  of  scientific  findings
                               commissioned  by the company to evaluate  pollution  in the
                               Buyat Bay region. In our opinion,  this existing disclosure
                               provides   shareholders  with  sufficient   information  to
                               evaluate the company's policies,  procedures,  and findings
                               related to public health and pollution  resulting  from its
                               operations  in  Indonesia.  As such, we do not believe that
                               shareholder support for this resolution is warranted.
                    4       Report on Policies related to Public          For          For                  ShrHoldr
                            Opposition to Mining Operations
                               In  this  case,   management  has  opted  to  support  this
                               shareholder  resolution,  noting  that  its  Environmental,
                               Health,   and  Safety   Committee   is  in  a  position  to
                               effectively  address the concerns noted in the proposal and
                               provide  a  report   to  the   board   and  the   company's
                               shareholders  on its findings.  This proactive  approach to
                               stakeholder  relations could improve the company's  ability
                               to operate in challenging markets and increase  shareholder
                               awareness  of company  policies and  procedures  related to
                               these  issues  without  significant  cost or  burden to the
                               company.  Therefore, ISS recommends shareholder support for
                               this resolution.
                    5       Separate Chairman and CEO Positions           Against      For                  ShrHoldr
                               While  the  company's   governance   structure   meets  the
                               criteria  listed above,  Newmont Mining has  underperformed
                               both  the  index  and  the  peers  in  both   one-year  and
                               three-year TSR. Therefore,  this item warrants  shareholder
                               support.


05/09/07 - A        Nuveen Investments, Inc *JNC*           67090F106                           03/15/07                  91,850
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


05/08/07 - A        O'Reilly Automotive, Inc. *ORLY*        686091109                           02/28/07                  70,455
                    1       Elect Directors                               For          Withhold             Mgmt
                    1.1     Elect Director Lawrence P. O'Reilly ---
                            Withhold
                               We recommend that  shareholders  WITHHOLD votes from all of
                               the  nominees.  We  recommend  that  shareholders  WITHHOLD
                               votes from Joe C.  Greene  for  standing  as an  affiliated
                               outsider  on the  Nominating  Committee  and for failure to
                               establish a majority  independent  board. We also recommend
                               that shareholders  WITHHOLD votes from affiliated outsiders
                               Lawrence  P.  O'Reilly  and  Rosalie   O'Reilly-Wooten  for
                               failure to establish a majority independent board.
                    1.2     Elect Director Rosalie O'Reilly-Wooten ---
                            Withhold
                    1.3     Elect Director Joe C. Green --- Withhold
                    2       Ratify Auditors                               For          For                  Mgmt


05/10/07 - A        Onex Corp. *OCX*                        68272K103                           03/22/07                 204,171
                            Meeting for Subordinate Voting Shareholders
                    1       Ratify PricewaterhouseCoopers LLP as          For          For                  Mgmt
                            Auditors
                    2       Authorize Board to Fix Remuneration of        For          For                  Mgmt
                            Auditors
                    3       Elect Directors Peter C. Godsoe, Serge        For          For                  Mgmt
                            Gouin, Brian M. King and Arni C.
                            Thorsteinson


10/05/06 - A        Paychex, Inc. *PAYX*                    704326107                           08/07/06                  98,753
                    1       Election of Director: B. Thomas Golisano      For          For                  Mgmt
                    2       Election of Director: David J.S. Flaschen     For          For                  Mgmt
                    3       Election of Director: Phillip Horsley         For          For                  Mgmt
                    4       Election of Director: Grant M. Inman          For          For                  Mgmt
                    5       Election of Director: Pamela A. Joseph        For          For                  Mgmt
                    6       Election of Director: Jonathan J. Judge       For          For                  Mgmt
                    7       Election of Director: Jospeh M. Tucci         For          For                  Mgmt


05/14/07 - A        Pitney Bowes Inc. *PBI*                 724479100                           03/09/07                  71,171
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 6 percent is equal to
                               or less  than  the  allowable  cap for  this  company  of 8
                               percent.   Additionally,   this  plan   expressly   forbids
                               repricing.
                    4       Require Majority Vote to Elect Directors in   For          For                  Mgmt
                            an Uncontested Election


05/15/07 - A        Questar Corp. *STR*                     748356102                           03/19/07                  76,400
                    1       Elect Directors                               For          For                  Mgmt
                    1.1     Elect Director Teresa Beck --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of R. D. Cash.  We  recommend  that  shareholders  WITHHOLD
                               votes  from  R.  D.  Cash  for  standing  as an  affiliated
                               outsider on the Nominating Committee.
                    1.2     Elect Director R.D. Cash --- For
                    1.3     Elect Director Robert E. McKee --- For
                    1.4     Elect Director Gary G. Michael --- For
                    1.5     Elect Director Charles B. Stanley --- For


10/23/06 - S        Reynolds & Reynolds Co. (The)           761695105                           09/20/06                 147,486
                    1       Approve Merger Agreement                      For          For                  Mgmt
                               Based on our  review  of the terms of the  transaction  and
                               the  factors  described  above,  in  particular  the market
                               check  process and the premium  received,  we believe  that
                               the merger agreement warrants shareholder support.
                    2       Adjourn Meeting                               For          For                  Mgmt
                               Where ISS is supportive of the underlying  merger proposal,
                               we  are  supportive  of  a  narrowly-tailored   adjournment
                               proposal   that   seeks   adjournment   solely  to  solicit
                               additional proxies to approve the transaction.


05/03/07 - A        Robert Half International Inc. *RHI*    770323103                           03/09/07                  71,929
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Amend EEO Statement to Include Reference to   Against      Against              ShrHoldr
                            Sexual Orientation
                               In this case, ISS notes that Robert Half  International has
                               specifically  committed to  nondiscrimination  on the basis
                               of sexual  orientation in its employee  handbook.  Although
                               this  handbook  does not appear to be  publicly  available,
                               the   company's    commitment    to   sexual    orientation
                               nondiscrimination   is  stated  on  the  "About  Us-  Equal
                               Employment  Opportunity"  segment of its corporate website.
                                       Therefore,   while  we  believe  that  Robert  Half
                               International  could  improve  disclosure  on its  policies
                               related to non-discrimination,  it appears that the company
                               has taken  appropriate  measures to address  discrimination
                               based on sexual  orientation in its existing  policies.  As
                               such,   ISS  does  not  believe  this   resolution   merits
                               shareholder support.


05/15/07 - A        Rosetta Resources Inc *ROSE*            777779307                           03/26/07                  10,990
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director B.A. Berilgen --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated   outsider  G.  Louis  Graziadio,   III.  We
                               recommend  that  shareholders  WITHHOLD votes from G. Louis
                               Graziadio, III for sitting on more than three boards.
                    1.2     Elect Director Richard W. Beckler --- For
                    1.3     Elect Director Donald D. Patteson, Jr. ---
                            For
                    1.4     Elect Director D. Henry Houston --- For
                    1.5     Elect Director G. Louis Graziadio, III ---
                            Withhold
                    1.6     Elect Director Josiah O. Low III --- For


04/26/07 - A        SCANA Corporation *SCG*                 80589M102                           03/09/07                  56,186
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


05/23/07 - A        SEI Investment Company *SEIC*           784117103                           04/04/07                  38,668
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Alfred P. West, Jr. ---
                            Withhold
                               We recommend a vote FOR the directors  with the  exceptions
                               of  insider  Alfred P.  West Jr.  and  affiliated  outsider
                               William M. Doran. We recommend that  shareholders  WITHHOLD
                               votes  from  Alfred P. West Jr.  and  William  M. Doran for
                               failure to establish an independent nominating committee.
                    1.2     Elect Director William M. Doran --- Withhold
                    1.3     Elect Director Howard D. Ross --- For
                    2       Approve Stock Option Plan                     For          Against              Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 11 percent is above the
                               allowable cap for this company of 10 percent.
                    3       Ratify Auditors                               For          For                  Mgmt


05/16/07 - A        St. Jude Medical, Inc. *STJ*            790849103                           03/19/07                 161,648
                    1       Elect Directors                               For          For                  Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 7 percent is less than
                               the   allowable   cap  for  this   company  of  8  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Approve Qualified Employee Stock Purchase     For          For                  Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.
                    4       Ratify Auditors                               For          For                  Mgmt


05/02/07 - A        Strayer Education, Inc. *STRA*          863236105                           03/06/07                  15,225
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


11/10/06 - A        SYSCO Corporation *SYY*                 871829107                           09/12/06                 221,992
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Require a Majority Vote for the Election of   None         For                  ShrHoldr
                            Directors
                               ISS advocates that the director  election  system give full
                               effect  to the  shareholder  franchise.  We  view  director
                               election reform as a multi-year,  multi-step process.  ISS'
                               approach to the issue will  likely  evolve over time as the
                               marketplace  advances the debate.  We feel that support for
                               this proposal,  coupled with  continued  debate on election
                               reforms,  will allow the director election system to evolve
                               to the next level.


04/25/07 - A        TCF Financial Corp. *TCB*               872275102                           02/26/07                  97,172
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Luella G. Goldberg --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider Ralph  Strangis.  We recommend that
                               shareholders   WITHHOLD   votes  from  Ralph  Strangis  for
                               standing as an affiliated  outsider on the Compensation and
                               Nominating committees.
                    1.2     Elect Director George G. Johnson --- For
                    1.3     Elect Director Lynn A. Nagorske --- For
                    1.4     Elect Director Gregory J. Pulles --- For
                    1.5     Elect Director Ralph Strangis --- Withhold
                    2       Ratify Auditors                               For          For                  Mgmt


09/12/06 - A        Telephone and Data Systems, Inc.        879433860                           08/07/06                 106,815
                    *TDS*
                    1       Elect Directors                               For          For                  Mgmt


06/25/07 - A        The AES Corp. *AES*                     00130H105                           04/27/07                 252,609
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


06/05/07 - A        The TJX Companies, Inc. *TJX*           872540109                           04/16/07                 218,079
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director David A. Brandon --- Withhold
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  David A.  Brandon for sitting on
                               more than three boards.
                    1.2     Elect Director Bernard Cammarata --- For
                    1.3     Elect Director David T. Ching --- For
                    1.4     Elect Director Michael F. Hines --- For
                    1.5     Elect Director Amy B. Lane --- For
                    1.6     Elect Director Carol Meyrowitz --- For
                    1.7     Elect Director John F. O'Brien --- For
                    1.8     Elect Director Robert F. Shapiro --- For
                    1.9     Elect Director Willow B. Shire --- For
                    1.10    Elect Director Fletcher H. Wiley --- For
                    2       Approve Executive Incentive Bonus Plan        For          For                  Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    3       Ratify Auditors                               For          For                  Mgmt
                    4       Require a Majority Vote for the Election of   Against      For                  ShrHoldr
                            Directors


05/10/07 - A        The Washington Post Co. *WPO*           939640108                           03/12/07                  10,043
                    1       Elect Directors                               For          For                  Mgmt
                    2       Other Business                                For          Against              Mgmt
                               As we cannot  know the content of these  issues,  we do not
                               recommend that shareholders approve this request.


05/17/07 - A        The Williams Companies, Inc. *WMB*      969457100                           03/26/07                 190,463
                    1       Elect Director Kathleen B. Cooper             For          For                  Mgmt
                    2       Elect Director William R. Granberry           For          For                  Mgmt
                    3       Elect Director Charles M. Lillis              For          For                  Mgmt
                    4       Elect Director William G. Lowrie              For          For                  Mgmt
                    5       Ratify Auditors                               For          For                  Mgmt
                    6       Approve Omnibus Stock Plan                    For          For                  Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    7       Approve Qualified Employee Stock Purchase     For          For                  Mgmt
                            Plan
                               ISS approves of this plan because it complies  with Section
                               423 of the  Internal  Revenue  Code,  the  number of shares
                               being  reserved is  relatively  conservative,  the offering
                               period   is   reasonable,   and   there   are   limits   on
                               participation.


05/17/07 - A        Tiffany & Co. *TIF*                     886547108                           03/23/07                 107,808
                    1       Elect Director Michael J. Kowalski            For          For                  Mgmt
                    2       Elect Director Rose Marie Bravo               For          For                  Mgmt
                    3       Elect Director William R. Chaney              For          For                  Mgmt
                    4       Elect Director Gary E. Costley                For          For                  Mgmt
                    5       Elect Director Abby F. Kohnstamm              For          For                  Mgmt
                    6       Elect Director Charles K. Marquis             For          For                  Mgmt
                    7       Elect Director J. Thomas Presby               For          For                  Mgmt
                    8       Elect Director James E. Quinn                 For          For                  Mgmt
                    9       Elect Director William A. Shutzer             For          For                  Mgmt
                    10      Ratify Auditors                               For          For                  Mgmt


03/08/07 - A        Tyco International Ltd. *TYC*           902124106                           01/12/07                 144,405
                            Meeting for ADR Holders
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


03/08/07 - S        Tyco International Ltd. *TYC*           902124106                           01/12/07                 144,405
                            Meeting for ADR Holders
                    1       APPROVAL OF REVERSE STOCK SPLIT OF THE        For          For                  Mgmt
                            COMPANYS COMMON SHARES AT A SPLIT RATIO OF
                            1 FOR 4
                    2       APPROVAL OF CONSEQUENTIAL AMENDMENT TO THE    For          For                  Mgmt
                            COMPANY S AMENDED AND RESTATED BYE-LAWS.


05/22/07 - A        Valeant Pharmaceuticals Intl. *VRX*     91911X104                           04/10/07                 297,188
                    1       Elect Directors                               For          For                  Mgmt
                    1.1     Elect Director Norma Ann Provencio --- For
                               The options  backdating issue primarily lies with the prior
                               management.  Errors in the option  grants  after the change
                               in  control  in 2002 are due to  administrative  errors and
                               are not  significant.  Therefore,  ISS  believes  that  the
                               current board and management  should not be accountable for
                               the poor practice.
                    1.2     Elect Director Timothy C. Tyson --- For
                    1.3     Elect Director Elaine Ullian --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/11/07 - A        Vulcan Materials Co. *VMC*              929160109                           03/16/07                   1,159
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt


05/07/07 - A        Weight Watchers International, Inc.     948626106                           03/27/07                 107,124
                    *WTW*
                    1       Elect Directors                               For          Split                Mgmt
                    1.1     Elect Director Philippe J. Amouyal ---
                            Withhold
                               We recommend a vote FOR  independent  outsider Sam K. Reed,
                               but WITHHOLD  votes from all other  nominees.  We recommend
                               that  shareholders  WITHHOLD votes from Philippe J. Amouyal
                               for standing as an affiliated  outsider on the Compensation
                               Committee  &  for  failure  to  establish  an   independent
                               nominating  committee and from insider  David P.  Kirchhoff
                               for  failure  to   establish  an   independent   nominating
                               committee.
                    1.2     Elect Director David P. Kirchhoff ---
                            Withhold
                    1.3     Elect Director Sam K. Reed --- For
                    2       Ratify Auditors                               For          For                  Mgmt


05/10/07 - A        Western Union Co *WU*                   959802109                           03/12/07                 238,436
                    1       Elect Directors                               For          For                  Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                  Mgmt
                               The estimated  shareholder  value transfer of the company's
                               plans of 7  percent  is lower  than the  allowable  cap for
                               this  company  of  8  percent.   Additionally,   this  plan
                               expressly forbids repricing.
                    3       Approve Executive Incentive Bonus Plan        For          For                  Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                  Mgmt


05/15/07 - A        XTO Energy Inc *XTO*                    98385X106                           03/30/07                  72,463
                    1       Elect Director Lane G. Collins                For          For                  Mgmt
                    2       Elect Director Scott G. Sherman               For          For                  Mgmt
                    3       Elect Director Bob R. Simpson                 For          For                  Mgmt
                    4       Ratify Auditors                               For          For                  Mgmt


05/17/07 - A        Yum Brands, Inc. *YUM*                  988498101                           03/19/07                 126,230
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt
                    3       Adopt MacBride Principles                     Against      Against              ShrHoldr
                               ISS is concerned  about reports that the ratios of Catholic
                               to Protestant  employees at franchises  affiliated with the
                               company  do  not  appear  to be  consistent  with  averages
                               evaluated in the Equality  Commission's  monitoring report.
                               However,  based on the fact  that  the  existing  reporting
                               requirements  are  substantially  similar  to the  MacBride
                               Principles,  the  potential  difficulties  associated  with
                               full  implementation  of the  Principles,  and the barriers
                               towards  adoption  through  the  franchise  agreements,  we
                               recommend that shareholders oppose this request.
                    4       Advisory Vote to Ratify Named Executive       Against      For                  ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Pay For Superior Performance                  Against      For                  ShrHoldr
                               In  this  case,   the  company's   long-term   compensation
                               programs  for  senior   executives  is  not   substantially
                               performance-based  under  current ISS  guidelines  and does
                               not  substantially  meet the requirements set forth by this
                               shareholder    proposal.    Accordingly,    ISS    believes
                               shareholders should support this proposal.
                    6       Submit Severance Agreement (Change in         Against      For                  ShrHoldr
                            Control) to shareholder Vote
                               ISS believes that seeking  shareholder  approval  after the
                               material  terms of the  contract are agreed upon would give
                               the board a framework  within which to work and may prevent
                               the  excessive  "pay for failure"  packages  that have been
                               witnessed at other companies.  We believe that shareholders
                               should have a voice in  lucrative  severance  packages.  As
                               such, this proposal merits shareholder support.
                    7       Report on Sustainable Fish/Seafood Sourcing   Against      Against              ShrHoldr
                            Policies
                               ISS  believes  that Yum!  Brands  should  adopt a policy to
                               monitor   the   sustainability   of  its   seafood   supply
                               procedures  in order to ensure  its  suppliers'  compliance
                               with  applicable  fishing  regulations  and to protect  the
                               long term  interests  of the company and its  shareholders.
                               However,  because of  questions  related  to the  ambiguous
                               language in the  resolution,  as well as concerns  over the
                               feasibility of  implementation,  we do not believe that the
                               proposal in its current form warrants shareholder support.
                    8       Report on Animal Welfare Policies             Against      Against              ShrHoldr
                               We  believe  that  it  is  important  for  the  company  to
                               mitigate  its  exposure  to the  risk  of  damaging  public
                               perception   related  to  its  animal  welfare   standards.
                               However,   we  also  believe  that  management   should  be
                               afforded  the   flexibility   to  make   decisions  on  the
                               recommendations   of  its  advisory   panel  based  on  its
                               assessment of what is most  beneficial for the company as a
                               whole, including financial,  operational,  and public image
                               considerations.  Therefore, based on the company's level of
                               disclosure  on  the  topic  of  animal  welfare,  we do not
                               believe  that the  requested  report  warrants  shareholder
                               support at this time.


05/24/07 - A        Zebra Technologies Corp. *ZBRA*         989207105                           03/30/07                  21,522
                    1       Elect Directors                               For          For                  Mgmt
                    2       Ratify Auditors                               For          For                  Mgmt




Fund:  Principal Variable Contracts Fund, Inc. - MidCap Growth Account
Sub-Advisor:  Mellon Equity Associates, Inc.


                                                          Vote Summary Report
                                                     July 01, 2006 - Dec 31, 2006

PRIN01-Principal MidCap Growth - PRIN01

Mtg                 Company/                                              Mgmt          Vote      Record                    Shares
Date/Type           Ballot Issues                            Security     Rec           Cast      Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------ ------------- --------- ----------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                          
08/09/06 - A        Airgas, Inc. *ARG*                       009363102                            06/21/06                  12,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           Against               Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For           For                   Mgmt
                    4       Ratify Auditors                               For           For                   Mgmt


09/20/06 - S        Allergan, Inc. *AGN*                     018490102                            08/14/06                   6,900
                    1       Increase Authorized Common Stock              For           For                   Mgmt


08/01/06 - A        Alliant Techsystems Inc. *ATK*           018804104                            06/05/06                   5,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    4       Develop Ethical Criteria for Military         Against       Against               ShrHoldr
                            Contracts
                    5       Report on Depleted Uranium Weapons            Against       Against               ShrHoldr
                            Components


09/20/06 - A        Biomet, Inc. *BMET*                      090613100                            07/13/06                  20,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


09/25/06 - S        BlackRock, Inc. *BLK*                    09247X101                            08/03/06                   3,150
                    1       Approve Merger Agreement                      For           For                   Mgmt
                    2       Increase Authorized Preferred and Common      For           For                   Mgmt
                            Stock
                    3       Adopt Supermajority Vote Requirement for      For           For                   Mgmt
                            Amendments
                    4       Amend Articles/Bylaws/Charter-Non-Routine     For           For                   Mgmt
                    5       Increase Authorized Preferred and Common      For           For                   Mgmt
                            Stock
                    6       Amend Articles/ Stockholder Act By Written    For           For                   Mgmt
                            Consent
                    7       Amend Articles/Board Composition              For           For                   Mgmt
                    8       Amend Articles/Business Combinations with     For           For                   Mgmt
                            Interested Stockholders
                    9       Amend Omnibus Stock Plan                      For           For                   Mgmt


11/02/06 - A        Coach, Inc. *COH*                        189754104                            09/14/06                  22,400
                    1       Elect Directors                               For           For                   Mgmt


11/16/06 - S        Covanta Holding Corp. *CVA*              22282E102                            10/10/06                  15,000
                    1       Company-Specific--Organization-Related        For           For                   Mgmt
                    2       Company-Specific--Organization-Related        For           Against               Mgmt


09/15/06 - A        Darden Restaurants, Inc. *DRI*           237194105                            07/24/06                  11,650
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors


09/12/06 - A        Emdeon Corporation *HLTH*                290849108                            07/25/06                  37,650
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


11/30/06 - A        Emulex Corp. *ELX*                       292475209                            10/09/06                   7,750
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Amend Non-Employee Director Stock Option      For           For                   Mgmt
                            Plan
                    4       Ratify Auditors                               For           For                   Mgmt


12/19/06 - A        Factset Research Systems, Inc. *FDS*     303075105                            10/23/06                   8,650
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


08/07/06 - A        Forest Laboratories, Inc. *FRX*          345838106                            06/20/06                  17,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


10/27/06 - A        Harris Corp. *HRS*                       413875105                            09/01/06                   6,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt





12/15/06 - A        Intuit Inc. *INTU*                       461202103                            10/20/06                  29,650
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Amend Qualified Employee Stock Purchase Plan  For           For                   Mgmt


09/21/06 - A        John Wiley & Sons, Inc. *JW.A*           968223206                            07/24/06                   8,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


11/02/06 - A        Lam Research Corp. *LRCX*                512807108                            09/15/06                  17,350
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve/Amend Executive Incentive Bonus Plan  For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Ratify Auditors                               For           For                   Mgmt


07/18/06 - A        Legg Mason, Inc. *LM*                    524901105                            05/19/06                   7,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Increase Authorized Common Stock              For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    4       Ratify Auditors                               For           For                   Mgmt


10/25/06 - A        MEMC Electronic Materials, Inc. *WFR*    552715104                            09/13/06                  11,150
                    1       Elect Directors                               For           For                   Mgmt


08/18/06 - A        Microchip Technology, Inc. *MCHP*        595017104                            06/22/06                  21,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    4       Ratify Auditors                               For           For                   Mgmt


10/06/06 - A        National Semiconductor Corp. *NSM*       637640103                            08/18/06                  23,350
                    1       Elect Director Brian L. Halla                 For           For                   Mgmt
                    2       Elect Director Steven R. Appleton             For           For                   Mgmt
                    3       Elect Director Gary P. Arnold                 For           For                   Mgmt
                    4       Elect Director Richard J. Danzig              For           For                   Mgmt
                    5       Elect Director John T. Dickson                For           For                   Mgmt
                    6       Elect Director Robert J. Frankenberg          For           For                   Mgmt
                    7       Elect Director E. Floyd Kvamme                For           For                   Mgmt
                    8       Elect Director Modesto A. Maidique            For           For                   Mgmt
                    9       Elect Director Edward McCracken               For           For                   Mgmt
                    10      Ratify Auditors                               For           For                   Mgmt


10/25/06 - A        Parker-Hannifin Corp. *PH*               701094104                            08/31/06                   8,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             Against       For                   ShrHoldr


08/10/06 - A        Polo Ralph Lauren Corp. *RL*             731572103                            06/26/06                   6,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           Against               Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


08/10/06 - A        Pride International, Inc. *PDE*          74153Q102                            06/22/06                  15,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


10/31/06 - A        The Estee Lauder Companies Inc. *EL*     518439104                            09/15/06                  12,050
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt




                                                          Vote Summary Report
                                                      Jan 01, 2007 - Jun 30, 2007

PRIN01-Principal MidCap Growth

Mtg                 Company/                                              Mgmt         Vote       Record                    Shares
Date/Type           Ballot Issues                            Security     Rec          Cast       Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------ ------------ ---------- ----------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

06/13/07 - A        Abercrombie & Fitch Co. *ANF*            002896207                            04/17/07                   3,521
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


01/11/07 - A        Acuity Brands, Inc. *AYI*                00508Y102                            11/13/06                   6,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        ADTRAN, Inc. *ADTN*                      00738A106                            03/20/07                   2,596
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


02/27/07 - A        Agilent Technologies Inc. *A*            00846U101                            01/02/07                  14,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/02/07 - A        AGL Resources Inc. *ATG*                 001204106                            02/23/07                   3,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/02/07 - A        Allegheny Technologies, Inc. *ATI*       01741R102                            03/05/07                   6,350
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Prepare a Sustainability Report               Against      Against                ShrHoldr


05/22/07 - A        American Reprographics Company *ARP*     029263100                            04/05/07                   4,845
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/09/07 - A        American Tower Corp. *AMT*               029912201                            03/12/07                  21,850
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


03/13/07 - A        Analog Devices, Inc. *ADI*               032654105                            01/12/07                  15,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Performance-Based Equity Awards               Against      For                    ShrHoldr
                    4       Require a Majority Vote for the Election of   Against      For                    ShrHoldr
                            Directors


05/17/07 - A        AnnTaylor Stores Corp. *ANN*             036115103                            03/22/07                   8,250
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Avon Products, Inc. *AVP*                054303102                            03/15/07                  15,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Articles/Bylaws/Charter-Adopt           For          For                    Mgmt
                            Majority Voting
                    4       Pay For Superior Performance                  Against      Against                ShrHoldr


05/31/07 - A        Big Lots Inc. *BIG*                      089302103                            04/02/07                   4,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/23/07 - A        BlackRock, Inc. *BLK*                    09247X101                            03/30/07                   1,977
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/18/07 - A        C. R. Bard, Inc. *BCR*                   067383109                            02/26/07                   9,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        CapitalSource, Inc *CSE*                 14055X102                            03/15/07                  16,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


06/12/07 - A        Celgene Corp. *CELG*                     151020104                            04/26/07                   7,250
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/01/07 - A        Choice Hotels International, Inc.        169905106                            03/12/07                  10,650
                    *CHH*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        Cimarex Energy Co *XEC*                  171798101                            03/21/07                  10,650
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        CIT Group Inc *CIT*                      125581108                            03/19/07                   6,450
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


06/07/07 - A        Cognizant Technology Solutions Corp.     192446102                            04/17/07                   8,550
                    *CTSH*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Other Business                                For          Against                Mgmt


04/17/07 - A        Con-Way Inc *CNW*                        205944101                            03/01/07                   7,350
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        Corn Products International, Inc.        219023108                            03/20/07                   7,150
                    *CPO*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Coventry Health Care Inc. *CVH*          222862104                            03/19/07                  11,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Cummins , Inc. *CMI*                     231021106                            03/19/07                   3,715
                    1       Elect Director Robert J. Darnall              For          For                    Mgmt
                    2       Elect Director John M. Deutch                 For          For                    Mgmt
                    3       Elect Director Alexis M. Herman               For          For                    Mgmt
                    4       Elect Director F. Joseph Loughrey             For          For                    Mgmt
                    5       Elect Director William I. Miller              For          For                    Mgmt
                    6       Elect Director Georgia R. Nelson              For          For                    Mgmt
                    7       Elect Director Theodore M. Solso              For          For                    Mgmt
                    8       Elect Director Carl Ware                      For          For                    Mgmt
                    9       Elect Director J. Lawrence Wilson             For          For                    Mgmt
                    10      Ratify Auditors                               For          For                    Mgmt
                    11      Amend Omnibus Stock Plan                      For          For                    Mgmt
                    12      Increase Authorized Common Stock              For          For                    Mgmt


05/15/07 - A        Dentsply International, Inc. *XRAY*      249030107                            03/27/07                  18,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt


06/21/07 - A        Dollar Tree Stores, Inc. *DLTR*          256747106                            04/20/07                  13,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Company Specific - Adopt Simple Majority      Against      For                    ShrHoldr
                            Vote


05/31/07 - A        DOUGLAS EMMETT INC *DEI*                 25960P109                            04/02/07                   5,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/17/07 - A        Dover Corporation *DOV*                  260003108                            02/28/07                  14,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Sustainability Report                         Against      Against                ShrHoldr
                    3       Other Business                                For          Against                Mgmt


04/25/07 - A        Eaton Corporation *ETN*                  278058102                            02/26/07                   3,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


06/20/07 - A        Emcor Group, Inc. *EME*                  29084Q100                            04/24/07                   3,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/30/07 - A        Endo Pharmaceuticals Holdings Inc        29264F205                            04/18/07                   9,200
                    *ENDP*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt


05/22/07 - A        Ensco International, Inc. *ESV*          26874Q100                            03/26/07                  12,750
                    1       Elect Director David M. Carmichael            For          For                    Mgmt
                    2       Elect Director Thomas L. Kelly II             For          For                    Mgmt
                    3       Elect Director Rita M. Rodriguez              For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt
                    5       Other Business                                For          Against                Mgmt


05/09/07 - A        Entertainment Properties Trust *EPR*     29380T105                            02/15/07                   3,665
                    1       Elect Trustee Barrett Brady                   For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


04/24/07 - A        Frontier Oil Corp. *FTO*                 35914P105                            03/09/07                  14,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        Gentex Corp. *GNTX*                      371901109                            03/16/07                   5,276
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Genzyme Corp. *GENZ*                     372917104                            03/30/07                   5,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Approve Non-Employee Director Omnibus Stock   For          For                    Mgmt
                            Plan
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt
                    5       Company Specific--Adopt Majority Voting       For          For                    Mgmt
                    6       Ratify Auditors                               For          For                    Mgmt
                    7       Submit Severance Agreement (Change in         Against      For                    ShrHoldr
                            Control) to shareholder Vote


04/20/07 - A        Graco Inc. *GGG*                         384109104                            02/19/07                  11,450
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt


05/21/07 - A        Granite Construction Inc. *GVA*          387328107                            03/23/07                   8,050
                    1       Elect Directors                               For          For                    Mgmt
                    2       Company Specific- Majority Vote for the       For          For                    Mgmt
                            Election of Directors
                    3       Ratify Auditors                               For          For                    Mgmt


04/05/07 - A        H.B. Fuller Co. *FUL*                    359694106                            02/16/07                   7,522
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/28/07 - A        Harley-Davidson, Inc. *HOG*              412822108                            03/05/07                  13,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        HCC Insurance Holdings, Inc. *HCC*       404132102                            04/02/07                  14,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Amend EEO Statement to Include Reference to   Against      Against                ShrHoldr
                            Sexual Orientation


05/07/07 - A        Helix Energy Solutions Inc *HLX*         42330P107                            03/30/07                   2,530
                    1       Elect Directors                               For          For                    Mgmt


05/15/07 - A        Henry Schein, Inc. *HSIC*                806407102                            03/30/07                  12,950
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Holly Corp. *HOC*                        435758305                            03/28/07                   5,950
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt


01/30/07 - A        Hormel Foods Corp. *HRL*                 440452100                            12/04/06                  10,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Report on Feasibility of Improving Animal     Against      Against                ShrHoldr
                            Welfare Standards


05/15/07 - A        Hospira, Inc. *HSP*                      441060100                            03/19/07                  15,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Hospitality Properties Trust *HPT*       44106M102                            03/20/07                   4,200
                    1       Elect Director William A. Lamkin              For          For                    Mgmt
                    2       Amend Declaration of Trust--Election of       For          Against                Mgmt
                            Trustees
                    3       Amend Declaration of Trust--Amend             For          Against                Mgmt
                            Declaration of Trust-(a)Amend
                            Trust(i)Qualification of
                            Trustees,(ii)Policies(iii)Restrictions,
                            (iv)Special voting rights,business
                            combinations(v)Provisions governing
                            amendments to trust(b)Termination of Trust
                    4       Amend Declaration of Trust--Authorize Board   For          Against                Mgmt
                            to divide or combine the oustanding shares,
                            any class or series without shareholder
                            vote.
                    5       Amend Declaration of Trust--Any shareholder   For          For                    Mgmt
                            violating Declaration of Trust will
                            indemnify and hold us harmless from all
                            costs, expense, penalties and fines,
                            together with interest on such amounts.
                    6       Adjourn Meeting                               For          Against                Mgmt


04/26/07 - A        Humana Inc. *HUM*                        444859102                            03/05/07                  13,800
                    1       Elect Director David A. Jones, Jr.            For          For                    Mgmt
                    2       Elect Director Frank A. D'Amelio              For          For                    Mgmt
                    3       Elect Director W. Roy Dunbar                  For          For                    Mgmt
                    4       Elect Director Kurt J. Hilzinger              For          For                    Mgmt
                    5       Elect Director Michael B. McCallister         For          For                    Mgmt
                    6       Elect Director James J. O'Brien               For          For                    Mgmt
                    7       Elect Director W. Ann Reynolds                For          For                    Mgmt
                    8       Elect Director James O. Robbins               For          For                    Mgmt
                    9       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Huron Consulting Group, Inc. *HURN*      447462102                            03/12/07                   3,950
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/23/07 - A        INTERACTIVE DATA CORPORATION *IDC*       45840J107                            03/30/07                   8,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/06/07 - A        International Game Technology *IGT*      459902102                            01/08/07                  10,850
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        International Securities Exchange        46031W204                            03/23/07                   5,900
                    Holdings Inc *ISE*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Company Specific-- to remove the              For          For                    Mgmt
                            requirement that the President of the
                            Company also be the Chief Executive Officer
                            of the Company
                    3       Ratify Auditors                               For          For                    Mgmt


05/09/07 - A        Intersil Corporation *ISIL*              46069S109                            03/16/07                  12,650
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/18/07 - A        J. C. Penney Co., Inc (HLDG CO) *JCP*    708160106                            03/19/07                   6,386
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Submit Severance Agreement (Change in         Against      For                    ShrHoldr
                            Control) to shareholder Vote
                    4       Require a Majority Vote for the Election of   Against      For                    ShrHoldr
                            Directors


01/25/07 - A        Jacobs Engineering Group Inc. *JEC*      469814107                            12/15/06                   4,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          Against                Mgmt
                    3       Authorize Board to Fill Vacancies             For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        King Pharmaceuticals Inc. *KG*           495582108                            03/30/07                  27,349
                    1       Elect Directors                               For          For                    Mgmt
                    2       Declassify the Board of Directors             For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        Laboratory Corporation of America        50540R409                            03/30/07                     882
                    Holdings *LH*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


02/09/07 - A        Laidlaw International, Inc. *LI*         50730R102                            12/14/06                   6,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/28/07 - A        Lennar Corp. *LEN*                       526057104                            02/09/07                   6,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    4       Prepare Sustainability Report                 Against      Against                ShrHoldr
                    5       Pay For Superior Performance                  Against      For                    ShrHoldr


06/19/07 - A        Liberty Global Inc. *LBTYA*              530555101                            04/26/07                  17,250
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/01/07 - A        Liberty Media Holding Corp               53071M302                            03/28/07                   4,800
                    1       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    2       Elect Directors                               For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Lyondell Chemical Co. *LYO*              552078107                            03/05/07                  13,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Report on Political Contributions             Against      Against                ShrHoldr


05/02/07 - A        Manpower Inc. *MAN*                      56418H100                            02/21/07                   9,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    4       MacBride Principles                           Against      Against                ShrHoldr


05/22/07 - A        MGM Mirage *MGM*                         552953101                            03/30/07                   4,687
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Mirant Corp *MIR.XA*                     60467R100                            03/16/07                  10,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/24/07 - A        Moody's Corporation *MCO*                615369105                            03/01/07                   5,050
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Declassify the Board of Directors             Against      For                    ShrHoldr


01/02/07 - A        MSC Industrial Direct Co., Inc. *MSM*    553530106                            11/24/06                  12,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Stock Option Plan                       For          For                    Mgmt
                    3       Amend Stock Option Plan                       For          For                    Mgmt
                    4       Amend Stock Option Plan                       For          For                    Mgmt
                    5       Ratify Auditors                               For          For                    Mgmt
                    6       Other Business                                For          Against                Mgmt


04/25/07 - A        NCR Corporation *NCR*                    62886E108                            02/12/07                  12,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/22/07 - A        Nordstrom, Inc. *JWN*                    655664100                            03/14/07                   6,027
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/17/07 - A        Northern Trust Corp. *NTRS*              665859104                            02/26/07                  14,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


06/07/07 - A        NYSE Euronext *NYX*                      629491101                            04/27/07                   2,279
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/25/07 - A        Office Depot, Inc. *ODP*                 676220106                            03/20/07                  20,750
                    1       Elect Director Lee A. Ault, III               For          For                    Mgmt
                    2       Elect Director Neil R. Austrian               For          For                    Mgmt
                    3       Elect Director David W. Bernauer              For          For                    Mgmt
                    4       Elect Director Abelardo E. Bru                For          For                    Mgmt
                    5       Elect Director Marsha J. Evans                For          For                    Mgmt
                    6       Elect Director David I. Fuente                For          For                    Mgmt
                    7       Elect Director Brenda J. Gaines               For          For                    Mgmt
                    8       Elect Director Myra M. Hart                   For          For                    Mgmt
                    9       Elect Director W. Scott Hedrick               For          For                    Mgmt
                    10      Elect Director Kathleen Mason                 For          For                    Mgmt
                    11      Elect Director Michael J. Myers               For          For                    Mgmt
                    12      Elect Director Steve Odland                   For          For                    Mgmt
                    13      Approve Omnibus Stock Plan                    For          For                    Mgmt
                    14      Ratify Auditors                               For          For                    Mgmt


04/25/07 - A        OfficeMax Incorporated *OMX*             67622P101                            03/07/07                   5,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    4       Establish an Engagement Process with          Against      Against                ShrHoldr
                            Proponents of a Shareholder Proposal


05/17/07 - A        OGE Energy Corp. *OGE*                   670837103                            03/20/07                   7,450
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


06/05/07 - A        Overseas Shipholding Group, Inc. *OSG*   690368105                            04/16/07                   6,650
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        ProLogis *PLD*                           743410102                            03/12/07                   7,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Republic Services, Inc. *RSG*            760759100                            03/28/07                  10,725
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


02/07/07 - A        Rockwell Automation Inc *ROK*            773903109                            12/11/06                   7,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


02/13/07 - A        Rockwell Collins, Inc. *COL*             774341101                            12/15/06                   6,250
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/04/07 - A        Ryder System, Inc. *R*                   783549108                            03/09/07                   7,250
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Sepracor Inc. *SEPR*                     817315104                            04/05/07                   2,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Snap-on Incorporated *SNA*               833034101                            02/26/07                   4,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Starwood Hotels & Resorts Worldwide,     85590A401                            03/21/07                   9,200
                    Inc. *HOT*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend and Restatement of Charter              For          For                    Mgmt


05/17/07 - A        Steel Dynamics, Inc. *STLD*              858119100                            03/26/07                   7,850
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/23/07 - A        Superior Energy Services, Inc. *SPN*     868157108                            03/30/07                  11,449
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Qualified Employee Stock Purchase     For          For                    Mgmt
                            Plan
                    3       Ratify Auditors                               For          For                    Mgmt


04/12/07 - A        T. Rowe Price Group, Inc. *TROW*         74144T108                            02/12/07                  14,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Non-Employee Director Omnibus Stock   For          Against                Mgmt
                            Plan
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Other Business                                For          Against                Mgmt


05/17/07 - A        Terex Corp. *TEX*                        880779103                            03/23/07                   4,450
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Increase Authorized Common Stock              For          Against                Mgmt
                    4       Approve Nonqualified Employee Stock           For          For                    Mgmt
                            Purchase Plan


05/01/07 - A        Tesoro Corp. *TSO*                       881609101                            03/13/07                   5,950
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/25/07 - A        Textron Inc. *TXT*                       883203101                            03/02/07                   7,050
                    1       Elect Director Kathleen M. Bader              For          For                    Mgmt
                    2       Elect Director R. Kerry Clark                 For          Against                Mgmt
                    3       Elect Director Ivor J. Evans                  For          Against                Mgmt
                    4       Elect Director Lord Powell                    For          Against                Mgmt
                    5       Elect Director James L. Ziemer                For          For                    Mgmt
                    6       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    7       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    8       Ratify Auditors                               For          For                    Mgmt
                    9       Social Proposal                               Against      Against                ShrHoldr


05/02/07 - A        The Dun & Bradstreet Corp *DNB*          26483E100                            03/12/07                   6,750
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Non-Employee Director Omnibus Stock     For          For                    Mgmt
                            Plan


03/13/07 - A        The Toro Company *TTC*                   891092108                            01/17/07                   5,843
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/24/07 - A        Total System Services, Inc. *TSS*        891906109                            02/20/07                   7,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/02/07 - A        Unit Corporation *UNT*                   909218109                            03/05/07                   7,750
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/24/07 - A        United States Steel Corp. *X*            912909108                            02/23/07                   4,650
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/25/07 - A        W.W. Grainger, Inc. *GWW*                384802104                            03/05/07                   4,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Waters Corporation *WAT*                 941848103                            03/20/07                   7,450
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


02/06/07 - A        Western Digital Corp. *WDC*              958102105                            12/14/06                  36,750
                    1       Elect Director Matthew E. Massengill          For          For                    Mgmt
                    2       Elect Director Peter D. Behrendt              For          For                    Mgmt
                    3       Elect Director Kathleen A. Cote               For          For                    Mgmt
                    4       Elect Director John F. Coyne                  For          For                    Mgmt
                    5       Elect Director Henry T. Denero                For          For                    Mgmt
                    6       Elect Director William L. Kimsey              For          For                    Mgmt
                    7       Elect Director Michael D. Lambert             For          For                    Mgmt
                    8       Elect Director Roger H. Moore                 For          For                    Mgmt
                    9       Elect Director Thomas E. Pardun               For          For                    Mgmt
                    10      Elect Director Arif Shakeel                   For          For                    Mgmt
                    11      Ratify Auditors                               For          For                    Mgmt


05/18/07 - A        WESTLAKE CHEM CORP *WLK*                 960413102                            04/02/07                   8,950
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        XTO Energy Inc *XTO*                     98385X106                            03/30/07                  11,600
                    1       Elect Director Lane G. Collins                For          For                    Mgmt
                    2       Elect Director Scott G. Sherman               For          For                    Mgmt
                    3       Elect Director Bob R. Simpson                 For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Yum Brands, Inc. *YUM*                   988498101                            03/19/07                   8,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Adopt MacBride Principles                     Against      Against                ShrHoldr
                    4       Advisory Vote to Ratify Named Executive       Against      For                    ShrHoldr
                            Officers' Compensation
                    5       Pay For Superior Performance                  Against      For                    ShrHoldr
                    6       Submit Severance Agreement (Change in         Against      For                    ShrHoldr
                            Control) to shareholder Vote
                    7       Report on Sustainable Fish/Seafood Sourcing   Against      Against                ShrHoldr
                            Policies
                    8       Report on Animal Welfare Policies             Against      Against                ShrHoldr


******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 06/30/2007
Principal Variable Contracts Fund, Inc.- MidCap Stock Account
Sub-Advisor:  Edge Asset Management, Inc.




========================== PVC MIDCAP STOCK ACCOUNT ============================


A.G. EDWARDS, INC.

Ticker:       AGE            Security ID:  281760108
Meeting Date: JUN 21, 2007   Meeting Type: Annual
Record Date:  MAY 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert L. Bagby            For       For        Management
1.2   Elect Director E. Eugene Carter           For       For        Management
1.3   Elect Director Peter B. Madoff            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ALASKA AIR GROUP, INC.

Ticker:       ALK            Security ID:  011659109
Meeting Date: JUN 12, 2007   Meeting Type: Annual
Record Date:  APR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William S. Ayer            For       For        Management
1.2   Elect Director R. Marc Langland           For       For        Management
1.3   Elect Director Dennis F. Madsen           For       For        Management
2     Reimbursement For Short-Slate Proxy       Against   Against    Shareholder
      Contests
3     Provide for Cumulative Voting             Against   Against    Shareholder
4     Separate Chairman and CEO Positions       Against   For        Shareholder
5     Amend Bylaws/Governance Documents -- Call Against   For        Shareholder
      Special Meetings
6     Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote


- --------------------------------------------------------------------------------

AMBAC FINANCIAL GROUP, INC.

Ticker:       ABK            Security ID:  023139108
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael A. Callen          For       For        Management
1.2   Elect Director Jill M. Considine          For       For        Management
1.3   Elect Director Phillip N. Duff            For       For        Management
1.4   Elect Director Robert J. Genader          For       For        Management
1.5   Elect Director W. Grant Gregory           For       For        Management
1.6   Elect Director Thomas C. Theobald         For       For        Management
1.7   Elect Director Laura S. Unger             For       For        Management
1.8   Elect Director Hery D.G. Wallace          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ARROW ELECTRONICS, INC.

Ticker:       ARW            Security ID:  042735100
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Daniel W. Duval            For       For        Management
1.2   Elect Director John N. Hanson             For       For        Management
1.3   Elect Director Richard S. Hill            For       For        Management
1.4   Elect Director M.F. (Fran) Keeth          For       For        Management
1.5   Elect Director Roger King                 For       For        Management
1.6   Elect Director Karen Gordon Mills         For       For        Management
1.7   Elect Director William E. Mitchell        For       For        Management
1.8   Elect Director Stephen C. Patrick         For       For        Management
1.9   Elect Director Barry W. Perry             For       For        Management
1.10  Elect Director John C. Waddell            For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

CABOT CORP.

Ticker:       CBT            Security ID:  127055101
Meeting Date: MAR 8, 2007    Meeting Type: Annual
Record Date:  JAN 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Kennett F. Burnes          For       For        Management
1.2   Elect Director John S. Clarkeson          For       For        Management
1.3   Elect Director Roderick C.G. MacLeod      For       For        Management
1.4   Elect Director Ronaldo H. Schmitz         For       For        Management
1.5   Elect Director Shengman Zhang             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------

CIMAREX ENERGY CO

Ticker:       XEC            Security ID:  171798101
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cortlandt S. Dietler       For       For        Management
1.2   Elect Director Hans Helmerich             For       Withhold   Management
1.3   Elect Director Monroe W. Robertson        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CONVERGYS CORP.

Ticker:       CVG            Security ID:  212485106
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Zoe Baird                  For       For        Management
1.2   Elect Director Philip A. Odeen            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Reincorporate in Another State [ Ohio to  Against   For        Shareholder
      Delaware ]


- --------------------------------------------------------------------------------

COVANCE INC.

Ticker:       CVD            Security ID:  222816100
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joseph L. Herring          For       For        Management
1.2   Elect Director Irwin Lerner               For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DEAN FOODS COMPANY

Ticker:       DF             Security ID:  242370104
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alan J. Bernon             For       For        Management
1.2   Elect Director Gregg L. Engles            For       For        Management
1.3   Elect Director Ronald Kirk                For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Separate Chairman and CEO Positions       Against   For        Shareholder


- --------------------------------------------------------------------------------

DIEBOLD, INC.

Ticker:       DBD            Security ID:  253651103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Louis V. Bockius, III      For       For        Management
1.2   Elect Director Phillip R. Cox             For       For        Management
1.3   Elect Director Richard L. Crandall        For       For        Management
1.4   Elect Director Gale S. Fitzgerald         For       For        Management
1.5   Elect Director Phillip B. Lassiter        For       For        Management
1.6   Elect Director John N. Lauer              For       For        Management
1.7   Elect Director Eric J. Roorda             For       For        Management
1.8   Elect Director Thomas W. Swidarski        For       For        Management
1.9   Elect Director Henry D.G. Wallace         For       For        Management
1.10  Elect Director Alan J. Weber              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles/Code of                    For       For        Management
      Regulations--Modernization and
      Clarification of Existing Code
4     Amend Articles/Code of                    For       For        Management
      Regulations--Requirement for the Issuance
      of Uncertified Shares
5     Amend Director and Officer                For       For        Management
      Indemnification
6     Amend Articles/Bylaws/Charter--Notice of  For       For        Management
      Shareholder Proposals
7     Company Specific--Permit the Board to     For       For        Management
      Amend the Code
8     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

EDWARDS LIFESCIENCES CORPORATION

Ticker:       EW             Security ID:  28176E108
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert A. Ingram           For       For        Management
1.2   Elect Director Vernon R. Loucks Jr.       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

EXPRESS SCRIPTS, INC.

Ticker:       ESRX           Security ID:  302182100
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gary G. Benanav            For       For        Management
1.2   Elect Director Frank J. Borelli           For       For        Management
1.3   Elect Director Maura C. Breen             For       For        Management
1.4   Elect Director Nicholas J. LaHowchic      For       For        Management
1.5   Elect Director Thomas P. Mac Mahon        For       For        Management
1.6   Elect Director Woodrow A. Myers Jr., M.D. For       For        Management
1.7   Elect Director John O. Parker, Jr.        For       For        Management
1.8   Elect Director George Paz                 For       For        Management
1.9   Elect Director Samuel K. Skinner          For       For        Management
1.10  Elect Director Seymour Sternberg          For       For        Management
1.11  Elect Director Barrett A. Toan            For       For        Management
1.12  Elect Director Howard L. Waltman          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FEDERAL SIGNAL CORP.

Ticker:       FSS            Security ID:  313855108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Mccartney          For       For        Management
1.2   Elect Director Robert M. Gerrity          For       For        Management
1.3   Elect Director Robert S. Hamada           For       For        Management
1.4   Elect Director Brenda Reichelderfer       For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

FIDELITY NATIONAL FINANCIAL, INC.

Ticker:       FNF            Security ID:  31620R105
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cary H. Thompson           For       Withhold   Management
1.2   Elect Director Daniel D. (Ron) Lane       For       For        Management
1.3   Elect Director General William Lyon       For       For        Management
1.4   Elect Director Richard N. Massey          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

FIDELITY NATIONAL INFORMATION SERVICES INC

Ticker:       FIS            Security ID:  31620M106
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Lee A. Kennedy             For       For        Management
1.2   Elect Director Keith W. Hughes            For       For        Management
1.3   Elect Director James K. Hunt              For       For        Management
1.4   Elect Director Richard N. Massey          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John Bucksbaum             For       For        Management
1.2   Elect Director Alan Cohen                 For       For        Management
1.3   Elect Director Anthony Downs              For       For        Management
2     Amend Nonqualified Employee Stock         For       For        Management
      Purchase Plan
3     Ratify Auditors                           For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder


- --------------------------------------------------------------------------------

IMS HEALTH INC.

Ticker:       RX             Security ID:  449934108
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James D. Edwards           For       For        Management
1.2   Elect Director William C. Van Faasen      For       For        Management
1.3   Elect Director Bret W. Wise               For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder




- --------------------------------------------------------------------------------

LINCOLN ELECTRIC HOLDINGS, INC.

Ticker:       LECO           Security ID:  533900106
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen G. Hanks           For       For        Management
1.2   Elect Director Kathryn Jo Lincoln         For       For        Management
1.3   Elect Director W.E. MacDonald, III        For       For        Management
1.4   Elect Director George H. Walls, Jr.       For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

LUBRIZOL CORP., THE

Ticker:       LZ             Security ID:  549271104
Meeting Date: APR 23, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Hambrick          For       For        Management
1.2   Elect Director Gordon D. Harnett          For       For        Management
1.3   Elect Director Victoria F. Haynes         For       For        Management
1.4   Elect Director William P. Madar           For       For        Management
1.5   Elect Director James E. Sweetnam          For       For        Management
1.6   Elect Director Harriett Tee Taggart       For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MAGNA INTERNATIONAL INC.

Ticker:       MG.A           Security ID:  559222401
Meeting Date: MAY 10, 2007   Meeting Type: Annual/Special
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael D. Harris          For       Withhold   Management
1.2   Elect Director Louis E. Lataif            For       For        Management
1.3   Elect Director Klaus Mangold              For       Withhold   Management
1.4   Elect Director Donald Resnick             For       For        Management
1.5   Elect Director Frank Stronach             For       For        Management
1.6   Elect Director Franz Vranitzky            For       For        Management
1.7   Elect Director Donald J. Walker           For       For        Management
1.8   Elect Director Siegfried Wolf             For       For        Management
1.9   Elect Director Lawrence D. Worrall        For       For        Management
2     Approve Ernst & Young LLP as Auditors and For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors
3     Amend Stock Option Plan                   For       For        Management


- --------------------------------------------------------------------------------

MATTEL, INC.

Ticker:       MAT            Security ID:  577081102
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Dolan           For       For        Management
1.2   Elect Director Robert A. Eckert           For       For        Management
1.3   Elect Director Frances D. Fergusson       For       For        Management
1.4   Elect Director Tully M. Friedman          For       For        Management
1.5   Elect Director Dominic Ng                 For       For        Management
1.6   Elect Director Andrea L. Rich             For       For        Management
1.7   Elect Director Ronald L. Sargent          For       For        Management
1.8   Elect Director Dean A. Scarborough        For       For        Management
1.9   Elect Director Christopher A. Sinclair    For       For        Management
1.10  Elect Director G. Craig Sullivan          For       For        Management
1.11  Elect Director Kathy Brittain White       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company Specific- Approve Majority Vote   For       For        Management
      and Eliminate Cumulative Voting
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Limit Executive Compensation              Against   Against    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Report Progress on Improving Work and     Against   Against    Shareholder
      Living Conditions
8     Pay for Superior Performance              Against   For        Shareholder

- --------------------------------------------------------------------------------

MAX RE CAPITAL LTD HAMILTON

Ticker:       MXRE           Security ID:  G6052F103
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO ELECT W. MARSTON BECKER TO THE BOARD   For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
2     TO ELECT GORDON F. CHEESBROUGH TO THE     For       For        Management
      BOARD OF DIRECTORS OF MAX RE CAPITAL LTD.
3     TO ELECT K. BRUCE CONNELL TO THE BOARD OF For       For        Management
      DIRECTORS OF MAX RE CAPITAL LTD.
4     TO ELECT MARIO P. TORSIELLO TO THE BOARD  For       For        Management
      OF DIRECTORS OF MAX RE CAPITAL LTD.
5     TO AUTHORIZE THE ELECTION OF W. MARSTON   For       For        Management
      BECKER TO THE BOARD OF DIRECTORS OF MAX
      RE LTD.
6     TO AUTHORIZE THE APPROVAL OF AN AMENDMENT For       For        Management
      TO THE BYE-LAWS OF MAX RE LTD. TO REDUCE
      THE MINIMUM NUMBER OF DIRECTORS TO TWO.
7     TO APPROVE CHANGING THE NAME OF MAX RE    For       For        Management
      CAPITAL LTD. TO MAX CAPITAL GROUP LTD.
8     TO AUTHORIZE THE APPROVAL OF CHANGING THE For       For        Management
      NAME OF MAX RE LTD. TO MAX BERMUDA LTD.
9     Ratify Auditors                           For       For        Management
10    Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

NISOURCE INC.

Ticker:       NI             Security ID:  65473P105
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Steven C. Beering          For       For        Management
2     Elect Director Dennis E. Foster           For       For        Management
3     Elect Director Marty K. Kittrell          For       For        Management
4     Elect Director Peter McCausland           For       For        Management
5     Elect Director Steven R. McCracken        For       For        Management
6     Elect Director W. Lee Nutter              For       For        Management
7     Elect Director Ian M. Rolland             For       For        Management
8     Elect Director Robert C. Skaggs, Jr       For       For        Management
9     Elect Director Richard L. Thompson        For       For        Management
10    Elect Director Carolyn Y. Woo             For       For        Management
11    Elect Director Roger A. Young             For       For        Management
12    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NOBLE ENERGY, INC.

Ticker:       NBL            Security ID:  655044105
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jeffrey L. Berenson        For       For        Management
1.2   Elect Director Michael A. Cawley          For       For        Management
1.3   Elect Director Edward F. Cox              For       For        Management
1.4   Elect Director Charles D. Davidson        For       For        Management
1.5   Elect Director Thomas J. Edelman          For       For        Management
1.6   Elect Director Kirby L. Hedrick           For       For        Management
1.7   Elect Director Bruce A. Smith             For       For        Management
1.8   Elect Director William T. Van Kleef       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Stock Option Plan                   For       Against    Management
4     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

NORDSTROM, INC.

Ticker:       JWN            Security ID:  655664100
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  MAR 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Phyllis J. Campbell        For       For        Management
1.2   Elect Director Enrique Hernandez, Jr.     For       For        Management
1.3   Elect Director Jeanne P. Jackson          For       For        Management
1.4   Elect Director Robert G. Miller           For       For        Management
1.5   Elect Director Blake W. Nordstrom         For       For        Management
1.6   Elect Director Erik B. Nordstrom          For       For        Management
1.7   Elect Director Peter E. Nordstrom         For       For        Management
1.8   Elect Director Philip G. Satre            For       For        Management
1.9   Elect Director Alison A. Winter           For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

PACCAR INC.

Ticker:       PCAR           Security ID:  693718108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alison J. Carnwath         For       For        Management
1.2   Elect Director Robert T. Parry            For       For        Management
1.3   Elect Director Harold A. Wagner           For       For        Management
2     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

PAPA JOHN'S INTERNATIONAL, INC

Ticker:       PZZA           Security ID:  698813102
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director F. William Barnett         For       For        Management
1.2   Elect Director Norborne P. Cole, Jr.      For       For        Management
1.3   Elect Director John O. Hatab              For       For        Management
1.4   Elect Director William M. Street          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PINNACLE WEST CAPITAL CORP.

Ticker:       PNW            Security ID:  723484101
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Declassify the Board of Directors         For       For        Management
2.1   Elect Director Roy A. Herberger, Jr.      For       For        Management
2.2   Elect Director Humberto S. Lopez          For       For        Management
2.3   Elect Director Kathryn L. Munro           For       For        Management
2.4   Elect Director William L. Stewart         For       For        Management
2.5   Elect Director Edward N. Basha, Jr.       For       For        Management
2.6   Elect Director Jack E. Davis              For       For        Management
2.7   Elect Director Michael L. Gallagher       For       For        Management
2.8   Elect Director Pamela Grant               For       For        Management
2.9   Elect Director William S. Jamieson, Jr.   For       For        Management
2.10  Elect Director Bruce J. Nordstrom         For       For        Management
2.11  Elect Director William J. Post            For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PMI GROUP, INC., THE

Ticker:       PMI            Security ID:  69344M101
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mariann Byerwalter         For       For        Management
1.2   Elect Director James C. Castle            For       For        Management
1.3   Elect Director Carmine Guerro             For       For        Management
1.4   Elect Director Wayne E. Hedien            For       For        Management
1.5   Elect Director Louis G. Lower Ii          For       For        Management
1.6   Elect Director Raymond L. Ocampo Jr.      For       For        Management
1.7   Elect Director John D. Roach              For       For        Management
1.8   Elect Director Kenneth T. Rosen           For       For        Management
1.9   Elect Director Steven L. Scheid           For       For        Management
1.10  Elect Director L. Stephen Smith           For       For        Management
1.11  Elect Director Jose H. Villarreal         For       For        Management
1.12  Elect Director Mary Lee Widener           For       For        Management
1.13  Elect Director Ronald H. Zech             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

REPUBLIC SERVICES, INC.

Ticker:       RSG            Security ID:  760759100
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James E. O'Connor          For       For        Management
1.2   Elect Director Harris W. Hudson           For       For        Management
1.3   Elect Director John W. Croghan            For       For        Management
1.4   Elect Director W. Lee Nutter              For       For        Management
1.5   Elect Director Ramon A. Rodriguez         For       For        Management
1.6   Elect Director Allan C. Sorensen          For       For        Management
1.7   Elect Director Michael W. Wickham         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SYNOPSYS, INC.

Ticker:       SNPS           Security ID:  871607107
Meeting Date: MAR 23, 2007   Meeting Type: Annual
Record Date:  FEB 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Aart J. De Geus            For       For        Management
1.2   Elect Director Chi-Foon Chan              For       For        Management
1.3   Elect Director Bruce R. Chizen            For       For        Management
1.4   Elect Director Deborah A. Coleman         For       For        Management
1.5   Elect Director Sasson Somekh              For       For        Management
1.6   Elect Director Roy Vallee                 For       For        Management
1.7   Elect Director Steven C. Walske           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TCF FINANCIAL CORP.

Ticker:       TCB            Security ID:  872275102
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Luella G. Goldberg         For       For        Management
1.2   Elect Director George G. Johnson          For       For        Management
1.3   Elect Director Lynn A. Nagorske           For       For        Management
1.4   Elect Director Gregory J. Pulles          For       For        Management
1.5   Elect Director Ralph Strangis             For       Withhold   Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TELEFLEX INC.

Ticker:       TFX            Security ID:  879369106
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Patricia C. Barron         For       For        Management
1.2   Elect Director Jeffrey A. Graves          For       For        Management
1.3   Elect Director James W. Zug               For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TESORO CORP.

Ticker:       TSO            Security ID:  881609101
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Bookout, III       For       For        Management
1.2   Elect Director Rodney F. Chase            For       For        Management
1.3   Elect Director Robert W. Goldman          For       For        Management
1.4   Elect Director Steven H. Grapstein        For       For        Management
1.5   Elect Director William J. Johnson         For       For        Management
1.6   Elect Director J.W. (jim) Nokes           For       For        Management
1.7   Elect Director Donald H. Schmude          For       For        Management
1.8   Elect Director Bruce A. Smith             For       For        Management
1.9   Elect Director Michael E. Wiley           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TIFFANY & CO.

Ticker:       TIF            Security ID:  886547108
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Michael J. Kowalski        For       For        Management
2     Elect Director Rose Marie Bravo           For       For        Management
3     Elect Director William R. Chaney          For       For        Management
4     Elect Director Gary E. Costley            For       For        Management
5     Elect Director Abby F. Kohnstamm          For       For        Management
6     Elect Director Charles K. Marquis         For       For        Management
7     Elect Director J. Thomas Presby           For       For        Management
8     Elect Director James E. Quinn             For       For        Management
9     Elect Director William A. Shutzer         For       For        Management
10    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

UNITED STATES CELLULAR CORP.

Ticker:       USM            Security ID:  911684108
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 29, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director P.H. Denuit                For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

UNIVERSAL HEALTH SERVICES, INC.

Ticker:       UHS            Security ID:  913903100
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  APR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert H. Hotz             For       For        Management



- --------------------------------------------------------------------------------

WEIGHT WATCHERS INTERNATIONAL, INC.

Ticker:       WTW            Security ID:  948626106
Meeting Date: MAY 7, 2007    Meeting Type: Annual
Record Date:  MAR 27, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Philippe J. Amouyal        For       Withhold   Management
1.2   Elect Director David P. Kirchhoff         For       Withhold   Management
1.3   Elect Director Sam K. Reed                For       For        Management
2     Ratify Auditors                           For       For        Management




Fund:  Principal Variable Contracts Fund, Inc. - MidCap Value Account
Sub-Advisor:  Jacobs Levy Equity Management, Inc.




                                     Primary
                                     Ticker           Meeting    Record                                             Recomm.
Company Name                         Symbol Security IDate       Date       Proposal Long Text                      Vote        Vote
                                                                                                         
TELEPHONE AND DATA SYSTEMS, INC.     TDS    879433100 12-Sep-06  07-Aug-06  DIRECTOR                                F
TELEPHONE AND DATA SYSTEMS, INC.     TDS    879433100 12-Sep-06  07-Aug-06  DIRECTOR                                F
TELEPHONE AND DATA SYSTEMS, INC.     TDS    879433100 12-Sep-06  07-Aug-06  DIRECTOR                                F
TELEPHONE AND DATA SYSTEMS, INC.     TDS    879433100 12-Sep-06  07-Aug-06  DIRECTOR                                F
TELEPHONE AND DATA SYSTEMS, INC.     TDS    879433100 12-Sep-06  07-Aug-06  RATIFY ACCOUNTANTS FOR 2006             F
CONAGRA FOODS, INC.                  CAG    205887102 28-Sep-06  31-Jul-06  DIRECTOR                                F
CONAGRA FOODS, INC.                  CAG    205887102 28-Sep-06  31-Jul-06  DIRECTOR                                F
CONAGRA FOODS, INC.                  CAG    205887102 28-Sep-06  31-Jul-06  DIRECTOR                                F
CONAGRA FOODS, INC.                  CAG    205887102 28-Sep-06  31-Jul-06  DIRECTOR                                F
CONAGRA FOODS, INC.                  CAG    205887102 28-Sep-06  31-Jul-06  APPROVE THE 2006 STOCK PLAN             F
                                                                            RATIFY THE APPOINTMENT OF INDEPENDENT
CONAGRA FOODS, INC.                  CAG    205887102 28-Sep-06  31-Jul-06  AUDITORS                                F
                                                                            ADOPTION OF THE AGREEMENT AND PLAN OF
                                                                            MERGER, BY AND BETWEEN REGIONS
                                                                            FINANCIAL CORPORATION AND AMSOUTH
                                                                            BANCORPORATION, DATED AS OF MAY 24,
                                                                            2006, AS IT MAY BE AMENDED FROM TIME
                                                                            TO TIME, PURSUANT TO WHICH AMSOUTH
                                                                            BANCORPORATION WILL BE MERGED WITH
                                                                            AND INTO REGIONS FINANCIAL
AMSOUTH BANCORPORATION               ASO    32165102  03-Oct-06  14-Aug-06  CORPORATION.                            F           F
                                                                            APPROVE THE ADJOURNMENT OF THE
                                                                            AMSOUTH SPECIAL MEETING, IF NECESSARY
                                                                            OR APPROPRIATE, TO SOLICIT ADDITIONAL
AMSOUTH BANCORPORATION               ASO    32165102  03-Oct-06  14-Aug-06  PROXIES.                                F           F
PALM, INC.                           PALM   696643105 05-Oct-06  10-Aug-06  DIRECTOR                                F           F
PALM, INC.                           PALM   696643105 05-Oct-06  10-Aug-06  DIRECTOR                                F           F
PALM, INC.                           PALM   696643105 05-Oct-06  10-Aug-06  DIRECTOR                                F           F
                                                                            A PROPOSAL TO RATIFY THE APPOINTMENT
                                                                            OF DELOITTE & TOUCHE LLP AS PALM'S
                                                                            INDEPENDENT PUBLIC AUDITORS FOR THE
PALM, INC.                           PALM   696643105 05-Oct-06  10-Aug-06  FISCAL YEAR ENDING JUNE 1, 2007.        F           F
                                                                            APPROVAL OF THE AGREEMENT AND PLAN OF
                                                                            MERGER, DATED JUNE 25, 2006, AS
                                                                            AMENDED AND RESTATED AS OF SEPTEMBER
                                                                            18, 2006, BY AND BETWEEN FIDELITY
                                                                            NATIONAL INFORMATION SERVICES, INC.
                                                                            AND FIDELITY NATIONAL FINANCIAL,
                                                                            INC., WHEREBY FIDELITY NATIONAL
                                                                            FINANCIAL, INC. WILL MERGE WITH AND
                                                                            INTO FIDELITY NATIONAL INFORMATION
FIDELITY NATIONAL FINANCIAL, INC.    FNF    316326107 23-Oct-06  11-Sep-06  SERVICES, INC.                          F           F
FIDELITY NATIONAL FINANCIAL, INC.    FNF    316326107 23-Oct-06  11-Sep-06  DIRECTOR                                F           F
FIDELITY NATIONAL FINANCIAL, INC.    FNF    316326107 23-Oct-06  11-Sep-06  DIRECTOR                                F           F
                                                                            TO RATIFY THE APPOINTMENT OF KPMG LLP
                                                                            AS OUR INDEPENDENT AUDITORS FOR THE
FIDELITY NATIONAL FINANCIAL, INC.    FNF    316326107 23-Oct-06  11-Sep-06  2006 FISCAL YEAR.                       F           F
PARKER-HANNIFIN CORPORATION          PH     701094104 25-Oct-06  31-Aug-06  DIRECTOR                                F           F
PARKER-HANNIFIN CORPORATION          PH     701094104 25-Oct-06  31-Aug-06  DIRECTOR                                F           F
PARKER-HANNIFIN CORPORATION          PH     701094104 25-Oct-06  31-Aug-06  DIRECTOR                                F           F
PARKER-HANNIFIN CORPORATION          PH     701094104 25-Oct-06  31-Aug-06  DIRECTOR                                F           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
PARKER-HANNIFIN CORPORATION          PH     701094104 25-Oct-06  31-Aug-06  ACCOUNTING FIRM FOR FY07.               F           F
                                                                            A SHAREHOLDER PROPOSAL TO DECLASSIFY
PARKER-HANNIFIN CORPORATION          PH     701094104 25-Oct-06  31-Aug-06  THE ELECTION OF DIRECTORS.              N           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  DIRECTOR                                F           F
                                                                            RATIFICATION OF APPOINTMENT OF THE
                                                                            INDEPENDENT REGISTERED PUBLIC
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  ACCOUNTING FIRM.                        F           F
                                                                            SHAREOWNER PROPOSAL ON SUSTAINABILITY
CAMPBELL SOUP COMPANY                CPB    134429109 16-Nov-06  19-Sep-06  REPORT.                                 N           N
                                                                            APPROVE AMENDMENTS TO THE AMENDED AND
                                                                            RESTATED CERTIFICATE OF INCORPORATION
                                                                            OF THE COMPANY TO ELIMINATE THE
                                                                            CLASSIFICATION OF THE BOARD OF
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTORS.                              F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  DIRECTOR                                F           F
                                                                            APPROVE AMENDMENTS TO THE AMENDED AND
                                                                            RESTATED CERTIFICATE OF INCORPORATION
                                                                            OF THE COMPANY TO ELIMINATE THE CLASS
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  B COMMON STOCK.                         F           F
                                                                            APPROVE A PROPOSAL TO INCREASE THE
                                                                            NUMBER OF SHARES WHICH MAY BE ISSUED
                                                                            UNDER THE 2001 DEFERRED STOCK UNIT
                                                                            PLAN FOR SELECTED EMPLOYEES (THE DSU
WATSON WYATT WORLDWIDE, INC          WW     942712100 17-Nov-06  02-Oct-06  PLAN"). "                               F           F
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  DIRECTOR                                F           F
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  DIRECTOR                                F           F
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  DIRECTOR                                F           F
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  DIRECTOR                                F           F
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  DIRECTOR                                F           F
                                                                            TO APPROVE THE 2007 STOCK AWARD AND
                                                                            INCENTIVE PLAN, AS DESCRIBED IN THE
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  ACCOMPANYING PROXY STATEMENT.           F           N
                                                                            TO APPROVE THE RETENTION OF DELOITTE
                                                                            & TOUCHE LLP AS THE COMPANY'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE FISCAL YEAR
NEW JERSEY RESOURCES CORPORATION     NJR    646025106 24-Jan-07  06-Dec-06  ENDING SEPTEMBER 30 2007.               F           F
AIR PRODUCTS AND CHEMICALS, INC.     APD    9158106   25-Jan-07  30-Nov-06  DIRECTOR                                F           F
AIR PRODUCTS AND CHEMICALS, INC.     APD    9158106   25-Jan-07  30-Nov-06  DIRECTOR                                F           F
AIR PRODUCTS AND CHEMICALS, INC.     APD    9158106   25-Jan-07  30-Nov-06  DIRECTOR                                F           F
AIR PRODUCTS AND CHEMICALS, INC.     APD    9158106   25-Jan-07  30-Nov-06  DIRECTOR                                F           F
                                                                            APPOINTMENT OF INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTANTS. RATIFICATION OF
                                                                            APPOINTMENT OF KPMG LLP, AS
                                                                            INDEPENDENT REGISTERED PUBLIC
AIR PRODUCTS AND CHEMICALS, INC.     APD    9158106   25-Jan-07  30-Nov-06  ACCOUNTANTS FOR FISCAL YEAR 2007.       F           F
ARVINMERITOR, INC.                   ARM    43353101  26-Jan-07  24-Nov-06  DIRECTOR                                F           F
ARVINMERITOR, INC.                   ARM    43353101  26-Jan-07  24-Nov-06  DIRECTOR                                F           F
ARVINMERITOR, INC.                   ARM    43353101  26-Jan-07  24-Nov-06  DIRECTOR                                F           F
ARVINMERITOR, INC.                   ARM    43353101  26-Jan-07  24-Nov-06  DIRECTOR                                F           F
ARVINMERITOR, INC.                   ARM    43353101  26-Jan-07  24-Nov-06  THE SELECTION OF AUDITORS               F           F
                                                                            APPROVAL OF ADOPTION OF THE 2007
ARVINMERITOR, INC.                   ARM    43353101  26-Jan-07  24-Nov-06  LONG-TERM INCENTIVE PLAN                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  DIRECTOR                                F           F
                                                                            TO RATIFY THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS OUR
                                                                            INDEPENDENT REGISTERED ACCOUNTING
BROOKS AUTOMATION, INC.              BRKS   114340102 05-Feb-07  15-Dec-06  FIRM FOR THE 2007 FISCAL YEAR.          F           F
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  ELECTION OF DIRECTOR: LAURENT ALPERT    F           F
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  ELECTION OF DIRECTOR: KATIE J. BAYNE    F           F
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  ELECTION OF DIRECTOR: BRIAN C. BEAZER   F           F
                                                                            ELECTION OF DIRECTOR: PETER G.
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  LEEMPUTTE                               F           F
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  ELECTION OF DIRECTOR: IAN J. MCCARTHY   F           F
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  ELECTION OF DIRECTOR: LARRY T. SOLARI   F           F
                                                                            ELECTION OF DIRECTOR: STEPHEN P.
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  ZELNAK, JR.                             F           F
                                                                            PROPOSAL TO RATIFY THE SELECTION OF
                                                                            DELOITTE & TOUCHE LLP BY THE AUDIT
                                                                            COMMITTEE OF THE BOARD OF DIRECTORS
                                                                            AS THE COMPANY'S INDEPENDENT AUDITORS
                                                                            FOR THE FISCAL YEAR ENDING SEPTEMBER
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  30, 2007.                               F           F
                                                                            IN THEIR DISCRETION, THE PROXIES ARE
                                                                            AUTHORIZED TO VOTE UPON SUCH OTHER
                                                                            BUSINESS AS MAY PROPERLY COME BEFORE
BEAZER HOMES USA, INC.               BZH    07556Q105 05-Feb-07  07-Dec-06  THE MEETING.                            F           N
HILLENBRAND INDUSTRIES, INC.         HB     431573104 08-Feb-07  15-Dec-06  DIRECTOR                                F           F
HILLENBRAND INDUSTRIES, INC.         HB     431573104 08-Feb-07  15-Dec-06  DIRECTOR                                F           F
HILLENBRAND INDUSTRIES, INC.         HB     431573104 08-Feb-07  15-Dec-06  DIRECTOR                                F           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
HILLENBRAND INDUSTRIES, INC.         HB     431573104 08-Feb-07  15-Dec-06  ACCOUNTING FIRM.                        F           F
LAIDLAW INTERNATIONAL, INC.          LI     50730R102 09-Feb-07  14-Dec-06  DIRECTOR                                F           F
LAIDLAW INTERNATIONAL, INC.          LI     50730R102 09-Feb-07  14-Dec-06  DIRECTOR                                F           F
LAIDLAW INTERNATIONAL, INC.          LI     50730R102 09-Feb-07  14-Dec-06  DIRECTOR                                F           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            THE COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM,
                                                                            PRICEWATERHOUSECOOPERS LLP, FOR
LAIDLAW INTERNATIONAL, INC.          LI     50730R102 09-Feb-07  14-Dec-06  FISCAL 2007.                            F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  DIRECTOR                                F           F
                                                                            TO RATIFY THE APPOINTMENT BY THE
                                                                            AUDIT COMMITTEE OF THE BOARD OF
                                                                            DIRECTORS OF KPMG LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  PUBLIC ACCOUNTING FIRM.                 F           F
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  TO APPROVE THE 2007 STOCK BONUS PLAN.   F           F
                                                                            TO APPROVE THE 2007 STOCK OPTION PLAN
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  FOR INDEPENDENT CONTRACTORS.            F           N
                                                                            TO APPROVE AN AMENDMENT TO THE 2005
                                                                            RESTRICTED STOCK PLAN TO INCREASE THE
RAYMOND JAMES FINANCIAL, INC.        RJF    754730109 15-Feb-07  11-Dec-06  NUMBER OF SHARES BY 2,000,000.          F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  DIRECTOR                                F           F
                                                                            RATIFICATION OF APPOINTMENT OF KPMG
                                                                            LLP AS INDEPENDENT REGISTERED PUBLIC
JACK IN THE BOX INC.                 JBX    466367109 16-Feb-07  27-Dec-06  ACCOUNTANTS.                            F           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  DIRECTOR                                Y           F
                                                                            APPROVAL OF AMENDED AND RESTATED UGI
                                                                            CORPORATION 2004 OMNIBUS EQUITY
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  COMPENSATION PLAN                       Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
UGI CORPORATION                      UGI    902681105 27-Feb-07  15-Dec-06  ACCOUNTANTS                             Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT BY OUR
                                                                            AUDIT COMMITTEE OF KPMG LLP AS OUR
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE FISCAL YEAR
SYNOPSYS, INC.                       SNPS   871607107 23-Mar-07  14-Feb-07  ENDING OCTOBER 31, 2007.                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  DIRECTOR                                Y           F
                                                                            THE PROPOSAL TO RATIFY THE
                                                                            APPOINTMENT OF PRICEWATERHOUSECOOPERS
                                                                            LLP AS THE COMPANY'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
                                                                            THE FISCAL YEAR ENDING DECEMBER 31,
ALBEMARLE CORPORATION                ALB    12653101  11-Apr-07  01-Feb-07  2007.                                   Y           F
                                                                            ELECTION OF DIRECTOR: MICHAEL F.
WHIRLPOOL CORPORATION                WHR    963320106 17-Apr-07  02-Mar-07  JOHNSTON                                Y           F
WHIRLPOOL CORPORATION                WHR    963320106 17-Apr-07  02-Mar-07  ELECTION OF DIRECTOR: WILLIAM T. KERR   Y           F
                                                                            ELECTION OF DIRECTOR: JANICE D.
WHIRLPOOL CORPORATION                WHR    963320106 17-Apr-07  02-Mar-07  STONEY                                  Y           F
                                                                            ELECTION OF DIRECTOR: MICHAEL D.
WHIRLPOOL CORPORATION                WHR    963320106 17-Apr-07  02-Mar-07  WHITE                                   Y           F
                                                                            TO APPROVE THE WHIRLPOOL CORPORATION
WHIRLPOOL CORPORATION                WHR    963320106 17-Apr-07  02-Mar-07  2007 OMNIBUS STOCK AND INCENTIVE PLAN   Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF THE AMENDED AND RESTATED
                                                                            NORTHERN TRUST CORPORATION 2002 STOCK
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  PLAN.                                   Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            KPMG LLP AS THE CORPORATION'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE FISCAL YEAR
NORTHERN TRUST CORPORATION           NTRS   665859104 17-Apr-07  26-Feb-07  ENDING DECEMBER 31, 2007.               Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            INDEPENDENT PUBLIC ACCOUNTANT OF M&T
                                                                            BANK CORPORATION FOR THE YEAR ENDING
M&T BANK CORPORATION                 MTB    55261F104 17-Apr-07  28-Feb-07  DECEMBER 31, 2007.                      Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF APPOINTMENT OF THE
                                                                            INDEPENDENT REGISTERED PUBLIC
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  ACCOUNTING FIRM                         Y           F
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  PERFORMANCE-BASED STOCK OPTIONS         N           N
PG&E CORPORATION                     PCG    69331C108 18-Apr-07  20-Feb-07  CUMULATIVE VOTING                       N           N
SONOCO PRODUCTS COMPANY              SON    835495102 18-Apr-07  23-Feb-07  DIRECTOR                                Y           F
SONOCO PRODUCTS COMPANY              SON    835495102 18-Apr-07  23-Feb-07  DIRECTOR                                Y           F
SONOCO PRODUCTS COMPANY              SON    835495102 18-Apr-07  23-Feb-07  DIRECTOR                                Y           F
SONOCO PRODUCTS COMPANY              SON    835495102 18-Apr-07  23-Feb-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            INDEPENDENT REGISTERED PUBLIC
SONOCO PRODUCTS COMPANY              SON    835495102 18-Apr-07  23-Feb-07  ACCOUNTING FIRM FOR THE COMPANY.        Y           F
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTOR                                Y           F
                                                                            TO APPROVE THE 2007 STOCK PLAN FOR
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  DIRECTORS.                              Y           F
                                                                            TO APPROVE THE MANAGEMENT INCENTIVE
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  PLAN (MIP).                             Y           F
                                                                            TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS, LLP AS
                                                                            BANCGROUP'S INDEPENDENT AUDITORS FOR
THE COLONIAL BANCGROUP, INC.         CNB    195493309 18-Apr-07  20-Feb-07  2007.                                   Y           F
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  DIRECTOR                                Y           F
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  DIRECTOR                                Y           F
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO ENDORSE THE APPOINTMENT
                                                                            OF DELOITTE & TOUCHE LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  PUBLIC ACCOUNTING FIRM FOR 2007.        Y           F
                                                                            PROPOSAL TO IMPLEMENT A MAJORITY VOTE
                                                                            STANDARD FOR THE ELECTION OF
                                                                            DIRECTORS IN UNCONTESTED ELECTIONS,
                                                                            RETAINING A PLURALITY VOTE STANDARD
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  IN CONTESTED ELECTIONS.                 Y           F
                                                                            PROPOSAL TO ELIMINATE CUMULATIVE
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  VOTING IN ALL ELECTIONS OF DIRECTORS.   Y           F
                                                                            SHAREHOLDER PROPOSAL RELATED TO
                                                                            FUTURE SEVERANCE AGREEMENTS WITH
PPG INDUSTRIES, INC.                 PPG    693506107 19-Apr-07  16-Feb-07  SENIOR EXECUTIVES.                      N           F
THORNBURG MORTGAGE, INC.             TMA    885218107 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
THORNBURG MORTGAGE, INC.             TMA    885218107 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
THORNBURG MORTGAGE, INC.             TMA    885218107 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
THORNBURG MORTGAGE, INC.             TMA    885218107 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
HERCULES INCORPORATED                HPC    427056106 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
HERCULES INCORPORATED                HPC    427056106 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
HERCULES INCORPORATED                HPC    427056106 19-Apr-07  05-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF BDO SEIDMAN, LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
HERCULES INCORPORATED                HPC    427056106 19-Apr-07  05-Mar-07  ACCOUNTANTS FOR 2007.                   Y           F
                                                                            AMENDMENTS TO HERCULES' AMENDED AND
                                                                            RESTATED CERTIFICATE OF INCORPORATION
                                                                            AND HERCULES' REVISED AND AMENDED
HERCULES INCORPORATED                HPC    427056106 19-Apr-07  05-Mar-07  BY-LAWS.                                Y           F
WILMINGTON TRUST CORPORATION         WL     971807102 19-Apr-07  20-Feb-07  DIRECTOR                                Y           F
WILMINGTON TRUST CORPORATION         WL     971807102 19-Apr-07  20-Feb-07  DIRECTOR                                Y           F
WILMINGTON TRUST CORPORATION         WL     971807102 19-Apr-07  20-Feb-07  DIRECTOR                                Y           F
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  DIRECTOR                                Y           F
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  DIRECTOR                                Y           F
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  DIRECTOR                                Y           F
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  DIRECTOR                                Y           F
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  DIRECTOR                                Y           F
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  DIRECTOR                                Y           F
                                                                            CONFIRMATION OF APPOINTMENT OF
                                                                            DELOITTE & TOUCHE LLP AS THE
                                                                            INDEPENDENT REGISTERED PUBLIC
THE LUBRIZOL CORPORATION             LZ     549271104 23-Apr-07  02-Mar-07  ACCOUNTANT                              Y           F
VF CORPORATION                       VFC    918204108 24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
VF CORPORATION                       VFC    918204108 24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
VF CORPORATION                       VFC    918204108 24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
VF CORPORATION                       VFC    918204108 24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF AN AMENDMENT AND
                                                                            RESTATEMENT OF VF'S 1996 STOCK
VF CORPORATION                       VFC    918204108 24-Apr-07  06-Mar-07  COMPENSATION PLAN.                      Y           F
                                                                            RATIFICATION OF THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS VF'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE FISCAL YEAR
VF CORPORATION                       VFC    918204108 24-Apr-07  06-Mar-07  ENDING DECEMBER 29, 2007.               Y           F
GANNETT CO., INC.                    GCI    364730101 24-Apr-07  28-Feb-07  DIRECTOR                                Y           F
GANNETT CO., INC.                    GCI    364730101 24-Apr-07  28-Feb-07  DIRECTOR                                Y           F
GANNETT CO., INC.                    GCI    364730101 24-Apr-07  28-Feb-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO RATIFY ERNST & YOUNG LLP
                                                                            AS THE COMPANY'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
GANNETT CO., INC.                    GCI    364730101 24-Apr-07  28-Feb-07  THE 2007 FISCAL YEAR.                   Y           F
                                                                            PROPOSAL TO AMEND THE CERTIFICATE OF
                                                                            INCORPORATION AND BY-LAWS TO
                                                                            DECLASSIFY THE COMPANY'S BOARD OF
GANNETT CO., INC.                    GCI    364730101 24-Apr-07  28-Feb-07  DIRECTORS.                              Y           F
                                                                            SHAREHOLDER PROPOSAL CONCERNING
GANNETT CO., INC.                    GCI    364730101 24-Apr-07  28-Feb-07  INDEPENDENT BOARD CHAIRMAN.             N           N
FMC CORPORATION                      FMC    302491303 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
FMC CORPORATION                      FMC    302491303 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            INDEPENDENT REGISTERED PUBLIC
FMC CORPORATION                      FMC    302491303 24-Apr-07  01-Mar-07  ACCOUNTING FIRM.                        Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF DELOITTE
                                                                            & TOUCHE LLP, INDEPENDENT CERTIFIED
                                                                            PUBLIC ACCOUNTANTS, AS THE COMPANY'S
                                                                            AUDITORS FOR THE YEAR ENDING DECEMBER
FRONTIER OIL CORPORATION             FTO    35914P105 24-Apr-07  09-Mar-07  31, 2007.                               Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF AEP SENIOR OFFICER
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  INCENTIVE PLAN.                         Y           F
                                                                            RATIFICATION OF INDEPENDENT
AMERICAN ELECTRIC POWER COMPANY, INC AEP    25537101  24-Apr-07  06-Mar-07  REGISTERED PUBLIC ACCOUNTING FIRM.      Y           F
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO APPROVE AN AMENDMENT TO
                                                                            MARSHALL & ILSLEY CORPORATION'S
                                                                            RESTATED ARTICLES OF INCORPORATION TO
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  DECLASSIFY THE BOARD OF DIRECTORS       Y           F
                                                                            PROPOSAL TO APPROVE THE MARSHALL &
                                                                            ILSLEY CORPORATION ANNUAL EXECUTIVE
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  INCENTIVE COMPENSATION PLAN             Y           F
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            DELOITTE & TOUCHE LLP TO AUDIT THE
                                                                            FINANCIAL STATEMENTS OF MARSHALL &
                                                                            ILSLEY CORPORATION FOR THE FISCAL
MARSHALL & ILSLEY CORPORATION        MI     571834100 24-Apr-07  01-Mar-07  YEAR ENDING DECEMBER 31, 2007           Y           F
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  DIRECTOR                                Y           F
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  DIRECTOR                                Y           F
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  DIRECTOR                                Y           F
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  DIRECTOR                                Y           F
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  DIRECTOR                                Y           F
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  DIRECTOR                                Y           F
                                                                            ELECTION OF PRICEWATERHOUSECOOPERS
                                                                            LLP AS INDEPENDENT REGISTERED PUBLIC
UNITED STATES STEEL CORPORATION      X      912909108 24-Apr-07  23-Feb-07  ACCOUNTING FIRM                         Y           F
PACCAR INC                           PCAR   693718108 24-Apr-07  26-Feb-07  DIRECTOR                                Y           F
PACCAR INC                           PCAR   693718108 24-Apr-07  26-Feb-07  DIRECTOR                                Y           F
PACCAR INC                           PCAR   693718108 24-Apr-07  26-Feb-07  DIRECTOR                                Y           F
                                                                            STOCKHOLDER PROPOSAL REGARDING THE
PACCAR INC                           PCAR   693718108 24-Apr-07  26-Feb-07  SHAREHOLDER RIGHTS PLAN                 N           F
                                                                            STOCKHOLDER PROPOSAL REGARDING A
PACCAR INC                           PCAR   693718108 24-Apr-07  26-Feb-07  DIRECTOR VOTE THRESHOLD                 N           F
BIO-RAD LABORATORIES, INC.           BIO    90572207  24-Apr-07  26-Feb-07  DIRECTOR                                Y           F
BIO-RAD LABORATORIES, INC.           BIO    90572207  24-Apr-07  26-Feb-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO RATIFY THE SELECTION OF
                                                                            DELOITTE & TOUCHE LLP TO SERVE AS THE
BIO-RAD LABORATORIES, INC.           BIO    90572207  24-Apr-07  26-Feb-07  COMPANY'S INDEPENDENT AUDITORS.         Y           F
                                                                            PROPOSAL TO APPROVE THE BIO-RAD
                                                                            LABORATORIES, INC. 2007 INCENTIVE
BIO-RAD LABORATORIES, INC.           BIO    90572207  24-Apr-07  26-Feb-07  AWARD PLAN.                             Y           F
                                                                            ELECTION OF DIRECTOR: JAMES M.
AMERIPRISE FINANCIAL, INC.           AMP    03076C106 25-Apr-07  28-Feb-07  CRACCHIOLO.                             Y
                                                                            ELECTION OF DIRECTOR: WARREN D.
AMERIPRISE FINANCIAL, INC.           AMP    03076C106 25-Apr-07  28-Feb-07  KNOWLTON.                               Y
AMERIPRISE FINANCIAL, INC.           AMP    03076C106 25-Apr-07  28-Feb-07  ELECTION OF DIRECTOR: H. JAY SARLES.    Y
                                                                            ELECTION OF DIRECTOR: ROBERT F.
AMERIPRISE FINANCIAL, INC.           AMP    03076C106 25-Apr-07  28-Feb-07  SHARPE, JR.                             Y
                                                                            PROPOSAL TO APPROVE THE AMENDED AND
                                                                            RESTATED AMERIPRISE FINANCIAL 2005
AMERIPRISE FINANCIAL, INC.           AMP    03076C106 25-Apr-07  28-Feb-07  INCENTIVE COMPENSATION PLAN.            Y
                                                                            PROPOSAL TO RATIFY THE AUDIT
                                                                            COMMITTEE'S SELECTION OF ERNST &
                                                                            YOUNG LLP AS INDEPENDENT REGISTERED
AMERIPRISE FINANCIAL, INC.           AMP    03076C106 25-Apr-07  28-Feb-07  PUBLIC ACCOUNTANTS FOR 2007.            Y
FIRSTFED FINANCIAL CORP.             FED    337907109 25-Apr-07  05-Mar-07  DIRECTOR                                Y
FIRSTFED FINANCIAL CORP.             FED    337907109 25-Apr-07  05-Mar-07  DIRECTOR                                Y
                                                                            APPROVAL OF THE FIRSTFED FINANCIAL
FIRSTFED FINANCIAL CORP.             FED    337907109 25-Apr-07  05-Mar-07  CORP. EXECUTIVE INCENTIVE BONUS PLAN.   Y
                                                                            RATIFICATION OF GRANT THORNTON LLP AS
                                                                            THE COMPANY'S INDEPENDENT AUDITORS
FIRSTFED FINANCIAL CORP.             FED    337907109 25-Apr-07  05-Mar-07  FOR 2007.                               Y
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO RATIFY THE REAPPOINTMENT
                                                                            OF KPMG LLP AS ITS INDEPENDENT
DUKE REALTY CORPORATION              DRE    264411505 25-Apr-07  26-Feb-07  REGISTERED PUBLIC ACCOUNTING FIRM.      Y           F
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  DIRECTOR                                Y
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  ACCOUNTING FIRM FOR THE YEAR 2007.      Y
                                                                            APPROVAL OF THE CASH AMERICA
                                                                            INTERNATIONAL, INC. SENIOR EXECUTIVE
CASH AMERICA INTERNATIONAL, INC.     CSH    14754D100 25-Apr-07  02-Mar-07  BONUS PLAN.                             Y
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP, AS
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM OF THE COMPANY FOR
                                                                            THE FISCAL YEAR ENDING DECEMBER 31,
COLONIAL PROPERTIES TRUST            CLP    195872106 25-Apr-07  08-Mar-07  2007.                                   Y           F
WHITNEY HOLDING CORPORATION          WTNY   966612103 25-Apr-07  28-Feb-07  DIRECTOR                                Y
WHITNEY HOLDING CORPORATION          WTNY   966612103 25-Apr-07  28-Feb-07  DIRECTOR                                Y
WHITNEY HOLDING CORPORATION          WTNY   966612103 25-Apr-07  28-Feb-07  DIRECTOR                                Y
                                                                            APPROVAL OF THE COMPANY'S 2007
WHITNEY HOLDING CORPORATION          WTNY   966612103 25-Apr-07  28-Feb-07  LONG-TERM COMPENSATION PLAN.            Y
                                                                            APPROVAL OF THE COMPANY'S EXECUTIVE
WHITNEY HOLDING CORPORATION          WTNY   966612103 25-Apr-07  28-Feb-07  INCENTIVE COMPENSATION PLAN.            Y
                                                                            RATIFICATION OF THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM TO AUDIT THE
                                                                            BOOKS OF THE COMPANY AND ITS
WHITNEY HOLDING CORPORATION          WTNY   966612103 25-Apr-07  28-Feb-07  SUBSIDIARIES FOR 2007.                  Y
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF DELOITTE AND TOUCHE, LLP
                                                                            AS THE INDEPENDENT REGISTERED PUBLIC
CNA FINANCIAL CORPORATION            CNA    126117100 25-Apr-07  12-Mar-07  ACCOUNTING FIRM.                        Y           F
                                                                            ELECTION OF DIRECTOR: ROBERT H.
CIGNA CORPORATION                    CI     125509109 25-Apr-07  27-Feb-07  CAMPBELL                                Y
                                                                            ELECTION OF DIRECTOR: ISAIAH HARRIS,
CIGNA CORPORATION                    CI     125509109 25-Apr-07  27-Feb-07  JR.                                     Y
                                                                            ELECTION OF DIRECTOR: JANE E. HENNEY,
CIGNA CORPORATION                    CI     125509109 25-Apr-07  27-Feb-07  M.D.                                    Y
                                                                            ELECTION OF DIRECTOR: DONNA F.
CIGNA CORPORATION                    CI     125509109 25-Apr-07  27-Feb-07  ZARCONE                                 Y
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS CIGNA'S
                                                                            INDEPENDENT REGISTERED PUBLIC
CIGNA CORPORATION                    CI     125509109 25-Apr-07  27-Feb-07  ACCOUNTING FIRM FOR 2007                Y
                                                                            APPROVAL OF THE AMENDED AND RESTATED
CIGNA CORPORATION                    CI     125509109 25-Apr-07  27-Feb-07  CIGNA EXECUTIVE INCENTIVE PLAN          Y
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF KPMG LLP
                                                                            AS OUR INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE 2007 FISCAL
EMBARQ CORPORATION                   EQ     29078E105 26-Apr-07  05-Mar-07  YEAR.                                   Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            THE INDEPENDENT PUBLIC ACCOUNTING
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  FIRM.                                   Y           F
                                                                            MANAGEMENT PROPOSAL TO APPROVE THE
                                                                            EDISON INTERNATIONAL 2007 PERFORMANCE
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  INCENTIVE PLAN.                         Y           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
EDISON INTERNATIONAL                 EIX    281020107 26-Apr-07  26-Feb-07  PERFORMANCE-BASED STOCK OPTIONS." "     N           N
OLIN CORPORATION                     OLN    680665205 26-Apr-07  28-Feb-07  DIRECTOR                                Y           F
OLIN CORPORATION                     OLN    680665205 26-Apr-07  28-Feb-07  DIRECTOR                                Y           F
OLIN CORPORATION                     OLN    680665205 26-Apr-07  28-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            INDEPENDENT REGISTERED PUBLIC
OLIN CORPORATION                     OLN    680665205 26-Apr-07  28-Feb-07  ACCOUNTING FIRM                         Y           F
SCANA CORPORATION                    SCG    80589M102 26-Apr-07  09-Mar-07  DIRECTOR                                Y           F
SCANA CORPORATION                    SCG    80589M102 26-Apr-07  09-Mar-07  DIRECTOR                                Y           F
SCANA CORPORATION                    SCG    80589M102 26-Apr-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF APPOINTMENT OF
                                                                            INDEPENDENT REGISTERED PUBLIC
SCANA CORPORATION                    SCG    80589M102 26-Apr-07  09-Mar-07  ACCOUNTING FIRM                         Y           F
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  DIRECTOR                                Y           F
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  DIRECTOR                                Y           F
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF INDEPENDENT
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  REGISTERED PUBLIC ACCOUNTING FIRM       Y           F
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  ADOPT SIMPLE MAJORITY VOTE PROPOSAL     N           F
                                                                            DIRECTOR ELECTION MAJORITY VOTE
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  STANDARD PROPOSAL                       N           F
                                                                            SUPPLEMENTAL EXECUTIVE RETIREMENT
SEMPRA ENERGY                        SRE    816851109 26-Apr-07  02-Mar-07  PLAN POLICY PROPOSAL                    N           N
                                                                            ELECTION OF DIRECTOR: PAUL J.
LEXMARK INTERNATIONAL, INC.          LXK    529771107 26-Apr-07  02-Mar-07  CURLANDER                               Y           F
                                                                            ELECTION OF DIRECTOR: JAMES F.
LEXMARK INTERNATIONAL, INC.          LXK    529771107 26-Apr-07  02-Mar-07  HARDYMON                                Y           F
                                                                            ELECTION OF DIRECTOR: KATHI P.
LEXMARK INTERNATIONAL, INC.          LXK    529771107 26-Apr-07  02-Mar-07  SEIFERT                                 Y           F
                                                                            ELECTION OF DIRECTOR: JEAN-PAUL L.
LEXMARK INTERNATIONAL, INC.          LXK    529771107 26-Apr-07  02-Mar-07  MONTUPET                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE
                                                                            COMPANY'S FISCAL YEAR ENDING DECEMBER
LEXMARK INTERNATIONAL, INC.          LXK    529771107 26-Apr-07  02-Mar-07  31, 2007.                               Y           F
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  DIRECTOR                                Y           F
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  DIRECTOR                                Y           F
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  DIRECTOR                                Y           F
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  DIRECTOR                                Y           F
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  DIRECTOR                                Y           F
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            TO APPROVE THE AMENDMENTS TO
                                                                            DIAMONDROCK HOSPITALITY COMPANY'S
                                                                            2004 STOCK OPTION AND INCENTIVE PLAN
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  ATTACHED TO THE PROXY STATEMENT.        Y           F
                                                                            TO RATIFY THE SELECTION OF KPMG LLP
                                                                            AS THE INDEPENDENT AUDITORS FOR
                                                                            DIAMONDROCK HOSPITALITY COMPANY FOR
                                                                            THE FISCAL YEAR ENDING DECEMBER 31,
DIAMONDROCK HOSPITALITY COMPANY      DRH    252784301 26-Apr-07  23-Mar-07  2007.                                   Y           F
                                                                            ELECTION OF DIRECTOR: HERBERT M.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  BAUM.                                   Y           F
                                                                            ELECTION OF DIRECTOR: RICHARD G.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  CLINE.                                  Y           F
                                                                            ELECTION OF DIRECTOR: MICHAEL J.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  CORLISS.                                Y           F
                                                                            ELECTION OF DIRECTOR: PIERRE S. DU
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  PONT.                                   Y           F
                                                                            ELECTION OF DIRECTOR: ARCHIE R.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  DYKES.                                  Y           F
                                                                            ELECTION OF DIRECTOR: JAROBIN
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  GILBERT, JR.                            Y           F
                                                                            ELECTION OF DIRECTOR: JAMES R.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  KACKLEY.                                Y           F
                                                                            ELECTION OF DIRECTOR: MATTHEW M.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  MCKENNA.                                Y           F
                                                                            ELECTION OF DIRECTOR: ROBERT C.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  POHLAD.                                 Y           F
                                                                            ELECTION OF DIRECTOR: DEBORAH E.
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  POWELL.                                 Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            INDEPENDENT REGISTERED PUBLIC
PEPSIAMERICAS, INC.                  PAS    71343P200 26-Apr-07  27-Feb-07  ACCOUNTANTS.                            Y           F
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  DIRECTOR                                Y           F
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  PUBLIC ACCOUNTING FIRM FOR 2007.        Y           F
                                                                            STOCKHOLDER PROPOSAL TO AMEND THE
                                                                            COMPANY'S CORPORATE GOVERNANCE
                                                                            DOCUMENTS TO PROVIDE FOR THE ELECTION
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  OF DIRECTORS BY MAJORITY VOTE.          N           F
                                                                            STOCKHOLDER PROPOSAL TO REDEEM THE
MEADWESTVACO CORPORATION             MWV    583334107 30-Apr-07  01-Mar-07  COMPANY'S SHAREHOLDER RIGHTS PLAN.      N           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF ERNST &
                                                                            YOUNG LLP TO SERVE AS THE INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
                                                                            AIMCO FOR THE FISCAL YEAR ENDING
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  DECEMBER 31, 2007.                      Y           F
                                                                            TO APPROVE THE AIMCO 2007 STOCK AWARD
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  AND INCENTIVE PLAN.                     Y           F
                                                                            TO APPROVE THE AIMCO 2007 EMPLOYEE
APARTMENT INVESTMENT AND MANAGEMENT  AIV    03748R101 30-Apr-07  02-Mar-07  STOCK PURCHASE PLAN.                    Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF APPOINTMENT OF KPMG
                                                                            LLP AS THE COMPANY'S INDEPENDENT
                                                                            ACCOUNTANTS FOR THE YEAR ENDING
REGENCY CENTERS CORPORATION          REG    758849103 01-May-07  07-Mar-07  DECEMBER 31, 2007.                      Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF DELOITTE & TOUCHE LLP
                                                                            AS THE INDEPENDENT REGISTERED PUBLIC
CAMDEN PROPERTY TRUST                CPT    133131102 01-May-07  21-Mar-07  ACCOUNTING FIRM.                        Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            DELOITTE & TOUCHE LLP AS THE
                                                                            COMPANY'S INDEPENDENT AUDITORS FOR
TESORO CORPORATION                   TSO    881609101 01-May-07  13-Mar-07  2007.                                   Y           F
THE TIMKEN COMPANY                   TKR    887389104 01-May-07  16-Feb-07  DIRECTOR                                Y           F
THE TIMKEN COMPANY                   TKR    887389104 01-May-07  16-Feb-07  DIRECTOR                                Y           F
THE TIMKEN COMPANY                   TKR    887389104 01-May-07  16-Feb-07  DIRECTOR                                Y           F
THE TIMKEN COMPANY                   TKR    887389104 01-May-07  16-Feb-07  DIRECTOR                                Y           F
THE TIMKEN COMPANY                   TKR    887389104 01-May-07  16-Feb-07  DIRECTOR                                Y           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
                                                                            CHANGING TIMKEN'S EQUAL EMPLOYMENT
                                                                            OPPORTUNITY POLICY TO SPECIFICALLY
                                                                            PROHIBIT DISCRIMINATION BASED ON
                                                                            SEXUAL ORIENTATION AND GENDER
THE TIMKEN COMPANY                   TKR    887389104 01-May-07  16-Feb-07  IDENTITY.                               N           N
NATIONWIDE FINANCIAL SERVICES, INC.  NFS    638612101 02-May-07  05-Mar-07  DIRECTOR                                Y           F
NATIONWIDE FINANCIAL SERVICES, INC.  NFS    638612101 02-May-07  05-Mar-07  DIRECTOR                                Y           F
NATIONWIDE FINANCIAL SERVICES, INC.  NFS    638612101 02-May-07  05-Mar-07  DIRECTOR                                Y           F
NATIONWIDE FINANCIAL SERVICES, INC.  NFS    638612101 02-May-07  05-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            KPMG LLP AS THE COMPANY'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
NATIONWIDE FINANCIAL SERVICES, INC.  NFS    638612101 02-May-07  05-Mar-07  THE YEAR ENDING DECEMBER 31, 2007.      Y           F
TECO ENERGY, INC.                    TE     872375100 02-May-07  23-Feb-07  DIRECTOR                                Y           F
TECO ENERGY, INC.                    TE     872375100 02-May-07  23-Feb-07  DIRECTOR                                Y           F
TECO ENERGY, INC.                    TE     872375100 02-May-07  23-Feb-07  DIRECTOR                                Y           F
TECO ENERGY, INC.                    TE     872375100 02-May-07  23-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE CORPORATION'S
TECO ENERGY, INC.                    TE     872375100 02-May-07  23-Feb-07  INDEPENDENT AUDITOR                     Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF ERNST & YOUNG AS
                                                                            INDEPENDENT PUBLIC ACCOUNTING FIRM
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  FOR 2007                                Y           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  EXECUTIVE COMPENSATION                  N           N
                                                                            SHAREHOLDER PROPOSAL REGARDING
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  MAJORITY VOTING                         N           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  SEVERANCE AGREEMENTS                    N           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
CSX CORPORATION                      CSX    126408103 02-May-07  14-Mar-07  SPECIAL SHAREHOLDER MEETINGS            N           F
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  DIRECTOR                                Y           F
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  DIRECTOR                                Y           F
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  DIRECTOR                                Y           F
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF DELOITTE & TOUCHE LLP
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  AS INDEPENDENT AUDITORS FOR 2007.       Y           F
                                                                            APPROVAL OF THE MANPOWER CORPORATE
                                                                            SENIOR MANAGEMENT ANNUAL INCENTIVE
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  PLAN.                                   Y           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
                                                                            IMPLEMENTATION OF THE MACBRIDE
MANPOWER INC.                        MAN    56418H100 02-May-07  21-Feb-07  PRINCIPLES IN NORTHERN IRELAND.         N           N
AUTOLIV, INC.                        ALV    52800109  03-May-07  06-Mar-07  DIRECTOR                                Y           F
AUTOLIV, INC.                        ALV    52800109  03-May-07  06-Mar-07  DIRECTOR                                Y           F
AUTOLIV, INC.                        ALV    52800109  03-May-07  06-Mar-07  DIRECTOR                                Y           F
AUTOLIV, INC.                        ALV    52800109  03-May-07  06-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF ERNST & YOUNG AB AS
AUTOLIV, INC.                        ALV    52800109  03-May-07  06-Mar-07  INDEPENDENT AUDITORS OF THE COMPANY.    Y           F
DTE ENERGY COMPANY                   DTE    233331107 03-May-07  09-Mar-07  DIRECTOR                                Y           F
DTE ENERGY COMPANY                   DTE    233331107 03-May-07  09-Mar-07  DIRECTOR                                Y           F
DTE ENERGY COMPANY                   DTE    233331107 03-May-07  09-Mar-07  DIRECTOR                                Y           F
DTE ENERGY COMPANY                   DTE    233331107 03-May-07  09-Mar-07  DIRECTOR                                Y           F
DTE ENERGY COMPANY                   DTE    233331107 03-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            INDEPENDENT REGISTERED PUBLIC
DTE ENERGY COMPANY                   DTE    233331107 03-May-07  09-Mar-07  ACCOUNTING FIRM DELOITTE & TOUCHE LLP   Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF DELOITTE & TOUCHE LLP
WISCONSIN ENERGY CORPORATION         WEC    976657106 03-May-07  23-Feb-07  AS INDEPENDENT AUDITORS FOR 2007.       Y           F
RLI CORP.                            RLI    749607107 03-May-07  05-Mar-07  DIRECTOR                                Y           F
RLI CORP.                            RLI    749607107 03-May-07  05-Mar-07  DIRECTOR                                Y           F
RLI CORP.                            RLI    749607107 03-May-07  05-Mar-07  DIRECTOR                                Y           F
RLI CORP.                            RLI    749607107 03-May-07  05-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVE THE APPOINTMENT OF KPMG LLP
                                                                            AS THE COMPANY'S INDEPENDENT
RLI CORP.                            RLI    749607107 03-May-07  05-Mar-07  REGISTERED PUBLIC ACCOUNTING FIRM.      Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF NEWFIELD EXPLORATION
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  COMPANY 2007 OMNIBUS STOCK PLAN         Y           F
                                                                            APPROVAL OF SECOND AMENDMENT TO
                                                                            NEWFIELD EXPLORATION COMPANY 2000
                                                                            NON-EMPLOYEE DIRECTOR RESTRICTED
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  STOCK PLAN                              Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
NEWFIELD EXPLORATION COMPANY         NFX    651290108 03-May-07  05-Mar-07  INDEPENDENT ACCOUNTANTS                 Y           F
CAPITALSOURCE INC.                   CSE    14055X102 03-May-07  15-Mar-07  DIRECTOR                                Y           F
CAPITALSOURCE INC.                   CSE    14055X102 03-May-07  15-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
CAPITALSOURCE INC.                   CSE    14055X102 03-May-07  15-Mar-07  ERNST & YOUNG LLP.                      Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  DIRECTOR                                Y           F
                                                                            TO APPROVE THE 2006 RESTRICTED
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  STOCK/UNIT PLAN.                        Y           N
                                                                            TO APPROVE AMENDING THE ARTICLES OF
                                                                            INCORPORATION TO INCREASE THE NUMBER
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  OF AUTHORIZED SHARES OF COMMON STOCK.   Y           F
                                                                            TO APPROVE THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT ACCOUNTANTS OF THE
SOUTHWEST GAS CORPORATION            SWX    844895102 03-May-07  06-Mar-07  COMPANY.                                Y           F
                                                                            ELECTION OF DIRECTOR: RENEE J.
EASTMAN CHEMICAL COMPANY             EMN    277432100 03-May-07  15-Mar-07  HORNBAKER.                              Y           F
                                                                            ELECTION OF DIRECTOR: THOMAS H.
EASTMAN CHEMICAL COMPANY             EMN    277432100 03-May-07  15-Mar-07  MCLAIN.                                 Y           F
EASTMAN CHEMICAL COMPANY             EMN    277432100 03-May-07  15-Mar-07  ELECTION OF DIRECTOR: PETER M. WOOD.    Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
EASTMAN CHEMICAL COMPANY             EMN    277432100 03-May-07  15-Mar-07  INDEPENDENT AUDITORS.                   Y           F
                                                                            APPROVAL OF THE 2007 OMNIBUS
EASTMAN CHEMICAL COMPANY             EMN    277432100 03-May-07  15-Mar-07  LONG-TERM COMPENSATION PLAN.            Y           F
                                                                            STOCKHOLDER PROPOSAL TO ESTABLISH
                                                                            POLICY LIMITING BENEFITS UNDER
                                                                            SUPPLEMENTAL EXECUTIVE RETIREMENT
EASTMAN CHEMICAL COMPANY             EMN    277432100 03-May-07  15-Mar-07  PLANS.                                  N           N
BEMIS COMPANY, INC.                  BMS    81437105  03-May-07  09-Mar-07  DIRECTOR                                Y           F
BEMIS COMPANY, INC.                  BMS    81437105  03-May-07  09-Mar-07  DIRECTOR                                Y           F
BEMIS COMPANY, INC.                  BMS    81437105  03-May-07  09-Mar-07  DIRECTOR                                Y           F
BEMIS COMPANY, INC.                  BMS    81437105  03-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP, AS THE
                                                                            INDEPENDENT REGISTERED PUBLIC
BEMIS COMPANY, INC.                  BMS    81437105  03-May-07  09-Mar-07  ACCOUNTING FIRM OF THE COMPANY.         Y           F
                                                                            TO VOTE UPON THE STOCKHOLDER PROPOSAL
                                                                            ON COMPENSATION REPORT, IF PROPERLY
BEMIS COMPANY, INC.                  BMS    81437105  03-May-07  09-Mar-07  PRESENTED AT THE MEETING.               N           N
RYDER SYSTEM, INC.                   R      783549108 04-May-07  09-Mar-07  DIRECTOR                                Y           F
RYDER SYSTEM, INC.                   R      783549108 04-May-07  09-Mar-07  DIRECTOR                                Y           F
RYDER SYSTEM, INC.                   R      783549108 04-May-07  09-Mar-07  DIRECTOR                                Y           F
RYDER SYSTEM, INC.                   R      783549108 04-May-07  09-Mar-07  DIRECTOR                                Y           F
RYDER SYSTEM, INC.                   R      783549108 04-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
RYDER SYSTEM, INC.                   R      783549108 04-May-07  09-Mar-07  INDEPENDENT AUDITOR.                    Y           F
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  DIRECTOR                                Y           F
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  DIRECTOR                                Y           F
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  DIRECTOR                                Y           F
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  DIRECTOR                                Y           F
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF AMENDMENTS TO THE
                                                                            COMPANY'S ARTICLES OF INCORPORATION
                                                                            TO ADOPT A MAJORITY VOTING STANDARD
                                                                            IN UNCONTESTED ELECTIONS OF PUGET
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  ENERGY, INC. DIRECTORS.                 Y           F
                                                                            APPROVAL OF AMENDMENTS TO THE PUGET
                                                                            ENERGY, INC. EMPLOYEE STOCK PURCHASE
                                                                            PLAN, INCLUDING INCREASING THE NUMBER
                                                                            OF SHARES AVAILABLE FOR PURCHASE
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  UNDER THE PLAN.                         Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS PUGET
                                                                            ENERGY'S INDEPENDENT REGISTERED
PUGET ENERGY, INC.                   PSD    745310102 04-May-07  02-Mar-07  PUBLIC ACCOUNTING FIRM.                 Y           F
TELEFLEX INCORPORATED                TFX    879369106 04-May-07  09-Mar-07  DIRECTOR                                Y           F
TELEFLEX INCORPORATED                TFX    879369106 04-May-07  09-Mar-07  DIRECTOR                                Y           F
TELEFLEX INCORPORATED                TFX    879369106 04-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF AMENDMENT OF CERTIFICATE
                                                                            OF INCORPORATION TO INCREASE
TELEFLEX INCORPORATED                TFX    879369106 04-May-07  09-Mar-07  AUTHORIZED SHARES OF COMMON STOCK.      Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE 2007
TELEFLEX INCORPORATED                TFX    879369106 04-May-07  09-Mar-07  FISCAL YEAR.                            Y           F
ZIONS BANCORPORATION                 ZION   989701107 04-May-07  06-Mar-07  DIRECTOR                                Y           F
ZIONS BANCORPORATION                 ZION   989701107 04-May-07  06-Mar-07  DIRECTOR                                Y           F
ZIONS BANCORPORATION                 ZION   989701107 04-May-07  06-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF THE
                                                                            COMPANY'S INDEPENDENT AUDITORS FOR
ZIONS BANCORPORATION                 ZION   989701107 04-May-07  06-Mar-07  FISCAL 2007.                            Y           F
                                                                            TO TRANSACT ANY OTHER SUCH BUSINESS
                                                                            AS MAY PROPERLY COME BEFORE THE
ZIONS BANCORPORATION                 ZION   989701107 04-May-07  06-Mar-07  MEETING.                                Y           N
FULTON FINANCIAL CORPORATION         FULT   360271100 07-May-07  19-Mar-07  DIRECTOR                                Y           F
FULTON FINANCIAL CORPORATION         FULT   360271100 07-May-07  19-Mar-07  DIRECTOR                                Y           F
FULTON FINANCIAL CORPORATION         FULT   360271100 07-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL TO AMEND THE EMPLOYEE STOCK
FULTON FINANCIAL CORPORATION         FULT   360271100 07-May-07  19-Mar-07  PURCHASE PLAN.                          Y           F
STANCORP FINANCIAL GROUP, INC.       SFG    852891100 07-May-07  01-Mar-07  DIRECTOR                                Y           F
STANCORP FINANCIAL GROUP, INC.       SFG    852891100 07-May-07  01-Mar-07  DIRECTOR                                Y           F
STANCORP FINANCIAL GROUP, INC.       SFG    852891100 07-May-07  01-Mar-07  DIRECTOR                                Y           F
STANCORP FINANCIAL GROUP, INC.       SFG    852891100 07-May-07  01-Mar-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO RATIFY APPOINTMENT OF
                                                                            INDEPENDENT REGISTERED PUBLIC
STANCORP FINANCIAL GROUP, INC.       SFG    852891100 07-May-07  01-Mar-07  ACCOUNTING FIRM                         Y           F
                                                                            PROPOSAL TO APPROVE THE SHORT TERM
STANCORP FINANCIAL GROUP, INC.       SFG    852891100 07-May-07  01-Mar-07  INCENTIVE PLAN                          Y           F
MKS INSTRUMENTS, INC.                MKSI   55306N104 07-May-07  02-Mar-07  DIRECTOR                                Y           F
MKS INSTRUMENTS, INC.                MKSI   55306N104 07-May-07  02-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT AUDITORS FOR
MKS INSTRUMENTS, INC.                MKSI   55306N104 07-May-07  02-Mar-07  THE YEAR ENDING DECEMBER 31, 2007.      Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: W.J. AVERY        Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: R.L. GUPTA        Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: D.W. HAAS         Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: T.W. HAAS         Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: R.L. KEYSER       Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: R.J. MILLS        Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: S.O. MOOSE        Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: G.S. OMENN        Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: G.L. ROGERS       Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: R.H. SCHMITZ      Y           F
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  ELECTION OF DIRECTOR: G.M. WHITESIDES   Y           F
                                                                            ELECTION OF DIRECTOR: M.C.
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  WHITTINGTON                             Y           F
                                                                            RATIFICATION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS ROHM
                                                                            AND HAAS COMPANY'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
ROHM AND HAAS COMPANY                ROH    775371107 07-May-07  09-Mar-07  2007.                                   Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  COMPANY'S INDEPENDENT ACCOUNTANTS.      Y           F
                                                                            PROPOSAL TO APPROVE THE COMPANY'S
PROTECTIVE LIFE CORPORATION          PL     743674103 07-May-07  09-Mar-07  ANNUAL INCENTIVE PLAN.                  Y           F
GOODMAN GLOBAL, INC.                 GGL    38239A100 07-May-07  30-Mar-07  DIRECTOR                                Y           F
GOODMAN GLOBAL, INC.                 GGL    38239A100 07-May-07  30-Mar-07  DIRECTOR                                Y           F
GOODMAN GLOBAL, INC.                 GGL    38239A100 07-May-07  30-Mar-07  DIRECTOR                                Y           F
                                                                            IN THEIR DISCRETION, UPON SUCH OTHER
                                                                            MATTERS (INCLUDING PROCEDURAL AND
                                                                            OTHER MATTERS RELATING TO THE CONDUCT
                                                                            OF THE MEETING) WHICH MAY PROPERLY
                                                                            COME BEFORE THE MEETING AND ANY
GOODMAN GLOBAL, INC.                 GGL    38239A100 07-May-07  30-Mar-07  ADJOURNMENT THEREOF.                    Y           N
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF DELOITTE &
                                                                            TOUCHE LLP AS OUR INDEPENDENT
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  AUDITORS FOR 2007.                      Y           F
                                                                            TO APPROVE THE ADOPTION OF THE
                                                                            NORTHEAST UTILITIES INCENTIVE PLAN,
NORTHEAST UTILITIES                  NU     664397106 08-May-07  09-Mar-07  AS AMENDED AND RESTATED.                Y           F
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  DIRECTOR                                Y           F
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  DIRECTOR                                Y           F
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  DIRECTOR                                Y           F
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  DIRECTOR                                Y           F
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  DIRECTOR                                Y           F
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO AMEND TSFG'S LONG TERM
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  INCENTIVE PLAN.                         Y           N
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS TSFG'S
                                                                            INDEPENDENT REGISTERED PUBLIC
THE SOUTH FINANCIAL GROUP, INC.      TSFG   837841105 08-May-07  01-Mar-07  ACCOUNTING FIRM FOR FISCAL YEAR 2007.   Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            ERNST & YOUNG LLP AS ARROW'S
                                                                            INDEPENDENT AUDITORS FOR THE FISCAL
ARROW ELECTRONICS, INC.              ARW    42735100  08-May-07  23-Mar-07  YEAR ENDING DECEMBER 31, 2007.          Y           F
ESSEX PROPERTY TRUST, INC.           ESS    297178105 08-May-07  28-Feb-07  DIRECTOR                                Y           F
ESSEX PROPERTY TRUST, INC.           ESS    297178105 08-May-07  28-Feb-07  DIRECTOR                                Y           F
ESSEX PROPERTY TRUST, INC.           ESS    297178105 08-May-07  28-Feb-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            KPMG LLP AS THE INDEPENDENT AUDITORS
                                                                            FOR THE COMPANY FOR THE YEAR ENDING
ESSEX PROPERTY TRUST, INC.           ESS    297178105 08-May-07  28-Feb-07  DECEMBER 31, 2007                       Y           F
LIFEPOINT HOSPITALS, INC.            LPNT   53219L109 08-May-07  16-Mar-07  DIRECTOR                                Y           F
LIFEPOINT HOSPITALS, INC.            LPNT   53219L109 08-May-07  16-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE SELECTION OF
                                                                            ERNST & YOUNG LLP AS THE INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM OF
                                                                            THE COMPANY FOR 2007.
                                                                            THE BOARD OF DIRECTORS
                                                                            RECOMMENDS                       A
LIFEPOINT HOSPITALS, INC.            LPNT   53219L109 08-May-07  16-Mar-07  VOTE AGAINST" "                         Y           F
                                                                            THE NON-BINDING STOCKHOLDER PROPOSAL
                                                                            REGARDING DECLASSIFICATION OF THE
LIFEPOINT HOSPITALS, INC.            LPNT   53219L109 08-May-07  16-Mar-07  COMPANY'S BOARD OF DIRECTORS.           N           F
OM GROUP, INC.                       OMG    670872100 08-May-07  16-Mar-07  DIRECTOR                                Y           F
OM GROUP, INC.                       OMG    670872100 08-May-07  16-Mar-07  DIRECTOR                                Y           F
OM GROUP, INC.                       OMG    670872100 08-May-07  16-Mar-07  DIRECTOR                                Y           F
                                                                            TO ADOPT THE 2007 INCENTIVE
OM GROUP, INC.                       OMG    670872100 08-May-07  16-Mar-07  COMPENSATION PLAN.                      Y           F
                                                                            TO CONFIRM THE APPOINTMENT OF ERNST &
                                                                            YOUNG LLP AS OUR INDEPENDENT
OM GROUP, INC.                       OMG    670872100 08-May-07  16-Mar-07  REGISTERED PUBLIC ACCOUNTING FIRM.      Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            KPMG LLP AS ALON'S INDEPENDENT
ALON USA ENERGY, INC.                ALJ    20520102  08-May-07  15-Mar-07  REGISTERED ACCOUNTING FIRM FOR 2007.    Y           F
UNITED STATES CELLULAR CORPORATION   USM    911684108 08-May-07  29-Mar-07  DIRECTOR                                Y           F
UNITED STATES CELLULAR CORPORATION   USM    911684108 08-May-07  29-Mar-07  RATIFY ACCOUNTANTS FOR 2007.            Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
CIT GROUP INC.                       CIT    125581108 08-May-07  19-Mar-07  INDEPENDENT AUDITORS.                   Y           F
                                                                            ELECTION OF DIRECTOR: ROBERT J.
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  DARNALL                                 Y           F
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  ELECTION OF DIRECTOR: JOHN M. DEUTCH    Y           F
                                                                            ELECTION OF DIRECTOR: ALEXIS M.
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  HERMAN                                  Y           F
                                                                            ELECTION OF DIRECTOR: F. JOSEPH
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  LOUGHREY                                Y           F
                                                                            ELECTION OF DIRECTOR: WILLIAM I.
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  MILLER                                  Y           F
                                                                            ELECTION OF DIRECTOR: GEORGIA R.
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  NELSON                                  Y           F
                                                                            ELECTION OF DIRECTOR: THEODORE M.
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  SOLSO                                   Y           F
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  ELECTION OF DIRECTOR: CARL WARE         Y           F
                                                                            ELECTION OF DIRECTOR: J. LAWRENCE
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  WILSON                                  Y           F
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  AUDITORS FOR THE YEAR 2007.             Y           F
                                                                            PROPOSAL TO AMEND 2003 STOCK
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  INCENTIVE PLAN.                         Y           F
                                                                            PROPOSAL TO AMEND RESTATED ARTICLES
CUMMINS INC.                         CMI    231021106 08-May-07  19-Mar-07  OF INCORPORATION.                       Y           F
W. R. BERKLEY CORPORATION            BER    84423102  08-May-07  19-Mar-07  DIRECTOR                                Y           F
W. R. BERKLEY CORPORATION            BER    84423102  08-May-07  19-Mar-07  DIRECTOR                                Y           F
W. R. BERKLEY CORPORATION            BER    84423102  08-May-07  19-Mar-07  DIRECTOR                                Y           F
W. R. BERKLEY CORPORATION            BER    84423102  08-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF KPMG LLP
                                                                            AS THE INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR W. R. BERKLEY
                                                                            CORPORATION FOR THE FISCAL YEAR
W. R. BERKLEY CORPORATION            BER    84423102  08-May-07  19-Mar-07  ENDING DECEMBER 31, 2007                Y           F
                                                                            TO ADOPT THE AGREEMENT AND PLAN OF
                                                                            MERGER, BY AND BETWEEN MGIC
                                                                            INVESTMENT CORPORATION AND RADIAN
                                                                            GROUP INC., DATED AS OF FEBRUARY 6,
                                                                            2007, AS IT MAY BE AMENDED FROM TIME
                                                                            TO TIME, PURSUANT TO WHICH RADIAN
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  WILL BE MERGED WITH AND INTO MGIC.      Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  DIRECTORS                               Y           F
                                                                            TO RATIFY THE APPOINTMENT OF DELOITTE
                                                                            & TOUCHE LLP AS RADIAN'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  2007.                                   Y           F
                                                                            TO APPROVE THE ADJOURNMENT OF THE
                                                                            RADIAN ANNUAL MEETING, IF NECESSARY
                                                                            OR APPROPRIATE, TO SOLICIT ADDITIONAL
RADIAN GROUP INC.                    RDN    750236101 09-May-07  19-Mar-07  PROXIES.                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE AUDIT COMMITTEE'S
                                                                            APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS, LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  ACCOUNTING FIRM                         Y           F
                                                                            AMENDMENT AND RESTATEMENT OF 1997
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  LONG-TERM INCENTIVE PLAN                Y           F
BRANDYWINE REALTY TRUST              BDN    105368203 09-May-07  23-Mar-07  EMPLOYEE SHARE PURCHASE PLAN            Y           F
TAUBMAN CENTERS, INC.                TCO    876664103 09-May-07  22-Mar-07  DIRECTOR                                Y           F
TAUBMAN CENTERS, INC.                TCO    876664103 09-May-07  22-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            KPMG LLP AS THE INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
TAUBMAN CENTERS, INC.                TCO    876664103 09-May-07  22-Mar-07  2007.                                   Y           F
                                                                            SHAREHOLDER PROPOSAL REQUESTING THAT
                                                                            THE BOARD OF DIRECTORS TAKE THE
                                                                            NECESSARY STEPS TO DECLASSIFY THE
TAUBMAN CENTERS, INC.                TCO    876664103 09-May-07  22-Mar-07  BOARD OF DIRECTORS.                     N           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            ERNST & YOUNG LLP AS THE COMPANY'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE YEAR ENDING
DREAMWORKS ANIMATION SKG, INC.       DWA    26153C103 09-May-07  23-Mar-07  DECEMBER 31, 2007.                      Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF THE AMENDMENT AND
                                                                            RESTATEMENT OF THE CADENCE DESIGN
                                                                            SYSTEMS, INC. 1987 STOCK INCENTIVE
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  PLAN.                                   Y           N
                                                                            APPROVAL OF AMENDMENT TO THE AMENDED
                                                                            AND RESTATED CADENCE DESIGN SYSTEMS,
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  INC. 1987 STOCK INCENTIVE PLAN.         Y           N
                                                                            STOCKHOLDER PROPOSAL REGARDING
                                                                            ELECTION OF DIRECTORS BY A MAJORITY
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  VOTE.                                   N           F
                                                                            RATIFICATION OF SELECTION OF KPMG LLP
                                                                            AS INDEPENDENT AUDITORS OF CADENCE
                                                                            FOR ITS FISCAL YEAR ENDING DECEMBER
CADENCE DESIGN SYSTEMS, INC.         CDNS   127387108 09-May-07  21-Mar-07  29, 2007.                               Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  DIRECTOR                                Y           F
                                                                            TO VOTE ON THE 2007 KEY EXECUTIVE
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  INCENTIVE COMPENSATION PLAN.            Y           F
                                                                            TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS, LLP AS
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  AUDITORS FOR 2007.                      Y           F
                                                                            TO VOTE ON A SHAREHOLDER PROPOSAL
                                                                            REGARDING SEXUAL ORIENTATION AND
HCC INSURANCE HOLDINGS, INC.         HCC    404132102 10-May-07  02-Apr-07  GENDER IDENTITY.                        N           N
THE WASHINGTON POST COMPANY          WPO    939640108 10-May-07  12-Mar-07  DIRECTOR                                Y           F
THE WASHINGTON POST COMPANY          WPO    939640108 10-May-07  12-Mar-07  DIRECTOR                                Y           F
THE WASHINGTON POST COMPANY          WPO    939640108 10-May-07  12-Mar-07  DIRECTOR                                Y           F
                                                                            TO TRANSACT SUCH OTHER BUSINESS AS
                                                                            MAY PROPERLY COME BEFORE SAID MEETING
THE WASHINGTON POST COMPANY          WPO    939640108 10-May-07  12-Mar-07  OR ANY ADJOURNMENT THEREOF.             Y           N
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  DIRECTOR                                Y           F
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  DIRECTOR                                Y           F
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  DIRECTOR                                Y           F
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF ERNST &
                                                                            YOUNG LLP AS PULTE HOMES' INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
                                                                            THE FISCAL YEAR ENDING DECEMBER 31,
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  2007.                                   Y           F
                                                                            A SHAREHOLDER PROPOSAL REQUESTING THE
                                                                            ELECTION OF DIRECTORS BY A MAJORITY,
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  RATHER THAN PLURALITY, VOTE.            N           F
                                                                            A SHAREHOLDER PROPOSAL REQUESTING THE
                                                                            DECLASSIFICATION OF THE BOARD OF
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  DIRECTORS.                              N           F
                                                                            A SHAREHOLDER PROPOSAL REQUESTING THE
                                                                            FORMATION OF A MAJORITY VOTE
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  SHAREHOLDER COMMITTEE.                  N           F
                                                                            A SHAREHOLDER PROPOSAL REGARDING THE
PULTE HOMES, INC.                    PHM    745867101 10-May-07  13-Mar-07  USE OF PERFORMANCE-BASED OPTIONS.       N           N
AMERIGROUP CORPORATION               AGP    03073T102 10-May-07  28-Mar-07  DIRECTOR                                Y           F
AMERIGROUP CORPORATION               AGP    03073T102 10-May-07  28-Mar-07  DIRECTOR                                Y           F
AMERIGROUP CORPORATION               AGP    03073T102 10-May-07  28-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF THE AMERIGROUP
AMERIGROUP CORPORATION               AGP    03073T102 10-May-07  28-Mar-07  CORPORATION 2007 CASH INCENTIVE PLAN.   Y           F
                                                                            RATIFICATION OF APPOINTMENT OF KPMG
                                                                            LLP AS INDEPENDENT REGISTERED PUBLIC
AMERIGROUP CORPORATION               AGP    03073T102 10-May-07  28-Mar-07  ACCOUNTING FIRM.                        Y           F
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  DIRECTOR                                Y           F
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  DIRECTOR                                Y           F
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  DIRECTOR                                Y           F
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  DIRECTOR                                Y           F
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  DIRECTOR                                Y           F
                                                                            AMENDMENT OF THE COMPANY'S RESTATED
                                                                            ARTICLES OF INCORPORATION AND BYLAWS
                                                                            TO PROVIDE FOR ANNUAL ELECTION OF THE
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  BOARD OF DIRECTORS.                     A           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            THE FIRM OF DELOITTE & TOUCHE LLP AS
                                                                            THE INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM OF THE COMPANY FOR
AVISTA CORP.                         AVA    05379B107 10-May-07  09-Mar-07  2007.                                   Y           F
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  DIRECTOR                                Y           F
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  DIRECTOR                                Y           F
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  DIRECTOR                                Y           F
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF AN AMENDMENT TO THE
                                                                            COMPANY'S SECOND RESTATED CERTIFICATE
                                                                            OF INCORPORATION TO INCREASE THE
                                                                            NUMBER OF AUTHORIZED SHARES OF COMMON
                                                                            STOCK FROM 125,000,000 TO
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  225,000,000.                            Y           F
                                                                            APPROVAL OF AN AMENDMENT TO THE
                                                                            COMPANY'S SECOND RESTATED CERTIFICATE
                                                                            OF INCORPORATION TO INCREASE THE
                                                                            NUMBER OF AUTHORIZED SHARES OF
                                                                            PREFERRED STOCK FROM 25,000,000 TO
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  50,000,000.                             Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            ERNST & YOUNG LLP AS INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
HEALTH CARE REIT, INC.               HCN    42217K106 11-May-07  14-Mar-07  THE FISCAL YEAR 2007.                   Y           F
TRW AUTOMOTIVE HOLDINGS CORP.        TRW    87264S106 14-May-07  16-Mar-07  DIRECTOR                                Y           F
TRW AUTOMOTIVE HOLDINGS CORP.        TRW    87264S106 14-May-07  16-Mar-07  DIRECTOR                                Y           F
TRW AUTOMOTIVE HOLDINGS CORP.        TRW    87264S106 14-May-07  16-Mar-07  DIRECTOR                                Y           F
                                                                            THE RATIFICATION OF ERNST & YOUNG LLP
                                                                            AS INDEPENDENT PUBLIC ACCOUNTANTS TO
                                                                            AUDIT THE CONSOLIDATED FINANCIAL
                                                                            STATEMENTS OF TRW AUTOMOTIVE HOLDINGS
TRW AUTOMOTIVE HOLDINGS CORP.        TRW    87264S106 14-May-07  16-Mar-07  CORP. FOR 2007.                         Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF KPMG LLP
                                                                            BY THE AUDIT COMMITTEE OF THE BOARD
                                                                            OF DIRECTORS AS THE COMPANY'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE YEAR ENDING
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  DECEMBER 31, 2007.                      Y           F
                                                                            TO APPROVE THE COMPANY'S AMENDED
                                                                            EMPLOYEE STOCK PURCHASE AND BONUS
MARKEL CORPORATION                   MKL    570535104 14-May-07  08-Mar-07  PLAN.                                   Y           F
HOSPITALITY PROPERTIES TRUST         HPT    44106M102 15-May-07  20-Mar-07  DIRECTOR                                Y           F
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            DECLARATION OF TRUST THAT WILL CHANGE
                                                                            THE REQUIRED SHAREHOLDER VOTE FOR
                                                                            CERTAIN ACTIONS AND PROVIDE THAT THE
                                                                            REQUIRED SHAREHOLDER VOTE NECESSARY
                                                                            FOR THE ELECTION OF TRUSTEES OR TO
                                                                            TAKE CERTAIN OTHER ACTIONS SHALL BE
HOSPITALITY PROPERTIES TRUST         HPT    44106M102 15-May-07  20-Mar-07  SET IN THE BYLAWS.                      Y           N
                                                                            TO APPROVE AMENDMENTS TO OUR
                                                                            DECLARATION OF TRUST THAT WILL CHANGE
                                                                            THE REQUIRED SHAREHOLDER VOTE FOR
                                                                            CERTAIN AMENDMENTS TO THE DECLARATION
                                                                            OF TRUST OR FOR TERMINATION OF THE
HOSPITALITY PROPERTIES TRUST         HPT    44106M102 15-May-07  20-Mar-07  TRUST.                                  Y           N
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            DECLARATION OF TRUST THAT, SUBJECT TO
                                                                            AN EXPRESS PROVISION IN THE TERMS OF
                                                                            ANY CLASS OR SERIES OF SHARES OF
                                                                            BENEFICIAL INTEREST, WOULD AUTHORIZE
                                                                            THE BOARD TO DIVIDE OR COMBINE THE
                                                                            OUTSTANDING SHARES OF ANY CLASS OR
                                                                            SERIES OF SHARES OF BENEFICIAL
HOSPITALITY PROPERTIES TRUST         HPT    44106M102 15-May-07  20-Mar-07  INTEREST WITHOUT A SHAREHOLDER VOTE.    Y           N
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            DECLARATION OF TRUST TO PROVIDE THAT
                                                                            ANY SHAREHOLDER WHO VIOLATES THE
                                                                            DECLARATION OF TRUST OR BYLAWS WILL
                                                                            INDEMNIFY AND HOLD THE COMPANY
                                                                            HARMLESS FROM AND AGAINST ALL COSTS,
                                                                            EXPENSES, PENALTIES, FINES AND OTHER
                                                                            AMOUNTS, INCLUDING ATTORNEYS' AND
                                                                            OTHER PROFESSIONAL FEES, ALL AS MORE
                                                                            FULLY DESCRIBED IN THE PROXY
HOSPITALITY PROPERTIES TRUST         HPT    44106M102 15-May-07  20-Mar-07  STATEMENT.                              Y           F
                                                                            TO APPROVE THE ADJOURNMENT OR
                                                                            POSTPONEMENT OF THE MEETING, IF
                                                                            NECESSARY OR APPROPRIATE, TO SOLICIT
                                                                            ADDITIONAL PROXIES IF THERE ARE
                                                                            INSUFFICIENT VOTES AT THE TIME OF THE
                                                                            MEETING TO ELECT A TRUSTEE AS
                                                                            PROPOSED IN ITEM 1 OR TO APPROVE
HOSPITALITY PROPERTIES TRUST         HPT    44106M102 15-May-07  20-Mar-07  ITEMS 2, 3, 4 OR 5.                     Y           N
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  DIRECTOR                                Y           F
                                                                            TO APPROVE AMENDMENTS TO THE
                                                                            DECLARATION OF TRUST THAT WILL CHANGE
                                                                            THE REQUIRED SHAREHOLDER VOTE AND
                                                                            MANNER OF VOTING FOR CERTAIN ACTIONS
                                                                            AND PROVIDE THAT THE REQUIRED
                                                                            SHAREHOLDER VOTE NECESSARY FOR THE
                                                                            ELECTION OF TRUSTEES OR TO TAKE
                                                                            CERTAIN OTHER ACTIONS SHALL BE SET IN
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  THE BYLAWS.                             Y           N
                                                                            TO APPROVE AMENDMENTS TO THE
                                                                            DECLARATION OF TRUST THAT WILL CHANGE
                                                                            THE REQUIRED SHAREHOLDER VOTE FOR
                                                                            CERTAIN AMENDMENTS TO THE DECLARATION
                                                                            OF TRUST, FOR CERTAIN BUSINESS
                                                                            COMBINATIONS OR FOR TERMINATION OF
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  THE TRUST.                              Y           N
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            DECLARATION OF TRUST THAT, SUBJECT TO
                                                                            AN EXPRESS PROVISION IN THE TERMS OF
                                                                            ANY CLASS OR SERIES OF SHARES OF
                                                                            BENEFICIAL INTEREST, WOULD AUTHORIZE
                                                                            THE BOARD TO DIVIDE OR COMBINE THE
                                                                            OUTSTANDING SHARES OF ANY CLASS OR
                                                                            SERIES OF SHARES OF BENEFICIAL
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  INTEREST WITHOUT A SHAREHOLDER VOTE.    Y           N
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            DECLARATION OF TRUST TO PROVIDE THAT
                                                                            ANY SHAREHOLDER WHO VIOLATES THE
                                                                            DECLARATION OF TRUST OR BYLAWS, ALL
                                                                            AS MORE FULLY DESCRIBED IN THE PROXY
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  STATEMENT.                              Y           F
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            DECLARATION OF TRUST THAT WOULD
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  PERMIT ISSUANCE OF SECURITIES.          Y           F
                                                                            TO APPROVE THE ADJOURNMENT OR
                                                                            POSTPONEMENT OF THE MEETING, IF
                                                                            NECESSARY OR APPROPRIATE, TO SOLICIT
                                                                            ADDITIONAL PROXIES IF THERE ARE
                                                                            INSUFFICIENT VOTES AT THE TIME OF THE
                                                                            MEETING TO ELECT A TRUSTEE AS
                                                                            PROPOSED IN ITEM 1 OR TO APPROVE
HRPT PROPERTIES TRUST                HRP    40426W101 15-May-07  20-Mar-07  ITEMS 2, 3, 4, 5 OR 6.                  Y           N
WESTERN REFINING, INC.               WNR    959319104 15-May-07  26-Mar-07  DIRECTOR                                Y           F
WESTERN REFINING, INC.               WNR    959319104 15-May-07  26-Mar-07  DIRECTOR                                Y           F
WESTERN REFINING, INC.               WNR    959319104 15-May-07  26-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF ERNST &
                                                                            YOUNG LLP AS THE COMPANY'S
                                                                            INDEPENDENT AUDITOR FOR FISCAL YEAR
WESTERN REFINING, INC.               WNR    959319104 15-May-07  26-Mar-07  2007                                    Y           F
RENT-A-CENTER, INC.                  RCII   76009N100 15-May-07  19-Mar-07  DIRECTOR                                Y           F
RENT-A-CENTER, INC.                  RCII   76009N100 15-May-07  19-Mar-07  DIRECTOR                                Y           F
RENT-A-CENTER, INC.                  RCII   76009N100 15-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE AUDIT COMMITTEE'S
                                                                            APPOINTMENT OF GRANT THORNTON, LLP,
                                                                            REGISTERED INDEPENDENT ACCOUNTANTS,
                                                                            AS THE COMPANY'S INDEPENDENT AUDITORS
                                                                            FOR THE FISCAL YEAR ENDED DECEMBER
                                                                            31, 2007, AS SET FORTH IN THE
RENT-A-CENTER, INC.                  RCII   76009N100 15-May-07  19-Mar-07  ACCOMPANYING PROXY STATEMENT.           Y           F
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  ELECTION OF DIRECTOR: STEVEN A. BURD    Y           F
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  ELECTION OF DIRECTOR: JANET E. GROVE    Y           F
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  ELECTION OF DIRECTOR: MOHAN GYANI       Y           F
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  ELECTION OF DIRECTOR: PAUL HAZEN        Y           F
                                                                            ELECTION OF DIRECTOR: ROBERT I.
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  MACDONNELL                              Y           F
                                                                            ELECTION OF DIRECTOR: DOUGLAS J.
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  MACKENZIE                               Y           F
                                                                            ELECTION OF DIRECTOR: REBECCA A.
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  STIRN                                   Y           F
                                                                            ELECTION OF DIRECTOR: WILLIAM Y.
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  TAUSCHER                                Y           F
                                                                            ELECTION OF DIRECTOR: RAYMOND G.
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  VIAULT                                  Y           F
                                                                            APPROVAL OF SAFEWAY INC. 2007 EQUITY
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  AND INCENTIVE AWARD PLAN.               Y           F
                                                                            APPROVAL OF AMENDED AND RESTATED
                                                                            CAPITAL PERFORMANCE BONUS PLAN FOR
                                                                            EXECUTIVE OFFICERS AND KEY EMPLOYEES
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  OF SAFEWAY INC.                         Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            DELOITTE & TOUCHE LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR FISCAL
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  YEAR 2007.                              Y           F
                                                                            STOCKHOLDER PROPOSAL REQUESTING
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  CUMULATIVE VOTING.                      N           N
                                                                            STOCKHOLDER PROPOSAL REQUESTING THAT
                                                                            AN INDEPENDENT DIRECTOR SERVE AS
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  CHAIRMAN OF THE BOARD.                  N           N
                                                                            STOCKHOLDER PROPOSAL REQUESTING THE
                                                                            LABELING OF PRODUCTS OF CLONING OR
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  GENETIC ENGINEERING.                    N           N
                                                                            STOCKHOLDER PROPOSAL REQUESTING THAT
                                                                            THE COMPANY ISSUE A SUSTAINABILITY
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  REPORT.                                 N           N
                                                                            STOCKHOLDER PROPOSAL REQUESTING THAT
                                                                            THE COMPANY ISSUE A REPORT ON
SAFEWAY INC.                         SWY    786514208 16-May-07  19-Mar-07  CONTROLLED-ATMOSPHERE KILLING." "       N           N
CORN PRODUCTS INTERNATIONAL, INC.    CPO    219023108 16-May-07  20-Mar-07  DIRECTOR                                Y           F
CORN PRODUCTS INTERNATIONAL, INC.    CPO    219023108 16-May-07  20-Mar-07  DIRECTOR                                Y           F
CORN PRODUCTS INTERNATIONAL, INC.    CPO    219023108 16-May-07  20-Mar-07  DIRECTOR                                Y           F
CORN PRODUCTS INTERNATIONAL, INC.    CPO    219023108 16-May-07  20-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF KPMG LLP
                                                                            AS INDEPENDENT AUDITORS FOR THE
CORN PRODUCTS INTERNATIONAL, INC.    CPO    219023108 16-May-07  20-Mar-07  COMPANY FOR 2007.                       Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF ERNST &
                                                                            YOUNG LLP AS THE COMPANY'S
                                                                            INDEPENDENT AUDITORS FOR THE YEAR
AVALONBAY COMMUNITIES, INC.          AVB    53484101  16-May-07  28-Feb-07  ENDING DECEMBER 31, 2007.               Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF THE
                                                                            INDEPENDENT REGISTERED PUBLIC
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  ACCOUNTING FIRM FOR 2007                Y           F
                                                                            TO APPROVE THE 2007 PERFORMANCE
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  INCENTIVE PLAN                          Y           N
                                                                            TO TRANSACT SUCH OTHER BUSINESS AS
                                                                            MAY PROPERLY COME BEFORE THE MEETING
NATIONAL RETAIL PROPERTIES, INC.     NNN    637417106 16-May-07  20-Mar-07  OR ANY ADJOURNMENT THEREOF              Y           N
THE MCCLATCHY COMPANY                MNI    579489105 16-May-07  20-Mar-07  DIRECTOR                                Y           F
THE MCCLATCHY COMPANY                MNI    579489105 16-May-07  20-Mar-07  DIRECTOR                                Y           F
THE MCCLATCHY COMPANY                MNI    579489105 16-May-07  20-Mar-07  DIRECTOR                                Y           F
THE MCCLATCHY COMPANY                MNI    579489105 16-May-07  20-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF DELOITTE
                                                                            & TOUCHE LLP AS MCCLATCHY'S
                                                                            INDEPENDENT AUDITORS FOR THE 2007
THE MCCLATCHY COMPANY                MNI    579489105 16-May-07  20-Mar-07  FISCAL YEAR.                            Y           F
KING PHARMACEUTICALS, INC.           KG     495582108 16-May-07  30-Mar-07  DIRECTOR                                Y           F
KING PHARMACEUTICALS, INC.           KG     495582108 16-May-07  30-Mar-07  DIRECTOR                                Y           F
KING PHARMACEUTICALS, INC.           KG     495582108 16-May-07  30-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF A THIRD AMENDED AND
                                                                            RESTATED CHARTER PROVIDING FOR THE
                                                                            ANNUAL ELECTION OF DIRECTORS AND
                                                                            INCORPORATING AMENDMENTS TO THE
                                                                            SECOND AMENDED AND RESTATED CHARTER
KING PHARMACEUTICALS, INC.           KG     495582108 16-May-07  30-Mar-07  PREVIOUSLY APPROVED BY SHAREHOLDERS.    Y           F
                                                                            RATIFICATION OF APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
KING PHARMACEUTICALS, INC.           KG     495582108 16-May-07  30-Mar-07  ACCOUNTING FIRM.                        Y           F
UNIVERSAL HEALTH SERVICES, INC.      UHS    913903100 16-May-07  05-Apr-07  DIRECTOR                                Y           F
MOLSON COORS BREWING CO.             TAP    60871R209 16-May-07  20-Mar-07  DIRECTOR                                Y           F
MOLSON COORS BREWING CO.             TAP    60871R209 16-May-07  20-Mar-07  DIRECTOR                                Y           F
MOLSON COORS BREWING CO.             TAP    60871R209 16-May-07  20-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF SELECTION OF
                                                                            INDEPENDENT REGISTERED PUBLIC
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  ACCOUNTING FIRM                         Y           F
                                                                            AMENDMENT OF TEREX CERTIFICATE OF
                                                                            INCORPORATION TO INCREASE NUMBER OF
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  AUTHORIZED SHARES OF COMMON STOCK       Y           F
                                                                            APPROVAL OF AMENDMENT AND RESTATEMENT
TEREX CORPORATION                    TEX    880779103 17-May-07  23-Mar-07  OF TEREX EMPLOYEE STOCK PURCHASE PLAN   Y           F
ASSURANT, INC.                       AIZ    04621X108 17-May-07  30-Mar-07  DIRECTOR                                Y           F
ASSURANT, INC.                       AIZ    04621X108 17-May-07  30-Mar-07  DIRECTOR                                Y           F
ASSURANT, INC.                       AIZ    04621X108 17-May-07  30-Mar-07  DIRECTOR                                Y           F
ASSURANT, INC.                       AIZ    04621X108 17-May-07  30-Mar-07  DIRECTOR                                Y           F
                                                                            APPOINTMENT OF PRICEWATERHOUSECOOPERS
                                                                            LLP, AS INDEPENDENT REGISTERED PUBLIC
ASSURANT, INC.                       AIZ    04621X108 17-May-07  30-Mar-07  ACCOUNTING FIRM                         Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            A PROPOSAL TO AMEND THE CHARTER OF
                                                                            THE COMPANY TO (A) INCREASE THE
                                                                            NUMBER OF SHARES OF STOCK; (B)
                                                                            INCREASE THE NUMBER OF AUTHORIZED
                                                                            SHARES OF COMMON STOCK OF THE
                                                                            COMPANY; (C) INCREASE THE NUMBER OF
                                                                            AUTHORIZED SHARES OF EXCESS STOCK OF
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  THE COMPANY.                            Y           F
                                                                            THE RATIFICATION OF THE APPOINTMENT
                                                                            OF PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
KIMCO REALTY CORPORATION             KIM    49446R109 17-May-07  23-Mar-07  PUBLIC ACCOUNTING FIRM.                 Y           F
LIZ CLAIBORNE INC                    LIZ    539320101 17-May-07  19-Mar-07  DIRECTOR                                Y           F
LIZ CLAIBORNE INC                    LIZ    539320101 17-May-07  19-Mar-07  DIRECTOR                                Y           F
LIZ CLAIBORNE INC                    LIZ    539320101 17-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            DELOITTE & TOUCHE LLP AS INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
LIZ CLAIBORNE INC                    LIZ    539320101 17-May-07  19-Mar-07  FISCAL 2007.                            Y           F
                                                                            THE STOCKHOLDER PROPOSAL AS DESCRIBED
LIZ CLAIBORNE INC                    LIZ    539320101 17-May-07  19-Mar-07  IN THE PROXY STATEMENT.                 N           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL AND ADOPTION OF REPUBLIC
                                                                            SERVICES, INC. 2007 STOCK INCENTIVE
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  PLAN                                    Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
REPUBLIC SERVICES, INC.              RSG    760759100 17-May-07  28-Mar-07  INDEPENDENT PUBLIC ACCOUNTANTS          Y           F
LIBERTY PROPERTY TRUST               LRY    531172104 17-May-07  20-Mar-07  DIRECTOR                                Y           F
LIBERTY PROPERTY TRUST               LRY    531172104 17-May-07  20-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF THE PROPOSAL TO RATIFY
                                                                            THE SELECTION OF ERNST & YOUNG LLP AS
                                                                            THE TRUST'S INDEPENDENT REGISTERED
LIBERTY PROPERTY TRUST               LRY    531172104 17-May-07  20-Mar-07  PUBLIC ACCOUNTING FIRM FOR 2007.        Y           F
                                                                            APPROVAL OF THE PROPOSAL TO AMEND AND
                                                                            RESTATE THE TRUST'S AMENDED AND
                                                                            RESTATED SHARE INCENTIVE PLAN,
                                                                            WITHOUT INCREASING THE NUMBER OF
                                                                            SHARES AVAILABLE FOR GRANT
                                                                            THEREUNDER, INCLUDING AMONG OTHER
                                                                            THINGS TO ADD TO THE TYPES OF AWARDS
LIBERTY PROPERTY TRUST               LRY    531172104 17-May-07  20-Mar-07  AVAILABLE FOR GRANT UNDER THE PLAN.     Y           F
JARDEN CORPORATION                   JAH    471109108 17-May-07  28-Mar-07  DIRECTOR                                Y           F
JARDEN CORPORATION                   JAH    471109108 17-May-07  28-Mar-07  DIRECTOR                                Y           F
JARDEN CORPORATION                   JAH    471109108 17-May-07  28-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            ERNST & YOUNG LLP AS JARDEN
                                                                            CORPORATION'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE YEAR
JARDEN CORPORATION                   JAH    471109108 17-May-07  28-Mar-07  ENDING DECEMBER 31, 2007.               Y           F
ANNTAYLOR STORES CORPORATION         ANN    36115103  17-May-07  22-Mar-07  DIRECTOR                                Y           F
ANNTAYLOR STORES CORPORATION         ANN    36115103  17-May-07  22-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVE THE MANAGEMENT PERFORMANCE
                                                                            COMPENSATION PLAN, AS AMENDED AND
ANNTAYLOR STORES CORPORATION         ANN    36115103  17-May-07  22-Mar-07  RESTATED.                               Y           F
                                                                            RATIFY THE APPOINTMENT OF DELOITTE &
                                                                            TOUCHE LLP AS INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR FISCAL
ANNTAYLOR STORES CORPORATION         ANN    36115103  17-May-07  22-Mar-07  YEAR 2007.                              Y           F
GROUP 1 AUTOMOTIVE, INC.             GPI    398905109 17-May-07  19-Mar-07  DIRECTOR                                Y           F
GROUP 1 AUTOMOTIVE, INC.             GPI    398905109 17-May-07  19-Mar-07  DIRECTOR                                Y           F
GROUP 1 AUTOMOTIVE, INC.             GPI    398905109 17-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF AN AMENDMENT AND
                                                                            RESTATEMENT TO THE GROUP 1
                                                                            AUTOMOTIVE, INC. 1996 STOCK INCENTIVE
                                                                            PLAN TO (A) RENAME THE PLAN AS THE
                                                                            GROUP 1 AUTOMOTIVE, INC. 2007 LONG
                                                                            TERM INCENTIVE PLAN, (B) INCREASE THE
                                                                            NUMBER OF SHARES AVAILABLE FOR
                                                                            ISSUANCE UNDER THE PLAN FROM
                                                                            5,500,000 TO 6,500,000 SHARES, AND
                                                                            (C) EXTEND THE DURATION OF THE PLAN
GROUP 1 AUTOMOTIVE, INC.             GPI    398905109 17-May-07  19-Mar-07  TO MARCH 8, 2017.                       Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            ERNST & YOUNG LLP AS INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM OF
                                                                            THE COMPANY FOR THE FISCAL YEAR
GROUP 1 AUTOMOTIVE, INC.             GPI    398905109 17-May-07  19-Mar-07  ENDING DECEMBER 31, 2007.               Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  DIRECTOR                                Y           F
                                                                            A PROPOSAL TO RATIFY THE APPOINTMENT
                                                                            OF PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM OF THE COMPANY FOR
PEPCO HOLDINGS, INC.                 POM    713291102 18-May-07  19-Mar-07  2007                                    Y           F
                                                                            THE ELECTION OF YVES C. DE BALMANN
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  FOR A TERM TO EXPIRE IN 2008.           Y           F
                                                                            THE ELECTION OF DOUGLAS L. BECKER FOR
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  A TERM TO EXPIRE IN 2008.               Y           F
                                                                            THE ELECTION OF JAMES T. BRADY FOR A
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  TERM TO EXPIRE IN 2008.                 Y           F
                                                                            THE ELECTION OF EDWARD A. CROOKE FOR
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  A TERM TO EXPIRE IN 2008.               Y           F
                                                                            THE ELECTION OF JAMES R. CURTISS FOR
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  A TERM TO EXPIRE IN 2008.               Y           F
                                                                            THE ELECTION OF FREEMAN A. HRABOWSKI,
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  III FOR A TERM TO EXPIRE IN 2008.       Y           F
                                                                            THE ELECTION OF NANCY LAMPTON FOR A
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  TERM TO EXPIRE IN 2008.                 Y           F
                                                                            THE ELECTION OF ROBERT J. LAWLESS FOR
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  A TERM TO EXPIRE IN 2008.               Y           F
                                                                            THE ELECTION OF LYNN M. MARTIN FOR A
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  TERM TO EXPIRE IN 2008.                 Y           F
                                                                            THE ELECTION OF MAYO A. SHATTUCK III
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  FOR A TERM TO EXPIRE IN 2008.           Y           F
                                                                            THE ELECTION OF MICHAEL D. SULLIVAN
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  FOR A TERM TO EXPIRE IN 2008.           Y           F
                                                                            RATIFICATION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  ACCOUNTING FIRM FOR 2007.               Y           F
                                                                            APPROVAL OF THE 2007 LONG-TERM
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  INCENTIVE PLAN.                         Y           F
                                                                            APPROVAL OF THE EXECUTIVE ANNUAL
CONSTELLATION ENERGY GROUP, INC.     CEG    210371100 18-May-07  16-Mar-07  INCENTIVE PLAN.                         Y           F
WESTLAKE CHEMICAL CORPORATION        WLK    960413102 18-May-07  02-Apr-07  DIRECTOR                                Y           F
WESTLAKE CHEMICAL CORPORATION        WLK    960413102 18-May-07  02-Apr-07  DIRECTOR                                Y           F
WESTLAKE CHEMICAL CORPORATION        WLK    960413102 18-May-07  02-Apr-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            WESTLAKE CHEMICAL CORPORATION'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE FISCAL YEAR
WESTLAKE CHEMICAL CORPORATION        WLK    960413102 18-May-07  02-Apr-07  ENDING DECEMBER 31, 2007.               Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            MATTEL'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE YEAR
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  ENDING DECEMBER 31, 2007.               Y           F
                                                                            BOARD ADOPTION OF DIRECTOR ELECTION
                                                                            MAJORITY VOTING STANDARD AND
                                                                            STOCKHOLDER APPROVAL OF AMENDMENT TO
                                                                            THE CERTIFICATE OF INCORPORATION
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  ELIMINATING CUMULATIVE VOTING.          Y           F
                                                                            APPROVAL OF THE MATTEL INCENTIVE PLAN
                                                                            AND THE MATERIAL TERMS OF ITS
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  PERFORMANCE GOALS.                      Y           F
                                                                            STOCKHOLDER PROPOSAL REGARDING
                                                                            COMPENSATION OF THE TOP FIVE MEMBERS
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  OF MANAGEMENT.                          N           N
                                                                            STOCKHOLDER PROPOSAL TO SEPARATE THE
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  ROLES OF CEO AND CHAIRMAN.              N           N
                                                                            STOCKHOLDER PROPOSAL REGARDING
                                                                            CERTAIN REPORTS BY THE BOARD OF
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  DIRECTORS.                              N           N
                                                                            STOCKHOLDER PROPOSAL REGARDING
MATTEL, INC.                         MAT    577081102 18-May-07  30-Mar-07  PAY-FOR-SUPERIOR-PERFORMANCE.           N           N
                                                                            PROPOSAL BY GEORGE PERLEGOS TO REMOVE
                                                                            PIERRE FOUGERE, T. PETER THOMAS,
                                                                            CHAIHO KIM, DAVID SUGISHITA, AND
                                                                            STEVEN LAUB AS MEMBERS OF THE ATMEL
                                                                            BOARD OF DIRECTORS AND TO ELECT FIVE
                                                                            NEW MEMBERS NOMINATED BY GEORGE
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  PERLEGOS.                               N           N
                                                                            PROPOSAL TO REMOVE PIERRE FOUGERE,
                                                                            DR. CHAIHO KIM, STEVEN LAUB, DAVID
                                                                            SUGISHITA AND T. PETER THOMAS AS
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTORS OF ATMEL.                     Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
                                                                            PROPOSAL TO REMOVE PIERRE FOUGERE AS
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR OF ATMEL                       Y
                                                                            PROPOSAL TO REMOVE DR. CHAIHO KIM AS
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR OF ATMEL                       Y
                                                                            PROPOSAL TO REMOVE STEVEN LAUB AS
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR OF ATMEL                       Y
                                                                            PROPOSAL TO REMOVE DAVID SUGISHITA AS
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR OF ATMEL                       Y
                                                                            PROPOSAL TO REMOVE T. PETER THOMAS AS
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR OF ATMEL                       Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
ATMEL CORPORATION                    ATML   49513104  18-May-07  05-Apr-07  DIRECTOR                                Y
FELCOR LODGING TRUST INCORPORATED    FCH    31430F101 22-May-07  02-Apr-07  DIRECTOR                                Y           F
FELCOR LODGING TRUST INCORPORATED    FCH    31430F101 22-May-07  02-Apr-07  DIRECTOR                                Y           F
FELCOR LODGING TRUST INCORPORATED    FCH    31430F101 22-May-07  02-Apr-07  DIRECTOR                                Y           F
FELCOR LODGING TRUST INCORPORATED    FCH    31430F101 22-May-07  02-Apr-07  DIRECTOR                                Y           F
FELCOR LODGING TRUST INCORPORATED    FCH    31430F101 22-May-07  02-Apr-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            FELCOR'S INDEPENDENT REGISTERED
FELCOR LODGING TRUST INCORPORATED    FCH    31430F101 22-May-07  02-Apr-07  PUBLIC ACCOUNTING FIRM.                 Y           F
VISHAY INTERTECHNOLOGY, INC.         VSH    928298108 22-May-07  05-Apr-07  DIRECTOR                                Y           F
VISHAY INTERTECHNOLOGY, INC.         VSH    928298108 22-May-07  05-Apr-07  DIRECTOR                                Y           F
VISHAY INTERTECHNOLOGY, INC.         VSH    928298108 22-May-07  05-Apr-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE APPOINTMENT OF ERNST &
                                                                            YOUNG LLP AS VISHAY'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM FOR
VISHAY INTERTECHNOLOGY, INC.         VSH    928298108 22-May-07  05-Apr-07  THE YEAR ENDING DECEMBER 31, 2007.      Y           F
                                                                            TO APPROVE THE AMENDMENT TO VISHAY'S
VISHAY INTERTECHNOLOGY, INC.         VSH    928298108 22-May-07  05-Apr-07  1998 STOCK OPTION PLAN.                 Y           F
                                                                            TO APPROVE VISHAY'S 2007 STOCK OPTION
VISHAY INTERTECHNOLOGY, INC.         VSH    928298108 22-May-07  05-Apr-07  PLAN.                                   Y           F
                                                                            ELECTION OF DIRECTOR: LINDA G.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  ALVARADO                                Y           F
                                                                            ELECTION OF DIRECTOR: BARRY H.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  BERACHA                                 Y           F
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  ELECTION OF DIRECTOR: ERIC J. FOSS      Y           F
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  ELECTION OF DIRECTOR: IRA D. HALL       Y           F
                                                                            ELECTION OF DIRECTOR: HUGH F.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  JOHNSTON                                Y           F
                                                                            ELECTION OF DIRECTOR: SUSAN D.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  KRONICK                                 Y           F
                                                                            ELECTION OF DIRECTOR: BLYTHE J.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  MCGARVIE                                Y           F
                                                                            ELECTION OF DIRECTOR: MARGARET D.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  MOORE                                   Y           F
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  ELECTION OF DIRECTOR: JOHN A. QUELCH    Y           F
                                                                            ELECTION OF DIRECTOR: JAVIER G.
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  TERUEL                                  Y           F
                                                                            RATIFY THE APPOINTMENT OF DELOITTE &
                                                                            TOUCHE LLP AS THE COMPANY'S
                                                                            INDEPENDENT REGISTERED PUBLIC
THE PEPSI BOTTLING GROUP, INC.       PBG    713409100 23-May-07  26-Mar-07  ACCOUNTING FIRM FOR FISCAL YEAR 2007    Y           F
MACK-CALI REALTY CORPORATION         CLI    554489104 23-May-07  05-Apr-07  DIRECTOR                                Y           F
MACK-CALI REALTY CORPORATION         CLI    554489104 23-May-07  05-Apr-07  DIRECTOR                                Y           F
MACK-CALI REALTY CORPORATION         CLI    554489104 23-May-07  05-Apr-07  DIRECTOR                                Y           F
MACK-CALI REALTY CORPORATION         CLI    554489104 23-May-07  05-Apr-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM OF THE COMPANY FOR
                                                                            THE FISCAL YEAR ENDING DECEMBER 31,
MACK-CALI REALTY CORPORATION         CLI    554489104 23-May-07  05-Apr-07  2007.                                   Y           F
REINSURANCE GROUP OF AMERICA, INC.   RGA    759351109 23-May-07  23-Mar-07  DIRECTOR                                Y           F
REINSURANCE GROUP OF AMERICA, INC.   RGA    759351109 23-May-07  23-Mar-07  DIRECTOR                                Y           F
REINSURANCE GROUP OF AMERICA, INC.   RGA    759351109 23-May-07  23-Mar-07  DIRECTOR                                Y           F
                                                                            TO APPROVE AN AMENDMENT TO THE
REINSURANCE GROUP OF AMERICA, INC.   RGA    759351109 23-May-07  23-Mar-07  COMPANY'S FLEXIBLE STOCK PLAN.          Y           N
                                                                            TO AUTHORIZE THE SALE OF CERTAIN
                                                                            TYPES OF SECURITIES FROM TIME TO TIME
                                                                            TO METLIFE, INC., THE BENEFICIAL
                                                                            OWNER OF A MAJORITY OF THE COMPANY'S
                                                                            COMMON SHARES, OR AFFILIATES OF
REINSURANCE GROUP OF AMERICA, INC.   RGA    759351109 23-May-07  23-Mar-07  METLIFE, INC.                           Y           N
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DIRECTOR                                Y           F
                                                                            TO RATIFY THE SELECTION OF
                                                                            UNIONBANCAL CORPORATION'S INDEPENDENT
                                                                            REGISTERED PUBLIC ACCOUNTING FIRM,
UNIONBANCAL CORPORATION              UB     908906100 24-May-07  30-Mar-07  DELOITTE & TOUCHE LLP, FOR 2007.        Y           F
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  DIRECTOR                                Y
                                                                            PROPOSAL TO APPROVE THE 2007 EMPLOYEE
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  STOCK PURCHASE PLAN.                    Y
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            ZENITH'S INDEPENDENT AUDITORS FOR
ZENITH NATIONAL INSURANCE CORP.      ZNT    989390109 24-May-07  26-Mar-07  2007.                                   Y
TERADYNE, INC.                       TER    880770102 24-May-07  04-Apr-07  DIRECTOR                                Y
TERADYNE, INC.                       TER    880770102 24-May-07  04-Apr-07  DIRECTOR                                Y
TERADYNE, INC.                       TER    880770102 24-May-07  04-Apr-07  DIRECTOR                                Y
                                                                            TO APPROVE AN AMENDMENT TO THE 1996
                                                                            EMPLOYEE STOCK PURCHASE PLAN TO
                                                                            INCREASE THE AGGREGATE NUMBER OF
                                                                            SHARES OF COMMON STOCK THAT MAY BE
                                                                            ISSUED PURSUANT TO THE PLAN BY
TERADYNE, INC.                       TER    880770102 24-May-07  04-Apr-07  5,000,000 SHARES.                       Y
                                                                            TO APPROVE AN AMENDMENT TO THE
                                                                            AMENDED AND RESTATED BY-LAWS TO ADOPT
                                                                            MAJORITY VOTING IN UNCONTESTED
TERADYNE, INC.                       TER    880770102 24-May-07  04-Apr-07  DIRECTOR ELECTIONS.                     Y
                                                                            TO RATIFY THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT AUDITORS FOR THE FISCAL
TERADYNE, INC.                       TER    880770102 24-May-07  04-Apr-07  YEAR ENDING DECEMBER 31, 2007.          Y
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  DIRECTOR                                Y           F
                                                                            APPROVE AMENDMENTS TO THE 2003 STOCK
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  INCENTIVE PERFORMANCE PLAN.             Y           F
                                                                            RATIFICATION OF KPMG LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE 2007
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  FISCAL YEAR.                            Y           F
                                                                            TO CONSIDER AND VOTE UPON A
                                                                            SHAREHOLDER PROPOSAL ENTITLED
HASBRO, INC.                         HAS    418056107 24-May-07  05-Apr-07  SUSTAINABILITY REPORT-HASBRO, INC." "   N           N
                                                                            ELECTION OF DIRECTOR: H. JESSE
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  ARNELLE                                 Y
                                                                            ELECTION OF DIRECTOR: ARMEN DER
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  MARDEROSIAN                             Y
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  ELECTION OF DIRECTOR: MICKEY P. FORET   Y
                                                                            ELECTION OF DIRECTOR: MARTIN M.
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  KOFFEL                                  Y
                                                                            ELECTION OF DIRECTOR: JOSEPH W.
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  RALSTON                                 Y
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  ELECTION OF DIRECTOR: JOHN D. ROACH     Y
                                                                            ELECTION OF DIRECTOR: DOUGLAS W.
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  STOTIAR                                 Y
                                                                            ELECTION OF DIRECTOR: WILLIAM P.
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  SULLIVAN                                Y
                                                                            ELECTION OF DIRECTOR: WILLIAM D.
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  WALSH                                   Y
                                                                            TO RATIFY THE SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS OUR
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE FISCAL YEAR
URS CORPORATION                      URS    903236107 24-May-07  05-Apr-07  2007.                                   Y
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  ELECTION OF DIRECTOR: A. GARY AMES      Y           F
                                                                            ELECTION OF DIRECTOR: CHARLES M.
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  LILLIS                                  Y           F
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  ELECTION OF DIRECTOR: JEFFREY NODDLE    Y           F
                                                                            ELECTION OF DIRECTOR: STEVEN S.
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  ROGERS                                  Y           F
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  ELECTION OF DIRECTOR: WAYNE C. SALES    Y           F
                                                                            ELECTION OF DIRECTOR: KATHI P.
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  SEIFERT                                 Y           F
                                                                            APPROVAL OF THE SUPERVALU INC. 2007
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  STOCK PLAN                              Y           F
                                                                            RATIFICATION OF APPOINTMENT OF KPMG
                                                                            LLP AS INDEPENDENT REGISTERED PUBLIC
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  ACCOUNTANTS                             Y           F
                                                                            TO CONSIDER AND VOTE ON A STOCKHOLDER
                                                                            PROPOSAL AS DESCRIBED IN THE ATTACHED
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  PROXY STATEMENT                         N           N
                                                                            TO TRANSACT SUCH OTHER BUSINESS AS
SUPERVALU INC.                       SVU    868536103 24-May-07  26-Mar-07  MAY PROPERLY COME BEFORE THE MEETING    Y           N
                                                                            ELECTION OF DIRECTOR: THOMAS J.
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  QUINLAN III                             Y           F
                                                                            ELECTION OF DIRECTOR: OLIVER R.
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  SOCKWELL                                Y           F
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  ELECTION OF DIRECTOR: STEPHEN M. WOLF   Y           F
                                                                            RATIFICATION OF THE COMPANY'S
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  AUDITORS.                               Y           F
                                                                            APPROVAL OF AMENDMENTS TO THE
                                                                            RESTATED CERTIFICATE OF INCORPORATION
                                                                            ELIMINATING THE CLASSIFIED STRUCTURE
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  OF THE BOARD OF DIRECTORS.              Y           F
                                                                            APPROVAL OF AMENDMENTS TO THE
                                                                            RESTATED CERTIFICATE OF INCORPORATION
                                                                            ELIMINATING THE SUPERMAJORITY VOTE
                                                                            REQUIREMENT FOR MERGERS,
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  CONSOLIDATIONS OR ASSET SALES.          Y           F
                                                                            STOCKHOLDER PROPOSAL TO ADOPT UN
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  GLOBAL COMPACT.                         N           N
                                                                            STOCKHOLDER PROPOSAL TO ELIMINATE THE
                                                                            CLASSIFIED STRUCTURE OF THE BOARD OF
R.R. DONNELLEY & SONS COMPANY        RRD    257867101 24-May-07  05-Apr-07  DIRECTORS.                              N           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF APPOINTMENT OF KPMG
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  LLP AS INDEPENDENT AUDITORS             Y           F
                                                                            APPROVAL OF THE EXECUTIVE OFFICERS
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  BONUS PLAN                              Y           F
                                                                            APPROVAL OF AN AMENDMENT TO THE
                                                                            ARTICLES OF INCORPORATION TO PROVIDE
                                                                            FOR MAJORITY VOTING IN THE ELECTION
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  OF DIRECTORS                            Y           N
                                                                            APPROVAL OF THE ISSUANCE OF UP TO
                                                                            11,068,604 SHARES OF CLASS A COMMON
                                                                            STOCK FOR THE ACQUISITION OF PACKERS
                                                                            SERVICE GROUP, INC., WHOSE PRINCIPAL
                                                                            ASSET IS 11,068,604 SHARES OF CLASS A
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  COMMON STOCK                            Y           N
                                                                            APPROVAL OF AN AMENDMENT TO THE
                                                                            RESTRICTED STOCK PLAN TO INCREASE THE
                                                                            AUTHORIZED NUMBER OF SHARES OF CLASS
                                                                            A COMMON STOCK THAT MAY BE ISSUED
                                                                            UNDER THE PLAN FROM A TOTAL OF
                                                                            1,000,000 SHARES TO A TOTAL OF
NELNET, INC.                         NNI    64031N108 24-May-07  26-Mar-07  2,000,000 SHARES                        Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF SELECTION OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS FIRST
                                                                            AMERICAN'S INDEPENDENT REGISTERED
THE FIRST AMERICAN CORPORATION       FAF    318522307 24-May-07  30-Mar-07  PUBLIC ACCOUNTING FIRM FOR 2007         Y           F
OLD REPUBLIC INTERNATIONAL CORPORATI ORI    680223104 25-May-07  21-Mar-07  DIRECTOR                                Y           F
OLD REPUBLIC INTERNATIONAL CORPORATI ORI    680223104 25-May-07  21-Mar-07  DIRECTOR                                Y           F
OLD REPUBLIC INTERNATIONAL CORPORATI ORI    680223104 25-May-07  21-Mar-07  DIRECTOR                                Y           F
OLD REPUBLIC INTERNATIONAL CORPORATI ORI    680223104 25-May-07  21-Mar-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  DIRECTOR                                Y           F
                                                                            TO CONSIDER AND RATIFY THE
                                                                            APPOINTMENT OF KPMG LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE 2007
EASTGROUP PROPERTIES, INC.           EGP    277276101 30-May-07  13-Apr-07  FISCAL YEAR.                            Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF ADOPTION OF ISTAR
                                                                            FINANCIAL INC. 2007 INCENTIVE
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  COMPENSATION PLAN.                      Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS THE
                                                                            COMPANY'S INDEPENDENT ACCOUNTANTS FOR
                                                                            THE FISCAL YEAR ENDING DECEMBER 31,
ISTAR FINANCIAL INC.                 SFI    45031U101 30-May-07  02-Apr-07  2007.                                   Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DIRECTOR                                Y           F
                                                                            APPROVAL OF THE EXPEDIA, INC. 2005
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  STOCK AND ANNUAL INCENTIVE PLAN.        Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            ERNST & YOUNG LLP AS THE COMPANY'S
                                                                            INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTING FIRM FOR THE YEAR ENDING
EXPEDIA, INC.                        EXPE   30212P105 06-Jun-07  12-Apr-07  DECEMBER 31, 2007.                      Y           F
INGRAM MICRO INC.                    IM     457153104 06-Jun-07  11-Apr-07  DIRECTOR                                Y           F
INGRAM MICRO INC.                    IM     457153104 06-Jun-07  11-Apr-07  DIRECTOR                                Y           F
INGRAM MICRO INC.                    IM     457153104 06-Jun-07  11-Apr-07  DIRECTOR                                Y           F
INGRAM MICRO INC.                    IM     457153104 06-Jun-07  11-Apr-07  DIRECTOR                                Y           F
INGRAM MICRO INC.                    IM     457153104 06-Jun-07  11-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF BDO SEIDMAN, LLP AS
                                                                            THE INDEPENDENT REGISTERED PUBLIC
                                                                            ACCOUNTANTS OF THE CORPORATION FOR
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  2007.                                   Y           F
                                                                            APPROVAL OF AN AMENDMENT TO THE
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  BY-LAWS OF THE CORPORATION.             Y           F
                                                                            APPROVAL OF THE 2007 EXECUTIVE ANNUAL
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  CASH INCENTIVE PLAN.                    Y           F
                                                                            SHAREHOLDER PROPOSAL REGARDING
                                                                            ADVISORY VOTE ON EXECUTIVE
JONES APPAREL GROUP, INC.            JNY    480074103 14-Jun-07  09-Apr-07  COMPENSATION.                           N           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  DIRECTOR                                Y           F
                                                                            RATIFICATION OF THE APPOINTMENT OF
                                                                            PRICEWATERHOUSECOOPERS LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
FAMILY DOLLAR STORES, INC.           FDO    307000109 19-Jun-07  25-Apr-07  ACCOUNTANTS.                            Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  DIRECTOR                                Y           F
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  APPROVAL OF THE 2007 INCENTIVE PLAN.    Y           F
                                                                            APPOINTMENT OF ERNST & YOUNG LLP AS
EMCOR GROUP, INC.                    EME    29084Q100 20-Jun-07  24-Apr-07  INDEPENDENT AUDITORS.                   Y           F
DOLLAR TREE STORES, INC.             DLTR   256747106 21-Jun-07  20-Apr-07  DIRECTOR                                Y           F
DOLLAR TREE STORES, INC.             DLTR   256747106 21-Jun-07  20-Apr-07  DIRECTOR                                Y           F
DOLLAR TREE STORES, INC.             DLTR   256747106 21-Jun-07  20-Apr-07  DIRECTOR                                Y           F
DOLLAR TREE STORES, INC.             DLTR   256747106 21-Jun-07  20-Apr-07  SHAREHOLDER PROPOSAL                    N           F
REALNETWORKS, INC.                   RNWK   75605L104 25-Jun-07  25-Apr-07  DIRECTOR                                Y           F
REALNETWORKS, INC.                   RNWK   75605L104 25-Jun-07  25-Apr-07  DIRECTOR                                Y           F
REALNETWORKS, INC.                   RNWK   75605L104 25-Jun-07  25-Apr-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO APPROVE AMENDMENTS TO THE
                                                                            REALNETWORKS, INC. 2005 STOCK
REALNETWORKS, INC.                   RNWK   75605L104 25-Jun-07  25-Apr-07  INCENTIVE PLAN.                         Y           N
                                                                            PROPOSAL TO APPROVE THE REALNETWORKS,
                                                                            INC. 2007 EMPLOYEE STOCK PURCHASE
REALNETWORKS, INC.                   RNWK   75605L104 25-Jun-07  25-Apr-07  PLAN.                                   Y           F
                                                                            RATIFICATION OF KPMG LLP AS
                                                                            INDEPENDENT REGISTERED PUBLIC
REALNETWORKS, INC.                   RNWK   75605L104 25-Jun-07  25-Apr-07  ACCOUNTING FIRM.                        Y           F
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  DIRECTOR                                Y           F
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  DIRECTOR                                Y           F
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  DIRECTOR                                Y           F
                                                                            PROPOSAL TO APPROVE AN AMENDMENT TO
                                                                            THE 2004 RESTRICTED STOCK PLAN ADDING
                                                                            A PERFORMANCE CRITERIA FOR SOME
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  PARTICIPANTS.                           Y           F
                                                                            PROPOSAL TO APPROVE AN AMENDMENT TO
                                                                            THE 2004 RESTRICTED STOCK PLAN ADDING
                                                                            100,000 SHARES TO THE MAXIMUM NUMBER
                                                                            OF SHARES THAT MAY BE ISSUED UNDER
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  THE PLAN.                               Y           F
                                                                            PROPOSAL TO APPROVE AN AMENDMENT TO
                                                                            THE NON-EMPLOYEE DIRECTORS RESTRICTED
                                                                            STOCK PLAN INCREASING THE AMOUNT OF
                                                                            THE RESTRICTED STOCK AWARD GRANTED TO
                                                                            EACH ELIGIBLE DIRECTOR UPON
                                                                            STOCKHOLDER APPROVAL OF THE AMENDMENT
                                                                            AND THEREAFTER ON THE DATE OF THE
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  ANNUAL GRANT.                           Y           F
                                                                            PROPOSAL TO APPROVE AN AMENDMENT TO
                                                                            THE NON-EMPLOYEE DIRECTORS RESTRICTED
                                                                            STOCK PLAN ADDING 25,000 SHARES TO
                                                                            THE MAXIMUM NUMBER OF SHARES THAT MAY
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  BE ISSUED UNDER THE PLAN.               Y           F
                                                                            PROPOSAL TO RATIFY THE APPOINTMENT OF
                                                                            DELOITTE & TOUCHE LLP AS THE
                                                                            COMPANY'S INDEPENDENT REGISTERED
                                                                            PUBLIC ACCOUNTING FIRM FOR THE 2007
CEC ENTERTAINMENT, INC.              CEC    125137109 27-Jun-07  30-Apr-07  FISCAL YEAR.                            Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  DIRECTOR                                Y           F
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  APPROVAL OF KROGER CASH BONUS PLAN.     Y           F
                                                                            RULES OF CONDUCT FOR SHAREHOLDER
                                                                            MEETINGS; MEETINGS OUTSIDE OF
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  CINCINNATI.                             Y           F
                                                                            APPROVAL OF PRICEWATERHOUSECOOPERS
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  LLP, AS AUDITORS.                       Y           F
                                                                            APPROVE SHAREHOLDER PROPOSAL, IF
                                                                            PROPERLY PRESENTED, TO RECOMMEND THE
THE KROGER CO.                       KR     501044101 28-Jun-07  30-Apr-07  PREPARATION OF CLIMATE CHANGE REPORT.   N           N




Fund:  Principal Variable Contracts Fund, Inc. - MidCap Value Account
Sub-Advisor Neuberger Berman Management, Inc.
                                                                               Ballot
                                                         Security   Ballot     Issue                               Mgmt      Record
MeetingDate IssuerName                  Ticker  Identifier Status     No.  ProposalText       Proponent VoteCast  Recommend  Date
                                                                                                          
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.1 Elect John Brouillard       Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.2 Elect Lawrence Castellani   Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.3 Elect Michael Coppola       Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.4 Elect Darren Jackson        Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.5 Elect Nicholas LaHowchic    Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.6 Elect William Oglesby       Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.7 Elect Gilbert Ray           Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.8 Elect Carlos Saladrigas     Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.9 Elect William Salter        Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    1.10Elect Francesca Spinelli    Mgmt  For         For    03/28/07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    2   Ratification of Auditor     Mgmt  For         For    03/28/07
                                                                         APPROVE AN AMENDMENT TO
                                                                         OUR LONG-TERM INCENTIVE
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    3   PLAN                        Mgmt  For         For    03/28/07
                                                                         APPROVE THE 07
05/16/07  Advance Auto Parts Inc         AAP   00751Y106  Voted    4   EXECUTIVE INCENTIVE PLAN    Mgmt  For         For    03/28/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.1 Elect Frank Clark           Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.2 Elect Betsy Cohen           Mgmt  Withhold    For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.3 Elect Molly Coye            Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.4 Elect Barbara Franklin      Mgmt  Withhold    For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.5 Elect Jeffrey Garten        Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.6 Elect Earl Graves           Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.7 Elect Gerald Greenwald      Mgmt  Withhold    For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.8 Elect Ellen Hancock         Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.9 Elect Edward Ludwig         Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.10Elect Joseph Newhouse       Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    1.11Elect Ronald Williams       Mgmt  For         For    02/23/07
04/27/07  Aetna Inc                      AET   00817Y108  Voted    2   Ratification of Auditor     Mgmt  For         For    02/23/07
                                                                         APPROVAL OF AMENDMENT TO
04/27/07  Aetna Inc                      AET   00817Y108  Voted    3   ARTICLES OF INCORPORATION   Mgmt  For         For    02/23/07
                                                                         Shareholder Proposal
                                                                         Regarding Cumulative
04/27/07  Aetna Inc                      AET   00817Y108  Voted    4   Voting                      ShrHolFor         Against02/23/07
                                                                         Shareholder Proposal
                                                                         Regarding Nominating a
                                                                         Director from the
04/27/07  Aetna Inc                      AET   00817Y108  Voted    5   Executive Retiree Ranks     ShrHolAgainst     Against02/23/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.1 Elect Darwin Deason         Mgmt  Withhold    For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.2 Elect Lynn Blodgett         Mgmt  For         For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.3 Elect John Rexford          Mgmt  Withhold    For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.4 Elect Joseph O'Neill        Mgmt  Withhold    For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.5 Elect Frank Rossi           Mgmt  Withhold    For    04/13/07
          Affiliated Computer                                          Elect J. Livingston
06/07/07  Services Inc                   ACS   8190100    Voted    1.6 Kosberg                     Mgmt  Withhold    For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.7 Elect Dennis McCuistion     Mgmt  Withhold    For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    1.8 Elect Robert  Holland III   Mgmt  For         For    04/13/07
                                                                       Fiscal Year 07
                                                                       Performance-Based
                                                                       Services Incentive Compensation
          Affiliated Computer                                          Plan for Executive
06/07/07  Services Inc                   ACS   8190100    Voted    2   Officers                    Mgmt  For         For    04/13/07
                                                                       Special Executive FY07
          Affiliated Computer                                          Bonus Plan for Certain
06/07/07  Services Inc                   ACS   8190100    Voted    3   Executive Officers          Mgmt  For         For    04/13/07
          Affiliated Computer
06/07/07  Services Inc                   ACS   8190100    Voted    4   Ratification of Auditor     Mgmt  For         For    04/13/07
          Affiliated Computer                                          TO APPROVE AND ADOPT THE
06/07/07  Services Inc                   ACS   8190100    Voted    5   07 EQUITY Services IncENTPLAN Mgmt For        For    04/13/07
                                                                       Shareholder Proposal
                                                                       Regarding Shareholder
          Affiliated Computer                                          Advisory Vote on
06/07/07  Services Inc                   ACS   8190100    Voted    6   Executive Compensation      ShrHolFor         Against04/13/07
05/15/07  Alltel Corp.                   ALTEM 20039103   Voted    1.1 Elect Scott Ford            Mgmt  For         For    04/11/07
                                                                         Elect Lawrence
05/15/07  Alltel Corp.                   ALTEM 20039103   Voted    1.2 Gellerstedt, III            Mgmt  Withhold    For    04/11/07
05/15/07  Alltel Corp.                   ALTEM 20039103   Voted    1.3 Elect Emon Mahony, Jr.      Mgmt  For         For    04/11/07
05/15/07  Alltel Corp.                   ALTEM 20039103   Voted    1.4 Elect Ronald Townsend       Mgmt  Withhold    For    04/11/07
05/15/07  Alltel Corp.                   ALTEM 20039103   Voted    2   Ratification of Auditor     Mgmt  For         For    04/11/07
05/24/07  Annaly Mortgage Management Inc NLY   35710409   Voted    1.1 Elect Kevin Brady           Mgmt  For         For    03/27/07
05/24/07  Annaly Mortgage Management Inc NLY   35710409   Voted    1.2 Elect E. Wayne Nordberg     Mgmt  For         For    03/27/07
05/24/07  Annaly Mortgage Management Inc NLY   35710409   Voted    2   Ratification of Auditor     Mgmt  For         For    03/27/07
04/26/07  Arch Coal Inc                  ACIPR 39380100   Voted    1.1 Elect Brian Jennings        Mgmt  For         For    03/01/07
04/26/07  Arch Coal Inc                  ACIPR 39380100   Voted    1.2 Elect Steven Leer           Mgmt  For         For    03/01/07
04/26/07  Arch Coal Inc                  ACIPR 39380100   Voted    1.3 Elect Robert Potter         Mgmt  For         For    03/01/07
04/26/07  Arch Coal Inc                  ACIPR 39380100   Voted    1.4 Elect Theodore Sands        Mgmt  For         For    03/01/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.1 Elect Alex Best             Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.2 Elect Harry Bosco           Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.3 Elect John Craig            Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.4 Elect Matthew Kearney       Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.5 Elect William  Lambert      Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.6 Elect John Petty            Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    1.7 Elect Robert  Stanzione     Mgmt  For         For    03/30/07
                                                                         APPROVAL OF THE 07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    2   STOCK INCENTIVE PLAN.       Mgmt  For         For    03/30/07
05/24/07  Arris Group Inc                ARRS  04269Q100  Voted    3   Ratification of Auditor     Mgmt  For         For    03/30/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.1 Elect James Cayne           Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.2 Elect Henry Bienen          Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.3 Elect Carl Glickman         Mgmt  Withhold    For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.4 Elect Michael Goldstein     Mgmt  Withhold    For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.5 Elect Alan Greenberg        Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.6 Elect Donald Harrington     Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.7 Elect Frank Nickell         Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.8 Elect Paul Novelly          Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.9 Elect Frederic Salerno      Mgmt  Withhold    For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.10Elect Alan Schwartz         Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.11Elect Warren Spector        Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.12Elect Vincent Tese          Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    1.13Elect Wesley Williams, Jr.  Mgmt  For         For    02/20/07
                                                                         APPROVAL OF AN AMENDMENT
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    2   TO THE STOCK AWARD PLAN.    Mgmt  Against     For    02/20/07
                                                                         APPROVAL OF AMENDMENTS TO
                                                                         THE RESTRICTED STOCK UNIT
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    3   PLAN.                       Mgmt  Against     For    02/20/07
                                                                         Amendment to the Capital
                                                                         Accumulation Plan for
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    4   Senior Managing Directors   Mgmt  For         For    02/20/07
                                                                         APPROVAL OF THE 07
                                                                         PERFORMANCE COMPENSATION
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    5   PLAN.                       Mgmt  For         For    02/20/07
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    6   Ratification of Auditor     Mgmt  For         For    02/20/07
                                                                         STOCKHOLDER PROPOSAL
                                                                         REGARDING A
                                                                         PAY-FOR-SUPERIOR-PERFORMANCE
04/18/07  Bear Stearns Companies Inc     BSC   73902108   Voted    7   STANDARD.                   ShrHolAgainst     Against02/20/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.1 Re-elect Catherine Best     Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.2 Re-elect N. Murray Edwards  Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.3 Re-elect Gary Filmon        Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.4 Re-elect Gordon Giffin      Mgmt  Withhold    For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.5 Re-elect John Langille      Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.6 Elect Steve Laut            Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.7 Re-elect Keith MacPhail     Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.8 Re-elect Allan Markin       Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.9 Re-elect Norman McIntyre    Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.10Elect Frank McKenna         Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.11Re-elect James Palmer       Mgmt  Withhold    For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.12Re-elect Eldon Smith        Mgmt  For         For    03/14/07
            Canadian Natural Resources
05/03/07  Limited                        CNQ   136385101  Voted    1.13Re-elect David Tuer         Mgmt  For         For    03/14/07
            Canadian Natural Resources                                   Appointment of Auditor
05/03/07  Limited                        CNQ   136385101  Voted    2   and Authority to Set Fees   Mgmt  For         For    03/14/07
            Canadian Natural Resources                                   Amendment to Compiled and
05/03/07  Limited                        CNQ   136385101  Voted    3   Restated Stock Option Plan  Mgmt  For         For    03/14/07
            CHICAGO BRIDGE & IRON COMPANY
05/10/07  N.V.- ADR                      CBI   167250109  Voted    1   Elect Jerry H. Ballengee    Mgmt  For         For    04/02/07
            CHICAGO BRIDGE & IRON COMPANY
05/10/07  N.V.- ADR                      CBI   167250109  Voted    2   Elect Michael L. Underwood  Mgmt  For         For    04/02/07
                                                                         Accounts and Reports;
            CHICAGO BRIDGE & IRON COMPANY                                Adoption of English
05/10/07  N.V.- ADR                      CBI   167250109  Voted    3   Language                    Mgmt  Abstain     For    04/02/07
            CHICAGO BRIDGE & IRON COMPANY                                Ratification of
05/10/07  N.V.- ADR                      CBI   167250109  Voted    4   Management Board Acts       Mgmt  Abstain     For    04/02/07
            CHICAGO BRIDGE & IRON COMPANY                                Ratification of
05/10/07  N.V.- ADR                      CBI   167250109  Voted    5   Supervisory Board Acts      Mgmt  Abstain     For    04/02/07
                                                                         TO RESOLVE ON THE FINAL
            CHICAGO BRIDGE & IRON COMPANY                                DIVIDEND FOR THE YEAR
05/10/07  N.V.- ADR                      CBI   167250109  Voted    6   ENDED DECEMBER 31, 2006.    Mgmt  For         For    04/02/07
            CHICAGO BRIDGE & IRON COMPANY                                Authority to Repurchase
05/10/07  N.V.- ADR                      CBI   167250109  Voted    7   Shares                      Mgmt  For         For    04/02/07
                                                                         Authority to Issue Shares
            CHICAGO BRIDGE & IRON COMPANY                                w/ or w/out Preemptive
05/10/07  N.V.- ADR                      CBI   167250109  Voted    8   Rights                      Mgmt  Against     For    04/02/07
            CHICAGO BRIDGE & IRON COMPANY
05/10/07  N.V.- ADR                      CBI   167250109  Voted    9   Appointment of Auditor      Mgmt  For         For    04/02/07
                                                                         ELECTION OF DIRECTOR:
04/25/07  Cigna Corp.                    CI    125509109  Voted    1   ROBERT H. CAMPBELL          Mgmt  For         For    02/27/07
                                                                         ELECTION OF DIRECTOR:
04/25/07  Cigna Corp.                    CI    125509109  Voted    2   ISAIAH HARRIS, JR.          Mgmt  For         For    02/27/07
                                                                         ELECTION OF DIRECTOR:
04/25/07  Cigna Corp.                    CI    125509109  Voted    3   JANE E. HENNEY, M.D.        Mgmt  For         For    02/27/07
                                                                         ELECTION OF DIRECTOR:
04/25/07  Cigna Corp.                    CI    125509109  Voted    4   DONNA F. ZARCONE            Mgmt  For         For    02/27/07
04/25/07  Cigna Corp.                    CI    125509109  Voted    5   Ratification of Auditor     Mgmt  For         For    02/27/07
                                                                         APPROVAL OF THE AMENDED
                                                                         AND RESTATED CIGNA
04/25/07  Cigna Corp.                    CI    125509109  Voted    6   EXECUTIVE INCENTIVE PLAN    Mgmt  For         For    02/27/07
06/26/07  Circuit City Inc               CC    172737108  Voted    1.1 Elect Barbara Feigin        Mgmt  Withhold    For    04/19/07
06/26/07  Circuit City Inc               CC    172737108  Voted    1.2 Elect Allen King            Mgmt  For         For    04/19/07
06/26/07  Circuit City Inc               CC    172737108  Voted    1.3 Elect Carolyn Woo           Mgmt  For         For    04/19/07
06/26/07  Circuit City Inc               CC    172737108  Voted    1.4 Elect James Hardymon        Mgmt  Withhold    For    04/19/07
06/26/07  Circuit City Inc               CC    172737108  Voted    2   Ratification of Auditor     Mgmt  For         For    04/19/07
                                                                         THE ELECTION OF YVES C.
                                                                         DE BALMANN FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    1   EXPIRE IN 2008.             Mgmt  For         For    03/16/07
                                                                         THE ELECTION OF DOUGLAS
                                                                         L. BECKER FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    2   EXPIRE IN 2008.             Mgmt  Against     For    03/16/07
                                                                         THE ELECTION OF JAMES T.
                                                                         BRADY FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    3   EXPIRE IN 2008.             Mgmt  For         For    03/16/07
                                                                         THE ELECTION OF EDWARD A.
                                                                         CROOKE FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    4   EXPIRE IN 2008.             Mgmt  For         For    03/16/07
                                                                         THE ELECTION OF JAMES R.
                                                                         CURTISS FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    5   EXPIRE IN 2008.             Mgmt  Against     For    03/16/07
                                                                         THE ELECTION OF FREEMAN
                                                                         A. HRABOWSKI, III FOR A
05/18/07  Constellation Energy           CEG   210371100  Voted    6   TERM TO EXPIRE IN 2008.     Mgmt  Against     For    03/16/07
                                                                         THE ELECTION OF NANCY
                                                                         LAMPTON FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    7   EXPIRE IN 2008.             Mgmt  For         For    03/16/07
                                                                         THE ELECTION OF ROBERT J.
                                                                         LAWLESS FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    8   EXPIRE IN 2008.             Mgmt  Against     For    03/16/07
                                                                         THE ELECTION OF LYNN M.
                                                                         MARTIN FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    9   EXPIRE IN 2008.             Mgmt  Against     For    03/16/07
                                                                         THE ELECTION OF MAYO A.
                                                                         SHATTUCK III FOR A TERM
05/18/07  Constellation Energy           CEG   210371100  Voted    10  TO EXPIRE IN 2008.          Mgmt  For         For    03/16/07
                                                                         THE ELECTION OF MICHAEL
                                                                         D. SULLIVAN FOR A TERM TO
05/18/07  Constellation Energy           CEG   210371100  Voted    11  EXPIRE IN 2008.             Mgmt  Against     For    03/16/07
05/18/07  Constellation Energy           CEG   210371100  Voted    12  Ratification of Auditor     Mgmt  For         For    03/16/07
                                                                         APPROVAL OF THE 07
05/18/07  Constellation Energy           CEG   210371100  Voted    13  LONG-TERM INCENTIVE PLAN.   Mgmt  For         For    03/16/07
                                                                         Executive Annual
05/18/07  Constellation Energy           CEG   210371100  Voted    14  Incentive Plan              Mgmt  For         For    03/16/07
05/17/07  Coventry Healthcare Inc Com    CVH   222862104  Voted    1.1 Elect L. Dale Crandall      Mgmt  Withhold    For    03/19/07
05/17/07  Coventry Healthcare Inc Com    CVH   222862104  Voted    1.2 Elect Elizabeth Tallett     Mgmt  Withhold    For    03/19/07
05/17/07  Coventry Healthcare Inc Com    CVH   222862104  Voted    1.3 Elect Allen Wise            Mgmt  For         For    03/19/07
05/17/07  Coventry Healthcare Inc Com    CVH   222862104  Voted    2   Ratification of Auditor     Mgmt  For         For    03/19/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.1 Elect Ronald Greene         Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.2 Elect David Heather         Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.3 Elect Gregory McMichael     Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.4 Elect Gareth Roberts        Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.5 Elect Randy Stein           Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.6 Elect Wieland Wettstein     Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    1.7 Elect Donald Wolf           Mgmt  For         For    03/30/07
                                                                         Amendment to the 2004
                                                                         Omnibus Stock and
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    2   Incentive Plan              Mgmt  For         For    03/30/07
                                                                         Amendment to the Employee
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    3   Stock Purchase Plan         Mgmt  For         For    03/30/07
05/15/07  Denbury Resources Inc          DNR   247916208  Voted    4   Ratification of Auditor     Mgmt  For         For    03/30/07
            Developers Diversified Realty                                Authorization of Board to
05/08/07  Corp.                          DDRPRA251591103  Voted    1   Set Board Size at Nine      Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.1 Elect Dean Adler            Mgmt  Withhold    For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.2 Elect Terrance Ahern        Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.3 Elect Robert Gidel          Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.4 Elect Victor MacFarlane     Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.5 Elect Craig Macnab          Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.6 Elect Scott Roulston        Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.7 Elect Barry Sholem          Mgmt  For         For    03/19/07
            Developers Diversified Realty                                Elect William B. Summers,
05/08/07  Corp.                          DDRPRA251591103  Voted    2.8 Jr.                         Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    2.9 Elect Scott Wolstein        Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    3   Increase Authorized Shares  Mgmt  For         For    03/19/07
                                                                         Amendments to the Code of
                                                                         Regulations to Allow
            Developers Diversified Realty                                Electronic Notification
05/08/07  Corp.                          DDRPRA251591103  Voted    4   of Shareholder Meetings     Mgmt  For         For    03/19/07
                                                                         Amendments to the Code of
            Developers Diversified Realty                                Regulations to Allow
05/08/07  Corp.                          DDRPRA251591103  Voted    5   Electronic Voting           Mgmt  For         For    03/19/07
                                                                         Amendment to the Code of
                                                                         regulations to Allow
            Developers Diversified Realty                                Issuance of
05/08/07  Corp.                          DDRPRA251591103  Voted    6   Uncertificated Shares       Mgmt  For         For    03/19/07
            Developers Diversified Realty
05/08/07  Corp.                          DDRPRA251591103  Voted    7   Ratification of Auditor     Mgmt  For         For    03/19/07
04/25/07  Eaton Corp.                    ETN   278058102  Voted    1.1 Elect Christopher Connor    Mgmt  Withhold    For    02/26/07
04/25/07  Eaton Corp.                    ETN   278058102  Voted    1.2 Elect Michael Critelli      Mgmt  Withhold    For    02/26/07
04/25/07  Eaton Corp.                    ETN   278058102  Voted    1.3 Elect Charles Golden        Mgmt  For         For    02/26/07
04/25/07  Eaton Corp.                    ETN   278058102  Voted    1.4 Elect Ernie Green           Mgmt  Withhold    For    02/26/07
04/25/07  Eaton Corp.                    ETN   278058102  Voted    2   Ratification of Auditor     Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.1 Elect John Bryson           Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.2 Elect Vanessa Chang         Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.3 Elect France Cordova        Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.4 Elect Charles Curtis        Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.5 Elect Bradford Freeman      Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.6 Elect Luis Nogales          Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.7 Elect Ronald Olson          Mgmt  Withhold    For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.8 Elect James Rosser          Mgmt  For         For    02/26/07
                                                                         Elect Richard Schlosberg,
04/26/07  Edison International Inc       EIX   281020107  Voted    1.9 III                         Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.10Elect Robert Smith          Mgmt  For         For    02/26/07
04/26/07  Edison International Inc       EIX   281020107  Voted    1.11Elect Thomas Sutton         Mgmt  For         For    02/26/07
                                                                         RATIFICATION OF THE
                                                                         APPOINTMENT OF THE
                                                                         INDEPENDENT PUBLIC
04/26/07  Edison International Inc       EIX   281020107  Voted    2   ACCOUNTING FIRM.            Mgmt  For         For    02/26/07
                                                                         07 Performance
04/26/07  Edison International Inc       EIX   281020107  Voted    3   Incentive Plan              Mgmt  For         For    02/26/07
                                                                         Shareholder Proposal
                                                                         Regarding
                                                                         Performance-Based Stock
04/26/07  Edison International Inc       EIX   281020107  Voted    4   Options                     ShrHolAgainst     Against02/26/07
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    1   Accounts and Reports        Mgmt  For         For    03/22/07
                                                                         Allocation of
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    2   Profits/Dividends           Mgmt  For         For    03/22/07
                                                                         Election of Statutory
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    3   Audit Committee             Mgmt  For         For    03/22/07
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    4   Governing Entities' Fees    Mgmt  For         For    03/22/07
                                                                         Statutory Audit
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    5   Committee's Fees            Mgmt  For         For    03/22/07
                                                                         Authority to Increase
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    6   Capital                     Mgmt  For         For    03/22/07
                                                                         Amendment to Articles to
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    7   Reflect Capital Increase    Mgmt  For         For    03/22/07
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    8   Amendments to Articles      Mgmt  For         For    03/22/07
                                                                         Authority to Consolidate
04/23/07  EMBRAER-EMPRESA BRASILEIRA     ERJ   29081M102  Voted    9   and Renumber Articles       Mgmt  For         For    03/22/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.1 Elect Gregor Bailar         Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.2 Elect John Baily            Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.3 Elect Norman Barham         Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.4 Elect Galen Barnes          Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.5 Elect William Raver         Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.6 Elect Therese Vaughan       Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.7 Elect Gregor Bailar*        Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.8 Elect John Baily*           Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.9 Elect Norman Barham*        Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.10Elect Galen Barnes*         Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.11Elect William Bolinder*     Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.12Elect Steven Carlsen*       Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.13Elect Kenneth LeStrange*    Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.14Elect Brendan O'Neill*      Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.15Elect Richard Perry*        Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.16Elect William Raver*        Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.17Elect Robert Spass*         Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.18Elect Therese Vaughan*      Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.19Elect R. Max Williamson*    Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.20Elect William Bolinder**    Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.21Elect Steven Carlsen**      Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.22Elect Jon Godfray**         Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.23Elect Daniel Izard**        Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.24Elect Kenneth LeStrange**   Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.25Elect Simon Minshall**      Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.26Elect Brendan O'Neill**     Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.27Elect William Bolinder***   Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.28Elect Steven Carlsen***     Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.29Elect Jon Godfray***        Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.30Elect Daniel Izard***       Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.31Elect Kenneth LeStrange***  Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.32Elect Simon Minshall***     Mgmt  Withhold    For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    1.33Elect Brendan O'Neill***    Mgmt  For         For    03/05/07
            Endurance Specialty Holdings
05/09/07  Limited                        ENH   G30397106  Voted    2   Ratification of Auditor     Mgmt  For         For    03/05/07
                                                                         TO ADOPT THE PROPOSED
            Endurance Specialty Holdings                                 07 EQUITY INCENTIVE
05/09/07  Limited                        ENH   G30397106  Voted    3   PLAN.                       Mgmt  For         For    03/05/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    1   M.S. BATEMAN                Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    2   W.F. BLOUNT                 Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    3   S.D. DEBREE                 Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    4   G.W. EDWARDS                Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    5   A.M. HERMAN                 Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    6   D.C. HINTZ                  Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    7   J.W. LEONARD                Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    8   S.L. LEVENICK               Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    9   J.R. NICHOLS                Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    10  W.A. PERCY, II              Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    11  W.J. TAUZIN                 Mgmt  For         For    03/06/07
                                                                         ELECTION OF DIRECTOR:
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    12  S.V. WILKINSON              Mgmt  For         For    03/06/07
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    13  Ratification of Auditor     Mgmt  For         For    03/06/07
                                                                         SHAREHOLDER PROPOSAL
                                                                         RELATING TO POLITICAL
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    14  CONTRIBUTION POLICY.        ShrHolAgainst     Against03/06/07
                                                                         SHAREHOLDER PROPOSAL
                                                                         RELATING TO LIMITATIONS
                                                                         ON MANAGEMENT
05/04/07  Entergy Corp.                  ETR   29364G103  Voted    15  COMPENSATION.               ShrHolAgainst     Against03/06/07
05/23/07  Fidelity National Title Group  FNF   31620R105  Voted    1.1 Elect Cary Thompson         Mgmt  For         For    04/16/07
05/23/07  Fidelity National Title Group  FNF   31620R105  Voted    1.2 Elect Daniel Lane           Mgmt  For         For    04/16/07
05/23/07  Fidelity National Title Group  FNF   31620R105  Voted    1.3 Elect General William Lyon  Mgmt  For         For    04/16/07
05/23/07  Fidelity National Title Group  FNF   31620R105  Voted    1.4 Elect Richard Massey        Mgmt  For         For    04/16/07
05/23/07  Fidelity National Title Group  FNF   31620R105  Voted    2   Ratification of Auditor     Mgmt  For         For    04/16/07
            First Industrial Realty Trust
05/16/07  Inc                            FR    32054K103  Voted    1.1 Elect Jay Shidler           Mgmt  For         For    03/20/07
            First Industrial Realty Trust
05/16/07  Inc                            FR    32054K103  Voted    1.2 Elect J. Steven Wilson      Mgmt  For         For    03/20/07
            First Industrial Realty Trust
05/16/07  Inc                            FR    32054K103  Voted    1.3 Elect Robert Newman         Mgmt  For         For    03/20/07
                                                                         APPROVAL OF AMENDMENT NO.
            First Industrial Realty Trust                                2 TO THE 2001 STOCK
05/16/07  Inc                            FR    32054K103  Voted    2   INCENTIVE PLAN.             Mgmt  For         For    03/20/07
            First Industrial Realty Trust
05/16/07  Inc                            FR    32054K103  Voted    3   Ratification of Auditor     Mgmt  For         For    03/20/07
04/28/07  Harley-Davidson Inc            HOG   412822108  Voted    1.1 Elect Barry Allen           Mgmt  For         For    03/05/07
04/28/07  Harley-Davidson Inc            HOG   412822108  Voted    1.2 Elect Richard Beattie       Mgmt  For         For    03/05/07
04/28/07  Harley-Davidson Inc            HOG   412822108  Voted    1.3 Elect Judson Green          Mgmt  For         For    03/05/07
04/28/07  Harley-Davidson Inc            HOG   412822108  Voted    2   Ratification of Auditor     Mgmt  Against     For    03/05/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.1 Elect Kevork S. Hovnanian   Mgmt  For         For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.2 Elect Ara K. Hovnanian      Mgmt  For         For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.3 Elect Robert Coutts         Mgmt  For         For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.4 Elect Edward A. Kangas      Mgmt  Withhold    For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.5 Elect Joseph Marengi        Mgmt  For         For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.6 Elect John J. Robbins       Mgmt  For         For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.7 Elect J. Larry Sorsby       Mgmt  Withhold    For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    1.8 Elect Stephen Weinroth      Mgmt  Withhold    For    01/17/07
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    2   Ratification of Auditor     Mgmt  For         For    01/17/07
                                                                         Shareholder Proposal
                                                                         Regarding Adopting a
03/07/07  Hovnanian Enterprises Inc      HOV   442487203  Voted    3   Recapitalization Plan       ShrHolFor         Against01/17/07
04/24/07  Hudson City Bancorp Inc        HCBK  443683107  Voted    1.1 Elect William J. Cosgrove   Mgmt  For         For    03/02/07
                                                                         Elect Donald O. Quest,
04/24/07  Hudson City Bancorp Inc        HCBK  443683107  Voted    1.2 M.D.                        Mgmt  For         For    03/02/07
04/24/07  Hudson City Bancorp Inc        HCBK  443683107  Voted    1.3 Elect Joseph G. Sponholz    Mgmt  For         For    03/02/07
04/24/07  Hudson City Bancorp Inc        HCBK  443683107  Voted    2   Ratification of Auditor     Mgmt  For         For    03/02/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.1 Elect Gary Forsee           Mgmt  For         For    04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.2 Elect Peter Godsoe          Mgmt  Withhold    For    04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.3 Elect Constance Horner      Mgmt  Withhold    For    04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.4 Elect Theodore Martin       Mgmt  Withhold    For    04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.5 Elect Patricia Nachtigal    Mgmt  For         For    04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.6 Elect Orin Smith            Mgmt  Withhold    For    04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    1.7 Elect Richard Swift         Mgmt  For         For    04/09/07
                                                                         Incentive Stock Plan of
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    2   07                        Mgmt  For         For      04/09/07
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    3   Ratification of Auditor     Mgmt  For         For    04/09/07
                                                                         Shareholder Proposal
                                                                         Regarding an Advisory
                                                                         Resolution Regarding
06/06/07  Ingersoll-Rand Company Limited IR    G4776G101  Voted    4   Executive Compensation      ShrHolFor         Against04/09/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.1 Elect Jay Sugarman          Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.2 Elect Glenn August          Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.3 Elect Robert  Holman, Jr.   Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.4 Elect Robin Josephs         Mgmt  Withhold    For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.5 Elect Carter McClelland     Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.6 Elect John McDonald         Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.7 Elect George  Puskar        Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    1.8 Elect Jeffrey Weber         Mgmt  For         For    04/02/07
                                                                         07 Incentive
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    2   Compensation Plan           Mgmt  For         For    04/02/07
05/30/07  Istar Financial Inc            SFIPRB45031U101  Voted    3   Ratification of Auditor     Mgmt  For         For    04/02/07
04/05/07  KB Home                        KBH   48666K109  Voted    1.1 Elect Ronald Burkle         Mgmt  Withhold    For    02/14/07
04/05/07  KB Home                        KBH   48666K109  Voted    1.2 Elect Leslie Moonves        Mgmt  Withhold    For    02/14/07
04/05/07  KB Home                        KBH   48666K109  Voted    1.3 Elect Luis Nogales          Mgmt  Withhold    For    02/14/07
04/05/07  KB Home                        KBH   48666K109  Voted    1.4 Elect Ray Irani             Mgmt  Withhold    For    02/14/07
                                                                         Amendment to Declassify
04/05/07  KB Home                        KBH   48666K109  Voted    2   the Board                   Mgmt  For         For    02/14/07
                                                                         Repeal Fair Price
04/05/07  KB Home                        KBH   48666K109  Voted    3   Provision                   Mgmt  For         For    02/14/07
04/05/07  KB Home                        KBH   48666K109  Voted    4   Ratification of Auditor     Mgmt  For         For    02/14/07
                                                                         Shareholder Proposal
                                                                         Regarding Minimum Stock
                                                                         Ownership from
                                                                         Equity-Based Compensation
                                                                         by Executives and
04/05/07  KB Home                        KBH   48666K109  Voted    5   Directors                   ShrHolAgainst     Against02/14/07
                                                                         Shareholder Proposal
                                                                         Regarding
                                                                         Performance-Based Equity
04/05/07  KB Home                        KBH   48666K109  Voted    6   Compensation                ShrHolFor         Against02/14/07
                                                                         Shareholder Proposal
                                                                         Regarding Executive
04/05/07  KB Home                        KBH   48666K109  Voted    7   Severance Agreements        ShrHolFor         Against02/14/07
04/24/07  L3 Communications Holdings Inc LLL   502424104  Voted    1.1 Elect Michael Strianese     Mgmt  For         For    03/16/07
04/24/07  L3 Communications Holdings Inc LLL   502424104  Voted    1.2 Elect Claude Canizares      Mgmt  For         For    03/16/07
04/24/07  L3 Communications Holdings Inc LLL   502424104  Voted    1.3 Elect Thomas Corcoran       Mgmt  For         For    03/16/07
04/24/07  L3 Communications Holdings Inc LLL   502424104  Voted    1.4 Elect Alan Washkowitz       Mgmt  Withhold    For    03/16/07
04/24/07  L3 Communications Holdings Inc LLL   502424104  Voted    2   Ratification of Auditor     Mgmt  For         For    03/16/07
03/28/07  Lennar Corp.                   LEN   526057104  Voted    1.1 Elect Irving Bolotin        Mgmt  For         For    02/09/07
03/28/07  Lennar Corp.                   LEN   526057104  Voted    1.2 Elect R. Kirk Landon        Mgmt  Withhold    For    02/09/07
03/28/07  Lennar Corp.                   LEN   526057104  Voted    1.3 Elect Donna E. Shalala      Mgmt  For         For    02/09/07
03/28/07  Lennar Corp.                   LEN   526057104  Voted    2   07 Equity Incentive Plan  Mgmt  For         For      02/09/07
                                                                         07 Incentive
03/28/07  Lennar Corp.                   LEN   526057104  Voted    3   Compensation Plan           Mgmt  For         For    02/09/07
                                                                         Shareholder Proposal
                                                                         Regarding a
03/28/07  Lennar Corp.                   LEN   526057104  Voted    4   Sustainability Report       ShrHolAgainst     Against02/09/07
                                                                         Shareholder Proposal
                                                                         Regarding Executive
03/28/07  Lennar Corp.                   LEN   526057104  Voted    5   Compensation                ShrHolAgainst     Against02/09/07
05/08/07  Lifepoint Hospitals Inc        LPNT  53219L109  Voted    1.1 Elect DeWitt Ezell, Jr.     Mgmt  For         For    03/16/07
05/08/07  Lifepoint Hospitals Inc        LPNT  53219L109  Voted    1.2 Elect William Lapham        Mgmt  For         For    03/16/07
05/08/07  Lifepoint Hospitals Inc        LPNT  53219L109  Voted    2   Ratification of Auditor     Mgmt  For         For    03/16/07
                                                                         Shareholder Proposal
05/08/07  Lifepoint Hospitals Inc        LPNT  53219L109  Voted    3   Regarding Classified Board  ShrHolFor         Against03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.1 Elect Thomas Cason          Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.2 Elect A.D. Correll          Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.3 Elect Terry Dallas          Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.4 Elect Thomas Johnson        Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.5 Elect John Miller           Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.6 Elect Edward Muller         Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.7 Elect Robert Murray         Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.8 Elect John Quain            Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    1.9 Elect William Thacker       Mgmt  For         For    03/16/07
05/08/07  Mirant Corporation             MIR   60467R100  Voted    2   Ratification of Auditor     Mgmt  For         For    03/16/07
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  1.1 Elect Philip Ackerman       Mgmt              For    12/18/06
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  1.2 Elect Craig Matthews        Mgmt              For    12/18/06
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  1.3 Elect Richard Reiten        Mgmt              For    12/18/06
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  1.4 Elect David Smith           Mgmt              For    12/18/06
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  1.5 Elect Stephen Ewing         Mgmt              For    12/18/06
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  2   Ratification of Auditor     Mgmt              For    12/18/06
                                                                         APPROVAL OF THE ANNUAL AT
                                                                         RISK COMPENSATION
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  3   INCENTIVE PROGRAM.          Mgmt              For    12/18/06
                                                                         APPROVAL OF AMENDMENTS TO
                                                                         THE 1997 AWARD AND OPTION
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  4   PLAN.                       Mgmt              For    12/18/06
                                                                         Shareholder Proposal
                                                                         Regarding Restricting
02/15/07  National Fuel Gas Company      NFG   636180101  Unvoted  5   Director Compensation       ShrHol            Against12/18/06
04/26/07  Noble Corp.                    NE    G65422100  Voted    1.1 Elect Michael Cawley        Mgmt  For         For    03/01/07
04/26/07  Noble Corp.                    NE    G65422100  Voted    1.2 Elect Luke Corbett          Mgmt  Withhold    For    03/01/07
04/26/07  Noble Corp.                    NE    G65422100  Voted    1.3 Elect Jack Little           Mgmt  For         For    03/01/07
04/26/07  Noble Corp.                    NE    G65422100  Voted    2   Ratification of Auditor     Mgmt  For         For    03/01/07
05/04/07  Oceaneering International Inc  OII   675232102  Voted    1.1 Elect David Hooker          Mgmt  For         For    03/12/07
05/04/07  Oceaneering International Inc  OII   675232102  Voted    1.2 Elect Harris Pappas         Mgmt  For         For    03/12/07
05/04/07  Oceaneering International Inc  OII   675232102  Voted    2   Ratification of Auditor     Mgmt  For         For    03/12/07
05/17/07  Oil State International Inc    OIS   678026105  Voted    1.1 Elect Martin Lambert        Mgmt  Withhold    For    03/15/07
05/17/07  Oil State International Inc    OIS   678026105  Voted    1.2 Elect Mark Papa             Mgmt  Withhold    For    03/15/07
05/17/07  Oil State International Inc    OIS   678026105  Voted    1.3 Elect Stephen Wells         Mgmt  For         For    03/15/07
05/17/07  Oil State International Inc    OIS   678026105  Voted    2   Ratification of Auditor     Mgmt  For         For    03/15/07
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    1.1 Elect William Coley         Mgmt  For         For    03/09/07
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    1.2 Elect Irl Engelhardt        Mgmt  For         For    03/09/07
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    1.3 Elect William Rusnack       Mgmt  For         For    03/09/07
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    1.4 Elect John Turner           Mgmt  Withhold    For    03/09/07
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    1.5 Elect Alan Washkowitz       Mgmt  Withhold    For    03/09/07
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    2   Ratification of Auditor     Mgmt  For         For    03/09/07
                                                                         SHAREHOLDER PROPOSAL
                                                                         REGARDING BOARD
05/01/07  Peabody Energy Corp.           BTU   704549104  Voted    3   DECLASSIFICATION            ShrHolFor         Against03/09/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.1 Elect Mariann Byerwalter    Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.2 Elect James Castle          Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.3 Elect Carmine Guerro        Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.4 Elect Wayne Hedien          Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.5 Elect Louis Lower II        Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.6 Elect Raymond Ocampo Jr.    Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.7 Elect John Roach            Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.8 Elect Kenneth Rosen         Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.9 Elect Steven Scheid         Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.10Elect L. Stephen Smith      Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.11Elect Jose Villarreal       Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.12Elect Mary Widener          Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    1.13Elect Ronald Zech           Mgmt  For         For    03/30/07
05/17/07  PMI Group Inc                  PMIPRA69344M101  Voted    2   Ratification of Auditor     Mgmt  For         For    03/30/07
                                                                         Approval of the Merger
04/16/07  SHIRE PLC                      SHPGY 82481R106  Voted    1   Agreement                   Mgmt  For         For    03/20/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    1.1 Elect Lewis Epley, Jr.      Mgmt  For         For    03/16/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    1.2 Elect Robert Howard         Mgmt  For         For    03/16/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    1.3 Elect Harold Korell         Mgmt  For         For    03/16/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    1.4 Elect Vello Kuuskraa        Mgmt  For         For    03/16/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    1.5 Elect Kenneth Mourton       Mgmt  For         For    03/16/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    1.6 Elect Charles Scharlau      Mgmt  Withhold    For    03/16/07
05/10/07  Southwest Energy Company       SWN   845467109  Voted    2   Ratification of Auditor     Mgmt  For         For    03/16/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.1 Elect Robert Darnall        Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.2 Elect John Drosdick         Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.3 Elect Ursula Fairbairn      Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.4 Elect Thomas Gerrity        Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.5 Elect Rosemarie Greco       Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.6 Elect John Jones, III       Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.7 Elect James Kaiser          Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.8 Elect R. Anderson Pew       Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.9 Elect G. Jackson Ratcliffe  Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.10Elect John Rowe             Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    1.11Elect John Wulff            Mgmt  For         For    02/09/07
05/03/07  Sunoco Inc                     SUN   86764P109  Voted    2   Ratification of Auditor     Mgmt  For         For    02/09/07
                                                                         Election of Directors
04/25/07  Teck Cominco Limited           TCK   878742204  Voted    1   (Slate)                     Mgmt  For         For    03/01/07
                                                                         Appointment of Auditor
04/25/07  Teck Cominco Limited           TCK   878742204  Voted    2   and Authority to Set Fees   Mgmt  For         For    03/01/07
04/25/07  Teck Cominco Limited           TCK   878742204  Voted    3   Stock Split                 Mgmt  For         For    03/01/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.1 Elect Ronald DeFeo          Mgmt  For         For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.2 Elect G. Chris Andersen     Mgmt  For         For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.3 Elect Paula Cholmondeley    Mgmt  Withhold    For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.4 Elect Don DeFosset          Mgmt  Withhold    For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.5 Elect William Fike          Mgmt  For         For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.6 Elect Donald Jacobs         Mgmt  For         For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.7 Elect David Sachs           Mgmt  For         For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.8 Elect Oren Shaffer          Mgmt  For         For    03/23/07
05/17/07  Terex Corp.                    TEX   880779103  Voted    1.9 Elect Helge Wehmeier        Mgmt  For         For    03/23/07
                                                                         RATIFICATION OF SELECTION
                                                                         OF INDEPENDENT REGISTERED
05/17/07  Terex Corp.                    TEX   880779103  Voted    2   PUBLIC ACCOUNTING FIRM      Mgmt  For         For    03/23/07
                                                                         Increase in Authorized
05/17/07  Terex Corp.                    TEX   880779103  Voted    3   Common Stock                Mgmt  For         For    03/23/07
                                                                         APPROVAL OF AMENDMENT AND
                                                                         RESTATEMENT OF TEREX
                                                                         EMPLOYEE STOCK PURCHASE
05/17/07  Terex Corp.                    TEX   880779103  Voted    4   PLAN                        Mgmt  For         For    03/23/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.1 Elect David Brandon         Mgmt  Withhold    For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.2 Elect Bernard Cammarata     Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.3 Elect David Ching           Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.4 Elect Michael Hines         Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.5 Elect Amy Lane              Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.6 Elect Carol Meyrowitz       Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.7 Elect John O'Brien          Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.8 Elect Robert Shapiro        Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.9 Elect Willow Shire          Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    1.10Elect Fletcher Wiley        Mgmt  For         For    04/16/07
                                                                         APPROVAL OF MATERIAL
                                                                         TERMS OF EXECUTIVE
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    2   OFFICER PERFORMANCE GOALS.  Mgmt  For         For    04/16/07
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    3   Ratification of Auditor     Mgmt  For         For    04/16/07
                                                                         Shareholder Proposal
                                                                         Regarding Majority Vote
06/05/07  TJX Companies Inc              TJXPRE872540109  Voted    4   for Election of Directors   ShrHolFor         Against04/16/07
                                                                         ELECTION OF DIRECTOR:
06/04/07  United Rentals, Inc.           URI   911363109  Voted    1   BRADLEY S. JACOBS           Mgmt  For         For    04/24/07
                                                                         ELECTION OF DIRECTOR:
06/04/07  United Rentals, Inc.           URI   911363109  Voted    2   HOWARD L. CLARK, JR.        Mgmt  For         For    04/24/07
                                                                         ELECTION OF DIRECTOR:
06/04/07  United Rentals, Inc.           URI   911363109  Voted    3   MARK A. SUWYN               Mgmt  For         For    04/24/07
                                                                         ELECTION OF DIRECTOR:
06/04/07  United Rentals, Inc.           URI   911363109  Voted    4   LAWRENCE  KEITH  WIMBUSH    Mgmt  For         For    04/24/07
06/04/07  United Rentals, Inc.           URI   911363109  Voted    5   Ratification of Auditor     Mgmt  For         For    04/24/07
                                                                         Declassification of the
06/04/07  United Rentals, Inc.           URI   911363109  Voted    6   Board of Directors          Mgmt  For         For    04/24/07
04/24/07  United States Steel Corp.      X     912909108  Voted    1.1 Elect Robert Darnall        Mgmt  For         For    02/23/07
04/24/07  United States Steel Corp.      X     912909108  Voted    1.2 Elect John Drosdick         Mgmt  For         For    02/23/07
04/24/07  United States Steel Corp.      X     912909108  Voted    1.3 Elect Charles Lee           Mgmt  For         For    02/23/07
04/24/07  United States Steel Corp.      X     912909108  Voted    1.4 Elect Jeffrey Lipton        Mgmt  Withhold    For    02/23/07
04/24/07  United States Steel Corp.      X     912909108  Voted    1.5 Elect Glenda McNeal         Mgmt  For         For    02/23/07
04/24/07  United States Steel Corp.      X     912909108  Voted    1.6 Elect Patricia Tracey       Mgmt  For         For    02/23/07
04/24/07  United States Steel Corp.      X     912909108  Voted    2   Ratification of Auditor     Mgmt  For         For    02/23/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.1 Elect Debra A. Cafaro       Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.2 Elect Douglas Crocker, ll   Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.3 Elect Jay Gellert           Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.4 Elect Ronald G. Geary       Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.5 Elect Christopher Hannon    Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.6 Elect Sheli Rosenberg       Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    1.7 Elect Thomas Theobald       Mgmt  For         For    03/19/07
05/16/07  Ventas Inc                     VTR   92276F100  Voted    2   Ratification of Auditor     Mgmt  For         For    03/19/07
                                                                         Increase in Authorized
05/16/07  Ventas Inc                     VTR   92276F100  Voted    3   Common Stock                Mgmt  For         For    03/19/07
                                                                         Amendment to the
                                                                         Certificate of
                                                                         Incorporation to Limit
                                                                         Constructive Ownership of
05/16/07  Ventas Inc                     VTR   92276F100  Voted    4   Capital Stock               Mgmt  For         For    03/19/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.1 Elect Howard Clark, Jr.     Mgmt  For         For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.2 Elect Jerry Kolb            Mgmt  Withhold    For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.3 Elect Patrick Kriegshauser  Mgmt  For         For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.4 Elect Mark O'Brien          Mgmt  For         For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.5 Elect Victor Patrick        Mgmt  For         For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.6 Elect Bernard Rethore       Mgmt  For         For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.7 Elect George Richmond       Mgmt  For         For    03/02/07
04/25/07  Walter Industries Inc          WLT   93317Q105  Voted    1.8 Elect Michael Tokarz        Mgmt  For         For    03/02/07
                                                                         ELECTION OF DIRECTOR:
04/17/07  Whirlpool Corp.                WHR   963320106  Voted    1   MICHAEL F. JOHNSTON         Mgmt  For         For    03/02/07
                                                                         ELECTION OF DIRECTOR:
04/17/07  Whirlpool Corp.                WHR   963320106  Voted    2   WILLIAM T. KERR             Mgmt  For         For    03/02/07
                                                                         ELECTION OF DIRECTOR:
04/17/07  Whirlpool Corp.                WHR   963320106  Voted    3   JANICE D. STONEY            Mgmt  For         For    03/02/07
                                                                         ELECTION OF DIRECTOR:
04/17/07  Whirlpool Corp.                WHR   963320106  Voted    4   MICHAEL D. WHITE            Mgmt  Against     For    03/02/07
                                                                         TO APPROVE THE WHIRLPOOL
                                                                         CORPORATION 07 OMNIBUS
04/17/07  Whirlpool Corp.                WHR   963320106  Voted    5   STOCK AND INCENTIVE PLAN    Mgmt  For         For    03/02/07
                                                                         ELECTION OF DIRECTOR:
05/17/07  Williams Companies Inc         WMB   969457100  Voted    1   KATHLEEN B. COOPER.         Mgmt  For         For    03/26/07
                                                                         ELECTION OF DIRECTOR:
05/17/07  Williams Companies Inc         WMB   969457100  Voted    2   WILLIAM R. GRANBERRY.       Mgmt  For         For    03/26/07
                                                                         ELECTION OF DIRECTOR:
05/17/07  Williams Companies Inc         WMB   969457100  Voted    3   CHARLES M. LILLIS.          Mgmt  For         For    03/26/07
                                                                         ELECTION OF DIRECTOR:
05/17/07  Williams Companies Inc         WMB   969457100  Voted    4   WILLIAM G. LOWRIE.          Mgmt  For         For    03/26/07
                                                                         RATIFICATION OF ERNST &
                                                                         YOUNG LLP AS AUDITORS FOR
05/17/07  Williams Companies Inc         WMB   969457100  Voted    5   07.                       Mgmt  For         For      03/26/07
                                                                         APPROVAL OF THE WILLIAMS
                                                                         COMPANIES, INC. 07
05/17/07  Williams Companies Inc         WMB   969457100  Voted    6   INCENTIVE PLAN.             Mgmt  For         For    03/26/07
                                                                         APPROVAL OF THE WILLIAMS
                                                                         COMPANIES, INC. 07
                                                                         EMPLOYEE STOCK PURCHASE
05/17/07  Williams Companies Inc         WMB   969457100  Voted    7   PLAN.                       Mgmt  For         For    03/26/07
                                                                         ELECTION OF DIRECTOR:
05/15/07  XTO Energy Inc                 XTO   98385X106  Voted    1   LANE G. COLLINS             Mgmt  For         For    03/30/07
                                                                         ELECTION OF DIRECTOR:
05/15/07  XTO Energy Inc                 XTO   98385X106  Voted    2   SCOTT G. SHERMAN            Mgmt  For         For    03/30/07
                                                                         ELECTION OF DIRECTOR: BOB
05/15/07  XTO Energy Inc                 XTO   98385X106  Voted    3   R. SIMPSON                  Mgmt  For         For    03/30/07
05/15/07  XTO Energy Inc                 XTO   98385X106  Voted    4   Ratification of Auditor     Mgmt  For         For    03/30/07




Fund:  Principal Variable Contracts Fund, Inc. - Money Market Account
Sub-Advisor:  Principal Global Investors

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.


******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 06/30/2007
Principal Variable Contracts Fund, Inc. - Mortgage Securities Account
Sub-Advisor:  Edge Asset Management, Inc.

=========================== PVC MORTGAGE SECURITIES ACCOUNT ====================
No proxies voted.



FUND:  Principal Variable Contracts Fund, Inc. - PRINCIPAL LIFETIME 2010
ACCOUNT
Sub-Advisor:  Principal Global Investors

Special Shareholder Meeting held December 15, 2006

Principal Investors Fund, Inc.

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING
                                                                                                             
 1   ELECT NOMINEE...................................(01)ELIZABETH BALLANTINE        366,627.493            38.705             0.000
 2   ELECT NOMINEE.......................................(02)KRISTIANNE BLAKE        366,627.493            38.705             0.000
 3   ELECT NOMINEE.....................................(03)RICHARD W. GILBERT        366,627.493            38.705             0.000
 4   ELECT NOMINEE.......................................(04)MARK A. GRIMMETT        366,627.493            38.705             0.000
 5   ELECT NOMINEE........................................(05)FRITZ S. HIRSCH        366,627.493            38.705             0.000
 6   ELECT NOMINEE.....................................(06)WILLIAM C. KIMBALL        366,627.493            38.705             0.000
 7   ELECT NOMINEE....................................(07)BARBARA A. LUKAVSKY        366,627.493            38.705             0.000
 8   ELECT NOMINEE........................................(08)DANIEL PAVELICH        366,627.493            38.705             0.000
 9   ELECT NOMINEE.........................................(09)RICHARD YANCEY        353,663.823        13,002.375             0.000
10   ELECT NOMINEE........................................(10)RALPH C. EUCHER        366,627.493            38.705             0.000
11   ELECT NOMINEE......................................(11)WILLIAM G. PAPESH        366,627.493            38.705             0.000
12   ELECT NOMINEE.....................................(12)LARRY D. ZIMPLEMAN        366,627.493            38.705             0.000

Principal Investors Fund, Inc. - Growth Account
13   PROP 2....................................................NOT APPLICABLE        242,256.230        90,376.183        34,033.785
         Approve a management fee increase for the Growth Account

Principal Investors Fund, Inc. - Real Estate Securities Account
14   PROP 3....................................................NOT APPLICABLE        302,288.978        14,934.178        49,443.042
         Approve reclassifying the Real Estate Securities Account from
       "diversified" to "non-diversified"








FUND:  Principal Variable Contracts Fund, Inc. - PRINCIPAL LIFETIME 2020 ACCOUNT
Sub-Advisor:  Principal Global Investors

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING

Special Shareholder Meeting held December 15, 2006

Principal Investors Fund, Inc.

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING
                                                                                                             
 1   ELECT NOMINEE...................................(01)ELIZABETH BALLANTINE        825,034.106        43,091.808             0.000
 2   ELECT NOMINEE.......................................(02)KRISTIANNE BLAKE        814,768.352        53,357.562             0.000
 3   ELECT NOMINEE.....................................(03)RICHARD W. GILBERT        825,034.106        43,091.808             0.000
 4   ELECT NOMINEE.......................................(04)MARK A. GRIMMETT        825,034.106        43,091.808             0.000
 5   ELECT NOMINEE........................................(05)FRITZ S. HIRSCH        825,034.106        43,091.808             0.000
 6   ELECT NOMINEE.....................................(06)WILLIAM C. KIMBALL        825,034.106        43,091.808             0.000
 7   ELECT NOMINEE....................................(07)BARBARA A. LUKAVSKY        825,034.106        43,091.808             0.000
 8   ELECT NOMINEE........................................(08)DANIEL PAVELICH        814,768.352        53,357.562             0.000
 9   ELECT NOMINEE.........................................(09)RICHARD YANCEY        814,768.352        53,357.562             0.000
10   ELECT NOMINEE........................................(10)RALPH C. EUCHER        825,034.106        43,091.808             0.000
11   ELECT NOMINEE......................................(11)WILLIAM G. PAPESH        814,768.352        53,357.562             0.000
12   ELECT NOMINEE.....................................(12)LARRY D. ZIMPLEMAN        825,034.106        43,091.808             0.000

Principal Investors Fund, Inc. - Growth Account
13   PROP 2....................................................NOT APPLICABLE        547,899.707       284,426.251        35,799.956
         Approve a management fee increase for the Growth Account

Principal Investors Fund, Inc. - Real Estate Securities Account
14   PROP 3....................................................NOT APPLICABLE        714,126.526        73,971.059        80,028.329
         Approve reclassifying the Real Estate Securities Account from
       "diversified" to "non-diversified"








FUND:  Principal Variable Contracts Fund, Inc. - PRINCIPAL LIFETIME 2030 ACCOUNT
Sub-Advisor:  Principal Global Investors

Special Shareholder Meeting held December 15, 2006

Principal Investors Fund, Inc.

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING
                                                                                                             
 1   ELECT NOMINEE...................................(01)ELIZABETH BALLANTINE         76,285.820        24,966.382             0.000
 2   ELECT NOMINEE.......................................(02)KRISTIANNE BLAKE         76,285.820        24,966.382             0.000
 3   ELECT NOMINEE.....................................(03)RICHARD W. GILBERT         76,285.820        24,966.382             0.000
 4   ELECT NOMINEE.......................................(04)MARK A. GRIMMETT         76,285.820        24,966.382             0.000
 5   ELECT NOMINEE........................................(05)FRITZ S. HIRSCH         76,285.820        24,966.382             0.000
 6   ELECT NOMINEE.....................................(06)WILLIAM C. KIMBALL         76,285.820        24,966.382             0.000
 7   ELECT NOMINEE....................................(07)BARBARA A. LUKAVSKY         76,285.820        24,966.382             0.000
 8   ELECT NOMINEE........................................(08)DANIEL PAVELICH         76,285.820        24,966.382             0.000
 9   ELECT NOMINEE.........................................(09)RICHARD YANCEY         76,285.820        24,966.382             0.000
10   ELECT NOMINEE........................................(10)RALPH C. EUCHER         76,285.820        24,966.382             0.000
11   ELECT NOMINEE......................................(11)WILLIAM G. PAPESH         76,285.820        24,966.382             0.000
12   ELECT NOMINEE.....................................(12)LARRY D. ZIMPLEMAN         76,285.820        24,966.382             0.000

Principal Investors Fund, Inc. - Growth Account
13   PROP 2....................................................NOT APPLICABLE         50,335.140        48,156.871         2,760.191
         Approve a management fee increase for the Growth Account

Principal Investors Fund, Inc. - Real Estate Securities Account
14   PROP 3....................................................NOT APPLICABLE         59,572.765        25,518.613        16,160.824
         Approve reclassifying the Real Estate Securities Account from
       "diversified" to "non-diversified"





FUND:  Principal Variable Contracts Fund, Inc. - PRINCIPAL LIFETIME 2040 ACCOUNT
Sub-Advisor:  Principal Global Investors

Special Shareholder Meeting held December 15, 2006

Principal Investors Fund, Inc.

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING
                                                                                                             
 1   ELECT NOMINEE...................................(01)ELIZABETH BALLANTINE         16,607.842           216.108             0.000
 2   ELECT NOMINEE.......................................(02)KRISTIANNE BLAKE         16,607.842           216.108             0.000
 3   ELECT NOMINEE.....................................(03)RICHARD W. GILBERT         16,823.950             0.000             0.000
 4   ELECT NOMINEE.......................................(04)MARK A. GRIMMETT         16,823.950             0.000             0.000
 5   ELECT NOMINEE........................................(05)FRITZ S. HIRSCH         16,823.950             0.000             0.000
 6   ELECT NOMINEE.....................................(06)WILLIAM C. KIMBALL         16,823.950             0.000             0.000
 7   ELECT NOMINEE....................................(07)BARBARA A. LUKAVSKY         16,607.842           216.108             0.000
 8   ELECT NOMINEE........................................(08)DANIEL PAVELICH         16,823.950             0.000             0.000
 9   ELECT NOMINEE.........................................(09)RICHARD YANCEY         16,823.950             0.000             0.000
10   ELECT NOMINEE........................................(10)RALPH C. EUCHER         16,823.950             0.000             0.000
11   ELECT NOMINEE......................................(11)WILLIAM G. PAPESH         16,823.950             0.000             0.000
12   ELECT NOMINEE.....................................(12)LARRY D. ZIMPLEMAN         16,607.842           216.108             0.000

Principal Investors Fund, Inc. - Growth Account
13   PROP 2....................................................NOT APPLICABLE          7,441.274         8,233.119         1,149.557
         Approve a management fee increase for the Growth Account

Principal Investors Fund, Inc. - Real Estate Securities Account
14   PROP 3....................................................NOT APPLICABLE         14,708.661         1,517.891           597.398
         Approve reclassifying the Real Estate Securities Account from
       "diversified" to "non-diversified"








Fund:  Principal Variable Contracts Fund, Inc. - PRINCIPAL LIFETIME 2050 ACCOUNT
Sub-Advisor:  Principal Global Investors

Special Shareholder Meeting held December 15, 2006

Principal Investors Fund, Inc.

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING
                                                                                                             
 1   ELECT NOMINEE...................................(01)ELIZABETH BALLANTINE          4,936.604             0.000             0.000
 2   ELECT NOMINEE.......................................(02)KRISTIANNE BLAKE          4,936.604             0.000             0.000
 3   ELECT NOMINEE.....................................(03)RICHARD W. GILBERT          4,936.604             0.000             0.000
 4   ELECT NOMINEE.......................................(04)MARK A. GRIMMETT          4,936.604             0.000             0.000
 5   ELECT NOMINEE........................................(05)FRITZ S. HIRSCH          4,936.604             0.000             0.000
 6   ELECT NOMINEE.....................................(06)WILLIAM C. KIMBALL          4,936.604             0.000             0.000
 7   ELECT NOMINEE....................................(07)BARBARA A. LUKAVSKY          4,936.604             0.000             0.000
 8   ELECT NOMINEE........................................(08)DANIEL PAVELICH          4,936.604             0.000             0.000
 9   ELECT NOMINEE.........................................(09)RICHARD YANCEY          4,936.604             0.000             0.000
10   ELECT NOMINEE........................................(10)RALPH C. EUCHER          4,936.604             0.000             0.000
11   ELECT NOMINEE......................................(11)WILLIAM G. PAPESH          4,936.604             0.000             0.000
12   ELECT NOMINEE.....................................(12)LARRY D. ZIMPLEMAN          4,936.604             0.000             0.000

Principal Investors Fund, Inc. - Growth Account
13   PROP 2....................................................NOT APPLICABLE          4,309.483            42.424           584.697
         Approve a management fee increase for the Growth Account

Principal Investors Fund, Inc. - Real Estate Securities Account
14   PROP 3....................................................NOT APPLICABLE          4,309.483            42.424           584.697
         Approve reclassifying the Real Estate Securities Account from
       "diversified" to "non-diversified"





FUND:  Principal Variable Contracts Fund, Inc. - PRINCIPAL LIFETIME STRAT INC ACCT
Sub-Advisor:  Principal Global Investors

Special Shareholder Meeting held December 15, 2006

Principal Investors Fund, Inc.

PROPOSAL                                                                              SHARES FOR    SHARES AGAINST        ABSTAINING
                                                                                                             
 1   ELECT NOMINEE...................................(01)ELIZABETH BALLANTINE        174,280.369         1,257.515             0.000
 2   ELECT NOMINEE.......................................(02)KRISTIANNE BLAKE        174,280.369         1,257.515             0.000
 3   ELECT NOMINEE.....................................(03)RICHARD W. GILBERT        174,280.369         1,257.515             0.000
 4   ELECT NOMINEE.......................................(04)MARK A. GRIMMETT        174,280.369         1,257.515             0.000
 5   ELECT NOMINEE........................................(05)FRITZ S. HIRSCH        174,280.369         1,257.515             0.000
 6   ELECT NOMINEE.....................................(06)WILLIAM C. KIMBALL        174,280.369         1,257.515             0.000
 7   ELECT NOMINEE....................................(07)BARBARA A. LUKAVSKY        174,280.369         1,257.515             0.000
 8   ELECT NOMINEE........................................(08)DANIEL PAVELICH        174,280.369         1,257.515             0.000
 9   ELECT NOMINEE.........................................(09)RICHARD YANCEY        160,933.226        14,604.658             0.000
10   ELECT NOMINEE........................................(10)RALPH C. EUCHER        174,280.369         1,257.515             0.000
11   ELECT NOMINEE......................................(11)WILLIAM G. PAPESH        174,280.369         1,257.515             0.000
12   ELECT NOMINEE.....................................(12)LARRY D. ZIMPLEMAN        174,280.369         1,257.515             0.000

Principal Investors Fund, Inc. - Growth Account
13   PROP 2....................................................NOT APPLICABLE         86,432.496        76,316.410        12,788.978
         Approve a management fee increase for the Growth Account

Principal Investors Fund, Inc. - Real Estate Securities Account
14   PROP 3....................................................NOT APPLICABLE        101,968.921        60,779.985        12,788.978
         Approve reclassifying the Real Estate Securities Account from
       "diversified" to "non-diversified"




Fund: Principal Variable Contracts Fund, Inc. - Real Estate Securities Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC-REAL ESTATE SECURITIES ACCOUNT - 5039

Mtg                 Company/                                              Mgmt         Vote       Record                    Shares
Date/Type           Ballot Issues                           Security      Rec          Cast       Date        Prpnent        Voted
- ------------------- --------------------------------------- ------------- ------------ ---------------------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                             
05/15/07 - A        Acadia Realty Trust *AKR*               004239109                             03/30/07                 119,171
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/23/07 - A        Alexandria Real Estate Equities, Inc.   015271109                             03/30/07                  41,438
                    *ARE*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        AMB Property Corp. *AMB*                00163T109                             03/06/07                 103,756
                    1       Elect Director Afsaneh M. Beshloss            For          For                    Mgmt
                    2       Elect Director T. Robert Burke                For          For                    Mgmt
                    3       Elect Director David A. Cole                  For          For                    Mgmt
                    4       Elect Director Lydia H. Kennard               For          For                    Mgmt
                    5       Elect Director J. Michael Losh                For          For                    Mgmt
                    6       Elect Director Hamid R. Moghadam              For          For                    Mgmt
                    7       Elect Director Frederick W. Reid              For          For                    Mgmt
                    8       Elect Director Jeffrey L. Skelton             For          For                    Mgmt
                    9       Elect Director Thomas W. Tusher               For          For                    Mgmt
                    10      Ratify Auditors                               For          For                    Mgmt
                    11      Amend Omnibus Stock Plan                      For          For                    Mgmt
                               VI.  Vote   Recommendation   We  commend  the  company  for
                               expressly  forbidding  the repricing of stock options under
                               the  plan.   However,   the  estimated   shareholder  value
                               transfer of the company's  plans of 14 percent is above the
                               allowable cap for this company of 5 percent.  Additionally,
                               the company's  three year average burn rate of 2.69 percent
                               is  higher  than its  four-digit  GICS  peer  group of 2.23
                               percent.   Therefore,   the   company   has  failed   ISS's
                               three-year average burn rate policy.
                    12      Pay For Superior Performance                  Against      Against                ShrHoldr
                               In this case,  while the  company's  annual  and  long-term
                               compensation    programs   for   senior    executives   are
                               substantially  performance-based,   the  company  does  not
                               disclose  level of payout if the target TSR is  attained or
                               exceeded,  or limits on bonuses for award  grants to senior
                               executives  under the long-term  incentive  program,  which
                               denies  shareholder  the ability to monitor the correlation
                               between  executive pay and  performance.  Accordingly,  ISS
                               believes shareholders should support this proposal.


05/16/07 - A        Archstone Smith Trust *ASN*             039583109                             03/26/07                 103,433
                    1       Elect Directors                               For          For                    Mgmt
                    2       Pay For Superior Performance                  Against      Against                ShrHoldr
                               In  this  case,   the   company's   annual  and   long-term
                               compensation    programs   for   senior    executives   are
                               substantially    performance-based    under   current   ISS
                               guidelines.   Further,   a   substantial   portion  of  the
                               executives;   short-term   and   long-term   incentives  is
                               benchmarked  to  the  company's   performance  against  the
                               NAREIT  Apartment  Index.  Further,  the  company  provides
                               disclosure   regarding  the  achievement  levels  at  which
                               certain  awards  were  paid  in  the  past.  While  we  are
                               concerned  by the fact that the same  performance  criteria
                               are  used  for  both the  cash  bonus  and RSU  grants,  we
                               believe  that the company has  sufficiently  fulfilled  the
                               objective of the proposal.  As such, we do not believe that
                               this item warrants shareholder support.
                    3       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        AvalonBay Communities, Inc. *AVB*       053484101                             02/28/07                 112,155
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Boston Properties Inc. *BXP*            101121101                             03/26/07                 175,415
                    1       Elect Directors                               For          For                    Mgmt
                    1.1     Elect Director Mortimer B. Zuckerman --- For
                               We  recommend  withholding  votes  from  all  nominees.  We
                               recommend  shareholders  WITHHOLD  votes from  Mortimer  B.
                               Zuckerman,  Carol B.  Einiger  and  Richard E.  Salomon for
                               failure  to   implement   the   shareholder   proposal   to
                               declassify the board of directors.
                    1.2     Elect Director Carol B. Einiger --- For
                    1.3     Elect Director Richard E. Salomon --- For
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                               VI. Vote  Recommendation  The estimated  shareholder  value
                               transfer  of the  company's  plans of 4 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally,  this plan expressly forbids repricing.  Note
                               that ISS has  adjusted  the common  shares  outstanding  to
                               include    outstanding    operating    partnership   units.
                               Typically,  ISS would have excluded  operating  partnership
                               units from the common  shares  outstanding  as we deem them
                               to  be  convertible  equity  and  are  not  included  in  a
                               company's  market  value,  as  noted  in  our  2007  policy
                               updates.  In this case,  operating  partnership  units have
                               been  granted  to  employees  as  part  of  LTIPs.  ISS  is
                               interested to capture the portion of  shareholders'  equity
                               that  is  attributed  to  employee   equity   compensation.
                               Therefore,   it   is   necessary   to   include   operating
                               partnership units in the analysis.
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Declassify the Board of Directors             Against      Against                ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                    5       Report on Energy Efficiency                   Against      Against                ShrHoldr
                               In  this  case,  ISS  notes  that  Boston   Properties  has
                               responded   to  this   shareholder   request  by   recently
                               providing  general  information   relating  to  its  energy
                               conservation    initiatives   and   environmentally   sound
                               development  practices through its 2007 proxy statement and
                               its 2006 fiscal year annual report.  This  information does
                               provide some insight to shareholders  about its commitments
                               to energy efficiency.  However, management does not provide
                               the processes and strategies  used to implement its various
                               stated energy efficiency improvement  initiatives,  and the
                               company   does  not   appear  to  set   goals  or   provide
                               performance  metrics to assist in the  monitoring of stated
                               initiatives.  Considering increasing energy costs, shifting
                               consumer demands, and a changing regulatory landscape,  ISS
                               believes  that the  potential  impact  that this  issue may
                               have on the  company's  long  term  performance  may  merit
                               consideration.  As such, we believe that Boston  Properties
                               and its  shareholders can derive  substantial  benefit from
                               developing a more detailed,  strategic  system of reporting
                               and disclosure to assess energy  efficiency  opportunities,
                               reduce  current and future energy costs,  and mitigate risk
                               exposure  related  to  carbon  constraints  that may  apply
                               across the  company's  operations.  Based on the  potential
                               benefits and limited cost  associated  with  preparing  the
                               requested report, ISS recommends that shareholders  support
                               this resolution.


05/17/07 - A        BRE Properties, Inc. *BRE*              05564E106                             03/15/07                  47,142
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A/S      Brookfield Properties Corp. *BPO*       112900105                             03/15/07                 156,720
                            Agenda for Common Shareholders
                            Elect 13 Directors by Cumulative Voting
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Deloitte & Touche LLP as Auditors     For          For                    Mgmt
                            and Authorize Board to Fix Remuneration of
                            Auditors
                    3       Amend Stock Option Plan                       For          For                    Mgmt
                               Conclusion        Where  companies are proposing changes to
                               the   amendment   or  black-out   provisions   of  existing
                               equity-based  compensation  plans and are not contemplating
                               increasing  the size of such plans,  ISS will base our vote
                               recommendation  solely  on the  merits  of  the  provisions
                               being  proposed.  For  clarification,  where  companies are
                               also   proposing   any   other    amendments    that   will
                               substantially   affect   the   cost   of  an   equity-based
                               compensation   plan,   ISS   will   continue   to  run  our
                               proprietary   compensation   model  and  will   review  all
                               relevant  provisions and usage of the plan when determining
                               vote   recommendations.        ISS    believes   that   the
                               amendment  provision   adequately  restricts  the  amending
                               powers  of plan  administrators.  As well the  terms of the
                               black-out provision are reasonable.
                    4       Approve 2:3 Stock Split for Common and        For          For                    Mgmt
                            Approve 4:9 Stock Spilt for Class A
                            Redeemable Voting Preferred Shares


05/01/07 - A        Camden Property Trust *CPT*             133131102                             03/21/07                  72,675
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Corporate Office Properties Trust,      22002T108                             03/15/07                  18,676
                    Inc. *OFC*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the company's  plans of 23 percent is above the
                               allowable cap for this company of 6 percent.  Additionally,
                               the plan allows  repricing of underwater  stock options via
                               cancellation  and  regrant  of awards  without  shareholder
                               approval,  which we believe  reduces the incentive value of
                               the  plan.  Lastly,  the  company  failed to  satisfy  ISS'
                               three-year  burn rate policy,  with its three-year  average
                               burn rate of 2.40 percent higher than its  four-digit  GICS
                               peer group of 2.23 percent.


05/03/07 - A        DCT Industrial Trust Inc. *DCT*         233153105                             03/21/07                 236,355
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Diamondrock Hospitality Company *DRH*   252784301                             03/23/07                  73,048
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plan of 8 percent is less than
                               the   allowable   cap  for  this  company  of  13  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Ratify Auditors                               For          For                    Mgmt


05/31/07 - A        DOUGLAS EMMETT INC *DEI*                25960P109                             04/02/07                 197,592
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/09/07 - A        Entertainment Properties Trust *EPR*    29380T105                             02/15/07                     587
                    1       Elect Trustee Barrett Brady                   For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                               The  performance  measures  included  under  the  plan  are
                               appropriate  for the  company  given its line of  business,
                               long-term  strategic   objectives,   and  industry-specific
                               measures    for    assessing    market     competitiveness.
                               Additionally,  the plan is  administered  by a committee of
                               independent  outsiders who must certify attainment of these
                               objective,  measurable performance goals before cash awards
                               are paid to  participants.  Moreover,  preservation  of the
                               full  deductibility  of all  compensation  paid reduces the
                               company's corporate tax obligation.
                    4       Ratify Auditors                               For          For                    Mgmt


02/07/07 - S        Equity Office Properties Trust          294741103                             12/28/06                 260,012
                    1       Approve Merger Agreement                      For          Against                Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


05/24/07 - A        Equity Residential *EQR*                29476L107                             03/30/07                 137,748
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                    ShrHoldr
                            Directors
                               While  the  company  has  adopted  a  trustee   resignation
                               policy,  we believe that the majority  vote  standard  with
                               the trustee  resignation  policy and a  plurality  standard
                               for   contested   elections  is  the   benchmark  to  which
                               companies should strive.


05/08/07 - A        Essex Property Trust, Inc. *ESS*        297178105                             02/28/07                  24,520
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/02/07 - A        Federal Realty Investment Trust *FRT*   313747206                             03/13/07                 127,289
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                                                                                   VI.
                               Vote     Recommendation        Although    the    estimated
                               shareholder  value  transfer  of the  company's  plans of 5
                               percent is equal to the  allowable  cap for this company of
                               5 percent,  the plan allows  repricing of underwater  stock
                               options via  cancellation  of options and re-grant of other
                               stock-based awards without shareholder  approval,  which we
                               believe reduces the incentive value of the plan.


06/21/07 - A        Forest City Enterprises, Inc. *FCE.A*   345550107                             04/23/07                   6,707
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Michael P. Esposito, Jr ---
                            For
                               We recommend a vote for the  directors  with the  exception
                               of insider Joan k. Shafran.  We recommend that shareholders
                               WITHHOLD   votes  from  Joan  K  .Shafran  for  failure  to
                               establish a majority independent board.
                    1.2     Elect Director Joan K. Shafran --- Withhold
                    1.3     Elect Director Louis Stokes --- For
                    1.4     Elect Director Stan Ross --- For
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        General Growth Properties, Inc. *GGP*   370021107                             03/16/07                  93,008
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Nonqualified Employee Stock Purchase    For          For                    Mgmt
                            Plan
                               Employee stock  purchase  plans enable  employees to become
                               shareholders,  which  gives  them a stake in the  company's
                               growth.  Stock purchase plans are beneficial only when they
                               are  well  balanced  and  in  the  best  interests  of  all
                               shareholders.  From a shareholder's perspective, the number
                               of shares  being  reserved  is  conservative  and there are
                               caps placed on the employee's  contribution (expressed as a
                               percent   of   compensation   which  may   exclude   bonus,
                               commissions  or  special  compensation).  There is  minimum
                               dilution  associated  with the plan since shares of company
                               stock  are   purchased  on  the  open  market  with  mainly
                               employee contributions.
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Declassify the Board of Directors             Against      For                    ShrHoldr
                               The  ability  to  elect   directors   is  the  single  most
                               important  use  of  the  shareholder  franchise,   and  all
                               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.
                               As  such,   shareholder   support  for  this   proposal  is
                               warranted.


05/10/07 - A        Health Care Property Investors, Inc.    421915109                             03/23/07                  62,533
                    *HCP*
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Mary A. Cirillo-Goldberg ---
                            For
                               We recommend a vote FOR the  directors  with the  exception
                               of  affiliated  outsiders  Michael D. McKee.  We  recommend
                               that shareholders  WITHHOLD votes from Michael D. McKee for
                               standing  as an  affiliated  outsider  on the  Compensation
                               Committee.
                    1.2     Elect Director Robert R. Fanning, Jr. ---
                            For
                    1.3     Elect Director James F. Flaherty III --- For
                    1.4     Elect Director David B. Henry --- For
                    1.5     Elect Director Michael D. McKee --- Withhold
                    1.6     Elect Director Harold M. Messmer, Jr. ---
                            For
                    1.7     Elect Director Peter L. Rhein --- For
                    1.8     Elect Director Kenneth B. Roath --- For
                    1.9     Elect Director Richard M. Rosenberg --- For
                    1.10    Elect Director Joseph P. Sullivan --- For
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Pay For Superior Performance                  Against      For                    ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate  disclosure  concerning the specific  hurdle rates
                               or weightings for performance  metrics, nor is it clear how
                               payouts are determined with respect to target  performance.
                               Further, the long-term  compensation program is not largely
                               performance-based,  and  there  is  no  disclosure  of  the
                               specific hurdle rates and the  corresponding  payout levels
                               for meeting  minimum,  target and  maximum  levels for each
                               performance  metric.  Accordingly,  ISS  believes  that the
                               company    has    not     sufficiently     established    a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.


05/11/07 - A        Health Care REIT, Inc. *HCN*            42217K106                             03/14/07                  14,353
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt
                               This proposal seeks to increase  authorized common stock by
                               100,000,000  shares,  which is 75,000,000  shares below the
                               allowable threshold of 175,000,000 shares.
                    3       Increase Authorized Preferred Stock           For          For                    Mgmt
                               This proposal seeks to increase authorized  preferred stock
                               by  25,000,000  shares which is 7,500,000  shares below the
                               allowable increase of 32,500,000 shares.
                    4       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Hilton Hotels Corp. *HLT*               432848109                             03/29/07                  22,050
                    1       Elect Director A. Steven Crown                For          For                    Mgmt
                    2       Elect Director John H. Myers                  For          For                    Mgmt
                    3       Elect Director Donna F. Tuttle                For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt
                    5       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                               We  believe  that  the   company's   governance   structure
                               provides a satisfactory  balance to a unified  chairman and
                               CEO  position.  Accordingly,  the proposal does not warrant
                               shareholder support.


05/17/07 - A        Host Hotels & Resorts, Inc. *HST*       44107P104                             03/29/07                 363,181
                    1       Elect Director Roberts M. Baylis              For          For                    Mgmt
                               We recommend a vote FOR the  directors  with the  exception
                               of Terence C. Golden.  We recommend that  shareholders vote
                               AGAINST  Terence C. Golden for  standing  as an  affiliated
                               outsider on the Audit Committee.
                    2       Elect Director Terence C. Golden              For          Against                Mgmt
                    3       Elect Director Ann M. Korologos               For          For                    Mgmt
                    4       Elect Director Richard E. Marriott            For          For                    Mgmt
                    5       Elect Director Judith A. Mchale               For          For                    Mgmt
                    6       Elect Director John B. Morse Jr               For          For                    Mgmt
                    7       Elect Director Christopher J. Nassetta        For          For                    Mgmt
                    8       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Kilroy Realty Corp. *KRC*               49427F108                             03/12/07                  39,025
                    1       Elect Directors                               For          For                    Mgmt


05/17/07 - A        Kimco Realty Corp. *KIM*                49446R109                             03/23/07                 319,330
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Martin S. Kimmel --- For
                               We recommend a vote FOR the directors  with the  exceptions
                               of insiders Milton Cooper,  Michael J. Flynn,  and David B.
                               Henry,  and  affiliated  outsiders  Richard  G.  Dooley and
                               Frank  Lourenso.  We recommend that  shareholders  WITHHOLD
                               votes from Richard G. Dooley for standing as an  affiliated
                               outsider  on  the  Audit,   Compensation   and   Nominating
                               committees   and  for  failure  to   establish  a  majority
                               independent  board.  We also  recommend  that  shareholders
                               WITHHOLD  votes  from Frank  Lourenso  for  standing  as an
                               affiliated  outsider  on the  Compensation  and  Nominating
                               committees   and  for  failure  to   establish  a  majority
                               independent  board.  Lastly, we recommend that shareholders
                               WITHHOLD  votes from  Milton  Cooper,  Michael J. Flynn and
                               David  B.  Henry  for  failure  to   establish  a  majority
                               independent board.
                    1.2     Elect Director Milton Cooper --- Withhold
                    1.3     Elect Director Richard G. Dooley ---
                            Withhold
                    1.4     Elect Director Michael J. Flynn --- Withhold
                    1.5     Elect Director Joe Grills --- For
                    1.6     Elect Director David B. Henry --- Withhold
                    1.7     Elect Director F. Patrick Hughes --- For
                    1.8     Elect Director Frank Lourenso --- Withhold
                    1.9     Elect Director Richard Saltzman --- For
                    2       Company Specific-Equity-Related --Increase    For          For                    Mgmt
                            Number of Shares of Authorized Stock to
                            Issue, Common Stock and Excess Stock
                               Since  the  requested  increase  of  450,000,000  shares of
                               common   stock  is  below  the   allowable   threshold   of
                               600,000,000  shares  and  the  increase  in  excess  shares
                               assists  in  preserving  the  company's  REIT  status,   we
                               recommend that shareholders support this proposal.
                    3       Ratify Auditors                               For          For                    Mgmt


04/19/07 - A        Lasalle Hotel Properties *LHO*          517942108                             02/09/07                 135,213
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Increase Authorized Preferred and Common      For          For                    Mgmt
                            Stock
                               The  requested  increase  of  common  stock of  100,000,000
                               shares  is below the  allowable  threshold  of  125,000,000
                               shares.  The  requested  increase  of  preferred  stock  of
                               20,000,000  shares  is below  the  allowable  threshold  of
                               33,000,000 shares.


05/24/07 - A        Omega Healthcare Investors, Inc.        681936100                             04/20/07                  10,199
                    *OHI*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        ProLogis *PLD*                          743410102                             03/12/07                 309,824
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director K. Dane Brooksher --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of independent  outsider  William D. Zollars.  We recommend
                               that  shareholders  WITHHOLD  votes from William D. Zollars
                               for sitting on more than three boards.
                    1.2     Elect Director Stephen L. Feinberg --- For
                    1.3     Elect Director George L. Fotiades --- For
                    1.4     Elect Director Christine N. Garvey --- For
                    1.5     Elect Director Donald P. Jacobs --- For
                    1.6     Elect Director Walter C. Rakowich --- For
                    1.7     Elect Director Nelson C. Rising --- For
                    1.8     Elect Director Jeffrey H. Schwartz --- For
                    1.9     Elect Director D. Michael Steuert --- For
                    1.10    Elect Director J. Andre Teixeira --- For
                    1.11    Elect Director William D. Zollars ---
                            Withhold
                    1.12    Elect Director Andrea M. Zulberti --- For
                    2       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Public Storage *PSA*                    74460D109                             03/23/07                 179,725
                    1       Elect Directors                               For          For                    Mgmt
                    1.1     Elect Director B. Wayne Hughes --- For
                               ISS urges the compensation  committee to reassess the above
                               concerning  pay practices and provide a good  rationale for
                               them. ISS may recommend  withholding  from the compensation
                               committee members in the future, if the practices  continue
                               and/or disclosure continues to be lacking.
                    1.2     Elect Director Ronald L. Havner, Jr. --- For
                    1.3     Elect Director Dann V. Angeloff --- For
                    1.4     Elect Director William C. Baker --- For
                    1.5     Elect Director John T. Evans --- For
                    1.6     Elect Director Uri P. Harkham --- For
                    1.7     Elect Director B. Wayne Hughes, Jr. --- For
                    1.8     Elect Director Harvey Lenkin --- For
                    1.9     Elect Director Gary E. Pruitt --- For
                    1.10    Elect Director Daniel C. Staton --- For
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt
                                                                                   VI.
                               Vote Recommendation        The  estimated shareholder value
                               transfer of the  company's  plans of 4 percent is less than
                               the   allowable   cap  for  this   company  of  5  percent.
                               Additionally, this plan expressly forbids repricing.
                    4       Change State of Incorporation [From           For          Against                Mgmt
                            California Corporation to Maryland Real
                            Estate Investment Trust]
                               Although we  recognize  that the  reincorporation  proposal
                               would;   a)  enable  the  company  to  take   advantage  of
                               Maryland's   comprehensive   statutes   and  REIT   related
                               policies;  b) increase shareholder  ownership limit; and c)
                               help  realize  cost  savings,  we note  that  the  proposed
                               changes  to bylaws  would  adversely  affect  shareholders'
                               rights. More specifically,  shareholders would not have the
                               right to  amend  bylaws,  or to use  cumulative  voting  in
                               election of directors.  Furthermore,  shareholders would be
                               able  to  remove   directors   for  cause  only,   with  an
                               affirmative  vote of at  least  two-thirds  of  outstanding
                               shares,  instead of the simple majority presently.  We also
                               deem the  increase  in number of  shares  required  to call
                               special  meetings  from at least 10  percent to at least 50
                               percent  under  the  proposed  bylaws  to be  negative  for
                               shareholder  rights. As such, we believe that this proposal
                               does not warrant shareholder support.
                    5       Adjourn Meeting                               For          Against                Mgmt
                               Once their votes have been cast,  there is no justification
                               for spending more money to continue  pressing  shareholders
                               for more votes.


05/01/07 - A        Regency Centers Corp. *REG*             758849103                             03/07/07                  24,672
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        Simon Property Group, Inc. *SPG*        828806109                             03/09/07                 215,957
                    1       Elect Directors                               For          For                    Mgmt
                    1.1     Elect Director Birch Bayh --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of affiliated  outsider J. Albert  Smith,  Jr. We recommend
                               that shareholders  WITHHOLD votes from J. Albert Smith, Jr.
                               for  standing  as an  affiliated  outsider on the Audit and
                               Nominating committees.
                    1.2     Elect Director Melvyn E. Bergstein --- For
                    1.3     Elect Director Linda Walker Bynoe --- For
                    1.4     Elect Director Karen N. Horn, Ph.D. --- For
                    1.5     Elect Director Reuben S. Leibowitz --- For
                    1.6     Elect Director J. Albert Smith, Jr. --- For
                    1.7     Elect Director Pieter S. van den Berg ---
                            For
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Pay for Superior Performance                  Against      For                    ShrHoldr
                               In  this  case,   ISS  notes  that  the  company's   annual
                               compensation  program for named executives does not provide
                               adequate  disclosure  concerning  the specific  performance
                               metrics or respective hurdle rates for performance,  nor is
                               it clear how payouts are determined  with respect to target
                               performance.  Further,  though the  long-term  compensation
                               program is  performance-based,  there is no  disclosure  of
                               the  specific  hurdle  rates and the  corresponding  payout
                               levels for meeting  minimum,  target and maximum levels for
                               each  performance  metric.  Accordingly,  ISS believes that
                               the   company   has   not   sufficiently    established   a
                               pay-for-superior-performance   standard  in  its  executive
                               compensation   programs.   As  such,   ISS  believes   that
                               shareholder support for this proposal is warranted.
                    4       Advisory Vote to Ratify Named Executive       Against      For                    ShrHoldr
                            Officers' Compensation
                               ISS   believes   that  the   advisory   vote  would   allow
                               shareholders  a voice in executive  compensation  practices
                               of a company.  The advisory vote would be a confidence vote
                               on the work of the compensation  committee.  ISS encourages
                               companies to allow  shareholders  to express their opinions
                               of  executive  compensation  practices by  establishing  an
                               annual  referendum  process.  An advisory vote on executive
                               compensation  is another step  forward in  enhancing  board
                               accountability.
                    5       Submit Severance Agreement (Change in         Against      For                    ShrHoldr
                            Control) to shareholder Vote
                               ISS notes that this  shareholder  proposal or a similar one
                               has been  adopted  at  publicly-traded  companies,  such as
                               Mattel,  Starwood Hotels & Resort, American Electric Power,
                               among  others.   ISS  believes  that  seeking   shareholder
                               approval  after  the  material  terms of the  contract  are
                               agreed upon would give the board a framework  within  which
                               to work and may prevent  the  excessive  "pay for  failure"
                               packages that have been witnessed at other companies.


05/24/07 - A        SL Green Realty Corp. *SLG*             78440X101                             03/20/07                  28,180
                    1       Elect Director Edwin Thomas Burton, III       For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                                                                                   VI.
                               Vote    Recommendation        The    company's   three-year
                               average  burn  rate of 2.96  percent  is  higher  than  the
                               allowable cap for this company of 2.23 percent.  Therefore,
                               the company has failed ISS'  three-year  average  burn rate
                               policy.  However,  the company has committed to a burn rate
                               equal to the de minimus of 2.23  percent for the next three
                               fiscal   years.        The   estimated   shareholder  value
                               transfer  of the  company's  plans of 5 percent is equal to
                               the allowable cap for this company of 5 percent.
                    4       Increase Authorized Common Stock              For          For                    Mgmt


05/24/07 - A        Starwood Hotels & Resorts Worldwide,    85590A401                             03/21/07                  75,560
                    Inc. *HOT*
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Bruce W. Duncan --- For
                               We recommend a vote FOR the  directors  with the  exception
                               of  independent  outsider  Jean-Marc  Chapus.  We recommend
                               that shareholders  WITHHOLD votes from Jean-Marc Chapus for
                               poor attendance.
                    1.2     Elect Director Adam Aron --- For
                    1.3     Elect Director Charlene Barshefsky --- For
                    1.4     Elect Director Jean-Marc Chapus --- Withhold
                    1.5     Elect Director Lizanne Galbreath --- For
                    1.6     Elect Director Eric Hippeau --- For
                    1.7     Elect Director Stephen R. Quazzo --- For
                    1.8     Elect Director Thomas O. Ryder --- For
                    1.9     Elect Director Kneeland C. Youngblood ---
                            For
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend and Restatement of Charter              For          For                    Mgmt
                               ISS  notes  that  the  amendment  and  restatement  of  the
                               company's  charter  is not  material  in  nature.  As such,
                               shareholder  value  is  not  affected.  ISS  believes  that
                               shareholder support for this proposal is warranted.


05/30/07 - A        Tanger Factory Outlet Centers, Inc.     875465106                             03/29/07                     303
                    *SKT*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                               Where  non-audit  fees are deemed  excessive,  shareholders
                               should vote against  auditor  ratification  if it is on the
                               ballot. Similarly,  shareholders should withhold votes from
                               audit  committee  members,  since they are  responsible for
                               hiring and  terminating  the audit  firm and for  approving
                               the services  provided.  Based on the updated  information,
                               ISS  does  not  deem  the  Non-Audit  (other)  Fees  to  be
                               excessive  and as such  recommends  shareholders  vote  FOR
                               auditor  ratification  proposal  and  vote  FOR  for  audit
                               committee members.
                    3       Increase Authorized Common Stock              For          For                    Mgmt
                               The requested  increase of  100,000,000  shares is equal to
                               the allowable  threshold of 100,000,000  shares. As such we
                               recommend shareholders support this proposal.
                    4       Increase Authorized Common Stock and          For          For                    Mgmt
                            Authorize New Classes of Preferred Stock
                               Given  that  ISS   supports  the   requested   increase  in
                               authorized  share  capital  (see Item 3),  and that the new
                               classes of  preferred  stock  generally  would not have any
                               voting rights or may not be converted in other  securities,
                               we believe  that there is little risk of the  authorization
                               negatively  impacting  common  shareholders.  As  such,  we
                               recommend shareholders vote FOR Item 4.


05/09/07 - A        Taubman Centers, Inc. *TCO*             876664103                             03/22/07                  68,623
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Declassify the Board of Directors             Against      For                    ShrHoldr


05/16/07 - A        Ventas, Inc. *VTR*                      92276F100                             03/19/07                 195,389
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Increase Authorized Common Stock              For          For                    Mgmt
                               The requested  increase of 120,000,000  shares is below the
                               allowable threshold of 207,000,000 shares.
                    4       Amend Stock Ownership Limitations             For          For                    Mgmt
                               We believe that some of the  clarifications  being included
                               in the  amendment  are  positive to protect  the  company's
                               REIT  status.   However,  we  believe  that  the  ownership
                               restrictions  should  allow a level  playing  field for all
                               shareholders,  and that  granting the power to the board to
                               grant  exceptions to the  constructive  ownership  limit is
                               not in the best interest of shareholders.


05/22/07 - A        Vornado Realty Trust *VNO*              929042109                             04/12/07                 164,824
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Require a Majority Vote for the Election of   Against      For                    ShrHoldr
                            Directors
                               Hence,   we  recommend  that   shareholders   support  this
                               proposal.


05/03/07 - A        Weingarten Realty Investors *WRI*       948741103                             03/15/07                     121
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt





Fund:  Principal Variable Contracts Fund, Inc. - Short-Term Bond Account
Sub-Advisor:  Principal Global Investors

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.


******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 06/30/2007
Principal Variable Contracts Fund, Inc.- Short-Term Income Account
Sub-Advisor:  Edge Asset Management, Inc.


======================== PVC SHORT TERM INCOME ACCOUNT =========================
No Proxies Voted.



Fund:  Principal Variable Contracts Fund, Inc. - SmallCap Account
Sub-Advisor:  Principal Global Investors

                                                          Vote Summary Report
                                                      Jul 01, 2006 - Jun 30, 2007

PVC-Small Cap - 481

Mtg                 Company/                                               Mgmt         Vote           Record               Shares
Date/Type           Ballot Issues                            Security      Rec          Cast           Date        Prpnent   Voted
- ------------------- ---------------------------------------- ------------- ------------ -------------- ----------- ----------------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                             
05/02/07 - A        Advanced Energy Industries, Inc.         007973100                                 03/12/07             27,430
                    *AEIS*
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director Douglas S. Schatz --- For
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider Richard P. Beck. We recommend that
                                shareholders  WITHHOLD  votes  from  Richard  P.  Beck for
                                standing  as an  affiliated  outsider  on  the  Audit  and
                                Nominating committees.
                    1.2      Elect Director Richard P. Beck --- For
                    1.3      Elect Director Hans Georg Betz --- For
                    1.4      Elect Director Joseph R. Bronson --- For
                    1.5      Elect Director Trung T. Doan --- For
                    1.6      Elect Director Barry Z. Posner --- For
                    1.7      Elect Director Thomas M. Rohrs --- For
                    1.8      Elect Director Elwood Spedden --- For
                    2        Amend Non-Employee Director Omnibus Stock     For          For                        Mgmt
                             Plan
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                less  than  the  allowable  cap  for  this  company  of 17
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VII.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 14 percent is
                                less  than  the  allowable  cap  for  this  company  of 17
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    4        Ratify Auditors                               For          For                        Mgmt


06/20/07 - A        Aeropostale, Inc *ARO*                   007865108                                 05/04/07                230
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 13
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


06/06/07 - A        Aftermarket Technology Corp. *ATAC*      008318107                                 04/19/07              7,201
                    1        Elect Directors                               For          For                        Mgmt


05/23/07 - A        Alabama National BanCorporation *ALAB*   010317105                                 03/30/07              7,550
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director W. Ray Barnes --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider John D. Johns.  We recommend that
                                shareholders   WITHHOLD  votes  from  John  D.  Johns  for
                                sitting on more than three boards.
                    1.2      Elect Director Bobby A. Bradley --- For
                    1.3      Elect Director Dan M. David --- For
                    1.4      Elect Director Griffin A. Greene --- For
                    1.5      Elect Director John H. Holcomb, III --- For
                    1.6      Elect Director John D. Johns --- For
                    1.7      Elect Director John J. McMahon, Jr. --- For
                    1.8      Elect Director C. Phillip McWane --- For
                    1.9      Elect Director William D. Montgomery --- For
                    1.10     Elect Director Richard Murray IV --- For
                    1.11     Elect Director G. Ruffner Page, Jr. --- For
                    1.12     Elect Director John M. Plunk --- For
                    1.13     Elect Director William Britt Sexton --- For
                    1.14     Elect Director W. Stancil Starnes --- For
                    1.15     Elect Director W. Edgar Welden --- For
                    2        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Amend Executive Incentive Bonus Plan          For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                or  stock  awards  are  paid  to  participants.  Moreover,
                                preservation   of   the   full    deductibility   of   all
                                compensation  paid  reduces the  company's  corporate  tax
                                obligation.
                    4        Ratify Auditors                               For          For                        Mgmt


06/12/07 - A        Alaska Air Group, Inc. *ALK*             011659109                                 04/20/07             10,110
                    1        Elect Directors                               For          For                        Mgmt
                    2        Reimbursement For Short-Slate Proxy Contests  Against      Against                    ShrHoldr
                                ISS believes that adoption of this binding  proposal would
                                pose  several  problems.  The formula by which the company
                                would  provide  reimbursement  would  require  substantial
                                payment  even if a number  of  dissident  nominees  do not
                                receive  significant  votes.  Additionally,  the  proposal
                                does not include an overall  cap on expense  reimbursement
                                and could  encourage  frivolous  spending  by  shareholder
                                nominees.   ISS  would  prefer  that  dissident   nominees
                                include a  reimbursement  proposal on their proxy cards to
                                be voted.
                    3        Provide for Cumulative Voting                 Against      Against                    ShrHoldr
                                In this case, the company meets all of the  aforementioned
                                corporate    governance    and    performance    criteria.
                                Accordingly,  the  proposal  does not warrant  shareholder
                                support.
                    4        Separate Chairman and CEO Positions           Against      For                        ShrHoldr
                                In this case,  the  company  does not meet  certain of the
                                criteria  in  the  counterbalancing   structure  described
                                above.  Specifically,  the lead  director does not perform
                                all of the duties  listed.  We believe that the  company's
                                governance  structure  does  not  provide  a  satisfactory
                                balance   to  a  unified   chairman   and  CEO   position.
                                Accordingly, the proposal warrants shareholder support.
                    5        Amend Bylaws/Governance Documents -- Call     Against      For                        ShrHoldr
                             Special Meetings
                                The proposal seeks to provide  shareholders with the right
                                to call special meetings,  which we believe is in the best
                                interests  of  shareholders.  We note  that  the  proposal
                                limits  the  right  to  call  a  special   meeting  to  an
                                aggregate  of at  least  ten  percent  of the  outstanding
                                shares. ISS believes that this is a reasonable  threshold,
                                consistent with many state statutes.  We believe that this
                                item warrants shareholder support.
                    6        Submit Shareholder Rights Plan (Poison        Against      Against                    ShrHoldr
                             Pill) to Shareholder Vote
                                In this case,  the  company  has a poison  pill  policy in
                                place  which  includes  a  fiduciary  out with a  one-year
                                sunset provision.  ISS believes that the company's current
                                policy adequately addresses the proponent's concerns.


07/24/06 - A        Alaska Communications Systems Group,     01167P101                                 06/07/06             22,020
                    Inc. *ALSK*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


06/18/07 - A        Alaska Communications Systems Group,     01167P101                                 05/01/07             21,919
                    Inc. *ALSK*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          Against                    Mgmt
                                                                                    VI.
                                Vote  Recommendation        We  commend  the  company  for
                                expressly  forbidding the repricing of stock options under
                                the  plan.  However,   the  estimated   shareholder  value
                                transfer  of the  company's  plans of 12  percent is above
                                the  allowable  cap for  this  company  of 9  percent.  In
                                addition,  the company's  three-year  average burn rate of
                                3.64  percent  is  higher  than its  four-digit  GICS peer
                                group of 2.7  percent.  Therefore,  the company has failed
                                ISS' three-year average burn rate policy.
                    4        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                Given  that the  company  will be  entitled  to a business
                                expense  deduction  due to  the  favorable  tax  treatment
                                attributable  to Section  162(m),  we believe the proposed
                                amendment warrants shareholder approval.


05/08/07 - A        Allete Inc. *ALE*                        018522300                                 03/09/07             17,769
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/04/07 - S        Altiris, Inc                             02148M100                                 02/28/07              5,980
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above,  in  particular  the merger
                                premium,  we believe  that the merger  agreement  warrants
                                shareholder support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Given   that   ISS  is   supportive   of  the   underlying
                                transaction,  we support the narrowly  crafted proposal to
                                adjourn  the   meeting  for  the  purpose  of   soliciting
                                additional  votes.        Note:  As noted in the company's
                                proxy,  Technology  Crossover  Ventures is the  beneficial
                                owner of 10.29% of the company's  stock and has executed a
                                Voting  Agreement  pursuant to which it has agreed to vote
                                in favor  of the  merger  which  is being  voted on at the
                                company's  special  meeting.  In  addition,   one  of  the
                                members of the company's  Board of Directors is a Managing
                                Member of Technology  Crossover  Ventures.  Please see the
                                note  at the  end of this  analysis  regarding  Technology
                                Crossover  Ventures' ownership interest in ISS. Technology
                                Crossover  Ventures  played no role in the  preparation of
                                this analysis or ISS' vote recommendation on this matter.


06/07/07 - A        Amedisys, Inc. *AMED*                    023436108                                 04/09/07              1,750
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director William F. Borne --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider David R. Pitts. We recommend that
                                shareholders  WITHHOLD  votes from David R. Pitts for poor
                                attendance.
                    1.2      Elect Director Ronald A. Laborde --- For
                    1.3      Elect Director Jake L. Netterville --- For
                    1.4      Elect Director David R. Pitts --- Withhold
                    1.5      Elect Director Peter F. Ricchiuti --- For
                    1.6      Elect Director Donald A. Washburn --- For
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 30,000,000  shares is below the
                                allowable threshold of 46,500,000 shares.
                    3        Amend Qualified Employee Stock Purchase Plan  For          For                        Mgmt
                                ISS approves of this item because 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.


04/18/07 - A        AMN Healthcare Services Inc. *AHS*       001744101                                 02/19/07             10,155
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 11 percent is
                                less  than  the  allowable  cap  for  this  company  of 12
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


09/06/06 - A        Ansoft Corp. *ANST*                      036384105                                 07/27/06             11,972
                    1        Elect Directors                               For          For                        Mgmt


05/16/07 - A        Ansys, Inc. *ANSS*                       03662Q105                                 03/19/07              7,190
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/22/07 - A        Anthracite Capital, Inc. *AHR*           037023108                                 03/30/07              7,540
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


06/27/07 - A        Apogee Enterprises, Inc. *APOG*          037598109                                 05/04/07              4,642
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Executive Incentive Bonus Plan          For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        aQuantive, Inc. *AQNT*                   03839G105                                 03/09/07              1,352
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/30/07 - A        Arbor Realty Trust, Inc. *ABR*           038923108                                 04/13/07              7,930
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Stock Ownership Limitations           For          For                        Mgmt
                                This  proposal  makes  a  minor  change  to the  company's
                                current  ownership  limits,  which are intended to protect
                                the REIT  status of the  company.  ISS  believes  that the
                                proposed 7.0-percent ownership limit is reasonable.  Given
                                that the  proposal  is not  detrimental  to  shareholders'
                                rights,  and may allow the company to preserve  capital by
                                paying stock-based  incentive fees, we believe it warrants
                                shareholder support.


04/26/07 - A        Arch Chemicals, Inc. *ARJ*               03937R102                                 03/02/07             16,061
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/30/07 - A        Ares Cap Corp                            04010L103                                 04/30/07              2,275
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Argonaut Group, Inc. *AGII*              040157109                                 03/22/07              9,360
                    1        Elect Directors                               For          For                        Mgmt


05/24/07 - A        Arris Group Inc *ARRS*                   04269Q100                                 03/30/07             47,230
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 11 percent is
                                less  than  the  allowable  cap  for  this  company  of 15
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/04/07 - A        Asbury Automotive Group. Inc. *ABG*      043436104                                 03/15/07              8,150
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/01/07 - A        Astec Industries, Inc. *ASTE*            046224101                                 02/23/07              9,626
                    1        Elect Directors                               For          For                        Mgmt
                    2        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


11/09/06 - A        Avnet, Inc. *AVT*                        053807103                                 09/12/06             25,320
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 5.62  percent is within the  allowable
                                cap for this company of 12.47 percent. Additionally,  this
                                plan expressly forbids repricing.
                    3        Ratify Auditors                               For          For                        Mgmt
                    4        Separate Chairman and CEO Positions           Against      Against                    ShrHoldr
                                We believe that Avnet's  governance  structure  provides a
                                satisfactory   balance  to  a  unified  Chairman  and  CEO
                                position.


05/24/07 - A        BancFirst Corp. *BANF*                   05945F103                                 04/12/07              2,570
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/27/07 - A        Bank of Hawaii Corp. *BOH*               062540109                                 02/28/07             13,250
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        Banner Corp *BANR*                       06652V109                                 03/01/07              2,960
                    1        Elect Directors                               For          For                        Mgmt


05/09/07 - A        Benchmark Electronics, Inc. *BHE*        08160H101                                 03/27/07             10,300
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        Bio-Rad Laboratories, Inc. *BIO*         090572207                                 02/26/07              6,450
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 10 percent is
                                less  than  the  allowable  cap  for  this  company  of 13
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


05/16/07 - A        BIOMED REALTY TRUST INC *BMR*            09063H107                                 03/30/07             20,942
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


08/08/06 - A        Black Box Corp. *BBOX*                   091826107                                 06/09/06             19,059
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Stock Option Plan                       For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 15.27  percent is within the allowable
                                cap for this company of 17.33 percent. Additionally,  this
                                plan expressly forbids repricing.
                    3        Amend Non-Employee Director Stock Option      For          For                        Mgmt
                             Plan
                                                                                    VI.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 13.01  percent is within the allowable
                                cap for this company of 17.33 percent. Additionally,  this
                                plan expressly forbids repricing.
                    4        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        BOK Financial Corp. *BOKF*               05561Q201                                 03/01/07              1,010
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Gregory S. Allen --- For
                                We recommend a vote FOR the  directors  with the exception
                                of insiders  Robert G. Greer,  V. Burns Hargis,  George B.
                                Kaiser,   Stanley  A.  Lybarger  and  C.  Fred  Ball  Jr.,
                                affiliated   outsiders  E.  Carey   Joullian  IV,  Chester
                                Cadieux  III  and  Thomas  L.  Kivisto,   and  independent
                                outsider Paula  Marshall.  We recommend that  shareholders
                                WITHHOLD  votes from Paula  Marshall for poor  attendance.
                                We also  recommend that  shareholders  WITHHOLD votes from
                                Robert G. Greer, V. Burns Hargis,  Stanley A. Lybarger, C.
                                Fred  Ball Jr.  and  Thomas  L.  Kivitso  for  failure  to
                                establish an  independent  nominating  committee.  We also
                                recommend that shareholders  WITHHOLD votes from George B.
                                Kaiser for failure to establish an independent  nominating
                                committee and for standing as insider on the  Compensation
                                Committee.  We also recommend that  shareholders  WITHHOLD
                                votes from E. Carey  Joullian IV for failure to  establish
                                an  independent  nominating  committee and for standing as
                                an affiliated outsider on the Audit Committee.  Lastly, we
                                recommend  that  shareholders  WITHHOLD votes from Chester
                                Cadieux  III  for  failure  to  establish  an  independent
                                nominating  committee  and for  standing as an  affiliated
                                outsider on the Audit and Compensation committees.
                    1.2      Elect Director C. Fred Ball, Jr. ---
                             Withhold
                    1.3      Elect Director Sharon J. Bell --- For
                    1.4      Elect Director Peter C. Boylan, III --- For
                    1.5      Elect Director Chester Cadieux, III ---
                             Withhold
                    1.6      Elect Director Joseph W. Craft, III --- For
                    1.7      Elect Director William E. Durrett --- For
                    1.8      Elect Director Robert G. Greer --- Withhold
                    1.9      Elect Director David F. Griffin --- For
                    1.10     Elect Director V. Burns Hargis --- Withhold
                    1.11     Elect Director E. Carey Joullian, IV ---
                             Withhold
                    1.12     Elect Director George B. Kaiser --- Withhold
                    1.13     Elect Director Judith Z. Kishner --- For
                    1.14     Elect Director Thomas L. Kivisto ---
                             Withhold
                    1.15     Elect Director David L. Kyle --- For
                    1.16     Elect Director Robert J. LaFortune --- For
                    1.17     Elect Director Stanley A. Lybarger ---
                             Withhold
                    1.18     Elect Director Steven J. Malcolm --- For
                    1.19     Elect Director Paula Marshall --- Withhold
                    2        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


05/24/07 - A        Brown Shoe Company, Inc. *BWS*           115736100                                 04/09/07              5,284
                    1        Elect Directors                               For          For                        Mgmt
                    2        Adjust Par Value of Common Stock              For          For                        Mgmt
                                Adjusting par value is a routine  financing  decision that
                                warrants shareholder support.
                    3        Ratify Auditors                               For          For                        Mgmt


05/01/07 - A        Brush Engineered Materials Inc. *BW*     117421107                                 03/02/07              2,610
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        Bucyrus International, Inc. *BUCY*       118759109                                 03/13/07              8,970
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          Against                    Mgmt
                                                                                    VI.
                                Vote  Recommendation        We  commend  the  company  for
                                expressly  forbidding the repricing of stock options under
                                the  plan.  However,   the  estimated   shareholder  value
                                transfer  of the  company's  plans of 10  percent is above
                                the allowable cap for this company of 9 percent.


11/08/06 - A        Cache, Inc. *CACH*                       127150308                                 09/25/06              1,067
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/22/07 - A        Capital Corporation Of The West *CCOW*   140065202                                 04/02/07              3,077
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Stock Option Plan                       For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                less than the allowable cap for this company of 9 percent.


05/11/07 - A        Carter's, Inc. *CRI*                     146229109                                 03/16/07              8,600
                    1        Elect Directors                               For          For                        Mgmt


06/27/07 - A        CEC Entertainment, Inc. *CEC*            125137109                                 04/30/07              5,230
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director Michael H. Magusiak --- For
                                Based on the above  disclosure  and remedies  taken by the
                                company,  ISS  believes  that the  misdating of options is
                                not    severe    enough   to   warrant    withhold    vote
                                recommendations   on   past   and   current   compensation
                                committee members.
                    1.2      Elect Director Larry T. McDowell --- For
                    1.3      Elect Director Walter Tyree --- For
                    2        Amend Restricted Stock Plan                   For          For                        Mgmt
                                ISS  supports  this  amendment  due to the  favorable  tax
                                deductions    that   the   company    will   receive   for
                                performance-based compensation under Section 162(m).
                    3        Amend Restricted Stock Plan                   For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                equal to or less than the  allowable  cap for this company
                                of 10 percent.  Additionally,  this plan expressly forbids
                                repricing.
                    4        Amend Non-Employee Director Restricted        For          For                        Mgmt
                             Stock Plan
                                Please  refer to Item 5 for the actual  shareholder  value
                                transfer costs.  ISS has utilized the  compensation  model
                                to  determine  the  cost  of  the   increased   number  of
                                restricted  stock  award  granted  to  each   non-employee
                                director.
                    5        Amend Non-Employee Director Restricted        For          For                        Mgmt
                             Stock Plan
                                                                                    VII.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                equal to or less than the  allowable  cap for this company
                                of 10 percent.
                    6        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        Centene Corp. *CNC*                      15135B101                                 03/02/07             17,580
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   RecommendationAlthough   the  total   cost  of  the
                                company's  plans of 13 percent  is equal to the  allowable
                                cap for this company of 13 percent and the plan  expressly
                                forbids repricing,  the company's  three-year average burn
                                rate of 4.33  percent is higher than its  four-digit  GICS
                                peer group of 4.19 percent.  However, the company has made
                                a three-year burn rate  commitment  equal to its GICS peer
                                group of 4.19  percent.  ISS will  continue to monitor the
                                company's  burn rate over the next  three  years to see if
                                it is honoring its commitment to shareholders.
                    4        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.


04/30/07 - A        Central European Distribution            153435102                                 03/05/07                  5
                    Corporation *CEDC*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 5 percent  is
                                less  than  the  allowable  cap  for  this  company  of 14
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


09/28/06 - S        Central Garden & Pet Co. *CENT*          153527106                                 08/21/06             13,630
                    1        Authorize a New Class of Common Stock         For          For                        Mgmt
                                In  this  case,  however,  the  company  has a  dual-class
                                capital   structure  with  unequal   voting  rights.   The
                                supervoting  shares  are  closely  held  by the  company's
                                largest  shareholder,  are not publicly  traded,  and have
                                restrictive  ownership  provisions.   By  authorizing  the
                                issuance of a newly-created  class of nonvoting stock, the
                                proposed  amendment  would  preserve  the  effect  of  the
                                supervoting   Class  B  shares,   which  ISS  believes  is
                                contrary  to the  interests  of holders  of common  stock.
                                Accordingly,  we do not  believe  that this item  warrants
                                shareholder support.


02/12/07 - A        Central Garden & Pet Co. *CENT*          153527106                                 12/15/06             13,630
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director William E. Brown --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of  insiders  William  E.  Brown,  Glenn W.  Novotny,  and
                                Brooks M. Pennington  III. We recommend that  shareholders
                                WITHHOLD  votes from William E. Brown,  Glenn W.  Novotny,
                                and Brooks M.  Pennington  III for failure to establish an
                                independent nominating committee.
                    1.2      Elect Director Glenn W. Novotny --- Withhold
                    1.3      Elect Director Brooks M. Pennington, III
                             --- Withhold
                    1.4      Elect Director John B. Balousek --- For
                    1.5      Elect Director David N. Chichester --- For
                    1.6      Elect Director Alfred A. Piergallini --- For
                    1.7      Elect Director Bruce A. Westphal --- For


05/22/07 - A        Central Pacific Financial Corp. *CPF*    154760102                                 03/15/07             13,380
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                less  than  the  allowable  cap  for  this  company  of  9
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


08/29/06 - A        Chaparral Steel Co *CHAP*                159423102                                 07/13/06              4,420
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Eugenio Clariond --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider  Eugenio  Clariond.  We recommend
                                that  shareholders  WITHHOLD  votes from Eugenio  Clariond
                                for sitting on more than three boards  while  serving as a
                                CEO.
                    1.2      Elect Director Joseph D. Mahaffey --- For
                    1.3      Elect Director Elizabeth C. Williams --- For
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                Approval  of  this  proposal   would   preserve  the  full
                                deductibility  of all  compensation  paid by the  company,
                                which   would   reduce   the   company's   corporate   tax
                                obligation.   As  such,  we  recommend  a  vote  FOR  this
                                proposal.
                    3        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                                                                    V.
                                Vote  RecommendationThe  total cost of the company's plans
                                of 13.22  percent  is within  the  allowable  cap for this
                                company of 14.12 percent.


02/14/07 - A        Charlotte Russe Holdings Inc. *CHIC*     161048103                                 01/04/07             25,790
                    1        Elect Directors                               For          For                        Mgmt
                    2        Fix Number of Directors                       For          For                        Mgmt


07/28/06 - A        Cirrus Logic, Inc. *CRUS*                172755100                                 05/31/06             42,090
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 16.21  percent is within the allowable
                                cap for this company of 17.13 percent. Additionally,  this
                                plan expressly forbids repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        City Bank *CTBK*                         17770A109                                 03/09/07              4,471
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        City Holding Co. *CHCO*                  177835105                                 03/16/07              5,626
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director John R. Elliot --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  independent  outsider  Oshel B.  Craigo.  We recommend
                                that shareholders  WITHHOLD votes from Oshel B. Craigo for
                                poor attendance.
                    1.2      Elect Director Oshel B. Craigo --- Withhold
                    1.3      Elect Director William H. File III --- For
                    1.4      Elect Director Tracy W. Hylton II --- For
                    1.5      Elect Director C. Dallas Kayser --- For
                    1.6      Elect Director Sharon H. Rowe --- For
                    2        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        CNA Surety Corp. *SUR*                   12612L108                                 03/01/07              7,110
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Philip H. Britt --- For
                                We recommend a vote FOR the directors  with the exceptions
                                of James R. Lewis,  John F. Welch,  David B. Edelson,  and
                                D. Craig Mense.  We recommend that  shareholders  WITHHOLD
                                votes from D. Craig  Mense for  standing  as an insider on
                                the  Audit  committee  and  for  failure  to  establish  a
                                majority   independent   board.  We  also  recommend  that
                                shareholders  WITHHOLD votes from James R. Lewis,  John F.
                                Welch,  David B.  Edelson,  and D. Craig Mense for failure
                                to establish an independent  nominating  committee and for
                                failure to establish a majority independent board.
                    1.2      Elect Director James R. Lewis --- Withhold
                    1.3      Elect Director Robert Tinstman --- For
                    1.4      Elect Director John F. Welch --- Withhold
                    1.5      Elect Director David B. Edelson --- Withhold
                    1.6      Elect Director D. Craig Mense --- Withhold
                    1.7      Elect Director Anthony S. Cleberg --- For
                    2        Ratify Auditors                               For          For                        Mgmt


12/19/06 - S        CNS, Inc.                                126136100                                 11/09/06              5,970
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our review of the terms of the  transaction,  the
                                factors  described  above, and a 31.3 percent premium over
                                the closing price of the day prior to the  announcement of
                                the  merger,   ISS  believes  that  the  merger  agreement
                                warrants shareholder support.
                    2        Other Business                                For          For                        Mgmt
                                Where  ISS  is   supportive  of  the   underlying   merger
                                proposal,   we  are  supportive  of  a   narrowly-tailored
                                adjournment  proposal  that  seeks  adjournment  solely to
                                solicit additional proxies to approve the transaction.


04/25/07 - A        Columbia Banking System, Inc. *COLB*     197236102                                 03/01/07              2,940
                    1        Elect Directors                               For          For                        Mgmt


01/25/07 - A        Commercial Metals Co. *CMC*              201723103                                 11/27/06             16,896
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Non-Employee Director Omnibus Stock     For          For                        Mgmt
                             Plan
                                As the  original  plan  permits  the  grant of  restricted
                                stock to non-employee  directors,  ISS did not utilize the
                                compensation   model   to   determine   the  cost  of  the
                                amendment.  Restricted stock and restricted stock unit are
                                essentially  similar  equity  tools of  compensation.  ISS
                                recommends a vote FOR this proposal.
                    3        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    4        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 10.89  percent is within the allowable
                                cap for this company of 12.66 percent. Additionally,  this
                                plan expressly forbids repricing.
                    5        Ratify Auditors                               For          For                        Mgmt
                    6        Amend EEO Policy to Prohibit Discrimination   Against      For                        ShrHoldr
                             based on Sexual Orientation
                                Given   the   company's    stated    commitment   to   not
                                discriminating  on any  basis,  we  believe  that  such an
                                amendment  to its  existing EEO policy would not result in
                                a significant  compliance  cost for the company.  As such,
                                we believe this resolution warrants shareholders support.


10/09/06 - S        Community Bancorp *CBON*                 20343T100                                 09/05/06              1,334
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above,  specifically  the sensible
                                strategic  rationale and the positive  year-to-date market
                                reaction,  we  believe  that the share  issuance  warrants
                                shareholder support.
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 20,000,000  shares is 1,000,000
                                shares below the allowable threshold of 21,000,000 shares.


05/17/07 - A        Community Bancorp *CBON*                 20343T100                                 04/09/07              4,044
                    1        Elect Directors                               For          For                        Mgmt


12/05/06 - A        Comtech Telecommunications Corp.         205826209                                 10/06/06                753
                    *CMTL*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    Vote
                                RecommendationGiven  that the company  will be entitled to
                                a business  expense  deduction  due to the  favorable  tax
                                treatment  attributable to Section 162(m),  we believe the
                                proposed amendment warrants shareholder approval.
                    3        Ratify Auditors                               For          For                        Mgmt


06/08/07 - A        Conceptus, Inc. *CPTS*                   206016107                                 04/12/07              1,700
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Consolidated Communications Holdings,    209034107                                 03/21/07             21,480
                    Inc. *CNSL*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


08/03/06 - A        Consolidated Graphics, Inc. *CGX*        209341106                                 06/15/06             13,391
                    1        Elect Directors                               For          Withhold                   Mgmt
                    1.1      Elect Director Larry J. Alexander ---
                             Withhold
                                We recommend  withholding  votes from all of the nominees.
                                We  recommend  that   shareholders   WITHHOLD  votes  from
                                independent  outsiders  Brady  F.  Carruth  and  Larry  J.
                                Alexander  for failing to remove a  dead-hand,  slow-hand,
                                or similar feature in the company's poison pill.
                    1.2      Elect Director Brady F. Carruth --- Withhold


04/26/07 - A        Cullen/Frost Bankers, Inc. *CFR*         229899109                                 03/09/07             10,280
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Non-Employee Director Omnibus Stock   For          For                        Mgmt
                             Plan
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                less  than  the  allowable  cap  for  this  company  of  8
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/17/07 - A        Cymer, Inc. *CYMI*                       232572107                                 03/30/07              8,943
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 18
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Delphi Financial Group, Inc. *DFG*       247131105                                 03/30/07             16,130
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          Against                    Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 31 percent is
                                above the  allowable  cap for this  company  of 8 percent.
                                Additionally,  the plan  allows  repricing  of  underwater
                                stock   options  via   cancellation   and   re-grant   and
                                substitution  of  awards  without  shareholder   approval,
                                which we believe  reduces the incentive value of the plan.
                                Lastly,  the company has failed ISS'  three-year burn rate
                                policy,  with its  three-year  average  burn  rate of 2.36
                                percent  higher  than its  four-digit  GICS peer  group of
                                2.22 percent.
                    3        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


04/26/07 - A        Diamondrock Hospitality Company *DRH*    252784301                                 03/23/07             20,990
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer of the company's plan of 8 percent is less
                                than the  allowable  cap for this  company of 13  percent.
                                Additionally, this plan expressly forbids repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


02/06/07 - S        Digital Insight Corp.                    25385P106                                 12/19/06             15,285
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above,  in  particular  the merger
                                premium,  we believe  that the merger  agreement  warrants
                                shareholder support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Given   that   ISS  is   supportive   of  the   underlying
                                transaction,  we support the narrowly  crafted proposal to
                                adjourn  the   meeting  for  the  purpose  of   soliciting
                                additional votes.


06/08/07 - A        Directed Electronics Inc *DEIX*          254575103                                 04/20/07              2,036
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    Vote
                                RecommendationEven   though  the  plan  expressly  permits
                                repricing,   the  plan  has  already   been   approved  by
                                shareholders.  In the future,  ISS would recommend  voting
                                AGAINST  the plan  proposal  if there  were any new  share
                                requests   or    amendments    that   have    quantitative
                                implications.  At this time,  given that the company  will
                                be entitled  to a business  expense  deduction  due to the
                                favorable tax treatment  attributable  to Section  162(m),
                                we believe the  proposed  amendment  warrants  shareholder
                                approval.
                    3        Ratify Auditors                               For          For                        Mgmt


05/17/07 - A        Dollar Thrifty Automotive Group, Inc.    256743105                                 03/23/07              7,661
                    *DTG*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Double-Take Software Inc. *DBTK*         258598101                                 03/28/07              7,950
                    1        Elect Director Dean Goodermote                For          For                        Mgmt
                    2        Elect Director Paul Birch                     For          For                        Mgmt
                    3        Elect Director Ashoke (Bobby) Goswami         For          For                        Mgmt
                    4        Elect Director John B. Landry                 For          For                        Mgmt
                    5        Elect Director Laura L. Witt                  For          For                        Mgmt
                    6        Elect Director John W. Young                  For          For                        Mgmt
                    7        Ratify Auditors                               For          For                        Mgmt


05/09/07 - A        Dril-Quip, Inc. *DRQ*                    262037104                                 03/20/07             18,603
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


08/03/06 - A        DRS Technologies, Inc. *DRS*             23330X100                                 06/23/06              9,330
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    V.
                                Vote  Recommendation        Although the total cost of the
                                company's  plans of 8.16  percent is within the  allowable
                                cap for  this  company  of  11.09  percent  and  the  plan
                                expressly  forbids  repricing,  the  company's  three-year
                                average  burn  rate of 3.54  percent  is  higher  than its
                                four-digit GICS peer group of 2.93 percent.  However,  the
                                company has made a three-year burn rate  commitment  equal
                                to its GICS peer group of 2.93 percent.  ISS will continue
                                to  monitor  the  company's  burn rate over the next three
                                years  to  see  if  it  is  honoring  its   commitment  to
                                shareholders.


06/06/07 - A        Dynamic Materials Corp. *BOOM*           267888105                                 04/20/07             19,292
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 10,000,000  shares is below the
                                allowable threshold of 18,000,000 shares.
                    3        Ratify Auditors                               For          For                        Mgmt


07/27/06 - A        Eagle Materials Inc. *EXP*               26969P108                                 06/02/06             19,590
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director F. William Barnett --- For
                                We  recommend a vote FOR F.  William  Barnett but WITHHOLD
                                votes  from all the  other  nominees.  We  recommend  that
                                shareholders  WITHHOLD votes from O.G. Dagnan for standing
                                as an affiliated outsider on the Nominating  Committee and
                                for failure to establish a majority  independent board and
                                from  affiliated  outsider  David W. Quinn for  failure to
                                establish a majority independent board.
                    1.2      Elect Director O.G. Dagnan --- Withhold
                    1.3      Elect Director David W. Quinn --- Withhold
                    2        Ratify Auditors                               For          For                        Mgmt


05/31/07 - A        East West Bancorp, Inc. *EWBC*           27579R104                                 04/02/07             18,129
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Executive Incentive Bonus Plan          For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    IV.
                                Vote  Recommendation        Given that the company will be
                                entitled  to a  business  expense  deduction  due  to  the
                                favorable tax treatment  attributable  to Section  162(m),
                                we believe the  proposed  amendment  warrants  shareholder
                                approval.
                    4        Ratify Auditors                               For          For                        Mgmt


06/20/07 - A        Emcor Group, Inc. *EME*                  29084Q100                                 04/24/07              4,560
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 10
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/18/07 - A        EMS Technologies, Inc. *ELMG*            26873N108                                 03/29/07              8,177
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Hermann Buerger --- Withhold
                                We  recommend a vote FOR Paul B.  Domorski,  but  WITHHOLD
                                votes  from all the  other  nominees.  We  recommend  that
                                shareholders  WITHHOLD  votes from  independent  outsiders
                                Bradford W. Parkinson,  John B. Mowell, Norman E. Thagard,
                                Hermann  Buerger,  John L.  Woodward  Jr., John R. Kreick,
                                and   Francis  J.   Erbrick  for  failure  to  remove  the
                                dead-hand,  slow-hand, or similar feature in the company's
                                poison pill.
                    1.2      Elect Director Paul B. Domorski --- For
                    1.3      Elect Director Francis J. Erbrick ---
                             Withhold
                    1.4      Elect Director John R. Kreick, Ph.D. ---
                             Withhold
                    1.5      Elect Director John B. Mowell --- Withhold
                    1.6      Elect Director Bradford W. Parkinson, Ph.D.
                             --- Withhold
                    1.7      Elect Director Norman E. Thagard, M.D. ---
                             Withhold
                    1.8      Elect Director John L. Woodward, Jr. ---
                             Withhold
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 14 percent is
                                less  than  the  allowable  cap  for  this  company  of 16
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


11/30/06 - A        Emulex Corp. *ELX*                       292475209                                 10/09/06             23,502
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director Fred B. Cox --- For
                                We recommend a vote FOR the directors.
                    1.2      Elect Director Michael P. Downey --- For
                    1.3      Elect Director Bruce C. Edwards --- For
                    1.4      Elect Director Paul F. Folino --- For
                    1.5      Elect Director Robert H. Goon --- For
                    1.6      Elect Director Don M. Lyle --- For
                    1.7      Elect Director James M. Mccluney --- For
                    1.8      Elect Director Dean A. Yoost --- For
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 10.19  percent is within the allowable
                                cap for this company of 16.38 percent. Additionally,  this
                                plan expressly forbids repricing.          The company has
                                submitted  a  multiple  pay plan  proposal.  The  combined
                                shareholder  value  transfer  for all the  plans  is 10.33
                                percent,   which  is   below   the   company's   allowable
                                shareholder value transfer cap of 16.38 percent.
                    3        Amend Non-Employee Director Stock Option      For          For                        Mgmt
                             Plan
                                                                                    VI.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 8.96  percent is within the  allowable
                                cap  for  this  company  of  16.38  percent.           The
                                company has  submitted a multiple pay plan  proposal.  The
                                combined  shareholder  value transfer for all the plans is
                                10.33  percent,  which is below  the  company's  allowable
                                shareholder value transfer cap of 16.38 percent.
                    4        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        Energen Corp. *EGN*                      29265N108                                 03/02/07             14,175
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    IV.
                                Vote Recommendation        The  proposed amendment changes
                                the  company's  definition of change in control to conform
                                to the definition to that used in the company's  Severance
                                Compensation  Agreement.   This  amendment  represents  an
                                effective improvement to the plan. Additionally,  the plan
                                is being  amended  in order  for the plan to  continue  to
                                qualify as  "performance-based"  for  purposes  of Section
                                162(m) of the Internal  Revenue Code. This would allow the
                                company  to meet  tax  deductions  allowed  under  Section
                                162(m)  of  the  code.  ISS  believes  that  the  proposed
                                amendments warrant shareholder approval.
                    3        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    4        Ratify Auditors                               For          For                        Mgmt


06/28/07 - A        Ennis Inc. *EBF*                         293389102                                 04/30/07              3,944
                    1        Elect Directors                               For          For                        Mgmt
                    2        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


05/09/07 - A        Entegris, Inc *ENTG*                     29362U104                                 03/23/07             31,180
                    1        Elect Directors                               For          For                        Mgmt


05/09/07 - A        Entertainment Properties Trust *EPR*     29380T105                                 02/15/07             11,634
                    1        Elect Trustee Barrett Brady                   For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 5 percent  is
                                equal to the  allowable cap for this company of 5 percent.
                                Additionally, this plan expressly forbids repricing.
                    3        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    4        Ratify Auditors                               For          For                        Mgmt


05/01/07 - A        Exelixis, Inc *EXEL*                     30161Q104                                 03/05/07             18,898
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/22/07 - A        Felcor Lodging Trust Incorporated        31430F101                                 04/02/07             18,697
                    *FCH*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


12/06/06 - A        Financial Federal Corp. *FIF*            317492106                                 10/20/06                511
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Lawrence B. Fisher --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  affiliated  outsider  Michael C. Palitz.  We recommend
                                that  shareholders  WITHHOLD  votes from Michael C. Palitz
                                for  standing  as an  affiliated  outsider  on  the  Audit
                                Committee.
                    1.2      Elect Director Michael C. Palitz ---
                             Withhold
                    1.3      Elect Director Paul R. Sinsheimer --- For
                    1.4      Elect Director Leopold Swergold --- For
                    1.5      Elect Director H.E. Timanus, Jr. --- For
                    1.6      Elect Director Michael J. Zimmerman --- For
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Executive Incentive Bonus Plan          For          For                        Mgmt
                                                                                    V.
                                Vote Recommendation        ISS  recognizes that cash bonus
                                plans  such as this  one  can be an  important  part of an
                                executive's  overall pay package,  along with  stock-based
                                plans tied to long-term total  shareholder  returns.  Over
                                the long term, stock prices are an excellent  indicator of
                                management  performance.  However,  other factors, such as
                                economic  conditions  and  investor  reaction to the stock
                                market in general,  and certain  industries in particular,
                                can  greatly  impact  the  company's  stock  price.  As  a
                                result,   a  cash  bonus  plan  can   effectively   reward
                                individual  performance  and the  achievement  of business
                                unit objectives that are independent of short-term  market
                                share price fluctuations.        The  performance measures
                                included  under the plan are  appropriate  for the company
                                given   its   line  of   business,   long-term   strategic
                                objectives,  and industry-specific  measures for assessing
                                market   competitiveness.   Additionally,   the   plan  is
                                administered  by a committee of independent  outsiders who
                                must certify  attainment  of these  objective,  measurable
                                performance   goals   before   cash  awards  are  paid  to
                                participants.   Moreover,   preservation   of   the   full
                                deductibility  of  all   compensation   paid  reduces  the
                                company's corporate tax obligation.        The  total cost
                                of the  company's  plans of 7.82  percent  is  within  the
                                allowable cap for this company of 17.00 percent.
                    4        Approve Omnibus Stock Plan                    For          Against                    Mgmt
                                                                                    VI.
                                Vote  Recommendation        Though  the total  cost of the
                                company's  plans of 14.95  percent is within the allowable
                                cap for this company of 17.00  percent,  this plan permits
                                repricing  in the form of the  buyout of awards  for cash.
                                As a result, ISS recommends a vote AGAINST.


09/27/06 - S        First Community Bancorp *FCBP*           31983B101                                 08/16/06             10,980
                    1        Establish Range For Board Size                For          For                        Mgmt
                                ISS believes that the proposed change is relatively  minor
                                and  that it is not  motivated  by a  desire  to  entrench
                                management.
                    2        Adjourn Meeting                               For          Against                    Mgmt
                                Once   their   votes   have   been   cast,   there  is  no
                                justification   for   spending   more  money  to  continue
                                pressing shareholders for more votes.


05/16/07 - A        First Community Bancorp *FCBP*           31983B101                                 04/02/07             11,510
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


10/26/06 - A        First Place Financial Corp. *FPFC*       33610T109                                 09/14/06              4,080
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


06/01/07 - A        First State Bancorporation *FSNM*        336453105                                 04/25/07              4,690
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        FMC Corp. *FMC*                          302491303                                 03/01/07              5,884
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/01/07 - A        Gardner Denver, Inc. *GDI*               365558105                                 03/02/07             18,176
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                less  than  the  allowable  cap  for  this  company  of  9
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


05/10/07 - A        General Cable Corp. *BGC*                369300108                                 03/12/07             13,570
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 125,000,000 shares is below the
                                allowable threshold of 142,500,000 shares.


04/19/07 - A        Genlyte Group, Inc. (The) *GLYT*         372302109                                 02/27/07              7,076
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Larry K. Powers --- Withhold
                                We  recommend a vote FOR William A.  Trotman but  WITHHOLD
                                votes  from all the  other  nominees.  We  recommend  that
                                shareholders  WITHHOLD votes from insiders Larry K. Powers
                                and Zia Eftekhar  for failure to establish an  independent
                                nominating committee.
                    1.2      Elect Director Zia Eftekhar --- Withhold
                    1.3      Elect Director William A. Trotman --- For


05/15/07 - A        Getty Realty Corp. *GTY*                 374297109                                 03/30/07              6,410
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


08/07/06 - A        Global Imaging Systems Inc.              37934A100                                 06/30/06             11,166
                    1        Elect Directors                               For          For                        Mgmt


05/16/07 - A        Global Industries, Ltd. *GLBL*           379336100                                 03/30/07             34,340
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/24/07 - A        Gramercy Capital Corp *GKK*              384871109                                 03/20/07             16,031
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/16/07 - A        Greene Bancshares, Inc. *GRNB*           394361208                                 03/16/07              3,606
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above, in particular the strategic
                                rational  and  potential  synergies,  we believe  that the
                                merger agreement warrants shareholder support.
                    2        Elect Directors                               For          For                        Mgmt
                    3        Ratify Auditors                               For          For                        Mgmt
                    4        Increase Authorized Common Stock              For          For                        Mgmt
                                The  requested  increase of 5,000,000  shares is below the
                                allowable threshold of 13,500,000 shares.
                    5        Change Company Name                           For          For                        Mgmt
                                Because it is unlikely  that the name change  would have a
                                negative  financial impact on the company,  ISS recommends
                                supporting the proposal.
                    6        Adjourn Meeting                               For          Against                    Mgmt
                                Once   their   votes   have   been   cast,   there  is  no
                                justification   for   spending   more  money  to  continue
                                pressing shareholders for more votes.


06/18/07 - A        Guess?, Inc. *GES*                       401617105                                 04/23/07             29,210
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


08/09/06 - A        Haemonetics Corp. *HAE*                  405024100                                 06/12/06              3,940
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 70,000,000  shares is below the
                                allowable threshold of 128,000,000 shares.
                    3        Ratify Auditors                               For          For                        Mgmt


05/15/07 - A        Harte-Hanks, Inc. *HHS*                  416196103                                 03/30/07             24,060
                    1        Elect Directors                               For          For                        Mgmt


05/31/07 - A        Heelys, Inc. *HLYS*                      42279M107                                 04/19/07              3,713
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Michael G. Staffaroni ---
                             Withhold
                                We recommend a vote FOR the directors  with the exceptions
                                of  insiders  Patrick  F.  Hamner,  Roger  R.  Adams,  and
                                Michael G.  Staffaroni.  We  recommend  that  shareholders
                                WITHHOLD votes from insiders  Patrick F. Hamner,  Roger R.
                                Adams,  and Michael G. Staffaroni for failure to establish
                                an independent nominating committee.
                    1.2      Elect Director Roger R. Adams --- Withhold
                    1.3      Elect Director Patrick F. Hamner ---
                             Withhold
                    1.4      Elect Director Samuel B. Ligon --- For
                    1.5      Elect Director Richard E. Middlekauff ---
                             For
                    1.6      Elect Director Jeffrey G. Peterson --- For
                    1.7      Elect Director James T. Kindley --- For
                    2        Ratify Auditors                               For          For                        Mgmt


06/05/07 - A        Hibbett Sports, Inc. *HIBB*              428567101                                 04/09/07             19,340
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          Against                    Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 13
                                percent.   However,  while  this  plan  expressly  forbids
                                repricing  it allows for the  replacement  of  outstanding
                                awards  with  other  awards,  which  is akin to  repricing
                                under ISS' policy.
                    3        Amend Qualified Employee Stock Purchase Plan  For          For                        Mgmt
                                ISS approves of this item because the plan  complies  with
                                Section 423 of the Internal  Revenue  Code,  the number of
                                shares   authorized   is  relatively   conservative,   the
                                offering  period is reasonable,  and there are limitations
                                on participation.
                    4        Amend Non-Employee Director Omnibus Stock     For          For                        Mgmt
                             Plan
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 13
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    5        Amend Deferred Compensation Plan              For          For                        Mgmt
                                                                                    VII.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 13
                                percent.


05/24/07 - A        Holly Corp. *HOC*                        435758305                                 03/28/07              9,350
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Buford P. Berry --- For
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider Marcus R. Hickerson.  We recommend
                                that shareholders  WITHHOLD votes from Marcus R. Hickerson
                                for standing as an affiliated  outsider on the  Nominating
                                Committee.
                    1.2      Elect Director Matthew P. Clifton --- For
                    1.3      Elect Director W. John Glancy --- For
                    1.4      Elect Director William J. Gray --- For
                    1.5      Elect Director Marcus R. Hickerson ---
                             Withhold
                    1.6      Elect Director Thomas K. Matthews, II ---
                             For
                    1.7      Elect Director Robert G. McKenzie --- For
                    1.8      Elect Director Jack P. Reid --- For
                    1.9      Elect Director Paul T. Stoffel --- For
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 60,000,000  shares is below the
                                allowable threshold of 110,000,000 shares.
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    IV.
                                Vote  RecommendationGiven  that the  amendment  would  not
                                increase  the  potential  cost of the  plan  and  that the
                                company would be entitled to a business expense  deduction
                                due  to  the  favorable  tax  treatment   attributable  to
                                Section   162(m),   we  believe  the  proposed   amendment
                                warrants shareholder approval.


05/23/07 - A        Horace Mann Educators Corp. *HMN*        440327104                                 03/26/07              4,812
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/07/07 - A        Hub Group, Inc. *HUBG*                   443320106                                 03/12/07             19,466
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Phillip C. Yeager ---
                             Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of insiders  Phillip C.  Yeager,  David P. Yeager and Mark
                                A. Yeager. We recommend that  shareholders  WITHHOLD votes
                                from  Phillip  C.  Yeager,  David  P.  Yeager  and Mark A.
                                Yeager for  failure to  establish  a majority  independent
                                board.
                    1.2      Elect Director David P. Yeager --- Withhold
                    1.3      Elect Director Mark A. Yeager --- Withhold
                    1.4      Elect Director Gary D. Eppen --- For
                    1.5      Elect Director Charles R. Reaves --- For
                    1.6      Elect Director Martin P. Slark --- For
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 50,000,000  shares is below the
                                allowable threshold of 75,740,320 shares.
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                less  than  the  allowable  cap  for  this  company  of 10
                                percent.
                    4        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                Given  that the  company  will be  entitled  to a business
                                expense  deduction  due to  the  favorable  tax  treatment
                                attributable  to Section  162(m),  we believe the proposed
                                amendment warrants shareholder approval.


05/08/07 - A        Huron Consulting Group, Inc. *HURN*      447462102                                 03/12/07              2,262
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


11/15/06 - A        Hyperion Solutions Corp.                 44914M104                                 09/21/06                320
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 10.80  percent is within the allowable
                                cap for this company of 20.04 percent. Additionally,  this
                                plan expressly forbids repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/02/07 - A        IBERIABANK Corp. *IBKC*                  450828108                                 03/21/07              1,970
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


09/29/06 - S        Icon Plc                                 45103T107                                 08/08/06              6,800
                             Meeting for Holders of ADRs
                    1        TO RECEIVE THE ACCOUNTS AND REPORTS.          For          For                        Mgmt
                    2        TO INCREASE THE AUTHORISED SHARE CAPITAL.     For          For                        Mgmt
                    3        TO APPROVE THE CAPITALISATION AND BONUS       For          For                        Mgmt
                             ISSUE.
                    4        TO AUTHORISE THE COMPANY TO ALLOT SHARES.     For          For                        Mgmt
                                The authority  requested  represents  182.2 percent of the
                                issued  share  capital  with  preemptive  rights.  Without
                                additional  justification  for  such a large  issuance,  a
                                vote  against  this is  recommended  since it exceeds  the
                                recommended guideline of 100 percent.
                    5        TO DISAPPLY THE STATUTORY PRE-EMPTION         For          For                        Mgmt
                             RIGHTS.
                                With  respect  to  issuances  of shares  for cash  without
                                preemptive  rights,  there  was no  information  given for
                                such  request.  Because  details of the  issuance  request
                                were not fully  disclosed,  a vote against this request is
                                recommended.


05/02/07 - A        Imation Corp. *IMN*                      45245A107                                 03/12/07             11,160
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director Charles A. Haggerty --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider Glen A. Taylor. We recommend that
                                shareholders  WITHHOLD  votes from Glen A. Taylor for poor
                                attendance.
                    1.2      Elect Director Glen A. Taylor --- For
                    1.3      Elect Director Daryl J. White --- For
                    2        Ratify Auditors                               For          For                        Mgmt


11/15/06 - A        Immucor, Inc. *BLUD*                     452526106                                 09/08/06             25,050
                    1        Elect Directors                               For          For                        Mgmt
                    2        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


05/17/07 - A        Informatica Corporation *INFA*           45666Q102                                 03/30/07             41,059
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


06/20/07 - A        Inland Real Estate Corporation *IRC*     457461200                                 04/23/07             11,080
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Roland W. Burris --- For
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider  Daniel L.  Goodwin.  We recommend
                                that  shareholders  WITHHOLD  votes from Daniel L. Goodwin
                                for   standing   as  an   affiliated   outsider   on   the
                                Compensation Committee.
                    1.2      Elect Director Thomas P. D'Arcy --- For
                    1.3      Elect Director Daniel L. Goodwin ---
                             Withhold
                    1.4      Elect Director Joel G. Herter --- For
                    1.5      Elect Director Heidi N. Lawton --- For
                    1.6      Elect Director Thomas H. Mcauley --- For
                    1.7      Elect Director Thomas R. Mcwilliams --- For
                    1.8      Elect Director Robert D. Parks --- For
                    1.9      Elect Director Joel D. Simmons --- For
                    2        Ratify Auditors                               For          For                        Mgmt


02/13/07 - A        Insteel Industries, Inc. *IIIN*          45774W108                                 12/11/06             21,390
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Howard O. Woltz, Jr. ---
                             Withhold
                                We  recommend  a vote FOR  Louis E.  Hannen  but  WITHHOLD
                                votes  from all the  other  nominees.  We  recommend  that
                                shareholders  WITHHOLD  votes from C.  Richard  Vaughn for
                                standing as an  affiliated  outsider  on the  Compensation
                                Committee  and for  failure to  establish  an  independent
                                nominating committee.  We also recommend that shareholders
                                WITHHOLD  votes  from  insider  Howard O.  Woltz,  Jr. for
                                failure to establish an independent nominating committee.
                    1.2      Elect Director C. Richard Vaughn ---
                             Withhold
                    1.3      Elect Director Louis E. Hannen --- For


06/29/07 - S        Inter-Tel, Inc. *INTL*                   458372109                                 05/29/07              7,200
                    1        Approve Merger Agreement                      For          Against                    Mgmt
                                Conclusion        Based  on our review of the terms of the
                                transaction,   in  particular,   the  relatively  low  7.6
                                percent  1-day offer  premium,  the flawed  sale  process,
                                lack of an  imminent  reason to sell the  company  without
                                conducting  a  proper  sale  process,  and  valuation,  we
                                believe  that  the  merger   agreement  does  not  warrant
                                shareholder support.
                    2        Adjourn Meeting                               For          Against                    Mgmt
                                Given  that we do not  support  the merger  agreement,  we
                                recommend   shareholders   vote  AGAINST  the  adjournment
                                proposal.


11/20/06 - S        Intergraph Corp.                         458683109                                 10/11/06             10,406
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our review of the terms of the  transaction,  the
                                one-day  premium  of  approximately   17.8  percent,   the
                                apparently  fair  and  reasonable  auction  process,   ISS
                                believes that the merger  agreement  warrants  shareholder
                                support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Where  ISS  is   supportive  of  the   underlying   merger
                                proposal,   we  are  supportive  of  a   narrowly-tailored
                                adjournment  proposal  that  seeks  adjournment  solely to
                                solicit additional proxies to approve the transaction.


05/10/07 - A        Interline Brands, Inc. *IBI*             458743101                                 03/23/07             16,570
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Gideon Argov --- Withhold
                                We recommend that  shareholders  vote FOR Michael J. Grebe
                                but recommend  WITHHOLD  votes from  independent  outsider
                                Gideon  Argov.  We recommend  that  shareholders  WITHHOLD
                                votes  from  Gideon  Argov for  sitting on more than three
                                boards
                    1.2      Elect Director Michael J. Grebe --- For
                    2        Ratify Auditors                               For          For                        Mgmt


06/21/07 - A        Internap Network Services Corporation    45885A300                                 04/20/07             35,620
                    *INAP*
                    1        Elect Directors                               For          Withhold                   Mgmt
                    1.1      Elect Director James DeBlasio --- Withhold
                                We recommend  withholding  votes from all of the nominees.
                                We recommend that  shareholders  WITHHOLD votes from James
                                P.  DeBlasio  and Kevin L. Ober for  failure to  implement
                                the  proposal  to submit the  company's  poison  pill to a
                                shareholder vote.
                    1.2      Elect Director Kevin L. Ober --- Withhold
                    2        Ratify Auditors                               For          For                        Mgmt


05/24/07 - A        Intervest Bancshares Corp. *IBCA*        460927106                                 03/30/07              2,045
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Michael A. Callen --- For
                                For the  holders  of Class A common  stock,  we  recommend
                                that   shareholders   vote  FOR  the  directors  with  the
                                exception  of  affiliated  outsider  Wayne  F.  Holly.  We
                                recommend that  shareholders  WITHHOLD votes from Wayne F.
                                Holly for failure to establish an  independent  nominating
                                committee.        For   the  holders  of  Class  B  common
                                stock,  we  recommend  that   shareholders  vote  FOR  the
                                directors  with  the  exception  of  insiders   Lowell  S.
                                Dansker and Stephen A.  Helman,  and  affiliated  outsider
                                Thomas  E.  Willett.   We  recommend   that   shareholders
                                WITHHOLD votes from Lowell S. Dansker,  Stephen A. Helman,
                                and  Thomas  E.   Willett  for  failure  to  establish  an
                                independent nominating committee.
                    1.2      Elect Director Wayne F. Holly --- Withhold
                    1.3      Elect Director Lawton Swan, III --- For
                    2        Ratify Auditors                               For          For                        Mgmt


06/12/07 - A        Inventiv Health, Inc. *VTIV*             46122E105                                 04/26/07             10,624
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Investment Technology Group, Inc.        46145F105                                 03/15/07              7,440
                    *ITG*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                The proposed amendment to approve  additional  performance
                                criteria  is being  sought  so that the  restricted  stock
                                grants  will  qualify as  performance-based  compensation.
                                Given  that the  company  will be  entitled  to a business
                                expense  deduction  due to  the  favorable  tax  treatment
                                attributable  to Section  162(m),  we believe the proposed
                                amendment warrants shareholder approval.
                    4        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 11 percent is
                                equal  to  the  allowable  cap  for  this  company  of  11
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


08/04/06 - A        Iris International, Inc. *IRIS*          46270W105                                 06/15/06             18,060
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


11/16/06 - A        JLG Industries, Inc.                     466210101                                 09/29/06             37,204
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


12/04/06 - S        JLG Industries, Inc.                     466210101                                 11/03/06             23,134
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based  on our  review  of the  terms  of the  transaction,
                                particularly  the 35 percent 1-day initial  premium and an
                                even higher 52 percent  premium to the 5 day average price
                                60 days prior to the  announcement,  we  believe  that the
                                merger agreement warrants shareholder support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Given  that  we  support  the  merger  proposal,  and  the
                                narrow-scope of this proposal,  we recommend  shareholders
                                support Item 2.
                    3        Other Business                                For          Against                    Mgmt
                                Given that details of such other items are not  available,
                                we recommend shareholders vote against this proposal.


05/03/07 - A        Journal Communications, Inc. *JRN*       481130102                                 02/28/07             25,598
                    1        Elect Director Don H. Davis, Jr.              For          For                        Mgmt
                    2        Elect Director David G. Meissner              For          For                        Mgmt
                    3        Elect Director Ellen F. Siminoff              For          For                        Mgmt
                    4        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                less  than  the  allowable  cap  for  this  company  of 15
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


05/10/07 - A        K2 Inc. *KTO*                            482732104                                 03/23/07             12,400
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Pay For Superior Performance                  Against      Against                    ShrHoldr
                                ISS  believes  that  the use of  performance-based  equity
                                awards  emphasize  the linkage  between  compensation  and
                                performance.    The   company's   annual   and   long-term
                                compensation   programs  for  senior  executives  are  not
                                substantially    performance-based   under   current   ISS
                                guidelines.  However,  the  company  intends to revise its
                                annual and long-term  incentive  programs to further align
                                executive  compensation with superior  performance,  which
                                we  believe  would  substantially  address  the  proponent
                                requirements.   Accordingly,   ISS  believes  shareholders
                                support for this proposal is not warranted.


06/06/07 - A        KBW, Inc. *KBW*                          482423100                                 04/16/07                  9
                    1        Elect Directors                               For          Withhold                   Mgmt
                    1.1      Elect Director Thomas B. Michaud ---
                             Withhold
                                We  recommend  that   shareholders   WITHHOLD  votes  from
                                insider  Thomas B.  Michaud  for  failure to  establish  a
                                majority independent board.
                    2        Ratify Auditors                               For          For                        Mgmt


07/12/06 - S        KCS Energy, Inc.                         482434206                                 05/30/06             21,441
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                In reaching our  conclusion,  we  considered  that: 1) the
                                company  was offered a 9.6 percent one day premium and the
                                market had a positive  reaction;  2) despite the fact that
                                shareholders  will own 50 percent of the combined company,
                                they are receiving a merger  premium;  3) there is a valid
                                strategic  rationale  for  the  merger;  4)  there  was no
                                auction or market check  process;  and 5) the company will
                                hold  four of the nine  director  positions.  Based on our
                                review of the  terms of the  transaction  and the  factors
                                described  above,  we believe  that the  merger  agreement
                                warrants shareholder support.


10/24/06 - A        Kennametal, Inc. *KMT*                   489170100                                 09/05/06              7,983
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 50,000,000 shares is 44,500,000
                                shares below the allowable threshold of 94,500,000 shares
                    3        Ratify Auditors                               For          For                        Mgmt


05/07/07 - A        Kite Realty Group Trust *KRG*            49803T102                                 03/23/07              6,210
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/02/07 - A        Ladish Co., Inc. *LDSH*                  505754200                                 03/21/07             12,805
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        Lexicon Pharmaceuticals, Inc. *LXRX*     528872104                                 03/06/07             26,931
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Robert J. Lefkowitz, M.D.
                             --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider Robert J. Lefkowitz.  We recommend
                                that shareholders  WITHHOLD votes from Robert J. Lefkowitz
                                for standing as an affiliated  outsider on the  Nominating
                                Committee.
                    1.2      Elect Director Alan S. Nies, M.D. --- For
                    1.3      Elect Director Clayton S. Rose --- For
                    2        Change Company Name                           For          For                        Mgmt
                                Because it is unlikely  that the name change  would have a
                                negative  financial impact on the company,  ISS recommends
                                supporting the proposal.
                    3        Ratify Auditors                               For          For                        Mgmt


05/18/07 - A        Manhattan Associates, Inc. *MANH*        562750109                                 03/30/07              6,569
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 14 percent is
                                less  than  the  allowable  cap  for  this  company  of 16
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.  The company's  three-year average burn rate of
                                6.03  percent  is  higher  than its  four-digit  GICS peer
                                group of 5.82 percent.  Therefore,  the company has failed
                                ISS's three-year  average burn rate policy.  However,  the
                                company has made a three-year burn rate  commitment  equal
                                to its GICS peer  group of 5.82  percent.  Therefore,  ISS
                                will  continue  to  monitor  the  awards  granted  to  its
                                participants.
                    3        Ratify Auditors                               For          For                        Mgmt


05/25/07 - A        Marlin Business Services Corp. *MRLN*    571157106                                 04/13/07                664
                    1        Elect Directors                               For          For                        Mgmt


01/18/07 - A        Meridian Bioscience, Inc. *VIVO*         589584101                                 12/01/06             15,210
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director James A. Buzard --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  affiliated  outsider  Gary P.  Kreider,  and  insiders
                                William J. Motto and John A. Kraeutler.  We recommend that
                                shareholders  WITHHOLD  votes  from  Gary P.  Kreider  for
                                standing as an  affiliated  outsider  on the  Compensation
                                Committee   and  for  failure  to   establish  a  majority
                                independent  board.  We also recommend  that  shareholders
                                WITHHOLD   votes  from   William  J.  Motto  and  John  A.
                                Kraeutler for failure to establish a majority  independent
                                board.
                    1.2      Elect Director John A. Kraeutler ---
                             Withhold
                    1.3      Elect Director Gary P. Kreider --- Withhold
                    1.4      Elect Director William J. Motto --- Withhold
                    1.5      Elect Director David C. Phillips --- For
                    1.6      Elect Director Robert J. Ready --- For
                    2        Approve/Amend Executive Incentive Bonus Plan  For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the  plan is  administered  by a  committee
                                comprised of a majority of independent  outsiders who must
                                certify   attainment   of  these   objective,   measurable
                                performance   goals   before   cash  awards  are  paid  to
                                participants.   Moreover,   preservation   of   the   full
                                deductibility  of  all   compensation   paid  reduces  the
                                company's corporate tax obligation.
                    3        Ratify Auditors                               For          For                        Mgmt


04/26/07 - A        Mettler-Toledo International Inc.        592688105                                 02/28/07              7,710
                    *MTD*
                    1        Elect Director Robert F. Spoerry              For          For                        Mgmt
                    2        Elect Director Wah-Hui Chu                    For          For                        Mgmt
                    3        Elect Director Francis A. Contino             For          For                        Mgmt
                    4        Elect Director John T. Dickson                For          For                        Mgmt
                    5        Elect Director Philip H. Geier                For          For                        Mgmt
                    6        Elect Director Hans Ulrich Maerki             For          For                        Mgmt
                    7        Elect Director George M. Milne                For          For                        Mgmt
                    8        Elect Director Thomas P. Salice               For          For                        Mgmt
                    9        Ratify Auditors                               For          For                        Mgmt


02/21/07 - A        Microsemi Corp. *MSCC*                   595137100                                 01/05/07             10,647
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/22/07 - A        Morningstar, Inc. *MORN*                 617700109                                 03/30/07              3,049
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/10/07 - A        Morton's Restaurant Group, Inc. *MRT*    619430101                                 03/22/07              6,930
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director John J. Connolly --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsiders and Audit Committee members Alan
                                A.  Teran and Robert A.  Goldschmidt.  We  recommend  that
                                shareholders  WITHHOLD votes from Alan A. Teran and Robert
                                A. Goldschmidt for paying excessive non-audit fees.
                    1.2      Elect Director Robert A. Goldschmidt ---
                             Withhold
                    1.3      Elect Director Alan A. Teran --- Withhold
                    1.4      Elect Director Justin B. Wender --- For
                    2        Ratify Auditors                               For          Against                    Mgmt


05/22/07 - A        MSC.Software Corporation *MSCS*          553531104                                 04/02/07              8,070
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/27/07 - A        Myers Industries, Inc. *MYE*             628464109                                 03/09/07              8,378
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


11/16/06 - A        Myriad Genetics, Inc. *MYGN*             62855J104                                 09/29/06             17,237
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Stock Option Plan                       For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 10.72  percent is within the allowable
                                cap for this company of 15.25 percent.
                    3        Amend Qualified Employee Stock Purchase Plan  For          For                        Mgmt
                                ISS approves of this item because 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


03/09/07 - A        NCI Building Systems, Inc. *NCS*         628852105                                 01/08/07             10,810
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                This proposal  seeks to increase  authorized  common stock
                                by 50,000,000  shares,  which is  17,500,000  shares below
                                the allowable increase of 67,500,000 shares.
                    3        Ratify Auditors                               For          For                        Mgmt


06/13/07 - A        Ness Technologies, Inc. *NSTC*           64104X108                                 04/19/07             21,190
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Stock Option Plan                     For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 8 percent  is
                                less  than  the  allowable  cap  for  this  company  of 14
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


05/04/07 - A        Oceaneering International, Inc. *OII*    675232102                                 03/12/07             15,476
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/17/07 - A        OGE Energy Corp. *OGE*                   670837103                                 03/20/07             13,330
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/21/07 - A        Old Dominion Freight Line, Inc. *ODFL*   679580100                                 04/02/07             13,380
                    1        Elect Directors                               For          For                        Mgmt


05/16/07 - A        ON Semiconductor Corporation *ONNN*      682189105                                 03/20/07                 11
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director J. Daniel McCranie ---
                             Withhold
                                We  recommend  a  vote  FOR  Emmanuel  T.   Hernandez  but
                                WITHHOLD votes from all the other  nominees.  We recommend
                                that shareholders  WITHHOLD votes from affiliated outsider
                                outsider  Kevin  R.  Burns  for poor  attendance  and from
                                independent  outsider  J. Daniel  McCranie  for sitting on
                                more than three boards.
                    1.2      Elect Director Kevin R. Burns --- Withhold
                    1.3      Elect Director Emmanuel T. Hernandez --- For
                    2        Ratify Auditors                               For          For                        Mgmt


05/24/07 - A        optionsXpress Holdings, Inc. *OXPS*      684010101                                 04/23/07              8,521
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


10/10/06 - A        Oxford Industries, Inc. *OXM*            691497309                                 08/22/06              7,447
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 6.72  percent is within the  allowable
                                cap for this company of 10.51 percent. Additionally,  this
                                plan expressly forbids repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/03/07 - A        Pacer International, Inc. *PACR*         69373H106                                 02/23/07             20,460
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 9 percent  is
                                less  than  the  allowable  cap  for  this  company  of 10
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.


05/09/07 - A        Palomar Medical Technologies, Inc.       697529303                                 03/12/07              2,187
                    *PMTI*
                    1        Elect Director Joseph P. Caruso               For          Against                    Mgmt
                                We recommend a vote FOR the  directors  with the exception
                                of  insiders  Louis P.  Valente and Joseph P.  Caruso.  We
                                recommend that  shareholders  WITHHOLD votes from insiders
                                Louis P.  Valente  and  Joseph P.  Caruso  for  failure to
                                establish an independent nominating committee.
                    2        Elect Director Jeanne Cohane                  For          For                        Mgmt
                    3        Elect Director Nicholas P. Economou           For          For                        Mgmt
                    4        Elect Director James G. Martin                For          For                        Mgmt
                    5        Elect Director A. Neil Pappalardo             For          For                        Mgmt
                    6        Elect Director Louis P. Valente               For          Against                    Mgmt
                    7        Ratify Auditors                               For          For                        Mgmt
                    8        Approve Omnibus Stock Plan                    For          Against                    Mgmt
                                                                                    VI.
                                Vote  Recommendation        We  commend  the  company  for
                                expressly  forbidding the repricing of stock options under
                                the  plan.  However,   the  estimated   shareholder  value
                                transfer  of the  company's  plans of 22  percent is above
                                the  allowable  cap for this  company of 14  percent.  The
                                company's  three-year average burn rate of 8.35 percent is
                                higher  than  its  four-digit  GICS  peer  group  of  4.19
                                percent.   Therefore,   the  company   has  failed   ISS's
                                three-year average burn rate policy.


03/07/07 - A        Parametric Technology Corp. *PMTC*       699173209                                 01/08/07             21,140
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 12 percent is
                                less  than  the  allowable  cap  for  this  company  of 16
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


12/14/06 - A        Parexel International Corp. *PRXL*       699462107                                 10/17/06             12,690
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                This proposal  seeks to increase  authorized  common stock
                                by 25,000,000  shares,  which is  25,000,000  shares below
                                the allowable increase of 50,000,000 shares.
                    3        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Penn Virginia Corp. *PVA*                707882106                                 03/13/07              7,930
                    1        Elect Directors                               For          Withhold                   Mgmt
                    1.1      Elect Director Edward B. Cloues, II ---
                             Withhold
                                We recommend  withholding votes from all the nominees.  We
                                recommend that  shareholders  WITHHOLD votes from insiders
                                A.  James   Dearlove  and  Keith  D.   Horton,   and  from
                                independent outsiders Robert Garrett,  Marsha R. Perelman,
                                Edward B. Cloues II,  Gary K.  Wright,  Steven W.  Krablin
                                and  Philippe van Marcke de Lummen for failure to remove a
                                dead-hand,  slow-hand, or similar feature in the company's
                                poison pill.
                    1.2      Elect Director A. James Dearlove ---
                             Withhold
                    1.3      Elect Director Robert Garrett --- Withhold
                    1.4      Elect Director Keith D. Horton --- Withhold
                    1.5      Elect Director Steven W. Krablin ---
                             Withhold
                    1.6      Elect Director Marsha R. Perelman ---
                             Withhold
                    1.7      Elect Director Philippe van Marcke de
                             Lummen --- Withhold
                    1.8      Elect Director Gary K. Wright --- Withhold
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                less than the allowable cap for this company of 8 percent.


07/28/06 - A        PetMed Express, Inc. *PETS*              716382106                                 06/06/06              3,618
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Restricted Stock Plan                 For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 7.88  percent is within the  allowable
                                cap for this company of 18.81 percent.
                    4        Approve Non-Employee Director Restricted      For          For                        Mgmt
                             Stock Plan
                                                                                    VI.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 4.94  percent is within the  allowable
                                cap for this company of 18.81 percent.


09/12/06 - A        PFF Bancorp, Inc. *PFB*                  69331W104                                 07/17/06              5,435
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 6.70  percent is within the  allowable
                                cap for this company of 9.08 percent.  Additionally,  this
                                plan expressly forbids repricing.


06/19/07 - A        Phillips-Van Heusen Corp. *PVH*          718592108                                 04/23/07             16,980
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        Pinnacle Entertainment, Inc. *PNK*       723456109                                 03/12/07             19,430
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Daniel R. Lee --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  affiliated  outsider Lynn P.  Reitnouer.  We recommend
                                that  shareholders  WITHHOLD  votes from Lynn P. Reitnouer
                                for   standing   as  an   affiliated   outsider   on   the
                                Compensation Committee.
                    1.2      Elect Director John V. Giovenco --- For
                    1.3      Elect Director Richard J. Goeglein --- For
                    1.4      Elect Director Ellis Landau --- For
                    1.5      Elect Director Bruce A. Leslie --- For
                    1.6      Elect Director James L. Martineau --- For
                    1.7      Elect Director Michael Ornest --- For
                    1.8      Elect Director Lynn P. Reitnouer ---
                             Withhold
                    2        Ratify Auditors                               For          For                        Mgmt


05/31/07 - A        Placer Sierra Bancshares                 726079106                                 04/05/07              4,040
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above,  in  particular  the merger
                                premium,  we believe  that the merger  agreement  warrants
                                shareholder support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Given our support of the merger  agreement,  we  recommend
                                shareholders support this adjournment proposal.
                    3        Elect Directors                               For          For                        Mgmt
                    4        Ratify Auditors                               For          For                        Mgmt


05/22/07 - A        PNM Resources Inc *PNM*                  69349H107                                 04/02/07             17,351
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/30/07 - A        Polycom, Inc. *PLCM*                     73172K104                                 04/10/07             18,686
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Robert C. Hagerty --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  independent  outsider  John Seely Brown.  We recommend
                                that  shareholders  WITHHOLD  votes from John Seely  Brown
                                for poor attendance.
                    1.2      Elect Director Michael R. Kourey --- For
                    1.3      Elect Director Betsy S. Atkins --- For
                    1.4      Elect Director John Seely Brown --- Withhold
                    1.5      Elect Director David G. DeWalt --- For
                    1.6      Elect Director Durk I. Jager --- For
                    1.7      Elect Director John A. Kelley, Jr. --- For
                    1.8      Elect Director William A. Owens --- For
                    1.9      Elect Director Kevin T. Parker --- For
                    2        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Ratify Auditors                               For          For                        Mgmt


05/15/07 - A        Preferred Bank *PFBC*                    740367107                                 03/30/07              8,367
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Chih-Wei Wu --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of  independent  outsider  Chih-Wei  Wu and  Albert Yu. We
                                recommend that  shareholders  WITHHOLD votes from Chih-Wei
                                Wu and Albert Yu for poor attendance.
                    1.2      Elect Director William C.Y. Cheng --- For
                    1.3      Elect Director J. Richard Belliston --- For
                    1.4      Elect Director Dr. Albert Yu --- Withhold
                    2        Ratify Auditors                               For          For                        Mgmt


12/13/06 - S        Prosperity Bancshares, Inc. *PRSP*       743606105                                 10/30/06              7,931
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above, in particular the strategic
                                benefits,  we believe that the merger  agreement  warrants
                                shareholder support.


04/17/07 - A        Prosperity Bancshares, Inc. *PRSP*       743606105                                 03/15/07             12,001
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


02/08/07 - A        Ralcorp Holdings, Inc. *RAH*             751028101                                 12/01/06             12,130
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 10 percent is
                                equal to or less than the  allowable  cap for this company
                                of 11 percent.  Additionally,  this plan expressly forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/04/07 - A        RC2 CORP *RCRC*                          749388104                                 03/19/07             11,292
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Robert E. Dods --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsiders Robert E. Dods and Boyd L. Meyer.
                                We recommend that shareholders  WITHHOLD votes from Robert
                                E. Dods for  standing  as an  affiliated  outsider  on the
                                Compensation  and Nominating  commitees,  and from Boyd L.
                                Meyer  for  standing  as an  affiliated  outsider  on  the
                                Nominating Committee.
                    1.2      Elect Director Boyd L. Meyer --- Withhold
                    1.3      Elect Director Peter K.K. Chung --- For
                    1.4      Elect Director Curtis W. Stoelting --- For
                    1.5      Elect Director John S. Bakalar --- For
                    1.6      Elect Director John J. Vosicky --- For
                    1.7      Elect Director Paul E. Purcell --- For
                    1.8      Elect Director Daniel M. Wright --- For
                    1.9      Elect Director Thomas M. Collinger --- For
                    1.10     Elect Director Linda A. Huett --- For
                    1.11     Elect Director M.J. Merriman, Jr. --- For
                    1.12     Elect Director Peter J. Henseler --- For


05/16/07 - A        Reliance Steel & Aluminum Co. *RS*       759509102                                 04/05/07              1,208
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


11/14/06 - A        Respironics, Inc. *RESP*                 761230101                                 09/29/06             19,299
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Qualified Employee Stock Purchase     For          For                        Mgmt
                             Plan
                                ISS  approves  of  this  plan  because  it  complies  with
                                Section 423 of the Internal  Revenue  Code,  the number of
                                shares  being  reserved is  relatively  conservative,  the
                                offering  period is  reasonable,  and there are  limits on
                                participation.


04/27/07 - A        RTI International Metals, Inc. *RTI*     74973W107                                 03/01/07              6,883
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/10/07 - A        Ruths Chris Steak House, Inc *RUTH*      783332109                                 04/02/07             15,170
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/18/07 - A        Safety Insurance Group, Inc. *SAFT*      78648T100                                 04/03/07              8,990
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/10/07 - A        Security Bank Corp. *SBKC*               814047106                                 03/28/07              6,070
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                This proposal  seeks to increase  authorized  common stock
                                by 25,000,000  shares which is 13,750,000 shares below the
                                allowable threshold of 38,750,000 shares.
                    3        Approve Omnibus Stock Plan                    For          Against                    Mgmt
                                                                                    VI.
                                Vote  Recommendation        We  commend  the  company  for
                                expressly  forbidding the repricing of stock options under
                                the  plan.  However,   the  estimated   shareholder  value
                                transfer of the company's  plans of 9 percent is above the
                                allowable cap for this company of 8 percent.
                    4        Ratify Auditors                               For          For                        Mgmt


05/30/07 - A        Senior Housing Properties Trust *SNH*    81721M109                                 03/20/07             32,920
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Declaration of Trust to                 For          For                        Mgmt
                             Change/Provide Required Shareholder Vote
                             For Certain Actions
                                On the whole,  the proposal  would  enhance  shareholders'
                                rights.  ISS  recommends  that  shareholder  vote FOR this
                                proposal.
                    3        Amend Declaration of Trust To Indemnify The   For          For                        Mgmt
                             Trust
                                As  such,   this  item   would  not  be   detrimental   to
                                shareholders' rights.
                    4        Adjourn Meeting                               For          Against                    Mgmt
                                Once   their   votes   have   been   cast,   there  is  no
                                justification   for   spending   more  money  to  continue
                                pressing shareholders for more votes.


06/12/07 - A        Shoe Carnival, Inc. *SCVL*               824889109                                 04/20/07              5,615
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


06/22/07 - A        SI Intl Inc *SINT*                       78427V102                                 05/08/07              7,520
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


02/27/07 - A        Sirona Dental Systems Inc *SIRO*         82966C103                                 01/04/07              3,383
                    1        Elect Directors                               For          Withhold                   Mgmt
                    1.1      Elect Director Simone Blank --- Withhold
                                We recommend  withholding  votes from all of the nominees.
                                We  recommend  that   shareholders   WITHHOLD  votes  from
                                Timothy  P.  Sullivan  for  standing  as an insider on the
                                Compensation  and Nominating  committees,  and for failure
                                to  establish  a  majority   independent  board.  We  also
                                recommend  that  shareholders  WITHHOLD votes from Timothy
                                D. Sheehan for standing as an  affiliated  outsider on the
                                Nominating  Committee  and  for  failure  to  establish  a
                                majority  independent  board.  Lastly,  we recommend  that
                                shareholders  WITHHOLD votes from insider Simone Blank for
                                failure to establish a majority independent board.
                    1.2      Elect Director Timothy D. Sheehan ---
                             Withhold
                    1.3      Elect Director Timothy P. Sullivan ---
                             Withhold
                    2        Approve Omnibus Stock Plan                    For          Against                    Mgmt
                                                                                    VI.
                                Vote    Recommendation        Although    the    estimated
                                shareholder  value  transfer of the  company's  plans of 8
                                percent is less than the  allowable  cap for this  company
                                of 11 percent,  the plan allows  repricing  of  underwater
                                stock  options  without  shareholder  approval,  which  we
                                believe reduces the incentive value of the plan.
                    3        Ratify Auditors                               For          For                        Mgmt


04/26/07 - A        Southwest Bancorp, Inc. *OKSB*           844767103                                 03/02/07              4,073
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote    Recommendation        Although    the    estimated
                                shareholder  value  transfer of the  company's  plans of 7
                                percent is less than the  allowable  cap for this  company
                                of 8 percent,  the plan  allows  repricing  of  underwater
                                stock  options  via   cancellation   and  regrant  without
                                shareholder   approval,   which  we  believe  reduces  the
                                incentive value of the plan.


05/21/07 - A        Sovran Self Storage, Inc. *SSS*          84610H108                                 03/30/07              3,090
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/15/07 - A        St. Mary Land & Exploration Co. *SM*     792228108                                 03/30/07             14,472
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


06/13/07 - A        Steiner Leisure Ltd. *STNR*              P8744Y102                                 04/20/07              5,180
                             Meeting for Holders of ADRs
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/30/07 - A        Sterling Bancshares, Inc. /TX *SBIB*     858907108                                 03/01/07             12,270
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Edward R. Bardgett --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  R.  Bruce  LaBoon.   We  recommend  that  shareholders
                                WITHHOLD  votes from R. Bruce  LaBoon for  standing  as an
                                affiliated outsider on the Nominating Committee.
                    1.2      Elect Director Bruce J. Harper --- For
                    1.3      Elect Director B.A. Harris, Jr., MD --- For
                    1.4      Elect Director Glenn H. Johnson --- For
                    1.5      Elect Director R. Bruce Laboon --- Withhold
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 50,000,000  shares is below the
                                allowable threshold of 105,000,000 shares.
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                equal to the  allowable cap for this company of 7 percent.
                                Additionally, this plan expressly forbids repricing.
                    4        Ratify Auditors                               For          For                        Mgmt


05/07/07 - A        Sterling Construction Company, Inc       859241101                                 03/09/07              6,770
                    *STRL*
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Maarten D. Hemsley --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  independent   outsider   Christopher  H.B.  Mills.  We
                                recommend   that   shareholders    WITHHOLD   votes   from
                                Christopher   H.B.  Mills  for  poor  attendance  and  for
                                sitting on more than three boards.
                    1.2      Elect Director Christopher H.B. Mills ---
                             Withhold
                    1.3      Elect Director Donald P. Fusilli, Jr. ---
                             For
                    2        Ratify Auditors                               For          For                        Mgmt


02/21/07 - S        Sterling Financial Corp. *STSA*          859319105                                 01/12/07             12,740
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Hence,   based  on  our   review   of  the  terms  of  the
                                transaction,  particularly:  a)  the  strategic  rationale
                                including   opportunity   to  expand   footprint   in  the
                                California  market;  b) the accretive  impact on earnings;
                                and c) Northern Empire's relatively higher  profitability,
                                increased   operating   efficiency  and  quality  of  loan
                                portfolio,   we  believe  that  the  proposed  transaction
                                warrants shareholder support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Given our support for the proposed merger  transaction and
                                the  narrowly  defined  scope of Item 2, we  believe  this
                                proposal warrants shareholder support.


04/24/07 - A        Sterling Financial Corp. *STSA*          859319105                                 03/05/07             14,091
                    1        Elect Directors                               For          For                        Mgmt
                    2        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 40,000,000  shares is below the
                                allowable threshold of 72,000,000 shares.
                    3        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 6 percent  is
                                less  than  the  allowable  cap  for  this  company  of  7
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    4        Ratify Auditors                               For          For                        Mgmt


05/25/07 - A        Steven Madden, Ltd. *SHOO*               556269108                                 04/05/07             16,120
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 11 percent is
                                less  than  the  allowable  cap  for  this  company  of 12
                                percent.
                    3        Ratify Auditors                               For          For                        Mgmt


06/14/07 - A        SuperGen, Inc. *SUPG*                    868059106                                 04/26/07             15,374
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director James S.J. Manuso, --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider  Thomas V. Girardi.  We recommend
                                that  shareholders  WITHHOLD  votes from Thomas V. Girardi
                                for poor attendance.
                    1.2      Elect Director Charles J. Casamento, --- For
                    1.3      Elect Director Thomas V. Girardi, ---
                             Withhold
                    1.4      Elect Director Allan R. Goldberg, --- For
                    1.5      Elect Director Walter J. Lack, --- For
                    1.6      Elect Director Michael D. Young --- For
                    2        Ratify Auditors                               For          For                        Mgmt


05/23/07 - A        Superior Energy Services, Inc. *SPN*     868157108                                 03/30/07              5,322
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Qualified Employee Stock Purchase     For          For                        Mgmt
                             Plan
                                ISS  approves  of  this  plan  because  it  complies  with
                                Section 423 of the Internal  Revenue  Code,  the number of
                                shares  being  reserved is  relatively  conservative,  the
                                offering  period is  reasonable,  and there are  limits on
                                participation.
                    3        Ratify Auditors                               For          For                        Mgmt


05/23/07 - A        Sykes Enterprises, Inc. *SYKE*           871237103                                 04/04/07             15,862
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Paul L. Whiting --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider Paul L. Whiting. We recommend that
                                shareholders  WITHHOLD  votes  from  Paul L.  Whiting  for
                                standing as an affiliated outsider on the Audit Committee.
                    1.2      Elect Director Mark C. Bozek --- For
                    1.3      Elect Director Michael P. DeLong --- For
                    1.4      Elect Director Iain A. MacDonald --- For
                    2        Ratify Auditors                               For          For                        Mgmt


09/28/06 - A        SYNERON MEDICAL LTD *ELOS*               M87245102                                 08/14/06                 12
                             Meeting for ADR Holders
                    1        RE-ELECTION OF DIRECTOR, MR. BUTLER, WHOSE    For          For                        Mgmt
                             CURRENT TERM EXPIRES AT THE MEETING
                    2        RE-ELECTION OF DIRECTOR, MS. KRINDEL, WHOSE   For          For                        Mgmt
                             CURRENT TERM EXPIRES AT THE MEETING
                    3        Ratify Auditors                               For          For                        Mgmt
                    4        AUTHORIZE THE BOARD OF DIRECTORS AND THE      For          For                        Mgmt
                             AUDIT COMMITTEE TO FIX THE INDEPENDENT
                             AUDITORS REMUNERATION FOR AUDITING SERVICES
                             AND FOR ADDITIONAL SERVICES
                    5        APPROVE THE INCREASE IN SCOPE OF SERVICE OF   For          Against                    Mgmt
                             DR. ECKHOUSE AND THE TERMS OF AN OPTION
                             GRANT TO DR. ECKHOUSE IN ACCORDANCE WITH
                             THE ISRAELI COMPANIES LAW 1999 REQUIREMENT
                             FOR APPROVAL OF RELATED PARTIES TRANSACTIONS
                                Given the excessive  15-percent  dilution  associated with
                                the  company's   equity   incentive   plans,   shareholder
                                approval is not warranted.
                    6        APPROVE THE OPTION GRANT TO DR. KREINDEL IN   For          Against                    Mgmt
                             ACCORDANCE WITH THE ISRAELI COMPANIES LAW
                             1999 REQUIREMENT FOR RELATED TRANSACTIONS
                    7        APPROVE THE OPTION GRANT TO MR. BUTLER IN     For          Against                    Mgmt
                             ACCORDANCE WITH THE ISRAELI COMPANIES LAW
                             1999 REQUIREMENT FOR RELATED TRANSACTIONS
                    8        Approve Stock Option Plan Grants              For          Against                    Mgmt
                    9        UPDATE OF THE D&O INSURANCE COVERAGE          For          Against                    Mgmt
                                Given the excessive  indemnification allowed under Israeli
                                law,  in  which   coverage   extends  beyond  legal  fees,
                                shareholder support of this item is not warranted.
                    10       AMEND THE COMPANY S ARTICLES OF ASSOCIATION   For          For                        Mgmt
                             TO ALLOW ADDITIONAL REIMBURSEMENT OF
                             EXPENSES AND TO AMEND THE COMPANY S
                             UNDERTAKINGS PURSUANT TO THE AMENDMENTS TO
                             THE ISRAELI COMPANIES LAW 1999, WHICH
                             ALLOWS SUCH ADDITIONAL REIMBURSEMENTS


05/09/07 - A        Syniverse Holdings, Inc. *SVR*           87163F106                                 03/29/07             15,777
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director David A. Donnini --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of insiders Tony G. Holcombe,  David A. Donnini, Collin E.
                                Roche and John C. Hofmann.  We recommend that shareholders
                                WITHHOLD  votes from  Collin E. Roche for  standing  as an
                                insider on the  Compensation  Committee and for failure to
                                establish a majority  independent board. We also recommend
                                that  shareholders  WITHHOLD  votes form David A.  Donnini
                                for  standing  as an insider on the  Nominating  Committee
                                and  for  failure  to  establish  a  majority  independent
                                board.  Finally,  we recommend that shareholders  WITHHOLD
                                votes  from  Tony G.  Holcombe  and  John C.  Hofmann  for
                                failure to establish a majority independent board.
                    1.2      Elect Director John C. Hofmann --- Withhold
                    1.3      Elect Director Tony G. Holcombe --- Withhold
                    1.4      Elect Director James B. Lipham --- For
                    1.5      Elect Director Robert J. Marino --- For
                    1.6      Elect Director Jack Pearlstein --- For
                    1.7      Elect Director Collin E. Roche --- Withhold
                    1.8      Elect Director Timothy A. Samples --- For
                    2        Ratify Auditors                               For          For                        Mgmt


09/21/06 - A        Tektronix, Inc. *TEK*                    879131100                                 07/17/06              8,740
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director Pauline Lo Alker --- For
                                We recommend a vote FOR the directors.
                    1.2      Elect Director A. Gary Ames --- For
                    1.3      Elect Director Gerry B. Cameron --- For
                    1.4      Elect Director David N. Campbell --- For
                    1.5      Elect Director Frank C. Gill --- For
                    1.6      Elect Director Robin L. Washington --- For
                    1.7      Elect Director Richard H. Wills --- For
                    1.8      Elect Director Cyril J. Yansouni --- For
                    2        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        Teledyne Technologies, Inc. *TDY*        879360105                                 03/05/07             15,329
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/08/07 - A        TENNECO INC. *TEN*                       880349105                                 03/13/07             11,596
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


10/17/06 - A        Texas Industries, Inc. *TXI*             882491103                                 08/21/06              9,920
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Ratify Auditors                               For          For                        Mgmt
                    4        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


05/01/07 - A        The GEO Group, Inc. *GEO*                36159R103                                 03/12/07             10,898
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                equal to or less than the  allowable  cap for this company
                                of 10 percent.  Additionally,  this plan expressly forbids
                                repricing.


05/01/07 - A        The Manitowoc Company, Inc. *MTW*        563571108                                 02/21/07              9,990
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Ratify Auditors                               For          For                        Mgmt


06/13/07 - A        The Mens Wearhouse, Inc. *MW*            587118100                                 04/25/07             16,900
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director George Zimmer --- For
                                We recommend a vote FOR the  directors  with the exception
                                of independent  outsider Deepak Chopra.  We recommend that
                                shareholders  WITHHOLD  votes from Deepak  Chopra for poor
                                attendance.
                    1.2      Elect Director David H. Edwab --- For
                    1.3      Elect Director Rinaldo S. Brutoco --- For
                    1.4      Elect Director Michael L. Ray --- For
                    1.5      Elect Director Sheldon I. Stein --- For
                    1.6      Elect Director Deepak Chopra --- Withhold
                    1.7      Elect Director William B. Sechrest --- For
                    1.8      Elect Director Larry R. Katzen --- For


05/03/07 - A        The Middleby Corp. *MIDD*                596278101                                 03/22/07              3,112
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Selim A. Bassoul --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of  insider   Selim  A.   Bassoul.   We   recommend   that
                                shareholders  WITHHOLD votes from insider Selim A. Bassoul
                                for  failure  to  establish  an   independent   nominating
                                committee.
                    1.2      Elect Director Robert B. Lamb --- For
                    1.3      Elect Director Ryan Levenson --- For
                    1.4      Elect Director John R. Miller, III --- For
                    1.5      Elect Director Gordon O'Brien --- For
                    1.6      Elect Director Philip G. Putnam --- For
                    1.7      Elect Director Sabin C. Streeter --- For
                    1.8      Elect Director Robert L. Yohe --- For
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Increase Authorized Common Stock              For          For                        Mgmt
                                The requested  increase of 27,500,000  shares is below the
                                allowable threshold of 30,000,000 shares.
                    4        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   company's   three  year
                                average  burn  rate of 3.24  percent  is  higher  than its
                                four-digit  GICS peer  group of 2.57  percent.  Therefore,
                                the company has failed ISS's three-year  average burn rate
                                policy.  However,  the company has made a committment that
                                grants  may not be made to the  extent  that an  award  of
                                options or stock appreciation  rights would cause the burn
                                rate,  as an average  over the three year period from 2007
                                through 2009, to exceed 2.57 percent per  year.        The
                                estimated  shareholder  value  transfer  of the  company's
                                plans of 13  percent  is equal  to the  allowable  cap for
                                this  company  of  13  percent.  Additionally,  this  plan
                                expressly forbids repricing.


06/07/07 - A        The Navigators Group, Inc. *NAVG*        638904102                                 04/09/07              2,910
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director H.J. Mervyn Blakeney ---
                             Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of insiders  Stanley A. Galanski and Terence N. Deeks, and
                                affiliated  outsiders  Marc M.  Tract,  John F.  Kirby and
                                H.J.  Mervyn  Blakeney.  We  recommend  that  shareholders
                                WITHHOLD  votes  from  Stanley  A.  Galanski,  Terence  N.
                                Deeks,  and Marc M.  Tract  for  failure  to  establish  a
                                majority   independent   board.  We  also  recommend  that
                                shareholders  WITHHOLD  votes  from John F. Kirby and H.J.
                                Mervyn  Blakeney for standing as  affiliated  outsiders on
                                the Compensation  Committee and for failure to establish a
                                majority independent board.
                    1.2      Elect Director Peter A. Cheney --- For
                    1.3      Elect Director Terence N. Deeks --- Withhold
                    1.4      Elect Director Robert W. Eager, Jr. --- For
                    1.5      Elect Director W. Thomas Forrester --- For
                    1.6      Elect Director Stanley A. Galanski ---
                             Withhold
                    1.7      Elect Director Leandro S. Galban, Jr. ---
                             For
                    1.8      Elect Director John F. Kirby --- Withhold
                    1.9      Elect Director Marc M. Tract --- Withhold
                    1.10     Elect Director Robert F. Wright --- For
                    2        Ratify Auditors                               For          For                        Mgmt


03/29/07 - A        The Pantry, Inc. *PTRY*                  698657103                                 02/08/07              6,507
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plan of 10  percent is
                                less  than  the  allowable  cap  for  this  company  of 11
                                percent.   Additionally,   this  plan  expressly   forbids
                                repricing.
                    3        Ratify Auditors                               For          For                        Mgmt


05/22/07 - A        The Wet Seal, Inc. *WTSLA*               961840105                                 04/16/07             44,195
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/25/07 - A        Theravance, Inc. *THRX*                  88338T104                                 03/01/07             10,860
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director P. Roy Vagelos, M.D. --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  affiliated  outsiders  Robert  V.  Gunderson  Jr.  and
                                George  M.  Whitesides.  We  recommend  that  shareholders
                                WITHHOLD  votes from Robert V. Gunderson Jr. and George M.
                                Whitesides  for  standing as  affiliated  outsiders on the
                                Nominating    Committee   and   Compensation    Committee,
                                respectively.
                    1.2      Elect Director Rick E. Winningham --- For
                    1.3      Elect Director Jeffrey M. Drazan --- For
                    1.4      Elect Director Robert V. Gunderson, Jr. ---
                             Withhold
                    1.5      Elect Director Arnold J. Levine, Ph.D. ---
                             For
                    1.6      Elect Director Eve E. Slater, M.D. --- For
                    1.7      Elect Director William H. Waltrip --- For
                    1.8      Elect Director George M. Whitesides, Ph.D.
                             --- Withhold
                    1.9      Elect Director William D. Young --- For
                    2        Amend Omnibus Stock Plan                      For          Against                    Mgmt
                                                                                    VI.
                                Vote  Recommendation        We  commend  the  company  for
                                expressly  forbidding the repricing of stock options under
                                the  plan.  However,   the  estimated   shareholder  value
                                transfer  of the  company's  plans of 23  percent is above
                                the allowable cap for this company of 13 percent.
                    3        Amend Articles/Bylaws/Charter-Non-Routine     For          For                        Mgmt
                                        Conclusion        We  believe  that the  company's
                                current  strategic  alliance with GSK has provided it with
                                the  necessary  funding  to  maintain   operations.   Such
                                funding  is  critical   as  the  company   does  not  have
                                significant  revenues and has increasing  operating losses
                                and  negative  operating  cash  flow.  Since  FY2004,  the
                                company's  operating  loss has increased from $106 million
                                to $176  million in  FY2006.  More  importantly,  its cash
                                flow  from  operations  jumped  from  a  negative  ($47.8)
                                million  in  FY2004  to a  negative  ($104.8)  million  in
                                FY2006 - suggesting a steady need for external  financing.
                                Milestone  payments from GSK seem to have partially funded
                                the  high   cash   burn-rate.   According   to  the  proxy
                                statement,  through Dec. 31, 2006, the company  received a
                                total of $50 million in development  milestones and has up
                                to $445 million in remaining  milestones payments from GSK
                                from  its  2002  Beyond  Advair  collaboration  with  GSK.
                                Meanwhile,  under the 2004  strategic  alliance  with GSK,
                                the  company  has  received  $36  million in  upfront  and
                                milestone payments as of Dec. 31, 2006.          Moreover,
                                we  believe  that  the  put  options  are  unlikely  to be
                                exercised given that the company's  current stock price of
                                $30.0 per share is  greater  than the put price of $19.375
                                per  share.   Even  if  the  call  option  is   exercised,
                                shareholders   would  receive   premium  of  80.8  percent
                                (redemption  price of $54.25 per share) for  tendering the
                                shares.  As such,  given that GSK is  obligated to provide
                                financing for the call and put options,  that the proposed
                                amendment  is necessary to enable the company to issue the
                                required  number of  shares  to GSK  under  its  strategic
                                alliance  agreement,  and that the company needs financing
                                to fund  operations,  we recommend  shareholders  vote FOR
                                item 3.
                    4        Ratify Auditors                               For          For                        Mgmt


12/05/06 - A        Thor Industries, Inc. *THO*              885160101                                 10/18/06              5,554
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Neil D. Chrisman --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  affiliated  outsider  Alan Siegel.  We recommend  that
                                shareholders  WITHHOLD votes from Alan Siegel for standing
                                as  an  affiliated   outsider  on  the   Compensation  and
                                Nominating  committees,  and for  failure to  establish  a
                                majority independent board.
                    1.2      Elect Director Alan Siegel --- Withhold
                    1.3      Elect Director Geoffrey A. Thompson --- For
                    2        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 2.44  percent is within the  allowable
                                cap for this company of 7.83 percent.  Additionally,  this
                                plan   expressly    forbids    repricing   without   prior
                                shareholder approval.


05/15/07 - A        TierOne Corp. *TONE*                     88650R108                                 03/08/07              3,290
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


12/18/06 - S        Trammell Crow Co.                        89288R106                                 11/10/06                340
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above,  in  particular  the merger
                                premium,  we believe  that the merger  agreement  warrants
                                shareholder support.
                    2        Adjourn Meeting                               For          For                        Mgmt
                                Given   that   ISS  is   supportive   of  the   underlying
                                transaction,  we support the narrowly  crafted proposal to
                                adjourn  the   meeting  for  the  purpose  of   soliciting
                                additional votes.


05/17/07 - A        Triad Guaranty Inc. *TGIC*               895925105                                 03/30/07                388
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Approve Executive Incentive Bonus Plan        For          For                        Mgmt
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.


05/08/07 - A        Trustmark Corp. *TRMK*                   898402102                                 03/12/07              6,130
                    1        Elect Directors                               For          For                        Mgmt


05/25/07 - A        United America Indemnity Ltd *INDM*      90933T109                                 04/03/07              4,700
                             Meeting for Holders of ADRs
                    1a       ELECTION OF DIRECTOR: SAUL A. FOX             For          Against                    Mgmt
                                It is recommended that  shareholders  vote AGAINST Saul A.
                                Fox and Troy  Thacker  for  standing  as  insiders  on the
                                Compensation and Nominating  Committees and for failure to
                                establish a majority-independent  board.  Shareholders are
                                also  advised  to vote  AGAINST  John J.  Hendrickson  for
                                standing as an affiliated  outsider on the Audit Committee
                                and  for  failure  to  establish  a   majority-independent
                                board,  and Stephen A. Cozen for standing as an affiliated
                                outsider on the  Compensation  and  Nominating  Committees
                                and  for  failure  to  establish  a   majority-independent
                                board.  Lastly,  shareholders  are advised to vote AGAINST
                                Edward   J.   Noonan   for   failure   to    establish   a
                                majority-independent board.
                    1b       ELECTION OF DIRECTOR: ROBERT M. FISHMAN       For          For                        Mgmt
                    1c       ELECTION OF DIRECTOR: TROY W. THACKER         For          Against                    Mgmt
                    1d       ELECTION OF DIRECTOR: JOHN J. HENDRICKSON     For          Against                    Mgmt
                    1e       ELECTION OF DIRECTOR: EDWARD J. NOONAN        For          Against                    Mgmt
                    1f       ELECTION OF DIRECTOR: STEPHEN A. COZEN        For          Against                    Mgmt
                    1g       ELECTION OF DIRECTOR: RICHARD L. DUSZAK       For          For                        Mgmt
                    1h       ELECTION OF DIRECTOR: LARRY A. FRAKES         For          For                        Mgmt
                    2        TO APPROVE THE AMENDMENT TO THE SHARE         For          For                        Mgmt
                             INCENTIVE PLAN.
                                These  amendments do not appear to be contentious  and are
                                consistent  with  those  of  other  tax  haven  companies.
                                Therefore, support for these amendments is recommended.
                    3        TO APPROVE THE AMENDMENT TO THE AMENDED AND   For          For                        Mgmt
                             RESTATED ANNUAL INCENTIVE AWARDS PROGRAM.
                                These  amendments do not appear to be contentious  and are
                                consistent  with  those  of  other  tax  haven  companies.
                                Therefore, support for these amendments is recommended.
                    4        TO RATIFY THE APPOINTMENT OF                  For          For                        Mgmt
                             PRICEWATERHOUSECOOPERS LLP AS THE
                             INDEPENDENT REGISTERED ACCOUNTING FIRM OF
                             UNITED AMERICA INDEMNITY, LTD. FOR 2007 AND
                             TO AUTHORIZE THE BOARD OF DIRECTORS OF
                             UNITED AMERICA INDEMNITY, LTD.
                    5a.1a    Elect Director Alan Bossin-Wr Wrs             For          For                        Mgmt
                    5a.1b    Elect Director Larry A. Frakes-Wr             For          For                        Mgmt
                    5a.1c    Elect Director David R. Whiting-Wr Wrs        For          For                        Mgmt
                    5a.1d    Elect Director J.B. Waldron-Alt Wr Wrs        For          For                        Mgmt
                    5a.1e    Elect Director R.H. Black-Alt Wr Wrs          For          For                        Mgmt
                    5b.1a    Elect Director Alan Bossin-Wr Svc             For          For                        Mgmt
                    5b.1b    Elect Director David R. Whiting-Wr Svc        For          For                        Mgmt
                    5b.1e    Elect Director J.B. Waldron-Alt Wr Svc        For          For                        Mgmt
                    5b.1d    Elect Director R.H. Black-Alt Wr Svc          For          For                        Mgmt
                    5b.2     Ratify Auditors                               For          For                        Mgmt
                    5b.3     Ratify Auditors                               For          For                        Mgmt
                    5b.4     TO WAIVE A SEPARATE AUDITORS REPORT AND       For          For                        Mgmt
                             AUDITED FINANCIAL STATEMENTS WITH RESPECT
                             TO WIND RIVER SERVICES, LTD.


05/09/07 - A        United Stationers Inc. *USTR*            913004107                                 03/12/07             10,847
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


03/08/07 - A        Urstadt Biddle Properties Inc *UBP*      917286205                                 01/23/07              5,955
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


01/04/07 - A        Vail Resorts, Inc. *MTN*                 91879Q109                                 11/06/06             11,721
                    1        Elect Directors                               For          For                        Mgmt
                    2        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    V.
                                Vote   Recommendation        The   total   cost   of   the
                                company's  plans of 9.41  percent is within the  allowable
                                cap for this company of 11.73 percent. Additionally,  this
                                plan expressly forbids repricing.
                    3        Ratify Auditors                               For          For                        Mgmt
                    4        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


09/15/06 - S        Verifone Holdings Inc *PAY*              92342Y109                                 08/11/06             13,020
                    1        Issue Shares in Connection with an            For          For                        Mgmt
                             Acquisition
                                We  believe   that  the  merger  has  a  sound   strategic
                                rationale,  despite investor concerns  regarding  customer
                                losses  and  the  timing  of  the   transaction   (Lebanon
                                conflict).  Based  on  our  review  of  the  terms  of the
                                transaction  and the factors  described  above, we believe
                                that the  merger  agreement  and  related  share  issuance
                                warrant shareholder support.
                    2        Other Business                                For          Against                    Mgmt
                                As we cannot know the content of these  issues,  we do not
                                recommend that shareholders approve this request.


03/27/07 - A        Verifone Holdings Inc *PAY*              92342Y109                                 02/09/07             24,144
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/15/07 - A        W & T OFFSHORE INC *WTI*                 92922P106                                 04/04/07             14,430
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Tracy W. Krohn --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of  insider  Tracy  W.  Krohn,  and  affiliated  outsiders
                                Virginia  Boulet and Jerome F. Freel.  We  recommend  that
                                shareholders  WITHHOLD  votes  from  Tracy  W.  Krohn  for
                                standing  as an insider on the  Nominating  Committee  and
                                for failure to establish a majority  independent board. We
                                also  recommend  that  shareholders  WITHHOLD  votes  from
                                Virginia  Boulet  and  Jerome  F.  Freel for  standing  as
                                affiliated  outsiders on the Nominating  Committee and for
                                failure to establish a majority independent board.
                    1.2      Elect Director J.F. Freel --- Withhold
                    1.3      Elect Director Stuart B. Katz --- For
                    1.4      Elect Director Robert I. Israel --- For
                    1.5      Elect Director Virginia Boulet --- Withhold
                    1.6      Elect Director S. James Nelson, Jr. --- For


12/12/06 - S        Warrior Energy Services Corp             936258102                                 10/31/06              6,241
                    1        Approve Merger Agreement                      For          For                        Mgmt
                                Based on our  review of the terms of the  transaction  and
                                the factors  described  above,  in  particular  the merger
                                premium,  we believe  that the merger  agreement  warrants
                                shareholder support.


05/17/07 - A        Washington Real Estate Investment        939653101                                 03/14/07              8,490
                    Trust *WRE*
                    1        Elect Directors                               For          For                        Mgmt
                    2        Authorize New Class of Preferred Stock        For          For                        Mgmt
                                The company states that preferred  shares will not be used
                                for   anti-takeover    purposes,    unless   approved   by
                                shareholders.  As such, ISS recommends  that  shareholders
                                vote FOR the proposal.
                    3        Approve Omnibus Stock Plan                    For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 5 percent  is
                                equal to the  allowable cap for this company of 5 percent.
                                Additionally, this plan expressly forbids repricing.


05/25/07 - A        Watsco, Inc. *WSO.B*                     942622200                                 04/10/07              4,280
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Robert L. Berner III --- For
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider Gary L. Tapella. We recommend that
                                shareholders  WITHHOLD  votes  from  Gary L.  Tapella  for
                                standing  as an  affiliated  outsider  on  the  Nominating
                                Committee.
                    1.2      Elect Director Denise Dickins --- For
                    1.3      Elect Director Gary L. Tapella --- Withhold
                    2        Amend Qualified Employee Stock Purchase Plan  For          For                        Mgmt
                                ISS approves of this item because 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.


12/12/06 - A        Wd-40 Company *WDFC*                     929236107                                 10/17/06              2,119
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


05/23/07 - A        Wesco International, Inc. *WCC*          95082P105                                 04/09/07              6,697
                    1        Elect Directors                               For          For                        Mgmt
                    1.1      Elect Director Sandra Beach Lin --- For
                                We recommend a vote FOR the  directors  with the exception
                                of  independent  outsider  Robert J. Tarr Jr. We recommend
                                that  shareholders  WITHHOLD votes from Robert J. Tarr Jr.
                                for poor attendance.
                    1.2      Elect Director Robert J. Tarr, Jr. --- For
                    1.3      Elect Director Kenneth L. Way --- For
                    2        Ratify Auditors                               For          For                        Mgmt


04/24/07 - A        West Coast Bancorp (Or) *WCBO*           952145100                                 03/01/07              3,620
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt


04/26/07 - A        WILLIAMS SCOTSMAN INTL INC *WLSC*        96950G102                                 03/05/07             15,370
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Steven B. Gruber --- Withhold
                                We recommend a vote FOR the  directors  with the exception
                                of  affiliated  outsider  Steven B.  Gruber.  We recommend
                                that  shareholders  WITHHOLD  votes from  Steven B. Gruber
                                for   standing   as  an   affiliated   outsider   on   the
                                Compensation and Nominating committees.
                    1.2      Elect Director James L. Singleton --- For
                    1.3      Elect Director Alan D. Wilson --- For
                    2        Ratify Auditors                               For          For                        Mgmt


05/30/07 - A        Wilshire Bancorp Inc *WIBC*              97186T108                                 04/16/07              7,310
                    1        Elect Directors                               For          For                        Mgmt


04/19/07 - A        Wolverine World Wide, Inc. *WWW*         978097103                                 03/01/07             23,640
                    1        Elect Directors                               For          Split                      Mgmt
                    1.1      Elect Director Jeffrey M. Boromisa --- For
                                We recommend a vote FOR the  directors  with the exception
                                of affiliated  outsider David P. Mehney. We recommend that
                                shareholders  WITHHOLD  votes  from  David P.  Mehney  for
                                standing as an  affiliated  outsider  on the  Compensation
                                and Nominating committees.
                    1.2      Elect Director David T. Kollat --- For
                    1.3      Elect Director David P. Mehney --- Withhold
                    1.4      Elect Director Timothy J. O'Donovan --- For
                    2        Amend Executive Incentive Bonus Plan          For          For                        Mgmt
                             (1-year)
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    3        Amend Executive Incentive Bonus Plan          For          For                        Mgmt
                             (3-year)
                                The  performance  measures  included  under  the  plan are
                                appropriate  for the company  given its line of  business,
                                long-term  strategic  objectives,   and  industry-specific
                                measures    for    assessing    market    competitiveness.
                                Additionally,  the plan is  administered by a committee of
                                independent  outsiders  who  must  certify  attainment  of
                                these objective,  measurable performance goals before cash
                                awards are paid to  participants.  Moreover,  preservation
                                of  the  full   deductibility  of  all  compensation  paid
                                reduces the company's corporate tax obligation.
                    4        Ratify Auditors                               For          For                        Mgmt


04/26/07 - A        WSFS Financial Corp. *WSFS*              929328102                                 03/07/07              2,360
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt
                    3        Amend Omnibus Stock Plan                      For          For                        Mgmt
                                                                                    VI.
                                Vote   Recommendation        The   estimated   shareholder
                                value  transfer  of the  company's  plans of 7 percent  is
                                equal to the  allowable cap for this company of 7 percent.
                                Additionally, this plan expressly forbids repricing.


05/24/07 - A        Zenith National Insurance Corp. *ZNT*    989390109                                 03/26/07             12,857
                    1        Elect Directors                               For          For                        Mgmt
                    2        Approve Nonqualified Employee Stock           For          For                        Mgmt
                             Purchase Plan
                                Employee stock  purchase plans enable  employees to become
                                shareholders,  which  gives them a stake in the  company's
                                growth.  Stock  purchase  plans are  beneficial  only when
                                they are well  balanced  and in the best  interests of all
                                shareholders.  From a shareholder's perspective, the limit
                                on the company's  matching  contribution is reasonable and
                                there  are  caps  placed  on the  employee's  contribution
                                (expressed as a percent of compensation  which may exclude
                                bonus,  commissions  or  special  compensation).  There is
                                minimum dilution  associated with the plan since shares of
                                company  stock  are  purchased  on the  open  market  with
                                mainly employee contributions.
                    3        Ratify Auditors                               For          For                        Mgmt


06/21/07 - A        Zymogenetics Inc. *ZGEN*                 98985T109                                 04/13/07              2,738
                    1        Elect Directors                               For          For                        Mgmt
                    2        Ratify Auditors                               For          For                        Mgmt




Fund Name:     Principal Variable Contract Funds, Inc. - SmallCap Growth Account
Sub-Advsior:   Essex Investment Management Company, LLC.
Time period:   07/01/06 through 6/30/2007

- ------------------------------ -------- ------------ --------- -------------------- ----------- ------------ --------- --------
                                                                                                                       Mgt
                                                     Meeting                        M/S         Registrant   Vote      Rec
Issuer                         Ticker   CUSIP        Date      Item Description     Proposal?   vote         Cast      Vote
- ------------------------------ -------- ------------ --------- -------------------- ----------- ------------ --------- --------
                                                                                               
OPNET Technologies, Inc.       OPNT     683757108    9/12/06   Elect Director       M           Yes          For       For
                                                               Marc A. Cohen
                                                               Elect Director
OPNET Technologies, Inc.       OPNT     683757108    9/12/06   William F. Stasior   M           Yes          For       For
OPNET Technologies, Inc.       OPNT     683757108    9/12/06   Ratify Auditors      M           Yes          For       For

Measurement Specialties,                                       Elect Director R.
Inc.                           MEAS     583421102    9/14/06   Barry Uber           M           Yes          For       For
Measurement Specialties,                                       Elect Director
Inc.                           MEAS     583421102    9/14/06   Satish Rishi         M           Yes          For       For
                                                               Increase
                                                               Authorized
Measurement Specialties,                                       Preferred and
Inc.                           MEAS     583421102    9/14/06   Common Stock         M           Yes          Against   For
Measurement Specialties,                                       Approve Omnibus
Inc.                           MEAS     583421102    9/14/06   Stock Plan           M           Yes          For       For
                                                               Approve Qualified
Measurement Specialties,                                       Employee Stock
Inc.                           MEAS     583421102    9/14/06   Purchase Plan        M           Yes          For       For
Measurement Specialties,
Inc.                           MEAS     583421102    9/14/06   Ratify Auditors      M           Yes          For       For
                                                               TO RECEIVE AND
                                                               CONSIDER THE
                                                               CONSOLIDATED
                                                               FINANCIAL
                                                               STATEMENTS OF THE
                                                               COMPANY FOR THE
                                                               FISCAL YEAR ENDED
                                                               JANUARY 31, 2006
SKILLSOFT PLC [formerly                                        AND THE REPORT OF
Smartforce Plc (frm.Cbt                                        THE DIRECTORS AND
Group Plc)]                    SKIL     830928107    9/28/06   AUDITOR THEREON.     M           Yes          For       For
                                                               TO RE-ELECT AS A
                                                               DIRECTOR P. HOWARD
SKILLSOFT PLC [formerly                                        EDELSTEIN, WHO
Smartforce Plc (frm.Cbt                                        RETIRES BY
Group Plc)]                    SKIL     830928107    9/28/06   ROTATION.            M           Yes          For       For
                                                               TO AUTHORIZE THE
                                                               AUDIT COMMITTEE TO
                                                               FIX THE
                                                               REMUNERATION OF
                                                               THE COMPANY S
SKILLSOFT PLC [formerly                                        AUDITOR FOR THE
Smartforce Plc (frm.Cbt                                        FISCAL YEAR ENDING
Group Plc)]                    SKIL     830928107    9/28/06   JANUARY 31, 2007.    M           Yes          For       For
                                                               TO AMEND THE
                                                               COMPANY S 2002
                                                               SHARE OPTION PLAN
                                                               (THE  2002 PLAN )
                                                               TO INCREASE THE
                                                               TOTAL NUMBER OF
                                                               SHARES RESERVED
                                                               FOR ISSUANCE
                                                               THEREUNDER BY
                                                               1,400,000 ORDINARY
                                                               SHARES OF EURO
                                                               0.11 EACH (TO
SKILLSOFT PLC [formerly                                        8,850,000 ORDINARY
Smartforce Plc (frm.Cbt                                        SHARES OF EURO
Group Plc)]                    SKIL     830928107    9/28/06   0.11 EACH).          M           Yes          Against   For
                                                               TO GENERALLY AND
                                                               UNCONDITIONALLY
                                                               AUTHORIZE THE
                                                               DIRECTORS OF THE
                                                               COMPANY TO ALLOT
                                                               RELEVANT
                                                               SECURITIES OF THE
                                                               COMPANY UP TO AN
                                                               AMOUNT EQUAL TO
                                                               BUT NOT EXCEEDING
                                                               THE AUTHORIZED BUT
SKILLSOFT PLC [formerly                                        UNISSUED SHARE
Smartforce Plc (frm.Cbt                                        CAPITAL OF THE
Group Plc)]                    SKIL     830928107    9/28/06   COMPANY.             M           Yes          For       For
                                                               TO EMPOWER THE
                                                               DIRECTORS OF THE
                                                               COMPANY TO ALLOT
                                                               EQUITY SECURITIES
                                                               OF THE COMPANY AS
                                                               IF SECTION 23(1)
                                                               OF THE COMPANIES
                                                               (AMENDMENT) ACT,
SKILLSOFT PLC [formerly                                        1983 DID NOT APPLY
Smartforce Plc (frm.Cbt                                        TO ANY SUCH
Group Plc)]                    SKIL     830928107    9/28/06   ALLOTMENT.           M           Yes          For       For
Merix                                                          Elect  Director
Corp.                          MERX     590049102    10/5/06   Chee Wah Cheung      M           Yes          For       For
Merix                                                          Elect  Director
Corp.                          MERX     590049102    10/5/06   Kirby A. Dyess       M           Yes          For       For
Merix                                                          Elect  Director
Corp.                          MERX     590049102    10/5/06   Mark R. Hollinger    M           Yes          For       For
                                                               Elect  Director
Merix Corp.                    MERX     590049102    10/5/06   Donald D. Jobe       M           Yes          For       For
Merix                                                          Elect  Director
Corp.                          MERX     590049102    10/5/06   George H. Kerckhove  M           Yes          For       For
                                                               Elect  Director
Merix                                                          Dr. William W.
Corp.                          MERX     590049102    10/5/06   Lattin               M           Yes          For       For
                                                               Elect  Director
                                                               William C.
Merix Corp.                    MERX     590049102    10/5/06   Mccormick            M           Yes          For       For
                                                               Elect  Director
Merix                                                          Robert C.
Corp.                          MERX     590049102    10/5/06   Strandberg           M           Yes          For       For
Merix                                                          Approve Omnibus
Corp.                          MERX     590049102    10/5/06   Stock Plan           M           Yes          For       For

Landec                                                         Elect Director
Corp.                          LNDC     514766104    10/12/06  Frederick Frank      M           Yes          For       For
Landec                                                         Elect Director
Corp.                          LNDC     514766104    10/12/06  Stephen Halprin      M           Yes          For       For
Landec                                                         Elect Director
Corp.                          LNDC     514766104    10/12/06  Kenneth Jones        M           Yes          For       For

Landec                                                         Elect Director
Corp.                          LNDC     514766104    10/12/06  Richard Schneider    M           Yes          For       For
Landec
Corp.                          LNDC     514766104    10/12/06  Ratify Auditors      M           Yes          For       For
Neogen                                                         Elect Director Lon
Corp.                          NEOG     640491106    10/12/06  M. Bohannon          M           Yes          For       For

Neogen                                                         Elect Director A.
Corp.                          NEOG     640491106    10/12/06  Charles Fischer      M           Yes          For       For
Neogen                                                         Elect Director
Corp.                          NEOG     640491106    10/12/06  Gordon E. Guyer      M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    10/12/06  John T. Mcdonald     M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    10/12/06  Ralph C. Derrickson  M           Yes          For       For
                                                               Elect Director Max
Perficient, Inc.               PRFT     71375U101    10/12/06  D. Hopper            M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    10/12/06  Kenneth R. Johnsen   M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    10/12/06  David S. Lundeen     M           Yes          For       For
Perficient, Inc.               PRFT     71375U101    10/12/06  Other Business       M           Yes          Against   For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  R.V. Armes           M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  T.P. Capo            M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  W.K. Foster          M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  W.M. Lasky           M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  J.A. Mezera          M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  D.L. Pugh            M           Yes          For       For
                                                               Elect Director S.
JLG Industries, Inc.           JLG      466210101    11/16/06  Rabinowitz           M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  R.C. Stark           M           Yes          For       For
                                                               Elect Director
JLG Industries, Inc.           JLG      466210101    11/16/06  T.C. Wajnert         M           Yes          For       For
JLG Industries, Inc.           JLG      466210101    11/16/06  Ratify Auditors      M           Yes          For       For
Bottomline Technologies
(De),                                                          Elect Director
Inc.                           EPAY     101388106    11/16/06  Joseph L. Mullen     M           Yes          For       For
Bottomline Technologies
(De),                                                          Elect Director
Inc.                           EPAY     101388106    11/16/06  James W. Zilinski    M           Yes          For       For
Bottomline Technologies
(De),                                                          Elect Director
Inc.                           EPAY     101388106    11/16/06  Michael J. Curran    M           Yes          For       For
Bottomline Technologies
(De),
Inc.                           EPAY     101388106    11/16/06  Ratify Auditors      M           Yes          For       For
Micros Systems,                                                Elect Director
Inc.                           MCRS     594901100    11/17/06  A.L. Giannopoulos    M           Yes          For       For
Micros Systems,                                                Elect Director
Inc.                           MCRS     594901100    11/17/06  Louis M. Brown, Jr.  M           Yes          For       For
                                                               Elect Director B.
Micros Systems, Inc.           MCRS     594901100    11/17/06  Gary Dando           M           Yes          For       For
Micros Systems,                                                Elect Director
Inc.                           MCRS     594901100    11/17/06  John G. Puente       M           Yes          For       For
Micros Systems,                                                Elect Director
Inc.                           MCRS     594901100    11/17/06  Dwight S. Taylor     M           Yes          For       For

Micros Systems,                                                Elect Director
Inc.                           MCRS     594901100    11/17/06  William S. Watson    M           Yes          For       For
Micros Systems,
Inc.                           MCRS     594901100    11/17/06  Ratify Auditors      M           Yes          For       For
Micros Systems,                                                Amend Stock Option
Inc.                           MCRS     594901100    11/17/06  Plan                 M           Yes          For       For
Micros Systems,                                                Amend Stock Option
Inc.                           MCRS     594901100    11/17/06  Plan                 M           Yes          For       For
                                                               Elect Director
Saba Software, Inc.            SABA     784932600    11/28/06  L.D. Lenihan, Jr.    M           Yes          For       For
                                                               Elect Director
Saba Software, Inc.            SABA     784932600    11/28/06  Douglas M. Ferguson  M           Yes          For       For
Saba Software, Inc.            SABA     784932600    11/28/06  Ratify Auditors      M           Yes          For       For
                                                               Elect Director
The Dress Barn, Inc.           DBRN     261570105    11/29/06  John Usdan           M           Yes          For       For
                                                               Elect Director
The Dress Barn, Inc.           DBRN     261570105    11/29/06  Randy L. Pearce      M           Yes          For       For
                                                               Approve Omnibus
Applix, Inc.                   APLX     038316105    12/1/06   Stock Plan           M           Yes          Against   For
                                                               Elect Director Ali
Sourceforge Inc.               LNUX     91819B105    12/6/06   Jenab                M           Yes          For       For
                                                               Elect Director Ram
Sourceforge Inc.               LNUX     91819B105    12/6/06   Gupta                M           Yes          For       For
Sourceforge Inc.               LNUX     91819B105    12/6/06   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
LTX Corporation                LTXX     502392103    12/6/06   Roger W. Blethen     M           Yes          For       For
                                                               Elect Director
LTX Corporation                LTXX     502392103    12/6/06   Roger J. Maggs       M           Yes          For       For
                                                               Elect Director
LTX Corporation                LTXX     502392103    12/6/06   Patrick J. Spratt    M           Yes          For       For
LTX Corporation                LTXX     502392103    12/6/06   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
United Natural Foods, Inc.     UNFI     911163103    12/7/06   Richard Antonelli    M           Yes          For       For
                                                               Elect Director
United Natural Foods, Inc.     UNFI     911163103    12/7/06   Joseph M. Cianciolo  M           Yes          For       For
United Natural Foods, Inc.     UNFI     911163103    12/7/06   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Parexel International Corp.    PRXL     699462107    12/14/06  Richard L. Love      M           Yes          For       For
                                                               Increase
                                                               Authorized Common
Parexel International Corp.    PRXL     699462107    12/14/06  Stock                M           Yes          For       For
Parexel International Corp.    PRXL     699462107    12/14/06  Ratify Auditors      M           Yes          For       For
                                                               Increase
                                                               Authorized Common
Lamson & Sessions Co.          LMS      513696104    12/15/06  Stock                M           Yes          For       For
                                                               Elect  Director
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   James A. Buzard      M           Yes          For       For
                                                               Elect  Director
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   John A. Kraeutler    M           Yes          Withhold  For
                                                               Elect  Director
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   Gary P. Kreider      M           Yes          Withhold  For
                                                               Elect  Director
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   William J. Motto     M           Yes          Withhold  For
                                                               Elect  Director
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   David C. Phillips    M           Yes          For       For
                                                               Elect  Director
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   Robert J. Ready      M           Yes          For       For
                                                               Approve/Amend
                                                               Executive
                                                               Incentive Bonus
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   Plan                 M           Yes          For       For
Meridian Bioscience, Inc.      VIVO     589584101    1/18/07   Ratify Auditors      M           Yes          For       For
                                                               Approve Merger
Harris Stratex Networks, Inc.  HSTX     86279T109    1/25/07   Agreement            M           Yes          For       For
Harris Stratex Networks, Inc.  HSTX     86279T109    1/25/07   Adjourn Meeting      M           Yes          For       For
                                                               Issue Shares in
                                                               Connection with an
Illumina, Inc.                 ILMN     452327109    1/26/07   Acquisition          M           Yes          For       For
Illumina, Inc.                 ILMN     452327109    1/26/07   Adjourn Meeting      M           Yes          For       For
                                                               Elect Director
NCI Building Systems, Inc.     NCS      628852105    3/9/07    Gary L. Forbes       M           Yes          For       For
                                                               Elect Director Max
NCI Building Systems, Inc.     NCS      628852105    3/9/07    L. Lukens            M           Yes          For       For
                                                               Elect Director
NCI Building Systems, Inc.     NCS      628852105    3/9/07    George Martinez      M           Yes          For       For
                                                               Increase
                                                               Authorized Common
NCI Building Systems, Inc.     NCS      628852105    3/9/07    Stock                M           Yes          For       For
NCI Building Systems, Inc.     NCS      628852105    3/9/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director J.
Ameron International Corp.     AMN      030710107    3/21/07   Michael Hagan        M           Yes          For       For
                                                               Elect Director
Ameron International Corp.     AMN      030710107    3/21/07   Dennis C. Poulsen    M           Yes          For       For
Ameron International Corp.     AMN      030710107    3/21/07   Ratify Auditors      M           Yes          For       For
                                                               Increase
                                                               Authorized Common
Americanwest Bancorporation    AWBC     03058P109    3/27/07   Stock                M           Yes          For       For
                                                               Company              M
Americanwest Bancorporation    AWBC     03058P109    3/27/07   Specific--Board-Related          Yes          For       For
                                                               Approve Merger
Americanwest Bancorporation    AWBC     03058P109    3/27/07   Agreement            M           Yes          For       For
Americanwest Bancorporation    AWBC     03058P109    3/27/07   Adjourn Meeting      M           Yes          For       For
                                                               Elect Director
Spectrum Control, Inc.         SPEC     847615101    4/2/07    Scott D. Krentzman   M           Yes          For       For
                                                               Elect Director
Spectrum Control, Inc.         SPEC     847615101    4/2/07    John M. Petersen     M           Yes          For       For
                                                               Elect Director
                                                               Richard A.
Spectrum Control, Inc.         SPEC     847615101    4/2/07    Southworth           M           Yes          For       For
                                                               Elect Director
Spectrum Control, Inc.         SPEC     847615101    4/2/07    James F. Toohey      M           Yes          Withhold  For
Spectrum Control, Inc.         SPEC     847615101    4/2/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Omnicell, Inc.                 OMCL     68213N109    4/24/07   Donald C. Wegmiller  M           Yes          For       For
                                                               Elect Director
Omnicell, Inc.                 OMCL     68213N109    4/24/07   James T. Judson      M           Yes          For       For
                                                               Elect Director
Omnicell, Inc.                 OMCL     68213N109    4/24/07   Gary S. Petersmeyer  M           Yes          For       For
                                                               Elect Director
Omnicell, Inc.                 OMCL     68213N109    4/24/07   Mary E. Foley        M           Yes          For       For
Omnicell, Inc.                 OMCL     68213N109    4/24/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Bucyrus International, Inc.    BUCY     118759109    4/25/07   Edward G. Nelson     M           Yes          For       For
                                                               Elect Director
Bucyrus International, Inc.    BUCY     118759109    4/25/07   Theodore C. Rogers   M           Yes          For       For
                                                               Elect Director
Bucyrus International, Inc.    BUCY     118759109    4/25/07   Robert C. Scharp     M           Yes          For       For
Bucyrus International, Inc.    BUCY     118759109    4/25/07   Ratify Auditors      M           Yes          For       For
                                                               Amend Omnibus
Bucyrus International, Inc.    BUCY     118759109    4/25/07   Stock Plan           M           Yes          Against   For
Lydall,                                                        Elect Director Lee
Inc.                           LDL      550819106    4/26/07   A. Asseo             M           Yes          For       For

Lydall,                                                        Elect Director
Inc.                           LDL      550819106    4/26/07   Kathleen Burdett     M           Yes          For       For
Lydall,                                                        Elect Director W.
Inc.                           LDL      550819106    4/26/07   Leslie Duffy, Esq.   M           Yes          For       For
Lydall,                                                        Elect Director
Inc.                           LDL      550819106    4/26/07   Matthew T. Farrell   M           Yes          For       For
Lydall,                                                        Elect Director
Inc.                           LDL      550819106    4/26/07   David Freeman        M           Yes          For       For
Lydall,                                                        Elect Director
Inc.                           LDL      550819106    4/26/07   William D. Gurley    M           Yes          For       For
Lydall,                                                        Elect Director
Inc.                           LDL      550819106    4/26/07   Suzanne Hammett      M           Yes          For       For
                                                               Elect Director S.
Lydall,                                                        Carl Soderstrom,
Inc.                           LDL      550819106    4/26/07   Jr.                  M           Yes          For       For
Lydall,                                                        Amend Omnibus
Inc.                           LDL      550819106    4/26/07   Stock Plan           M           Yes          For       For

Lydall,
Inc.                           LDL      550819106    4/26/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Leonard M. Baker     M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Walter E. Boomer     M           Yes          For       For
                                                               Elect Director
                                                               Charles M.
Rogers Corp.                   ROG      775133101    4/26/07   Brennan, III         M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Gregory B. Howey     M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Leonard R. Jaskol    M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Carol R. Jensen      M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Eileen S. Kraus      M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Robert G. Paul       M           Yes          For       For
                                                               Elect Director
Rogers Corp.                   ROG      775133101    4/26/07   Robert D. Wachob     M           Yes          For       For
Rogers Corp.                   ROG      775133101    4/26/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director J.
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Frank Armijo         M           Yes          For       For
                                                               Elect Director
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Ivan T. Call         M           Yes          For       For
                                                               Elect Director Kay
Americanwest Bancorporation    AWBC     03058P109    4/30/07   C. Carnes            M           Yes          For       For
                                                               Elect Director
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Robert M. Daugherty  M           Yes          For       For
                                                               Elect Director
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Craig D. Eerkes      M           Yes          For       For
                                                               Elect Director H.
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Don Norton           M           Yes          For       For
                                                               Elect Director
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Donald H. Swartz     M           Yes          For       For
                                                               Elect Director P.
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Mike Taylor          M           Yes          For       For
Americanwest Bancorporation    AWBC     03058P109    4/30/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    Jason W. Cohenour    M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    Gregory D. Aasen     M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    Paul G. Cataford     M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    Peter Ciceri         M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    Charles E. Levine    M           Yes          For       For
                                                               Elect Director S.
Sierra Wireless Inc.           SW       826516106    5/2/07    Jane Rowe            M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    David B. Sutcliffe   M           Yes          For       For
                                                               Elect Director
Sierra Wireless Inc.           SW       826516106    5/2/07    Kent Thexton         M           Yes          For       For
                                                               Approve KPMG LLP
                                                               as Auditors and
                                                               Authorize Board to
                                                               Fix Remuneration
Sierra Wireless Inc.           SW       826516106    5/2/07    of Auditors          M           Yes          For       For
                                                               Amend 1997
                                                               Incentive Stock
Sierra Wireless Inc.           SW       826516106    5/2/07    Option Plan          M           Yes          Against   For
                                                               Approve U.S.
                                                               Restricted Stock
Sierra Wireless Inc.           SW       826516106    5/2/07    Plan                 M           Yes          Against   For
                                                               Elect Director
SYMMETRY MEDICAL INC           SMA      871546206    5/3/07    James S. Burns       M           Yes          For       For
SYMMETRY MEDICAL INC           SMA      871546206    5/3/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Entrust Inc.                   ENTU     293848107    5/4/07    Michael P. Ressner   M           Yes          For       For
                                                               Elect Director
Entrust Inc.                   ENTU     293848107    5/4/07    Terdema Ussery II    M           Yes          For       For
Entrust Inc.                   ENTU     293848107    5/4/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Kenexa Corp.                   KNXA     488879107    5/8/07    Joseph A. Konen      M           Yes          For       For
                                                               Elect Director
Kenexa Corp.                   KNXA     488879107    5/8/07    Richard J. Pinola    M           Yes          For       For
                                                               Elect Director
Kenexa Corp.                   KNXA     488879107    5/8/07    Rebecca J. Maddox    M           Yes          For       For
                                                               Elect Director
Falconstor Software, Inc.      FALC     306137100    5/8/07    Reijane Huai         M           Yes          For       For
                                                               Elect Director
Falconstor Software, Inc.      FALC     306137100    5/8/07    Lawrence S. Dolin    M           Yes          For       For
                                                               Amend Omnibus
Falconstor Software, Inc.      FALC     306137100    5/8/07    Stock Plan           M           Yes          Against   For
                                                               Approve
                                                               Non-Employee
                                                               Director Omnibus
Falconstor Software, Inc.      FALC     306137100    5/8/07    Stock Plan           M           Yes          For       For
Falconstor Software, Inc.      FALC     306137100    5/8/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director H.
Argonaut Group, Inc.           AGII     040157109    5/8/07    Berry Cash           M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    Hector Deleon        M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    Allan W. Fulkerson   M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    David Hartoch        M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    Frank W. Maresh      M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    John R. Power, Jr.   M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    Fayez S. Sarofim     M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    Mark E. Watson III   M           Yes          For       For
                                                               Elect Director
Argonaut Group, Inc.           AGII     040157109    5/8/07    Gary V. Woods        M           Yes          For       For
                                                               Elect Director
Barnes Group, Inc.             B        067806109    5/9/07    John W. Alden        M           Yes          For       For
                                                               Elect Director
Barnes Group, Inc.             B        067806109    5/9/07    George T. Carpenter  M           Yes          For       For
                                                               Elect Director
Barnes Group, Inc.             B        067806109    5/9/07    Frank E. Grzelecki   M           Yes          For       For
                                                               Elect Director
Barnes Group, Inc.             B        067806109    5/9/07    William J. Morgan    M           Yes          For       For
Barnes Group, Inc.             B        067806109    5/9/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Kendle International, Inc.     KNDL     48880L107    5/10/07   Candace Kendle       M           Yes          For       For
                                                               Elect Director
                                                               Christopher C.
Kendle International, Inc.     KNDL     48880L107    5/10/07   Bergen               M           Yes          For       For
                                                               Elect Director
Kendle International, Inc.     KNDL     48880L107    5/10/07   Robert R. Buck       M           Yes          For       For
                                                               Elect Director G.
                                                               Steven Geis,
Kendle International, Inc.     KNDL     48880L107    5/10/07   Ph.D., M.D.          M           Yes          For       For
                                                               Elect Director
                                                               Donald C.
Kendle International, Inc.     KNDL     48880L107    5/10/07   Harrison, M.D.       M           Yes          For       For
                                                               Elect Director
                                                               Timothy E.
Kendle International, Inc.     KNDL     48880L107    5/10/07   Johnson, Ph.D.       M           Yes          For       For
                                                               Elect Director
                                                               Frederick A. Russ,
Kendle International, Inc.     KNDL     48880L107    5/10/07   Ph.D.                M           Yes          For       For
                                                               Approve Omnibus
Kendle International, Inc.     KNDL     48880L107    5/10/07   Stock Plan           M           Yes          For       For

Kendle International, Inc.     KNDL     48880L107    5/10/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Rainmaker Systems, Inc.        RMKR     750875304    5/15/07   Michael Silton       M           Yes          For       For
                                                               Elect Director
Rainmaker Systems, Inc.        RMKR     750875304    5/15/07   Alok Mohan           M           Yes          For       For
                                                               Elect Director
Rainmaker Systems, Inc.        RMKR     750875304    5/15/07   Robert Leff          M           Yes          For       For
                                                               Elect Director
Rainmaker Systems, Inc.        RMKR     750875304    5/15/07   Mitchell Levy        M           Yes          For       For
                                                               Elect Director
Rainmaker Systems, Inc.        RMKR     750875304    5/15/07   Bradford Peppard     M           Yes          For       For
Rainmaker Systems, Inc.        RMKR     750875304    5/15/07   Ratify Auditors      M           Yes          For       For
The Ultimate Software Group,                                   Elect Director
Inc.                           ULTI     90385D107    5/15/07   Scott Scherr         M           Yes          Withhold  For
The Ultimate Software Group,                                   Elect Director
Inc.                           ULTI     90385D107    5/15/07   Alois T. Leiter      M           Yes          For       For
The Ultimate Software Group,                                   Amend Omnibus
Inc.                           ULTI     90385D107    5/15/07   Stock Plan           M           Yes          Against   For
The Ultimate Software Group,
Inc.                           ULTI     90385D107    5/15/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Intevac, Inc.                  IVAC     461148108    5/15/07   Norman H. Pond       M           Yes          For       For
                                                               Elect Director
Intevac, Inc.                  IVAC     461148108    5/15/07   Kevin Fairbairn      M           Yes          For       For
                                                               Elect Director
Intevac, Inc.                  IVAC     461148108    5/15/07   David S. Dury        M           Yes          For       For
                                                               Elect Director
Intevac, Inc.                  IVAC     461148108    5/15/07   Stanley J. Hill      M           Yes          For       For
                                                               Elect Director
Intevac, Inc.                  IVAC     461148108    5/15/07   Robert Lemos         M           Yes          For       For
                                                               Elect Director
Intevac, Inc.                  IVAC     461148108    5/15/07   Ping Yang            M           Yes          For       For
                                                               Change State of
                                                               Incorporation
                                                               [California to
Intevac, Inc.                  IVAC     461148108    5/15/07   Delaware]            M           Yes          For       For
                                                               Amend Omnibus
Intevac, Inc.                  IVAC     461148108    5/15/07   Stock Plan           M           Yes          For       For
Intevac, Inc.                  IVAC     461148108    5/15/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Netgear Inc                    NTGR     64111Q104    5/15/07   Patrick C.S. Lo      M           Yes          For       For
                                                               Elect Director
Netgear Inc                    NTGR     64111Q104    5/15/07   Ralph E. Faison      M           Yes          For       For
                                                               Elect Director A.
Netgear Inc                    NTGR     64111Q104    5/15/07   Timothy Godwin       M           Yes          For       For
                                                               Elect Director Jef
Netgear Inc                    NTGR     64111Q104    5/15/07   Graham               M           Yes          For       For
                                                               Elect Director
                                                               Linwood A. Lacy,
Netgear Inc                    NTGR     64111Q104    5/15/07   Jr.                  M           Yes          For       For
                                                               Elect Director
Netgear Inc                    NTGR     64111Q104    5/15/07   George G.C. Parker   M           Yes          For       For
                                                               Elect Director
Netgear Inc                    NTGR     64111Q104    5/15/07   Gregory J. Rossmann  M           Yes          For       For
                                                               Elect Director
Netgear Inc                    NTGR     64111Q104    5/15/07   Julie A. Shimer      M           Yes          For       For

Netgear Inc                    NTGR     64111Q104    5/15/07   Ratify Auditors      M           Yes          For       For
Universal Stainless & Alloy                                    Elect Director
Products, Inc.                 USAP     913837100    5/15/07   Douglas M. Dunn      M           Yes          For       For
                                                               Elect Director
Universal Stainless & Alloy                                    Clarence M.
Products, Inc.                 USAP     913837100    5/15/07   McAninch             M           Yes          For       For
Universal Stainless & Alloy                                    Elect Director Udi
Products, Inc.                 USAP     913837100    5/15/07   Toledano             M           Yes          For       For
Universal Stainless & Alloy                                    Amend Stock Option
Products, Inc.                 USAP     913837100    5/15/07   Plan                 M           Yes          For       For
Universal Stainless & Alloy
Products, Inc.                 USAP     913837100    5/15/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Bruker BioSciences Corp.       BRKR     116794108    5/16/07   W.D. Emmerich        M           Yes          For       For
                                                               Elect Director
Bruker BioSciences Corp.       BRKR     116794108    5/16/07   Brenda J. Furlong    M           Yes          For       For
                                                               Elect Director
Bruker BioSciences Corp.       BRKR     116794108    5/16/07   Frank H. Laukien     M           Yes          Withhold  For
                                                               Elect Director
Bruker BioSciences Corp.       BRKR     116794108    5/16/07   Richard A. Packer    M           Yes          For       For
Bruker BioSciences Corp.       BRKR     116794108    5/16/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Robert M. Anderton   M           Yes          Against   For
                                                               Elect Director
                                                               George V.
BioLase Technology, Inc.       BLTI     090911108    5/16/07   d'Arbeloff           M           Yes          For       For
                                                               Elect Director
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Daniel S. Durrie     M           Yes          For       For
                                                               Elect Director
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Jeffrey W. Jones     M           Yes          For       For
                                                               Elect Director
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Neil J. Laird        M           Yes          For       For
                                                               Elect Director
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Federico Pignatelli  M           Yes          For       For
                                                               Amend Omnibus
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Stock Plan           M           Yes          For       For
BioLase Technology, Inc.       BLTI     090911108    5/16/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
                                                               William S.
CyberSource Corporation        CYBS     23251J106    5/17/07   Mckiernan            M           Yes          Withhold  For
                                                               Elect Director
                                                               John J. Mcdonnell,
CyberSource Corporation        CYBS     23251J106    5/17/07   Jr.                  M           Yes          For       For
                                                               Elect Director
CyberSource Corporation        CYBS     23251J106    5/17/07   Steven P. Novak      M           Yes          For       For
                                                               Elect Director
CyberSource Corporation        CYBS     23251J106    5/17/07   Richard Scudellari   M           Yes          Withhold  For
                                                               Elect Director
CyberSource Corporation        CYBS     23251J106    5/17/07   Kenneth R. Thornton  M           Yes          For       For
                                                               Elect Director
                                                               Scott R.
CyberSource Corporation        CYBS     23251J106    5/17/07   Cruickshank          M           Yes          Withhold  For
CyberSource Corporation        CYBS     23251J106    5/17/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director F.
Wright Medical Group           WMGI     98235T107    5/17/07   Barry Bays           M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   Martin J. Emerson    M           Yes          For       For
                                                               Elect Director
                                                               Lawrence W.
Wright Medical Group           WMGI     98235T107    5/17/07   Hamilton             M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   Gary D. Henley       M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   John L. Miclot       M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   Robert J. Quillinan  M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   David D. Stevens     M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   Thomas E. Timbie     M           Yes          For       For
                                                               Elect Director
Wright Medical Group           WMGI     98235T107    5/17/07   James T. Treace      M           Yes          For       For
Wright Medical Group           WMGI     98235T107    5/17/07   Ratify Auditors      M           Yes          For       For
Portfolio Recovery                                             Elect Director
Associates, Inc.               PRAA     73640Q105    5/18/07   William Brophey      M           Yes          For       For
Portfolio Recovery                                             Elect Director
Associates, Inc.               PRAA     73640Q105    5/18/07   David Roberts        M           Yes          Withhold  For
Portfolio Recovery
Associates, Inc.               PRAA     73640Q105    5/18/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
                                                               Paul J. Van Der
BTU International, Inc.        BTUI     056032105    5/18/07   Wansem               M           Yes          Withhold  For
                                                               Elect Director G.
BTU International, Inc.        BTUI     056032105    5/18/07   Mead Wyman           M           Yes          For       For
                                                               Elect Director J.
BTU International, Inc.        BTUI     056032105    5/18/07   Chuan Chu            M           Yes          For       For
                                                               Elect Director
BTU International, Inc.        BTUI     056032105    5/18/07   John E. Beard        M           Yes          For       For
                                                               Elect Director
BTU International, Inc.        BTUI     056032105    5/18/07   Joseph F. Wrinn      M           Yes          For       For
                                                               Elect Director J.
BTU International, Inc.        BTUI     056032105    5/18/07   Samuel Parkhill      M           Yes          For       For
                                                               Elect Director
AXT, Inc.                      AXTI     00246W103    5/22/07   Leonard J. LeBlanc   M           Yes          For       For
                                                               Approve Omnibus
AXT, Inc.                      AXTI     00246W103    5/22/07   Stock Plan           M           Yes          For       For
AXT, Inc.                      AXTI     00246W103    5/22/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Vital Images, Inc.             VTAL     92846N104    5/22/07   Douglas M. Pihl      M           Yes          Withhold  For
                                                               Elect Director Jay
Vital Images, Inc.             VTAL     92846N104    5/22/07   D. Miller            M           Yes          For       For
                                                               Elect Director
                                                               James B. Hickey,
Vital Images, Inc.             VTAL     92846N104    5/22/07   Jr.                  M           Yes          For       For
                                                               Elect Director
Vital Images, Inc.             VTAL     92846N104    5/22/07   Gregory J. Peet      M           Yes          For       For
                                                               Elect Director
Vital Images, Inc.             VTAL     92846N104    5/22/07   Richard W. Perkins   M           Yes          For       For
                                                               Elect Director
                                                               Michael W.
Vital Images, Inc.             VTAL     92846N104    5/22/07   Vannier, M.D.        M           Yes          For       For
                                                               Elect Director
Vital Images, Inc.             VTAL     92846N104    5/22/07   Sven A. Wehrwein     M           Yes          For       For
                                                               Increase
                                                               Authorized Common
Vital Images, Inc.             VTAL     92846N104    5/22/07   Stock                M           Yes          For       For
Vital Images, Inc.             VTAL     92846N104    5/22/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Peets Coffee & Tea Inc         PEET     705560100    5/23/07   David Deno           M           Yes          For       For
                                                               Elect Director
Peets Coffee & Tea Inc         PEET     705560100    5/23/07   Michael Linton       M           Yes          For       For
                                                               Elect Director
                                                               Jean-Michael
Peets Coffee & Tea Inc         PEET     705560100    5/23/07   Valette              M           Yes          For       For
Peets Coffee & Tea Inc         PEET     705560100    5/23/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Color Kinetics Inc             CLRK     19624P100    5/23/07   Garo H. Armen        M           Yes          For       For
                                                               Elect Director
Color Kinetics Inc             CLRK     19624P100    5/23/07   William K. O'Brien   M           Yes          For       For
                                                               Elect Director
Luminex Corp                   LMNX     55027E102    5/24/07   Robert J. Cresci     M           Yes          For       For
                                                               Elect Director
Luminex Corp                   LMNX     55027E102    5/24/07   Thomas W. Erickson   M           Yes          For       For
                                                               Elect Director
Luminex Corp                   LMNX     55027E102    5/24/07   Gerard Vaillant      M           Yes          For       For
Luminex Corp                   LMNX     55027E102    5/24/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Vignette Corp.                 VIGN     926734401    5/25/07   Michael A. Aviles    M           Yes          For       For
                                                               Elect Director
Vignette Corp.                 VIGN     926734401    5/25/07   Michael D. Lambert   M           Yes          For       For
Vignette Corp.                 VIGN     926734401    5/25/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Volterra Semiconductor Corp    VLTR     928708106    5/30/07   Alan King            M           Yes          Withhold  For
                                                               Elect Director
Volterra Semiconductor Corp    VLTR     928708106    5/30/07   Jeffrey Staszak      M           Yes          For       For
                                                               Elect Director
Volterra Semiconductor Corp    VLTR     928708106    5/30/07   Edward Winn          M           Yes          For       For
                                                               Amend Non-Employee
                                                               Director Stock
Volterra Semiconductor Corp    VLTR     928708106    5/30/07   Option Plan          M           Yes          Against   For
Volterra Semiconductor Corp    VLTR     928708106    5/30/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director C.
PeopleSupport Inc              PSPT     712714302    5/30/07   Larry Bradford       M           Yes          For       For
                                                               Elect Director
PeopleSupport Inc              PSPT     712714302    5/30/07   Michael Edell        M           Yes          For       For
                                                               Elect Director
PeopleSupport Inc              PSPT     712714302    5/30/07   Lance Rosenzweig     M           Yes          For       For
PeopleSupport Inc              PSPT     712714302    5/30/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
                                                               William F. Miller,
HMS Holdings Corp.             HMSY     40425J101    5/31/07   III                  M           Yes          For       For
                                                               Elect Director
                                                               William S.
HMS Holdings Corp.             HMSY     40425J101    5/31/07   Mosakowski           M           Yes          For       For
                                                               Elect Director
HMS Holdings Corp.             HMSY     40425J101    5/31/07   William W. Neal      M           Yes          For       For
                                                               Elect Director
HMS Holdings Corp.             HMSY     40425J101    5/31/07   Ellen A. Rudnick     M           Yes          For       For
                                                               Elect Director
                                                               Michael A.
HMS Holdings Corp.             HMSY     40425J101    5/31/07   Stocker, M.D.        M           Yes          For       For
                                                               Elect Director
HMS Holdings Corp.             HMSY     40425J101    5/31/07   Richard H. Stowe     M           Yes          For       For
                                                               Amend Omnibus
HMS Holdings Corp.             HMSY     40425J101    5/31/07   Stock Plan           M           Yes          Against   For
HMS Holdings Corp.             HMSY     40425J101    5/31/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Sirenza Microdevices, Inc.     SMDI     82966T106    5/31/07   Robert Van Buskirk   M           Yes          For       For
                                                               Elect Director
Sirenza Microdevices, Inc.     SMDI     82966T106    5/31/07   Christopher Crespi   M           Yes          For       For
Sirenza Microdevices, Inc.     SMDI     82966T106    5/31/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
iGate Corporation              IGTE     45169U105    5/31/07   Ashok Trivedi        M           Yes          For       For
                                                               Elect Director
iGate Corporation              IGTE     45169U105    5/31/07   Edward Yourdon       M           Yes          For       For
                                                               Elect Director
iGate Corporation              IGTE     45169U105    5/31/07   Phaneesh Murthy      M           Yes          For       For
                                                               Elect Director
Callidus Software, Inc.        CALD     13123E500    6/5/07    George B. James      M           Yes          For       For
                                                               Elect Director
Callidus Software, Inc.        CALD     13123E500    6/5/07    David B. Pratt       M           Yes          For       For
                                                               Elect Director
                                                               Robert H.
Callidus Software, Inc.        CALD     13123E500    6/5/07    Youngjohns           M           Yes          For       For
Callidus Software, Inc.        CALD     13123E500    6/5/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Applix, Inc.                   APLX     038316105    6/7/07    Bradley D. Fire      M           Yes          For       For
                                                               Elect Director
Applix, Inc.                   APLX     038316105    6/7/07    John D. Loewenberg   M           Yes          For       For
                                                               Increase
                                                               Authorized Common
Applix, Inc.                   APLX     038316105    6/7/07    Stock                M           Yes          For       For
                                                               Amend Non-Employee
                                                               Director Omnibus
Applix, Inc.                   APLX     038316105    6/7/07    Stock Plan           M           Yes          Against   For
Applix, Inc.                   APLX     038316105    6/7/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Blackboard Inc                 BBBB     091935502    6/7/07    Frank Gatti          M           Yes          For       For
                                                               Elect Director
Blackboard Inc                 BBBB     091935502    6/7/07    Matthew Pittinsky    M           Yes          For       For
                                                               Elect Director
Blackboard Inc                 BBBB     091935502    6/7/07    Beth Kaplan          M           Yes          For       For
                                                               Amend Omnibus
Blackboard Inc                 BBBB     091935502    6/7/07    Stock Plan           M           Yes          For       For
Blackboard Inc                 BBBB     091935502    6/7/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Jeffrey Siegel       M           Yes          Withhold  For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Ronald Shiftan       M           Yes          Withhold  For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Craig Phillips       M           Yes          Withhold  For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Fiona Dias           M           Yes          For       For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Michael Jeary        M           Yes          For       For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Sheldon Misher       M           Yes          For       For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Cherrie Nanninga     M           Yes          For       For
                                                               Elect Director
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    William Westerfield  M           Yes          For       For
Lifetime Brands Inc            LCUT     53222Q103    6/7/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director A.
Illumina, Inc.                 ILMN     452327109    6/7/07    Blaine Bowman        M           Yes          For       For
                                                               Elect Director
Illumina, Inc.                 ILMN     452327109    6/7/07    Paul Grint, M.D.     M           Yes          For       For
                                                               Elect Director
                                                               Jack Goldstein,
Illumina, Inc.                 ILMN     452327109    6/7/07    Ph.D.                M           Yes          For       For
                                                               Elect Director
                                                               David R. Walt,
Illumina, Inc.                 ILMN     452327109    6/7/07    Ph.D.                M           Yes          For       For
                                                               Elect Director Roy
Illumina, Inc.                 ILMN     452327109    6/7/07    A. Whitfield         M           Yes          For       For
Illumina, Inc.                 ILMN     452327109    6/7/07    Ratify Auditors      M           Yes          For       For
                                                               Amend Omnibus
Illumina, Inc.                 ILMN     452327109    6/7/07    Stock Plan           M           Yes          Against   For
                                                               Elect Director
Taleo Corporation              TLEO     87424N104    6/7/07    Michael Gregoire     M           Yes          For       For
                                                               Elect Director
Taleo Corporation              TLEO     87424N104    6/7/07    Eric Herr            M           Yes          For       For
                                                               Elect Director
Taleo Corporation              TLEO     87424N104    6/7/07    Michael Tierney      M           Yes          For       For
Taleo Corporation              TLEO     87424N104    6/7/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director J.
Layne Christensen Co.          LAYN     521050104    6/7/07    Samuel Butler        M           Yes          For       For
                                                               Elect Director
Layne Christensen Co.          LAYN     521050104    6/7/07    Nelson Obus          M           Yes          For       For
                                                               Approve Stock
Layne Christensen Co.          LAYN     521050104    6/7/07    Option Plan          M           Yes          For       For
                                                               Company-Specific-
                                                               Spin-off of the
                                                               Water and
                                                               Wastewater
                                                               Infrastructure
Layne Christensen Co.          LAYN     521050104    6/7/07    Division             S           Yes          Against   Against
Layne Christensen Co.          LAYN     521050104    6/7/07    Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Conceptus, Inc.                CPTS     206016107    6/8/07    Mark M. Sieczkarek   M           Yes          For       For
                                                               Elect Director
Conceptus, Inc.                CPTS     206016107    6/8/07    Thomas F. Bonadio    M           Yes          For       For
Conceptus, Inc.                CPTS     206016107    6/8/07    Ratify Auditors      M           Yes          For       For
Interactive Intelligence,                                      Elect Director
Inc.                           ININ     45839M103    6/8/07    Mark E. Hill         M           Yes          For       For
Interactive Intelligence,                                      Elect Director
Inc.                           ININ     45839M103    6/8/07    Michael C. Heim      M           Yes          For       For
                                                               Elect Director
LivePerson Inc.                LPSN     538146101    6/12/07   Emmanuel Gill        M           Yes          For       For
                                                               Elect Director
LivePerson Inc.                LPSN     538146101    6/12/07   William G. Wesemann  M           Yes          For       For
LivePerson Inc.                LPSN     538146101    6/12/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Blackbaud  Inc                 BLKB     09227Q100    6/13/07   Marc E. Chardon      M           Yes          For       For
                                                               Elect Director
Blackbaud  Inc                 BLKB     09227Q100    6/13/07   John P. Mcconnell    M           Yes          For       For
Blackbaud  Inc                 BLKB     09227Q100    6/13/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Natus Medical Inc.             BABY     639050103    6/14/07   Robert A. Gunst      M           Yes          For       For
                                                               Elect Director
Natus Medical Inc.             BABY     639050103    6/14/07   James B. Hawkins     M           Yes          For       For
Natus Medical Inc.             BABY     639050103    6/14/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   Alan D. Bell         M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   David M. Brewer      M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   Herbert L. Brewer    M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   Peter L. Falb        M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   William I. Lee       M           Yes          Withhold  For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   Nigel J. Lovett      M           Yes          For       For
                                                               Elect Director
                                                               John Mark
Toreador Resources Corp.       TRGL     891050106    6/14/07   Mclaughlin           M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   Nicholas Rostow      M           Yes          For       For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   H.R. Sanders, Jr.    M           Yes          Withhold  For
                                                               Elect Director
Toreador Resources Corp.       TRGL     891050106    6/14/07   H.C. Williamson III  M           Yes          For       For
Toreador Resources Corp.       TRGL     891050106    6/14/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Guess?, Inc.                   GES      401617105    6/18/07   Paul Marciano        M           Yes          For       For
                                                               Elect Director
Guess?, Inc.                   GES      401617105    6/18/07   Anthony Chidoni      M           Yes          For       For
                                                               Elect Director
Guess?, Inc.                   GES      401617105    6/18/07   Judith Blumenthal    M           Yes          For       For
Guess?, Inc.                   GES      401617105    6/18/07   Ratify Auditors      M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    6/26/07   John T. McDonald     M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    6/26/07   Ralph C. Derrickson  M           Yes          For       For
                                                               Elect Director Max
Perficient, Inc.               PRFT     71375U101    6/26/07   D. Hopper            M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    6/26/07   Kenneth R. Johnsen   M           Yes          For       For
                                                               Elect Director
Perficient, Inc.               PRFT     71375U101    6/26/07   David S. Lundeen     M           Yes          For       For
                                                               Approve Executive
                                                               Incentive Bonus
Perficient, Inc.               PRFT     71375U101    6/26/07   Plan                 M           Yes          For       For





Fund:  Principal Variable Contracts Fund, Inc. - SmallCap Growth Account
Sub-Advisor:  Emerald Advisors, Inc.

                                           
- ------------------------------- ------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --

BIO-REFERENCE LABORATORIES, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     09057G602                               Meeting Type                 Annual
Ticker Symbol                BRLI                                    Meeting Date                 20-Jul-2006
ISIN                                                                 Agenda                       932557169 - Management
- ---------------------------------------------- ----------------------------------------- ---- --------------------------- --- ------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOSEPH                                                                  Withheld    Against
                      BENINCASA
              2       GARY                                                                    Withheld    Against
                      LEDERMAN
              3       JOHN                                                                    Withheld    Against
                      ROGLIERI
02            Transact Other Business          Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2100         6400         29-Jun-2006                29-Jun-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

AIRGAS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     009363102                               Meeting Type                 Annual
Ticker Symbol                ARG                                     Meeting Date                 09-Aug-2006
ISIN                                                                 Agenda                       932563198 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JAMES W.                                                                Withheld    Against
                      HOVEY
              2       PAULA A.                                                                Withheld    Against
                      SNEED
              3       DAVID M.                                                                Withheld    Against
                      STOUT
02            Adopt Incentive Stock Option     Management                                     For         For
              Plan
03            Amend Stock Purchase Plan        Management                                     For         For
04            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    18900        0            14-Jul-2006                14-Jul-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ICONIX BRAND GROUP,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     451055107                               Meeting Type                 Annual
Ticker Symbol                ICON                                    Meeting Date                 17-Aug-2006
ISIN                                                                 Agenda                       932569342 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       NEIL                                                                    For         For
                      COLE
              2       BARRY                                                                   For         For
                      EMMANUEL
              3       STEVEN                                                                  For         For
                      MENDELOW
              4       MICHAEL                                                                 For         For
                      CARUSO
              5       MICHAEL                                                                 For         For
                      GROVEMAN
              6       DREW                                                                    For         For
                      COHEN
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
04            Transact Other Business          Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12500        8000         01-Aug-2006                01-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ANSOFT CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     036384105                               Meeting Type                 Annual
Ticker Symbol                ANST                                    Meeting Date                 06-Sep-2006
ISIN                                                                 Agenda                       932571121 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       NICHOLAS                                                                For         For
                      CSENDES
              2       ZOLTAN J. CENDES,                                                       For         For
                      PH.D.
              3       PAUL J. QUAST                                                           For         For

              4       PETER                                                                   For         For
                      ROBBINS
              5       JOHN N.                                                                 For         For
                      WHELIHAN
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    6984         2216         07-Aug-2006                07-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

DIAMONDCLUSTER
INTERNATIONAL, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     25278P106                               Meeting Type                 Annual
Ticker Symbol                DTPI                                    Meeting Date                 12-Sep-2006
ISIN                                                                 Agenda                       932570268 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DONALD R.                                                               Withheld    Against
                      CALDWELL
              2       SAMUEL K.                                                               Withheld    Against
                      SKINNER
              3       ALAN C.                                                                 Withheld    Against
                      KAY
              4       ARNOLD R.                                                               Withheld    Against
                      WEBER
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    16800        0            07-Aug-2006                07-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

LIONS GATE
ENTERTAINMENT CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     535919203                               Meeting Type                 Annual
Ticker Symbol                LGF                                     Meeting Date                 12-Sep-2006
ISIN                                                                 Agenda                       932571145 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------ ------------
Item          Proposal                         Type                                           Vote         For/Against
                                                                                                           Management
- ---------------------------------------------- ----------------------------------------- ---- ------------ ------------
01            Election Of Directors            Management
              1       NORMAN                                                                  For          For
                      BACAL
              2       MICHAEL                                                                 For          For
                      BURNS
              3       ARTHUR                                                                  For          For
                      EVRENSEL
              4       JON                                                                     For          For
                      FELTHEIMER
              5       MORLEY                                                                  For          For
                      KOFFMAN
              6       HARALD                                                                  For          For
                      LUDWIG
              7       LAURIE                                                                  For          For
                      MAY
              8       G. SCOTT                                                                For          For
                      PATERSON
              9       DARYL SIMM                                                              For          For

              10      HARDWICK                                                                For          For
                      SIMMONS
              11      BRIAN V.                                                                For          For
                      TOBIN
02            Appoint Auditors                 Management                                     For          For
03            Amend Incentive Stock Option     Management                                     For          For
              Plan To Increase Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5427         5373         31-Aug-2006                31-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

OPNET TECHNOLOGIES,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     683757108                               Meeting Type                 Annual
Ticker Symbol                OPNT                                    Meeting Date                 12-Sep-2006
ISIN                                                                 Agenda                       932575573 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MARC A.                                                                 Withheld    Against
                      COHEN
              2       WILLIAM F.                                                              Withheld    Against
                      STASIOR
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    13600        0            22-Aug-2006                22-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

AMERICAN SCIENCE AND
ENGINEERING, IN
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     029429107                               Meeting Type                 Annual
Ticker Symbol                ASEI                                    Meeting Date                 14-Sep-2006
ISIN                                                                 Agenda                       932574709 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ANTHONY R.                                                              For         For
                      FABIANO
              2       DENIS R.                                                                For         For
                      BROWN
              3       ROGER P.                                                                For         For
                      HEINISCH
              4       HAMILTON W.                                                             For         For
                      HELMER
              5       ERNEST J.                                                               For         For
                      MONIZ
              6       WILLIAM E.                                                              For         For
                      ODOM
              7       MARK S.                                                                 For         For
                      THOMPSON
              8       CARL W.                                                                 For         For
                      VOGT
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            2000         22-Aug-2006                22-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SMITH & WESSON HOLDING
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     831756101                               Meeting Type                 Annual
Ticker Symbol                SWHC                                    Meeting Date                 18-Sep-2006
ISIN                                                                 Agenda                       932575193 - Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
01            Election Of Directors            Management
              1       BARRY M.                                                                For         For
                      MONHEIT
              2       ROBERT L.                                                               For         For
                      SCOTT
              3       MICHAEL F.                                                              For         For
                      GOLDEN
              4       JEFFREY D.                                                              For         For
                      BUCHANAN
              5       JOHN B.                                                                 For         For
                      FURMAN
              6       COLTON R.                                                               For         For
                      MELBY
              7       MITCHELL A.                                                             For         For
                      SALTZ
              8       DAVID M.                                                                For         For
                      STONE
              9       I. MARIE                                                                For         For
                      WADECKI
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            25600        22-Aug-2006                22-Aug-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

MRO SOFTWARE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     55347W105                               Meeting Type                 Special
Ticker Symbol                MROI                                    Meeting Date                 18-Sep-2006
ISIN                                                                 Agenda                       932579937 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Merger Agreement         Management                                     For         For
02            Approve Motion To Adjourn        Management                                     For         For
              Meeting
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    15611        0            08-Sep-2006                08-Sep-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

FINISAR CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     31787A101                               Meeting Type                 Annual
Ticker Symbol                FNSR                                    Meeting Date                 28-Sep-2006
ISIN                                                                 Agenda                       932578656 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ROGER C.                                                                Withheld    Against
                      FERGUSON
              2       LARRY D.                                                                Withheld    Against
                      MITCHELL
02            Approve Reverse Stock Split      Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12600        55900        08-Sep-2006                08-Sep-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

VIASAT, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     92552V100                               Meeting Type                 Annual
Ticker Symbol                VSAT                                    Meeting Date                 04-Oct-2006
ISIN                                                                 Agenda                       932580257 - Management
- ---------------------------------------------- ----------------------------------------- ---- --------------------------- --- ------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DR. ROBERT                                                              Withheld    Against
                      JOHNSON
              2       JOHN P.                                                                 Withheld    Against
                      STENBIT
02            Amend Stock Compensation Plan    Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    7700         0            12-Sep-2006                12-Sep-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

KENNAMETAL INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     489170100                               Meeting Type                 Annual
Ticker Symbol                KMT                                     Meeting Date                 24-Oct-2006
ISIN                                                                 Agenda                       932587768 - Management
- ---------------------------------------------- ----------------------------------------- ---- --------------------------- --- ------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
I             Election Of Directors            Management
              1       RONALD M.                                                               Withheld    Against
                      DEFEO
              2       PHILIP A.                                                               Withheld    Against
                      DUR
              3       WILLIAM R.                                                              Withheld    Against
                      NEWLIN
              4       L.W.                                                                    Withheld    Against
                      STRANGHOENER
II            Approve Authorized Common        Management                                     Against     Against
              Stock Increase
III           Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5200         0            03-Oct-2006                03-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

DIGENE CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     253752109                               Meeting Type                 Annual
Ticker Symbol                DIGE                                    Meeting Date                 25-Oct-2006
ISIN                                                                 Agenda                       932590690 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOHN H.                                                                 Withheld    Against
                      LANDON
              2       KENNETH R.                                                              Withheld    Against
                      WEISSHAAR
02            Amend Director Stock Option      Management                                     For         For
              Plan
03            Amend Stock Compensation Plan    Management                                     For         For
04            Amend Stock Compensation Plan    Management                                     For         For
05            Miscellaneous Corporate          Management                                     For         For
              Governance
06            Miscellaneous Corporate          Management                                     For         For
              Governance
07            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5590         310          18-Oct-2006                18-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

CROCS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     227046109                               Meeting Type                 Annual
Ticker Symbol                CROX                                    Meeting Date                 30-Oct-2006
ISIN                                                                 Agenda                       932592050 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       RONALD L.                                                               Withheld    Against
                      FRASCH
              2       MARIE                                                                   Withheld    Against
                      HOLMAN-RAO
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    6283         6517         16-Oct-2006                16-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

24/7 REAL MEDIA, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     901314203                               Meeting Type                 Annual
Ticker Symbol                TFSM                                    Meeting Date                 31-Oct-2006
ISIN                                                                 Agenda                       932588619 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MR. ROBERT                                                              Withheld    Against
                      PERKINS
              2       MR. BRIAN                                                               Withheld    Against
                      SILVA
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Transact Other Business          Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    28413        0            03-Oct-2006                03-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

II-VI INCORPORATED
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     902104108                               Meeting Type                 Annual
Ticker Symbol                IIVI                                    Meeting Date                 03-Nov-2006
ISIN                                                                 Agenda                       932589356 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DUNCAN A.J.                                                             Withheld    Against
                      MORRISON
              2       MARC Y.E.                                                               Withheld    Against
                      PELAEZ
              3       WENDY F.                                                                Withheld    Against
                      DICICCO
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    14009        4312         04-Oct-2006                04-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

CACHE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     127150308                               Meeting Type                 Annual
Ticker Symbol                CACH                                    Meeting Date                 08-Nov-2006
ISIN                                                                 Agenda                       932592048 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ANDREW M.                                                               For         For
                      SAUL
              2       BRIAN                                                                   For         For
                      WOOLF
              3       GENE G.                                                                 For         For
                      GAGE
              4       ARTHUR S.                                                               For         For
                      MINTZ
              5       MORTON J.                                                               For         For
                      SCHRADER
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    11100        0            16-Oct-2006                16-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

OPLINK COMMUNICATIONS,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     68375Q403                               Meeting Type                 Annual
Ticker Symbol                OPLK                                    Meeting Date                 08-Nov-2006
ISIN                                                                 Agenda                       932593038 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JESSE W.                                                                Withheld    Against
                      JACK
              2       LEONARD J.                                                              Withheld    Against
                      LEBLANC
02            Ratify Appointment Of            Management                                     Against     Against
              Independent Auditors
03            Authorize Stock Decrease         Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12100        0            18-Oct-2006                18-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

MSYSTEMS LTD.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     M7061C100                               Meeting Type                 Special
Ticker Symbol                FLSH                                    Meeting Date                 08-Nov-2006
ISIN                                                                 Agenda                       932593305 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Merger Agreement         Management                                     For         For
02            Authorize Payment Of             Management                                     For         For
              Directors' Fees
03            Authorize Payment Of             Management                                     For         For
              Directors' Fees
04            Authorize Payment Of             Management                                     Against     Against
              Directors' Fees
05            Authorize Payment Of             Management                                     Against     Against
              Directors' Fees
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5800         0            18-Oct-2006                18-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

RESMED INC
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     761152107                               Meeting Type                 Annual
Ticker Symbol                RMD                                     Meeting Date                 09-Nov-2006
ISIN                                                                 Agenda                       932591197 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       PETER                                                                   Withheld    Against
                      FARRELL
              2       GARY                                                                    Withheld    Against
                      PACE
              3       RONALD                                                                  Withheld    Against
                      TAYLOR
02            Approve Option Grants            Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    1500         0            16-Oct-2006                16-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

KFX INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     48245L107                               Meeting Type                 Special
Ticker Symbol                                                        Meeting Date                 09-Nov-2006
ISIN                                                                 Agenda                       932594648 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Company Name Change      Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            12300        18-Oct-2006                18-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

MICRUS ENDOVASCULAR
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     59518V102                               Meeting Type                 Annual
Ticker Symbol                MEND                                    Meeting Date                 14-Nov-2006
ISIN                                                                 Agenda                       932594989 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MICHAEL L.                                                              Withheld    Against
                      EAGLE
              2       FRED                                                                    Withheld    Against
                      HOLUBOW
              3       GREGORY H.                                                              Withheld    Against
                      WOLF
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9800         0            20-Oct-2006                20-Oct-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

JLG INDUSTRIES, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     466210101                               Meeting Type                 Special
Ticker Symbol                JLG                                     Meeting Date                 04-Dec-2006
ISIN                                                                 Agenda                       932604122 - Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
01            Approve Merger Agreement         Management                                     For         For
02            Approve Motion To Adjourn        Management                                     For         For
              Meeting
03            Transact Other Business          Management                                     Against     Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5300         0            16-Nov-2006                16-Nov-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

THERMOGENESIS CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     883623209                               Meeting Type                 Annual
Ticker Symbol                KOOL                                    Meeting Date                 11-Dec-2006
ISIN                                                                 Agenda                       932600744 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       PHILIP H.                                                               For         For
                      COELHO
              2       GEORGE J.                                                               For         For
                      BARRY
              3       HUBERT E. HUCKEL,                                                       For         For
                      M.D.
              4       PATRICK                                                                 For         For
                      MCENANY
              5       WOODROW A. MYERS,                                                       For         For
                      M.D.
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    15987        5213         14-Nov-2006                14-Nov-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

PROSPERITY BANCSHARES,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     743606105                               Meeting Type                 Special
Ticker Symbol                PRSP                                    Meeting Date                 13-Dec-2006
ISIN                                                                 Agenda                       932605023 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Reorganization Plan      Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9800         0            16-Nov-2006                16-Nov-2006
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ANALOGIC CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     032657207                               Meeting Type                 Annual
Ticker Symbol                ALOG                                    Meeting Date                 29-Jan-2007
ISIN                                                                 Agenda                       932618501 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       BERNARD M.                                                              Withheld    Against
                      GORDON
              2       JOHN A.                                                                 Withheld    Against
                      TARELLO
02            Approve Stock Compensation Plan  Management                                     For         For
03            Adopt Restricted Stock Award     Management                                     For         For
              Plan
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3028         0            05-Jan-2007                05-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

RITA MEDICAL SYSTEMS,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     76774E103                               Meeting Type                 Special
Ticker Symbol                RITA                                    Meeting Date                 29-Jan-2007
ISIN                                                                 Agenda                       932619464 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Merger Agreement         Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            16400        09-Jan-2007                09-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ESCO TECHNOLOGIES INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     296315104                               Meeting Type                 Annual
Ticker Symbol                ESE                                     Meeting Date                 02-Feb-2007
ISIN                                                                 Agenda                       932617030 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       V.L RICHEY,                                                             Withheld    Against
                      JR.
              2       J.M.                                                                    Withheld    Against
                      STOLZE
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    8900         0            04-Jan-2007                04-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

VARIAN SEMICONDUCTOR
EQUIP. ASSOC.,
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     922207105                               Meeting Type                 Annual
Ticker Symbol                VSEA                                    Meeting Date                 05-Feb-2007
ISIN                                                                 Agenda                       932618450 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       XUN (ERIC)                                                              Withheld    Against
                      CHEN
              2       DENNIS G.                                                               Withheld    Against
                      SCHMAL
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3550         0            08-Jan-2007                08-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

DIGITAL INSIGHT
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     25385P106                               Meeting Type                 Special
Ticker Symbol                DGIN                                    Meeting Date                 06-Feb-2007
ISIN                                                                 Agenda                       932621712 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Merger Agreement         Management                                     For         For
02            Approve Motion To Adjourn        Management                                     For         For
              Meeting
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    11802        0            17-Jan-2007                17-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ATWOOD OCEANICS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     050095108                               Meeting Type                 Annual
Ticker Symbol                ATW                                     Meeting Date                 08-Feb-2007
ISIN                                                                 Agenda                       932623538 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DEBORAH A.                                                              For         For
                      BECK
              2       GEORGE S.                                                               For         For
                      DOTSON
              3       JOHN R.                                                                 For         For
                      IRWIN
              4       ROBERT W.                                                               For         For
                      BURGESS
              5       HANS                                                                    For         For
                      HELMERICH
              6       JAMES R.                                                                For         For
                      MONTAGUE
              7       WILLIAM J.                                                              For         For
                      MORRISSEY
02            Approve Stock Compensation Plan  Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2700         0            22-Jan-2007                22-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

INTERNAP NETWORK
SERVICES CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     45885A300                               Meeting Type                 Special
Ticker Symbol                INAP                                    Meeting Date                 20-Feb-2007
ISIN                                                                 Agenda                       932623956 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Merger Agreement         Management                                     For         For
02            Approve Motion To Adjourn        Management                                     For         For
              Meeting
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2600         9690         30-Jan-2007                30-Jan-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

HOLOGIC, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     436440101                               Meeting Type                 Annual
Ticker Symbol                HOLX                                    Meeting Date                 06-Mar-2007
ISIN                                                                 Agenda                       932626887 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOHN W.                                                                 For         For
                      CUMMING
              2       LAURIE L.                                                               For         For
                      FAJARDO
              3       IRWIN                                                                   For         For
                      JACOBS
              4       DAVID R. LAVANCE,                                                       For         For
                      JR.
              5       NANCY L.                                                                For         For
                      LEAMING
              6       ARTHUR G.                                                               For         For
                      LERNER
              7       LAWRENCE M.                                                             For         For
                      LEVY
              8       GLENN P.                                                                For         For
                      MUIR
              9       JAY A.                                                                  For         For
                      STEIN
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            5200         05-Feb-2007                05-Feb-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SEMITOOL, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     816909105                               Meeting Type                 Annual
Ticker Symbol                SMTL                                    Meeting Date                 09-Mar-2007
ISIN                                                                 Agenda                       932632614 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       RAYMON F.                                                               For         For
                      THOMPSON
              2       HOWARD E.                                                               For         For
                      BATEMAN
              3       DONALD P. BAUMANN                                                       For         For

              4       C. RICHARD                                                              For         For
                      DEININGER
              5       TIMOTHY C.                                                              For         For
                      DODKIN
              6       DANIEL J.                                                               For         For
                      EIGEMAN
              7       CHARLES P.                                                              For         For
                      GRENIER
              8       STEVEN C.                                                               For         For
                      STAHLBERG
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    11614        0            23-Feb-2007                23-Feb-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SHUFFLE MASTER, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     825549108                               Meeting Type                 Annual
Ticker Symbol                SHFL                                    Meeting Date                 14-Mar-2007
ISIN                                                                 Agenda                       932630278 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MARK L.                                                                 Withheld    Against
                      YOSELOFF
              2       GARRY W.                                                                Withheld    Against
                      SAUNDERS
              3       LOUIS                                                                   Withheld    Against
                      CASTLE
              4       TODD                                                                    Withheld    Against
                      JORDAN
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            16100        16-Feb-2007                16-Feb-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

PROSPERITY BANCSHARES,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     743606105                               Meeting Type                 Annual
Ticker Symbol                PRSP                                    Meeting Date                 17-Apr-2007
ISIN                                                                 Agenda                       932646637 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       LEAH                                                                    Withheld    Against
                      HENDERSON*
              2       NED S.                                                                  Withheld    Against
                      HOLMES*
              3       TRACY T.                                                                Withheld    Against
                      RUDOLPH*
              4       DAVID                                                                   Withheld    Against
                      ZALMAN*
              5       JAMES D. ROLLINS                                                        Withheld    Against
                      III**
              6       L. DON                                                                  Withheld    Against
                      STRICKLIN***
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    11500        0            26-Mar-2007                26-Mar-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

TIBCO SOFTWARE INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     88632Q103                               Meeting Type                 Annual
Ticker Symbol                TIBX                                    Meeting Date                 18-Apr-2007
ISIN                                                                 Agenda                       932641586 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       VIVEK Y.                                                                For         For
                      RANADIVE
              2       BERNARD J.                                                              For         For
                      BOURIGEAUD
              3       ERIC C.W.                                                               For         For
                      DUNN
              4       NARENDRA K.                                                             For         For
                      GUPTA
              5       PETER J.                                                                For         For
                      JOB
              6       PHILIP K.                                                               For         For
                      WOOD
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    34000        0            23-Mar-2007                23-Mar-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

UNITED COMMUNITY
BANKS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     90984P105                               Meeting Type                 Annual
Ticker Symbol                UCBI                                    Meeting Date                 25-Apr-2007
ISIN                                                                 Agenda                       932652161 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JIMMY C.                                                                For         For
                      TALLENT
              2       ROBERT H.                                                               For         For
                      BLALOCK
              3       HOYT O.                                                                 For         For
                      HOLLOWAY
              4       ROBERT L. HEAD,                                                         For         For
                      JR.
              5       GUY W.                                                                  For         For
                      FREEMAN
              6       CLARENCE W. MASON,                                                      For         For
                      SR.
              7       W.C. NELSON,                                                            For         For
                      JR.
              8       THOMAS C.                                                               For         For
                      GILLILAND
              9       TIM WALLIS                                                              For         For

              10      A. WILLIAM                                                              For         For
                      BENNETT
              11      CHARLES E.                                                              For         For
                      HILL
02            Amend Stock Compensation Plan    Management                                     For         For
03            Approve Cash/Stock Bonus Plan    Management                                     For         For
04            Transact Other Business          Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    4443         0            03-Apr-2007                03-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

VIRGINIA COMMERCE
BANCORP, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     92778Q109                               Meeting Type                 Annual
Ticker Symbol                VCBI                                    Meeting Date                 25-Apr-2007
ISIN                                                                 Agenda                       932652589 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       LEONARD                                                                 For         For
                      ADLER
              2       MICHAEL G.                                                              For         For
                      ANZILOTTI
              3       PETER A.                                                                For         For
                      CONVERSE
              4       W. DOUGLAS                                                              For         For
                      FISHER
              5       DAVID M.                                                                For         For
                      GUERNSEY
              6       ROBERT H.                                                               For         For
                      L'HOMMEDIEU
              7       NORRIS E.                                                               For         For
                      MITCHELL
              8       ARTHUR L.                                                               For         For
                      WALTERS
02            Amend Stock Compensation Plan    Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    400          6500         03-Apr-2007                03-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SVB FINANCIAL GROUP
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     78486Q101                               Meeting Type                 Annual
Ticker Symbol                SIVB                                    Meeting Date                 26-Apr-2007
ISIN                                                                 Agenda                       932652224 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ERIC A.                                                                 For         For
                      BENHAMOU
              2       DAVID M.                                                                For         For
                      CLAPPER
              3       ROGER F.                                                                For         For
                      DUNBAR
              4       JOEL P.                                                                 For         For
                      FRIEDMAN
              5       G. FELDA                                                                For         For
                      HARDYMON
              6       ALEX W. "PETE"                                                          For         For
                      HART
              7       C. RICHARD                                                              For         For
                      KRAMLICH
              8       JAMES R.                                                                For         For
                      PORTER
              9       MICHAELA K.                                                             For         For
                      RODENO
              10      KENNETH P.                                                              For         For
                      WILCOX
              11      KYUNG H.                                                                For         For
                      YOON
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            3000         03-Apr-2007                03-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SPSS INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     78462K102                               Meeting Type                 Annual
Ticker Symbol                SPSS                                    Meeting Date                 26-Apr-2007
ISIN                                                                 Agenda                       932655941 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MERRITT                                                                 Withheld    Against
                      LUTZ
              2       MICHAEL E.                                                              Withheld    Against
                      LAVIN
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12500        0            09-Apr-2007                09-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

NUTRISYSTEM, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     67069D108                               Meeting Type                 Annual
Ticker Symbol                NTRI                                    Meeting Date                 01-May-2007
ISIN                                                                 Agenda                       932655585 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       IAN J.                                                                  For         For
                      BERG
              2       ROBERT F.                                                               For         For
                      BERNSTOCK
              3       MICHAEL A.                                                              For         For
                      DIPIANO
              4       MICHAEL J.                                                              For         For
                      HAGAN
              5       WARREN V.                                                               For         For
                      MUSSER
              6       BRIAN P.                                                                For         For
                      TIERNEY
              7       STEPHEN T.                                                              For         For
                      ZARRILLI
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            12700        03-Apr-2007                03-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ALLEGHENY TECHNOLOGIES
INCORPORATED
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     01741R102                               Meeting Type                 Annual
Ticker Symbol                ATI                                     Meeting Date                 02-May-2007
ISIN                                                                 Agenda                       932646485 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
A             Election Of Directors            Management
              1       H. KENT                                                                 Withheld    Against
                      BOWEN
              2       L. PATRICK                                                              Withheld    Against
                      HASSEY
              3       JOHN D.                                                                 Withheld    Against
                      TURNER
B             Approve Stock Compensation Plan  Management                                     For         For
C             Ratify Appointment Of            Management                                     For         For
              Independent Auditors
D             S/H Proposal - Environmental     Shareholder                                    For         Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3600         0            26-Mar-2007                26-Mar-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

FAIRCHILD SEMI-
CONDUCTOR INTL., INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     303726103                               Meeting Type                 Annual
Ticker Symbol                FCS                                     Meeting Date                 02-May-2007
ISIN                                                                 Agenda                       932655408 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       RICHARD A. AURELIO                                                      For         For
              2       CHARLES P. CARINALLI                                                    For         For
              3       ROBERT F. FRIEL                                                         For         For
              4       THOMAS L. MAGNANTI                                                      For         For
              5       KEVIN J. MCGARITY                                                       For         For
              6       BRYAN R. ROUB                                                           For         For
              7       RONALD W. SHELLY                                                        For         For
              8       WILLIAM N. STOUT                                                        For         For
              9       MARK S. THOMPSON                                                        For         For
02            Adopt Stock Option Plan          Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3700         0            03-Apr-2007                03-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

LADISH CO., INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     505754200                               Meeting Type                 Annual
Ticker Symbol                LDSH                                    Meeting Date                 02-May-2007
ISIN                                                                 Agenda                       932667326 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       LAWRENCE W.                                                             For         For
                      BIANCHI
              2       JAMES C.                                                                For         For
                      HILL
              3       LEON A. KRANZ                                                           For         For

              4       J. ROBERT                                                               For         For
                      PEART
              5       JOHN W.                                                                 For         For
                      SPLUDE
              6       KERRY L.                                                                For         For
                      WOODY
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9200         0            12-Apr-2007                12-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SIRF TECHNOLOGY
HOLDINGS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     82967H101                               Meeting Type                 Annual
Ticker Symbol                SIRF                                    Meeting Date                 03-May-2007
ISIN                                                                 Agenda                       932657717 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DIOSDADO P.                                                             Withheld    Against
                      BANATAO
              2       MICHAEL L.                                                              Withheld    Against
                      CANNING
              3       KANWAR                                                                  Withheld    Against
                      CHADHA
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    606          7094         09-Apr-2007                09-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

J2 GLOBAL
COMMUNICATIONS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     46626E205                               Meeting Type                 Annual
Ticker Symbol                JCOM                                    Meeting Date                 03-May-2007
ISIN                                                                 Agenda                       932665497 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DOUGLAS Y.                                                              For         For
                      BECH
              2       ROBERT J.                                                               For         For
                      CRESCI
              3       JOHN F.                                                                 For         For
                      RIELEY
              4       RICHARD S.                                                              For         For
                      RESSLER
              5       MICHAEL P.                                                              For         For
                      SCHULHOF
02            Adopt Stock Option Plan          Management                                     For         For
03            Transact Other Business          Management                                     Abstain     Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    1301         3899         10-Apr-2007                10-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

MARVEL ENTERTAINMENT,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     57383T103                               Meeting Type                 Annual
Ticker Symbol                MVL                                     Meeting Date                 08-May-2007
ISIN                                                                 Agenda                       932664356 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MORTON E.                                                               Withheld    Against
                      HANDEL
              2       ISAAC                                                                   Withheld    Against
                      PERLMUTTER
              3       F. PETER                                                                Withheld    Against
                      CUNEO
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            13900        10-Apr-2007                10-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

KENEXA CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     488879107                               Meeting Type                 Annual
Ticker Symbol                KNXA                                    Meeting Date                 08-May-2007
ISIN                                                                 Agenda                       932664685 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOSEPH A.                                                               Withheld    Against
                      KONEN*
              2       RICHARD J.                                                              Withheld    Against
                      PINOLA*
              3       REBECCA J.                                                              Withheld    Against
                      MADDOX**
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    14600        0            10-Apr-2007                10-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

PINNACLE
ENTERTAINMENT, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     723456109                               Meeting Type                 Annual
Ticker Symbol                PNK                                     Meeting Date                 08-May-2007
ISIN                                                                 Agenda                       932678557 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DANIEL R.                                                               For         For
                      LEE
              2       JOHN V.                                                                 For         For
                      GIOVENCO
              3       RICHARD J.                                                              For         For
                      GOEGLEIN
              4       ELLIS                                                                   For         For
                      LANDAU
              5       BRUCE A.                                                                For         For
                      LESLIE
              6       JAMES L.                                                                For         For
                      MARTINEAU
              7       MICHAEL                                                                 For         For
                      ORNEST
              8       LYNN P.                                                                 For         For
                      REITNOUER
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3500         0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

VIASYS HEALTHCARE INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     92553Q209                               Meeting Type                 Annual
Ticker Symbol                VAS                                     Meeting Date                 10-May-2007
ISIN                                                                 Agenda                       932675020 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       RANDY H.                                                                For         For
                      THURMAN
              2       RONALD A.                                                               For         For
                      AHRENS
              3       SANDER A.                                                               For         For
                      FLAUM
              4       KIRK E.                                                                 For         For
                      GORMAN
              5       THOMAS W.                                                               For         For
                      HOFMANN
              6       FRED B. PARKS,                                                          For         For
                      PH.D.
              7       REBECCA W.                                                              For         For
                      RIMEL
              8       ELLIOT J. SUSSMAN,                                                      For         For
                      M.D.
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9100         0            18-Apr-2007                18-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

99 CENTS ONLY STORES
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     65440K106                               Meeting Type                 Annual
Ticker Symbol                NDN                                     Meeting Date                 11-May-2007
ISIN                                                                 Agenda                       932693004 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ERIC SCHIFFER                                                           For         For
              2       LAWRENCE GLASCOTT                                                       For         For
              3       DAVID GOLD                                                              For         For
              4       JEFF GOLD                                                               For         For
              5       MARVIN HOLEN                                                            For         For
              6       HOWARD GOLD                                                             For         For
              7       ERIC G. FLAMHOLTZ                                                       For         For
              8       JENNIFER HOLDEN DUNBAR                                                  For         For
              9       PETER WOO                                                               For         For
02            S/H Proposal - Rescind Or        Shareholder                                    For         Against
              Allow Shareholder To Ratify
              Poison Pill
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    700          5700         30-Apr-2007                30-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

TEXAS CAPITAL
BANCSHARES, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     88224Q107                               Meeting Type                 Annual
Ticker Symbol                TCBI                                    Meeting Date                 15-May-2007
ISIN                                                                 Agenda                       932678824 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       PETER B.                                                                For         For
                      BARTHOLOW
              2       LEO F. CORRIGAN                                                         For         For
                      III
              3       JOSEPH M.                                                               For         For
                      GRANT
              4       FREDERICK B. HEGI,                                                      For         For
                      JR
              5       LARRY L.                                                                For         For
                      HELM
              6       J.R. HOLLAND,                                                           For         For
                      JR.
              7       GEORGE F. JONES,                                                        For         For
                      JR.
              8       W W "BO" MCALLISTER                                                     For         For
                      III
              9       LEE ROY                                                                 For         For
                      MITCHELL
              10      STEVEN P.                                                               For         For
                      ROSENBERG
              11      JOHN C.                                                                 For         For
                      SNYDER
              12      ROBERT W.                                                               For         For
                      STALLINGS
              13      IAN J.                                                                  For         For
                      TURPIN
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9400         0            18-Apr-2007                18-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

THE ULTIMATE SOFTWARE
GROUP, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     90385D107                               Meeting Type                 Annual
Ticker Symbol                ULTI                                    Meeting Date                 15-May-2007
ISIN                                                                 Agenda                       932680641 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       SCOTT SCHERR                                                            Withheld    Against

              2       ALOIS T.                                                                Withheld    Against
                      LEITER
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    14800        0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

PSYCHIATRIC SOLUTIONS,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     74439H108                               Meeting Type                 Annual
Ticker Symbol                PSYS                                    Meeting Date                 15-May-2007
ISIN                                                                 Agenda                       932685211 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       W.F. CARPENTER                                                          Withheld    Against
                      III
              2       MARK P.                                                                 Withheld    Against
                      CLEIN
              3       RICHARD D.                                                              Withheld    Against
                      GORE
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    23298        0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ANSYS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     03662Q105                               Meeting Type                 Annual
Ticker Symbol                ANSS                                    Meeting Date                 16-May-2007
ISIN                                                                 Agenda                       932669863 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JACQUELINE C.                                                           Withheld    Against
                      MORBY
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9587         2013         12-Apr-2007                12-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

WABTEC CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     929740108                               Meeting Type                 Annual
Ticker Symbol                WAB                                     Meeting Date                 16-May-2007
ISIN                                                                 Agenda                       932685449 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ROBERT J.                                                               Withheld    Against
                      BROOKS
              2       WILLIAM E.                                                              Withheld    Against
                      KASSLING
              3       ALBERT J.                                                               Withheld    Against
                      NEUPAVER
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    17400        0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

INVERNESS MEDICAL
INNOVATIONS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     46126P106                               Meeting Type                 Annual
Ticker Symbol                IMA                                     Meeting Date                 17-May-2007
ISIN                                                                 Agenda                       932673088 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ROBERT P.                                                               Withheld    Against
                      KHEDERIAN*
              2       DAVID SCOTT,                                                            Withheld    Against
                      PH.D.*
              3       PETER                                                                   Withheld    Against
                      TOWNSEND*
02            Amend Stock Compensation Plan    Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2700         3900         18-Apr-2007                18-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

FEI COMPANY
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     30241L109                               Meeting Type                 Annual
Ticker Symbol                FEIC                                    Meeting Date                 17-May-2007
ISIN                                                                 Agenda                       932682328 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MICHAEL J.                                                              For         For
                      ATTARDO
              2       LAWRENCE A.                                                             For         For
                      BOCK
              3       WILFRED J.                                                              For         For
                      CORRIGAN
              4       DON R.                                                                  For         For
                      KANIA
              5       THOMAS F. KELLY                                                         For         For

              6       WILLIAM W.                                                              For         For
                      LATTIN
              7       JAN C.                                                                  For         For
                      LOBBEZOO
              8       GERHARD H.                                                              For         For
                      PARKER
              9       JAMES T.                                                                For         For
                      RICHARDSON
              10      DONALD R.                                                               For         For
                      VANLUVANEE
02            Approve Stock Compensation Plan  Management                                     For         For
03            Amend Stock Purchase Plan        Management                                     For         For
04            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            1500         25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ANADIGICS, INC
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     032515108                               Meeting Type                 Annual
Ticker Symbol                ANAD                                    Meeting Date                 17-May-2007
ISIN                                                                 Agenda                       932683952 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
I             Election Of Directors            Management
              1       DAVID FELLOWS                                                           Withheld    Against
              2       RONALD ROSENZWEIG                                                       Withheld    Against
              3       LEWIS SOLOMON                                                           Withheld    Against
II            Amend Stock Compensation Plan    Management                                     For         For
III           Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            23200        25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SBA COMMUNICATIONS
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     78388J106                               Meeting Type                 Annual
Ticker Symbol                SBAC                                    Meeting Date                 17-May-2007
ISIN                                                                 Agenda                       932689461 - Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
A             Election Of Directors            Management
              1       JACK                                                                    Withheld    Against
                      LANGER
              2       JEFFREY A.                                                              Withheld    Against
                      STOOPS
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    1000         11800        25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

INTEGRA LIFESCIENCES
HOLDINGS CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     457985208                               Meeting Type                 Annual
Ticker Symbol                IART                                    Meeting Date                 17-May-2007
ISIN                                                                 Agenda                       932695111 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
1A            Miscellaneous Corporate          Management                                     For         For
              Governance
1B            Miscellaneous Corporate          Management                                     For         For
              Governance
1C            Miscellaneous Corporate          Management                                     For         For
              Governance
1D            Miscellaneous Corporate          Management                                     For         For
              Governance
1E            Miscellaneous Corporate          Management                                     For         For
              Governance
1F            Miscellaneous Corporate          Management                                     For         For
              Governance
1G            Miscellaneous Corporate          Management                                     For         For
              Governance
1H            Miscellaneous Corporate          Management                                     For         For
              Governance
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            1800         30-Apr-2007                30-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

OLD DOMINION FREIGHT
LINE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     679580100                               Meeting Type                 Annual
Ticker Symbol                ODFL                                    Meeting Date                 21-May-2007
ISIN                                                                 Agenda                       932690010 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       EARL E.                                                                 For         For
                      CONGDON
              2       JOHN R.                                                                 For         For
                      CONGDON
              3       J. PAUL                                                                 For         For
                      BREITBACH
              4       DAVID S.                                                                For         For
                      CONGDON
              5       JOHN R. CONGDON,                                                        For         For
                      JR.
              6       ROBERT G. CULP,                                                         For         For
                      III
              7       JOHN A.                                                                 For         For
                      EBELING
              8       W. CHESTER EVANS,                                                       For         For
                      III
              9       FRANZ F.                                                                For         For
                      HOLSCHER
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    6650         300          25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

MID-AMERICA APARTMENT
COMMUNITIES, I
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     59522J103                               Meeting Type                 Annual
Ticker Symbol                MAA                                     Meeting Date                 22-May-2007
ISIN                                                                 Agenda                       932666259 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MARY E.                                                                 Withheld    Against
                      MCCORMICK
              2       WILLIAM B.                                                              Withheld    Against
                      SANSOM
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    1600         400          08-May-2007                08-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ATHEROS
COMMUNICATIONS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     04743P108                               Meeting Type                 Annual
Ticker Symbol                ATHR                                    Meeting Date                 22-May-2007
ISIN                                                                 Agenda                       932677240 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       CRAIG H.                                                                Withheld    Against
                      BARRATT
              2       MARSHALL L.                                                             Withheld    Against
                      MOHR
              3       ANDREW S.                                                               Withheld    Against
                      RAPPAPORT
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2504         6096         03-May-2007                03-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

FORWARD AIR
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     349853101                               Meeting Type                 Annual
Ticker Symbol                FWRD                                    Meeting Date                 22-May-2007
ISIN                                                                 Agenda                       932694979 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       BRUCE A.                                                                Withheld    Against
                      CAMPBELL
              2       C. ROBERT                                                               Withheld    Against
                      CAMPBELL
              3       RICHARD W.                                                              Withheld    Against
                      HANSELMAN
              4       C. JOHN LANGLEY,                                                        Withheld    Against
                      JR.
              5       TRACY A.                                                                Withheld    Against
                      LEINBACH
              6       G. MICHAEL                                                              Withheld    Against
                      LYNCH
              7       RAY A.                                                                  Withheld    Against
                      MUNDY
              8       B. CLYDE                                                                Withheld    Against
                      PRESLAR
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Amend Non-Employee Director      Management                                     For         For
              Plan
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3281         0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

THE WET SEAL, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     961840105                               Meeting Type                 Annual
Ticker Symbol                WTSLA                                   Meeting Date                 22-May-2007
ISIN                                                                 Agenda                       932701293 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JONATHAN DUSKIN                                                         For         For
              2       SIDNEY M. HORN                                                          For         For
              3       HAROLD D. KAHN                                                          For         For
              4       KENNETH M. REISS                                                        For         For
              5       ALAN SIEGEL                                                             For         For
              6       JOEL N. WALLER                                                          For         For
              7       HENRY D. WINTERSTERN                                                    For         For
              8       MICHAEL ZIMMERMAN                                                       For         For
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    55103        17597        07-May-2007                07-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

CARRIZO OIL & GAS,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     144577103                               Meeting Type                 Annual
Ticker Symbol                CRZO                                    Meeting Date                 22-May-2007
ISIN                                                                 Agenda                       932704681 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       S.P. JOHNSON IV                                                         For         For
              2       STEVEN A. WEBSTER                                                       For         For
              3       THOMAS L. CARTER, JR.                                                   For         For
              4       PAUL B. LOYD, JR.                                                       For         For
              5       F. GARDNER PARKER                                                       For         For
              6       ROGER A. RAMSEY                                                         For         For
              7       FRANK A. WOJTEK                                                         For         For
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    4900         0            08-May-2007                08-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

VITAL IMAGES, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     92846N104                               Meeting Type                 Annual
Ticker Symbol                VTAL                                    Meeting Date                 22-May-2007
ISIN                                                                 Agenda                       932707776 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DOUGLAS M. PIHL                                                         For         For
              2       JAY D. MILLER                                                           For         For
              3       JAMES B. HICKEY, JR.                                                    For         For
              4       GREGORY J. PEET                                                         For         For
              5       RICHARD W. PERKINS                                                      For         For
              6       MICHAEL W. VANNIER, MD                                                  For         For
              7       SVEN A. WEHRWEIN                                                        For         For
02            Approve Authorized Common        Management                                     Against     Against
              Stock Increase
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5900         0            11-May-2007                11-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

LOOPNET, INC
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     543524300                               Meeting Type                 Annual
Ticker Symbol                LOOP                                    Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932684740 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       WILLIAM                                                                 Withheld    Against
                      BYRNES
              2       THOMAS E.                                                               Withheld    Against
                      UNTERMAN
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Approve Stock Compensation Plan  Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    13300        0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

KOMAG, INCORPORATED
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     500453204                               Meeting Type                 Annual
Ticker Symbol                KOMG                                    Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932685146 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       PAUL A.                                                                 Withheld    Against
                      BRAHE
              2       KENNETH R.                                                              Withheld    Against
                      SWIMM
              3       MICHAEL LEE                                                             Withheld    Against
                      WORKMAN
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            2600         25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

THOMAS WEISEL PARTNERS
GROUP, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     884481102                               Meeting Type                 Annual
Ticker Symbol                TWPG                                    Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932686869 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       THOMAS W.                                                               For         For
                      WEISEL
              2       MATTHEW R.                                                              For         For
                      BARGER
              3       MICHAEL W. BROWN                                                        For         For

              4       B. KIPLING                                                              For         For
                      HAGOPIAN
              5       TIMOTHY A.                                                              For         For
                      KOOGLE
              6       MICHAEL G.                                                              For         For
                      MCCAFFERY
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Amend Stock Compensation Plan    Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2643         4057         04-May-2007                04-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

NOVAMED, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     66986W108                               Meeting Type                 Annual
Ticker Symbol                NOVA                                    Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932689120 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ROBERT J. KELLY                                                         Withheld    Against

              2       C.A. LANCE                                                              Withheld    Against
                      PICCOLO
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12936        0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SUPERIOR ENERGY
SERVICES, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     868157108                               Meeting Type                 Annual
Ticker Symbol                SPN                                     Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932693408 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       HAROLD J. BOUILLION                                                     For         For

              2       ENOCH L.                                                                For         For
                      DAWKINS
              3       JAMES M.                                                                For         For
                      FUNK
              4       TERENCE E.                                                              For         For
                      HALL
              5       ERNEST E.                                                               For         For
                      HOWARD
              6       RICHARD A.                                                              For         For
                      PATTAROZZI
              7       JUSTIN L.                                                               For         For
                      SULLIVAN
02            ADOPT STOCK PURCHASE PLAN        Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    8200         0            30-Apr-2007                30-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ADVENTRX
PHARMACEUTICALS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     00764X103                               Meeting Type                 Annual
Ticker Symbol                ANX                                     Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932697103 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MARK N.K.                                                               For         For
                      BAGNALL
              2       ALEXANDER J.                                                            For         For
                      DENNER
              3       MICHAEL M.                                                              For         For
                      GOLDBERG
              4       EVAN M.                                                                 For         For
                      LEVINE
              5       JACK                                                                    For         For
                      LIEF
              6       MARK J.                                                                 For         For
                      PYKETT
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            48200        01-May-2007                01-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

WESCO INTERNATIONAL,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     95082P105                               Meeting Type                 Annual
Ticker Symbol                WCC                                     Meeting Date                 23-May-2007
ISIN                                                                 Agenda                       932699070 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       SANDRA BEACH LIN                                                        Withheld    Against
              2       ROBERT J. TARR, JR.                                                     Withheld    Against
              3       KENNETH L. WAY                                                          Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12608        592          03-May-2007                03-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ARRIS GROUP, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     04269Q100                               Meeting Type                 Annual
Ticker Symbol                ARRS                                    Meeting Date                 24-May-2007
ISIN                                                                 Agenda                       932685425 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ALEX B. BEST                                                            For         For
              2       HARRY L. BOSCO                                                          For         For
              3       JOHN ANDERSON CRAIG                                                     For         For
              4       MATTHEW B. KEARNEY                                                      For         For
              5       WILLIAM H. LAMBERT                                                      For         For
              6       JOHN R. PETTY                                                           For         For
              7       ROBERT J. STANZIONE                                                     For         For
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    8800         0            25-Apr-2007                25-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

TEXAS ROADHOUSE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     882681109                               Meeting Type                 Annual
Ticker Symbol                TXRH                                    Meeting Date                 24-May-2007
ISIN                                                                 Agenda                       932695123 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       G.J.                                                                    Withheld    Against
                      HART
              2       GREGORY N.                                                              Withheld    Against
                      MOORE
              3       JAMES F.                                                                Withheld    Against
                      PARKER
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    13419        7081         30-Apr-2007                30-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

THESTREET.COM, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     88368Q103                               Meeting Type                 Annual
Ticker Symbol                TSCM                                    Meeting Date                 24-May-2007
ISIN                                                                 Agenda                       932695476 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DARYL OTTE                                                              Withheld    Against
              2       WILLIAM R. GRUVER                                                       Withheld    Against
              3       JEFFREY M. CUNNINGHAM                                                   Withheld    Against
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2325         14607        30-Apr-2007                30-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

TASER INTERNATIONAL,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     87651B104                               Meeting Type                 Annual
Ticker Symbol                TASR                                    Meeting Date                 25-May-2007
ISIN                                                                 Agenda                       932691290 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOHN S.                                                                 Withheld    Against
                      CALDWELL
              2       BRUCE R.                                                                Withheld    Against
                      CULVER
              3       MICHAEL                                                                 Withheld    Against
                      GARNREITER
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            S/H Proposal - Animal Rights     Shareholder                                    Against     For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5611         26889        08-May-2007                08-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

IXIA
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     45071R109                               Meeting Type                 Annual
Ticker Symbol                XXIA                                    Meeting Date                 25-May-2007
ISIN                                                                 Agenda                       932702144 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JEAN-CLAUDE ASSCHER                                                     For         For
              2       MASSOUD ENTEKHABI                                                       For         For
              3       JONATHAN FRAM                                                           For         For
              4       ERROL GINSBERG                                                          For         For
              5       GAIL HAMILTON                                                           For         For
              6       JON F. RAGER                                                            For         For
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    38122        3378         08-May-2007                08-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

UNITED AMERICA
INDEMNITY, LTD
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     90933T109                               Meeting Type                 Annual
Ticker Symbol                INDM                                    Meeting Date                 25-May-2007
ISIN                                                                 Agenda                       932715153 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
1A            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1B            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1C            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1D            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1E            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1F            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1G            Miscellaneous Corporate          Management                                     Against     Against
              Governance
1H            Miscellaneous Corporate          Management                                     Against     Against
              Governance
02            Approve Stock Compensation Plan  Management                                     Against     Against
03            Amend Cash/Stock Bonus Plan      Management                                     Against     Against
04            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
5A1           Election Of Directors            Management
              1       ALAN BOSSIN-WR WRS                                                      Withheld    Against
              2       LARRY A. FRAKES-WR                                                      Withheld    Against
              3       DAVID R. WHITING-WR WRS                                                 Withheld    Against
              4       J.B. WALDRON-ALT WR WRS                                                 Withheld    Against
              5       R.H. BLACK-ALT WR WRS                                                   Withheld    Against
              6       ALAN BOSSIN-WR SVC                                                      Withheld    Against
              7       DAVID R. WHITING-WR SVC                                                 Withheld    Against
              8       J.B. WALDRON-ALT WR SVC                                                 Withheld    Against
              9       R.H. BLACK-ALT WR SVC                                                   Withheld    Against
5A2           Ratify Appointment Of            Management                                     For         For
              Independent Auditors
5B2           Ratify Appointment Of            Management                                     For         For
              Independent Auditors
5B3           Approve Financial Statements     Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    7100         0                                       21-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

AMERICAN MEDICAL
SYSTEMS HOLDINGS, I
- ------------------------------------------------------------------------------------------------------------------------------------
Security                      02744M108                               Meeting Type                 Annual
Ticker Symbol                 AMMD                                    Meeting Date                 30-May-2007
ISIN                                                                  Agenda                       932689079 - Management
- -------------- -------------------------------- ----------------------------------------- ---- -----------------------
Item           Proposal                         Type                                           Vote       For/Against
                                                                                                          Management
- -------------- -------------------------------- ----------------------------------------- ---- -----------------------
01             Election Of Directors            Management
               1       MARTIN J.                                                               Withheld   Against
                       EMERSON
               2       ALBERT JAY                                                              Withheld   Against
                       GRAF
               3       ROBERT MCLELLAN,                                                        Withheld   Against
                       M.D.
02             Ratify Appointment Of            Management                                     For        For
               Independent Auditors
- --------------------------------- -- -------------------------------- -- ------------ ---------------------- --- -------------------
Account Number                       Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                            Shares       Shares
- --------------------------------- -- -------------------------------- -- ------------ ---------------------- --- -------------------
000394914                            93I                    1916         23784        25-Apr-2007                25-Apr-2007
- -------------- ------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- -----

WILSHIRE BANCORP, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     97186T108                               Meeting Type                 Annual
Ticker Symbol                WIBC                                    Meeting Date                 30-May-2007
ISIN                                                                 Agenda                       932710456 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       SOO BONG MIN                                                            Withheld    Against
              2       LARRY GREENFIELD, M.D.                                                  Withheld    Against
              3       KYU-HYUN KIM                                                            Withheld    Against
              4       YOUNG HI-PAK                                                            Withheld    Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    18570        0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

DIGITAL RIVER, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     25388B104                               Meeting Type                 Annual
Ticker Symbol                DRIV                                    Meeting Date                 31-May-2007
ISIN                                                                 Agenda                       932695882 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOEL A.                                                                 Withheld    Against
                      RONNING
              2       PERRY W.                                                                Withheld    Against
                      STEINER
              3       J. PAUL                                                                 Withheld    Against
                      THORIN
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            3300         30-Apr-2007                30-Apr-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

GEN-PROBE INCORPORATED
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     36866T103                               Meeting Type                 Annual
Ticker Symbol                GPRO                                    Meeting Date                 31-May-2007
ISIN                                                                 Agenda                       932700506 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
1A            Election Of Directors            Management                                     Against     Against
1B            Election Of Directors            Management                                     Against     Against
02            Approve Cash/Stock Bonus Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    12800        0            07-May-2007                07-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

WORLD FUEL SERVICES
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     981475106                               Meeting Type                 Annual
Ticker Symbol                INT                                     Meeting Date                 31-May-2007
ISIN                                                                 Agenda                       932707081 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       PAUL H. STEBBINS                                                        For         For
              2       MICHAEL J. KASBAR                                                       For         For
              3       KEN BAKSHI                                                              For         For
              4       JOACHIM HEEL                                                            For         For
              5       RICHARD A. KASSAR                                                       For         For
              6       MYLES KLEIN                                                             For         For
              7       J. THOMAS PRESBY                                                        For         For
              8       STEPHEN K. RODDENBERRY                                                  For         For
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            S/H Proposal - Eliminate         Shareholder                                    For         Against
              Cumulative Voting
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    1600         0            08-May-2007                08-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

ON ASSIGNMENT, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     682159108                               Meeting Type                 Annual
Ticker Symbol                ASGN                                    Meeting Date                 01-Jun-2007
ISIN                                                                 Agenda                       932699169 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       SEN. W.E. BROCK                                                         Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            Amend Stock Purchase Plan        Management                                     For         For
04            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    29600        0            07-May-2007                07-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

DJO, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     23325G104                               Meeting Type                 Annual
Ticker Symbol                DJO                                     Meeting Date                 04-Jun-2007
ISIN                                                                 Agenda                       932696959 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JACK R.                                                                 Withheld    Against
                      BLAIR
              2       MITCHELL J. BLUTT,                                                      Withheld    Against
                      M.D.
              3       W. THOMAS                                                               Withheld    Against
                      MITCHELL
02            Approve Authorized Common        Management                                     Against     Against
              Stock Increase
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9643         257          01-May-2007                01-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

DIVX, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     255413106                               Meeting Type                 Annual
Ticker Symbol                DIVX                                    Meeting Date                 04-Jun-2007
ISIN                                                                 Agenda                       932704326 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       R. JORDAN GREENHALL                                                     Withheld    Against
              2       CHRISTOPHER MCGURK                                                      Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    2300         6100         11-May-2007                11-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

BARE ESCENTUALS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     067511105                               Meeting Type                 Annual
Ticker Symbol                BARE                                    Meeting Date                 04-Jun-2007
ISIN                                                                 Agenda                       932708691 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ROSS M. JONES                                                           Withheld    Against
              2       GLEN T. SENK                                                            Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    9500         0            10-May-2007                10-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

HIBBETT SPORTS INC
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     428567101                               Meeting Type                 Annual
Ticker Symbol                HIBB                                    Meeting Date                 05-Jun-2007
ISIN                                                                 Agenda                       932710204 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       CARL KIRKLAND                                                           Withheld    Against
              2       MICHAEL J. NEWSOME                                                      Withheld    Against
              3       THOMAS A. SAUNDERS, III                                                 Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            Amend Stock Purchase Plan        Management                                     For         For
04            Amend Non-Employee Director      Management                                     For         For
              Plan
05            Miscellaneous Compensation       Management                                     For         For
              Plans
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5350         0            11-May-2007                11-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

BLACKBOARD INC
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     091935502                               Meeting Type                 Annual
Ticker Symbol                BBBB                                    Meeting Date                 07-Jun-2007
ISIN                                                                 Agenda                       932702790 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       FRANK GATTI                                                             Withheld    Against
              2       MATTHEW PITTINSKY                                                       Withheld    Against
              3       BETH KAPLAN                                                             Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    15169        6431         07-May-2007                07-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

VOLCANO CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     928645100                               Meeting Type                 Annual
Ticker Symbol                VOLC                                    Meeting Date                 07-Jun-2007
ISIN                                                                 Agenda                       932707132 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       CARLOS A. FERRER                                                        Withheld    Against
              2       JAMES C. BLAIR, PH.D.                                                   Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            ADOPT STOCK PURCHASE PLAN        Management                                     For         For
04            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    600          5600         08-May-2007                08-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

COGNIZANT TECHNOLOGY
SOLUTIONS CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     192446102                               Meeting Type                 Annual
Ticker Symbol                CTSH                                    Meeting Date                 07-Jun-2007
ISIN                                                                 Agenda                       932712210 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       LAKSHMI NARAYANAN                                                       Withheld    Against
              2       JOHN E. KLEIN                                                           Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
04            Transact Other Business          Management                                     Against     Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    8100         0            21-May-2007                21-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

LIFETIME BRANDS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     53222Q103                               Meeting Type                 Annual
Ticker Symbol                LCUT                                    Meeting Date                 07-Jun-2007
ISIN                                                                 Agenda                       932712373 - Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ----------- ------------
01            Election Of Directors            Management
              1       JEFFREY SIEGEL                                                          Withheld    Against
              2       RONALD SHIFTAN                                                          Withheld    Against
              3       CRAIG PHILLIPS                                                          Withheld    Against
              4       FIONA DIAS                                                              Withheld    Against
              5       MICHAEL JEARY                                                           Withheld    Against
              6       SHELDON MISHER                                                          Withheld    Against
              7       CHERRIE NANNINGA                                                        Withheld    Against
              8       WILLIAM WESTERFIELD                                                     Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    6431         3766         17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

COLDWATER CREEK INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     193068103                               Meeting Type                 Annual
Ticker Symbol                CWTR                                    Meeting Date                 09-Jun-2007
ISIN                                                                 Agenda                       932710432 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JAMES R. ALEXANDER                                                      Withheld    Against
              2       JERRY GRAMAGLIA                                                         Withheld    Against
              3       KAY ISAACSON-LEIBOWITZ                                                  Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            14200        17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

CARDIOME PHARMA CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     14159U202                               Meeting Type                 Annual and Special Meeting
Ticker Symbol                CRME                                    Meeting Date                 11-Jun-2007
ISIN                                                                 Agenda                       932722576 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       ROBERT W. RIEDER                                                        For         For
              2       PETER W. ROBERTS                                                        For         For
              3       JACKIE CLEGG                                                            For         For
              4       RICHARD M. GLICKMAN                                                     For         For
              5       HAROLD H. SHLEVIN                                                       For         For
              6       DOUGLAS G. JANZEN                                                       For         For
              7       WILLIAM L. HUNTER                                                       For         For
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Approve Renumeration Of          Management                                     For         For
              Directors And Auditors
04            Amend Incentive Stock Option     Management                                     For         For
              Plan
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    11850        0                                       24-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

YOUBET.COM, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     987413101                               Meeting Type                 Annual
Ticker Symbol                UBET                                    Meeting Date                 13-Jun-2007
ISIN                                                                 Agenda                       932718503 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       CHARLES F. CHAMPION                                                     Withheld    Against
              2       DAVID M. MARSHALL                                                       Withheld    Against
              3       GARY ADELSON                                                            Withheld    Against
              4       JOSEPH F. BARLETTA                                                      Withheld    Against
              5       MICHAEL BRODSKY                                                         Withheld    Against
              6       JAMES EDGAR                                                             Withheld    Against
              7       STEVEN C. GOOD                                                          Withheld    Against
              8       F. JACK LIEBAU                                                          Withheld    Against
              9       JAY R. PRITZKER                                                         Withheld    Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    38100        0            18-May-2007                18-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

GSI COMMERCE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     36238G102                               Meeting Type                 Annual
Ticker Symbol                GSIC                                    Meeting Date                 15-Jun-2007
ISIN                                                                 Agenda                       932710343 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MICHAEL G. RUBIN                                                        For         For
              2       M. JEFFREY BRANMAN                                                      For         For
              3       MICHAEL J. DONAHUE                                                      For         For
              4       RONALD D. FISHER                                                        For         For
              5       JOHN A. HUNTER                                                          For         For
              6       MARK S. MENELL                                                          For         For
              7       JEFFREY F. RAYPORT                                                      For         For
              8       ANDREA M. WEISS                                                         For         For
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    14300        1600         11-May-2007                11-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

INTERNET CAPITAL
GROUP, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     46059C205                               Meeting Type                 Annual
Ticker Symbol                ICGE                                    Meeting Date                 15-Jun-2007
ISIN                                                                 Agenda                       932715127 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       THOMAS A. DECKER*                                                       Withheld    Against
              2       DR. THOMAS P. GERRITY*                                                  Withheld    Against
              3       ROBERT E. KEITH, JR.*                                                   Withheld    Against
              4       MICHAEL J. HAGAN**                                                      Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Transact Other Business          Management                                     Against     Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    23200        1            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

THE SPECTRANETICS
CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     84760C107                               Meeting Type                 Annual
Ticker Symbol                SPNC                                    Meeting Date                 19-Jun-2007
ISIN                                                                 Agenda                       932713894 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MARTIN T. HART                                                          Withheld    Against
              2       JOSEPH M. RUGGIO, M.D.                                                  Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            7200         17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

CUTERA, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     232109108                               Meeting Type                 Annual
Ticker Symbol                CUTR                                    Meeting Date                 19-Jun-2007
ISIN                                                                 Agenda                       932714187 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       W. MARK LORTZ                                                           Withheld    Against
              2       JERRY P. WIDMAN                                                         Withheld    Against
              3       A.J. CAMPBELL-WHITE                                                     Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    4800         0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

NUTRACEA
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     67060N204                               Meeting Type                 Annual
Ticker Symbol                NTRZ                                    Meeting Date                 19-Jun-2007
ISIN                                                                 Agenda                       932726132 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       BRADLEY D. EDSON                                                        For         For
              2       DAVID S. BENSOL                                                         For         For
              3       WESLEY K. CLARK                                                         For         For
              4       JAMES C. LINTZENICH                                                     For         For
              5       EDWARD L. MCMILLAN                                                      For         For
              6       STEVEN W. SAUNDERS                                                      For         For
              7       KENNETH L. SHROPSHIRE                                                   For         For
02            Amend Stock Compensation Plan    Management                                     For         For
03            Approve Authorized Common        Management                                     Against     Against
              Stock Increase
04            Eliminate Cumulative Voting      Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            39200        30-May-2007                30-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

CALIFORNIA PIZZA
KITCHEN, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     13054D109                               Meeting Type                 Annual
Ticker Symbol                CPKI                                    Meeting Date                 20-Jun-2007
ISIN                                                                 Agenda                       932709996 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       WILLIAM C. BAKER                                                        Withheld    Against
              2       LARRY S. FLAX                                                           Withheld    Against
              3       HENRY GLUCK                                                             Withheld    Against
              4       STEVEN C. GOOD                                                          Withheld    Against
              5       CHARLES G. PHILLIPS                                                     Withheld    Against
              6       AVEDICK B. POLADIAN                                                     Withheld    Against
              7       RICHARD L. ROSENFIELD                                                   Withheld    Against
              8       ALAN I. ROTHENBERG                                                      Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    7600         0            11-May-2007                11-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SRS LABS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     78464M106                               Meeting Type                 Annual
Ticker Symbol                SRSL                                    Meeting Date                 20-Jun-2007
ISIN                                                                 Agenda                       932716395 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       DAVID R. DUKES                                                          Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Transact Other Business          Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    14400        0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

AEROPOSTALE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     007865108                               Meeting Type                 Annual
Ticker Symbol                ARO                                     Meeting Date                 20-Jun-2007
ISIN                                                                 Agenda                       932719315 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JULIAN R. GEIGER                                                        For         For
              2       BODIL ARLANDER                                                          For         For
              3       RONALD BEEGLE                                                           For         For
              4       JOHN HAUGH                                                              For         For
              5       ROBERT B. CHAVEZ                                                        For         For
              6       MINDY C. MEADS                                                          For         For
              7       JOHN D. HOWARD                                                          For         For
              8       DAVID B. VERMYLEN                                                       For         For
              9       KARIN HIRTLER-GARVEY                                                    For         For
02            Amend Stock Compensation Plan    Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5926         4174         22-May-2007                22-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

BANKRATE, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     06646V108                               Meeting Type                 Annual
Ticker Symbol                RATE                                    Meeting Date                 20-Jun-2007
ISIN                                                                 Agenda                       932727401 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       THOMAS R. EVANS                                                         Withheld    Against
              2       RICHARD J. PINOLA                                                       Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Amend Stock Compensation Plan    Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            6300         30-May-2007                30-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

INTERNAP NETWORK
SERVICES CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     45885A300                               Meeting Type                 Annual
Ticker Symbol                INAP                                    Meeting Date                 21-Jun-2007
ISIN                                                                 Agenda                       932711117 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JAMES DEBLASIO                                                          Withheld    Against
              2       KEVIN OBER                                                              Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    11290        0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

BIOMIMETIC
THERAPEUTICS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     09064X101                               Meeting Type                 Annual
Ticker Symbol                BMTI                                    Meeting Date                 21-Jun-2007
ISIN                                                                 Agenda                       932712296 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       CHARLES W. FEDERICO                                                     Withheld    Against
              2       CHRIS EHRLICH                                                           Withheld    Against
              3       GARY FRIEDLAENDER                                                       Withheld    Against
              4       DOUGLAS WATSON                                                          Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    5500         0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

NOVATEL WIRELESS, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     66987M604                               Meeting Type                 Annual
Ticker Symbol                NVTL                                    Meeting Date                 21-Jun-2007
ISIN                                                                 Agenda                       932723035 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       GREG LORENZETTI                                                         Withheld    Against
02            Amend Stock Compensation Plan    Management                                     For         For
03            Amend Stock Purchase Plan        Management                                     For         For
04            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    15201        8800         22-May-2007                22-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

FORCE PROTECTION, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     345203202                               Meeting Type                 Annual
Ticker Symbol                FRPT                                    Meeting Date                 21-Jun-2007
ISIN                                                                 Agenda                       932741184 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       MICHAEL MOODY                                                           Withheld    Against
              2       ROGER THOMPSON                                                          Withheld    Against
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            9500         19-Jun-2007                19-Jun-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

BIOVERIS CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     090676107                               Meeting Type                 Special
Ticker Symbol                BIOV                                    Meeting Date                 25-Jun-2007
ISIN                                                                 Agenda                       932728100 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Approve Merger Agreement         Management                                     For         For
02            Approve Motion To Adjourn        Management                                     For         For
              Meeting
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    6700         0            30-May-2007                30-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

PERFICIENT, INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     71375U101                               Meeting Type                 Annual
Ticker Symbol                PRFT                                    Meeting Date                 26-Jun-2007
ISIN                                                                 Agenda                       932714327 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JOHN T. MCDONALD                                                        For         For
              2       RALPH C. DERRICKSON                                                     For         For
              3       MAX D. HOPPER                                                           For         For
              4       KENNETH R. JOHNSEN                                                      For         For
              5       DAVID S. LUNDEEN                                                        For         For
02            Approve Stock Compensation Plan  Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    3100         0            17-May-2007                17-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

OPSWARE INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     68383A101                               Meeting Type                 Annual
Ticker Symbol                OPSW                                    Meeting Date                 26-Jun-2007
ISIN                                                                 Agenda                       932727780 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       BENJAMIN A. HOROWITZ                                                    Withheld    Against
              2       SIMON M. LORNE                                                          Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            29500        04-Jun-2007                04-Jun-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

APOGEE ENTERPRISES,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     037598109                               Meeting Type                 Annual
Ticker Symbol                APOG                                    Meeting Date                 27-Jun-2007
ISIN                                                                 Agenda                       932721930 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       JEROME L. DAVIS                                                         Withheld    Against
              2       JAMES L. MARTINEAU                                                      Withheld    Against
              3       RICHARD V. REYNOLDS                                                     Withheld    Against
02            Approve Stock Compensation Plan  Management                                     For         For
03            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    19700        0            22-May-2007                22-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

LIFECELL CORPORATION
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     531927101                               Meeting Type                 Annual
Ticker Symbol                LIFC                                    Meeting Date                 28-Jun-2007
ISIN                                                                 Agenda                       932723213 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       PAUL G. THOMAS                                                          For         For
              2       MICHAEL E. CAHR                                                         For         For
              3       DAVID FITZGERALD                                                        For         For
              4       JAMES G. FOSTER                                                         For         For
              5       MICHAEL R. MINOGUE                                                      For         For
              6       ROBERT P. ROCHE, JR.                                                    For         For
              7       MARTIN P. SUTTER                                                        For         For
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            22800        24-May-2007                24-May-2007
- --------------------- --- -- --- -- --------------------------- ---- -- -- --------- --- ---- --- --------- --- --------- --- ------

SMITH MICRO SOFTWARE,
INC.
- ------------------------------------------------------------------------------------------------------------------------------------
Security                     832154108                               Meeting Type                 Annual
Ticker Symbol                SMSI                                    Meeting Date                 28-Jun-2007
ISIN                                                                 Agenda                       932739723 - Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
Item          Proposal                         Type                                           Vote        For/Against
                                                                                                          Management
- ---------------------------------------------- ----------------------------------------- ---- ------------------------
01            Election Of Directors            Management
              1       SAMUEL GULKO                                                            Withheld    Against
              2       GREGORY J. SZABO                                                        Withheld    Against
02            Ratify Appointment Of            Management                                     For         For
              Independent Auditors
03            Transact Other Business          Management                                     For         For
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
Account Number                      Custodian              Ballot       Unavailable  Vote Date                  Date Confirmed
                                                           Shares       Shares
- -------------------------------- -- -------------------------------- -- ------------ ---------------------- --- --------------------
000394914                           93I                    0            35800        19-Jun-2007                19-Jun-2007




Fund:  Principal Variable Contracts Fund, Inc. - SmallCap Growth Account

Sub-Advisor:  UBS Global Asset Management

                                                                                                       Did the              Was
                                                                                                       Registrant  Vote     Vote
                                                                                           Proposed by Vote?       (For,    For or
                                                       S/H Mtg.                            Issuer or   (Yes or     Against, Against
Issuer                            Ticker  SecurityID   Date       Matter Voted On          S/H         No)         Abstain) Mgmt
                                                                                      
KCS Energy, Inc.                          482434206    07/12/06   Approve Merger Agreement        Issuer    Yes   For        For
                                                                  Elect Director Andrew M.
Standard Microsystems Corp.       SMSC    853626109    07/11/06   Caggia                          Issuer    Yes   For        For
                                                                  Elect Director James A.
Standard Microsystems Corp.       SMSC    853626109    07/11/06   Donahue                         Issuer    Yes   For        For
Standard Microsystems Corp.       SMSC    853626109    07/11/06   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Increase Authorized Common
Standard Microsystems Corp.       SMSC    853626109    07/11/06   Stock                           Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Elect Director Mark S. Siegel   Issuer    Yes   For        For
                                                                  Elect Director Cloyce A.
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Talbott                         Issuer    Yes   For        For
                                                                  Elect Director Kenneth N.
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Berns                           Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Elect Director Robert C. Gist   Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Elect Director Curtis W. Huff   Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Elect Director Terry H. Hunt    Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Elect Director Kenneth R. Peak  Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    07/12/06   Elect Director Nadine C. Smith  Issuer    Yes   For        For
DRS Technologies, Inc.            DRS     23330X100    08/03/06   Elect Director Ira Albom        Issuer    Yes   For        For
DRS Technologies, Inc.            DRS     23330X100    08/03/06   Elect Director Mark N. Kaplan   Issuer    Yes   For        For
                                                                  Elect Director D.J. Reimer,
DRS Technologies, Inc.            DRS     23330X100    08/03/06   USA                             Issuer    Yes   For        For
DRS Technologies, Inc.            DRS     23330X100    08/03/06   Elect Director C.G. Boyd, USAF  Issuer    Yes   For        For
DRS Technologies, Inc.            DRS     23330X100    08/03/06   Ratify Auditors                 Issuer    Yes   For        For
DRS Technologies, Inc.            DRS     23330X100    08/03/06   Approve Omnibus Stock Plan      Issuer    Yes   For        For
RSA Security Inc.                         749719100    09/14/06   Approve Merger Agreement        Issuer    Yes   For        For
RSA Security Inc.                         749719100    09/14/06   Adjourn Meeting                 Issuer    Yes   For        For
                                                                  Elect Director Roubik
Exar Corporation                  EXAR    300645108    09/07/06   Gregorian                       Issuer    Yes   For        For
                                                                  Elect Director John S.
Exar Corporation                  EXAR    300645108    09/07/06   McFarlane                       Issuer    Yes   For        For
Exar Corporation                  EXAR    300645108    09/07/06   Approve Omnibus Stock Plan      Issuer    Yes   For        For
                                                                  Declassify the Board of
Exar Corporation                  EXAR    300645108    09/07/06   Directors                       Issuer    Yes   For        For
Exar Corporation                  EXAR    300645108    09/07/06   Ratify Auditors                 Issuer    Yes   For        For
Central Garden & Pet                                              Authorize a New Class of
Co.                               CENT    153527106    09/28/06   Common Stock                    Issuer    Yes   Against    Against
                                                                  Elect Director Michael R.
AAR Corp.                         AIR     361105       10/18/06   Boyce                           Issuer    Yes   For        For
                                                                  Elect Director James G.
AAR Corp.                         AIR     361105       10/18/06   Brocksmith, Jr.                 Issuer    Yes   For        For
AAR Corp.                         AIR     361105       10/18/06   Elect Director David P. Storch  Issuer    Yes   For        For
AAR Corp.                         AIR     361105       10/18/06   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Approve Executive Incentive
AAR Corp.                         AIR     361105       10/18/06   Bonus Plan                      Issuer    Yes   For        For
Petco Animal Supplies, Inc.               716016209    10/23/06   Approve Merger Agreement        Issuer    Yes   For        For
Petco Animal Supplies, Inc.               716016209    10/23/06   Adjourn Meeting                 Issuer    Yes   For        For
Nextest Systems Corp              NEXT    653339101    10/24/06   Elect Director Robin Adler      Issuer    Yes   For        For
                                                                  Elect Director Howard D.
Nextest Systems Corp              NEXT    653339101    10/24/06   Marshall                        Issuer    Yes   For        For
Nextest Systems Corp              NEXT    653339101    10/24/06   Elect Director Juan A. Benitez  Issuer    Yes   Withhold   Against
                                                                  Elect Director Richard L.
Nextest Systems Corp              NEXT    653339101    10/24/06   Dissly                          Issuer    Yes   Withhold   Against
                                                                  Elect Director Stephen G.
Nextest Systems Corp              NEXT    653339101    10/24/06   Newberry                        Issuer    Yes   Withhold   Against
Nextest Systems Corp              NEXT    653339101    10/24/06   Elect Director Eugene R. White  Issuer    Yes   Withhold   Against
Nextest Systems Corp              NEXT    653339101    10/24/06   Ratify Auditors                 Issuer    Yes   For        For
Resmed, Inc.                      RMD     761152107    11/09/06   Elect Director Peter Farrell    Issuer    Yes   For        For
Resmed, Inc.                      RMD     761152107    11/09/06   Elect Director Gary Pace        Issuer    Yes   For        For
Resmed, Inc.                      RMD     761152107    11/09/06   Elect Director Ronald Taylor    Issuer    Yes   For        For
Resmed, Inc.                      RMD     761152107    11/09/06   Approve Omnibus Stock Plan      Issuer    Yes   For        For
Resmed, Inc.                      RMD     761152107    11/09/06   Ratify Auditors                 Issuer    Yes   For        For
Immucor,                                                          Elect Director Roswell S.
Inc.                              BLUD    452526106    11/15/06   Bowers                          Issuer    Yes   For        For
Immucor,                                                          Elect Director Gioacchino De
Inc.                              BLUD    452526106    11/15/06   Chirico                         Issuer    Yes   For        For

Immucor,
Inc.                              BLUD    452526106    11/15/06   Elect Director Ralph A. Eatz    Issuer    Yes   For        For
Immucor,                                                          Elect Director Michael S.
Inc.                              BLUD    452526106    11/15/06   Goldman                         Issuer    Yes   For        For
Immucor,
Inc.                              BLUD    452526106    11/15/06   Elect Director John A. Harris   Issuer    Yes   For        For
Immucor,
Inc.                              BLUD    452526106    11/15/06   Elect Director Hiroshi Hoketsu  Issuer    Yes   For        For
Immucor,
Inc.                              BLUD    452526106    11/15/06   Elect Director Joseph E. Rosen  Issuer    Yes   For        For
Immucor,
Inc.                              BLUD    452526106    11/15/06   Other Business                  Issuer    Yes   Against    Against
Harbor Florida Bancshares, Inc.           411901101    11/17/06   Approve Merger Agreement        Issuer    Yes   For        For
                                                                  Amend                           Issuer
Harbor Florida Bancshares, Inc.           411901101    11/17/06   Articles/Bylaws/Charter-Organization-RelatYes   For        For
Harbor Florida Bancshares, Inc.           411901101    11/17/06   Adjourn Meeting                 Issuer    Yes   For        For
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Elect Director Robert I. Frey   Issuer    Yes   For        For
                                                                  Elect Director William J.
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Ketelhut                        Issuer    Yes   For        For
                                                                  Elect Director Florence I.
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Metz                            Issuer    Yes   For        For
                                                                  Elect Director Stanford R.
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Ovshinsky                       Issuer    Yes   For        For
                                                                  Elect Director Pasquale
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Pistorio                        Issuer    Yes   For        For
                                                                  Elect Director Stephen
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Rabinowitz                      Issuer    Yes   For        For
                                                                  Elect Director G.A.
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Schreiber, Jr.                  Issuer    Yes   For        For
                                                                  Elect Director Robert C.
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Stempel                         Issuer    Yes   For        For
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Ratify Auditors                 Issuer    Yes   For        For
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Approve Omnibus Stock Plan      Issuer    Yes   For        For
                                                                  Increase Authorized Common
Energy Conversion Devices, Inc.   ENER    292659109    11/14/06   Stock                           Issuer    Yes   For        For
                                                                  Elect Director Herbert W.
CACI International, Inc.          CAI     127190304    11/16/06   Anderson                        Issuer    Yes   For        For
CACI International, Inc.          CAI     127190304    11/16/06   Elect Director Paul M. Cofoni   Issuer    Yes   For        For
CACI International, Inc.          CAI     127190304    11/16/06   Elect Director Peter A. Derow   Issuer    Yes   For        For
                                                                  Elect Director Gregory G.
CACI International, Inc.          CAI     127190304    11/16/06   Johnson                         Issuer    Yes   For        For
                                                                  Elect Director Richard L.
CACI International, Inc.          CAI     127190304    11/16/06   Leatherwood                     Issuer    Yes   For        For
                                                                  Elect Director J. Phillip
CACI International, Inc.          CAI     127190304    11/16/06   London                          Issuer    Yes   For        For
                                                                  Elect Director Barbara A.
CACI International, Inc.          CAI     127190304    11/16/06   McNamara                        Issuer    Yes   For        For
                                                                  Elect Director Warren R.
CACI International, Inc.          CAI     127190304    11/16/06   Phillips                        Issuer    Yes   For        For
                                                                  Elect Director Charles P.
CACI International, Inc.          CAI     127190304    11/16/06   Revoile                         Issuer    Yes   For        For
CACI International, Inc.          CAI     127190304    11/16/06   Approve Omnibus Stock Plan      Issuer    Yes   For        For
                                                                  Amend Executive Incentive
CACI International, Inc.          CAI     127190304    11/16/06   Bonus Plan                      Issuer    Yes   For        For
CACI International, Inc.          CAI     127190304    11/16/06   Adjourn Meeting                 Issuer    Yes   For        For
CACI International, Inc.          CAI     127190304    11/16/06   Ratify Auditors                 Issuer    Yes   For        For
Factset Research Systems,                                         Elect Director Scott A.
Inc.                              FDS     303075105    12/19/06   Billeadeau                      Issuer    Yes   For        For
Factset Research Systems,                                         Elect Director Philip A.
Inc.                              FDS     303075105    12/19/06   Hadley                          Issuer    Yes   For        For
Factset Research Systems,
Inc.                              FDS     303075105    12/19/06   Ratify Auditors                 Issuer    Yes   For        For
Nice-Systems
Ltd.                                      653656108    12/21/06                                   S/H       No    NA         NA
ESCO Technologies Inc.            ESE     296315104    02/02/07   Elect Director V.L Richey, Jr.  Issuer    Yes   For        For
ESCO Technologies Inc.            ESE     296315104    02/02/07   Elect Director J.M. Stolze      Issuer    Yes   For        For
ESCO Technologies Inc.            ESE     296315104    02/02/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director A. George
Fair Isaac Corp.                  FIC     303250104    02/12/07   Battle                          Issuer    Yes   For        For
Fair Isaac Corp.                  FIC     303250104    02/12/07   Elect Director Andrew Cecere    Issuer    Yes   For        For
                                                                  Elect Director Tony J.
Fair Isaac Corp.                  FIC     303250104    02/12/07   Christianson                    Issuer    Yes   For        For
Fair Isaac Corp.                  FIC     303250104    02/12/07   Elect Director Guy R. Henshaw   Issuer    Yes   For        For
Fair Isaac Corp.                  FIC     303250104    02/12/07   Elect Director Alex W. Hart     Issuer    Yes   For        For
                                                                  Elect Director Margaret L.
Fair Isaac Corp.                  FIC     303250104    02/12/07   Taylor                          Issuer    Yes   For        For
                                                                  Elect Director William J.
Fair Isaac Corp.                  FIC     303250104    02/12/07   Lansing                         Issuer    Yes   For        For
Fair Isaac Corp.                  FIC     303250104    02/12/07   Ratify Auditors                 Issuer    Yes   For        For

Central Garden & Pet                                              Elect Director William E.
Co.                               CENT    153527106    02/12/07   Brown                           Issuer    Yes   For        For
Central Garden & Pet                                              Elect Director Glenn W.
Co.                               CENT    153527106    02/12/07   Novotny                         Issuer    Yes   For        For
Central Garden & Pet                                              Elect Director Brooks M.
Co.                               CENT    153527106    02/12/07   Pennington, III                 Issuer    Yes   For        For

Central Garden & Pet                                              Elect Director John B.
Co.                               CENT    153527106    02/12/07   Balousek                        Issuer    Yes   For        For
Central Garden & Pet                                              Elect Director David N.
Co.                               CENT    153527106    02/12/07   Chichester                      Issuer    Yes   For        For
Central Garden & Pet                                              Elect Director Alfred A.
Co.                               CENT    153527106    02/12/07   Piergallini                     Issuer    Yes   For        For

Central Garden & Pet                                              Elect Director Bruce A.
Co.                               CENT    153527106    02/12/07   Westphal                        Issuer    Yes   For        For
Sterling Financial Corp.          STSA    859319105    02/21/07   Approve Merger Agreement        Issuer    Yes   For        For
Sterling Financial Corp.          STSA    859319105    02/21/07   Adjourn Meeting                 Issuer    Yes   For        For
                                                                  Elect Director Dennis R.
Microsemi Corp.                   MSCC    595137100    02/21/07   Leibel                          Issuer    Yes   For        For
                                                                  Elect Director James J.
Microsemi Corp.                   MSCC    595137100    02/21/07   Peterson                        Issuer    Yes   For        For
                                                                  Elect Director Thomas R.
Microsemi Corp.                   MSCC    595137100    02/21/07   Anderson                        Issuer    Yes   For        For
                                                                  Elect Director William E.
Microsemi Corp.                   MSCC    595137100    02/21/07   Bendush                         Issuer    Yes   For        For
                                                                  Elect Director William L.
Microsemi Corp.                   MSCC    595137100    02/21/07   Healey                          Issuer    Yes   For        For
Microsemi Corp.                   MSCC    595137100    02/21/07   Elect Director Paul F. Folino   Issuer    Yes   For        For
                                                                  Elect Director Matthew E.
Microsemi Corp.                   MSCC    595137100    02/21/07   Massengill                      Issuer    Yes   For        For
Microsemi Corp.                   MSCC    595137100    02/21/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Walter M.
Photronics, Inc.                  PLAB    719405102    03/30/07   Fiederowicz                     Issuer    Yes   For        For
                                                                  Elect Director Joseph A.
Photronics, Inc.                  PLAB    719405102    03/30/07   Fiorita, Jr.                    Issuer    Yes   For        For
                                                                  Elect Director Michael J.
Photronics, Inc.                  PLAB    719405102    03/30/07   Luttati                         Issuer    Yes   For        For
                                                                  Elect Director C.S.
Photronics, Inc.                  PLAB    719405102    03/30/07   Macricostas                     Issuer    Yes   For        For
                                                                  Elect Director George C.
Photronics, Inc.                  PLAB    719405102    03/30/07   Macricostas                     Issuer    Yes   For        For
Photronics, Inc.                  PLAB    719405102    03/30/07   Elect Director Willem D. Maris  Issuer    Yes   Withhold   Against
                                                                  Elect Director Mitchell G.
Photronics, Inc.                  PLAB    719405102    03/30/07   Tyson                           Issuer    Yes   For        For
Photronics, Inc.                  PLAB    719405102    03/30/07   Ratify Auditors                 Issuer    Yes   For        For
Photronics, Inc.                  PLAB    719405102    03/30/07   Approve Omnibus Stock Plan      Issuer    Yes   For        For
Core Laboratories N V             CLB     N22717107    04/02/07                                   S/H       No    NA         NA
                                                                  Elect Director Charles W.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Berger                          Issuer    Yes   For        For
                                                                  Elect Director Robert J.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Frankenberg                     Issuer    Yes   For        For
                                                                  Elect Director Jeffrey A.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Harris                          Issuer    Yes   For        For
                                                                  Elect Director William H.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Janeway                         Issuer    Yes   For        For
                                                                  Elect Director Katharine A.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Martin                          Issuer    Yes   For        For
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Elect Director Mark B. Myers    Issuer    Yes   For        For
                                                                  Elect Director Philip J.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Quigley                         Issuer    Yes   For        For
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Elect Director Paul A. Ricci    Issuer    Yes   For        For
                                                                  Elect Director Robert G.
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Teresi                          Issuer    Yes   For        For
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Amend Omnibus Stock Plan        Issuer    Yes   For        For
                                                                  Increase Authorized Common
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Stock                           Issuer    Yes   For        For
Nuance Communications, Inc.       NUAN    67020Y100    03/22/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Robert J.
Cognex Corp.                      CGNX    192422103    04/18/07   Shillman                        Issuer    Yes   Withhold   Against
Cognex
Corp.                             CGNX    192422103    04/18/07   Elect Director Anthony Sun      Issuer    Yes   Withhold   Against
Cognex
Corp.                             CGNX    192422103    04/18/07   Approve Omnibus Stock Plan      Issuer    Yes   Against    Against
Genlyte Group, Inc. (The)         GLYT    372302109    04/19/07   Elect Director Larry K. Powers  Issuer    Yes   Withhold   Against
Genlyte Group, Inc. (The)         GLYT    372302109    04/19/07   Elect Director Zia Eftekhar     Issuer    Yes   Withhold   Against
                                                                  Elect Director William A.
Genlyte Group, Inc. (The)         GLYT    372302109    04/19/07   Trotman                         Issuer    Yes   For        For
United Surgical Partners International
Inc                                       913016309    04/18/07   Approve Merger Agreement        Issuer    Yes   For        For
United Surgical Partners International
Inc                                       913016309    04/18/07   Adjourn Meeting                 Issuer    Yes   For        For
                                                                  Elect Director James C.
CRA International Inc             CRAI    12618T105    04/20/07   Burrows                         Issuer    Yes   For        For
CRA International Inc             CRAI    12618T105    04/20/07   Elect Director Carl Shapiro     Issuer    Yes   For        For
                                                                  Approve Executive Incentive
CRA International Inc             CRAI    12618T105    04/20/07   Bonus Plan                      Issuer    Yes   For        For
CRA International Inc             CRAI    12618T105    04/20/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Stephen M.
Secure Computing Corp.            SCUR    813705100    05/10/07   Puricelli                       Issuer    Yes   For        For
                                                                  Elect Director Richard L.
Secure Computing Corp.            SCUR    813705100    05/10/07   Scott                           Issuer    Yes   For        For
Secure Computing Corp.            SCUR    813705100    05/10/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
Secure Computing Corp.            SCUR    813705100    05/10/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
Secure Computing Corp.            SCUR    813705100    05/10/07   Ratify Auditors                 Issuer    Yes   For        For
Alexion Pharmaceuticals,                                          Elect Director Leonard Bell,
Inc.                              ALXN    15351109     05/03/07   M.D.                            Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,
Inc.                              ALXN    15351109     05/03/07   Elect Director David W. Keiser  Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,
Inc.                              ALXN    15351109     05/03/07   Elect Director Max Link, Ph.D.  Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,                                          Elect Director Joseph A.
Inc.                              ALXN    15351109     05/03/07   Madri, Ph.D., M.D.              Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,
Inc.                              ALXN    15351109     05/03/07   Elect Director Larry L. Mathis  Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,                                          Elect Director R. Douglas
Inc.                              ALXN    15351109     05/03/07   Norby                           Issuer    Yes   Withhold   Against

Alexion Pharmaceuticals,
Inc.                              ALXN    15351109     05/03/07   Elect Director Alvin S. Parven  Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,                                          Elect Director Ruedi E.
Inc.                              ALXN    15351109     05/03/07   Waeger, Ph.D.                   Issuer    Yes   Withhold   Against
Alexion Pharmaceuticals,
Inc.                              ALXN    15351109     05/03/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against

Alexion Pharmaceuticals,
Inc.                              ALXN    15351109     05/03/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Hoyt Ammidon,
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Jr.                             Issuer    Yes   For        For
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Elect Director Paul D. Coombs   Issuer    Yes   For        For
                                                                  Elect Director Ralph S.
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Cunningham                      Issuer    Yes   For        For
                                                                  Elect Director Tom H.
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Delimitros                      Issuer    Yes   For        For
                                                                  Elect Director Geoffrey M.
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Hertel                          Issuer    Yes   For        For
                                                                  Elect Director Allen T.
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   McInnes                         Issuer    Yes   For        For
                                                                  Elect Director Kenneth P.
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Mitchell                        Issuer    Yes   For        For
                                                                  Elect Director Kenneth E.
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   White, Jr.                      Issuer    Yes   For        For
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Ratify Auditors                 Issuer    Yes   For        For
TETRA Technologies, Inc.          TTI     88162F105    05/04/07   Approve Omnibus Stock Plan      Issuer    Yes   For        For
                                                                  Elect Director Phillip C.
Hub Group, Inc.                   HUBG    443320106    05/07/07   Yeager                          Issuer    Yes   Withhold   Against
Hub Group, Inc.                   HUBG    443320106    05/07/07   Elect Director David P. Yeager  Issuer    Yes   Withhold   Against
Hub Group, Inc.                   HUBG    443320106    05/07/07   Elect Director Mark A. Yeager   Issuer    Yes   Withhold   Against
Hub Group, Inc.                   HUBG    443320106    05/07/07   Elect Director Gary D. Eppen    Issuer    Yes   For        For
                                                                  Elect Director Charles R.
Hub Group, Inc.                   HUBG    443320106    05/07/07   Reaves                          Issuer    Yes   For        For
Hub Group, Inc.                   HUBG    443320106    05/07/07   Elect Director Martin P. Slark  Issuer    Yes   For        For
                                                                  Increase Authorized Common
Hub Group, Inc.                   HUBG    443320106    05/07/07   Stock                           Issuer    Yes   For        For
Hub Group, Inc.                   HUBG    443320106    05/07/07   Amend Omnibus Stock Plan        Issuer    Yes   For        For
Hub Group, Inc.                   HUBG    443320106    05/07/07   Amend Omnibus Stock Plan        Issuer    Yes   For        For
Exelixis, Inc                     EXEL    30161Q104    05/01/07   Elect Director Alan M. Garber   Issuer    Yes   For        For
                                                                  Elect Director Vincent T.
Exelixis, Inc                     EXEL    30161Q104    05/01/07   Marchesi                        Issuer    Yes   For        For
                                                                  Elect Director Carl B.
Exelixis, Inc                     EXEL    30161Q104    05/01/07   Feldbaum                        Issuer    Yes   For        For
Exelixis, Inc                     EXEL    30161Q104    05/01/07   Ratify Auditors                 Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Fix Number of Directors         Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Elect Director Joseph W. Alsop  Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Elect Director Barry N. Bycoff  Issuer    Yes   For        For
                                                                  Elect Director Roger J.
Progress Software Corp.           PRGS    743312100    04/26/07   Heinen, Jr.                     Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Elect Director Charles F. Kane  Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Elect Director Michael L. Mark  Issuer    Yes   For        For
                                                                  Elect Director Scott A.
Progress Software Corp.           PRGS    743312100    04/26/07   McGregor                        Issuer    Yes   For        For
                                                                  Amend Qualified Employee
Progress Software Corp.           PRGS    743312100    04/26/07   Stock Purchase Plan             Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Amend Omnibus Stock Plan        Issuer    Yes   For        For
Progress Software Corp.           PRGS    743312100    04/26/07   Pay for Superior Performance    S/H       Yes   For        Against
                                                                  Elect Director A. Clinton
LKQ Corp.                         LKQX    501889208    05/07/07   Allen                           Issuer    Yes   For        For
                                                                  Elect Director Robert M.
LKQ Corp.                         LKQX    501889208    05/07/07   Devlin                          Issuer    Yes   For        For
LKQ Corp.                         LKQX    501889208    05/07/07   Elect Director Donald F. Flynn  Issuer    Yes   For        For
                                                                  Elect Director Joseph M.
LKQ Corp.                         LKQX    501889208    05/07/07   Holsten                         Issuer    Yes   For        For
LKQ Corp.                         LKQX    501889208    05/07/07   Elect Director Paul M. Meister  Issuer    Yes   For        For
LKQ Corp.                         LKQX    501889208    05/07/07   Elect Director John F. O'Brien  Issuer    Yes   For        For
                                                                  Elect Director William M.
LKQ Corp.                         LKQX    501889208    05/07/07   Webster, Iv                     Issuer    Yes   For        For
LKQ Corp.                         LKQX    501889208    05/07/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Donald C.
Omnicell, Inc.                    OMCL    68213N109    04/24/07   Wegmiller                       Issuer    Yes   For        For
Omnicell, Inc.                    OMCL    68213N109    04/24/07   Elect Director James T. Judson  Issuer    Yes   For        For
                                                                  Elect Director Gary S.
Omnicell, Inc.                    OMCL    68213N109    04/24/07   Petersmeyer                     Issuer    Yes   For        For
Omnicell, Inc.                    OMCL    68213N109    04/24/07   Elect Director Mary E. Foley    Issuer    Yes   For        For
Omnicell, Inc.                    OMCL    68213N109    04/24/07   Ratify Auditors                 Issuer    Yes   For        For
Kenexa Corp.                      KNXA    488879107    05/08/07   Elect Director Joseph A. Konen  Issuer    Yes   For        For
                                                                  Elect Director Richard J.
Kenexa Corp.                      KNXA    488879107    05/08/07   Pinola                          Issuer    Yes   For        For
                                                                  Elect Director Rebecca J.
Kenexa Corp.                      KNXA    488879107    05/08/07   Maddox                          Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Elect Director C. Scott Gibson  Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Elect Director Scott C. Grout   Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Elect Director Ken J. Bradley   Issuer    Yes   For        For
                                                                  Elect Director Richard J.
RadiSys Corp.                     RSYS    750459109    05/15/07   Faubert                         Issuer    Yes   For        For
                                                                  Elect Director William W.
RadiSys Corp.                     RSYS    750459109    05/15/07   Lattin                          Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Elect Director Kevin C. Melia   Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Elect Director Carl W. Neun     Issuer    Yes   For        For
                                                                  Elect Director Lorene K.
RadiSys Corp.                     RSYS    750459109    05/15/07   Steffes                         Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Ratify Auditors                 Issuer    Yes   For        For
RadiSys Corp.                     RSYS    750459109    05/15/07   Approve Omnibus Stock Plan      Issuer    Yes   Against    Against
                                                                  Amend Qualified Employee
RadiSys Corp.                     RSYS    750459109    05/15/07   Stock Purchase Plan             Issuer    Yes   Against    Against
                                                                  Elect Director Robert K.
Phase Forward Inc                 PFWD    71721R406    05/02/07   Weiler                          Issuer    Yes   For        For
                                                                  Elect Director Paul A.
Phase Forward Inc                 PFWD    71721R406    05/02/07   Bleicher, M.D., Ph.D.           Issuer    Yes   For        For
Phase Forward Inc                 PFWD    71721R406    05/02/07   Elect Director Axel Bichara     Issuer    Yes   For        For
                                                                  Elect Director James I. Cash,
Phase Forward Inc                 PFWD    71721R406    05/02/07   Jr., Ph.D.                      Issuer    Yes   For        For
                                                                  Elect Director Richard A.
Phase Forward Inc                 PFWD    71721R406    05/02/07   D'Amore                         Issuer    Yes   For        For
Phase Forward Inc                 PFWD    71721R406    05/02/07   Elect Director Gary E. Haroian  Issuer    Yes   For        For
                                                                  Elect Director Dennis R.
Phase Forward Inc                 PFWD    71721R406    05/02/07   Shaughnessy                     Issuer    Yes   For        For
                                                                  Elect Director Eve E.
Phase Forward Inc                 PFWD    71721R406    05/02/07   Slater,M.D.                     Issuer    Yes   For        For
Phase Forward Inc                 PFWD    71721R406    05/02/07   Ratify Auditors                 Issuer    Yes   For        For
Phase Forward Inc                 PFWD    71721R406    05/02/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Elect Director Keith E. Busse   Issuer    Yes   For        For
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Elect Director Mark D. Millett  Issuer    Yes   For        For
                                                                  Elect Director Richard P.
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Teets, Jr.                      Issuer    Yes   For        For
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Elect Director John C. Bates    Issuer    Yes   For        For
                                                                  Elect Director Frank D.
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Byrne, M.D.                     Issuer    Yes   For        For
                                                                  Elect Director Paul B.
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Edgerley                        Issuer    Yes   For        For
                                                                  Elect Director Richard J.
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Freeland                        Issuer    Yes   For        For
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Elect Director Jurgen Kolb      Issuer    Yes   For        For
                                                                  Elect Director James C.
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Marcuccilli                     Issuer    Yes   For        For
                                                                  Elect Director Joseph D.
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Ruffolo                         Issuer    Yes   For        For
Steel Dynamics, Inc.              STLD    858119100    05/17/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Selim A.
The Middleby Corp.                MIDD    596278101    05/03/07   Bassoul                         Issuer    Yes   Withhold   Against
The Middleby Corp.                MIDD    596278101    05/03/07   Elect Director Robert B. Lamb   Issuer    Yes   For        For
The Middleby Corp.                MIDD    596278101    05/03/07   Elect Director Ryan Levenson    Issuer    Yes   For        For
                                                                  Elect Director John R.
The Middleby Corp.                MIDD    596278101    05/03/07   Miller, III                     Issuer    Yes   For        For
The Middleby Corp.                MIDD    596278101    05/03/07   Elect Director Gordon O'Brien   Issuer    Yes   For        For
                                                                  Elect Director Philip G.
The Middleby Corp.                MIDD    596278101    05/03/07   Putnam                          Issuer    Yes   For        For
                                                                  Elect Director Sabin C.
The Middleby Corp.                MIDD    596278101    05/03/07   Streeter                        Issuer    Yes   For        For
The Middleby Corp.                MIDD    596278101    05/03/07   Elect Director Robert L. Yohe   Issuer    Yes   For        For
The Middleby Corp.                MIDD    596278101    05/03/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Increase Authorized Common
The Middleby Corp.                MIDD    596278101    05/03/07   Stock                           Issuer    Yes   For        For
The Middleby Corp.                MIDD    596278101    05/03/07   Approve Omnibus Stock Plan      Issuer    Yes   For        For
                                                                  Elect Director William S.
Landstar System, Inc.             LSTR    515098101    05/03/07   Elston                          Issuer    Yes   For        For
Landstar System, Inc.             LSTR    515098101    05/03/07   Elect Director Diana M. Murphy  Issuer    Yes   For        For
Landstar System, Inc.             LSTR    515098101    05/03/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Approve Executive Incentive
Landstar System, Inc.             LSTR    515098101    05/03/07   Bonus Plan                      Issuer    Yes   For        For

Isis Pharmaceuticals,                                             Elect Director Stanley T.
Inc.                              ISIS    464330109    05/17/07   Crooke                          Issuer    Yes   For        For
Isis Pharmaceuticals,                                             Elect Director Joseph Klein,
Inc.                              ISIS    464330109    05/17/07   III                             Issuer    Yes   For        For
Isis Pharmaceuticals,                                             Elect Director John C. Reed,
Inc.                              ISIS    464330109    05/17/07   M.D., Ph.D.                     Issuer    Yes   Withhold   Against

Isis Pharmaceuticals,
Inc.                              ISIS    464330109    05/17/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Donald E.
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Nigbor                          Issuer    Yes   For        For
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Elect Director Cary T. Fu       Issuer    Yes   For        For
                                                                  Elect Director Steven A.
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Barton                          Issuer    Yes   For        For
                                                                  Elect Director Michael R.
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Dawson                          Issuer    Yes   For        For
                                                                  Elect Director Peter G.
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Dorflinger                      Issuer    Yes   For        For
                                                                  Elect Director Douglas G.
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Duncan                          Issuer    Yes   For        For
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Elect Director Laura W. Lang    Issuer    Yes   For        For
                                                                  Elect Director Bernee D.L.
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Strom                           Issuer    Yes   For        For
Benchmark Electronics, Inc.       BHE     08160H101    05/09/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Randy H.
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Thurman                         Issuer    Yes   For        For
                                                                  Elect Director Ronald A.
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Ahrens                          Issuer    Yes   For        For
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Elect Director Sander A. Flaum  Issuer    Yes   For        For
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Elect Director Kirk E. Gorman   Issuer    Yes   For        For
                                                                  Elect Director Thomas W.
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Hofmann                         Issuer    Yes   For        For
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Elect Director Fred B. Parks    Issuer    Yes   For        For
                                                                  Elect Director Rebecca W.
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Rimel                           Issuer    Yes   For        For
                                                                  Elect Director Elliot J.
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Sussman                         Issuer    Yes   For        For
Viasys Healthcare, Inc.           VAS     92553Q209    05/10/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Steven C.
Labor Ready, Inc.                 LRW     505401208    05/16/07   Cooper                          Issuer    Yes   For        For
                                                                  Elect Director Keith D.
Labor Ready, Inc.                 LRW     505401208    05/16/07   Grinstein                       Issuer    Yes   For        For
                                                                  Elect Director Thomas E.
Labor Ready, Inc.                 LRW     505401208    05/16/07   Mcchesney                       Issuer    Yes   For        For
Labor Ready, Inc.                 LRW     505401208    05/16/07   Elect Director Gates Mckibbin   Issuer    Yes   For        For
                                                                  Elect Director J.P.
Labor Ready, Inc.                 LRW     505401208    05/16/07   Sambataro, Jr.                  Issuer    Yes   For        For
                                                                  Elect Director William W.
Labor Ready, Inc.                 LRW     505401208    05/16/07   Steele                          Issuer    Yes   For        For
                                                                  Elect Director Robert J.
Labor Ready, Inc.                 LRW     505401208    05/16/07   Sullivan                        Issuer    Yes   For        For
Labor Ready, Inc.                 LRW     505401208    05/16/07   Elect Director Craig E. Tall    Issuer    Yes   For        For
Labor Ready, Inc.                 LRW     505401208    05/16/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director William E.
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Macaulay                        Issuer    Yes   For        For
                                                                  Elect Director Jean-Paul
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Vettier                         Issuer    Yes   For        For
                                                                  Elect Director Vincent R.
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Volpe Jr.                       Issuer    Yes   For        For
                                                                  Elect Director Michael L.
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Underwood                       Issuer    Yes   For        For
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Elect Director Philip R, Roth   Issuer    Yes   For        For
                                                                  Elect Director Louis A.
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Raspino                         Issuer    Yes   For        For
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Elect Director Rita V. Foley    Issuer    Yes   For        For
                                                                  Elect Director Joseph C.
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Winkler                         Issuer    Yes   For        For
Dresser-Rand Group Inc.           DRC     261608103    05/16/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Daniel P.
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Mccartney                       Issuer    Yes   Withhold   Against
                                                                  Elect Director Barton D.
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Weisman                         Issuer    Yes   For        For
                                                                  Elect Director Joseph F.
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Mccartney                       Issuer    Yes   Withhold   Against
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Elect Director Robert L. Frome  Issuer    Yes   Withhold   Against
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Elect Director Thomas A. Cook   Issuer    Yes   Withhold   Against
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Elect Director Robert J. Moss   Issuer    Yes   For        For
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Elect Director John M. Briggs   Issuer    Yes   For        For
                                                                  Elect Director Dino D.
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Ottaviano                       Issuer    Yes   For        For
                                                                  Increase Authorized Common
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Stock                           Issuer    Yes   Against    Against
Healthcare Services Group, Inc.   HCSG    421906108    05/22/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Michael A.
ArthroCare Corp.                  ARTC    43136100     05/24/07   Baker                           Issuer    Yes   For        For
                                                                  Elect Director Barbara D.
ArthroCare Corp.                  ARTC    43136100     05/24/07   Boyan                           Issuer    Yes   For        For
                                                                  Elect Director David F.
ArthroCare Corp.                  ARTC    43136100     05/24/07   Fitzgerald                      Issuer    Yes   For        For
ArthroCare Corp.                  ARTC    43136100     05/24/07   Elect Director James G. Foster  Issuer    Yes   For        For
                                                                  Elect Director Terrence E.
ArthroCare Corp.                  ARTC    43136100     05/24/07   Geremski                        Issuer    Yes   For        For
ArthroCare Corp.                  ARTC    43136100     05/24/07   Elect Director Tord B. Lendau   Issuer    Yes   For        For
ArthroCare Corp.                  ARTC    43136100     05/24/07   Elect Director Peter L. Wilson  Issuer    Yes   For        For
ArthroCare Corp.                  ARTC    43136100     05/24/07   Ratify Auditors                 Issuer    Yes   For        For
MELLANOX TECHNOLOGIES LTD         MLNX    M51363113    05/10/07                                   S/H       No    NA         NA
                                                                  Elect Director W.F. Carpenter
Psychiatric Solutions, Inc.       PSYS    74439H108    05/15/07   III                             Issuer    Yes   For        For
Psychiatric Solutions, Inc.       PSYS    74439H108    05/15/07   Elect Director Mark P. Clein    Issuer    Yes   Withhold   Against
Psychiatric Solutions, Inc.       PSYS    74439H108    05/15/07   Elect Director Richard D. Gore  Issuer    Yes   For        For
Psychiatric Solutions, Inc.       PSYS    74439H108    05/15/07   Ratify Auditors                 Issuer    Yes   For        For
Silicon Image, Inc.               SIMG    82705T102    05/23/07   Elect Director Masood Jabbar    Issuer    Yes   For        For
Silicon Image, Inc.               SIMG    82705T102    05/23/07   Elect Director John Hodge       Issuer    Yes   For        For
Silicon Image, Inc.               SIMG    82705T102    05/23/07   Ratify Auditors                 Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Marty Albertson  Issuer    Yes   For        For
                                                                  Elect Director Larry
Guitar Center, Inc.               GTRC    402040109    05/10/07   Livingston                      Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Pat MacMillan    Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Bob L. Martin    Issuer    Yes   Withhold   Against
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director George Mrkonic   Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Kenneth Reiss    Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Walter Rossi     Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Peter Starrett   Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Elect Director Paul Tarvin      Issuer    Yes   For        For
Guitar Center, Inc.               GTRC    402040109    05/10/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
Guitar Center, Inc.               GTRC    402040109    05/10/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director David A.
Tween Brands Inc                  TWB     901166108    05/24/07   Krinsky                         Issuer    Yes   For        For
                                                                  Elect Director Kenneth T.
Tween Brands Inc                  TWB     901166108    05/24/07   Stevens                         Issuer    Yes   For        For
                                                                  Elect Director Kenneth J.
Tween Brands Inc                  TWB     901166108    05/24/07   Strottman                       Issuer    Yes   For        For
Tween Brands Inc                  TWB     901166108    05/24/07   Ratify Auditors                 Issuer    Yes   For        For
UCBH Holdings, Inc.               UCBH    90262T308    05/17/07   Elect Director Pin Pin Chau     Issuer    Yes   For        For
UCBH Holdings, Inc.               UCBH    90262T308    05/17/07   Elect Director Godwin Wong      Issuer    Yes   For        For
UCBH Holdings, Inc.               UCBH    90262T308    05/17/07   Elect Director Thomas S. Wu     Issuer    Yes   For        For
UCBH Holdings, Inc.               UCBH    90262T308    05/17/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
                                                                  Declassify the Board of
UCBH Holdings, Inc.               UCBH    90262T308    05/17/07   Directors                       S/H       Yes   For        Against
UCBH Holdings, Inc.               UCBH    90262T308    05/17/07   Ratify Auditors                 Issuer    Yes   For        For
Rudolph Technologies, Inc.        RTEC    781270103    05/24/07   Elect Director Daniel H. Berry  Issuer    Yes   For        For
Rudolph Technologies, Inc.        RTEC    781270103    05/24/07   Elect Director Thomas G. Greig  Issuer    Yes   For        For
                                                                  Elect Director Richard F.
Rudolph Technologies, Inc.        RTEC    781270103    05/24/07   Spanier                         Issuer    Yes   Withhold   Against
Rudolph Technologies, Inc.        RTEC    781270103    05/24/07   Ratify Auditors                 Issuer    Yes   For        For
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Fix Number of Directors         Issuer    Yes   For        For
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Elect Director Sally J. Smith   Issuer    Yes   For        For
                                                                  Elect Director Kenneth H.
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Dahlberg                        Issuer    Yes   For        For
                                                                  Elect Director Dale M.
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Applequist                      Issuer    Yes   For        For
                                                                  Elect Director Robert W.
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   MacDonald                       Issuer    Yes   For        For
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Elect Director Warren E. Mack   Issuer    Yes   For        For
                                                                  Elect Director J. Oliver
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Maggard                         Issuer    Yes   For        For
                                                                  Elect Director Michael P.
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Johnson                         Issuer    Yes   For        For
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Elect Director James M. Damian  Issuer    Yes   For        For
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Amend Omnibus Stock Plan        Issuer    Yes   For        For
                                                                  Approve Executive Incentive
Buffalo Wild Wings, Inc.          BWLD    119848109    05/24/07   Bonus Plan                      Issuer    Yes   For        For
Dexcom Inc                        DXCM    252131107    05/23/07   Elect Director Donald L. Lucas  Issuer    Yes   For        For
Dexcom Inc                        DXCM    252131107    05/23/07   Elect Director Donald A. Lucas  Issuer    Yes   For        For
                                                                  Elect Director Jay S. Skyler,
Dexcom Inc                        DXCM    252131107    05/23/07   M.D.                            Issuer    Yes   For        For
Dexcom Inc                        DXCM    252131107    05/23/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
Dexcom Inc                        DXCM    252131107    05/23/07   Ratify Auditors                 Issuer    Yes   For        For
Nuvelo, Inc.                      NUVO    67072M301    05/31/07   Elect Director Mark L. Perry    Issuer    Yes   For        For
Nuvelo, Inc.                      NUVO    67072M301    05/31/07   Elect Director Barry L. Zubrow  Issuer    Yes   For        For
Nuvelo, Inc.                      NUVO    67072M301    05/31/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
                                                                  Amend Qualified Employee
Nuvelo, Inc.                      NUVO    67072M301    05/31/07   Stock Purchase Plan             Issuer    Yes   For        For
Nuvelo, Inc.                      NUVO    67072M301    05/31/07   Ratify Auditors                 Issuer    Yes   For        For
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Elect Director Alan D. Gold     Issuer    Yes   For        For
                                                                  Elect Director Barbara R.
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Cambon                          Issuer    Yes   For        For
                                                                  Elect Director Edward A.
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Dennis                          Issuer    Yes   For        For
                                                                  Elect Director Gary A.
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Kreitzer                        Issuer    Yes   For        For
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Elect Director Mark J. Riedy    Issuer    Yes   For        For
                                                                  Elect Director Theodore D.
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Roth                            Issuer    Yes   For        For
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Elect Director M. Faye Wilson   Issuer    Yes   For        For
BIOMED REALTY TRUST INC           BMR     09063H107    05/16/07   Ratify Auditors                 Issuer    Yes   For        For
Ventas, Inc.                      VTR     92276F100    05/16/07   Elect Director Debra A. Cafaro  Issuer    Yes   For        For
                                                                  Elect Director Douglas
Ventas, Inc.                      VTR     92276F100    05/16/07   Crocker, II                     Issuer    Yes   For        For
Ventas, Inc.                      VTR     92276F100    05/16/07   Elect Director Jay M. Gellert   Issuer    Yes   For        For
Ventas, Inc.                      VTR     92276F100    05/16/07   Elect Director Ronald G. Geary  Issuer    Yes   For        For
                                                                  Elect Director Christopher T.
Ventas, Inc.                      VTR     92276F100    05/16/07   Hannon                          Issuer    Yes   For        For
                                                                  Elect Director Sheli Z.
Ventas, Inc.                      VTR     92276F100    05/16/07   Rosenberg                       Issuer    Yes   For        For
                                                                  Elect Director Thomas C.
Ventas, Inc.                      VTR     92276F100    05/16/07   Theobald                        Issuer    Yes   For        For
Ventas, Inc.                      VTR     92276F100    05/16/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Increase Authorized Common
Ventas, Inc.                      VTR     92276F100    05/16/07   Stock                           Issuer    Yes   For        For
                                                                  Amend Stock Ownership
Ventas, Inc.                      VTR     92276F100    05/16/07   Limitations                     Issuer    Yes   Against    Against
                                                                  Elect Director David W.
Aspect Medical Systems            ASPM    45235108     05/23/07   Feigal, Jr., M.D.               Issuer    Yes   For        For
                                                                  Elect Director John J.
Aspect Medical Systems            ASPM    45235108     05/23/07   O'Connor                        Issuer    Yes   For        For
                                                                  Elect Director Donald R.
Aspect Medical Systems            ASPM    45235108     05/23/07   Stanski, M.D.                   Issuer    Yes   For        For
Aspect Medical Systems            ASPM    45235108     05/23/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
Aspect Medical Systems            ASPM    45235108     05/23/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Anne Darden
Quicksilver Resources Inc.        KWK     74837R104    05/23/07   Self                            Issuer    Yes   For        For
                                                                  Elect Director Steven M.
Quicksilver Resources Inc.        KWK     74837R104    05/23/07   Morris                          Issuer    Yes   For        For
Quicksilver Resources Inc.        KWK     74837R104    05/23/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Thomas C.
HANSEN MEDICAL INC                HNSN    411307101    05/24/07   Mcconnell                       Issuer    Yes   For        For
                                                                  Elect Director James M.
HANSEN MEDICAL INC                HNSN    411307101    05/24/07   Shapiro                         Issuer    Yes   For        For
HANSEN MEDICAL INC                HNSN    411307101    05/24/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Michael J.
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Ahearn                          Issuer    Yes   Withhold   Against
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Elect Director James F. Nolan   Issuer    Yes   Withhold   Against
                                                                  Elect Director J. Thomas
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Presby                          Issuer    Yes   For        For
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Elect Director Bruce Sohn       Issuer    Yes   Withhold   Against
                                                                  Elect Director Paul H.
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Stebbins                        Issuer    Yes   For        For
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Elect Director Michael Sweeney  Issuer    Yes   For        For
FIRST SOLAR INC                   FSLR    336433107    05/25/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Jay L.
Dsw Inc                           DSW     23334L102    05/30/07   Schottenstein                   Issuer    Yes   For        For
                                                                  Elect Director Philip B.
Dsw Inc                           DSW     23334L102    05/30/07   Miller                          Issuer    Yes   For        For
                                                                  Elect Director James D.
Dsw Inc                           DSW     23334L102    05/30/07   Robbins                         Issuer    Yes   For        For
Cubist Pharmaceuticals,                                           Elect Director Michael W.
Inc.                              CBST    229678107    06/07/07   Bonney                          Issuer    Yes   For        For
Cubist Pharmaceuticals,                                           Elect Director Walter R.
Inc.                              CBST    229678107    06/07/07   Maupay, Jr.                     Issuer    Yes   For        For
Cubist Pharmaceuticals,
Inc.                              CBST    229678107    06/07/07   Elect Director Sylvie Gregoire  Issuer    Yes   For        For
Cubist Pharmaceuticals,                                           Increase Authorized Common
Inc.                              CBST    229678107    06/07/07   Stock                           Issuer    Yes   For        For
Cubist Pharmaceuticals,                                           Amend Qualified Employee
Inc.                              CBST    229678107    06/07/07   Stock Purchase Plan             Issuer    Yes   For        For

Cubist Pharmaceuticals,                                           Amend Non-Employee Director
Inc.                              CBST    229678107    06/07/07   Omnibus Stock Plan              Issuer    Yes   Against    Against
Cubist Pharmaceuticals,
Inc.                              CBST    229678107    06/07/07   Ratify Auditors                 Issuer    Yes   For        For
Penwest Pharmaceuticals Co.       PPCO    709754105    06/13/07   Elect Director Paul E. Freiman  Issuer    Yes   For        For
                                                                  Elect Director Jennifer L.
Penwest Pharmaceuticals Co.       PPCO    709754105    06/13/07   Good                            Issuer    Yes   For        For
Penwest Pharmaceuticals Co.       PPCO    709754105    06/13/07   Elect Director David P. Meeker  Issuer    Yes   For        For
Penwest Pharmaceuticals Co.       PPCO    709754105    06/13/07   Ratify Auditors                 Issuer    Yes   For        For

Diodes Inc.                       DIOD    254543101    05/31/07   Elect Director C.H. Chen        Issuer    Yes   Withhold   Against
Diodes                                                            Elect Director Michael R.
Inc.                              DIOD    254543101    05/31/07   Giordano                        Issuer    Yes   Withhold   Against
Diodes
Inc.                              DIOD    254543101    05/31/07   Elect Director L.P. Hsu         Issuer    Yes   For        For

Diodes Inc.                       DIOD    254543101    05/31/07   Elect Director Keh-Shew Lu      Issuer    Yes   For        For
Diodes
Inc.                              DIOD    254543101    05/31/07   Elect Director Shing Mao        Issuer    Yes   Withhold   Against
Diodes
Inc.                              DIOD    254543101    05/31/07   Elect Director Raymond Soong    Issuer    Yes   For        For

Diodes Inc.                       DIOD    254543101    05/31/07   Elect Director John M. Stich    Issuer    Yes   For        For
Diodes
Inc.                              DIOD    254543101    05/31/07   Ratify Auditors                 Issuer    Yes   For        For
The Knot, Inc.                    KNOT    499184109    05/23/07   Elect Director Sandra Stiles    Issuer    Yes   For        For
The Knot, Inc.                    KNOT    499184109    05/23/07   Elect Director Charles Baker    Issuer    Yes   For        For
The Knot, Inc.                    KNOT    499184109    05/23/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director Jean-Jacques
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Bienaime                        Issuer    Yes   For        For
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Elect Director Michael Grey     Issuer    Yes   Withhold   Against
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Elect Director Elaine J. Heron  Issuer    Yes   For        For
                                                                  Elect Director Joseph Klein,
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   III                             Issuer    Yes   For        For
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Elect Director Pierre Lapalme   Issuer    Yes   For        For
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Elect Director V. Bryan Lawlis  Issuer    Yes   For        For
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Elect Director Alan J. Lewis    Issuer    Yes   For        For
                                                                  Elect Director Richard A.
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Meier                           Issuer    Yes   For        For
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Increase Authorized Common
BioMarin Pharmaceutical Inc.      BMRN    09061G101    06/07/07   Stock                           Issuer    Yes   For        For
                                                                  Elect Director R. Jordan
DivX, Inc.                        DIVX    255413106    06/04/07   Greenhall                       Issuer    Yes   For        For
                                                                  Elect Director Christopher
DivX, Inc.                        DIVX    255413106    06/04/07   Mcgurk                          Issuer    Yes   For        For
DivX, Inc.                        DIVX    255413106    06/04/07   Ratify Auditors                 Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Elect Director Mark S. Siegel   Issuer    Yes   For        For
                                                                  Elect Director Cloyce A.
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Talbott                         Issuer    Yes   For        For
                                                                  Elect Director Kenneth N.
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Berns                           Issuer    Yes   For        For
                                                                  Elect Director Charles O.
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Buckner                         Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Elect Director Curtis W. Huff   Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Elect Director Terry H. Hunt    Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Elect Director Kenneth R. Peak  Issuer    Yes   For        For
PATTERSON-UTI  ENERGY INC.        PTEN    703481101    06/07/07   Ratify Auditors                 Issuer    Yes   For        For
Emcor Group,                                                      Elect Director Frank T.
Inc.                              EME     29084Q100    06/20/07   MacInnis                        Issuer    Yes   For        For
Emcor Group,                                                      Elect Director Stephen W.
Inc.                              EME     29084Q100    06/20/07   Bershad                         Issuer    Yes   For        For
Emcor Group,                                                      Elect Director David A.B.
Inc.                              EME     29084Q100    06/20/07   Brown                           Issuer    Yes   For        For
Emcor Group,
Inc.                              EME     29084Q100    06/20/07   Elect Director Larry J. Bump    Issuer    Yes   For        For
Emcor Group,                                                      Elect Director Albert Fried,
Inc.                              EME     29084Q100    06/20/07   Jr.                             Issuer    Yes   For        For
Emcor Group,                                                      Elect Director Richard F.
Inc.                              EME     29084Q100    06/20/07   Hamm, Jr.                       Issuer    Yes   For        For
Emcor Group,                                                      Elect Director Michael T.
Inc.                              EME     29084Q100    06/20/07   Yonker                          Issuer    Yes   For        For
Emcor Group,
Inc.                              EME     29084Q100    06/20/07   Approve Omnibus Stock Plan      Issuer    Yes   For        For
Emcor Group,
Inc.                              EME     29084Q100    06/20/07   Ratify Auditors                 Issuer    Yes   For        For
VCA Antech, Inc.                  WOOF    918194101    06/04/07   Elect Director Robert L. Antin  Issuer    Yes   For        For
VCA Antech, Inc.                  WOOF    918194101    06/04/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Approve Executive Incentive
VCA Antech, Inc.                  WOOF    918194101    06/04/07   Bonus Plan                      Issuer    Yes   For        For
                                                                  Elect Director William C.
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Baker                           Issuer    Yes   For        For
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Elect Director Larry S. Flax    Issuer    Yes   For        For
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Elect Director Henry Gluck      Issuer    Yes   For        For
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Elect Director Steven C. Good   Issuer    Yes   For        For
                                                                  Elect Director Charles G.
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Phillips                        Issuer    Yes   For        For
                                                                  Elect Director Avedick B.
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Poladian                        Issuer    Yes   For        For
                                                                  Elect Director Richard L.
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Rosenfield                      Issuer    Yes   For        For
                                                                  Elect Director Alan I.
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Rothenberg                      Issuer    Yes   For        For
California Pizza Kitchen, Inc.    CPKI    13054D109    06/20/07   Ratify Auditors                 Issuer    Yes   For        For
Emergent Biosolutions Inc.        EBS     29089Q105    06/14/07   Elect Director Fuad El-Hibri    Issuer    Yes   For        For
Emergent Biosolutions Inc.        EBS     29089Q105    06/14/07   Elect Director Jerome M. Hauer  Issuer    Yes   For        For
                                                                  Elect Director Ronald B.
Emergent Biosolutions Inc.        EBS     29089Q105    06/14/07   Richard                         Issuer    Yes   For        For
Emergent Biosolutions Inc.        EBS     29089Q105    06/14/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director C. Larry
PeopleSupport Inc                 PSPT    712714302    05/30/07   Bradford                        Issuer    Yes   For        For
PeopleSupport Inc                 PSPT    712714302    05/30/07   Elect Director Michael Edell    Issuer    Yes   For        For
                                                                  Elect Director Lance
PeopleSupport Inc                 PSPT    712714302    05/30/07   Rosenzweig                      Issuer    Yes   For        For
PeopleSupport Inc                 PSPT    712714302    05/30/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect Director John T.
Perficient, Inc.                  PRFT    71375U101    06/26/07   McDonald                        Issuer    Yes   For        For
                                                                  Elect Director Ralph C.
Perficient, Inc.                  PRFT    71375U101    06/26/07   Derrickson                      Issuer    Yes   For        For
Perficient, Inc.                  PRFT    71375U101    06/26/07   Elect Director Max D. Hopper    Issuer    Yes   For        For
                                                                  Elect Director Kenneth R.
Perficient, Inc.                  PRFT    71375U101    06/26/07   Johnsen                         Issuer    Yes   For        For
                                                                  Elect Director David S.
Perficient, Inc.                  PRFT    71375U101    06/26/07   Lundeen                         Issuer    Yes   For        For
                                                                  Approve Executive Incentive
Perficient, Inc.                  PRFT    71375U101    06/26/07   Bonus Plan                      Issuer    Yes   For        For
                                                                  Elect Director Leonard S.
Regeneron Pharmaceuticals, Inc.   REGN    75886F107    06/08/07   Schleifer                       Issuer    Yes   For        For
Regeneron Pharmaceuticals, Inc.   REGN    75886F107    06/08/07   Elect Director Eric M. Shooter  Issuer    Yes   For        For
                                                                  Elect Director George D.
Regeneron Pharmaceuticals, Inc.   REGN    75886F107    06/08/07   Yancopoulos                     Issuer    Yes   For        For
Regeneron Pharmaceuticals, Inc.   REGN    75886F107    06/08/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect  Director John D.
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Campbell                        Issuer    Yes   Withhold   Against
                                                                  Elect  Director James B.
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Hurlock                         Issuer    Yes   For        For
                                                                  Elect  Director Prudence M.
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Leith                           Issuer    Yes   Withhold   Against
                                                                  Elect  Director J. Robert
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Lovejoy                         Issuer    Yes   For        For
                                                                  Elect  Director Georg R.
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Rafael                          Issuer    Yes   For        For
                                                                  Elect  Director James B.
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Sherwood                        Issuer    Yes   For        For
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  APPROVAL OF AMENDMENTS TO THE
                                                                  COMPANY S 2004 STOCK OPTION
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   PLAN                            Issuer    Yes   For        For
                                                                  APPROVAL OF THE COMPANY S
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   2007 PERFORMANCE SHARE PLAN     Issuer    Yes   For        For
                                                                  APPROVAL OF AMENDMENTS TO THE
                                                                  COMPANY S MEMORANDUM OF
                                                                  ASSOCIATION CONFERRING
                                                                  UNRESTRICTED COMPANY S
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   OBJECTS AND POWERS              Issuer    Yes   For        For
                                                                  CONFIRMATION OF AMENDMENTS TO
                                                                  THE COMPANY S BYLAWS TO
                                                                  DELETE ALL REFERENCES IN THE
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   BYE-LAWS TO SEA CONTAINERS LTD  Issuer    Yes   For        For
                                                                  CONFIRMATION OF AMENDMENTS TO
                                                                  THE COMPANY S BYLAWS TO
                                                                  PERMIT ELECTRONIC DELIVERY OF
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   SHAREHOLDER COMMUNICATIONS      Issuer    Yes   For        For
                                                                  CONFIRMATION OF AMENDMENTS TO
                                                                  THE COMPANY S BYLAWS NOT TO
                                                                  REQUIRE TWO OFFICERS ALSO
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   SERVE AS DIRECTORS              Issuer    Yes   For        For
                                                                  CONFIRMATION OF AMENDMENTS TO
                                                                  THE COMPANY S BYLAWS TO ALLOW
                                                                  EXECUTION OF DOCUMENTS
Orient Express Hotels, Inc.       OEH     G67743107    06/15/07   WITHOUT THE COMPANY S SEAL      Issuer    Yes   For        For
                                                                  Elect Director Kevin J.
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Cameron                         Issuer    Yes   For        For
                                                                  Elect Director Wyche Fowler,
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Jr.                             Issuer    Yes   For        For
                                                                  Elect Director I. Craig
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Henderson, M.D.                 Issuer    Yes   Withhold   Against
                                                                  Elect Director Malcolm
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Hoenlein                        Issuer    Yes   For        For
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Elect Director Jack Kaye        Issuer    Yes   For        For
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Elect Director Eric Rose, M.D.  Issuer    Yes   For        For
                                                                  Elect Director Michael S.
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Weiss                           Issuer    Yes   Withhold   Against
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Increase Authorized Common
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Stock                           Issuer    Yes   For        For
Keryx Biopharmaceuticals, Inc     KERX    492515101    06/20/07   Approve Omnibus Stock Plan      Issuer    Yes   Against    Against
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director Mary Baglivo     Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director Emanuel Chirico  Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director Edward H. Cohen  Issuer    Yes   For        For
                                                                  Elect Director Joseph B.
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Fuller                          Issuer    Yes   For        For
                                                                  Elect Director Margaret L.
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Jenkins                         Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director Bruce Maggin     Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director V. James Marino  Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director Henry Nasella    Issuer    Yes   For        For
                                                                  Elect Director Rita M.
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Rodriguez                       Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Elect Director Craig Rydin      Issuer    Yes   For        For
Phillips-Van Heusen Corp.         PVH     718592108    06/19/07   Ratify Auditors                 Issuer    Yes   For        For
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Elect Director Yalcin Ayasli    Issuer    Yes   For        For
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Elect Director Stephen G. Daly  Issuer    Yes   For        For
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Elect Director Bruce R. Evans   Issuer    Yes   For        For
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Elect Director Rick D. Hess     Issuer    Yes   For        For
                                                                  Elect Director Cosmo S.
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Trapani                         Issuer    Yes   For        For
                                                                  Elect Director Franklin
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Weigold                         Issuer    Yes   For        For
Hittite Microwave Corporation     HITT    43365Y104    06/12/07   Ratify Auditors                 Issuer    Yes   For        For
                                                                  Elect  Director C. John
Uti Worldwide Inc.                UTIW    G87210103    06/11/07   Langley, Jr.                    Issuer    Yes   For        For
                                                                  Elect  Director Allan
Uti Worldwide Inc.                UTIW    G87210103    06/11/07   Rosenzweig                      Issuer    Yes   For        For
                                                                  Ratify Deloitte & Touche LLP
Uti Worldwide Inc.                UTIW    G87210103    06/11/07   as Auditors                     Issuer    Yes   For        For
                                                                  Elect Director Kenneth D.
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Tuchman                         Issuer    Yes   For        For
                                                                  Elect Director James E.
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Barlett                         Issuer    Yes   For        For
                                                                  Elect Director William A.
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Linnenbringer                   Issuer    Yes   For        For
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Elect Director Ruth C. Lipper   Issuer    Yes   For        For
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Elect Director Shrikant Mehta   Issuer    Yes   For        For
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Elect Director Shirley Young    Issuer    Yes   For        For
Teletech Holdings, Inc.           TTEC    879939106    06/01/07   Ratify Auditors                 Issuer    Yes   For        For
LifeCell Corp.                    LIFC    531927101    06/28/07   Elect Director Paul G. Thomas   Issuer    Yes   For        For
LifeCell Corp.                    LIFC    531927101    06/28/07   Elect Director Michael E. Cahr  Issuer    Yes   For        For
                                                                  Elect Director David
LifeCell Corp.                    LIFC    531927101    06/28/07   Fitzgerald                      Issuer    Yes   For        For
LifeCell Corp.                    LIFC    531927101    06/28/07   Elect Director James G. Foster  Issuer    Yes   For        For
                                                                  Elect Director Michael R.
LifeCell Corp.                    LIFC    531927101    06/28/07   Minogue                         Issuer    Yes   For        For
                                                                  Elect Director Robert P.
LifeCell Corp.                    LIFC    531927101    06/28/07   Roche, Jr.                      Issuer    Yes   For        For
                                                                  Elect Director Martin P.
LifeCell Corp.                    LIFC    531927101    06/28/07   Sutter                          Issuer    Yes   For        For
LifeCell Corp.                    LIFC    531927101    06/28/07   Ratify Auditors                 Issuer    Yes   For        For
CKE Restaurants, Inc.             CKR     12561E105    06/11/07                                   S/H       Yes   Against
                                                                  Elect Director Byron
CKE Restaurants, Inc.             CKR     12561E105    06/11/07   Allumbaugh                      Issuer    Yes   For        For
CKE Restaurants, Inc.             CKR     12561E105    06/11/07   Elect Director Frank P. Willey  Issuer    Yes   For        For
                                                                  Elect Director Matthew
CKE Restaurants, Inc.             CKR     12561E105    06/11/07   Goldfarb                        Issuer    Yes   For        For
CKE Restaurants, Inc.             CKR     12561E105    06/11/07   Amend Omnibus Stock Plan        Issuer    Yes   Against    Against
CKE Restaurants, Inc.             CKR     12561E105    06/11/07   Ratify Auditors                 Issuer    Yes   For        For
Investors Financial Services
Corp.                             IFIN    461915100    06/20/07   Approve Merger Agreement        Issuer    Yes   For        For
Investors Financial Services
Corp.                             IFIN    461915100    06/20/07   Adjourn Meeting                 Issuer    Yes   For        For




Fund:  Principal Variable Contracts Fund, Inc. - SmallCap Value Account
Sub-Advisor:  Mellon Equity Associates, LLP

                                                          Vote Summary Report
                                                     July 01, 2006 - Dec 31, 2006

PRINSV - Principal Variable Contracts - Small Cap Value - PRINSV

Mtg                 Company/                                              Mgmt          Vote      Record                    Shares
Date/Type           Ballot Issues                            Security     Rec           Cast      Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------ ------------- --------- ----------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                       
07/07/06 - S        Actuant Corp *ATU*                       00508X203                            05/15/06                      97
                    1       Increase Authorized Common Stock              For           For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For           For                   Mgmt


11/09/06 - A        Aeroflex, Inc. *ARXX*                    007768104                            09/29/06                  10,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Other Business                                For           Against               Mgmt


07/28/06 - A        Agilysys Inc. *AGYS*                     00847J105                            06/14/06                   3,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt


09/07/06 - A        Allied Healthcare International, Inc     01923A109                            08/14/06                   6,900
                    *AHCI*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


11/08/06 - A        Cache, Inc. *CACH*                       127150308                            09/25/06                   3,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


09/15/06 - A        Casey's General Stores, Inc. *CASY*      147528103                            07/21/06                   5,900
                    1       Elect Directors                               For           For                   Mgmt


08/15/06 - A        CNS, Inc.                                126136100                            06/29/06                   2,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


07/27/06 - A        Eagle Materials Inc. *EXP*               26969P108                            06/02/06                     950
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


11/15/06 - A        Elizabeth Arden Inc *RDEN*               28660G106                            09/18/06                   3,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt




11/30/06 - A        Emulex Corp. *ELX*                       292475209                            10/09/06                   6,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Amend Non-Employee Director Stock Option      For           For                   Mgmt
                            Plan
                    4       Ratify Auditors                               For           For                   Mgmt


10/03/06 - S        FileNet Corp.                            316869106                            08/23/06                   2,000
                    1       Approve Merger Agreement                      For           For                   Mgmt
                    2       Adjourn Meeting                               For           Against               Mgmt


09/27/06 - S        First Community Bancorp *FCBP*           31983B101                            08/16/06                   3,100
                    1       Establish Range For Board Size                For           For                   Mgmt
                    2       Adjourn Meeting                               For           Against               Mgmt


08/09/06 - A        Haemonetics Corp. *HAE*                  405024100                            06/12/06                   2,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Increase Authorized Common Stock              For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


11/01/06 - A        Harris Interactive Inc. *HPOL*           414549105                            09/15/06                   5,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Repricing of Options                  For           Against               Mgmt


11/20/06 - S        Intergraph Corp.                         458683109                            10/11/06                      63
                    1       Approve Merger Agreement                      For           For                   Mgmt
                    2       Adjourn Meeting                               For           Against               Mgmt


10/26/06 - A        Lawson Software, Inc. *LWSN*             52078P102                            09/05/06                  10,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Qualified Employee Stock Purchase Plan  For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


11/14/06 - A        LSI Industries, Inc. *LYTS*              50216C108                            09/15/06                   7,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


08/17/06 - A        Medical Action Industries Inc. *MDCI*    58449L100                            06/20/06                   1,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Increase Authorized Common Stock              For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    4       Amend Stock Option Plan                       For           For                   Mgmt
                    5       Amend Non-Employee Director Stock Option      For           For                   Mgmt
                            Plan
                    6       Ratify Auditors                               For           For                   Mgmt


09/14/06 - A        Methode Electronics, Inc. *METH*         591520200                            07/26/06                   5,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


11/10/06 - A        Perrigo Co. *PRGO*                       714290103                            09/15/06                   4,200
                    1       Elect Directors                               For           For                   Mgmt


12/18/06 - S        PortalPlayer Inc *PLAY*                  736187204                            11/15/06                   2,700
                    1       Approve Merger Agreement                      For           For                   Mgmt
                    2       Adjourn Meeting                               For           Against               Mgmt


09/20/06 - A        Scholastic Corp. *SCHL*                  807066105                            07/26/06                   2,600
                    1       Elect Directors                               For           Withhold              Mgmt


10/17/06 - A        Texas Industries, Inc. *TXI*             882491103                            08/21/06                   2,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       Other Business                                For           Against               Mgmt


07/20/06 - A        The Finish Line, Inc. *FINL*             317923100                            05/26/06                   6,800
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


09/21/06 - A        Westell Technologies, Inc. *WSTL*        957541105                            07/24/06                  13,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt

                                                          Vote Summary Report
                                                      Jan 01, 2007 - Jun 30, 2007

PRINSV - Principal Variable Contracts - Small Cap Value

Mtg                 Company/                                              Mgmt         Vote       Record                    Shares
Date/Type           Ballot Issues                            Security     Rec          Cast       Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------ ------------ ---------- ----------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

04/26/07 - A        1st Source Corp. *SRCE*                  336901103                            02/20/07                   1,640
                    1       Elect Directors                               For          For                    Mgmt


04/09/07 - A        A. O. Smith Corp. *SAOSA*                831865209                            02/28/07                   6,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


03/06/07 - A        ABM Industries Incorporated *ABM*        000957100                            01/12/07                   5,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        ADTRAN, Inc. *ADTN*                      00738A106                            03/20/07                      72
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/30/07 - S        Aeroflex, Inc. *ARXX*                    007768104                            04/23/07                  22,500
                    1       Approve Merger Agreement                      For          For                    Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


05/24/07 - A        AFC Enterprises, Inc. *AFCE*             00104Q107                            04/09/07                      79
                    1       Elect Directors                               For          For                    Mgmt
                    2       Report on Feasibility of Improving Animal     Against      Against                ShrHoldr
                            Welfare Standards


06/06/07 - A        Aftermarket Technology Corp. *ATAC*      008318107                            04/19/07                   7,783
                    1       Elect Directors                               For          For                    Mgmt


03/12/07 - S        Agilysys Inc. *AGYS*                     00847J105                            01/31/07                   4,400
                    1       Approve Sale of Company Assets                For          For                    Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


06/05/07 - A        Alpharma Inc. *ALO*                      020813101                            04/09/07                     139
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/22/07 - A        American Reprographics Company *ARP*     029263100                            04/05/07                      74
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        AmeriGroup Corp. *AGP*                   03073T102                            03/28/07                      63
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


02/07/07 - A        Andrew Corp. *ANDW*                      034425108                            12/11/06                   9,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Anixter International Inc. *AXE*         035290105                            03/30/07                      41
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        AnnTaylor Stores Corp. *ANN*             036115103                            03/22/07                   8,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


06/27/07 - A        Apogee Enterprises, Inc. *APOG*          037598109                            05/04/07                   9,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Arch Chemicals, Inc. *ARJ*               03937R102                            03/02/07                   5,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Argonaut Group, Inc. *AGII*              040157109                            03/22/07                  11,300
                    1       Elect Directors                               For          For                    Mgmt


01/26/07 - A        ArvinMeritor, Inc. *ARM*                 043353101                            11/24/06                   4,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt


05/15/07 - A        Ashford Hospitality Trust Inc. *AHT*     044103109                            03/19/07                   7,003
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/08/07 - A        Asta Funding, Inc. *ASFI*                046220109                            01/22/07                      48
                    1       Elect Directors                               For          For                    Mgmt


05/23/07 - A        Atlas Air Worldwide Holdings, Inc        049164205                            03/26/07                   6,900
                    *AAWW*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt


02/07/07 - A        Atmos Energy Corp. *ATO*                 049560105                            12/11/06                   3,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Approve/Amend Executive Incentive Bonus Plan  For          For                    Mgmt


05/16/07 - A        Avid Technology, Inc. *AVID*             05367P100                            03/20/07                      41
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


05/23/07 - A        Bancorp, Inc. *TBBK*                     05969A105                            03/27/07                      21
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


01/23/07 - A        BankUnited Financial Corp. *BKUNA*       06652B103                            12/01/06                   7,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Increase Authorized Common Stock              For          For                    Mgmt


05/30/07 - A        Barnes & Noble, Inc. *BKS*               067774109                            04/09/07                   3,600
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Leonard Riggio --- For
                    1.2     Elect Director Michael J. Del Giudice ---
                            For
                    1.3     Elect Director William Sheluck, Jr. ---
                            Withhold
                    1.4     Elect Director Lawrence S. Zilavy --- For
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Basic Energy Services, Inc *BAS*         06985P100                            03/26/07                   4,156
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Belden, Inc. *BDC*                       077454106                            04/02/07                   5,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt


05/16/07 - A        BIOMED REALTY TRUST INC *BMR*            09063H107                            03/30/07                  13,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/25/07 - A        Boston Private Financial Holdings,       101119105                            03/05/07                      57
                    Inc. *BPFH*
                    1       Elect Directors                               For          For                    Mgmt


04/19/07 - A        Brocade Communications Systems *BRCD*    111621108                            02/21/07                     291
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Renato A. Dipentima --- For
                    1.2     Elect Director Sanjay Vaswani --- Withhold
                    2       Approve Reverse/Forward Stock Split           For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/01/07 - A        Building Material Holding Corp. *BLG*    120113105                            03/07/07                     137
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/25/07 - A        Calamos Asset Mgmt Inc *CLMS*            12811R104                            04/19/07                      80
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Callon Petroleum Co. *CPE*               13123X102                            03/19/07                  19,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/11/07 - A        Carter's, Inc. *CRI*                     146229109                            03/16/07                  10,965
                    1       Elect Directors                               For          For                    Mgmt


04/23/07 - A        Cascade Bancorp *CACB*                   147154108                            02/23/07                   1,996
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        CBIZ, Inc. *CBZ*                         124805102                            03/23/07                  17,867
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Qualified Employee Stock Purchase     For          For                    Mgmt
                            Plan
                    3       Other Business                                For          Against                Mgmt


06/19/07 - A        Cedar Shopping Centers, Inc. *CDR*       150602209                            04/20/07                  22,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Preferred and Common      For          For                    Mgmt
                            Stock
                    3       Ratify Auditors                               For          For                    Mgmt


05/09/07 - A        CF Industries Holdings Inc *CF*          125269100                            03/13/07                     112
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


02/14/07 - A        Charlotte Russe Holdings Inc. *CHIC*     161048103                            01/04/07                   3,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Fix Number of Directors                       For          For                    Mgmt


04/11/07 - A        Chattem, Inc. *CHTT*                     162456107                            02/16/07                      35
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Clarification of Bundled              For          For                    Mgmt
                            Compensation Plans
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/31/07 - A        Checkpoint Systems, Inc. *CKP*           162825103                            04/25/07                   7,150
                    1       Elect Directors                               For          For                    Mgmt


04/18/07 - A        Chittenden Corp. *CHZ*                   170228100                            03/02/07                      65
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        Cimarex Energy Co *XEC*                  171798101                            03/21/07                   9,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Cincinnati Bell Inc. *CBB*               171871106                            03/05/07                  34,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    4       Approve Non-Employee Director Omnibus Stock   For          For                    Mgmt
                            Plan


04/26/07 - A        Citizens Republic Bancorp *CRBC*         174420109                            02/28/07                  10,711
                    1       Change Company Name                           For          For                    Mgmt
                    2       Elect Directors                               For          For                    Mgmt


05/08/07 - A        Cohu, Inc. *COHU*                        192576106                            03/13/07                  13,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Comfort Systems USA, Inc. *FIX*          199908104                            03/30/07                  33,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Community Bancorp *CBON*                 20343T100                            04/09/07                      21
                    1       Elect Directors                               For          For                    Mgmt


05/08/07 - A        Consolidated Communications Holdings,    209034107                            03/21/07                   6,453
                    Inc. *CNSL*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/23/07 - A        Corus Bankshares, Inc. *CORS*            220873103                            02/23/07                     118
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt


05/16/07 - A        Cox Radio, Inc. *CXR*                    224051102                            03/20/07                     164
                    1       Elect Directors                               For          For                    Mgmt


06/28/07 - A        CTS Corp. *CTS*                          126501105                            05/09/07                  11,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve/Amend Executive Incentive Bonus Plan  For          For                    Mgmt


05/16/07 - A        CVB Financial Corp. *CVBF*               126600105                            03/21/07                     122
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Cymer, Inc. *CYMI*                       232572107                            03/30/07                   3,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Delphi Financial Group, Inc. *DFG*       247131105                            03/30/07                  14,050
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Other Business                                For          Against                Mgmt


04/25/07 - A        Deluxe Corp. *DLX*                       248019101                            03/06/07                   6,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


01/22/07 - A        Digi International Inc. *DGII*           253798102                            11/24/06                   4,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/01/07 - A        EarthLink, Inc. *ELNK*                   270321102                            03/15/07                  44,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/31/07 - A        East West Bancorp, Inc. *EWBC*           27579R104                            04/02/07                   9,863
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/02/07 - A        El Paso Electric Co. *EE*                283677854                            03/05/07                   8,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


06/20/07 - A        Emcor Group, Inc. *EME*                  29084Q100                            04/24/07                     103
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Empire District Electric Co. (The)       291641108                            03/01/07                  12,300
                    *EDE*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/18/07 - A        EMS Technologies, Inc. *ELMG*            26873N108                            03/29/07                     387
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/02/07 - A        EnPro Industries, Inc. *NPO*             29355X107                            03/05/07                  15,050
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    4       Amend Executive Incentive Bonus Plan          For          For                    Mgmt


05/09/07 - A        Entertainment Properties Trust *EPR*     29380T105                            02/15/07                   7,300
                    1       Elect Trustee Barrett Brady                   For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        Equity Inns, Inc. *ENN*                  294703103                            03/15/07                  18,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt


05/14/07 - A        F.N.B Corp. *FNB*                        302520101                            03/05/07                  12,536
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt


04/24/07 - A        Federal Signal Corp. *FSS*               313855108                            02/26/07                     199
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/22/07 - A        Felcor Lodging Trust Incorporated        31430F101                            04/02/07                  12,084
                    *FCH*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        First Advantage Corp. *FADV*             31845F100                            03/08/07                   2,298
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt


05/23/07 - A        First Charter Corp. *FCTR*               319439105                            04/10/07                   9,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/23/07 - A        First Citizens Bancshares, Inc.          31946M103                            03/05/07                     600
                    *FCNCA*
                    1       Elect Directors                               For          For                    Mgmt


05/16/07 - A        First Community Bancorp *FCBP*           31983B101                            04/02/07                   1,336
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


05/16/07 - A        First Industrial Realty Trust, Inc.      32054K103                            03/20/07                   8,000
                    *FR*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        First Niagara Financial Group, Inc.      33582V108                            03/19/07                     256
                    *FNFG*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/22/07 - A        First Potomac Realty Trust *FPO*         33610F109                            03/12/07                      50
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt


04/25/07 - A        FirstFed Financial Corp. *FED*           337907109                            03/05/07                      51
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Five Star Quality Care, Inc. *FVE*       33832D106                            03/20/07                   8,963
                    1       Elect Directors                               For          For                    Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


06/01/07 - A        Flowers Foods, Inc. *FLO*                343498101                            03/30/07                  18,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        FreightCar America, Inc. *RAIL*          357023100                            03/30/07                   3,650
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        FTI Consulting, Inc. *FCN*               302941109                            03/16/07                      87
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Furniture Brands International, Inc.     360921100                            03/08/07                     146
                    *FBN*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        General Cable Corp. *BGC*                369300108                            03/12/07                      55
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Increase Authorized Common Stock              For          Against                Mgmt


06/27/07 - A        Genesco Inc. *GCO*                       371532102                            04/24/07                      52
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        Gentiva Health Services, Inc. *GTIV*     37247A102                            03/14/07                   8,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Deferred Compensation Plan              For          Against                Mgmt


05/15/07 - A        Georgia Gulf Corp. *GGC*                 373200203                            03/26/07                      76
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt


05/01/07 - A        Great Plains Energy, Inc. *GXP*          391164100                            02/23/07                   9,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt


05/22/07 - A        Greatbatch, Inc. *GB*                    39153L106                            04/05/07                     160
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


02/26/07 - A        Greif Inc *GEF*                          397624107                            01/05/07                   3,100
                    1       Increase Authorized Common Stock              For          Against                Mgmt


05/17/07 - A        Group 1 Automotive Inc. *GPI*            398905109                            03/19/07                      63
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/05/07 - A        H.B. Fuller Co. *FUL*                    359694106                            02/16/07                  22,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/23/07 - A        Hanmi Financial Corporation *HAFC*       410495105                            04/02/07                  12,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/11/07 - A        Hartmarx Corp. *HMX*                     417119104                            02/13/07                  16,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/11/07 - A        Health Care REIT, Inc. *HCN*             42217K106                            03/14/07                      68
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt
                    3       Increase Authorized Preferred Stock           For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


06/06/07 - A        Healthspring Inc *HS*                    42224N101                            04/10/07                     102
                    1       Elect Directors                               For          For                    Mgmt


05/24/07 - A        Heidrick & Struggles International,      422819102                            04/09/07                   6,100
                    Inc. *HSII*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt


01/31/07 - A        Hewitt Associates, Inc. *HEW*            42822Q100                            12/04/06                   3,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Eliminate Classes of Common Stock             For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/23/07 - A        Horace Mann Educators Corp. *HMN*        440327104                            03/26/07                  12,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/29/07 - A        i2 Technologies, Inc. *ITWO*             465754208                            04/02/07                      98
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt


05/11/07 - A        ICU Medical, Inc. *ICUI*                 44930G107                            03/26/07                   1,171
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        IDACORP, Inc. *IDA*                      451107106                            03/29/07                   5,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Informatica Corporation *INFA*           45666Q102                            03/30/07                   4,635
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Investment Technology Group, Inc.        46145F105                            03/15/07                  11,800
                    *ITG*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Approve Omnibus Stock Plan                    For          For                    Mgmt


05/15/07 - A        Itron, Inc. *ITRI*                       465741106                            03/06/07                      43
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


02/16/07 - A        Jack In the Box Inc. *JBX*               466367109                            12/27/06                   3,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/28/07 - S        John H. Harland Co.                      412693103                            02/12/07                     600
                    1       Approve Merger Agreement                      For          For                    Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


05/10/07 - A        K2 Inc. *KTO*                            482732104                            03/23/07                  17,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Pay For Superior Performance                  Against      Against                ShrHoldr


06/07/07 - A        Kellwood Co. *KWD*                       488044108                            04/09/07                   6,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Adopt Shareholder Rights Plan (Poison Pill)   For          For                    Mgmt
                    4       Declassify the Board of Directors             Against      For                    ShrHoldr


05/10/07 - A        Kendle International, Inc. *KNDL*        48880L107                            03/19/07                   2,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/07/07 - A        Kite Realty Group Trust *KRG*            49803T102                            03/23/07                   9,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/09/07 - A        Knight Capital Group Inc *NITE*          499005106                            04/02/07                  15,802
                    1       Elect Director William L. Bolster             For          For                    Mgmt
                    2       Elect Director Gary R. Griffith               For          For                    Mgmt
                    3       Elect Director Thomas M. Joyce                For          For                    Mgmt
                    4       Elect Director Robert M. Lazarowitz           For          For                    Mgmt
                    5       Elect Director Thomas C. Lockburner           For          For                    Mgmt
                    6       Elect Director James T. Milde                 For          For                    Mgmt
                    7       Elect Director Rodger O. Riney                For          For                    Mgmt
                    8       Elect Director Laurie M. Shahon               For          For                    Mgmt
                    9       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        LandAmerica Financial Group, Inc.        514936103                            03/22/07                      34
                    *LFG*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Articles-Non-Routine--Modify the        For          Against                Mgmt
                            Article Pertaining to Shareholder Approval
                            of Certain matters
                    3       Ratify Auditors                               For          For                    Mgmt


05/22/07 - A        Lexington Realty Trust *LXP*             529043101                            03/23/07                   5,030
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Other Business                                For          Against                Mgmt


05/01/07 - A        LIN TV Corp. *TVL*                       532774106                            03/23/07                  11,600
                    1       Elect Directors                               For          For                    Mgmt


05/22/07 - A        Longs Drug Stores Corp. *LDG*            543162101                            03/09/07                   5,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Magellan Health Services, Inc. *MGLN*    559079207                            03/26/07                   5,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


02/13/07 - A        Mapinfo Corp.                            565105103                            12/18/06                   6,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


03/20/07 - A        Maximus Inc. *MMS*                       577933104                            01/19/07                   2,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/29/07 - A        McCormick & Schmicks Seafood             579793100                            04/12/07                   6,700
                    Restaurants, Inc. *MSSR*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/31/07 - A        Medical Properties Trust, Inc *MPW*      58463J304                            04/12/07                     232
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Micrel, Inc. *MCRL*                      594793101                            03/30/07                  16,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


05/22/07 - A        Monarch Casino & Resort, Inc. *MCRI*     609027107                            04/05/07                      77
                    1       Elect Directors                               For          Split                  Mgmt
                    1.1     Elect Director Bob Farahi --- Withhold
                    1.2     Elect Director Ronald R. Zideck --- For
                    2       Amend Stock Option Plan                       For          For                    Mgmt
                    3       Amend Executive Incentive Bonus Plan          For          For                    Mgmt


01/10/07 - A        MOOG Inc. *MOG.A*                        615394202                            11/28/06                     940
                    1       Increase Authorized Common Stock              For          For                    Mgmt
                    2       Elect Director Robert R. Banta                For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        Morton's Restaurant Group, Inc. *MRT*    619430101                            03/22/07                     500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          Against                Mgmt


06/14/07 - A        Movado Group, Inc. *MOV*                 624580106                            05/18/07                   8,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        MPS GROUP INC *MPS*                      553409103                            03/30/07                  24,450
                    1       Elect Directors                               For          For                    Mgmt


01/30/07 - A        MTS Systems Corp. *MTSC*                 553777103                            12/01/06                   2,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/30/07 - A        Multimedia Games, Inc. *MGAM*            625453105                            04/02/07                     271
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        National Financial Partners Corp.        63607P208                            03/22/07                      73
                    *NFP*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        National Retail Properties, Inc. *NNN*   637417106                            03/20/07                     157
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    4       Other Business                                For          Against                Mgmt


02/09/07 - A        NBTY, Inc. *NTY*                         628782104                            01/03/07                   4,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


01/24/07 - A        New Jersey Resources Corp. *NJR*         646025106                            12/06/06                   2,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/24/07 - A        Newalliance Bancshares, Inc. *NAL*       650203102                            03/02/07                  16,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


05/17/07 - A        NEWCASTLE INVT CORP *NCT*                65105M108                            04/16/07                      94
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Northwest Natural Gas Co. *NWN*          667655104                            04/05/07                      54
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Stock Option Plan                     For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        O Charleys Inc. *CHUX*                   670823103                            03/30/07                  11,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Declassify the Board of Directors             Against      For                    ShrHoldr


06/01/07 - A        Oakley, Inc. *OO*                        673662102                            03/23/07                   8,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/16/07 - A        Ohio Casualty Corp. *OCAS*               677240103                            03/01/07                   8,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/21/07 - A        Old Dominion Freight Line, Inc. *ODFL*   679580100                            04/02/07                      60
                    1       Elect Directors                               For          For                    Mgmt


05/24/07 - A        Omega Healthcare Investors, Inc. *OHI*   681936100                            04/20/07                  13,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Orbital Sciences Corp. *ORB*             685564106                            03/08/07                   6,779
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/03/07 - A        Pacer International, Inc. *PACR*         69373H106                            02/23/07                  10,700
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt


05/23/07 - A        Packeteer, Inc. *PKTR*                   695210104                            03/30/07                  14,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


04/25/07 - A        Parker Drilling Co. *PKD*                701081101                            03/09/07                  28,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/31/07 - A        Pennsylvania Real Estate Investment      709102107                            04/09/07                  10,600
                    Trust *PEI*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Non-Employee Director Restricted      For          Against                Mgmt
                            Stock Plan
                    3       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Performance Food Group Co. *PFGC*        713755106                            03/19/07                   6,100
                    1       Elect Directors                               For          For                    Mgmt


05/03/07 - A        Perot Systems Corp. *PER*                714265105                            03/05/07                   7,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


06/19/07 - A        Phillips-Van Heusen Corp. *PVH*          718592108                            04/23/07                   4,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Phoenix Companies, Inc. *PNX*            71902E109                            02/28/07                  14,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/07/07 - A        Piedmont Natural Gas Co., Inc. *PNY*     720186105                            01/16/07                   3,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/17/07 - A        Pioneer Companies, Inc. *PONR*           723643300                            03/30/07                      64
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/09/07 - A        PMA Capital Corp. *PMACA*                693419202                            03/12/07                   5,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/22/07 - A        PNM Resources Inc *PNM*                  69349H107                            04/02/07                  16,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/10/07 - A        PolyOne Corp. *POL*                      73179P106                            03/12/07                  28,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


01/05/07 - S        PortalPlayer Inc                         736187204                            11/15/06                   2,700
                    1       Approve Merger Agreement                      For          For                    Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


05/16/07 - A        Proassurance Corp *PRA*                  74267C106                            03/31/07                     122
                    1       Elect Directors                               For          For                    Mgmt


02/27/07 - A        Quanex Corp. *NX*                        747620102                            01/05/07                   3,025
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt


05/15/07 - A        RadiSys Corp. *RSYS*                     750459109                            03/20/07                  11,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    4       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt


02/08/07 - A        Ralcorp Holdings, Inc. *RAH*             751028101                            12/01/06                   1,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        Realty Income Corp. *O*                  756109104                            03/15/07                     143
                    1       Elect Directors                               For          For                    Mgmt


05/15/07 - A        Rent-A-Center, Inc. *RCII*               76009N100                            03/19/07                   7,845
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/15/07 - A        Rofin-Sinar Technologies, Inc. *RSTI*    775043102                            01/19/07                   2,400
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt


04/24/07 - A        RPC, Inc. *RES*                          749660106                            03/16/07                     125
                    1       Elect Directors                               For          For                    Mgmt


04/25/07 - A        Sciele Pharma Inc *SCRX*                 808627103                            03/05/07                     172
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/15/07 - A        SeaBright Insurance Holdings, Inc.       811656107                            04/10/07                  16,200
                    *SEAB*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/31/07 - A        Silgan Holdings Inc. *SLGN*              827048109                            04/11/07                  10,000
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/10/07 - A        Simmons First National Corp. *SFNC*      828730200                            02/02/07                     900
                    1       Fix Number of Directors                       For          For                    Mgmt
                    2       Elect Directors                               For          For                    Mgmt
                    3       Increase Authorized Common Stock              For          For                    Mgmt


05/01/07 - A        SkyWest, Inc. *SKYW*                     830879102                            03/19/07                  13,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/19/07 - A        Sonic Automotive, Inc. *SAH*             83545G102                            02/20/07                      90
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    4       Amend Non-Employee Director Restricted        For          Against                Mgmt
                            Stock Plan
                    5       Ratify Auditors                               For          For                    Mgmt


06/14/07 - A        SonicWALL, Inc. *SNWL*                   835470105                            04/20/07                  25,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    3       Amend Qualified Employee Stock Purchase Plan  For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt
                    5       Other Business                                For          Against                Mgmt


05/07/07 - A        Sotheby's *BID*                          835898107                            03/23/07                      60
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                    3       Amend Non-Employee Director Stock Option      For          Against                Mgmt
                            Plan
                    4       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        Southwest Bancorp, Inc. *OKSB*           844767103                            03/02/07                   2,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt


05/03/07 - A        Southwest Gas Corporation *SWX*          844895102                            03/06/07                  10,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Restricted Stock Plan                 For          For                    Mgmt
                    3       Increase Authorized Common Stock              For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


04/18/07 - A        Speedway Motorsports, Inc. *TRK*         847788106                            03/01/07                   4,600
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt


05/15/07 - A        Spherion Corp. *SFN*                     848420105                            03/23/07                  27,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        SPSS Inc. *SPSS*                         78462K102                            03/12/07                   5,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


01/25/07 - A        Steel Technologies Inc.                  858147101                            12/01/06                   3,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve/Amend Executive Incentive Bonus Plan  For          For                    Mgmt


04/30/07 - A        Sterling Bancshares, Inc. /TX *SBIB*     858907108                            03/01/07                  46,150
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


02/21/07 - S        Sterling Financial Corp. *STSA*          859319105                            01/12/07                   2,700
                    1       Approve Merger Agreement                      For          For                    Mgmt
                    2       Adjourn Meeting                               For          Against                Mgmt


04/24/07 - A        Sterling Financial Corp. *STSA*          859319105                            03/05/07                   5,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        SVB FINANCIAL GROUP *SIVB*               78486Q101                            02/28/07                      94
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/08/07 - A        Swift Energy Co. *SFY*                   870738101                            03/19/07                     129
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        The Cato Corporation *CTR*               149205106                            03/27/07                  12,900
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


01/09/07 - A        The Greenbrier Companies, Inc. *GBX*     393657101                            11/15/06                   4,100
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve/Amend Executive Incentive Bonus Plan  For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt
                    4       Other Business                                For          Against                Mgmt


03/29/07 - A        The Pantry, Inc. *PTRY*                  698657103                            02/08/07                      96
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    3       Ratify Auditors                               For          For                    Mgmt


04/18/07 - A        TIBCO Software, Inc. *TIBX*              88632Q103                            02/20/07                     358
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/19/07 - A        TreeHouse Foods Inc. *THS*               89469A104                            02/26/07                     106
                    1       Elect Director George V. Bayly                For          For                    Mgmt
                    2       Elect Director Michelle R. Obama              For          For                    Mgmt
                    3       Elect Director Gary D. Smith                  For          For                    Mgmt
                    4       Amend Omnibus Stock Plan                      For          Against                Mgmt
                    5       Ratify Auditors                               For          For                    Mgmt


06/12/07 - A        Trico Marine Services, Inc. *TRMA*       896106200                            04/20/07                      59
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Please Mark Box If Stock Owned or             None         Against                Mgmt
                            Beneficially By You is Owned or Controlled
                            by Persons Who are Not U.S Citizens


05/16/07 - A        Tupperware Brands Corp. *TUP*            899896104                            03/19/07                      97
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Eliminate the Plurality Voting for            For          For                    Mgmt
                            Uncontested Director Election
                    4       Reduce Supermajority Vote Requirement         For          For                    Mgmt
                    5       Amend Articles--Vote Requirement on           For          For                    Mgmt
                            Business Combinations and Amend Business
                            Combination Provision


04/24/07 - A        UMB Financial Corp. *UMBF*               902788108                            03/01/07                   6,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/17/07 - A        Umpqua Holdings Corp. *UMPQ*             904214103                            02/09/07                   3,122
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    4       Approve Executive Incentive Bonus Plan        For          For                    Mgmt


04/25/07 - A        United Community Banks, Inc. *UCBI*      90984P105                            03/07/07                   6,800
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Omnibus Stock Plan                      For          For                    Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    4       Other Business                                For          Against                Mgmt


06/04/07 - A        United Rentals, Inc. *URI*               911363109                            04/24/07                      96
                    1       Elect Director Bradley S. Jacobs              For          For                    Mgmt
                    2       Elect Director Howard L. Clark, Jr.           For          For                    Mgmt
                    3       Elect Director Mark A. Suwyn                  For          For                    Mgmt
                    4       Elect Director Lawrence 'Keith' Wimbush       For          For                    Mgmt
                    5       Ratify Auditors                               For          For                    Mgmt
                    6       Declassify the Board of Directors             For          For                    Mgmt


05/09/07 - A        United Stationers Inc. *USTR*            913004107                            03/12/07                   6,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


04/26/07 - A        USEC Inc. *USU*                          90333E108                            03/01/07                     148
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


06/21/07 - A        Viropharma Inc. *VPHM*                   928241108                            04/27/07                     120
                    1       Elect Directors                               For          For                    Mgmt
                    2       Increase Authorized Common Stock              For          For                    Mgmt


05/18/07 - A        Washington Group International Inc       938862208                            03/21/07                      47
                    *WNG*
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Company Specific--Adopt Majority Voting       For          For                    Mgmt
                    4       Provide for Cumulative Voting                 Against      Against                ShrHoldr


06/05/07 - A        Websense, Inc. *WBSN*                    947684106                            04/09/07                   2,998
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Other Business                                For          Against                Mgmt


05/17/07 - A        Westar Energy, Inc. *WR*                 95709T100                            03/23/07                  10,200
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


05/18/07 - A        WESTLAKE CHEM CORP *WLK*                 960413102                            04/02/07                      45
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt


03/01/07 - A        WGL Holdings, Inc. *WGL*                 92924F106                            01/10/07                   3,500
                    1       Elect Directors                               For          For                    Mgmt
                    2       Ratify Auditors                               For          For                    Mgmt
                    3       Approve Omnibus Stock Plan                    For          For                    Mgmt
                    4       Restore or Provide for Cumulative Voting      Against      Against                ShrHoldr
                    5       Separate Chairman and CEO Positions           Against      Against                ShrHoldr
                    6       Disclose Information on Compensation          Against      Against                ShrHoldr
                            Consultant


04/25/07 - A        Whitney Holding Corp. *WTNY*             966612103                            02/28/07                  13,300
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Omnibus Stock Plan                    For          Against                Mgmt
                    3       Approve Executive Incentive Bonus Plan        For          For                    Mgmt
                    4       Ratify Auditors                               For          For                    Mgmt


04/19/07 - A        Wilmington Trust Corp. *WL*              971807102                            02/20/07                   9,800
                    1       Elect Directors                               For          For                    Mgmt


04/19/07 - A        Wolverine World Wide, Inc. *WWW*         978097103                            03/01/07                      77
                    1       Elect Directors                               For          For                    Mgmt
                    2       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                            (1-year)
                    3       Amend Executive Incentive Bonus Plan          For          For                    Mgmt
                            (3-year)
                    4       Ratify Auditors                               For          For                    Mgmt


05/24/07 - A        Zenith National Insurance Corp. *ZNT*    989390109                            03/26/07                     101
                    1       Elect Directors                               For          For                    Mgmt
                    2       Approve Nonqualified Employee Stock           For          For                    Mgmt
                            Purchase Plan
                    3       Ratify Auditors                               For          For                    Mgmt




Fund:  Principal Variable Contracts Fund, Inc. - SmallCap Value Account
Sub-Advisor:  J.P. Morgan Investment Management

                                                                             Ballot                                Mgmt
                                                  Meeting  Record    Meeting Item                                  Rec    Vote
Name                             TickerSecurityID Date     Date      Type    Number    MorSItemDesc                Vote   Cast
                                                                                           Elect Director Toby
                                                                                            
                                                                                           Elect Director Toby
1st Source Corp.                 SRCE  336901103  04/26/07 02/20/07  Annual  1.1       M   S. Wilt                 For    For
                                                                                           Elect Director John
1st Source Corp.                 SRCE  336901103  04/26/07 02/20/07  Annual  1.2       M   F. Affleck-Graves       For    For
                                                                                           Elect Director Daniel
1st Source Corp.                 SRCE  336901103  04/26/07 02/20/07  Annual  1.3       M   B. Fitzpatrick          For    For
                                                                                           Elect Director W.D.
1st Source Corp.                 SRCE  336901103  04/26/07 02/20/07  Annual  1.4       M   Jones III               For    For
                                                                                           Elect Director Dane
1st Source Corp.                 SRCE  336901103  04/26/07 02/20/07  Annual  1.5       M   A. Miller, Ph.D.        For    For
                                                                                           Elect Director
A. O. Smith Corp.                SAOSA 831865209  04/09/07 02/28/07  Annual  1.1       M   William P. Greubel      For    For
                                                                                           Elect Director Robert
A. O. Smith Corp.                SAOSA 831865209  04/09/07 02/28/07  Annual  1.2       M   J. O'Toole              For    For
                                                                                           Elect Director Idelle
A. O. Smith Corp.                SAOSA 831865209  04/09/07 02/28/07  Annual  1.3       M   K. Wolf                 For    For
                                                                                           Approve Omnibus Stock
A. O. Smith Corp.                SAOSA 831865209  04/09/07 02/28/07  Annual  2         M   Plan                    For    For
A. O. Smith Corp.                SAOSA 831865209  04/09/07 02/28/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
AAR Corp.                        AIR   000361105  10/18/06 08/21/06  Annual  1.1       M   Michael R. Boyce        For    For
                                                                                           Elect Director James
AAR Corp.                        AIR   000361105  10/18/06 08/21/06  Annual  1.2       M   G. Brocksmith, Jr.      For    For
                                                                                           Elect Director David
AAR Corp.                        AIR   000361105  10/18/06 08/21/06  Annual  1.3       M   P. Storch               For    For
AAR Corp.                        AIR   000361105  10/18/06 08/21/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Executive
AAR Corp.                        AIR   000361105  10/18/06 08/21/06  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Increase Authorized
Actuant Corp                     ATU   00508X203  07/07/06 05/15/06  Special 1         M   Common Stock            For    For
                                                                                           Approve Executive
Actuant Corp                     ATU   00508X203  07/07/06 05/15/06  Special 2         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director Robert
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.1       M   C. Arzbaecher           For    For
                                                                                           Elect Director Gustav
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.2       M   H.P. Boel               For    For
                                                                                           Elect Director Thomas
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.3       M   J. Fischer              For    For
                                                                                           Elect Director
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.4       M   William K. Hall         For    For
                                                                                           Elect Director
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.5       M   Kathleen J. Hempel      For    For
                                                                                           Elect Director Robert
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.6       M   A. Peterson             For    For
                                                                                           Elect Director
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.7       M   William P. Sovey        For    For
                                                                                           Elect Director Dennis
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.8       M   K. Williams             For    For
                                                                                           Elect Director Larry
Actuant Corp                     ATU   00508X203  01/16/07 11/17/06  Annual  1.9       M   D. Yost                 For    For
                                                                                           Elect Director Vernon
Acuity Brands, Inc.              AYI   00508Y102  01/11/07 11/13/06  Annual  1.1       M   J. Nagel                For    For
                                                                                           Elect Director John
Acuity Brands, Inc.              AYI   00508Y102  01/11/07 11/13/06  Annual  1.2       M   L. Clendenin            For    For
                                                                                           Elect Director Julia
Acuity Brands, Inc.              AYI   00508Y102  01/11/07 11/13/06  Annual  1.3       M   B. North                For    For
Acuity Brands, Inc.              AYI   00508Y102  01/11/07 11/13/06  Annual  2         M   Ratify Auditors         For    For
Adams Respiratory Therapeutics                                                             Elect Director Joan
Inc                              ARXT  00635P107  12/15/06 10/23/06  Annual  1.1       M   P. Neuscheler           For    For
Adams Respiratory Therapeutics                                                             Elect Director
Inc                              ARXT  00635P107  12/15/06 10/23/06  Annual  1.2       M   William C. Pate         For    For
Adams Respiratory Therapeutics
Inc                              ARXT  00635P107  12/15/06 10/23/06  Annual  2         M   Ratify Auditors         For    For

Adaptec,                                                                                   Elect Director Jon S.
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.1       M   Castor                  For    For
Adaptec,                                                                                   Elect Director Joseph
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.2       M   S. Kennedy              For    For
Adaptec,                                                                                   Elect Director Robert
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.3       M   J. Loarie               For    For

Adaptec,                                                                                   Elect Director D.
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.4       M   Scott Mercer            For    For
Adaptec,                                                                                   Elect Director Judith
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.5       M   M. O'Brien              For    For
Adaptec,                                                                                   Elect Director
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.6       M   Charles J. Robel        For    For

Adaptec,                                                                                   Elect Director S.
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.7       M   (Sundi) Sundaresh       For    For
Adaptec,                                                                                   Elect Director D.E.
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  1.8       M   Van Houweling           For    For
                                                                                           Approve Non-Employee
Adaptec,                                                                                   Director Omnibus
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  2         M   Stock Plan              For    For

Adaptec,
Inc.                             ADPT  00651F108  09/14/06 07/25/06  Annual  3         M   Ratify Auditors         For    For
Advanced Energy Industries,                                                                Elect Director
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.1       M   Douglas S. Schatz       For    For
Advanced Energy Industries,                                                                Elect Director
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.2       M   Richard P. Beck         For    For
Advanced Energy Industries,                                                                Elect Director Hans
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.3       M   Georg Betz              For    For
Advanced Energy Industries,                                                                Elect Director Joseph
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.4       M   R. Bronson              For    For
Advanced Energy Industries,                                                                Elect Director Trung
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.5       M   T. Doan                 For    For
Advanced Energy Industries,                                                                Elect Director Barry
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.6       M   Z. Posner               For    For
Advanced Energy Industries,                                                                Elect Director Thomas
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.7       M   M. Rohrs                For    For
Advanced Energy Industries,                                                                Elect Director Elwood
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  1.8       M   Spedden                 For    For
                                                                                           Amend Non-Employee
Advanced Energy Industries,                                                                Director Omnibus
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  2         M   Stock Plan              For    For
Advanced Energy Industries,                                                                Amend Omnibus Stock
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  3         M   Plan                    For    For
Advanced Energy Industries,
Inc.                             AEIS  007973100  05/02/07 03/12/07  Annual  4         M   Ratify Auditors         For    For
Aeroflex,                                                                                  Elect Director Harvey
Inc.                             ARXX  007768104  11/09/06 09/29/06  Annual  1.1       M   R. Blau                 For    For
Aeroflex,                                                                                  Elect Director
Inc.                             ARXX  007768104  11/09/06 09/29/06  Annual  1.2       M   Michael A. Nelson       For    For
Aeroflex,                                                                                  Elect Director Joseph
Inc.                             ARXX  007768104  11/09/06 09/29/06  Annual  1.3       M   E. Pompeo               For    For
Aeroflex,
Inc.                             ARXX  007768104  11/09/06 09/29/06  Annual  2         M   Other Business          For    For
Aeroflex,                                                                                  Approve Merger
Inc.                             ARXX  007768104  05/30/07 04/23/07  Special 1         M   Agreement               For    For
Aeroflex,
Inc.                             ARXX  007768104  05/30/07 04/23/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
Agilysys Inc.                    AGYS  00847J105  07/28/06 06/14/06  Annual  1.1       M   Charles F. Christ       For    For
                                                                                           Elect Director Arthur
Agilysys Inc.                    AGYS  00847J105  07/28/06 06/14/06  Annual  1.2       M   Rhein                   For    For
                                                                                           Elect Director Thomas
Agilysys Inc.                    AGYS  00847J105  07/28/06 06/14/06  Annual  1.3       M   C. Sullivan             For    For
                                                                                           Approve Omnibus Stock
Agilysys Inc.                    AGYS  00847J105  07/28/06 06/14/06  Annual  2         M   Plan                    For    For
                                                                                           Approve Sale of
Agilysys Inc.                    AGYS  00847J105  03/12/07 01/31/07  Special 1         M   Company Assets          For    For
Agilysys Inc.                    AGYS  00847J105  03/12/07 01/31/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  1.1       M   William S. Ayer         For    For
                                                                                           Elect Director R.
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  1.2       M   Marc Langland           For    For
                                                                                           Elect Director Dennis
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  1.3       M   F. Madsen               For    For
                                                                                           Reimbursement For
                                                                                           Short-Slate Proxy
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  2         S   Contests                Agains Against
                                                                                           Provide for
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  3         S   Cumulative Voting       Agains Against
                                                                                           Separate Chairman and
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  4         S   CEO Positions           Agains For
                                                                                           Amend
                                                                                           Bylaws/Governance
                                                                                           Documents -- Call
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  5         S   Special Meetings        Agains For
                                                                                           Submit Shareholder
                                                                                           Rights Plan (Poison
                                                                                           Pill) to Shareholder
Alaska Air Group, Inc.           ALK   011659109  06/12/07 04/20/07  Annual  6         S   Vote                    Agains Against
                                                                                           Elect Director John
Alliance One International Inc   AOI   018772103  08/17/06 06/16/06  Annual  1.1       M   M. Hines                For    For
                                                                                           Elect Director Mark
Alliance One International Inc   AOI   018772103  08/17/06 06/16/06  Annual  1.2       M   W. Kehaya               For    For
                                                                                           Elect Director
Alliance One International Inc   AOI   018772103  08/17/06 06/16/06  Annual  1.3       M   Gilbert L. Klemann, II  For    For
                                                                                           Elect Director Martin
Alliance One International Inc   AOI   018772103  08/17/06 06/16/06  Annual  1.4       M   R. Wade, III            For    For
Alliance One International Inc   AOI   018772103  08/17/06 06/16/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Itzhak
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.1       M   Bader                   For    Withhold
                                                                                           Elect Director Boaz
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.2       M   Biran                   For    Withhold
                                                                                           Elect Director Erez
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.3       M   Meltzer                 For    Withhold
                                                                                           Elect Director Shaul
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.4       M   Gliksberg               For    Withhold
                                                                                           Elect Director Ron W.
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.5       M   Haddock                 For    For
                                                                                           Elect Director Jeff
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.6       M   D. Morris               For    Withhold
                                                                                           Elect Director
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.7       M   Yeshayahu Pery          For    Withhold
                                                                                           Elect Director Zalman
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.8       M   Segal                   For    For
                                                                                           Elect Director
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.9       M   Avraham Shochat         For    For
                                                                                           Elect Director David
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  1.10      M   Wiessman                For    Withhold
Alon USA Energy,Inc.             ALJ   020520102  05/08/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Altiris, Inc                           02148M100  04/04/07 02/28/07  Special 1         M   Agreement               For    For
Altiris, Inc                           02148M100  04/04/07 02/28/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Paula
Amcore Financial, Inc.           AMFI  023912108  05/01/07 03/07/07  Annual  1.1       M   A. Bauer                For    For
                                                                                           Elect Director Paul
Amcore Financial, Inc.           AMFI  023912108  05/01/07 03/07/07  Annual  1.2       M   Donovan                 For    For
                                                                                           Elect Director Teresa
Amcore Financial, Inc.           AMFI  023912108  05/01/07 03/07/07  Annual  1.3       M   Iglesias-Solomon        For    For
                                                                                           Elect Director Gary
Amcore Financial, Inc.           AMFI  023912108  05/01/07 03/07/07  Annual  1.4       M   L. Watson               For    For
Amcore Financial, Inc.           AMFI  023912108  05/01/07 03/07/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Amerco                           UHAL  023586100  08/25/06 06/26/06  Annual  1.1       M   Charles J. Bayer        For    For
                                                                                           Elect Director
Amerco                           UHAL  023586100  08/25/06 06/26/06  Annual  1.2       M   William E. Carty        For    For
American Axle and                                                                          Elect Director John
Manufacturing Holdings, Inc.     AXL   024061103  04/26/07 03/01/07  Annual  1.1       M   A. Casesa               For    For
American Axle and                                                                          Elect Director
Manufacturing Holdings, Inc.     AXL   024061103  04/26/07 03/01/07  Annual  1.2       M   Elizabeth A. Chappell   For    For
American Axle and                                                                          Elect Director Henry
Manufacturing Holdings, Inc.     AXL   024061103  04/26/07 03/01/07  Annual  1.3       M   T. Yang                 For    For
American Axle and
Manufacturing Holdings, Inc.     AXL   024061103  04/26/07 03/01/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
American Physicians Capital,                                                               Stephen H. Haynes,
Inc.                             ACAP  028884104  05/01/07 03/09/07  Annual  1.1       M   M.D.                    For    For
                                                                                           Elect Director
American Physicians Capital,                                                               Mitchell A. Rinek,
Inc.                             ACAP  028884104  05/01/07 03/09/07  Annual  1.2       M   M.D.                    For    For
American Physicians Capital,
Inc.                             ACAP  028884104  05/01/07 03/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
Americanwest Bancorporation      AWBC  03058P109  03/27/07 02/01/07  Special 1         M   Common Stock            For    For
                                                                                           Company
Americanwest Bancorporation      AWBC  03058P109  03/27/07 02/01/07  Special 2         M   Specific--Board-Related For    For
                                                                                           Approve Merger
Americanwest Bancorporation      AWBC  03058P109  03/27/07 02/01/07  Special 3         M   Agreement               For    For
Americanwest Bancorporation      AWBC  03058P109  03/27/07 02/01/07  Special 4         M   Adjourn Meeting         For    For
                                                                                           Elect Director J.
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.1       M   Frank Armijo            For    For
                                                                                           Elect Director Ivan
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.2       M   T. Call                 For    For
                                                                                           Elect Director Kay C.
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.3       M   Carnes                  For    For
                                                                                           Elect Director Robert
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.4       M   M. Daugherty            For    For
                                                                                           Elect Director Craig
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.5       M   D. Eerkes               For    For
                                                                                           Elect Director H. Don
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.6       M   Norton                  For    For
                                                                                           Elect Director Donald
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.7       M   H. Swartz               For    For
                                                                                           Elect Director P.
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  1.8       M   Mike Taylor             For    For
Americanwest Bancorporation      AWBC  03058P109  04/30/07 04/02/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Kay
AmeriGroup Corp.                 AGP   03073T102  05/10/07 03/28/07  Annual  1.1       M   Coles James             For    For
                                                                                           Elect Director
AmeriGroup Corp.                 AGP   03073T102  05/10/07 03/28/07  Annual  1.2       M   Jeffrey L. McWaters     For    For
                                                                                           Elect Director Uwe E.
AmeriGroup Corp.                 AGP   03073T102  05/10/07 03/28/07  Annual  1.3       M   Reinhardt, Ph.D.        For    For
                                                                                           Approve Executive
AmeriGroup Corp.                 AGP   03073T102  05/10/07 03/28/07  Annual  2         M   Incentive Bonus Plan    For    For
AmeriGroup Corp.                 AGP   03073T102  05/10/07 03/28/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Johnny
AMERIS BANCORP                   ABCB  03076K108  04/24/07 02/13/07  Annual  1.1       M   W. Floyd                For    For
                                                                                           Elect Director Edwin
AMERIS BANCORP                   ABCB  03076K108  04/24/07 02/13/07  Annual  1.2       M   W. Hortman, Jr.         For    For
                                                                                           Elect Director Daniel
AMERIS BANCORP                   ABCB  03076K108  04/24/07 02/13/07  Annual  1.3       M   B. Jeter                For    For
AMERIS BANCORP                   ABCB  03076K108  04/24/07 02/13/07  Annual  2         M   Ratify Auditors         For    For
AMERIS BANCORP                   ABCB  03076K108  04/24/07 02/13/07  Annual  3         M   Other Business          For    For
                                                                                           Elect Director Carl
Ameristar Casinos, Inc.          ASCA  03070Q101  06/08/07 05/01/07  Annual  1.1       M   Brooks                  For    For
                                                                                           Elect Director Gordon
Ameristar Casinos, Inc.          ASCA  03070Q101  06/08/07 05/01/07  Annual  1.2       M   R. Kanofsky             For    Withhold
                                                                                           Elect Director J.
Ameristar Casinos, Inc.          ASCA  03070Q101  06/08/07 05/01/07  Annual  1.3       M   William Richardson      For    For
                                                                                           Amend Omnibus Stock
Ameristar Casinos, Inc.          ASCA  03070Q101  06/08/07 05/01/07  Annual  2         M   Plan                    For    Against
                                                                                           Approve Executive
Ameristar Casinos, Inc.          ASCA  03070Q101  06/08/07 05/01/07  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director J.
Ameron International Corp.       AMN   030710107  03/21/07 02/06/07  Annual  1.1       M   Michael Hagan           For    For
                                                                                           Elect Director Dennis
Ameron International Corp.       AMN   030710107  03/21/07 02/06/07  Annual  1.2       M   C. Poulsen              For    For
Ameron International Corp.       AMN   030710107  03/21/07 02/06/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.1       M   Dipanjan Deb            For    Withhold
                                                                                           Elect Director
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.2       M   Christine King          For    Withhold
                                                                                           Elect Director S.
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.3       M   Atiq Raza               For    For
                                                                                           Elect Director Paul
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.4       M   C. Schorr Iv            For    For
                                                                                           Elect Director Colin
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.5       M   L. Slade                For    For
                                                                                           Elect Director David
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.6       M   Stanton                 For    Withhold
                                                                                           Elect Director
                                                                                           William N. Starling,
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.7       M   Jr                      For    For
                                                                                           Elect Director James
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  1.8       M   A. Urry                 For    Withhold
Amis Holdings Inc                AMIS  031538101  06/27/07 04/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Steven
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.1       M   C. Francis              For    For
                                                                                           Elect Director Susan
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.2       M   R. Nowakowski           For    For
                                                                                           Elect Director R.
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.3       M   Jeffrey Harris          For    For
                                                                                           Elect Director
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.4       M   William F. Miller, III  For    For
                                                                                           Elect Director Andrew
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.5       M   M. Stern                For    For
                                                                                           Elect Director
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.6       M   Douglas D. Wheat        For    For
                                                                                           Elect Director Paul
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  1.7       M   E. Weaver               For    For
                                                                                           Amend Omnibus Stock
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  2         M   Plan                    For    For
AMN Healthcare Services Inc.     AHS   001744101  04/18/07 02/19/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Donald
Anthracite Capital, Inc.         AHR   037023108  05/22/07 03/30/07  Annual  1.1       M   G. Drapkin              For    For
                                                                                           Elect Director Carl
Anthracite Capital, Inc.         AHR   037023108  05/22/07 03/30/07  Annual  1.2       M   F. Geuther              For    For
                                                                                           Elect Director John
Anthracite Capital, Inc.         AHR   037023108  05/22/07 03/30/07  Annual  1.3       M   B. Levy                 For    For
Anthracite Capital, Inc.         AHR   037023108  05/22/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Jerome
Apogee Enterprises, Inc.         APOG  037598109  06/27/07 05/04/07  Annual  1.1       M   L. Davis                For    For
                                                                                           Elect Director James
Apogee Enterprises, Inc.         APOG  037598109  06/27/07 05/04/07  Annual  1.2       M   L. Martineau            For    For
                                                                                           Elect Director
Apogee Enterprises, Inc.         APOG  037598109  06/27/07 05/04/07  Annual  1.3       M   Richard V. Reynolds     For    For
                                                                                           Amend Executive
Apogee Enterprises, Inc.         APOG  037598109  06/27/07 05/04/07  Annual  2         M   Incentive Bonus Plan    For    For
Apogee Enterprises, Inc.         APOG  037598109  06/27/07 05/04/07  Annual  3         M   Ratify Auditors         For    For
Applied Industrial
Technologies,                                                                              Elect Director Thomas
Inc.                             AIT   03820C105  10/24/06 08/28/06  Annual  1.1       M   A. Commes               For    For
Applied Industrial
Technologies,                                                                              Elect Director Peter
Inc.                             AIT   03820C105  10/24/06 08/28/06  Annual  1.2       M   A. Dorsman              For    For
Applied Industrial
Technologies,                                                                              Elect Director J.
Inc.                             AIT   03820C105  10/24/06 08/28/06  Annual  1.3       M   Michael Moore           For    For
Applied Industrial
Technologies,                                                                              Elect Director Dr.
Inc.                             AIT   03820C105  10/24/06 08/28/06  Annual  1.4       M   Jerry Sue Thornton      For    For
Applied Industrial
Technologies,
Inc.                             AIT   03820C105  10/24/06 08/28/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Repricing of
Applied Micro Circuits Corp.     AMCC  03822W109  11/17/06 04/03/06  Special 1         M   Options                 For    For
                                                                                           Amend Omnibus Stock
Applied Micro Circuits Corp.     AMCC  03822W109  11/17/06 04/03/06  Special 2         M   Plan                    For    For
                                                                                           Elect Director Cesar
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  1.1       M   Cesaratto               For    For
                                                                                           Elect Director Kambiz
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  1.2       M   Y. Hooshmand            For    For
                                                                                           Elect Director Niel
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  1.3       M   Ransom                  For    For
                                                                                           Elect Director Fred
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  1.4       M   Shlapak                 For    For
                                                                                           Elect Director Arthur
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  1.5       M   B. Stabenow             For    For
                                                                                           Elect Director J.H.
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  1.6       M   Sullivan, Ph.D.         For    For
                                                                                           Approve Repricing of
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  2         M   Options                 For    For
                                                                                           Amend Omnibus Stock
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  3         M   Plan                    For    For
                                                                                           Approve Reverse Stock
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  4         M   Split                   For    For
Applied Micro Circuits Corp.     AMCC  03822W109  03/09/07 01/12/07  Annual  5         M   Ratify Auditors         For    For
                                                                                           Elect Director
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.1       M   Shellye L. Archambeau   For    For
                                                                                           Elect Director Philip
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.2       M   Guarascio               For    For
                                                                                           Elect Director
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.3       M   William T. Kerr         For    For
                                                                                           Elect Director Larry
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.4       M   E. Kittelberger         For    For
                                                                                           Elect Director
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.5       M   Stephen B. Morris       For    For
                                                                                           Elect Director Luis
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.6       M   G. Nogales              For    For
                                                                                           Elect Director
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  1.7       M   Richard A. Post         For    For
                                                                                           Amend Omnibus Stock
Arbitron, Inc.                   ARB   03875Q108  05/15/07 04/02/07  Annual  2         M   Plan                    For    For
                                                                                           Elect Director H.
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.1       M   Berry Cash              For    For
                                                                                           Elect Director Hector
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.2       M   Deleon                  For    For
                                                                                           Elect Director Allan
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.3       M   W. Fulkerson            For    For
                                                                                           Elect Director David
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.4       M   Hartoch                 For    For
                                                                                           Elect Director Frank
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.5       M   W. Maresh               For    For
                                                                                           Elect Director John
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.6       M   R. Power, Jr.           For    For
                                                                                           Elect Director Fayez
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.7       M   S. Sarofim              For    For
                                                                                           Elect Director Mark
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.8       M   E. Watson III           For    For
                                                                                           Elect Director Gary
Argonaut Group, Inc.             AGII  040157109  05/08/07 03/22/07  Annual  1.9       M   V. Woods                For    For
                                                                                           Elect Director Thomas
Ariba, Inc.                      ARBA  04033V203  03/01/07 01/03/07  Annual  1.1       M   F. Monahan              For    For
                                                                                           Elect Director Karl
Ariba, Inc.                      ARBA  04033V203  03/01/07 01/03/07  Annual  1.2       M   E. Newkirk              For    For
                                                                                           Elect Director
Ariba, Inc.                      ARBA  04033V203  03/01/07 01/03/07  Annual  1.3       M   Richard F. Wallman      For    For
Ariba, Inc.                      ARBA  04033V203  03/01/07 01/03/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Alex
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.1       M   B. Best                 For    For
                                                                                           Elect Director Harry
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.2       M   L. Bosco                For    For
                                                                                           Elect Director John
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.3       M   Anderson Craig          For    For
                                                                                           Elect Director
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.4       M   Matthew B. Kearney      For    For
                                                                                           Elect Director
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.5       M   William H. Lambert      For    For
                                                                                           Elect Director John
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.6       M   R. Petty                For    For
                                                                                           Elect Director Robert
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  1.7       M   J. Stanzione            For    For
                                                                                           Approve Omnibus Stock
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  2         M   Plan                    For    For
Arris Group Inc                  ARRS  04269Q100  05/24/07 03/30/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect  Director
ArvinMeritor, Inc.               ARM   043353101  01/26/07 11/24/06  Annual  1.1       M   Rhonda L. Brooks        For    For
                                                                                           Elect  Director Ivor
ArvinMeritor, Inc.               ARM   043353101  01/26/07 11/24/06  Annual  1.2       M   J. Evans                For    For
                                                                                           Elect  Director
                                                                                           Charles G. Mcclure,
ArvinMeritor, Inc.               ARM   043353101  01/26/07 11/24/06  Annual  1.3       M   Jr.                     For    For
                                                                                           Elect  Director
ArvinMeritor, Inc.               ARM   043353101  01/26/07 11/24/06  Annual  1.4       M   William R. Newlin       For    For
ArvinMeritor, Inc.               ARM   043353101  01/26/07 11/24/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
ArvinMeritor, Inc.               ARM   043353101  01/26/07 11/24/06  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Thomas
Asbury Automotive Group. Inc.    ABG   043436104  05/04/07 03/15/07  Annual  1.1       M   C. Deloach, Jr.         For    For
                                                                                           Elect Director Philip
Asbury Automotive Group. Inc.    ABG   043436104  05/04/07 03/15/07  Annual  1.2       M   F. Maritz               For    For
                                                                                           Elect Director John
Asbury Automotive Group. Inc.    ABG   043436104  05/04/07 03/15/07  Annual  1.3       M   M. Roth                 For    For
                                                                                           Elect Director
Asbury Automotive Group. Inc.    ABG   043436104  05/04/07 03/15/07  Annual  1.4       M   Jeffrey I. Wooley       For    For
Asbury Automotive Group. Inc.    ABG   043436104  05/04/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Archie
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.1       M   Bennett, Jr.            For    For
                                                                                           Elect Director
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.2       M   Montgomery J. Bennett   For    For
                                                                                           Elect Director Martin
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.3       M   L. Edelman              For    For
                                                                                           Elect Director W.D.
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.4       M   Minami                  For    For
                                                                                           Elect Director W.
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.5       M   Michael Murphy          For    For
                                                                                           Elect Director Philip
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.6       M   S. Payne                For    For
                                                                                           Elect Director
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  1.7       M   Charles P. Toppino      For    For
Ashford Hospitality Trust Inc.   AHT   044103109  05/15/07 03/19/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director J. Don
Astec Industries, Inc.           ASTE  046224101  05/01/07 02/23/07  Annual  1.1       M   Brock                   For    For
                                                                                           Elect Director W.
Astec Industries, Inc.           ASTE  046224101  05/01/07 02/23/07  Annual  1.2       M   Norman Smith            For    For
                                                                                           Elect Director
Astec Industries, Inc.           ASTE  046224101  05/01/07 02/23/07  Annual  1.3       M   William B. Sansom       For    For
                                                                                           Elect Director J.
Astec Industries, Inc.           ASTE  046224101  05/01/07 02/23/07  Annual  1.4       M   Neal Ferry              For    For
Astec Industries, Inc.           ASTE  046224101  05/01/07 02/23/07  Annual  2         M   Other Business          For    For
                                                                                           Elect Director S.S.
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.1       M   Schwartz, Ph.D.         For    For
                                                                                           Elect Director
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.2       M   Stanley Grubel          For    For
                                                                                           Elect Director
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.3       M   Tsuyoshi Kawanishi      For    Withhold
                                                                                           Elect Director Robert
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.4       M   A. Mcnamara             For    Withhold
                                                                                           Elect Director
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.5       M   Anthony E. Santelli     For    For
                                                                                           Elect Director
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.6       M   William Simon           For    For
                                                                                           Elect Director Walter
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  1.7       M   W. Wilson               For    For
                                                                                           Amend Omnibus Stock
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  2         M   Plan                    For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  3         M   Purchase Plan           For    For
Asyst Technologies, Inc.         ASYT  04648X107  12/14/06 10/16/06  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director
Authorize.Net Holdings Inc       ANET  052686102  06/29/07 05/03/07  Special 1.1       M   Rachelle B. Chong       For    For
                                                                                           Approve Merger
Aviall, Inc.                           05366B102  09/19/06 08/15/06  Special 1         M   Agreement               For    For
Aviall, Inc.                           05366B102  09/19/06 08/15/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Eric
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  1.1       M   J. Anderson             For    For
                                                                                           Elect Director
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  1.2       M   Kristianne Blake        For    For
                                                                                           Elect Director Jack
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  1.3       M   W. Gustavel             For    For
                                                                                           Elect Director
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  1.4       M   Michael L. Noel         For    For
                                                                                           Elect Director Scott
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  1.5       M   L. Morris               For    For
                                                                                           Declassify the Board
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  2         M   of Directors            None   For
Avista Corporation               AVA   05379B107  05/10/07 03/09/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Aztar Corp.                      AZR   054802103  10/17/06 09/05/06  Special 1         M   Agreement               For    For
Aztar Corp.                      AZR   054802103  10/17/06 09/05/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.1       M   William H. Crawford     For    For
                                                                                           Elect Director K.
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.2       M   Gordon Greer            For    For
                                                                                           Elect Director Dr.
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.3       M   D.B. Halverstadt        For    For
                                                                                           Elect Director
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.4       M   William O. Johnstone    For    For
                                                                                           Elect Director Dave
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.5       M   R. Lopez                For    For
                                                                                           Elect Director Melvin
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.6       M   Moran                   For    For
                                                                                           Elect Director David
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  1.7       M   E. Rainbolt             For    For
BancFirst Corp.                  BANF  05945F103  05/24/07 04/12/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director John
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.1       M   N. Bray                 For    For
                                                                                           Elect Director Leila
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.2       M   N. Erwin                For    For
                                                                                           Elect Director Hugh
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.3       M   R. Gaither              For    For
                                                                                           Elect Director
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.4       M   Charles M. Snipes       For    For
                                                                                           Elect Director Joseph
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.5       M   D. Crocker              For    For
                                                                                           Elect Director Paul
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.6       M   M. Fleetwood, III       For    For
                                                                                           Elect Director James
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.7       M   Y. Preston              For    For
                                                                                           Elect Director B.C.
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  1.8       M   Wilson, Jr., Cpa        For    For
                                                                                           Approve Omnibus Stock
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  2         M   Plan                    For    Against
Bank of Granite Corp.            GRAN  062401104  04/23/07 02/28/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
BankUnited Financial Corp.       BKUNA 06652B103  01/23/07 12/01/06  Annual  1.1       M   Lawrence H. Blum        For    For
                                                                                           Elect Director Lauren
BankUnited Financial Corp.       BKUNA 06652B103  01/23/07 12/01/06  Annual  1.2       M   R. Camner               For    For
                                                                                           Elect Director
BankUnited Financial Corp.       BKUNA 06652B103  01/23/07 12/01/06  Annual  1.3       M   Bradley S. Weiss        For    For
                                                                                           Elect Director Dr.
BankUnited Financial Corp.       BKUNA 06652B103  01/23/07 12/01/06  Annual  1.4       M   Albert E. Smith         For    For
                                                                                           Approve Omnibus Stock
BankUnited Financial Corp.       BKUNA 06652B103  01/23/07 12/01/06  Annual  2         M   Plan                    For    Against
                                                                                           Increase Authorized
BankUnited Financial Corp.       BKUNA 06652B103  01/23/07 12/01/06  Annual  3         M   Common Stock            For    For
                                                                                           Elect Director Robert
Banner Corp                      BANR  06652V109  04/24/07 03/01/07  Annual  1.1       M   D. Adams                For    For
                                                                                           Elect Director Edward
Banner Corp                      BANR  06652V109  04/24/07 03/01/07  Annual  1.2       M   L. Epstein              For    For
                                                                                           Elect Director Robert
Banner Corp                      BANR  06652V109  04/24/07 03/01/07  Annual  1.3       M   J. Lane                 For    For
                                                                                           Elect Director Wilber
Banner Corp                      BANR  06652V109  04/24/07 03/01/07  Annual  1.4       M   E. Pribilsky            For    For
                                                                                           Elect Director Gary
Banner Corp                      BANR  06652V109  04/24/07 03/01/07  Annual  1.5       M   Sirmon                  For    For
                                                                                           Approve Merger
Banta Corp.                      BN    066821109  01/09/07 12/04/06  Special 1         M   Agreement               For    For
Banta Corp.                      BN    066821109  01/09/07 12/04/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director David
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.1       M   Aldrich                 For    For
                                                                                           Elect Director Lorne
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.2       M   D. Bain                 For    For
                                                                                           Elect Director Lance
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.3       M   C. Balk                 For    For
                                                                                           Elect Director Bryan
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.4       M   C. Cressey              For    For
                                                                                           Elect Director
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.5       M   Michael F.O. Harris     For    For
                                                                                           Elect Director Glenn
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.6       M   Kalnasy                 For    For
                                                                                           Elect Director John
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.7       M   M. Monter               For    For
                                                                                           Elect Director
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.8       M   Bernard G. Rethore      For    For
                                                                                           Elect Director John
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  1.9       M   S. Stroup               For    For
                                                                                           Approve Omnibus Stock
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  2         M   Plan                    For    For
                                                                                           Approve Executive
Belden, Inc.                     BDC   077454106  05/24/07 04/02/07  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director Alan
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.1       M   D. Gold                 For    For
                                                                                           Elect Director
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.2       M   Barbara R. Cambon       For    For
                                                                                           Elect Director Edward
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.3       M   A. Dennis               For    For
                                                                                           Elect Director Gary
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.4       M   A. Kreitzer             For    For
                                                                                           Elect Director Mark
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.5       M   J. Riedy                For    For
                                                                                           Elect Director
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.6       M   Theodore D. Roth        For    For
                                                                                           Elect Director M.
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  1.7       M   Faye Wilson             For    For
BIOMED REALTY TRUST INC          BMR   09063H107  05/16/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Louis
Bio-Rad Laboratories, Inc.       BIO   090572207  04/24/07 02/26/07  Annual  1.1       M   Drapeau                 For    For
                                                                                           Elect Director Albert
Bio-Rad Laboratories, Inc.       BIO   090572207  04/24/07 02/26/07  Annual  1.2       M   J. Hillman              For    For
Bio-Rad Laboratories, Inc.       BIO   090572207  04/24/07 02/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
Bio-Rad Laboratories, Inc.       BIO   090572207  04/24/07 02/26/07  Annual  3         M   Plan                    For    For
Black Box                                                                                  Elect Director
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  1.1       M   William F. Andrews      For    For
Black Box                                                                                  Elect Director
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  1.2       M   Richard L. Crouch       For    For

Black Box                                                                                  Elect Director Thomas
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  1.3       M   W. Golonski             For    For
Black Box                                                                                  Elect Director Thomas
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  1.4       M   G. Greig                For    For
Black Box                                                                                  Elect Director Edward
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  1.5       M   A Nicholson, Ph.D.      For    For

Black Box                                                                                  Elect Director Fred
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  1.6       M   C. Young                For    For
Black Box                                                                                  Amend Stock Option
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  2         M   Plan                    For    For
                                                                                           Amend Non-Employee
Black Box                                                                                  Director Stock Option
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  3         M   Plan                    For    For

Black Box
Corp.                            BBOX  091826107  08/08/06 06/09/06  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director Larry
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  1.1       M   C. Corbin               For    For
                                                                                           Elect Director Steven
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  1.2       M   A. Davis                For    For
                                                                                           Elect Director Robert
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  1.3       M   E.H. Rabold             For    For
                                                                                           Approve Stock Option
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  2         M   Plan                    For    For
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Declassify the Board
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  4         S   of Directors            Agains For
                                                                                           Require a Majority
                                                                                           Vote for the Election
Bob Evans Farms, Inc.            BOBE  096761101  09/11/06 07/14/06  Annual  5         S   of Directors            Agains For
                                                                                           Elect Director Gary
Bois D Arc Energy LLC            BDE   09738U103  05/22/07 04/20/07  Annual  1.1       M   W. Blackie              For    Withhold
                                                                                           Elect Director Roland
Bois D Arc Energy LLC            BDE   09738U103  05/22/07 04/20/07  Annual  1.2       M   O. Burns                For    Withhold
                                                                                           Elect Director D.
Bois D Arc Energy LLC            BDE   09738U103  05/22/07 04/20/07  Annual  1.3       M   Michael Harris          For    For
Bois D Arc Energy LLC            BDE   09738U103  05/22/07 04/20/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Thomas
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.1       M   N. Amonett              For    For
                                                                                           Elect Director
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.2       M   Charles F. Bolden, Jr.  For    For
                                                                                           Elect Director Peter
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.3       M   N. Buckley              For    For
                                                                                           Elect Director
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.4       M   Stephen J. Cannon       For    For
                                                                                           Elect Director
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.5       M   Jonathan H. Cartwright  For    For
                                                                                           Elect Director
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.6       M   William E. Chiles       For    For
                                                                                           Elect Director
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.7       M   Michael A. Flick        For    For
                                                                                           Elect Director Thomas
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.8       M   C. Knudson              For    For
                                                                                           Elect Director Ken C.
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.9       M   Tamblyn                 For    For
                                                                                           Elect Director Robert
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  1.10      M   W. Waldrup              For    For
Bristow Group Inc                BRS   110394103  08/03/06 06/26/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Broadwing Corp                   BWNG  11161E101  01/03/07 11/20/06  Special 1         M   Agreement               For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
Broadwing Corp                   BWNG  11161E101  01/03/07 11/20/06  Special 2         M   Purchase Plan           For    For
Broadwing Corp                   BWNG  11161E101  01/03/07 11/20/06  Special 3         M   Other Business          For    For
                                                                                           Issue Shares in
Brocade Communications                                                                     Connection with an
Systems                          BRCD  111621108  01/25/07 11/30/06  Special 1         M   Acquisition             For    For
Brocade Communications                                                                     Elect Director Renato
Systems                          BRCD  111621108  04/19/07 02/21/07  Annual  1.1       M   A. Dipentima            For    For
Brocade Communications                                                                     Elect Director Sanjay
Systems                          BRCD  111621108  04/19/07 02/21/07  Annual  1.2       M   Vaswani                 For    Withhold
                                                                                           Approve
Brocade Communications                                                                     Reverse/Forward Stock
Systems                          BRCD  111621108  04/19/07 02/21/07  Annual  2         M   Split                   For    For
Brocade Communications
Systems                          BRCD  111621108  04/19/07 02/21/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director A.
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.1       M   Clinton Allen           For    For
                                                                                           Elect Director Edward
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.2       M   C. Grady                For    For
                                                                                           Elect Director Robert
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.3       M   J. Lepofsky             For    Withhold
                                                                                           Elect Director Joseph
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.4       M   R. Martin               For    For
                                                                                           Elect Director John
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.5       M   K. Mcgillicuddy         For    For
                                                                                           Elect Director
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.6       M   Krishna G. Palepu       For    For
                                                                                           Elect Director Alfred
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.7       M   Woollacott, III         For    For
                                                                                           Elect Director Mark
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  1.8       M   S. Wrighton             For    For
Brooks Automation, Inc.          BRKS  114340102  02/05/07 12/15/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Julie
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  1.1       M   C. Esrey                For    For
                                                                                           Elect Director Ward
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  1.2       M   M. Klein                For    For
                                                                                           Elect Director W.
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  1.3       M   Patrick Mcginnis        For    For
                                                                                           Elect Director Diane
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  1.4       M   M. Sullivan             For    For
                                                                                           Elect Director Hal J.
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  1.5       M   Upbin                   For    For
                                                                                           Adjust Par Value of
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  2         M   Common Stock            For    For
Brown Shoe Company, Inc.         BWS   115736100  05/24/07 04/09/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director James
Build-A-Bear Workshop, Inc.      BBW   120076104  05/10/07 03/22/07  Annual  1.1       M   Gould                   For    For
                                                                                           Elect Director Joan
Build-A-Bear Workshop, Inc.      BBW   120076104  05/10/07 03/22/07  Annual  1.2       M   Ryan                    For    For
                                                                                           Approve Stock Option
Build-A-Bear Workshop, Inc.      BBW   120076104  05/10/07 03/22/07  Annual  2         M   Plan                    For    For
Build-A-Bear Workshop, Inc.      BBW   120076104  05/10/07 03/22/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director David
Camden National Corp.            CAC   133034108  05/01/07 03/15/07  Annual  1.1       M   C. Flanagan             For    For
                                                                                           Elect Director
Camden National Corp.            CAC   133034108  05/01/07 03/15/07  Annual  1.2       M   Theodore C. Johanson    For    For
                                                                                           Elect Director Robin
Camden National Corp.            CAC   133034108  05/01/07 03/15/07  Annual  1.3       M   A. Sawyer               For    For
                                                                                           Company
                                                                                           Specific--Require
                                                                                           Majority Vote
                                                                                           Standard for the
Camden National Corp.            CAC   133034108  05/01/07 03/15/07  Annual  2         M   Election of Directors   For    For
Camden National Corp.            CAC   133034108  05/01/07 03/15/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director John
Capital Corporation Of The West  CCOW  140065202  05/22/07 04/02/07  Annual  1.1       M   D. Fawcett              For    For
                                                                                           Elect Director Thomas
Capital Corporation Of The West  CCOW  140065202  05/22/07 04/02/07  Annual  1.2       M   T. Hawker               For    For
                                                                                           Elect Director Curtis
Capital Corporation Of The West  CCOW  140065202  05/22/07 04/02/07  Annual  1.3       M   A. Riggs                For    For
                                                                                           Amend Stock Option
Capital Corporation Of The West  CCOW  140065202  05/22/07 04/02/07  Annual  2         M   Plan                    For    For
                                                                                           Elect Director P.R.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.1       M   Ballard                 For    For
                                                                                           Elect Director M.F.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.2       M   Hannley                 For    For
                                                                                           Elect Director R.A.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.3       M   Henderson               For    For
                                                                                           Elect Director L.D.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.4       M   Johns*                  For    Withhold
                                                                                           Elect Director L.W.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.5       M   Miller                  For    For
                                                                                           Elect Director C.K.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.6       M   Reid                    For    For
                                                                                           Elect Director M.J.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.7       M   Devine                  For    For
                                                                                           Elect Director G.A.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.8       M   Falkenberg              For    For
                                                                                           Elect Director J.I.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.9       M   Ferguson                For    For
                                                                                           Elect Director H.N.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.10      M   Genova                  For    For
                                                                                           Elect Director J.S.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.11      M   Lewis                   For    For
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.12      M   Elect Director L. Maas  For    Withhold
                                                                                           Elect Director M.D.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.13      M   Nofziger                For    For
                                                                                           Elect Director D.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.14      M   O'Leary                 For    For
                                                                                           Elect Director D.L.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.15      M   Becker                  For    For
                                                                                           Elect Director R.C.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.16      M   Carr                    For    For
                                                                                           Elect Director D.E.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.17      M   Crist                   For    For
                                                                                           Elect Director J.C.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.18      M   Epolito                 For    For
                                                                                           Elect Director K.A.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.19      M   Gaskin                  For    For
                                                                                           Elect Director M.L.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.20      M   Kasten                  For    For
                                                                                           Elect Director J.D.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.21      M   Reid                    For    For
                                                                                           Elect Director R.K.
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  1.22      M   Sable                   For    For
                                                                                           Approve Omnibus Stock
Capitol Bancorp Ltd.             CBC   14056D105  04/25/07 02/26/07  Annual  2         M   Plan                    For    Against
                                                                                           Approve Merger
CarrAmerica Realty Corp.         CRE   144418100  07/11/06 05/22/06  Special 1         M   Agreement               For    For
CarrAmerica Realty Corp.         CRE   144418100  07/11/06 05/22/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
                                                                                           Nicholas R. Lardy,
Cascade Corp.                    CAE   147195101  06/05/07 04/24/07  Annual  1.1       M   Ph.D.                   For    For
                                                                                           Elect Director Nancy
Cascade Corp.                    CAE   147195101  06/05/07 04/24/07  Annual  1.2       M   A. Wilgenbusch, Ph.D.   For    For
                                                                                           Amend Omnibus Stock
Cascade Corp.                    CAE   147195101  06/05/07 04/24/07  Annual  2         M   Plan                    For    Against
Casey's General Stores,                                                                    Elect Director Donald
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.1       M   F. Lamberti             For    For
Casey's General Stores,                                                                    Elect Director Ronald
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.2       M   M. Lamb                 For    For
Casey's General Stores,                                                                    Elect Director Robert
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.3       M   J. Myers                For    For
Casey's General Stores,                                                                    Elect Director Jack
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.4       M   P. Taylor               For    For
Casey's General Stores,                                                                    Elect Director Johnny
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.5       M   Danos                   For    For
Casey's General Stores,                                                                    Elect Director John
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.6       M   R. Fitzgibbon           For    For
                                                                                           Elect Director
Casey's General Stores,                                                                    Patricia Clare
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.7       M   Sullivan                For    For
Casey's General Stores,                                                                    Elect Director
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.8       M   Kenneth H. Haynie       For    For
Casey's General Stores,                                                                    Elect Director
Inc.                             CASY  147528103  09/15/06 07/21/06  Annual  1.9       M   William C. Kimball      For    For
Cash America International,                                                                Elect Director Daniel
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.1       M   E. Berce                For    For
Cash America International,                                                                Elect Director Jack
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.2       M   R. Daugherty            For    For
Cash America International,                                                                Elect Director A.R.
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.3       M   Dike                    For    For
Cash America International,                                                                Elect Director Daniel
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.4       M   R. Feehan               For    For
Cash America International,                                                                Elect Director James
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.5       M   H. Graves               For    For
Cash America International,                                                                Elect Director B.D.
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.6       M   Hunter                  For    For
Cash America International,                                                                Elect Director
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.7       M   Timothy J. Mckibben     For    For
Cash America International,                                                                Elect Director Alfred
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  1.8       M   M. Micallef             For    For
Cash America International,
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  2         M   Ratify Auditors         For    For
Cash America International,                                                                Approve Executive
Inc.                             CSH   14754D100  04/25/07 03/02/07  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director Rodney
C-Cor Inc                        CCBL  125010108  10/17/06 08/18/06  Annual  1.1       M   M. Royse                For    For
                                                                                           Elect Director Steven
C-Cor Inc                        CCBL  125010108  10/17/06 08/18/06  Annual  1.2       M   B. Fink                 For    Withhold
C-Cor Inc                        CCBL  125010108  10/17/06 08/18/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect  Director
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.1       M   Anthony J. De Nicola    For    Withhold
                                                                                           Elect  Director James
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.2       M   R. Matthews             For    Withhold
                                                                                           Elect  Director
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.3       M   Thomas E. Mcinerney     For    Withhold
                                                                                           Elect  Director James
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.4       M   P. Pellow               For    For
                                                                                           Elect  Director
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.5       M   Raymond A. Ranelli      For    For
                                                                                           Elect  Director
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.6       M   Robert D. Reid          For    For
                                                                                           Elect  Director Scott
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.7       M   N. Schneider            For    For
                                                                                           Elect  Director
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.8       M   Michael J. Small        For    Withhold
                                                                                           Elect  Director J.
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  1.9       M   Stephen Vanderwoude     For    For
                                                                                           Amend Omnibus Stock
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  2         M   Plan                    For    Against
Centennial Communications Corp   CYCL  15133V208  09/28/06 08/15/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Clint
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  1.1       M   Arnoldus                For    For
                                                                                           Elect Director
                                                                                           Christine H.H. Camp
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  1.2       M   Friedman                For    For
                                                                                           Elect Director Dennis
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  1.3       M   I. Hirota               For    For
                                                                                           Elect Director Ronald
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  1.4       M   K. Migita               For    For
                                                                                           Elect Director
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  1.5       M   Maurice H. Yamasato     For    For
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
Central Pacific Financial Corp.  CPF   154760102  05/22/07 03/15/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Steven
CH Energy Group, Inc.            CHG   12541M102  04/24/07 03/01/07  Annual  1.1       M   V. Lant                 For    For
                                                                                           Elect Director
CH Energy Group, Inc.            CHG   12541M102  04/24/07 03/01/07  Annual  1.2       M   Jeffrey D. Tranen       For    For
                                                                                           Elect Director
Chaparral Steel Co               CHAP  159423102  08/29/06 07/13/06  Annual  1.1       M   Eugenio Clariond        For    Withhold
                                                                                           Elect Director Joseph
Chaparral Steel Co               CHAP  159423102  08/29/06 07/13/06  Annual  1.2       M   D. Mahaffey             For    For
                                                                                           Elect Director
Chaparral Steel Co               CHAP  159423102  08/29/06 07/13/06  Annual  1.3       M   Elizabeth C. Williams   For    For
                                                                                           Amend Omnibus Stock
Chaparral Steel Co               CHAP  159423102  08/29/06 07/13/06  Annual  2         M   Plan                    For    For
                                                                                           Approve Executive
Chaparral Steel Co               CHAP  159423102  08/29/06 07/13/06  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director Pamela
Charming Shoppes, Inc.           CHRS  161133103  06/21/07 04/13/07  Annual  1.1       M   Davies                  For    For
                                                                                           Elect Director
Charming Shoppes, Inc.           CHRS  161133103  06/21/07 04/13/07  Annual  1.2       M   Katherine M. Hudson     For    For
Charming Shoppes, Inc.           CHRS  161133103  06/21/07 04/13/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Checkpoint Systems, Inc.         CKP   162825103  05/31/07 04/25/07  Annual  1.1       M   William S. Antle, III   For    For
                                                                                           Elect Director R.
Checkpoint Systems, Inc.         CKP   162825103  05/31/07 04/25/07  Annual  1.2       M   Keith Elliott           For    For
                                                                                           Elect Director George
Checkpoint Systems, Inc.         CKP   162825103  05/31/07 04/25/07  Annual  1.3       M   W. Off                  For    For
                                                                                           Elect Director Gary
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.1       M   E. Anderson             For    For
                                                                                           Elect Director J.
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.2       M   Daniel Bernson          For    For
                                                                                           Elect Director Nancy
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.3       M   Bowman                  For    For
                                                                                           Elect Director James
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.4       M   A. Currie               For    For
                                                                                           Elect Director Thomas
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.5       M   T. Huff                 For    For
                                                                                           Elect Director
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.6       M   Michael T. Laethem      For    For
                                                                                           Elect Director
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.7       M   Geoffery E. Merszei     For    For
                                                                                           Elect Director
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.8       M   Terence F. Moore        For    For
                                                                                           Elect Director
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.9       M   Aloysius J. Oliver      For    Withhold
                                                                                           Elect Director Calvin
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.10      M   D. Prins                For    For
                                                                                           Elect Director David
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.11      M   B. Ramaker              For    For
                                                                                           Elect Director Larry
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.12      M   D. Stauffer             For    For
                                                                                           Elect Director
                                                                                           William S.
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.13      M   Stavropoulos            For    For
                                                                                           Elect Director
Chemical Financial Corp.         CHFC  163731102  04/16/07 02/16/07  Annual  1.14      M   Franklin C. Wheatlake   For    For
                                                                                           Elect Director Bobby
Ciber, Inc.                      CBR   17163B102  05/03/07 03/05/07  Annual  1.1       M   G. Stevenson            For    For
                                                                                           Elect Director James
Ciber, Inc.                      CBR   17163B102  05/03/07 03/05/07  Annual  1.2       M   C. Spira                For    For
                                                                                           Elect Director Peter
Ciber, Inc.                      CBR   17163B102  05/03/07 03/05/07  Annual  1.3       M   H. Cheesbrough          For    For
Ciber, Inc.                      CBR   17163B102  05/03/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Cincinnati Bell Inc.             CBB   171871106  05/03/07 03/05/07  Annual  1.1       M   Phillip R. Cox          For    For
                                                                                           Elect Director
Cincinnati Bell Inc.             CBB   171871106  05/03/07 03/05/07  Annual  1.2       M   Michael G. Morris       For    For
                                                                                           Elect Director John
Cincinnati Bell Inc.             CBB   171871106  05/03/07 03/05/07  Annual  1.3       M   M. Zrno                 For    For
Cincinnati Bell Inc.             CBB   171871106  05/03/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
Cincinnati Bell Inc.             CBB   171871106  05/03/07 03/05/07  Annual  3         M   Plan                    For    For
                                                                                           Approve Non-Employee
                                                                                           Director Omnibus
Cincinnati Bell Inc.             CBB   171871106  05/03/07 03/05/07  Annual  4         M   Stock Plan              For    For
                                                                                           Elect Director Jerome
CIRCOR International, Inc.       CIR   17273K109  05/02/07 03/14/07  Annual  1.1       M   D. Brady                For    For
                                                                                           Elect Director Dewain
CIRCOR International, Inc.       CIR   17273K109  05/02/07 03/14/07  Annual  1.2       M   K. Cross                For    For
CIRCOR International, Inc.       CIR   17273K109  05/02/07 03/14/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.1       M   Michael L. Hackworth    For    For
                                                                                           Elect Director David
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.2       M   D. French               For    For
                                                                                           Elect Director D.
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.3       M   James Guzy              For    For
                                                                                           Elect Director Suhas
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.4       M   S. Patil                For    For
                                                                                           Elect Director Walden
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.5       M   C. Rhines               For    For
                                                                                           Elect Director
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.6       M   William D. Sherman      For    For
                                                                                           Elect Director Robert
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  1.7       M   H. Smith                For    For
                                                                                           Approve Omnibus Stock
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  2         M   Plan                    For    For
Cirrus Logic, Inc.               CRUS  172755100  07/28/06 05/31/06  Annual  3         M   Ratify Auditors         For    For
Citizens Republic Bancorp        CRBC  174420109  04/26/07 02/28/07  Annual  1         M   Change Company Name     For    For
                                                                                           Elect Director
Citizens Republic Bancorp        CRBC  174420109  04/26/07 02/28/07  Annual  2.1       M   Richard J. Dolinski     For    For
                                                                                           Elect Director
Citizens Republic Bancorp        CRBC  174420109  04/26/07 02/28/07  Annual  2.2       M   William R. Hartman      For    For
                                                                                           Elect Director Gary
Citizens Republic Bancorp        CRBC  174420109  04/26/07 02/28/07  Annual  2.3       M   J. Hurand               For    For
                                                                                           Elect Director Dennis
Citizens Republic Bancorp        CRBC  174420109  04/26/07 02/28/07  Annual  2.4       M   J. Ibold                For    For
                                                                                           Elect Director
Citizens Republic Bancorp        CRBC  174420109  04/26/07 02/28/07  Annual  2.5       M   Kendall B. Williams     For    For
                                                                                           Elect Director James
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.1       M   Carroll                 For    For
                                                                                           Elect Director Conrad
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.2       M   Hanson                  For    For
                                                                                           Elect Director Martin
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.3       M   Heimbigner              For    For
                                                                                           Elect Director R.
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.4       M   Scott Hutchison         For    For
                                                                                           Elect Director Thomas
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.5       M   J. Jochums              For    For
                                                                                           Elect Director John
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.6       M   Kolodzie                For    For
                                                                                           Elect Director
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  1.7       M   Richard Pahre           For    For
City Bank                        CTBK  17770A109  04/25/07 03/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director John
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  1.1       M   R. Elliot               For    For
                                                                                           Elect Director Oshel
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  1.2       M   B. Craigo               For    Withhold
                                                                                           Elect Director
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  1.3       M   William H. File III     For    For
                                                                                           Elect Director Tracy
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  1.4       M   W. Hylton II            For    For
                                                                                           Elect Director C.
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  1.5       M   Dallas Kayser           For    For
                                                                                           Elect Director Sharon
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  1.6       M   H. Rowe                 For    For
City Holding Co.                 CHCO  177835105  04/25/07 03/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director James
Cohu, Inc.                       COHU  192576106  05/08/07 03/13/07  Annual  1.1       M   W. Barnes               For    Withhold
                                                                                           Elect Director James
Cohu, Inc.                       COHU  192576106  05/08/07 03/13/07  Annual  1.2       M   A. Donahue              For    Withhold
Cohu, Inc.                       COHU  192576106  05/08/07 03/13/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Columbia Bancorp/Oregon          CBBO  197231103  04/26/07 03/01/07  Annual  1.1       M   Charles F. Beardsley    For    For
                                                                                           Elect Director
Columbia Bancorp/Oregon          CBBO  197231103  04/26/07 03/01/07  Annual  1.2       M   William A. Booth        For    For
                                                                                           Elect Director Roger
Columbia Bancorp/Oregon          CBBO  197231103  04/26/07 03/01/07  Annual  1.3       M   L. Christensen          For    For
                                                                                           Elect Director Terry
Columbia Bancorp/Oregon          CBBO  197231103  04/26/07 03/01/07  Annual  1.4       M   L. Cochran              For    For

Columbia Banking System,                                                                   Elect Director
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.1       M   Melanie J. Dressel      For    For
Columbia Banking System,                                                                   Elect Director John
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.2       M   P. Folsom               For    For
Columbia Banking System,                                                                   Elect Director
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.3       M   Frederick M. Goldberg   For    For

Columbia Banking System,                                                                   Elect Director Thomas
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.4       M   M. Hulbert              For    For
Columbia Banking System,                                                                   Elect Director Thomas
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.5       M   L. Matson               For    For
Columbia Banking System,                                                                   Elect Director Daniel
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.6       M   C. Regis                For    For

Columbia Banking System,                                                                   Elect Director Donald
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.7       M   H. Rodman               For    For
                                                                                           Elect Director
Columbia Banking System,                                                                   William T.
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.8       M   Weyerhaeuser            For    For
Columbia Banking System,                                                                   Elect Director James
Inc.                             COLB  197236102  04/25/07 03/01/07  Annual  1.9       M   M. Will                 For    For
                                                                                           Approve Merger
Columbia Equity Trust, Inc.            197627102  02/27/07 01/16/07  Special 1         M   Agreement               For    Against
Commercial Capital Bancorp,                                                                Approve Merger
Inc.                             CCBI  20162L105  07/25/06 06/15/06  Special 1         M   Agreement               For    For
Commercial Capital Bancorp,
Inc.                             CCBI  20162L105  07/25/06 06/15/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Moses
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  1.1       M   Feldman                 For    For
                                                                                           Elect Director
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  1.2       M   Stanley A. Rabin        For    For
                                                                                           Elect Director Ralph
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  1.3       M   E. Loewenberg           For    For
                                                                                           Elect Director Murray
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  1.4       M   R. McClean              For    For
                                                                                           Amend Non-Employee
                                                                                           Director Omnibus
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  2         M   Stock Plan              For    For
                                                                                           Approve Executive
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Approve Omnibus Stock
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  4         M   Plan                    For    For
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  5         M   Ratify Auditors         For    For
                                                                                           Amend EEO Policy to
                                                                                           Prohibit
                                                                                           Discrimination based
Commercial Metals Co.            CMC   201723103  01/25/07 11/27/06  Annual  6         S   on Sexual Orientation   Agains For
Commonwealth Telephone                                                                     Approve Merger
Enterprises, Inc.                CTCO  203349105  01/25/07 12/19/06  Special 1         M   Agreement               For    For
                                                                                           Elect Director
Community Bank System, Inc.      CBU   203607106  05/15/07 03/29/07  Annual  1.1       M   Nicholas A. Dicerbo     For    Withhold
                                                                                           Elect Director James
Community Bank System, Inc.      CBU   203607106  05/15/07 03/29/07  Annual  1.2       M   A. Gabriel              For    Withhold
                                                                                           Elect Director
Community Bank System, Inc.      CBU   203607106  05/15/07 03/29/07  Annual  1.3       M   Charles E. Parente      For    For
Community Bank System, Inc.      CBU   203607106  05/15/07 03/29/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.1       M   Charles J. Baird        For    For
                                                                                           Elect Director Nick
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.2       M   A. Cooley               For    Withhold
                                                                                           Elect Director Jean
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.3       M   R. Hale                 For    For
                                                                                           Elect Director James
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.4       M   E. Mcghee Ii            For    For
                                                                                           Elect Director M.
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.5       M   Lynn Parrish            For    For
                                                                                           Elect Director Paul
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.6       M   E. Patton               For    For
                                                                                           Elect Director Dr.
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.7       M   James R. Ramsey         For    For
                                                                                           Elect Director Gary
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  1.8       M   G. White                For    For
Community Trust Bancorp, Inc.    CTBI  204149108  04/24/07 02/28/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Cecil
Comstock Resources, Inc.         CRK   205768203  05/03/07 04/03/07  Annual  1.1       M   E. Martin               For    For
                                                                                           Elect Director Nancy
Comstock Resources, Inc.         CRK   205768203  05/03/07 04/03/07  Annual  1.2       M   E. Underwood            For    For
Comstock Resources, Inc.         CRK   205768203  05/03/07 04/03/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Eugene
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.1       M   R. Corasanti            For    For
                                                                                           Elect Director Bruce
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.2       M   F. Daniels              For    For
                                                                                           Elect Director
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.3       M   William D. Matthews     For    For
                                                                                           Elect Director Stuart
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.4       M   J. Schwartz             For    For
                                                                                           Elect Director Joseph
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.5       M   J. Corasanti            For    For
                                                                                           Elect Director
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.6       M   Stephen M. Mandia       For    For
                                                                                           Elect Director Jo Ann
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.7       M   Golden                  For    For
                                                                                           Elect Director Mark
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  1.8       M   E. Tryniski             For    For
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Non-Employee
                                                                                           Director Omnibus
CONMED Corp.                     CNMD  207410101  05/17/07 03/30/07  Annual  3         M   Stock Plan              For    For
Consolidated Graphics,                                                                     Elect Director Larry
Inc.                             CGX   209341106  08/03/06 06/15/06  Annual  1.1       M   J. Alexander            For    Withhold

Consolidated Graphics,                                                                     Elect Director Brady
Inc.                             CGX   209341106  08/03/06 06/15/06  Annual  1.2       M   F. Carruth              For    Withhold
Corus Bankshares,                                                                          Elect Director Joseph
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.1       M   C. Glickman             For    For
Corus Bankshares,                                                                          Elect Director Robert
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.2       M   J. Glickman             For    For

Corus Bankshares,                                                                          Elect Director Robert
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.3       M   J. Buford               For    For
Corus Bankshares,                                                                          Elect Director Kevin
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.4       M   R. Callahan             For    For
Corus Bankshares,                                                                          Elect Director Rodney
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.5       M   D. Lubeznik             For    For

Corus Bankshares,                                                                          Elect Director
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.6       M   Michael J. McClure      For    For
Corus Bankshares,                                                                          Elect Director Peter
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  1.7       M   C. Roberts              For    For
Corus Bankshares,
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  2         M   Ratify Auditors         For    For

Corus Bankshares,                                                                          Amend Omnibus Stock
Inc.                             CORS  220873103  04/23/07 02/23/07  Annual  3         M   Plan                    For    For
                                                                                           Approve Merger
Covansys Corporation             CVNS  22281W103  06/27/07 05/24/07  Special 1         M   Agreement               For    For
Covansys Corporation             CVNS  22281W103  06/27/07 05/24/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director James
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.1       M   C. Kennedy              For    Against
                                                                                           Elect Director
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.2       M   Juanita P. Baranco      For    For
                                                                                           Elect Director G.
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.3       M   Dennis Berry            For    Against
                                                                                           Elect Director Nick
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.4       M   W. Evans, Jr.           For    For
                                                                                           Elect Director Jimmy
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.5       M   W. Hayes                For    Against
                                                                                           Elect Director Paul
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.6       M   M. Hughes               For    For
                                                                                           Elect Director Marc
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.7       M   W. Morgan               For    Against
                                                                                           Elect Director Robert
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.8       M   F. Neil                 For    Against
                                                                                           Elect Director
Cox Radio, Inc.                  CXR   224051102  05/16/07 03/20/07  Annual  1.9       M   Nicholas D. Trigony     For    For
                                                                                           Elect Director James
CRA International Inc            CRAI  12618T105  04/20/07 03/05/07  Annual  1.1       M   C. Burrows              For    For
                                                                                           Elect Director Carl
CRA International Inc            CRAI  12618T105  04/20/07 03/05/07  Annual  1.2       M   Shapiro                 For    For
                                                                                           Approve Executive
CRA International Inc            CRAI  12618T105  04/20/07 03/05/07  Annual  2         M   Incentive Bonus Plan    For    For
CRA International Inc            CRAI  12618T105  04/20/07 03/05/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Dr.
Credence Systems Corp.           CMOS  225302108  03/15/07 01/23/07  Annual  1.1       M   Ping Yang               For    For
                                                                                           Elect Director
Credence Systems Corp.           CMOS  225302108  03/15/07 01/23/07  Annual  1.2       M   Richard M. Beyer        For    For
                                                                                           Elect Director Lavi
Credence Systems Corp.           CMOS  225302108  03/15/07 01/23/07  Annual  1.3       M   A. Lev                  For    For
Credence Systems Corp.           CMOS  225302108  03/15/07 01/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Pay for Superior
Credence Systems Corp.           CMOS  225302108  03/15/07 01/23/07  Annual  3         S   Performance             Agains For
                                                                                           Elect Director
CT Communications, Inc.          CTCI  126426402  04/26/07 02/28/07  Annual  1.1       M   William A. Coley        For    For
                                                                                           Elect Director Barry
CT Communications, Inc.          CTCI  126426402  04/26/07 02/28/07  Annual  1.2       M   W. Eveland              For    For
                                                                                           Elect Director Tom E.
CT Communications, Inc.          CTCI  126426402  04/26/07 02/28/07  Annual  1.3       M   Smith                   For    For
CT Communications, Inc.          CTCI  126426402  04/26/07 02/28/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Walter
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.1       M   S. Catlow               For    For
                                                                                           Elect Director
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.2       M   Lawrence J. Ciancia     For    For
                                                                                           Elect Director Thomas
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.3       M   G. Cody                 For    Withhold
                                                                                           Elect Director Gerald
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.4       M   H. Frieling, Jr.        For    For
                                                                                           Elect Director Roger
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.5       M   R. Hemminghaus          For    For
                                                                                           Elect Director
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.6       M   Michael A. Henning      For    For
                                                                                           Elect Director Robert
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.7       M   A. Profusek             For    For
                                                                                           Elect Director Donald
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.8       M   K. Schwanz              For    For
                                                                                           Elect Director
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  1.9       M   Patricia K. Vincent     For    For
                                                                                           Approve/Amend
                                                                                           Executive Incentive
CTS Corp.                        CTS   126501105  06/28/07 05/09/07  Annual  2         M   Bonus Plan              For    For
                                                                                           Elect Director
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  1.1       M   Richard W. Evans, Jr.   For    For
                                                                                           Elect Director Karen
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  1.2       M   E. Jennings             For    For
                                                                                           Elect Director R.M.
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  1.3       M   Kleberg, III            For    For
                                                                                           Elect Director Horace
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  1.4       M   Wilkins, Jr             For    For
                                                                                           Elect Director T.C.
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  1.5       M   Frost                   For    For
                                                                                           Approve Non-Employee
                                                                                           Director Omnibus
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  2         M   Stock Plan              For    For
Cullen/Frost Bankers, Inc.       CFR   229899109  04/26/07 03/09/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Martin
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.1       M   R. Benante              For    For
                                                                                           Elect Director James
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.2       M   B. Busey Iv             For    For
                                                                                           Elect Director S.
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.3       M   Marce Fuller            For    For
                                                                                           Elect Director Allen
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.4       M   A. Kozinski             For    For
                                                                                           Elect Director Carl
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.5       M   G. Miller               For    For
                                                                                           Elect Director
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.6       M   William B. Mitchell     For    For
                                                                                           Elect Director John
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.7       M   R. Myers                For    For
                                                                                           Elect Director
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.8       M   William W. Sihler       For    For
                                                                                           Elect Director Albert
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  1.9       M   E. Smith                For    For
Curtiss-Wright Corp.             CW    231561101  05/04/07 03/06/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Roger
Cypress Bioscience, Inc.         CYPB  232674507  06/11/07 04/25/07  Annual  1.1       M   L. Hawley               For    For
                                                                                           Elect Director Tina
Cypress Bioscience, Inc.         CYPB  232674507  06/11/07 04/25/07  Annual  1.2       M   S. Nova                 For    For
Cypress Bioscience, Inc.         CYPB  232674507  06/11/07 04/25/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.1       M   Douglas B. Otto         For    For
                                                                                           Elect Director Angel
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.2       M   R. Martinez             For    For
                                                                                           Elect Director Gene
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.3       M   E. Burleson             For    Withhold
                                                                                           Elect Director Rex A.
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.4       M   Licklider               For    For
                                                                                           Elect Director John
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.5       M   M. Gibbons              For    For
                                                                                           Elect Director John
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.6       M   G. Perenchio            For    For
                                                                                           Elect Director
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.7       M   Maureen Conners         For    For
                                                                                           Elect Director Tore
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  1.8       M   Steen                   For    For
                                                                                           Amend Omnibus Stock
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  2         M   Plan                    For    For
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  3         M   Ratify Auditors         For    For
Deckers Outdoor Corp.            DECK  243537107  05/09/07 03/16/07  Annual  4         M   Other Business          For    For
                                                                                           Elect Director Robert
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.1       M   Rosenkranz              For    For
                                                                                           Elect Director Donald
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.2       M   A. Sherman              For    For
                                                                                           Elect Director Kevin
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.3       M   R. Brine                For    For
                                                                                           Elect Director
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.4       M   Lawrence E. Daurelle    For    For
                                                                                           Elect Director Edward
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.5       M   A. Fox                  For    For
                                                                                           Elect Director Steven
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.6       M   A. Hirsh                For    For
                                                                                           Elect Director Harold
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.7       M   F. Ilg                  For    For
                                                                                           Elect Director James
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.8       M   M. Litvack              For    For
                                                                                           Elect Director James
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.9       M   N. Meehan               For    For
                                                                                           Elect Director Robert
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.10      M   M. Smith, Jr.           For    For
                                                                                           Elect Director Robert
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.11      M   F. Wright               For    For
                                                                                           Elect Director Philip
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  1.12      M   R. O'Connor             For    For
                                                                                           Amend Omnibus Stock
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  2         M   Plan                    For    Against
Delphi Financial Group, Inc.     DFG   247131105  05/08/07 03/30/07  Annual  3         M   Other Business          For    For
                                                                                           Approve Merger
Delta & Pine Land Company        DLP   247357106  12/21/06 10/23/06  Special 1         M   Agreement               For    For
Delta & Pine Land Company        DLP   247357106  12/21/06 10/23/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Joseph
Delta & Pine Land Company        DLP   247357106  02/19/07 12/21/06  Annual  1.1       M   M. Murphy               For    For
                                                                                           Elect Director Rudi
Delta & Pine Land Company        DLP   247357106  02/19/07 12/21/06  Annual  1.2       M   E. Scheidt              For    For
Delta & Pine Land Company        DLP   247357106  02/19/07 12/21/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Guy C.
Digi International Inc.          DGII  253798102  01/22/07 11/24/06  Annual  1.1       M   Jackson                 For    For
Digi International                                                                         Elect Director Ahmed
Inc.                             DGII  253798102  01/22/07 11/24/06  Annual  1.2       M   Nawaz                   For    For
Digi International                                                                         Amend Omnibus Stock
Inc.                             DGII  253798102  01/22/07 11/24/06  Annual  2         M   Plan                    For    For
                                                                                           Amend Qualified
Digi International                                                                         Employee Stock
Inc.                             DGII  253798102  01/22/07 11/24/06  Annual  3         M   Purchase Plan           For    For
Digi International
Inc.                             DGII  253798102  01/22/07 11/24/06  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director
Dime Community Bancshares, Inc.  DCOM  253922108  05/18/07 03/30/07  Annual  1.1       M   Vincent F. Palagiano    For    For
                                                                                           Elect Director
Dime Community Bancshares, Inc.  DCOM  253922108  05/18/07 03/30/07  Annual  1.2       M   Patrick E. Curtin       For    For
                                                                                           Elect Director Donald
Dime Community Bancshares, Inc.  DCOM  253922108  05/18/07 03/30/07  Annual  1.3       M   E. Walsh                For    For
                                                                                           Elect Director Omer
Dime Community Bancshares, Inc.  DCOM  253922108  05/18/07 03/30/07  Annual  1.4       M   S.J. Williams           For    For
Dime Community Bancshares, Inc.  DCOM  253922108  05/18/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Direct General Corp.                   25456W204  03/08/07 02/01/07  Special 1         M   Agreement               For    For
Direct General Corp.                   25456W204  03/08/07 02/01/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Andrei
Ditech Networks INC              DITC  25500T108  09/15/06 07/25/06  Annual  1.1       M   M. Manoliu              For    For
                                                                                           Elect Director David
Ditech Networks INC              DITC  25500T108  09/15/06 07/25/06  Annual  1.2       M   M. Sugishita            For    For
                                                                                           Amend Omnibus Stock
Ditech Networks INC              DITC  25500T108  09/15/06 07/25/06  Annual  2         M   Plan                    For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
Ditech Networks INC              DITC  25500T108  09/15/06 07/25/06  Annual  3         M   Purchase Plan           For    For
Ditech Networks INC              DITC  25500T108  09/15/06 07/25/06  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director David
Dollar Financial Corp.           DLLR  256664103  11/16/06 10/20/06  Annual  1.1       M   Golub                   For    For
                                                                                           Elect Director David
Dollar Financial Corp.           DLLR  256664103  11/16/06 10/20/06  Annual  1.2       M   Jessick                 For    For
                                                                                           Elect Director
Dollar Financial Corp.           DLLR  256664103  11/16/06 10/20/06  Annual  1.3       M   Kenneth Schwenke        For    For
Dollar Financial Corp.           DLLR  256664103  11/16/06 10/20/06  Annual  2         M   Ratify Auditors         For    For
Dollar Thrifty Automotive                                                                  Elect Director Molly
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.1       M   Shi Boren               For    For
Dollar Thrifty Automotive                                                                  Elect Director Thomas
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.2       M   P. Capo                 For    For
Dollar Thrifty Automotive                                                                  Elect Director
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.3       M   Maryann N. Keller       For    For
Dollar Thrifty Automotive                                                                  Elect Director Hon.
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.4       M   Edward C. Lumley        For    For
Dollar Thrifty Automotive                                                                  Elect Director
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.5       M   Richard W. Neu          For    For
Dollar Thrifty Automotive                                                                  Elect Director Gary
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.6       M   L. Paxton               For    For
Dollar Thrifty Automotive                                                                  Elect Director John
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.7       M   C. Pope                 For    For
Dollar Thrifty Automotive                                                                  Elect Director Edward
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  1.8       M   L. Wax                  For    For
Dollar Thrifty Automotive
Group, Inc.                      DTG   256743105  05/17/07 03/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
Dominos Pizza Inc.               DPZ   25754A201  04/24/07 03/15/07  Annual  1.1       M   M. Rosenberg            For    For
                                                                                           Elect Director Dennis
Dominos Pizza Inc.               DPZ   25754A201  04/24/07 03/15/07  Annual  1.2       M   F. Hightower            For    For
Dominos Pizza Inc.               DPZ   25754A201  04/24/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Ira
DRS Technologies, Inc.           DRS   23330X100  08/03/06 06/23/06  Annual  1.1       M   Albom                   For    For
                                                                                           Elect Director Mark
DRS Technologies, Inc.           DRS   23330X100  08/03/06 06/23/06  Annual  1.2       M   N. Kaplan               For    For
                                                                                           Elect Director D.J.
DRS Technologies, Inc.           DRS   23330X100  08/03/06 06/23/06  Annual  1.3       M   Reimer, USA             For    For
                                                                                           Elect Director C.G.
DRS Technologies, Inc.           DRS   23330X100  08/03/06 06/23/06  Annual  1.4       M   Boyd, USAF              For    For
DRS Technologies, Inc.           DRS   23330X100  08/03/06 06/23/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
DRS Technologies, Inc.           DRS   23330X100  08/03/06 06/23/06  Annual  3         M   Plan                    For    For
                                                                                           Elect Director
DSP Group, Inc.                  DSPG  23332B106  05/14/07 03/23/07  Annual  1.1       M   Eliyahu Ayalon          For    For
                                                                                           Elect Director Zvi
DSP Group, Inc.                  DSPG  23332B106  05/14/07 03/23/07  Annual  1.2       M   Limon                   For    For
                                                                                           Elect Director Louis
DSP Group, Inc.                  DSPG  23332B106  05/14/07 03/23/07  Annual  1.3       M   Silver                  For    For
DSP Group, Inc.                  DSPG  23332B106  05/14/07 03/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director F.
Eagle Materials Inc.             EXP   26969P108  07/27/06 06/02/06  Annual  1.1       M   William Barnett         For    For
                                                                                           Elect Director O.G.
Eagle Materials Inc.             EXP   26969P108  07/27/06 06/02/06  Annual  1.2       M   Dagnan                  For    For
                                                                                           Elect Director David
Eagle Materials Inc.             EXP   26969P108  07/27/06 06/02/06  Annual  1.3       M   W. Quinn                For    For
Eagle Materials Inc.             EXP   26969P108  07/27/06 06/02/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director George
El Paso Electric Co.             EE    283677854  05/02/07 03/05/07  Annual  1.1       M   W. Edwards, Jr.         For    For
                                                                                           Elect Director John
El Paso Electric Co.             EE    283677854  05/02/07 03/05/07  Annual  1.2       M   Robert Brown            For    For
                                                                                           Elect Director James
El Paso Electric Co.             EE    283677854  05/02/07 03/05/07  Annual  1.3       M   W. Cicconi              For    For
                                                                                           Elect Director
                                                                                           Patricia Z.
El Paso Electric Co.             EE    283677854  05/02/07 03/05/07  Annual  1.4       M   Holland-Branch          For    For
                                                                                           Approve Omnibus Stock
El Paso Electric Co.             EE    283677854  05/02/07 03/05/07  Annual  2         M   Plan                    For    For
El Paso Electric Co.             EE    283677854  05/02/07 03/05/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director G.D.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.1       M   Barrone                 For    For
                                                                                           Elect Director N.Y.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.2       M   Bekavac                 For    For
                                                                                           Elect Director K.J.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.3       M   Curtin                  For    For
                                                                                           Elect Director D.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.4       M   Greenberg               For    For
                                                                                           Elect Director J.J.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.5       M   Kearns                  For    For
                                                                                           Elect Director S.L.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.6       M   Kling                   For    For
                                                                                           Elect Director J.S.
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  1.7       M   Pignatelli              For    For
Electro Rent Corp.               ELRC  285218103  10/12/06 08/14/06  Annual  2         M   Ratify Auditors         For    For

Electro Scientific Industries,                                                             Elect Director
Inc.                             ESIO  285229100  10/05/06 08/07/06  Annual  1.1       M   Richard J. Faubert      For    For
Electro Scientific Industries,                                                             Elect Director Keith
Inc.                             ESIO  285229100  10/05/06 08/07/06  Annual  1.2       M   L. Thomson              For    For
Electro Scientific Industries,                                                             Elect Director Jon D.
Inc.                             ESIO  285229100  10/05/06 08/07/06  Annual  1.3       M   Tompkins                For    For

Electro Scientific Industries,
Inc.                             ESIO  285229100  10/05/06 08/07/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director E.
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.1       M   Scott Beattie           For    For
                                                                                           Elect Director Fred
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.2       M   Berens                  For    For
                                                                                           Elect Director Maura
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.3       M   J. Clark                For    For
                                                                                           Elect Director
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.4       M   Richard C.W. Mauran     For    For
                                                                                           Elect Director
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.5       M   William M. Tatham       For    For
                                                                                           Elect Director J.W.
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.6       M   Nevil Thomas            For    For
                                                                                           Elect Director Paul
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  1.7       M   West                    For    For
Elizabeth Arden Inc              RDEN  28660G106  11/15/06 09/18/06  Annual  2         M   Ratify Auditors         For    For
Emcor Group,                                                                               Elect Director Frank
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.1       M   T. MacInnis             For    For
Emcor Group,                                                                               Elect Director
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.2       M   Stephen W. Bershad      For    For
Emcor Group,                                                                               Elect Director David
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.3       M   A.B. Brown              For    For
Emcor Group,                                                                               Elect Director Larry
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.4       M   J. Bump                 For    For
Emcor Group,                                                                               Elect Director Albert
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.5       M   Fried, Jr.              For    For
Emcor Group,                                                                               Elect Director
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.6       M   Richard F. Hamm, Jr.    For    For
Emcor Group,                                                                               Elect Director
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  1.7       M   Michael T. Yonker       For    For
Emcor Group,                                                                               Approve Omnibus Stock
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  2         M   Plan                    For    For
Emcor Group,
Inc.                             EME   29084Q100  06/20/07 04/24/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Fred
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.1       M   B. Cox                  For    For
                                                                                           Elect Director
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.2       M   Michael P. Downey       For    For
                                                                                           Elect Director Bruce
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.3       M   C. Edwards              For    For
                                                                                           Elect Director Paul
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.4       M   F. Folino               For    For
                                                                                           Elect Director Robert
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.5       M   H. Goon                 For    For
                                                                                           Elect Director Don M.
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.6       M   Lyle                    For    For
                                                                                           Elect Director James
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.7       M   M. Mccluney             For    For
                                                                                           Elect Director Dean
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  1.8       M   A. Yoost                For    For
                                                                                           Amend Omnibus Stock
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  2         M   Plan                    For    For
                                                                                           Amend Non-Employee
                                                                                           Director Stock Option
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  3         M   Plan                    For    For
Emulex Corp.                     ELX   292475209  11/30/06 10/09/06  Annual  4         M   Ratify Auditors         For    For
                                                                                           Remove Existing
                                                                     Proxy                 Director Richard A.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 1         S   Bachmann                Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director John C.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 2         S   Bumgarner, Jr           Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Jerry D.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 3         S   Carlisle                Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Harold D.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 4         S   Carter                  Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Enoch L.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 5         S   Dawkins                 Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Norman C.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 6         S   Francis                 Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Robert D.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 7         S   Gershen                 Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Phillip A.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 8         S   Gobe                    Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director William R.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 9         S   Herrin, Jr              Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director William O.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 10        S   Hiltz                   Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director John G.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 11        S   Phillips                Agains Against
                                                                     Proxy                 Elect Director Walter
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 12        M   R. Arnheim              Agains Against
                                                                     Proxy                 Elect Director Terry
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 13        M   G. Dallas               Agains Against
                                                                     Proxy                 Elect Director Robert
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 14        M   B. Holland, III         Agains Against
                                                                     Proxy                 Elect Director David
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 15        M   R. Martin               Agains Against
                                                                     Proxy                 Elect Director J.
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 16        M   Kenneth Thompson        Agains Against
                                                                                           Remove Existing
                                                                     Proxy                 Director Richard A.            Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 1         S   Bachmann                For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director John C.               Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 2         S   Bumgarner, Jr           For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director Jerry D.              Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 3         S   Carlisle                For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director Harold D.             Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 4         S   Carter                  For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director Enoch L.              Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 5         S   Dawkins                 For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director Norman C.             Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 6         S   Francis                 For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director Robert D.             Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 7         S   Gershen                 For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director Phillip A.            Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 8         S   Gobe                    For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director William R.            Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 9         S   Herrin, Jr              For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director William O.            Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 10        S   Hiltz                   For    Vote
                                                                                           Remove Existing
                                                                     Proxy                 Director John G.               Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 11        S   Phillips                For    Vote
                                                                     Proxy                 Elect Director Walter          Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 12        M   R. Arnheim              For    Vote
                                                                     Proxy                 Elect Director Terry           Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 13        M   G. Dallas               For    Vote
                                                                     Proxy                 Elect Director Robert          Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 14        M   B. Holland, III         For    Vote
                                                                     Proxy                 Elect Director David           Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 15        M   R. Martin               For    Vote
                                                                     Proxy                 Elect Director J.              Do Not
Energy Partners, Ltd             EPL   29270U105  11/17/06 10/17/06  Contest 16        M   Kenneth Thompson        For    Vote
                                                                                           Elect Director
Ennis Inc.                       EBF   293389102  06/28/07 04/30/07  Annual  1.1       M   Michael J. Schaefer     For    For
                                                                                           Elect Director
Ennis Inc.                       EBF   293389102  06/28/07 04/30/07  Annual  1.2       M   Kenneth G. Pritchett    For    For
                                                                                           Elect Director James
Ennis Inc.                       EBF   293389102  06/28/07 04/30/07  Annual  1.3       M   C. Taylor               For    For
Ennis Inc.                       EBF   293389102  06/28/07 04/30/07  Annual  2         M   Other Business          For    For
                                                                                           Elect Director
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.1       M   William R. Holland      For    For
                                                                                           Elect Director Ernest
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.2       M   F. Schaub               For    For
                                                                                           Elect Director J.P.
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.3       M   Bolduc                  For    For
                                                                                           Elect Director Peter
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.4       M   C. Browning             For    For
                                                                                           Elect Director Joe T.
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.5       M   Ford                    For    For
                                                                                           Elect Director Gordon
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.6       M   D. Harnett              For    For
                                                                                           Elect Director David
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.7       M   L. Hauser               For    For
                                                                                           Elect Director Wilbur
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  1.8       M   J. Prezzano, Jr.        For    For
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Executive
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Amend Executive
EnPro Industries, Inc.           NPO   29355X107  05/02/07 03/05/07  Annual  4         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director Gideon
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.1       M   Argov                   For    For
                                                                                           Elect Director
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.2       M   Michael A. Bradley      For    For
                                                                                           Elect Director
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.3       M   Michael P.C. Carns      For    For
                                                                                           Elect Director Daniel
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.4       M   W. Christman            For    For
                                                                                           Elect Director James
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.5       M   E. Dauwalter            For    For
                                                                                           Elect Director Gary
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.6       M   F. Klingl               For    For
                                                                                           Elect Director Roger
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.7       M   D. McDaniel             For    For
                                                                                           Elect Director Paul
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.8       M   L.H. Olson              For    For
                                                                                           Elect Director Thomas
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.9       M   O. Pyle                 For    For
                                                                                           Elect Director Brian
Entegris, Inc                    ENTG  29362U104  05/09/07 03/23/07  Annual  1.10      M   F. Sullivan             For    For
                                                                                           Elect Director David
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.1       M   J. Berkman              For    For
                                                                                           Elect Director Daniel
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.2       M   E. Gold                 For    For
                                                                                           Elect Director Joseph
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.3       M   M. Field                For    For
                                                                                           Elect Director David
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.4       M   J. Field                For    For
                                                                                           Elect Director John
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.5       M   C. Donlevie             For    For
                                                                                           Elect Director Edward
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.6       M   H. West                 For    For
                                                                                           Elect Director Robert
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  1.7       M   S. Wiesenthal           For    For
Entercom Communications Corp.    ETM   293639100  05/03/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
                                                                                           Phillip H. Mcneill,
Equity Inns, Inc.                ENN   294703103  05/10/07 03/15/07  Annual  1.1       M   Sr.                     For    For
                                                                                           Elect Director
Equity Inns, Inc.                ENN   294703103  05/10/07 03/15/07  Annual  1.2       M   Raymond E. Schultz      For    For
                                                                                           Approve Omnibus Stock
Equity Inns, Inc.                ENN   294703103  05/10/07 03/15/07  Annual  2         M   Plan                    For    For
                                                                                           Elect Director Philip
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.1       M   C. Calian               For    For
                                                                                           Elect Director Donald
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.2       M   S. Chisholm             For    For
                                                                                           Elect Director Thomas
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.3       M   E. Dobrowski            For    For
                                                                                           Elect Director Thomas
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.4       M   P. Heneghan             For    For
                                                                                           Elect Director Sheli
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.5       M   Z. Rosenberg            For    For
                                                                                           Elect Director Howard
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.6       M   Walker                  For    For
                                                                                           Elect Director Gary
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.7       M   L. Waterman             For    For
                                                                                           Elect Director Samuel
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  1.8       M   Zell                    For    For
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
Equity Lifestyle Properties Inc  ELS   29472R108  05/15/07 03/09/07  Annual  3         M   Common Stock            For    For
Esterline Technologies                                                                     Elect Director Paul
Corp.                            ESL   297425100  03/07/07 01/08/07  Annual  1.1       M   V. Haack                For    For
Esterline Technologies                                                                     Elect Director John
Corp.                            ESL   297425100  03/07/07 01/08/07  Annual  1.2       M   F. Clearman             For    For

Esterline Technologies                                                                     Elect Director
Corp.                            ESL   297425100  03/07/07 01/08/07  Annual  1.3       M   Charles R. Larson       For    For
Esterline Technologies                                                                     Elect Director Jerry
Corp.                            ESL   297425100  03/07/07 01/08/07  Annual  1.4       M   D. Leitman              For    For
                                                                                           Elect Director
Ethan Allen Interiors Inc.       ETH   297602104  11/14/06 09/20/06  Annual  1.1       M   Richard A Sandberg      For    For
                                                                                           Elect Director Frank
Ethan Allen Interiors Inc.       ETH   297602104  11/14/06 09/20/06  Annual  1.2       M   G. Wisner               For    For
Ethan Allen Interiors Inc.       ETH   297602104  11/14/06 09/20/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Stock Option
Ethan Allen Interiors Inc.       ETH   297602104  11/14/06 09/20/06  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Alan
Exelixis, Inc                    EXEL  30161Q104  05/01/07 03/05/07  Annual  1.1       M   M. Garber               For    For
                                                                                           Elect Director
Exelixis, Inc                    EXEL  30161Q104  05/01/07 03/05/07  Annual  1.2       M   Vincent T. Marchesi     For    For
                                                                                           Elect Director Carl
Exelixis, Inc                    EXEL  30161Q104  05/01/07 03/05/07  Annual  1.3       M   B. Feldbaum             For    For
Exelixis, Inc                    EXEL  30161Q104  05/01/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Kim A.
ExpressJet Holdings, Inc.        XJT   30218U108  05/23/07 04/04/07  Annual  1.1       M   Fadel                   For    For
                                                                                           Elect Director Judith
ExpressJet Holdings, Inc.        XJT   30218U108  05/23/07 04/04/07  Annual  1.2       M   R. Haberkorn            For    For
                                                                                           Elect Director
                                                                                           Salvatore J.
ExpressJet Holdings, Inc.        XJT   30218U108  05/23/07 04/04/07  Annual  1.3       M   Badalamenti             For    For
                                                                                           Approve Omnibus Stock
ExpressJet Holdings, Inc.        XJT   30218U108  05/23/07 04/04/07  Annual  2         M   Plan                    For    For
ExpressJet Holdings, Inc.        XJT   30218U108  05/23/07 04/04/07  Annual  3         M   Ratify Auditors         For    For
ExpressJet Holdings, Inc.        XJT   30218U108  05/23/07 04/04/07  Annual  4         M   Other Business          None   For
                                                                                           Elect Director Lloyd
Farmers Capital Bank Corp.       FFKT  309562106  05/08/07 04/01/07  Annual  1.1       M   C. Hillard, Jr.         For    Withhold
                                                                                           Elect Director Robert
Farmers Capital Bank Corp.       FFKT  309562106  05/08/07 04/01/07  Annual  1.2       M   Roach, Jr,              For    For
                                                                                           Elect Director R.
Farmers Capital Bank Corp.       FFKT  309562106  05/08/07 04/01/07  Annual  1.3       M   Terry Bennett           For    For
                                                                                           Elect Director Donald
Farmers Capital Bank Corp.       FFKT  309562106  05/08/07 04/01/07  Annual  1.4       M   A. Saelinger            For    For
Felcor Lodging Trust                                                                       Elect Director
Incorporated                     FCH   31430F101  05/22/07 04/02/07  Annual  1.1       M   Melinda J. Bush         For    For
                                                                                           Elect Director
Felcor Lodging Trust                                                                       Charles A. Ledsinger,
Incorporated                     FCH   31430F101  05/22/07 04/02/07  Annual  1.2       M   Jr.                     For    For
Felcor Lodging Trust                                                                       Elect Director Robert
Incorporated                     FCH   31430F101  05/22/07 04/02/07  Annual  1.3       M   H. Lutz, Jr.            For    For
Felcor Lodging Trust                                                                       Elect Director Robert
Incorporated                     FCH   31430F101  05/22/07 04/02/07  Annual  1.4       M   F. Cotter               For    For
Felcor Lodging Trust                                                                       Elect Director Thomas
Incorporated                     FCH   31430F101  05/22/07 04/02/07  Annual  1.5       M   C. Hendrick             For    For
Felcor Lodging Trust
Incorporated                     FCH   31430F101  05/22/07 04/02/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  1.1       M   Lawrence B. Fisher      For    For
                                                                                           Elect Director
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  1.2       M   Michael C. Palitz       For    Withhold
                                                                                           Elect Director Paul
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  1.3       M   R. Sinsheimer           For    For
                                                                                           Elect Director
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  1.4       M   Leopold Swergold        For    For
                                                                                           Elect Director H.E.
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  1.5       M   Timanus, Jr.            For    For
                                                                                           Elect Director
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  1.6       M   Michael J. Zimmerman    For    For
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Executive
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Approve Omnibus Stock
Financial Federal Corp.          FIF   317492106  12/06/06 10/20/06  Annual  4         M   Plan                    For    Against
                                                                                           Elect Director Allen
First Community Bancshares, Inc  FCBC  31983A103  04/24/07 03/06/07  Annual  1.1       M   T. Hamner               For    For
                                                                                           Elect Director B.W.
First Community Bancshares, Inc  FCBC  31983A103  04/24/07 03/06/07  Annual  1.2       M   Harvey                  For    For
                                                                                           Elect Director John
First Community Bancshares, Inc  FCBC  31983A103  04/24/07 03/06/07  Annual  1.3       M   M. Mendez               For    For
                                                                                           Amend Director
First Community Bancshares, Inc  FCBC  31983A103  04/24/07 03/06/07  Annual  2         M   Qualifications          For    For
First Community Bancshares, Inc  FCBC  31983A103  04/24/07 03/06/07  Annual  3         M   Ratify Auditors         For    For
First Community Bancshares, Inc  FCBC  31983A103  04/24/07 03/06/07  Annual  4         M   Other Business          For    For
First Financial Holdings,                                                                  Elect  Director Paula
Inc.                             FFCH  320239106  01/25/07 11/27/06  Annual  1.1       M   Harper Bethea           For    For
First Financial Holdings,                                                                  Elect  Director Paul
Inc.                             FFCH  320239106  01/25/07 11/27/06  Annual  1.2       M   G. Campbell, Jr.        For    For
First Financial Holdings,                                                                  Elect  Director
Inc.                             FFCH  320239106  01/25/07 11/27/06  Annual  1.3       M   Ronnie M. Givens        For    For
First Financial Holdings,                                                                  Approve Omnibus Stock
Inc.                             FFCH  320239106  01/25/07 11/27/06  Annual  2         M   Plan                    For    For
First Oak Brook Bancshares,                                                                Approve Merger
Inc.                             FOBB  335847208  08/01/06 06/21/06  Special 1         M   Agreement               For    For
First Oak Brook Bancshares,
Inc.                             FOBB  335847208  08/01/06 06/21/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Marie
First Place Financial Corp.      FPFC  33610T109  10/26/06 09/14/06  Annual  1.1       M   Izzo Cartwright         For    For
                                                                                           Elect Director Robert
First Place Financial Corp.      FPFC  33610T109  10/26/06 09/14/06  Annual  1.2       M   P. Grace                For    For
                                                                                           Elect Director Thomas
First Place Financial Corp.      FPFC  33610T109  10/26/06 09/14/06  Annual  1.3       M   M. Humphries            For    For
                                                                                           Elect Director
First Place Financial Corp.      FPFC  33610T109  10/26/06 09/14/06  Annual  1.4       M   Jeffrey B. Ohlemacher   For    For
First Place Financial Corp.      FPFC  33610T109  10/26/06 09/14/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Gary
First Regional Bancorp           FRGB  33615C101  05/24/07 03/31/07  Annual  1.1       M   M. Horgan               For    Withhold
                                                                                           Elect Director Thomas
First Regional Bancorp           FRGB  33615C101  05/24/07 03/31/07  Annual  1.2       M   E. McCullough           For    Withhold
                                                                                           Elect Director
First Regional Bancorp           FRGB  33615C101  05/24/07 03/31/07  Annual  1.3       M   Richard E. Schreiber    For    For
First Regional Bancorp           FRGB  33615C101  05/24/07 03/31/07  Annual  2         M   Other Business          For    For
                                                                                           Elect Director Mark
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  1.1       M   T. Hammond              For    For
                                                                                           Elect Director Robert
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  1.2       M   O. Rondeau, Jr.         For    For
                                                                                           Elect Director James
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  1.3       M   D. Coleman              For    For
                                                                                           Elect Director
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  1.4       M   Richard S. Elsea        For    For
                                                                                           Elect Director B.
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  1.5       M   Brian Tauber            For    For
                                                                                           Elect Director Jay J.
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  1.6       M   Hansen                  For    For
Flagstar Bancorp, Inc.           FBC   337930101  05/25/07 04/06/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Roger
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.1       M   L. Fix                  For    For
                                                                                           Elect Director Lewis
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.2       M   M. Kling                For    For
                                                                                           Elect Director
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.3       M   Michael F. Johnston     For    For
                                                                                           Elect Director
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.4       M   Charles M. Rampacek     For    For
                                                                                           Elect Director Kevin
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.5       M   E. Sheehan              For    For
                                                                                           Elect Director Roger
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.6       M   L. Fix                  For    For
                                                                                           Elect Director Diane
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.7       M   C. Harris               For    For
                                                                                           Elect Director Lewis
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.8       M   M. Kling                For    For
                                                                                           Elect Director James
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  1.9       M   O. Rollans              For    For
                                                                                           Amendment to Certain
                                                                                           Stock Options to
Flowserve Corp.                  FLS   34354P105  08/24/06 06/29/06  Annual  2         M   Extend Exercise Period  For    For
                                                                                           Elect Director
FMC Corp.                        FMC   302491303  04/24/07 03/01/07  Annual  1.1       M   William F. Reilly       For    For
                                                                                           Elect Director
FMC Corp.                        FMC   302491303  04/24/07 03/01/07  Annual  1.2       M   William G. Walter       For    For
FMC Corp.                        FMC   302491303  04/24/07 03/01/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director John
FPIC Insurance Group, Inc.       FPIC  302563101  05/31/07 04/02/07  Annual  1.1       M   K. Anderson, Jr.        For    For
                                                                                           Elect Director M.C.
FPIC Insurance Group, Inc.       FPIC  302563101  05/31/07 04/02/07  Annual  1.2       M   Harden, III             For    For
                                                                                           Elect Director John
FPIC Insurance Group, Inc.       FPIC  302563101  05/31/07 04/02/07  Annual  1.3       M   G. Rich                 For    For
                                                                                           Elect Director Joan
FPIC Insurance Group, Inc.       FPIC  302563101  05/31/07 04/02/07  Annual  1.4       M   D. Ruffier              For    For
                                                                                           Approve Executive
FPIC Insurance Group, Inc.       FPIC  302563101  05/31/07 04/02/07  Annual  2         M   Incentive Bonus Plan    For    For
FPIC Insurance Group, Inc.       FPIC  302563101  05/31/07 04/02/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
Gehl Co.                         GEHL  368483103  04/27/07 02/20/07  Annual  1.1       M   Marcel-Claude Braud     For    For
                                                                                           Elect Director
Gehl Co.                         GEHL  368483103  04/27/07 02/20/07  Annual  1.2       M   William D. Gehl         For    For
                                                                                           Elect Director John
Gehl Co.                         GEHL  368483103  04/27/07 02/20/07  Annual  1.3       M   W. Splude               For    For
Gehl Co.                         GEHL  368483103  04/27/07 02/20/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Scott
General Communication, Inc.      GNCMA 369385109  06/25/07 04/27/07  Annual  1.1       M   M. Fisher               For    For
                                                                                           Elect Director
General Communication, Inc.      GNCMA 369385109  06/25/07 04/27/07  Annual  1.2       M   William P. Glasgow      For    For
                                                                                           Elect Director James
General Communication, Inc.      GNCMA 369385109  06/25/07 04/27/07  Annual  1.3       M   M. Schneider            For    For
                                                                                           Amend Articles/Bylaws
                                                                                           - Permit the Company
                                                                                           to issue, reissue and
                                                                                           terminate stocks in
                                                                                           certified and
General Communication, Inc.      GNCMA 369385109  06/25/07 04/27/07  Annual  2         M   uncertified forms.      For    For
                                                                                           Amend Omnibus Stock
General Communication, Inc.      GNCMA 369385109  06/25/07 04/27/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director John
Genesee & Wyoming Inc.           GWR   371559105  05/30/07 04/02/07  Annual  1.1       M   C. Hellmann             For    For
                                                                                           Elect Director Philip
Genesee & Wyoming Inc.           GWR   371559105  05/30/07 04/02/07  Annual  1.2       M   J. Ringo                For    For
                                                                                           Elect Director Mark
Genesee & Wyoming Inc.           GWR   371559105  05/30/07 04/02/07  Annual  1.3       M   A. Scudder              For    Withhold
                                                                                           Elect Director Oivind
Genesee & Wyoming Inc.           GWR   371559105  05/30/07 04/02/07  Annual  1.4       M   Lorentzen III           For    For
                                                                                           Amend Omnibus Stock
Genesee & Wyoming Inc.           GWR   371559105  05/30/07 04/02/07  Annual  2         M   Plan                    For    For
Genesee & Wyoming Inc.           GWR   371559105  05/30/07 04/02/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Victor
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.1       M   F. Ganzi                For    For
                                                                                           Elect Director Stuart
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.2       M   R. Levine               For    For
                                                                                           Elect Director Mary
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.3       M   O'Neil Mundinger        For    For
                                                                                           Elect Director Stuart
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.4       M   Olsten                  For    For
                                                                                           Elect Director John
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.5       M   A. Quelch               For    For
                                                                                           Elect Director Josh
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.6       M   S. Weston               For    For
                                                                                           Elect Director Gail
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  1.7       M   R. Wilensky             For    For
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Deferred
Gentiva Health Services, Inc.    GTIV  37247A102  05/10/07 03/14/07  Annual  3         M   Compensation Plan       For    For
                                                                                           Approve Merger
Giant Industries, Inc.           GI    374508109  02/27/07 01/26/07  Special 1         M   Agreement               For    For
Giant Industries, Inc.           GI    374508109  02/27/07 01/26/07  Special 2         M   Other Business          For    For
                                                                                           Elect Director Gerald
Gibraltar Industries Inc         ROCK  374689107  05/17/07 03/23/07  Annual  1.1       M   S. Lippes               For    For
                                                                                           Elect Director
Gibraltar Industries Inc         ROCK  374689107  05/17/07 03/23/07  Annual  1.2       M   William J. Colombo      For    For
Gibraltar Industries Inc         ROCK  374689107  05/17/07 03/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Glenborough Realty Trust Inc.    GLB   37803P105  11/28/06 10/12/06  Special 1         M   Agreement               For    For
Glenborough Realty Trust Inc.    GLB   37803P105  11/28/06 10/12/06  Special 2         M   Other Business          For    For
                                                                                           Elect Director Daniel
Global Imaging Systems Inc.      GISX  37934A100  08/07/06 06/30/06  Annual  1.1       M   T. Hendrix              For    For
                                                                                           Elect Director
Global Imaging Systems Inc.      GISX  37934A100  08/07/06 06/30/06  Annual  1.2       M   Michael Shea            For    For
                                                                                           Elect Director M.
Global Imaging Systems Inc.      GISX  37934A100  08/07/06 06/30/06  Annual  1.3       M   Lazane Smith            For    For
Government Properties Trust,                                                               Approve Merger
Inc                              GPT   38374W107  04/04/07 03/09/07  Special 1         M   Agreement               For    For
Government Properties Trust,
Inc                              GPT   38374W107  04/04/07 03/09/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
Granite Construction Inc.        GVA   387328107  05/21/07 03/23/07  Annual  1.1       M   William G. Dorey        For    For
                                                                                           Elect Director
Granite Construction Inc.        GVA   387328107  05/21/07 03/23/07  Annual  1.2       M   Rebecca A. McDonald     For    For
                                                                                           Elect Director
Granite Construction Inc.        GVA   387328107  05/21/07 03/23/07  Annual  1.3       M   William H. Powell       For    For
                                                                                           Elect Director Claes
Granite Construction Inc.        GVA   387328107  05/21/07 03/23/07  Annual  1.4       M   G. Bjork                For    For
                                                                                           Company Specific-
                                                                                           Majority Vote for the
Granite Construction Inc.        GVA   387328107  05/21/07 03/23/07  Annual  2         M   Election of Directors   For    For
Granite Construction Inc.        GVA   387328107  05/21/07 03/23/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.1       M   Frederick J. De Grosz   For    For
                                                                                           Elect Director John
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.2       M   M. Gatto                For    For
                                                                                           Elect Director Robert
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.3       M   B. Kaplan               For    For
                                                                                           Elect Director Daniel
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.4       M   G. Libarle              For    For
                                                                                           Elect Director Arthur
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.5       M   K. Lund                 For    For
                                                                                           Elect Director George
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.6       M   M. Marcus               For    For
                                                                                           Elect Director Duncan
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.7       M   L. Matteson             For    For
                                                                                           Elect Director Glen
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.8       M   McLaughlin              For    For
                                                                                           Elect Director Linda
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.9       M   R. Meier                For    For
                                                                                           Elect Director Thomas
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.10      M   E. Randlett             For    For
                                                                                           Elect Director Byron
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.11      M   A. Scordelis            For    For
                                                                                           Elect Director James
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  1.12      M   C. Thompson             For    For
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Company-Specific --
                                                                                           Restrict the
                                                                                           Company's Use of
Greater Bay Bancorp              GBBK  391648102  05/30/07 04/06/07  Annual  3         S   Preferred Stock         Agains Against
                                                                                           Approve Merger
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  1         M   Agreement               For    For
                                                                                           Elect Director Phil
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  2.1       M   M. Bachman              For    For
                                                                                           Elect Director Robert
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  2.2       M   K. Leonard              For    For
                                                                                           Elect Director Terry
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  2.3       M   Leonard                 For    For
                                                                                           Elect Director Ronald
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  2.4       M   E. Mayberry             For    For
                                                                                           Elect Director
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  2.5       M   Kenneth R. Vaught       For    For
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  4         M   Common Stock            For    For
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  5         M   Change Company Name     For    For
Greene Bancshares, Inc.          GRNB  394361208  05/16/07 03/16/07  Annual  6         M   Adjourn Meeting         For    For
                                                                                           Increase Authorized
Greif Inc                        GEF   397624107  02/26/07 01/05/07  Annual  1         M   Common Stock            For    Against
                                                                                           Elect Director Knut
H.B. Fuller Co.                  FUL   359694106  04/05/07 02/16/07  Annual  1.1       M   Kleedehn                For    For
                                                                                           Elect Director John
H.B. Fuller Co.                  FUL   359694106  04/05/07 02/16/07  Annual  1.2       M   C. Van Roden, Jr.       For    For
                                                                                           Elect Director
H.B. Fuller Co.                  FUL   359694106  04/05/07 02/16/07  Annual  1.3       M   Michele Volpi           For    For
H.B. Fuller Co.                  FUL   359694106  04/05/07 02/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Ki Tae
Hanmi Financial Corporation      HAFC  410495105  05/23/07 04/02/07  Annual  1.1       M   Hong                    For    For
                                                                                           Elect Director Sung
Hanmi Financial Corporation      HAFC  410495105  05/23/07 04/02/07  Annual  1.2       M   Won Sohn, Ph.D.         For    For
                                                                                           Elect Director Won R.
Hanmi Financial Corporation      HAFC  410495105  05/23/07 04/02/07  Annual  1.3       M   Yoon, M.D.              For    For
                                                                                           Approve Omnibus Stock
Hanmi Financial Corporation      HAFC  410495105  05/23/07 04/02/07  Annual  2         M   Plan                    For    Against
Hanmi Financial Corporation      HAFC  410495105  05/23/07 04/02/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director G.
Harleysville Group, Inc.         HGIC  412824104  04/25/07 03/01/07  Annual  1.1       M   Lawrence Buhl           For    For
                                                                                           Elect Director
Harleysville Group, Inc.         HGIC  412824104  04/25/07 03/01/07  Annual  1.2       M   William E. Storts       For    For
                                                                                           Amend Omnibus Stock
Harleysville Group, Inc.         HGIC  412824104  04/25/07 03/01/07  Annual  2         M   Plan                    For    Against
                                                                                           Amend Non-Employee
                                                                                           Director Omnibus
Harleysville Group, Inc.         HGIC  412824104  04/25/07 03/01/07  Annual  3         M   Stock Plan              For    Against
Harleysville Group, Inc.         HGIC  412824104  04/25/07 03/01/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Organization-Related-App
                                                                                           Proposed Transaction
                                                                                           including the
Harvest Natural Resource, Inc    HNR   41754V103  12/18/06 11/06/06  Special 1         M   Conversion Contract     Fore   For
Harvest Natural Resource, Inc    HNR   41754V103  12/18/06 11/06/06  Special 2         M   Adjourn Meeting         For    For
Harvest Natural Resource, Inc    HNR   41754V103  12/18/06 11/06/06  Special 3         M   Other Business          For    For
                                                                                           Elect Director
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  1.1       M   Stephen D. Chesebro'    For    For
                                                                                           Elect Director John
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  1.2       M   U. Clarke               For    For
                                                                                           Elect Director James
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  1.3       M   A. Edmiston             For    For
                                                                                           Elect Director H.H.
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  1.4       M   Hardee                  For    For
                                                                                           Elect Director
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  1.5       M   Patrick M. Murray       For    For
                                                                                           Elect Director J.
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  1.6       M   Michael Stinson         For    For
Harvest Natural Resource, Inc    HNR   41754V103  05/17/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director R.
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.1       M   Steven Hicks            For    For
                                                                                           Elect Director Sam B.
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.2       M   Humphries               For    For
                                                                                           Elect Director Donny
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.3       M   R. Jackson              For    For
                                                                                           Elect Director
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.4       M   Timothy J. Lindgren     For    For
                                                                                           Elect Director Kevin
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.5       M   A. Richardson, II       For    For
                                                                                           Elect Director
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.6       M   Kenneth S. Shifrin      For    For
                                                                                           Elect Director Perry
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.7       M   M. Waughtal             For    For
                                                                                           Elect Director Argil
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.8       M   J. Wheelock, M.D.       For    For
                                                                                           Elect Director Mark
HealthTronics Inc.               HTRN  42222L107  05/03/07 03/26/07  Annual  1.9       M   G. Yudof                For    For
                                                                                           Elect Director John
Hercules Inc.                    HPC   427056106  04/19/07 03/05/07  Annual  1.1       M   C. Hunter, III          For    For
                                                                                           Elect Director Robert
Hercules Inc.                    HPC   427056106  04/19/07 03/05/07  Annual  1.2       M   D. Kennedy              For    For
                                                                                           Elect Director Craig
Hercules Inc.                    HPC   427056106  04/19/07 03/05/07  Annual  1.3       M   A. Rogerson             For    For
Hercules Inc.                    HPC   427056106  04/19/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Declassify the Board
Hercules Inc.                    HPC   427056106  04/19/07 03/05/07  Annual  3         M   of Directors            For    For
                                                                                           Elect Trustee Hasu P.
Hersha Hospitality Trust         HT    427825104  05/24/07 03/30/07  Annual  1.1       M   Shah                    For    For
                                                                                           Elect Trustee Michael
Hersha Hospitality Trust         HT    427825104  05/24/07 03/30/07  Annual  1.2       M   A. Leven                For    For
                                                                                           Elect Trustee Kiran
Hersha Hospitality Trust         HT    427825104  05/24/07 03/30/07  Annual  1.3       M   P. Patel                For    For
                                                                                           Elect Trustee John M.
Hersha Hospitality Trust         HT    427825104  05/24/07 03/30/07  Annual  1.4       M   Sabin                   For    For
Hersha Hospitality Trust         HT    427825104  05/24/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Elaine
IBERIABANK Corp.                 IBKC  450828108  05/02/07 03/21/07  Annual  1.1       M   D. Abell                For    For
                                                                                           Elect Director
IBERIABANK Corp.                 IBKC  450828108  05/02/07 03/21/07  Annual  1.2       M   William H Fenstermaker  For    For
                                                                                           Elect Director Larrey
IBERIABANK Corp.                 IBKC  450828108  05/02/07 03/21/07  Annual  1.3       M   G. Mouton               For    For
                                                                                           Elect Director O.
IBERIABANK Corp.                 IBKC  450828108  05/02/07 03/21/07  Annual  1.4       M   Miles Pollard, Jr.      For    For
                                                                                           Elect Director Daryl
IBERIABANK Corp.                 IBKC  450828108  05/02/07 03/21/07  Annual  1.5       M   G. Byrd                 For    For
IBERIABANK Corp.                 IBKC  450828108  05/02/07 03/21/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Judith
IDACORP, Inc.                    IDA   451107106  05/17/07 03/29/07  Annual  1.1       M   A. Johansen             For    For
                                                                                           Elect Director J.
IDACORP, Inc.                    IDA   451107106  05/17/07 03/29/07  Annual  1.2       M   Lamont Keen             For    For
                                                                                           Elect Director Jon H.
IDACORP, Inc.                    IDA   451107106  05/17/07 03/29/07  Annual  1.3       M   Miller                  For    For
                                                                                           Elect Director Robert
IDACORP, Inc.                    IDA   451107106  05/17/07 03/29/07  Annual  1.4       M   A. Tinstman             For    For
                                                                                           Elect Director
IDACORP, Inc.                    IDA   451107106  05/17/07 03/29/07  Annual  1.5       M   Christine King          For    For
IDACORP, Inc.                    IDA   451107106  05/17/07 03/29/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Philip
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.1       M   E. Cushing              For    For
                                                                                           Elect Director
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.2       M   Matthew J. Espe         For    For
                                                                                           Elect Director Thomas
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.3       M   R. Gibson               For    For
                                                                                           Elect Director
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.4       M   Richard A. Jalkut       For    For
                                                                                           Elect Director Arthur
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.5       M   E. Johnson              For    For
                                                                                           Elect Director Kurt
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.6       M   M. Landgraf             For    For
                                                                                           Elect Director Gerald
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.7       M   Luterman                For    For
                                                                                           Elect Director
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.8       M   William E. Mccracken    For    For
                                                                                           Elect Director
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.9       M   William L. Meddaugh     For    For
                                                                                           Elect Director
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.10      M   Hellene S. Runtagh      For    For
                                                                                           Elect Director
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  1.11      M   Anthony P. Terracciano  For    For
IKON Office Solutions, Inc.      IKN   451713101  02/21/07 12/29/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Imation Corp.                    IMN   45245A107  05/02/07 03/12/07  Annual  1.1       M   Charles A. Haggerty     For    For
                                                                                           Elect Director Glen
Imation Corp.                    IMN   45245A107  05/02/07 03/12/07  Annual  1.2       M   A. Taylor               For    For
                                                                                           Elect Director Daryl
Imation Corp.                    IMN   45245A107  05/02/07 03/12/07  Annual  1.3       M   J. White                For    For
Imation Corp.                    IMN   45245A107  05/02/07 03/12/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director W.
Independent Bank Corp.           INDB  453836108  04/12/07 02/16/07  Annual  1.1       M   Paul Clark              For    For
                                                                                           Elect Director
                                                                                           Benjamin A. Gilmore,
Independent Bank Corp.           INDB  453836108  04/12/07 02/16/07  Annual  1.2       M   II                      For    For
                                                                                           Elect Director Eileen
Independent Bank Corp.           INDB  453836108  04/12/07 02/16/07  Annual  1.3       M   C. Miskell              For    For
                                                                                           Elect Director John
Independent Bank Corp.           INDB  453836108  04/12/07 02/16/07  Annual  1.4       M   H. Spurr, Jr.           For    For
Independent Bank Corp.           INDB  453836108  04/12/07 02/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Donna
Independent Bank Corp. (MI)      IBCP  453838104  04/24/07 02/23/07  Annual  1.1       M   J. Banks                For    For
                                                                                           Elect Director
Independent Bank Corp. (MI)      IBCP  453838104  04/24/07 02/23/07  Annual  1.2       M   Charles C. Van Loan     For    For
                                                                                           Elect Director
Independent Bank Corp. (MI)      IBCP  453838104  04/24/07 02/23/07  Annual  1.3       M   Jeffrey A. Bratsburg    For    For
Independent Bank Corp. (MI)      IBCP  453838104  04/24/07 02/23/07  Annual  2         M   Ratify Auditors         For    For
Infinity Property and                                                                      Elect Director Jorge
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  1.1       M   G. Castro               For    For
Infinity Property and                                                                      Elect Director
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  1.2       M   Drayton Nabers, Jr.     For    For
Infinity Property and                                                                      Elect Director Samuel
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  1.3       M   J. Simon                For    For
Infinity Property and                                                                      Elect Director Roger
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  1.4       M   Smith                   For    For
Infinity Property and                                                                      Elect Director
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  1.5       M   Gregory C. Thomas       For    For
Infinity Property and
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  2         M   Ratify Auditors         For    For
Infinity Property and                                                                      Declassify the Board
Casualty Corp.                   IPCC  45665Q103  05/21/07 03/26/07  Annual  3         M   of Directors            For    For
                                                                                           Elect Director Robert
Innospec Inc                     IOSP  45768S105  05/08/07 03/16/07  Annual  1.1       M   E. Bew                  For    For
                                                                                           Elect Director Martin
Innospec Inc                     IOSP  45768S105  05/08/07 03/16/07  Annual  1.2       M   M. Hale                 For    For
Innospec Inc                     IOSP  45768S105  05/08/07 03/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger                 Did Not
Intergraph Corp.                 INGR  458683109  11/20/06 10/11/06  Special 1         M   Agreement               For    Vote
                                                                                                                          Did Not
Intergraph Corp.                 INGR  458683109  11/20/06 10/11/06  Special 2         M   Adjourn Meeting         For    Vote
                                                                     Proxy
Inter-Tel, Inc.                  INTL  458372109  10/24/06 08/28/06  Contest 1         S   Seek Sale of Company    Agains Against
                                                                     Proxy                                                Do Not
Inter-Tel, Inc.                  INTL  458372109  10/24/06 08/28/06  Contest 1         S   Seek Sale of Company    For    Vote
                                                                                           Elect Director
Intervest Bancshares Corp.       IBCA  460927106  05/24/07 03/30/07  Annual  1.1       M   Michael A. Callen       For    For
                                                                                           Elect Director Wayne
Intervest Bancshares Corp.       IBCA  460927106  05/24/07 03/30/07  Annual  1.2       M   F. Holly                For    Withhold
                                                                                           Elect Director Lawton
Intervest Bancshares Corp.       IBCA  460927106  05/24/07 03/30/07  Annual  1.3       M   Swan, III               For    For
Intervest Bancshares Corp.       IBCA  460927106  05/24/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Ronald
Interwoven, Inc.                 IWOV  46114T508  07/12/06 05/26/06  Annual  1.1       M   E.F. Codd               For    For
                                                                                           Elect Director Bob L.
Interwoven, Inc.                 IWOV  46114T508  07/12/06 05/26/06  Annual  1.2       M   Corey                   For    For
                                                                                           Elect Director Frank
Interwoven, Inc.                 IWOV  46114T508  07/12/06 05/26/06  Annual  1.3       M   J. Fanzilli, Jr.        For    Withhold
                                                                                           Elect Director Thomas
Interwoven, Inc.                 IWOV  46114T508  07/12/06 05/26/06  Annual  1.4       M   L. Thomas               For    Withhold
Interwoven, Inc.                 IWOV  46114T508  07/12/06 05/26/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director John
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  1.1       M   R. Kasich               For    For
                                                                                           Elect Director Dan T.
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  1.2       M   Moore, III              For    For
                                                                                           Elect Director Joseph
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  1.3       M   B. Richey, II           For    For
                                                                                           Elect Director
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  1.4       M   General James L. Jones  For    For
                                                                                           Company Specific- To
                                                                                           permit the Company to
                                                                                           issue
                                                                                           non-certificated
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  2         M   shares                  For    For
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Declassify the Board
Invacare Corp.                   IVC   461203101  05/24/07 03/29/07  Annual  4         S   of Directors            Agains For
                                                                                           Elect Director Sally
Irwin Financial Corp.            IFC   464119106  05/09/07 03/23/07  Annual  1.1       M   A. Dean                 For    For
                                                                                           Elect Director
Irwin Financial Corp.            IFC   464119106  05/09/07 03/23/07  Annual  1.2       M   William H. Kling        For    For
                                                                                           Elect Director Lance
Irwin Financial Corp.            IFC   464119106  05/09/07 03/23/07  Annual  1.3       M   R. Odden                For    For
                                                                                           Approve Executive
Irwin Financial Corp.            IFC   464119106  05/09/07 03/23/07  Annual  2         M   Incentive Bonus Plan    For    For
J & J Snack Foods                                                                          Elect Director Dennis
Corp.                            JJSF  466032109  02/07/07 12/10/06  Annual  1         M   G. Moore                For    For
J & J Snack Foods                                                                          Amend Stock Option
Corp.                            JJSF  466032109  02/07/07 12/10/06  Annual  2         M   Plan                    For    For
                                                                                           Elect Director
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.1       M   Michael E. Alpert       For    For
                                                                                           Elect Director George
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.2       M   Fellows                 For    For
                                                                                           Elect Director Anne
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.3       M   B. Gust                 For    For
                                                                                           Elect Director Alice
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.4       M   B. Hayes                For    For
                                                                                           Elect Director Murray
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.5       M   H. Hutchison            For    For
                                                                                           Elect Director Linda
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.6       M   A. Lang                 For    For
                                                                                           Elect Director
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.7       M   Michael W. Murphy       For    For
                                                                                           Elect Director David
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  1.8       M   M. Tehle                For    For
Jack In the Box Inc.             JBX   466367109  02/16/07 12/27/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Jacuzzi Brands, Inc.             JJZ   469865109  01/25/07 12/11/06  Annual  1         M   Agreement               For    For
                                                                                           Elect Director Alex
Jacuzzi Brands, Inc.             JJZ   469865109  01/25/07 12/11/06  Annual  2.1       M   P. Marini               For    For
                                                                                           Elect Director
Jacuzzi Brands, Inc.             JJZ   469865109  01/25/07 12/11/06  Annual  2.2       M   Claudia E. Morf         For    For
                                                                                           Elect Director Robert
Jacuzzi Brands, Inc.             JJZ   469865109  01/25/07 12/11/06  Annual  2.3       M   R. Womack               For    For
Jacuzzi Brands, Inc.             JJZ   469865109  01/25/07 12/11/06  Annual  3         M   Ratify Auditor          For    For
Jacuzzi Brands, Inc.             JJZ   469865109  01/25/07 12/11/06  Annual  4         M   Adjourn Meeting         For    For
                                                                                           Approve Merger
John H. Harland Co.              JH    412693103  03/28/07 02/12/07  Special 1         M   Agreement               For    For
John H. Harland Co.              JH    412693103  03/28/07 02/12/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Burton
Journal Register Co.             JRC   481138105  05/02/07 03/20/07  Annual  1.1       M   B. Staniar              For    For
                                                                                           Elect Director James
Journal Register Co.             JRC   481138105  05/02/07 03/20/07  Annual  1.2       M   W. Hall                 For    For
                                                                                           Elect Director
Journal Register Co.             JRC   481138105  05/02/07 03/20/07  Annual  1.3       M   Stephen P. Mumblow      For    For
                                                                                           Amend Omnibus Stock
Journal Register Co.             JRC   481138105  05/02/07 03/20/07  Annual  2         M   Plan                    For    For
Journal Register Co.             JRC   481138105  05/02/07 03/20/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
                                                                                           Wilford D. Godbold,
K2 Inc.                          KTO   482732104  05/10/07 03/23/07  Annual  1.1       M   Jr.                     For    For
                                                                                           Elect Director Lou L.
K2 Inc.                          KTO   482732104  05/10/07 03/23/07  Annual  1.2       M   Holtz                   For    For
                                                                                           Elect Director Ann
K2 Inc.                          KTO   482732104  05/10/07 03/23/07  Annual  1.3       M   Meyers                  For    For
K2 Inc.                          KTO   482732104  05/10/07 03/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Pay For Superior
K2 Inc.                          KTO   482732104  05/10/07 03/23/07  Annual  3         S   Performance             Agains Against
                                                                                           Elect Director Eileen
Kaman Corp.                      KAMN  483548103  04/17/07 02/26/07  Annual  1.1       M   S. Kraus                For    For
                                                                                           Elect Director
Kaman Corp.                      KAMN  483548103  04/17/07 02/26/07  Annual  1.2       M   Richard J. Swift        For    For
Kaman Corp.                      KAMN  483548103  04/17/07 02/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Kitty
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  1.1       M   G. Dickerson, Ph.D.     For    For
                                                                                           Elect Director Jerry
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  1.2       M   M. Hunter               For    Withhold
                                                                                           Elect Director Larry
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  1.3       M   R. Katzen               For    For
                                                                                           Elect Director Philip
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  1.4       M   B. Miller               For    For
                                                                                           Elect Director Harvey
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  1.5       M   A. Weinberg             For    For
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Adopt Shareholder
                                                                                           Rights Plan (Poison
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  3         M   Pill)                   For    For
                                                                                           Declassify the Board
Kellwood Co.                     KWD   488044108  06/07/07 04/09/07  Annual  4         S   of Directors            Agains For
                                                                                           Elect Director
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  1.1       M   Kenneth D. Cole         For    For
                                                                                           Elect Director Robert
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  1.2       M   C. Grayson              For    Withhold
                                                                                           Elect Director Denis
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  1.3       M   F. Kelly                For    For
                                                                                           Elect Director Martin
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  1.4       M   E. Franklin             For    Withhold
                                                                                           Elect Director Philip
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  1.5       M   R. Peller               For    For
                                                                                           Increase Authorized
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  2         M   Common Stock            For    For
Kenneth Cole Productions, Inc.   KCP   193294105  05/16/07 04/05/07  Annual  3         M   Ratify Auditors         For    For
Keystone Automotive                                                                        Elect Director Ronald
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.1       M   Foster                  For    For
Keystone Automotive                                                                        Elect Director John
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.2       M   R. Moore                For    For
Keystone Automotive                                                                        Elect Director
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.3       M   Richard L. Keister      For    For
Keystone Automotive                                                                        Elect Director
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.4       M   Stephen A. Rhodes       For    For
Keystone Automotive                                                                        Elect Director
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.5       M   Timothy C. Mcquay       For    For
Keystone Automotive                                                                        Elect Director James
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.6       M   Robert Gerrity          For    For
Keystone Automotive                                                                        Elect Director Keith
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  1.7       M   M. Thompson             For    For
Keystone Automotive
Industries, Inc.                 KEYS  49338N109  08/09/06 06/23/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Elaine
kforce, Inc.                     KFRC  493732101  06/19/07 04/19/07  Annual  1.1       M   D. Rosen                For    For
                                                                                           Elect Director Ralph
kforce, Inc.                     KFRC  493732101  06/19/07 04/19/07  Annual  1.2       M   E. Struzziero           For    For
                                                                                           Elect Director Howard
kforce, Inc.                     KFRC  493732101  06/19/07 04/19/07  Annual  1.3       M   W. Sutter               For    For
                                                                                           Elect Director
kforce, Inc.                     KFRC  493732101  06/19/07 04/19/07  Annual  1.4       M   Richard M. Cocchiaro    For    For
kforce, Inc.                     KFRC  493732101  06/19/07 04/19/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Kilroy Realty Corp.              KRC   49427F108  05/17/07 03/12/07  Annual  1.1       M   William P. Dickey       For    For
Kimball International,                                                                     Elect Director Dr.
Inc.                             KBALB 494274103  10/17/06 08/15/06  Annual  1.1       M   Jack R. Wentworth       For    For
                                                                                           Elect Director Edward
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.1       M   L. Kuntz                For    For
                                                                                           Elect Director Ann C.
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.2       M   Berzin                  For    For
                                                                                           Elect Director Thomas
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.3       M   P. Cooper, M.D.         For    For
                                                                                           Elect Director Paul
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.4       M   J. Diaz                 For    For
                                                                                           Elect Director
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.5       M   Michael J. Embler       For    For
                                                                                           Elect Director Garry
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.6       M   N. Garrison             For    For
                                                                                           Elect Director Isaac
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.7       M   Kaufman                 For    For
                                                                                           Elect Director John
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.8       M   H. Klein                For    For
                                                                                           Elect Director Eddy
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  1.9       M   J. Rogers, Jr.          For    For
                                                                                           Amend Non-Employee
                                                                                           Director Omnibus
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  2         M   Stock Plan              For    For
Kindred Healthcare, Inc.         KND   494580103  05/31/07 04/03/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  1         M   William L. Bolster      For    For
                                                                                           Elect Director Gary
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  2         M   R. Griffith             For    For
                                                                                           Elect Director Thomas
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  3         M   M. Joyce                For    For
                                                                                           Elect Director Robert
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  4         M   M. Lazarowitz           For    For
                                                                                           Elect Director Thomas
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  5         M   C. Lockburner           For    For
                                                                                           Elect Director James
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  6         M   T. Milde                For    For
                                                                                           Elect Director Rodger
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  7         M   O. Riney                For    For
                                                                                           Elect Director Laurie
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  8         M   M. Shahon               For    For
Knight Capital Group Inc         NITE  499005106  05/09/07 04/02/07  Annual  9         M   Ratify Auditors         For    For
                                                                                           Elect Director Donald
Lasalle Hotel Properties         LHO   517942108  04/19/07 02/09/07  Annual  1.1       M   S. Perkins              For    For
                                                                                           Elect Director Stuart
Lasalle Hotel Properties         LHO   517942108  04/19/07 02/09/07  Annual  1.2       M   L. Scott                For    For
Lasalle Hotel Properties         LHO   517942108  04/19/07 02/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
                                                                                           Preferred and Common
Lasalle Hotel Properties         LHO   517942108  04/19/07 02/09/07  Annual  3         M   Stock                   For    For
                                                                                           Elect Director David
Lattice Semiconductor Corp.      LSCC  518415104  05/01/07 03/20/07  Annual  1.1       M   E. Coreson              For    For
                                                                                           Elect Director
Lattice Semiconductor Corp.      LSCC  518415104  05/01/07 03/20/07  Annual  1.2       M   Gerhard Parker          For    For
                                                                                           Amend Non-Employee
                                                                                           Director Stock Option
Lattice Semiconductor Corp.      LSCC  518415104  05/01/07 03/20/07  Annual  2         M   Plan                    For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
Lattice Semiconductor Corp.      LSCC  518415104  05/01/07 03/20/07  Annual  3         M   Purchase Plan           For    For
Lattice Semiconductor Corp.      LSCC  518415104  05/01/07 03/20/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director Steven
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.1       M   C. Chang                For    For
                                                                                           Elect Director Harry
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.2       M   Debes                   For    For
                                                                                           Elect Director Peter
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.3       M   Gyenes                  For    For
                                                                                           Elect Director David
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.4       M   R. Hubers               For    For
                                                                                           Elect Director H.
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.5       M   Richard Lawson          For    For
                                                                                           Elect Director
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.6       M   Michael A. Rocca        For    For
                                                                                           Elect Director Robert
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.7       M   A. Schriesheim          For    For
                                                                                           Elect Director Romesh
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.8       M   Wadhwani                For    For
                                                                                           Elect Director Paul
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  1.9       M   Wahl                    For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  2         M   Purchase Plan           For    For
Lawson Software, Inc.            LWSN  52078P102  10/26/06 09/05/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Mary
Lee Enterprises, Inc.            LEE   523768109  02/21/07 01/02/07  Annual  1.1       M   E. Junck                For    For
                                                                                           Elect Director Andrew
Lee Enterprises, Inc.            LEE   523768109  02/21/07 01/02/07  Annual  1.2       M   E. Newman               For    For
                                                                                           Elect Director Gordon
Lee Enterprises, Inc.            LEE   523768109  02/21/07 01/02/07  Annual  1.3       M   D. Prichett             For    For
Lee Enterprises, Inc.            LEE   523768109  02/21/07 01/02/07  Annual  2         M   Other Business          For    For
                                                                                           Approve Merger                 Did Not
Lexington Realty Trust           LXP   529043101  11/20/06 10/13/06  Special 1         M   Agreement               For    Vote
                                                                                                                          Did Not
Lexington Realty Trust           LXP   529043101  11/20/06 10/13/06  Special 2         M   Adjourn Meeting         For    Vote
                                                                                           Elect Director
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.1       M   Michael L. Ashner       For    For
                                                                                           Elect Director E.
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.2       M   Robert Roskind          For    For
                                                                                           Elect Director
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.3       M   Richard J. Rouse        For    For
                                                                                           Elect Director T.
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.4       M   Wilson Eglin            For    For
                                                                                           Elect Director
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.5       M   William J. Borruso      For    For
                                                                                           Elect Director
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.6       M   Clifford Broser         For    For
                                                                                           Elect Director
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.7       M   Geoffrey Dohrmann       For    For
                                                                                           Elect Director Carl
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.8       M   D. Glickman             For    For
                                                                                           Elect Director James
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.9       M   Grosfeld                For    For
                                                                                           Elect Director
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.10      M   Richard Frary           For    For
                                                                                           Elect Director Kevin
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  1.11      M   W. Lynch                For    For
                                                                                           Approve Omnibus Stock
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  2         M   Plan                    For    For
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  3         M   Ratify Auditors         For    For
Lexington Realty Trust           LXP   529043101  05/22/07 03/23/07  Annual  4         M   Other Business          For    For
                                                                                           Elect Director
                                                                                           William S. Banowsky,
LIN TV Corp.                     TVL   532774106  05/01/07 03/23/07  Annual  1.1       M   Jr.                     For    For
                                                                                           Elect Director
LIN TV Corp.                     TVL   532774106  05/01/07 03/23/07  Annual  1.2       M   William H. Cunningham   For    For
                                                                                           Elect Director Patti
LIN TV Corp.                     TVL   532774106  05/01/07 03/23/07  Annual  1.3       M   S. Hart                 For    For
                                                                                           Elect Director Sidney
Lithia Motors, Inc.              LAD   536797103  05/10/07 03/09/07  Annual  1.1       M   B. Deboer               For    For
                                                                                           Elect Director M.L.
Lithia Motors, Inc.              LAD   536797103  05/10/07 03/09/07  Annual  1.2       M   Dick Heimann            For    For
                                                                                           Elect Director Thomas
Lithia Motors, Inc.              LAD   536797103  05/10/07 03/09/07  Annual  1.3       M   Becker                  For    For
                                                                                           Elect Director
Lithia Motors, Inc.              LAD   536797103  05/10/07 03/09/07  Annual  1.4       M   William J. Young        For    For
                                                                                           Elect Director
Lithia Motors, Inc.              LAD   536797103  05/10/07 03/09/07  Annual  1.5       M   Maryann N. Keller       For    For
                                                                                           Elect Director Scott
Lodgenet Entertainment Corp.     LNET  540211109  05/09/07 03/14/07  Annual  1.1       M   C. Petersen             For    For
                                                                                           Elect Director Scott
Lodgenet Entertainment Corp.     LNET  540211109  05/09/07 03/14/07  Annual  1.2       M   H. Shlecter             For    For
                                                                                           Adopt Shareholder
                                                                                           Rights Plan (Poison
Lodgenet Entertainment Corp.     LNET  540211109  05/09/07 03/14/07  Annual  2         M   Pill)                   For    Against
Lodgenet Entertainment Corp.     LNET  540211109  05/09/07 03/14/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Andre
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  1.1       M   C. Dimitriadis          For    For
                                                                                           Elect Director Boyd
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  1.2       M   W. Hendrickson          For    For
                                                                                           Elect Director Edmund
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  1.3       M   C. King                 For    For
                                                                                           Elect Director Wendy
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  1.4       M   L. Simpson              For    For
                                                                                           Elect Director
                                                                                           Timothy J. Triche,
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  1.5       M   M.D.                    For    For
                                                                                           Approve Omnibus Stock
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  2         M   Plan                    For    Against
LTC Properties, Inc.             LTC   502175102  05/15/07 04/02/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Roger
LTX Corporation                  LTXX  502392103  12/06/06 10/26/06  Annual  1.1       M   W. Blethen              For    For
                                                                                           Elect Director Roger
LTX Corporation                  LTXX  502392103  12/06/06 10/26/06  Annual  1.2       M   J. Maggs                For    For
                                                                                           Elect Director
LTX Corporation                  LTXX  502392103  12/06/06 10/26/06  Annual  1.3       M   Patrick J. Spratt       For    For
LTX Corporation                  LTXX  502392103  12/06/06 10/26/06  Annual  2         M   Ratify Auditors         For    For
Macrovision                                                                                Elect Director John
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  1.1       M   O. Ryan                 For    For
                                                                                           Elect Director Alfred
Macrovision Corp.                MVSN  555904101  04/26/07 02/28/07  Annual  1.2       M   J. Amoroso              For    For
Macrovision                                                                                Elect Director Donna
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  1.3       M   S. Birks                For    For
Macrovision                                                                                Elect Director Steven
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  1.4       M   G. Blank                For    For

Macrovision                                                                                Elect Director Andrew
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  1.5       M   K. Ludwick              For    For
Macrovision                                                                                Elect Director Robert
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  1.6       M   J. Majteles             For    For
Macrovision                                                                                Elect Director
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  1.7       M   William N. Stirlen      For    For

Macrovision
Corp.                            MVSN  555904101  04/26/07 02/28/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Nancy
Magellan Health Services, Inc.   MGLN  559079207  05/15/07 03/26/07  Annual  1.1       M   L. Johnson              For    For
                                                                                           Elect Director Steven
Magellan Health Services, Inc.   MGLN  559079207  05/15/07 03/26/07  Annual  1.2       M   J. Shulman              For    For
                                                                                           Elect Director
Magellan Health Services, Inc.   MGLN  559079207  05/15/07 03/26/07  Annual  1.3       M   Michael P. Ressner      For    For
                                                                                           Elect Director
Magellan Health Services, Inc.   MGLN  559079207  05/15/07 03/26/07  Annual  1.4       M   Michael Diament         For    For
Magellan Health Services, Inc.   MGLN  559079207  05/15/07 03/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Magma Design Automation, Inc     LAVA  559181102  08/29/06 07/14/06  Annual  1.1       M   Timothy J. Ng           For    For
                                                                                           Elect Director
Magma Design Automation, Inc     LAVA  559181102  08/29/06 07/14/06  Annual  1.2       M   Chester J. Silvestri    For    For
                                                                                           Elect Director Susumu
Magma Design Automation, Inc     LAVA  559181102  08/29/06 07/14/06  Annual  1.3       M   Kohyama                 For    For
Magma Design Automation, Inc     LAVA  559181102  08/29/06 07/14/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  1.1       M   F. Maguire III          For    For
                                                                                           Elect Director
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  1.2       M   Lawrence S. Kaplan      For    For
                                                                                           Elect Director
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  1.3       M   Caroline S. Mcbride     For    For
                                                                                           Elect Director Andrea
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  1.4       M   L. Van De Kamp          For    For
                                                                                           Elect Director Walter
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  1.5       M   L. Weisman              For    For
                                                                                           Elect Director Lewis
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  1.6       M   N. Wolff                For    For
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
Maguire Properties, Inc.         MPG   559775101  06/05/07 04/27/07  Annual  3         M   Plan                    For    Against
                                                                                           Elect Director David
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.1       M   B. Kaplan               For    For
                                                                                           Elect Director Thomas
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.2       M   J. Ward                 For    For
                                                                                           Elect Director Norman
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.3       M   Axelrod                 For    For
                                                                                           Elect Director Harold
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.4       M   F. Compton              For    For
                                                                                           Elect Director
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.5       M   Barbara Eisenberg       For    For
                                                                                           Elect Director Karen
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.6       M   Rose                    For    For
                                                                                           Elect Director Adam
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  1.7       M   L. Stein                For    For
MAIDENFORM BRANDS INC            MFB   560305104  05/24/07 04/05/07  Annual  2         M   Ratify Auditors         For    For
ManTech International                                                                      Elect Director George
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.1       M   J. Pedersen             For    For
ManTech International                                                                      Elect Director
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.2       M   Richard L. Armitage     For    For
ManTech International                                                                      Elect Director Mary
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.3       M   K. Bush                 For    For
ManTech International                                                                      Elect Director Barry
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.4       M   G. Campbell             For    For
ManTech International                                                                      Elect Director Robert
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.5       M   A. Coleman              For    For
ManTech International                                                                      Elect Director Walter
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.6       M   R. Fatzinger, Jr        For    For
ManTech International                                                                      Elect Director David
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.7       M   E. Jeremiah             For    For
ManTech International                                                                      Elect Director
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.8       M   Richard J. Kerr         For    For
ManTech International                                                                      Elect Director
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.9       M   Kenneth A. Minihan      For    For
ManTech International                                                                      Elect Director
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  1.10      M   Stephen W. Porter       For    For
ManTech International
Corporation                      MANT  564563104  06/06/07 04/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Daniel
Marlin Business Services Corp.   MRLN  571157106  05/25/07 04/13/07  Annual  1.1       M   P. Dyer                 For    For
                                                                                           Elect Director John
Marlin Business Services Corp.   MRLN  571157106  05/25/07 04/13/07  Annual  1.2       M   J. Calamari             For    For
                                                                                           Elect Director
Marlin Business Services Corp.   MRLN  571157106  05/25/07 04/13/07  Annual  1.3       M   Lawrence J. Deangelo    For    For
                                                                                           Elect Director Edward
Marlin Business Services Corp.   MRLN  571157106  05/25/07 04/13/07  Annual  1.4       M   Grzedzinski             For    For
                                                                                           Elect Director Kevin
Marlin Business Services Corp.   MRLN  571157106  05/25/07 04/13/07  Annual  1.5       M   J. McGinty              For    For
                                                                                           Elect Director James
Marlin Business Services Corp.   MRLN  571157106  05/25/07 04/13/07  Annual  1.6       M   W. Wert                 For    For
                                                                                           Elect Director Robert
MasTec, Inc.                     MTZ   576323109  05/24/07 04/11/07  Annual  1.1       M   J. Dwyer                For    For
                                                                                           Elect Director Frank
MasTec, Inc.                     MTZ   576323109  05/24/07 04/11/07  Annual  1.2       M   E. Jaumot               For    For
                                                                                           Elect Director Jose
MasTec, Inc.                     MTZ   576323109  05/24/07 04/11/07  Annual  1.3       M   S. Sorzano              For    For
                                                                                           Elect Director
Mattson Technology, Inc.         MTSN  577223100  06/04/07 04/13/07  Annual  1.1       M   Kenneth Kannappan       For    For
                                                                                           Elect Director John
Mattson Technology, Inc.         MTSN  577223100  06/04/07 04/13/07  Annual  1.2       M   C. Bolger               For    For
                                                                                           Amend Omnibus Stock
Mattson Technology, Inc.         MTSN  577223100  06/04/07 04/13/07  Annual  2         M   Plan                    For    For
Mattson Technology, Inc.         MTSN  577223100  06/04/07 04/13/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
MB Financial, Inc.               MBFI  55264U108  04/25/07 03/09/07  Annual  1.1       M   Mitchell Feiger         For    For
                                                                                           Elect Director James
MB Financial, Inc.               MBFI  55264U108  04/25/07 03/09/07  Annual  1.2       M   N. Hallene              For    For
                                                                                           Elect Director
MB Financial, Inc.               MBFI  55264U108  04/25/07 03/09/07  Annual  1.3       M   Richard M. Rieser, Jr.  For    For
                                                                                           Elect Director
MB Financial, Inc.               MBFI  55264U108  04/25/07 03/09/07  Annual  1.4       M   Charles J. Gries        For    For
                                                                                           Amend Omnibus Stock
MB Financial, Inc.               MBFI  55264U108  04/25/07 03/09/07  Annual  2         M   Plan                    For    For
                                                                                           Elect Director Peter
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.1       M   H. Carlton              For    For
                                                                                           Elect Director H.
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.2       M   Douglas Chaffin         For    For
                                                                                           Elect Director Joseph
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.3       M   S. Daly                 For    For
                                                                                           Elect Director Thomas
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.4       M   M. Huner                For    For
                                                                                           Elect Director Rocque
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.5       M   E. Lipford              For    Withhold
                                                                                           Elect Director W.D.
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.6       M   Mcintyre, Jr.           For    For
                                                                                           Elect Director
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.7       M   Michael J. Miller       For    For
                                                                                           Elect Director Debra
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.8       M   J. Shah                 For    For
                                                                                           Elect Director Philip
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.9       M   P. Swy                  For    For
                                                                                           Elect Director Karen
MBT Financial Corp.              MBTF  578877102  05/03/07 03/15/07  Annual  1.10      M   M. Wilson               For    For
                                                                                           Elect Director
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  1.1       M   Laurence G. Walker      For    For
                                                                                           Elect Director
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  1.2       M   Charles C. Johnston     For    For
                                                                                           Elect Director M.
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  1.3       M   Alex Mendez             For    For
                                                                                           Elect Director Renato
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  1.4       M   A. DiPentima            For    For
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  3         M   Plan                    For    For
                                                                                           Amend Omnibus Stock
McData Corporation               MCDTA 580031201  07/24/06 06/07/06  Annual  4         M   Plan                    For    For
                                                                                           Approve Merger
McData Corporation               MCDTA 580031201  01/25/07 11/30/06  Special 1         M   Agreement               For    For
                                                                                           Elect Director Steven
Mcg Capital Corp                 MCGC  58047P107  05/09/07 03/12/07  Annual  1.1       M   F. Tunney               For    For
                                                                                           Elect Director Edward
Mcg Capital Corp                 MCGC  58047P107  05/09/07 03/12/07  Annual  1.2       M   S. Civera               For    For
                                                                                           Elect Director Kim D.
Mcg Capital Corp                 MCGC  58047P107  05/09/07 03/12/07  Annual  1.3       M   Kelly                   For    For

Mcg Capital Corp                 MCGC  58047P107  05/09/07 03/12/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Mario
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  1.1       M   M. Cuomo                For    For
                                                                                           Elect Director Andrew
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  1.2       M   M. Murstein             For    For
                                                                                           Elect Director Lowell
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  1.3       M   P. Weicker, Jr.         For    For
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  3         M   Investment Policy       For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  4         M   Investment Policy       For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  5         M   Investment Policy       For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  6         M   Investment Policy       For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  7         M   Investment Policy       For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  8         M   Investment Policy       For    For
                                                                                           Approve Removal of
                                                                                           Fundamental
Medallion Financial Corp         TAXI  583928106  06/01/07 04/16/07  Annual  9         M   Investment Policy       For    For
                                                                                           Elect Director
Media General, Inc.              MEG   584404107  04/26/07 02/23/07  Annual  1.1       M   Charles A. Davis        For    For
                                                                                           Elect Director Rodney
Media General, Inc.              MEG   584404107  04/26/07 02/23/07  Annual  1.2       M   A. Smolla               For    For
                                                                                           Elect Director Walter
Media General, Inc.              MEG   584404107  04/26/07 02/23/07  Annual  1.3       M   E. Williams             For    For
                                                                                           Amend Omnibus Stock
Media General, Inc.              MEG   584404107  04/26/07 02/23/07  Annual  2         M   Plan                    For    For
                                                                                           Elect Director Edward
Mercantile Bank Corp.            MBWM  587376104  04/26/07 03/01/07  Annual  1.1       M   J. Clark                For    For
                                                                                           Elect Director C.
Mercantile Bank Corp.            MBWM  587376104  04/26/07 03/01/07  Annual  1.2       M   John Gill               For    For
                                                                                           Elect Director Gerald
Mercantile Bank Corp.            MBWM  587376104  04/26/07 03/01/07  Annual  1.3       M   R. Johnson, Jr.         For    For
                                                                                           Elect Director Calvin
Mercantile Bank Corp.            MBWM  587376104  04/26/07 03/01/07  Annual  1.4       M   D. Murdock              For    For
                                                                                           Elect Director Donald
Mercantile Bank Corp.            MBWM  587376104  04/26/07 03/01/07  Annual  1.5       M   Williams, Sr.           For    For
                                                                                           Elect Director
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.1       M   Jonathan G. Ornstein    For    For
                                                                                           Elect Director Daniel
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.2       M   J. Altobello            For    For
                                                                                           Elect Director Robert
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.3       M   Beleson                 For    For
                                                                                           Elect Director Carlos
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.4       M   Bonilla                 For    For
                                                                                           Elect Director Joseph
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.5       M   L. Manson               For    Withhold
                                                                                           Elect Director Peter
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.6       M   F. Nostrand             For    For
                                                                                           Elect Director
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.7       M   Maurice A. Parker       For    For
                                                                                           Elect Director
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  1.8       M   Richard R. Thayer       For    For
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Non-Employee
                                                                                           Director Omnibus
Mesa Air Group, Inc.             MESA  590479101  02/06/07 12/29/06  Annual  3         M   Stock Plan              For    For
                                                                                           Approve Merger
Mid-State Bancshares                   595440108  04/25/07 03/08/07  Special 1         M   Agreement               For    For
Mid-State Bancshares                   595440108  04/25/07 03/08/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
MKS Instruments, Inc.            MKSI  55306N104  05/07/07 03/02/07  Annual  1.1       M   Cristina H. Amon        For    For
                                                                                           Elect Director
MKS Instruments, Inc.            MKSI  55306N104  05/07/07 03/02/07  Annual  1.2       M   Richard S. Chute        For    For
MKS Instruments, Inc.            MKSI  55306N104  05/07/07 03/02/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Frank
Modine Manufacturing Co.         MOD   607828100  07/19/06 05/30/06  Annual  1.1       M   W. Jones                For    For
                                                                                           Elect Director Dennis
Modine Manufacturing Co.         MOD   607828100  07/19/06 05/30/06  Annual  1.2       M   J. Kuester              For    For
                                                                                           Elect Director
Modine Manufacturing Co.         MOD   607828100  07/19/06 05/30/06  Annual  1.3       M   Michael T. Yonker       For    For
Modine Manufacturing Co.         MOD   607828100  07/19/06 05/30/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
MOOG Inc.                        MOG.A 615394202  01/10/07 11/28/06  Annual  1         M   Common Stock            For    For
                                                                                           Elect Director Robert
MOOG Inc.                        MOG.A 615394202  01/10/07 11/28/06  Annual  2         M   R. Banta                For    For
MOOG Inc.                        MOG.A 615394202  01/10/07 11/28/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.1       M   Gedalio Grinberg        For    For
                                                                                           Elect Director Efraim
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.2       M   Grinberg                For    For
                                                                                           Elect Director
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.3       M   Margaret Hayes-Adame    For    For
                                                                                           Elect Director
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.4       M   Richard Cote            For    For
                                                                                           Elect Director Alan
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.5       M   H. Howard               For    For
                                                                                           Elect Director
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.6       M   Richard Isserman        For    For
                                                                                           Elect Director Nathan
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.7       M   Leventhal               For    For
                                                                                           Elect Director Donald
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.8       M   Oresman                 For    For
                                                                                           Elect Director
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  1.9       M   Leonard L. Silverstein  For    Withhold
Movado Group, Inc.               MOV   624580106  06/14/07 05/18/07  Annual  2         M   Ratify Auditors         For    For
Mueller Industries,                                                                        Elect Director
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  1.1       M   Alexander P. Federbush  For    For
Mueller Industries,                                                                        Elect Director
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  1.2       M   Gennaro J. Fulvio       For    For
                                                                                           Elect Director Gary
Mueller Industries, Inc.         MLI   624756102  05/03/07 03/08/07  Annual  1.3       M   S. Gladstein            For    For
Mueller Industries,                                                                        Elect Director Terry
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  1.4       M   Hermanson               For    For
Mueller Industries,                                                                        Elect Director Robert
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  1.5       M   B. Hodes                For    For

Mueller Industries,                                                                        Elect Director Harvey
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  1.6       M   L. Karp                 For    For
Mueller Industries,                                                                        Elect Director
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  1.7       M   William D. O'Hagan      For    For
Mueller Industries,
Inc.                             MLI   624756102  05/03/07 03/08/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Keith
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.1       M   A. Brown                For    For
                                                                                           Elect Director
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.2       M   Vincent C. Byrd         For    For
                                                                                           Elect Director
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.3       M   Richard P. Johnston     For    For
                                                                                           Elect Director Edward
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.4       M   W. Kissel               For    For
                                                                                           Elect Director
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.5       M   Stephen E. Myers        For    For
                                                                                           Elect Director John
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.6       M   C. Orr                  For    For
                                                                                           Elect Director
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.7       M   Richard L. Osborne      For    For
                                                                                           Elect Director Jon H.
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.8       M   Outcalt                 For    For
                                                                                           Elect Director Robert
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  1.9       M   A. Stefanko             For    For
Myers Industries, Inc.           MYE   628464109  04/27/07 03/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Owsley
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.1       M   Brown Ii                For    For
                                                                                           Elect Director Ian M.
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.2       M   Ross                    For    For
                                                                                           Elect Director John
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.3       M   F. Turben               For    For
                                                                                           Elect Director Dennis
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.4       M   W. Labarre              For    Withhold
                                                                                           Elect Director
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.5       M   Michael E. Shannon      For    For
                                                                                           Elect Director Eugene
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.6       M   Wong                    For    For
                                                                                           Elect Director
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.7       M   Richard De J. Osborne   For    For
                                                                                           Elect Director
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.8       M   Britton T. Taplin       For    For
                                                                                           Elect Director Alfred
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.9       M   M. Rankin, Jr.          For    For
                                                                                           Elect Director David
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  1.10      M   F. Taplin               For    Withhold
NACCO Industries, Inc.           NC    629579103  05/09/07 03/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Howard
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.1       M   N. Gould                For    Withhold
                                                                                           Elect Director Min J.
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.2       M   Kim                     For    For
                                                                                           Elect Director
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.3       M   Chong-Moon Lee          For    Withhold
                                                                                           Elect Director Jesun
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.4       M   Paik                    For    For
                                                                                           Elect Director Hyon
                                                                                           Man Park (John H.
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.5       M   Park)                   For    For
                                                                                           Elect Director Ki Suh
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.6       M   Park                    For    For
                                                                                           Elect Director James
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  1.7       M   P. Staes                For    For
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  3         M   Plan                    For    Against
                                                                                           Company Specific-
                                                                                           Limit special or
                                                                                           multiple voting
                                                                                           rights for preferred
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  4         M   stock                   For    For
Nara Bancorp, Inc.               NARA  63080P105  05/31/07 04/03/07  Annual  5         M   Other Business          For    For
                                                                                           Elect Director Alec
Nash Finch Co.                   NAFC  631158102  05/15/07 03/23/07  Annual  1.1       M   C. Covington            For    For
                                                                                           Elect Director Mickey
Nash Finch Co.                   NAFC  631158102  05/15/07 03/23/07  Annual  1.2       M   P. Foret                For    For
                                                                                           Elect Director Ted H.
National Health Investors, Inc.  NHI   63633D104  05/16/07 04/10/07  Annual  1.1       M   Welch                   For    For
                                                                                           Elect Director
                                                                                           Richard F. Laroche,
National Health Investors, Inc.  NHI   63633D104  05/16/07 04/10/07  Annual  1.2       M   Jr.                     For    For
National Health Investors, Inc.  NHI   63633D104  05/16/07 04/10/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
NBTY, Inc.                       NTY   628782104  02/09/07 01/03/07  Annual  1.1       M   Michael L. Ashner       For    For
                                                                                           Elect Director Glenn
NBTY, Inc.                       NTY   628782104  02/09/07 01/03/07  Annual  1.2       M   Cohen                   For    For
                                                                                           Elect Director Arthur
NBTY, Inc.                       NTY   628782104  02/09/07 01/03/07  Annual  1.3       M   Rudolph                 For    For
NBTY, Inc.                       NTY   628782104  02/09/07 01/03/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Gary
NCI Building Systems, Inc.       NCS   628852105  03/09/07 01/08/07  Annual  1.1       M   L. Forbes               For    For
                                                                                           Elect Director Max L.
NCI Building Systems, Inc.       NCS   628852105  03/09/07 01/08/07  Annual  1.2       M   Lukens                  For    For
                                                                                           Elect Director George
NCI Building Systems, Inc.       NCS   628852105  03/09/07 01/08/07  Annual  1.3       M   Martinez                For    For
                                                                                           Increase Authorized
NCI Building Systems, Inc.       NCS   628852105  03/09/07 01/08/07  Annual  2         M   Common Stock            For    For
NCI Building Systems, Inc.       NCS   628852105  03/09/07 01/08/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Approve Merger
NCO Group, Inc.                  NCOG  628858102  11/09/06 10/13/06  Special 1         M   Agreement               For    For
NCO Group, Inc.                  NCOG  628858102  11/09/06 10/13/06  Special 2         M   Adjourn Meeting         For    For
New Jersey Resources                                                                       Elect Director
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  1.1       M   Lawrence R. Codey       For    For
New Jersey Resources                                                                       Elect Director
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  1.2       M   Laurence M. Downes      For    For
New Jersey Resources                                                                       Elect Director Alfred
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  1.3       M   C. Koeppe               For    For
New Jersey Resources                                                                       Elect Director
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  1.4       M   William H. Turner       For    For
New Jersey Resources                                                                       Elect Director Jane
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  1.5       M   M. Kenny                For    For
New Jersey Resources                                                                       Approve Omnibus Stock
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  2         M   Plan                    For    For
New Jersey Resources
Corp.                            NJR   646025106  01/24/07 12/06/06  Annual  3         M   Ratify Auditors         For    For
Newmarket                                                                                  Elect Director
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.1       M   Phyllis L. Cothran      For    For
Newmarket                                                                                  Elect Director Bruce
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.2       M   C. Gottwald             For    For
Newmarket                                                                                  Elect Director Thomas
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.3       M   E. Gottwald             For    For
Newmarket                                                                                  Elect Director
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.4       M   Patrick D. Hanley       For    For
Newmarket                                                                                  Elect Director James
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.5       M   E. Rogers               For    For
Newmarket                                                                                  Elect Director Sidney
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.6       M   Buford Scott            For    For

Newmarket                                                                                  Elect Director
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  1.7       M   Charles B. Walker       For    For
Newmarket
Corp                             NEU   651587107  04/26/07 03/01/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director C.
Newport Corp.                    NEWP  651824104  05/11/07 03/30/07  Annual  1.1       M   Kumar N. Patel          For    For
                                                                                           Elect Director Peter
Newport Corp.                    NEWP  651824104  05/11/07 03/30/07  Annual  1.2       M   J. Simone               For    For
                                                                                           Elect Director
NN, Inc.                         NNBR  629337106  05/17/07 03/30/07  Annual  1.1       M   Michael E. Werner       For    For
                                                                                           Elect Director
NN, Inc.                         NNBR  629337106  05/17/07 03/30/07  Annual  1.2       M   Richard G. Fanelli      For    For
NN, Inc.                         NNBR  629337106  05/17/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Tod R.
Northwest Natural Gas Co.        NWN   667655104  05/24/07 04/05/07  Annual  1.1       M   Hamachek                For    For
                                                                                           Elect Director
Northwest Natural Gas Co.        NWN   667655104  05/24/07 04/05/07  Annual  1.2       M   Kenneth Thrasher        For    For
                                                                                           Elect Director
Northwest Natural Gas Co.        NWN   667655104  05/24/07 04/05/07  Annual  1.3       M   Russell F. Tromley      For    For
                                                                                           Approve Stock Option
Northwest Natural Gas Co.        NWN   667655104  05/24/07 04/05/07  Annual  2         M   Plan                    For    For
Northwest Natural Gas Co.        NWN   667655104  05/24/07 04/05/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Approve Merger
NS Group, Inc.                         628916108  12/01/06 11/01/06  Special 1         M   Agreement               For    For
NS Group, Inc.                         628916108  12/01/06 11/01/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director V.
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.1       M   Prem Watsa              For    Withhold
                                                                                           Elect Director James
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.2       M   F. Dowd                 For    Withhold
                                                                                           Elect Director Andrew
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.3       M   A. Barnard              For    Withhold
                                                                                           Elect Director Peter
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.4       M   M. Bennett              For    For
                                                                                           Elect Director
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.5       M   Anthony F. Griffiths    For    Withhold
                                                                                           Elect Director
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.6       M   Patrick W. Kenny        For    For
                                                                                           Elect Director
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.7       M   Bradley P. Martin       For    Withhold
                                                                                           Elect Director
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.8       M   Brandon W. Sweitzer     For    For
                                                                                           Elect Director Paul
Odyssey Re Holdings Corp.        ORH   67612W108  04/25/07 03/09/07  Annual  1.9       M   M. Wolff                For    For
                                                                                           Elect Director
Ohio Casualty Corp.              OCAS  677240103  05/16/07 03/01/07  Annual  1.1       M   Terrence J. Baehr       For    For
                                                                                           Elect Director
Ohio Casualty Corp.              OCAS  677240103  05/16/07 03/01/07  Annual  1.2       M   Stanley N. Pontius      For    For
                                                                                           Elect Director Ronald
Ohio Casualty Corp.              OCAS  677240103  05/16/07 03/01/07  Annual  1.3       M   W. Tysoe                For    For
                                                                                           Approve Executive
Ohio Casualty Corp.              OCAS  677240103  05/16/07 03/01/07  Annual  2         M   Incentive Bonus Plan    For    For
Ohio Casualty Corp.              OCAS  677240103  05/16/07 03/01/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Martin
Oil States International Inc.    OIS   678026105  05/17/07 03/15/07  Annual  1.1       M   Lambert                 For    For
                                                                                           Elect Director Mark
Oil States International Inc.    OIS   678026105  05/17/07 03/15/07  Annual  1.2       M   G. Papa                 For    For
                                                                                           Elect Director
Oil States International Inc.    OIS   678026105  05/17/07 03/15/07  Annual  1.3       M   Stephen A. Wells        For    For
Oil States International Inc.    OIS   678026105  05/17/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
Omega Healthcare Investors,                                                                Elect Director Edward
Inc.                             OHI   681936100  05/24/07 04/20/07  Annual  1.1       M   Lowenthal               For    For
Omega Healthcare Investors,                                                                Elect Director
Inc.                             OHI   681936100  05/24/07 04/20/07  Annual  1.2       M   Stephen D. Plavin       For    For
Omega Healthcare Investors,
Inc.                             OHI   681936100  05/24/07 04/20/07  Annual  2         M   Ratify Auditors         For    For
Optical Communication                                                                      Elect Director Muoi
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.1       M   Van Tran                For    Withhold
Optical Communication                                                                      Elect Director Philip
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.2       M   F. Otto                 For    Withhold
Optical Communication                                                                      Elect Director
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.3       M   Stewart D. Personick    For    For
Optical Communication                                                                      Elect Director Hobart
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.4       M   Birmingham              For    For
Optical Communication                                                                      Elect Director David
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.5       M   Warnes                  For    For
Optical Communication                                                                      Elect Director
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.6       M   Yukimasa Shiga          For    Withhold
Optical Communication                                                                      Elect Director Haruki
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.7       M   Ogoshi                  For    Withhold
Optical Communication                                                                      Elect Director
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  1.8       M   Arinobu Sato            For    Withhold
Optical Communication                                                                      Amend Omnibus Stock
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  2         M   Plan                    For    Against
Optical Communication                                                                      Approve Stock Option
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  3         M   Plan Grants             For    For
Optical Communication
Products, Inc.                   OCPI  68382T101  01/24/07 12/12/06  Annual  4         M   Ratify Auditors         For    For
Oxford Industries,                                                                         Elect Director J.
Inc.                             OXM   691497309  10/10/06 08/22/06  Annual  1.1       M   Hicks Lanier            For    For
Oxford Industries,                                                                         Elect Director Thomas
Inc.                             OXM   691497309  10/10/06 08/22/06  Annual  1.2       M   C. Gallagher            For    For
Oxford Industries,                                                                         Elect Director
Inc.                             OXM   691497309  10/10/06 08/22/06  Annual  1.3       M   Clarence H. Smith       For    For
Oxford Industries,                                                                         Amend Omnibus Stock
Inc.                             OXM   691497309  10/10/06 08/22/06  Annual  2         M   Plan                    For    For
Oxford Industries,
Inc.                             OXM   691497309  10/10/06 08/22/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Edward
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.1       M   E. Birch                For    For
                                                                                           Elect Director R.S.
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.2       M   Hambleton, Jr.          For    For
                                                                                           Elect Director D.
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.3       M   Vernon Horton           For    For
                                                                                           Elect Director Roger
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.4       M   C. Knopf                For    For
                                                                                           Elect Director Robert
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.5       M   W. Kummer, Jr.          For    For
                                                                                           Elect Director
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.6       M   Clayton C. Larson       For    For
                                                                                           Elect Director John
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.7       M   R. Mackall              For    For
                                                                                           Elect Director Lee E.
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.8       M   Mikles                  For    For
                                                                                           Elect Director Gerald
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.9       M   T. Mccullough           For    For
                                                                                           Elect Director
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.10      M   Richard A. Nightingale  For    For
                                                                                           Elect Director Kathy
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.11      M   J. Odell                For    For
                                                                                           Elect Director
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  1.12      M   William S. Thomas, Jr.  For    For
Pacific Capital Bancorp          PCBC  69404P101  04/24/07 02/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Noel
Parametric Technology Corp.      PMTC  699173209  03/07/07 01/08/07  Annual  1.1       M   G. Posternak            For    For
                                                                                           Elect Director
Parametric Technology Corp.      PMTC  699173209  03/07/07 01/08/07  Annual  1.2       M   Michael E. Porter       For    For
                                                                                           Amend Omnibus Stock
Parametric Technology Corp.      PMTC  699173209  03/07/07 01/08/07  Annual  2         M   Plan                    For    For

Parametric Technology Corp.      PMTC  699173209  03/07/07 01/08/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Dale
Park Electrochemical Corp.       PKE   700416209  07/19/06 05/23/06  Annual  1.1       M   Blanchfield             For    For
                                                                                           Elect Director
Park Electrochemical Corp.       PKE   700416209  07/19/06 05/23/06  Annual  1.2       M   Anthony Chiesa          For    For
                                                                                           Elect Director Lloyd
Park Electrochemical Corp.       PKE   700416209  07/19/06 05/23/06  Annual  1.3       M   Frank                   For    For
                                                                                           Elect Director Brian
Park Electrochemical Corp.       PKE   700416209  07/19/06 05/23/06  Annual  1.4       M   E. Shore                For    For
                                                                                           Elect Director Steven
Park Electrochemical Corp.       PKE   700416209  07/19/06 05/23/06  Annual  1.5       M   T. Warshaw              For    For
                                                                                           Elect Director Daniel
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.1       M   P. Friedman             For    For
                                                                                           Elect Director Roger
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.2       M   P. Friou                For    For
                                                                                           Elect Director Martin
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.3       M   L. Garcia               For    For
                                                                                           Elect Director
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.4       M   Matthew W. Kaplan       For    For
                                                                                           Elect Director
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.5       M   Michael J. Lipsey       For    For
                                                                                           Elect Director Steven
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.6       M   G. Rogers               For    For
                                                                                           Elect Director Leland
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.7       M   R. Speed                For    For
                                                                                           Elect Director Troy
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.8       M   A. Stovall              For    For
                                                                                           Elect Director Lenore
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  1.9       M   M. Sullivan             For    For
Parkway Properties, Inc.         PKY   70159Q104  05/10/07 03/20/07  Annual  2         M   Ratify Auditors         For    For
Partners Trust Financial                                                                   Elect Director Robert
Group, Inc.                      PRTR  70213F102  04/25/07 03/07/07  Annual  1.1       M   W. Allen                For    For
Partners Trust Financial                                                                   Elect Director
Group, Inc.                      PRTR  70213F102  04/25/07 03/07/07  Annual  1.2       M   Richard R. Griffith     For    For
Partners Trust Financial                                                                   Elect Director
Group, Inc.                      PRTR  70213F102  04/25/07 03/07/07  Annual  1.3       M   Nicholas O. Matt        For    For
Partners Trust Financial                                                                   Elect Director David
Group, Inc.                      PRTR  70213F102  04/25/07 03/07/07  Annual  1.4       M   A. Niermeyer            For    For
Partners Trust Financial
Group, Inc.                      PRTR  70213F102  04/25/07 03/07/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  1         M   Agreement               For    For
                                                                                           Elect Director Jack
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  2.1       M   Becker                  For    For
                                                                                           Elect Director Leo
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  2.2       M   Benatar                 For    For
                                                                                           Elect Director Victor
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  2.3       M   Hershaft                For    For
                                                                                           Elect Director David
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  2.4       M   E. McKinney             For    For
                                                                                           Elect Director James
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  2.5       M   R. Painter              For    For
                                                                                           Elect Director Roger
Paxar Corp.                      PXR   704227107  06/14/07 05/18/07  Annual  2.6       M   M. Widmann              For    For

Payless Shoesource,                                                                        Elect Director Daniel
Inc.                             PSS   704379106  05/24/07 04/04/07  Annual  1.1       M   Boggan, Jr.             For    For
Payless Shoesource,                                                                        Elect Director
Inc.                             PSS   704379106  05/24/07 04/04/07  Annual  1.2       M   Michael A. Weiss        For    For
Payless Shoesource,                                                                        Elect Director Robert
Inc.                             PSS   704379106  05/24/07 04/04/07  Annual  1.3       M   C. Wheeler              For    For

Payless Shoesource,
Inc.                             PSS   704379106  05/24/07 04/04/07  Annual  2         M   Ratify Auditors         For    For
Payless Shoesource,                                                                        Amend Omnibus Stock
Inc.                             PSS   704379106  05/24/07 04/04/07  Annual  3         M   Plan                    For    For
Payless Shoesource,                                                                        Amend Executive
Inc.                             PSS   704379106  05/24/07 04/04/07  Annual  4         M   Incentive Bonus Plan    For    For
Pennsylvania Real Estate                                                                   Elect Director Edward
Investment Trust                 PEI   709102107  05/31/07 04/09/07  Annual  1.1       M   A. Glickman             For    For
Pennsylvania Real Estate                                                                   Elect Director
Investment Trust                 PEI   709102107  05/31/07 04/09/07  Annual  1.2       M   Rosemarie B. Greco      For    For
Pennsylvania Real Estate                                                                   Elect Director Ira M.
Investment Trust                 PEI   709102107  05/31/07 04/09/07  Annual  1.3       M   Lubert                  For    For
Pennsylvania Real Estate                                                                   Elect Director George
Investment Trust                 PEI   709102107  05/31/07 04/09/07  Annual  1.4       M   F. Rubin                For    For
                                                                                           Approve Non-Employee
Pennsylvania Real Estate                                                                   Director Restricted
Investment Trust                 PEI   709102107  05/31/07 04/09/07  Annual  2         M   Stock Plan              For    For
Pennsylvania Real Estate
Investment Trust                 PEI   709102107  05/31/07 04/09/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director David
Peoples Bancorp Inc.             PEBO  709789101  04/12/07 02/12/07  Annual  1.1       M   L. Mead                 For    For
                                                                                           Elect Director Robert
Peoples Bancorp Inc.             PEBO  709789101  04/12/07 02/12/07  Annual  1.2       M   W. Price                For    Withhold
                                                                                           Elect Director Paul
Peoples Bancorp Inc.             PEBO  709789101  04/12/07 02/12/07  Annual  1.3       M   T. Theisen              For    For
                                                                                           Elect Director Thomas
Peoples Bancorp Inc.             PEBO  709789101  04/12/07 02/12/07  Annual  1.4       M   J. Wolf                 For    For
                                                                                           Elect Director Ross
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.1       M   Perot                   For    For
                                                                                           Elect Director Ross
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.2       M   Perot, Jr.              For    For
                                                                                           Elect Director Peter
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.3       M   A. Altabef              For    For
                                                                                           Elect Director Steven
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.4       M   Blasnik                 For    For
                                                                                           Elect Director John
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.5       M   S.T. Gallagher          For    For
                                                                                           Elect Director Carl
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.6       M   Hahn                    For    For
                                                                                           Elect Director DeSoto
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.7       M   Jordan                  For    Withhold
                                                                                           Elect Director Thomas
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.8       M   Meurer                  For    For
                                                                                           Elect Director Cecil
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.9       M   H. (C.H.) Moore, Jr.    For    For
                                                                                           Elect Director
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.10      M   Anthony J. Principi     For    For
                                                                                           Elect Director
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  1.11      M   Anuroop (Tony) Singh    For    For
                                                                                           Amend Omnibus Stock
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  2         M   Plan                    For    For
Perot Systems Corp.              PER   714265105  05/03/07 03/05/07  Annual  3         M   Ratify Auditors         For    For

Perrigo                                                                                    Elect Director Gary
Co.                              PRGO  714290103  11/10/06 09/15/06  Annual  1.1       M   M. Cohen                For    For
Perrigo                                                                                    Elect Director David
Co.                              PRGO  714290103  11/10/06 09/15/06  Annual  1.2       M   T. Gibbons              For    For
Perrigo                                                                                    Elect Director Ran
Co.                              PRGO  714290103  11/10/06 09/15/06  Annual  1.3       M   Gottfried               For    Withhold
                                                                                           Elect Director Mary
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.1       M   Baglivo                 For    For
                                                                                           Elect Director
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.2       M   Emanuel Chirico         For    For
                                                                                           Elect Director Edward
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.3       M   H. Cohen                For    For
                                                                                           Elect Director Joseph
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.4       M   B. Fuller               For    For
                                                                                           Elect Director
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.5       M   Margaret L. Jenkins     For    For
                                                                                           Elect Director Bruce
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.6       M   Maggin                  For    For
                                                                                           Elect Director V.
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.7       M   James Marino            For    For
                                                                                           Elect Director Henry
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.8       M   Nasella                 For    For
                                                                                           Elect Director Rita
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.9       M   M. Rodriguez            For    For
                                                                                           Elect Director Craig
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  1.10      M   Rydin                   For    For
Phillips-Van Heusen Corp.        PVH   718592108  06/19/07 04/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Jean
Phoenix Companies, Inc.          PNX   71902E109  04/26/07 02/28/07  Annual  1.1       M   S. Blackwell            For    For
                                                                                           Elect Director Arthur
Phoenix Companies, Inc.          PNX   71902E109  04/26/07 02/28/07  Annual  1.2       M   P. Byrne                For    For
                                                                                           Elect Director Ann
Phoenix Companies, Inc.          PNX   71902E109  04/26/07 02/28/07  Annual  1.3       M   Maynard Gray            For    For
                                                                                           Elect Director Dona
Phoenix Companies, Inc.          PNX   71902E109  04/26/07 02/28/07  Annual  1.4       M   D. Young                For    For
Phoenix Companies, Inc.          PNX   71902E109  04/26/07 02/28/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Walter
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.1       M   M. Fiederowicz          For    For
                                                                                           Elect Director Joseph
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.2       M   A. Fiorita, Jr.         For    For
                                                                                           Elect Director
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.3       M   Michael J. Luttati      For    For
                                                                                           Elect Director C.S.
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.4       M   Macricostas             For    For
                                                                                           Elect Director George
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.5       M   C. Macricostas          For    For
                                                                                           Elect Director Willem
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.6       M   D. Maris                For    Withhold
                                                                                           Elect Director
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  1.7       M   Mitchell G. Tyson       For    For
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
Photronics, Inc.                 PLAB  719405102  03/30/07 02/09/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Andrew
Piper Jaffray Cos                PJC   724078100  05/02/07 03/05/07  Annual  1.1       M   S. Duff                 For    For
                                                                                           Elect Director Samuel
Piper Jaffray Cos                PJC   724078100  05/02/07 03/05/07  Annual  1.2       M   L. Kaplan               For    For
                                                                                           Elect Director Frank
Piper Jaffray Cos                PJC   724078100  05/02/07 03/05/07  Annual  1.3       M   L. Sims                 For    For
Piper Jaffray Cos                PJC   724078100  05/02/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Declassify the Board
Piper Jaffray Cos                PJC   724078100  05/02/07 03/05/07  Annual  3         M   of Directors            For    For
Plexus                                                                                     Elect Director Ralf
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.1       M   R. Boer                 For    For
Plexus                                                                                     Elect Director
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.2       M   Stephen P. Cortinovis   For    For
Plexus                                                                                     Elect Director David
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.3       M   J. Drury                For    For
Plexus                                                                                     Elect Director Dean
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.4       M   A. Foate                For    For
Plexus                                                                                     Elect Director Peter
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.5       M   Kelly                   For    For
Plexus                                                                                     Elect Director John
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.6       M   L. Nussbaum             For    For
Plexus                                                                                     Elect Director
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.7       M   Michael V. Schrock      For    For
Plexus                                                                                     Elect Director
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  1.8       M   Charles M. Strother     For    For
Plexus
Corp.                            PLXS  729132100  01/22/07 12/01/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
PMA Capital Corp.                PMACA 693419202  05/09/07 03/12/07  Annual  1.1       M   Patricia A. Drago       For    For
                                                                                           Elect Director J.
PMA Capital Corp.                PMACA 693419202  05/09/07 03/12/07  Annual  1.2       M   Gregory Driscoll        For    For
                                                                                           Elect Director
PMA Capital Corp.                PMACA 693419202  05/09/07 03/12/07  Annual  1.3       M   Richard Lutenski        For    For
                                                                                           Elect Director Neal
PMA Capital Corp.                PMACA 693419202  05/09/07 03/12/07  Annual  1.4       M   C. Schneider            For    For
                                                                                           Approve Omnibus Stock
PMA Capital Corp.                PMACA 693419202  05/09/07 03/12/07  Annual  2         M   Plan                    For    For
PMA Capital Corp.                PMACA 693419202  05/09/07 03/12/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.1       M   C. Hagerty              For    For
                                                                                           Elect Director
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.2       M   Michael R. Kourey       For    For
                                                                                           Elect Director Betsy
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.3       M   S. Atkins               For    For
                                                                                           Elect Director John
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.4       M   Seely Brown             For    Withhold
                                                                                           Elect Director David
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.5       M   G. DeWalt               For    For
                                                                                           Elect Director Durk
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.6       M   I. Jager                For    For
                                                                                           Elect Director John
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.7       M   A. Kelley, Jr.          For    For
                                                                                           Elect Director
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.8       M   William A. Owens        For    For
                                                                                           Elect Director Kevin
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  1.9       M   T. Parker               For    For
                                                                                           Approve Executive
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  2         M   Incentive Bonus Plan    For    For
Polycom, Inc.                    PLCM  73172K104  05/30/07 04/10/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.1       M   C. Goddard, III         For    For
                                                                                           Elect Director David
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.2       M   P. Stockert             For    For
                                                                                           Elect Director
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.3       M   Herschel M. Bloom       For    For
                                                                                           Elect Director
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.4       M   Douglas Crocker, II     For    For
                                                                                           Elect Director Walter
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.5       M   M. Deriso, Jr.          For    For
                                                                                           Elect Director
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.6       M   Russell R. French       For    For
                                                                                           Elect Director
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.7       M   Charles E. Rice         For    For
                                                                                           Elect Director Stella
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.8       M   F. Thayer               For    For
                                                                                           Elect Director Ronald
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  1.9       M   de Waal                 For    For
Post Properties, Inc.            PPS   737464107  05/24/07 03/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director W.
PREMIERE GLOBAL SVCS INC         PGI   740585104  06/27/07 04/19/07  Annual  1.1       M   Steven Jones            For    For
                                                                                           Elect Director J.
PREMIERE GLOBAL SVCS INC         PGI   740585104  06/27/07 04/19/07  Annual  1.2       M   Walker Smith, Jr.       For    For
                                                                                           Declassify the Board
PREMIERE GLOBAL SVCS INC         PGI   740585104  06/27/07 04/19/07  Annual  2         M   of Directors            For    For
PREMIERE GLOBAL SVCS INC         PGI   740585104  06/27/07 04/19/07  Annual  3         M   Adjourn Meeting         For    For
                                                                                           Elect Director Mollie
Premium Standard Farms, Inc.     PORK  74060C105  09/14/06 07/17/06  Annual  1.1       M   H. Carter               For    For
                                                                                           Elect Director
Premium Standard Farms, Inc.     PORK  74060C105  09/14/06 07/17/06  Annual  1.2       M   Maurice J. McGill       For    For
                                                                                           Elect Director
Premium Standard Farms, Inc.     PORK  74060C105  09/14/06 07/17/06  Annual  1.3       M   Michael J. Zimmerman    For    Withhold
Premium Standard Farms, Inc.     PORK  74060C105  09/14/06 07/17/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Premium Standard Farms, Inc.     PORK  74060C105  02/23/07 01/19/07  Special 1         M   Agreement               For    For
Premium Standard Farms, Inc.     PORK  74060C105  02/23/07 01/19/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Approve Merger
Prosperity Bancshares, Inc.      PRSP  743606105  12/13/06 10/30/06  Special 1         M   Agreement               For    For
                                                                                           Elect Director Leah
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  1.1       M   Henderson               For    For
                                                                                           Elect Director Ned S.
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  1.2       M   Holmes                  For    For
                                                                                           Elect Director Tracy
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  1.3       M   T. Rudolph              For    For
                                                                                           Elect Director David
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  1.4       M   Zalman                  For    For
                                                                                           Elect Director James
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  1.5       M   D. Rollins III          For    For
                                                                                           Elect Director L. Don
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  1.6       M   Stricklin               For    For
Prosperity Bancshares, Inc.      PRSP  743606105  04/17/07 03/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Melvin
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  1         M   A. Bilal                For    For
                                                                                           Elect Director Ward
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  2         M   B. Coe, III             For    Against
                                                                                           Elect Director
                                                                                           Frederick W. Meier,
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  3         M   Jr.                     For    For
                                                                                           Elect Director Gary
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  4         M   N. Geisel               For    For
                                                                                           Elect Director
                                                                                           William J. Crowley,
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  5         M   Jr.                     For    For
                                                                                           Elect Director Bryan
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  6         M   J. Logan                For    For
                                                                                           Elect Director James
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  7         M   G. Davis, Jr.           For    For
                                                                                           Elect Director Dale
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  8         M   B. Peck                 For    For
Provident Bankshares Corp.       PBKS  743859100  05/16/07 04/02/07  Annual  9         M   Ratify Auditors         For    For
                                                                                           Elect Director T.
PSS World Medical, Inc.          PSSI  69366A100  08/24/06 06/16/06  Annual  1.1       M   O'Neal Douglas          For    For
                                                                                           Elect Director Clark
PSS World Medical, Inc.          PSSI  69366A100  08/24/06 06/16/06  Annual  1.2       M   A. Johnson              For    For
                                                                                           Approve Omnibus Stock
PSS World Medical, Inc.          PSSI  69366A100  08/24/06 06/16/06  Annual  2         M   Plan                    For    For
                                                                                           Elect Director W.F.
Psychiatric Solutions, Inc.      PSYS  74439H108  05/15/07 04/02/07  Annual  1.1       M   Carpenter III           For    For
                                                                                           Elect Director Mark
Psychiatric Solutions, Inc.      PSYS  74439H108  05/15/07 04/02/07  Annual  1.2       M   P. Clein                For    Withhold
                                                                                           Elect Director
Psychiatric Solutions, Inc.      PSYS  74439H108  05/15/07 04/02/07  Annual  1.3       M   Richard D. Gore         For    For
Psychiatric Solutions, Inc.      PSYS  74439H108  05/15/07 04/02/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Joseph
Quanex Corp.                     NX    747620102  02/27/07 01/05/07  Annual  1.1       M   J. Ross                 For    For
                                                                                           Elect Director
Quanex Corp.                     NX    747620102  02/27/07 01/05/07  Annual  1.2       M   Richard L. Wellek       For    For
                                                                                           Increase Authorized
Quanex Corp.                     NX    747620102  02/27/07 01/05/07  Annual  2         M   Common Stock            For    For
                                                                                           Elect Director
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.1       M   Richard E. Belluzzo     For    For
                                                                                           Elect Director
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.2       M   Michael A. Brown        For    For
                                                                                           Elect Director Thomas
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.3       M   S. Buchsbaum            For    For
                                                                                           Elect Director Alan
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.4       M   L. Earhart              For    For
                                                                                           Elect Director Edward
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.5       M   M. Esber, Jr.           For    For
                                                                                           Elect Director
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.6       M   Elizabeth A. Fetter     For    For
                                                                                           Elect Director John
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.7       M   M. Partridge            For    For
                                                                                           Elect Director Steven
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  1.8       M   C. Wheelwright          For    For
Quantum Corp.                    QTM   747906204  08/28/06 06/30/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director C.
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.1       M   Scott Gibson            For    For
                                                                                           Elect Director Scott
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.2       M   C. Grout                For    For
                                                                                           Elect Director Ken J.
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.3       M   Bradley                 For    For
                                                                                           Elect Director
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.4       M   Richard J. Faubert      For    For
                                                                                           Elect Director
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.5       M   William W. Lattin       For    For
                                                                                           Elect Director Kevin
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.6       M   C. Melia                For    For
                                                                                           Elect Director Carl
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.7       M   W. Neun                 For    For
                                                                                           Elect Director Lorene
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  1.8       M   K. Steffes              For    For
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  3         M   Plan                    For    Against
                                                                                           Amend Qualified
                                                                                           Employee Stock
RadiSys Corp.                    RSYS  750459109  05/15/07 03/20/07  Annual  4         M   Purchase Plan           For    For
                                                                                           Approve Merger
RailAmerica, Inc.                      750753105  02/12/07 01/12/07  Special 1         M   Agreement               For    For
RailAmerica, Inc.                      750753105  02/12/07 01/12/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Approve Merger
Rait Financial Trust             RAS   749227104  12/11/06 10/20/06  Special 1         M   Agreement               For    For
Rait Financial Trust             RAS   749227104  12/11/06 10/20/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Betsy
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.1       M   Z. Cohen                For    For
                                                                                           Elect Director Daniel
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.2       M   G. Cohen                For    For
                                                                                           Elect Director Edward
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.3       M   S. Brown                For    For
                                                                                           Elect Director Frank
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.4       M   A. Farnesi              For    For
                                                                                           Elect Director S.
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.5       M   Kristin Kim             For    For
                                                                                           Elect Director Arthur
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.6       M   Makadon                 For    For
                                                                                           Elect Director Daniel
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.7       M   Promislo                For    For
                                                                                           Elect Director John
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.8       M   F. Quigley, III         For    For
                                                                                           Elect Director Murray
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  1.9       M   Stempel, III            For    For
Rait Financial Trust             RAS   749227104  05/22/07 03/23/07  Annual  2         M   Ratify Auditors         For    For

Ralcorp Holdings,                                                                          Elect Director Bill
Inc.                             RAH   751028101  02/08/07 12/01/06  Annual  1.1       M   G. Armstrong            For    For
Ralcorp Holdings,                                                                          Elect Director
Inc.                             RAH   751028101  02/08/07 12/01/06  Annual  1.2       M   Richard A. Liddy        For    For
Ralcorp Holdings,                                                                          Elect Director
Inc.                             RAH   751028101  02/08/07 12/01/06  Annual  1.3       M   William P. Stiritz      For    For

Ralcorp Holdings,                                                                          Approve Omnibus Stock
Inc.                             RAH   751028101  02/08/07 12/01/06  Annual  2         M   Plan                    For    For
Ralcorp Holdings,
Inc.                             RAH   751028101  02/08/07 12/01/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.1       M   E. Dods                 For    Withhold
                                                                                           Elect Director Boyd
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.2       M   L. Meyer                For    Withhold
                                                                                           Elect Director Peter
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.3       M   K.K. Chung              For    For
                                                                                           Elect Director Curtis
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.4       M   W. Stoelting            For    For
                                                                                           Elect Director John
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.5       M   S. Bakalar              For    For
                                                                                           Elect Director John
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.6       M   J. Vosicky              For    For
                                                                                           Elect Director Paul
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.7       M   E. Purcell              For    For
                                                                                           Elect Director Daniel
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.8       M   M. Wright               For    For
                                                                                           Elect Director Thomas
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.9       M   M. Collinger            For    For
                                                                                           Elect Director Linda
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.10      M   A. Huett                For    For
                                                                                           Elect Director M.J.
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.11      M   Merriman, Jr.           For    For
                                                                                           Elect Director Peter
RC2 CORP                         RCRC  749388104  05/04/07 03/19/07  Annual  1.12      M   J. Henseler             For    For
                                                                                           Elect Director
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  1.1       M   William P. Brick        For    For
                                                                                           Elect Director
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  1.2       M   Theodore J. Host        For    For
                                                                                           Elect Director
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  1.3       M   Michael S. McGrath      For    For
                                                                                           Elect Director Tracy
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  1.4       M   L. Noll                 For    For
                                                                                           Elect Director Robert
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  1.5       M   N. Verdecchio           For    For
                                                                                           Elect Director Jimmy
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  1.6       M   C. Weaver               For    For
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
Reddy Ice Holdings, Inc.         FRZ   75734R105  05/17/07 04/05/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director
Regeneron Pharmaceuticals, Inc.  REGN  75886F107  06/08/07 04/12/07  Annual  1.1       M   Leonard S. Schleifer    For    For
                                                                                           Elect Director Eric
Regeneron Pharmaceuticals, Inc.  REGN  75886F107  06/08/07 04/12/07  Annual  1.2       M   M. Shooter              For    For
                                                                                           Elect Director George
Regeneron Pharmaceuticals, Inc.  REGN  75886F107  06/08/07 04/12/07  Annual  1.3       M   D. Yancopoulos          For    For
Regeneron Pharmaceuticals, Inc.  REGN  75886F107  06/08/07 04/12/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.1       M   Francis J. Cianciola    For    For
                                                                                           Elect Director John
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.2       M   M. Creekmore            For    Withhold
                                                                                           Elect Director Neal
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.3       M   A. Holland, Jr.         For    For
                                                                                           Elect Director E.
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.4       M   Robinson Mcgraw         For    For
                                                                                           Elect Director
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.5       M   Theodore S. Moll        For    For
                                                                                           Elect Director J.
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.6       M   Larry Young             For    For
                                                                                           Elect Director John
Renasant Corp                    RNST  75970E107  04/17/07 02/20/07  Annual  1.7       M   W. Smith                For    For
                                                                                           Elect Director Mary
Rent-A-Center, Inc.              RCII  76009N100  05/15/07 03/19/07  Annual  1.1       M   Elizabeth Burton        For    For
                                                                                           Elect Director Peter
Rent-A-Center, Inc.              RCII  76009N100  05/15/07 03/19/07  Annual  1.2       M   P. Copses               For    For
                                                                                           Elect Director
Rent-A-Center, Inc.              RCII  76009N100  05/15/07 03/19/07  Annual  1.3       M   Mitchell E. Fadel       For    For
Rent-A-Center, Inc.              RCII  76009N100  05/15/07 03/19/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Republic Bancorp, Inc.           RBNC  760282103  11/30/06 10/13/06  Special 1         M   Agreement               For    For
Republic Bancorp, Inc.           RBNC  760282103  11/30/06 10/13/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.1       M   Bernard M. Trager       For    For
                                                                                           Elect Director Steven
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.2       M   E. Trager               For    For
                                                                                           Elect Director A.
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.3       M   Scott Trager            For    Withhold
                                                                                           Elect Director R.
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.4       M   Wayne Stratton          For    For
                                                                                           Elect Director
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.5       M   Michael T. Rust         For    For
                                                                                           Elect Director Sandra
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.6       M   Metts Snowden           For    For
                                                                                           Elect Director Susan
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.7       M   Stout Tamme             For    For
                                                                                           Elect Director
Republic Bancorp, Inc. KY        RBCAA 760281204  04/19/07 02/09/07  Annual  1.8       M   Charles E. Anderson     For    For
                                                                                           Elect Director Ronald
Res-Care, Inc.                   RSCR  760943100  06/22/07 04/18/07  Annual  1.1       M   G. Geary                For    Withhold
                                                                                           Elect Director David
Res-Care, Inc.                   RSCR  760943100  06/22/07 04/18/07  Annual  1.2       M   Braddock                For    Withhold
Res-Care, Inc.                   RSCR  760943100  06/22/07 04/18/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.1       M   A. Bruggeworth          For    For
                                                                                           Elect Director Daniel
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.2       M   A. DiLeo                For    For
                                                                                           Elect Director
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.3       M   Jeffery R. Gardner      For    For
                                                                                           Elect Director David
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.4       M   A. Norbury              For    For
                                                                                           Elect Director Dr.
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.5       M   Albert E. Paladino      For    For
                                                                                           Elect Director
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.6       M   William J. Pratt        For    For
                                                                                           Elect Director Erik
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.7       M   H. van der Kaay         For    For
                                                                                           Elect Director Walter
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  1.8       M   H. Wilkinson, Jr.       For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  2         M   Purchase Plan           For    For
                                                                                           Amend Omnibus Stock
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  3         M   Plan                    For    For
                                                                                           Approve Non-Employee
                                                                                           Director Stock Option
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  4         M   Plan                    For    For
                                                                                           Approve Executive
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  5         M   Incentive Bonus Plan    For    For
RF Micro Devices, Inc.           RFMD  749941100  08/01/06 06/02/06  Annual  6         M   Ratify Auditors         For    For
                                                                                           Elect Director
RLI Corp.                        RLI   749607107  05/03/07 03/05/07  Annual  1.1       M   Barbara R. Allen        For    For
                                                                                           Elect Director
RLI Corp.                        RLI   749607107  05/03/07 03/05/07  Annual  1.2       M   Richard H. Blum         For    For
                                                                                           Elect Director F.
RLI Corp.                        RLI   749607107  05/03/07 03/05/07  Annual  1.3       M   Lynn McPheeters         For    For
                                                                                           Elect Director Robert
RLI Corp.                        RLI   749607107  05/03/07 03/05/07  Annual  1.4       M   O. Viets                For    For
RLI Corp.                        RLI   749607107  05/03/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  1.1       M   Stephen G. Anderson     For    For
                                                                                           Elect Director Robert
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  1.2       M   B. Currey               For    For
                                                                                           Elect Director L.L.
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  1.3       M   Gellerstedt, III        For    For
                                                                                           Elect Director John
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  1.4       M   W. Spiegel              For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  2         M   Purchase Plan           For    For
                                                                                           Amend Stock Option
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  3         M   Plan                    For    For
Rock-Tenn Company                RKT   772739207  01/26/07 11/30/06  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director Seifi
ROCKWOOD HLDGS INC               ROC   774415103  05/16/07 04/05/07  Annual  1.1       M   Ghasemi                 For    Withhold
                                                                                           Elect Director
ROCKWOOD HLDGS INC               ROC   774415103  05/16/07 04/05/07  Annual  1.2       M   Sheldon R. Erikson      For    For
                                                                                           Elect Director Perry
ROCKWOOD HLDGS INC               ROC   774415103  05/16/07 04/05/07  Annual  1.3       M   Golkin                  For    Withhold
ROCKWOOD HLDGS INC               ROC   774415103  05/16/07 04/05/07  Annual  2         M   Ratify Auditors         For    For
ROCKWOOD HLDGS INC               ROC   774415103  05/16/07 04/05/07  Annual  3         M   Other Business          For    For
Royal Bancshares Of                                                                        Elect Director
Pennsylvania, Inc.               RBPAA 780081105  05/16/07 04/04/07  Annual  1.1       M   Anthony J. Micale       For    For
Royal Bancshares Of                                                                        Elect Director
Pennsylvania, Inc.               RBPAA 780081105  05/16/07 04/04/07  Annual  1.2       M   Mitchell L. Morgan      For    For
Royal Bancshares Of                                                                        Elect Director Albert
Pennsylvania, Inc.               RBPAA 780081105  05/16/07 04/04/07  Annual  1.3       M   Ominsky                 For    For
Royal Bancshares Of                                                                        Elect Director
Pennsylvania, Inc.               RBPAA 780081105  05/16/07 04/04/07  Annual  1.4       M   Gregory T. Reardon      For    For
Royal Bancshares Of                                                                        Elect Director Robert
Pennsylvania, Inc.               RBPAA 780081105  05/16/07 04/04/07  Annual  1.5       M   R. Tabas                For    Withhold
Royal Bancshares Of                                                                        Approve Omnibus Stock
Pennsylvania, Inc.               RBPAA 780081105  05/16/07 04/04/07  Annual  2         M   Plan                    For    Against
                                                                                           Approve Merger
RSA Security Inc.                RSAS  749719100  09/14/06 07/31/06  Special 1         M   Agreement               For    For
RSA Security Inc.                RSAS  749719100  09/14/06 07/31/06  Special 2         M   Adjourn Meeting         For    For
Ruddick                                                                                    Elect Director Alan
Corp.                            RDK   781258108  02/15/07 12/08/06  Annual  1.1       M   T. Dickson              For    For
Ruddick                                                                                    Elect Director Anna
Corp.                            RDK   781258108  02/15/07 12/08/06  Annual  1.2       M   Spangler Nelson         For    For

Ruddick                                                                                    Elect Director Bailey
Corp.                            RDK   781258108  02/15/07 12/08/06  Annual  1.3       M   W. Patrick              For    For
Ruddick                                                                                    Elect Director Robert
Corp.                            RDK   781258108  02/15/07 12/08/06  Annual  1.4       M   H. Spilman, Jr.         For    For
                                                                                           Approve/Amend
Ruddick                                                                                    Executive Incentive
Corp.                            RDK   781258108  02/15/07 12/08/06  Annual  2         M   Bonus Plan              For    For

Ruddick                                                                                    Amend Omnibus Stock
Corp.                            RDK   781258108  02/15/07 12/08/06  Annual  3         M   Plan                    For    For
                                                                                           Approve Merger
Ryans Restaurant Group, Inc      RYAN  783520109  10/05/06 08/28/06  Special 1         M   Agreement               For    For
Ryans Restaurant Group, Inc      RYAN  783520109  10/05/06 08/28/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
Safety Insurance Group, Inc.     SAFT  78648T100  05/18/07 04/03/07  Annual  1.1       M   Frederic H. Lindeberg   For    For
Safety Insurance Group, Inc.     SAFT  78648T100  05/18/07 04/03/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Victor
Santander BanCorp                SBP   802809103  05/24/07 04/05/07  Annual  1.1       M   Arbulu                  For    For
                                                                                           Elect Director
Santander BanCorp                SBP   802809103  05/24/07 04/05/07  Annual  1.2       M   Stephen A. Ferriss      For    For
                                                                                           Elect Director Maria
Santander BanCorp                SBP   802809103  05/24/07 04/05/07  Annual  1.3       M   Calero                  For    Withhold
Santander BanCorp                SBP   802809103  05/24/07 04/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Ole
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.1       M   Steen Andersen          For    Withhold
                                                                                           Elect Director David
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.2       M   J. Anderson             For    Withhold
                                                                                           Elect Director Jorgen
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.3       M   M. Clausen              For    Withhold
                                                                                           Elect Director Nicola
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.4       M   Keim                    For    Withhold
                                                                                           Elect Director
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.5       M   Johannes F. Kirchhoff   For    For
                                                                                           Elect Director Hans
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.6       M   Kirk                    For    Withhold
                                                                                           Elect Director F.
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.7       M   Joseph Loughrey         For    For
                                                                                           Elect Director Klaus
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.8       M   H. Murmann              For    Withhold
                                                                                           Elect Director Sven
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.9       M   Murmann                 For    Withhold
                                                                                           Elect Director Steven
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  1.10      M   H. Wood                 For    For
Sauer-Danfoss, Inc.              SHS   804137107  06/14/07 04/18/07  Annual  2         M   Ratify Auditors         For    For
Schnitzer Steel Industries,                                                                Elect Director
Inc.                             SCHN  806882106  01/31/07 11/30/06  Annual  1.1       M   William A. Furman       For    Withhold
Schnitzer Steel Industries,                                                                Elect Director
Inc.                             SCHN  806882106  01/31/07 11/30/06  Annual  1.2       M   William D. Larsson      For    For
Schnitzer Steel Industries,                                                                Elect Director Scott
Inc.                             SCHN  806882106  01/31/07 11/30/06  Annual  1.3       M   Lewis                   For    Withhold
Scholastic                                                                                 Elect Director John
Corp.                            SCHL  807066105  09/20/06 07/26/06  Annual  1.1       M   L. Davies               For    Withhold
Scholastic                                                                                 Elect Director John
Corp.                            SCHL  807066105  09/20/06 07/26/06  Annual  1.2       M   G. Mcdonald             For    Withhold
Schweitzer-Mauduit                                                                         Elect Director Wayne
International Inc.               SWM   808541106  04/26/07 03/01/07  Annual  1.1       M   H. Deitrich             For    For
Schweitzer-Mauduit                                                                         Elect Director Larry
International Inc.               SWM   808541106  04/26/07 03/01/07  Annual  1.2       M   B. Stillman             For    For
SeaBright Insurance Holdings,                                                              Elect Director John
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  1.1       M   G. Pasqualetto          For    For
SeaBright Insurance Holdings,                                                              Elect Director Peter
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  1.2       M   Y. Chung                For    For
SeaBright Insurance Holdings,                                                              Elect Director Joseph
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  1.3       M   A. Edwards              For    For
SeaBright Insurance Holdings,                                                              Elect Director
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  1.4       M   William M. Feldman      For    For
SeaBright Insurance Holdings,                                                              Elect Director Mural
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  1.5       M   R. Josephson            For    For
SeaBright Insurance Holdings,                                                              Elect Director George
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  1.6       M   M. Morvis               For    For
SeaBright Insurance Holdings,
Inc.                             SEAB  811656107  05/15/07 04/10/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director B.W.
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  1.1       M   Griffith, III           For    For
                                                                                           Elect Director Ruthie
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  1.2       M   G. Mcmichael            For    For
                                                                                           Elect Director Ben G.
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  1.3       M   Porter                  For    For
                                                                                           Elect Director H.
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  1.4       M   Averett Walker          For    For
                                                                                           Elect Director Larry
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  1.5       M   C. Walker               For    For
                                                                                           Elect Director James
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  1.6       M   R. Williams             For    For
                                                                                           Increase Authorized
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  2         M   Common Stock            For    For
                                                                                           Approve Omnibus Stock
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  3         M   Plan                    For    Against
Security Bank Corp.              SBKC  814047106  05/10/07 03/28/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director Mark
Shoe Carnival, Inc.              SCVL  824889109  06/12/07 04/20/07  Annual  1.1       M   L. Lemond               For    For
Shoe Carnival, Inc.              SCVL  824889109  06/12/07 04/20/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director R.
Silgan Holdings Inc.             SLGN  827048109  05/31/07 04/11/07  Annual  1.1       M   Philip Silver           For    Against
                                                                                           Elect Director
Silgan Holdings Inc.             SLGN  827048109  05/31/07 04/11/07  Annual  1.2       M   William C. Jennings     For    For
Silgan Holdings Inc.             SLGN  827048109  05/31/07 04/11/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Fix Number of
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  1         M   Directors               For    For
                                                                                           Elect Director
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.1       M   William E. Clark        For    For
                                                                                           Elect Director Steven
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.2       M   A. Cosse                For    For
                                                                                           Elect Director George
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.3       M   A. Makris, Jr.          For    For
                                                                                           Elect Director J.
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.4       M   Thomas May              For    For
                                                                                           Elect Director W.
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.5       M   Scott Mcgeorge          For    For
                                                                                           Elect Director
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.6       M   Stanley E. Reed         For    For
                                                                                           Elect Director Harry
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.7       M   L. Ryburn               For    For
                                                                                           Elect Director Robert
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.8       M   L. Shoptaw              For    For
                                                                                           Elect Director Henry
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  2.9       M   F. Trotter, Jr.         For    For
                                                                                           Increase Authorized
Simmons First National Corp.     SFNC  828730200  04/10/07 02/02/07  Annual  3         M   Common Stock            For    For
                                                                                           Elect Director David
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.1       M   D. Smith                For    Withhold
                                                                                           Elect Director
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.2       M   Frederick G. Smith      For    Withhold
                                                                                           Elect Director J.
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.3       M   Duncan Smith            For    Withhold
                                                                                           Elect Director Robert
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.4       M   E. Smith                For    Withhold
                                                                                           Elect Director Basil
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.5       M   A. Thomas               For    Withhold
                                                                                           Elect Director
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.6       M   Lawrence E. McCanna     For    For
                                                                                           Elect Director Daniel
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.7       M   C. Keith                For    For
                                                                                           Elect Director Martin
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  1.8       M   R. Leader               For    For
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Executive
Sinclair Broadcast Group, Inc.   SBGI  829226109  05/10/07 03/16/07  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director M.L.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.1       M   Cali                    For    For
                                                                                           Elect Director J.P.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.2       M   Dinapoli                For    For
                                                                                           Elect Director D.R.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.3       M   King                    For    For
                                                                                           Elect Director G.E.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.4       M   Moss                    For    For
                                                                                           Elect Director W.R.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.5       M   Roth                    For    For
                                                                                           Elect Director C.J.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.6       M   Toeniskoetter           For    For
                                                                                           Elect Director F.R.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.7       M   Ulrich, Jr.             For    For
                                                                                           Elect Director R.A.
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  1.8       M   Van Valer               For    Withhold
SJW Corp.                        SJW   784305104  04/26/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Skechers U.S.A., Inc.            SKX   830566105  05/24/07 03/30/07  Annual  1.1       M   Michael Greenberg       For    Withhold
                                                                                           Elect Director David
Skechers U.S.A., Inc.            SKX   830566105  05/24/07 03/30/07  Annual  1.2       M   Weinberg                For    Withhold
                                                                                           Elect Director
Skechers U.S.A., Inc.            SKX   830566105  05/24/07 03/30/07  Annual  1.3       M   Jeffrey Greenberg       For    Withhold
                                                                                           Approve Omnibus Stock
Skechers U.S.A., Inc.            SKX   830566105  05/24/07 03/30/07  Annual  2         M   Plan                    For    Against
                                                                                           Approve Qualified
                                                                                           Employee Stock
Skechers U.S.A., Inc.            SKX   830566105  05/24/07 03/30/07  Annual  3         M   Purchase Plan           For    For
                                                                                           Elect Director Jerry
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.1       M   C. Atkin                For    For
                                                                                           Elect Director J.
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.2       M   Ralph Atkin             For    Withhold
                                                                                           Elect Director Ian M.
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.3       M   Cumming                 For    For
                                                                                           Elect Director Robert
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.4       M   G. Sarver               For    For
                                                                                           Elect Director W.
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.5       M   Steve Albrecht          For    For
                                                                                           Elect Director
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.6       M   Margaret S. Billson     For    For
                                                                                           Elect Director Henry
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.7       M   J. Eyring               For    For
                                                                                           Elect Director Steven
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  1.8       M   F. Udvar-Hazy           For    For
SkyWest, Inc.                    SKYW  830879102  05/01/07 03/19/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Kevin
Skyworks Solutions, Inc.         SWKS  83088M102  03/29/07 01/29/07  Annual  1.1       M   L. Beebe                For    For
                                                                                           Elect Director
Skyworks Solutions, Inc.         SWKS  83088M102  03/29/07 01/29/07  Annual  1.2       M   Timothy R. Furey        For    For
                                                                                           Elect Director David
Skyworks Solutions, Inc.         SWKS  83088M102  03/29/07 01/29/07  Annual  1.3       M   J. McLachlan            For    For
Skyworks Solutions, Inc.         SWKS  83088M102  03/29/07 01/29/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.1       M   Charles Berger          For    For
                                                                                           Elect Director David
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.2       M   W. Garrison             For    For
                                                                                           Elect Director
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.3       M   Charles D. Kissner      For    For
                                                                                           Elect Director
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.4       M   Matthew Medeiros        For    For
                                                                                           Elect Director Keyur
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.5       M   A. Patel                For    For
                                                                                           Elect Director John
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.6       M   C. Shoemaker            For    For
                                                                                           Elect Director Cary
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.7       M   H. Thompson             For    For
                                                                                           Elect Director Edward
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  1.8       M   F. Thompson             For    For
                                                                                           Approve Executive
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  2         M   Incentive Bonus Plan    For    For
                                                                                           Amend Qualified
                                                                                           Employee Stock
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  3         M   Purchase Plan           For    For
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  4         M   Ratify Auditors         For    For
SonicWALL, Inc.                  SNWL  835470105  06/14/07 04/20/07  Annual  5         M   Other Business          For    For
                                                                                           Elect Director Tom D.
Southwest Bancorp, Inc.          OKSB  844767103  04/26/07 03/02/07  Annual  1.1       M   Berry                   For    For
                                                                                           Elect Director Rick
Southwest Bancorp, Inc.          OKSB  844767103  04/26/07 03/02/07  Annual  1.2       M   Green                   For    For
                                                                                           Elect Director David
Southwest Bancorp, Inc.          OKSB  844767103  04/26/07 03/02/07  Annual  1.3       M   P. Lambert              For    For
                                                                                           Elect Director
Southwest Bancorp, Inc.          OKSB  844767103  04/26/07 03/02/07  Annual  1.4       M   Linford R. Pitts        For    For
                                                                                           Amend Omnibus Stock
Southwest Bancorp, Inc.          OKSB  844767103  04/26/07 03/02/07  Annual  2         M   Plan                    For    For
                                                                                           Elect Director George
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.1       M   C. Biehl                For    For
                                                                                           Elect Director Thomas
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.2       M   E. Chestnut             For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.3       M   Stephen C. Comer        For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.4       M   Richard M. Gardner      For    For
                                                                                           Elect Director Leroy
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.5       M   C. Hanneman, Jr.        For    For
                                                                                           Elect Director James
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.6       M   J. Kropid               For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.7       M   Michael O. Maffie       For    For
                                                                                           Elect Director Anne
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.8       M   L. Mariucci             For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.9       M   Michael J. Melarkey     For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.10      M   Jeffrey W. Shaw         For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.11      M   Carolyn M. Sparks       For    For
                                                                                           Elect Director
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  1.12      M   Terrence L. Wright      For    For
                                                                                           Approve Restricted
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  2         M   Stock Plan              For    Against
                                                                                           Increase Authorized
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  3         M   Common Stock            For    For
Southwest Gas Corporation        SWX   844895102  05/03/07 03/06/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director George
Spartech Corp.                   SEH   847220209  03/14/07 01/15/07  Annual  1.1       M   A. Abd                  For    For
                                                                                           Elect Director Edward
Spartech Corp.                   SEH   847220209  03/14/07 01/15/07  Annual  1.2       M   J. Dineen               For    For
                                                                                           Elect Director Pamela
Spartech Corp.                   SEH   847220209  03/14/07 01/15/07  Annual  1.3       M   F. Lenehan              For    For
Spartech Corp.                   SEH   847220209  03/14/07 01/15/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Declassify the Board
Spartech Corp.                   SEH   847220209  03/14/07 01/15/07  Annual  3         S   of Directors            Agains For
                                                                                           Elect Director
Spherion Corp.                   SFN   848420105  05/15/07 03/23/07  Annual  1.1       M   Barbara Pellow          For    For
                                                                                           Elect Director Steven
Spherion Corp.                   SFN   848420105  05/15/07 03/23/07  Annual  1.2       M   S. Elbaum               For    For
                                                                                           Elect Director David
Spherion Corp.                   SFN   848420105  05/15/07 03/23/07  Annual  1.3       M   R. Parker               For    For
                                                                                           Elect Director Anne
Spherion Corp.                   SFN   848420105  05/15/07 03/23/07  Annual  1.4       M   Szostak                 For    For
Spherion Corp.                   SFN   848420105  05/15/07 03/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
SPSS Inc.                        SPSS  78462K102  04/26/07 03/12/07  Annual  1.1       M   Merritt Lutz            For    For
                                                                                           Elect Director
SPSS Inc.                        SPSS  78462K102  04/26/07 03/12/07  Annual  1.2       M   Michael E. Lavin        For    For
SPSS Inc.                        SPSS  78462K102  04/26/07 03/12/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Andrew
Standard Microsystems Corp.      SMSC  853626109  07/11/06 05/22/06  Annual  1.1       M   M. Caggia               For    For
                                                                                           Elect Director James
Standard Microsystems Corp.      SMSC  853626109  07/11/06 05/22/06  Annual  1.2       M   A. Donahue              For    For
Standard Microsystems Corp.      SMSC  853626109  07/11/06 05/22/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
Standard Microsystems Corp.      SMSC  853626109  07/11/06 05/22/06  Annual  3         M   Common Stock            For    For
Steinway Musical Instruments,                                                              Elect Director Kyle
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.1       M   R. Kirkland             For    Withhold
Steinway Musical Instruments,                                                              Elect Director Kyle
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.1       M   R. Kirkland             For    Withhold
Steinway Musical Instruments,                                                              Elect Director Dana
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.2       M   D. Messina              For    Withhold
Steinway Musical Instruments,                                                              Elect Director Dana
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.2       M   D. Messina              For    Withhold
Steinway Musical Instruments,                                                              Elect Director Bruce
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.3       M   A. Stevens              For    Withhold
Steinway Musical Instruments,                                                              Elect Director Bruce
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.3       M   A. Stevens              For    Withhold
Steinway Musical Instruments,                                                              Elect Director John
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.4       M   M. Stoner, Jr.          For    Withhold
Steinway Musical Instruments,                                                              Elect Director John
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.4       M   M. Stoner, Jr.          For    Withhold
Steinway Musical Instruments,                                                              Elect Director A.
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.5       M   Clinton Allen           For    For
Steinway Musical Instruments,                                                              Elect Director A.
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.5       M   Clinton Allen           For    For
Steinway Musical Instruments,                                                              Elect Director
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.6       M   Rudolph K. Kluiber      For    For
Steinway Musical Instruments,                                                              Elect Director
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.6       M   Rudolph K. Kluiber      For    For
Steinway Musical Instruments,                                                              Elect Director Peter
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.7       M   McMillan                For    For
Steinway Musical Instruments,                                                              Elect Director Peter
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  1.7       M   McMillan                For    For
Steinway Musical Instruments,
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
Steinway Musical Instruments,
Inc.                             LVB   858495104  05/11/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  1.1       M   F. Olson                For    For
                                                                                           Elect Director
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  1.2       M   William B. Binch        For    For
                                                                                           Elect Director
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  1.3       M   Kenneth H. Holec        For    For
                                                                                           Elect Director Alan
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  1.4       M   B. Menkes               For    For
                                                                                           Elect Director Philip
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  1.5       M   E. Soran                For    For
                                                                                           Elect Director
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  1.6       M   Raymond A. Tucker       For    For
Stellent, Inc.                         85856W105  08/01/06 06/20/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.1       M   Cynthia L. Feldmann     For    For
                                                                                           Elect Director
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.2       M   Stephen R. Hardis       For    Withhold
                                                                                           Elect Director
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.3       M   Jacqueline B. Kosecoff  For    For
                                                                                           Elect Director
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.4       M   Raymond A. Lancaster    For    For
                                                                                           Elect Director Kevin
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.5       M   M. McMullen             For    For
                                                                                           Elect Director J.B.
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.6       M   Richey                  For    For
                                                                                           Elect Director Mohsen
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.7       M   M. Sohi                 For    For
                                                                                           Elect Director Les C.
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.8       M   Vinney                  For    For
                                                                                           Elect Director John
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.9       M   P. Wareham              For    For
                                                                                           Elect Director Loyal
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.10      M   W. Wilson               For    For
                                                                                           Elect Director
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  1.11      M   Michael B. Wood         For    For
                                                                                           Approve Omnibus Stock
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  2         M   Plan                    For    For
Steris Corp.                     STE   859152100  07/26/06 06/02/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Edward
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  1.1       M   R. Bardgett             For    For
                                                                                           Elect Director Bruce
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  1.2       M   J. Harper               For    For
                                                                                           Elect Director B.A.
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  1.3       M   Harris, Jr., MD         For    For
                                                                                           Elect Director Glenn
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  1.4       M   H. Johnson              For    For
                                                                                           Elect Director R.
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  1.5       M   Bruce Laboon            For    Withhold
                                                                                           Increase Authorized
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  2         M   Common Stock            For    For
                                                                                           Amend Omnibus Stock
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  3         M   Plan                    For    For
Sterling Bancshares, Inc. /TX    SBIB  858907108  04/30/07 03/01/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Sterling Financial Corp.         STSA  859319105  02/21/07 01/12/07  Special 1         M   Agreement               For    For
Sterling Financial Corp.         STSA  859319105  02/21/07 01/12/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director James
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  1.1       M   P. Fugate               For    For
                                                                                           Elect Director James
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  1.2       M   B. Keegan, Jr.          For    For
                                                                                           Elect Director Robert
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  1.3       M   D. Larrabee             For    For
                                                                                           Elect Director
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  1.4       M   Michael F. Reuling      For    For
                                                                                           Increase Authorized
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  2         M   Common Stock            For    For
                                                                                           Approve Omnibus Stock
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  3         M   Plan                    For    For
Sterling Financial Corp.         STSA  859319105  04/24/07 03/05/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director R.H.
Sterling Financial Corp. (PA)    SLFI  859317109  05/08/07 02/28/07  Annual  1.1       M   Albright, Jr.           For    For
                                                                                           Elect Director Howard
Sterling Financial Corp. (PA)    SLFI  859317109  05/08/07 02/28/07  Annual  1.2       M   E. Groff, Jr.           For    For
                                                                                           Elect Director
Sterling Financial Corp. (PA)    SLFI  859317109  05/08/07 02/28/07  Annual  1.3       M   William E. Miller, Jr.  For    For
                                                                                           Elect Director John
Sterling Financial Corp. (PA)    SLFI  859317109  05/08/07 02/28/07  Annual  1.4       M   E. Stefan               For    Withhold
                                                                                           Elect Director Glenn
Sterling Financial Corp. (PA)    SLFI  859317109  05/08/07 02/28/07  Annual  1.5       M   R. Walz                 For    For
Sterling Financial Corp. (PA)    SLFI  859317109  05/08/07 02/28/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Thomas
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.1       M   J. Crawford             For    For
                                                                                           Elect Director Thomas
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.2       M   M. Kitchen              For    For
                                                                                           Elect Director Alden
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.3       M   J. Mcdonald, Jr.        For    For
                                                                                           Elect Director James
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.4       M   W. Mcfarland            For    For
                                                                                           Elect Director Ronald
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.5       M   H. Patron               For    For
                                                                                           Elect Director
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.6       M   Michael O. Read         For    For
                                                                                           Elect Director Ashton
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.7       M   J. Ryan, Jr.            For    For
                                                                                           Elect Director Frank
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  1.8       M   B. Stewart, Jr.         For    For
                                                                                           Approve Omnibus Stock
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  2         M   Plan                    For    For
                                                                                           Approve Executive
Stewart Enterprises, Inc.        STEI  860370105  04/05/07 02/09/07  Annual  3         M   Incentive Bonus Plan    For    For
                                                                                           Approve Merger
Summit Bancshares, Inc.          SBIT  866011109  10/24/06 09/12/06  Special 1         M   Agreement               For    For
Summit Bancshares, Inc.          SBIT  866011109  10/24/06 09/12/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Robert
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.1       M   A. Alter                For    For
                                                                                           Elect Director Lewis
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.2       M   N. Wolff                For    For
                                                                                           Elect Director Z.
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.3       M   Jamie Behar             For    For
                                                                                           Elect Director Thomas
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.4       M   A. Lewis                For    For
                                                                                           Elect Director Keith
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.5       M   M. Locker               For    For
                                                                                           Elect Director Keith
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.6       M   P. Russell              For    For
                                                                                           Elect Director Steven
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  1.7       M   R. Goldman              For    For
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
Sunstone Hotel Investors, Inc.   SHO   867892101  05/01/07 03/19/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director
Sybase, Inc.                     SY    871130100  05/29/07 04/03/07  Annual  1.1       M   Cecilia Claudio         For    For
                                                                                           Elect Director L.
Sybase, Inc.                     SY    871130100  05/29/07 04/03/07  Annual  1.2       M   William Krause          For    For
                                                                                           Elect Director Robert
Sybase, Inc.                     SY    871130100  05/29/07 04/03/07  Annual  1.3       M   P. Wayman               For    For
Sybase, Inc.                     SY    871130100  05/29/07 04/03/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Declassify the Board
Sybase, Inc.                     SY    871130100  05/29/07 04/03/07  Annual  3         M   of Directors            For    For
                                                                                           Amend Omnibus Stock
Sybase, Inc.                     SY    871130100  05/29/07 04/03/07  Annual  4         M   Plan                    For    For
                                                                                           Elect Director Paul
Sykes Enterprises, Inc.          SYKE  871237103  05/23/07 04/04/07  Annual  1.1       M   L. Whiting              For    Withhold
                                                                                           Elect Director Mark
Sykes Enterprises, Inc.          SYKE  871237103  05/23/07 04/04/07  Annual  1.2       M   C. Bozek                For    For
                                                                                           Elect Director
Sykes Enterprises, Inc.          SYKE  871237103  05/23/07 04/04/07  Annual  1.3       M   Michael P. DeLong       For    For
                                                                                           Elect Director Iain
Sykes Enterprises, Inc.          SYKE  871237103  05/23/07 04/04/07  Annual  1.4       M   A. MacDonald            For    For
Sykes Enterprises, Inc.          SYKE  871237103  05/23/07 04/04/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.1       M   Matthew F.C. Miau       For    For
                                                                                           Elect Director Robert
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.2       M   T. Huang                For    For
                                                                                           Elect Director Fred
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.3       M   A. Breidenbach          For    For
                                                                                           Elect Director
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.4       M   Gregory L. Quesnel      For    For
                                                                                           Elect Director David
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.5       M   Rynne                   For    Withhold
                                                                                           Elect Director Dwight
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.6       M   A. Steffensen           For    For
                                                                                           Elect Director James
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  1.7       M   C. Van Horne            For    For
                                                                                           Approve Executive
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  2         M   Incentive Bonus Plan    For    For
SYNNEX Corporation               SNX   87162W100  03/20/07 02/08/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.1       M   Richard Leeds           For    Withhold
                                                                                           Elect Director Bruce
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.2       M   Leeds                   For    Withhold
                                                                                           Elect Director Robert
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.3       M   Leeds                   For    Withhold
                                                                                           Elect Director
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.4       M   Gilbert Fiorentino      For    Withhold
                                                                                           Elect Director Robert
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.5       M   Rosenthal               For    For
                                                                                           Elect Director Stacy
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.6       M   S. Dick                 For    For
                                                                                           Elect Director Ann R.
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  1.7       M   Leven                   For    For
                                                                                           Approve Non-Employee
                                                                                           Director Omnibus
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  2         M   Stock Plan              For    Against
Systemax Inc.                    SYX   871851101  10/11/06 08/25/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.1       M   Richard Leeds           For    Withhold
                                                                                           Elect Director Bruce
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.2       M   Leeds                   For    Withhold
                                                                                           Elect Director Robert
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.3       M   Leeds                   For    Withhold
                                                                                           Elect Director
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.4       M   Gilbert Fiorentino      For    Withhold
                                                                                           Elect Director Robert
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.5       M   Rosenthal               For    For
                                                                                           Elect Director Stacy
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.6       M   S. Dick                 For    For
                                                                                           Elect Director Ann R.
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  1.7       M   Leven                   For    For
Systemax Inc.                    SYX   871851101  06/07/07 04/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Eugene
Talx Corporation                 TALX  874918105  09/07/06 07/07/06  Annual  1.1       M   M. Toombs               For    For
                                                                                           Elect Director M.
Talx Corporation                 TALX  874918105  09/07/06 07/07/06  Annual  1.2       M   Stephen Yoakum          For    For
                                                                                           Approve Qualified
                                                                                           Employee Stock
Talx Corporation                 TALX  874918105  09/07/06 07/07/06  Annual  2         M   Purchase Plan           For    For
Talx Corporation                 TALX  874918105  09/07/06 07/07/06  Annual  3         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Talx Corporation                 TALX  874918105  05/15/07 04/04/07  Special 1         M   Agreement               For    For
Talx Corporation                 TALX  874918105  05/15/07 04/04/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Bruce
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.1       M   W. Taylor               For    For
                                                                                           Elect Director Ronald
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.2       M   L. Bliwas               For    For
                                                                                           Elect Director Ronald
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.3       M   D. Emanuel              For    For
                                                                                           Elect Director Edward
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.4       M   Mcgowan                 For    For
                                                                                           Elect Director Louise
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.5       M   O'Sullivan              For    For
                                                                                           Elect Director Melvin
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.6       M   E. Pearl                For    For
                                                                                           Elect Director
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.7       M   Shepherd G. Pryor, Iv   For    For
                                                                                           Elect Director
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.8       M   Jeffrey W. Taylor       For    Withhold
                                                                                           Elect Director
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.9       M   Richard W. Tinberg      For    For
                                                                                           Elect Director Mark
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  1.10      M   L. Yeager               For    For
                                                                                           Approve Executive
Taylor Capital Group, Inc.       TAYC  876851106  06/07/07 04/19/07  Annual  2         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director
Technitrol, Inc.                 TNL   878555101  05/16/07 03/02/07  Annual  1.1       M   Jeffrey A. Graves       For    For
                                                                                           Elect Director David
Technitrol, Inc.                 TNL   878555101  05/16/07 03/02/07  Annual  1.2       M   H. Hofmann              For    For
                                                                                           Elect Director Edward
Technitrol, Inc.                 TNL   878555101  05/16/07 03/02/07  Annual  1.3       M   M. Mazze                For    For
                                                                                           Elect Director
Tennant Co.                      TNC   880345103  05/03/07 03/05/07  Annual  1.1       M   William F. Austen       For    For
                                                                                           Elect Director James
Tennant Co.                      TNC   880345103  05/03/07 03/05/07  Annual  1.2       M   T. Hale                 For    Withhold
                                                                                           Elect Director H.
Tennant Co.                      TNC   880345103  05/03/07 03/05/07  Annual  1.3       M   Chris Killingstad       For    Withhold
                                                                                           Elect Director Pamela
Tennant Co.                      TNC   880345103  05/03/07 03/05/07  Annual  1.4       M   K. Knous                For    Withhold
Tennant Co.                      TNC   880345103  05/03/07 03/05/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
Tennant Co.                      TNC   880345103  05/03/07 03/05/07  Annual  3         M   Plan                    For    For
                                                                                           Approve Merger
Texas Regional Bankshares, Inc.  TRBS  882673106  09/25/06 08/08/06  Special 1         M   Agreement               For    For
Texas Regional Bankshares, Inc.  TRBS  882673106  09/25/06 08/08/06  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director Robert
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.1       M   B. Bank                 For    For
                                                                                           Elect Director Byron
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.2       M   L. Bergren              For    For
                                                                                           Elect Director Philip
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.3       M   M. Browne               For    For
                                                                                           Elect Director
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.4       M   Shirley A. Dawe         For    For
                                                                                           Elect Director Marsha
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.5       M   M. Everton              For    For
                                                                                           Elect Director
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.6       M   Michael L. Gleim        For    Withhold
                                                                                           Elect Director Tim
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.7       M   Grumbacher              For    For
                                                                                           Elect Director Robert
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  1.8       M   E. Salerno              For    For
                                                                                           Approve/Amend
                                                                                           Executive Incentive
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  2         M   Bonus Plan              For    For
The Bon-Ton Stores, Inc.         BONT  09776J101  06/19/07 04/27/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director John
The Dress Barn, Inc.             DBRN  261570105  11/29/06 10/16/06  Annual  1.1       M   Usdan                   For    For
                                                                                           Elect Director Randy
The Dress Barn, Inc.             DBRN  261570105  11/29/06 10/16/06  Annual  1.2       M   L. Pearce               For    For
                                                                                           Elect Director Wayne
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.1       M   H. Calabrese            For    For
                                                                                           Elect Director Norman
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.2       M   A. Carlson              For    For
                                                                                           Elect Director Anne
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.3       M   N. Foreman              For    For
                                                                                           Elect Director
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.4       M   Richard H. Glanton      For    For
                                                                                           Elect Director John
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.5       M   M. Palms                For    For
                                                                                           Elect Director John
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.6       M   M. Perzel               For    For
                                                                                           Elect Director George
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  1.7       M   C. Zoley                For    For
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
The GEO Group, Inc.              GEO   36159R103  05/01/07 03/12/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Duane
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  1.1       M   C. Mcdougall            For    For
                                                                                           Elect Director A.
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  1.2       M   Daniel O'Neal, Jr.      For    For
                                                                                           Elect Director Donald
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  1.3       M   A. Washburn             For    For
                                                                                           Elect Director Graeme
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  1.4       M   Jack                    For    For
                                                                                           Approve/Amend
                                                                                           Executive Incentive
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  2         M   Bonus Plan              For    For
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  3         M   Ratify Auditors         For    For
The Greenbrier Companies, Inc.   GBX   393657101  01/09/07 11/15/06  Annual  4         M   Other Business          For    For
                                                                                           Approve Merger
The Houston Exploration Co.      THX   442120101  06/05/07 04/30/07  Special 1         M   Agreement               For    For
                                                                                           Elect Director
The Laclede Group, Inc.          LG    505597104  01/25/07 12/01/06  Annual  1.1       M   Anthony V. Leness       For    For
                                                                                           Elect Director Brenda
The Laclede Group, Inc.          LG    505597104  01/25/07 12/01/06  Annual  1.2       M   D. Newberry             For    For
                                                                                           Elect Director Mary
The Laclede Group, Inc.          LG    505597104  01/25/07 12/01/06  Annual  1.3       M   Ann Van Lokeren         For    For
                                                                                           Elect Director
The Laclede Group, Inc.          LG    505597104  01/25/07 12/01/06  Annual  1.4       M   Douglas H. Yaeger       For    For
The Laclede Group, Inc.          LG    505597104  01/25/07 12/01/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director H.J.
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.1       M   Mervyn Blakeney         For    Withhold
                                                                                           Elect Director Peter
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.2       M   A. Cheney               For    For
                                                                                           Elect Director
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.3       M   Terence N. Deeks        For    Withhold
                                                                                           Elect Director Robert
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.4       M   W. Eager, Jr.           For    For
                                                                                           Elect Director W.
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.5       M   Thomas Forrester        For    For
                                                                                           Elect Director
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.6       M   Stanley A. Galanski     For    Withhold
                                                                                           Elect Director
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.7       M   Leandro S. Galban, Jr.  For    For
                                                                                           Elect Director John
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.8       M   F. Kirby                For    Withhold
                                                                                           Elect Director Marc
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.9       M   M. Tract                For    Withhold
                                                                                           Elect Director Robert
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  1.10      M   F. Wright               For    For
The Navigators Group, Inc.       NAVG  638904102  06/07/07 04/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director David
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.1       M   A. Bell                 For    For
                                                                                           Elect Director Robert
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.2       M   A. Bowman               For    For
                                                                                           Elect Director
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.3       M   Richard Karl Goeltz     For    For
                                                                                           Elect Director Joseph
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.4       M   R. Gromek               For    For
                                                                                           Elect Director Sheila
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.5       M   A. Hopkins              For    For
                                                                                           Elect Director
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.6       M   Charles R. Perrin       For    For
                                                                                           Elect Director Nancy
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.7       M   A. Reardon              For    For
                                                                                           Elect Director Donald
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.8       M   L. Seeley               For    For
                                                                                           Elect Director Cheryl
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  1.9       M   Nido Turpin             For    For
The Warnaco Group, Inc.          WRNC  934390402  05/15/07 03/27/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Vivek
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  1.1       M   Y. Ranadive             For    For
                                                                                           Elect Director
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  1.2       M   Bernard J. Bourigeaud   For    For
                                                                                           Elect Director Eric
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  1.3       M   C.W. Dunn               For    For
                                                                                           Elect Director
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  1.4       M   Narendra K. Gupta       For    For
                                                                                           Elect Director Peter
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  1.5       M   J. Job                  For    For
                                                                                           Elect Director Philip
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  1.6       M   K. Wood                 For    For
TIBCO Software, Inc.             TIBX  88632Q103  04/18/07 02/20/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Ann
TierOne Corp.                    TONE  88650R108  05/15/07 03/08/07  Annual  1.1       M   Lindley Spence          For    For
                                                                                           Elect Director
TierOne Corp.                    TONE  88650R108  05/15/07 03/08/07  Annual  1.2       M   Charles W. Hoskins      For    For
TierOne Corp.                    TONE  88650R108  05/15/07 03/08/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  1.1       M   Gregory J. Attorri      For    For
                                                                                           Elect Director
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  1.2       M   Spencer B. Hays         For    For
                                                                                           Elect Director
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  1.3       M   Larissa L. Herda        For    For
                                                                                           Elect Director Kevin
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  1.4       M   W. Mooney               For    For
                                                                                           Elect Director Kirby
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  1.5       M   G. Pickle               For    For
                                                                                           Elect Director Roscoe
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  1.6       M   C. Young, II            For    For
                                                                                           Amend
                                                                                           Articles/Bylaws/Charter-
                                                                                           certificate of
                                                                                           Incorporation to
                                                                                           remove Class B common   For
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  2         M   stock provisions.       Restat For
Time Warner Telecom, Inc.        TWTC  887319101  06/06/07 04/09/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.1       M   William J. Casey        For    For
                                                                                           Elect Director Donald
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.2       M   J. Amaral               For    For
                                                                                           Elect Director Craig
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.3       M   S. Compton              For    For
                                                                                           Elect Director John
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.4       M   S.A. Hasbrook           For    For
                                                                                           Elect Director
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.5       M   Michael W. Koehnen      For    For
                                                                                           Elect Director Donald
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.6       M   E. Murphy               For    For
                                                                                           Elect Director Steve
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.7       M   G. Nettleton            For    For
                                                                                           Elect Director
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.8       M   Richard P. Smith        For    For
                                                                                           Elect Director
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.9       M   Carroll R. Taresh       For    For
                                                                                           Elect Director Alex
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  1.10      M   A. Vereschagin, Jr      For    For
TriCo Bancshares                 TCBK  896095106  05/22/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Edward
Trico Marine Services, Inc.      TRMA  896106200  06/12/07 04/20/07  Annual  1.1       M   C. Hutcheson, Jr.       For    For
                                                                                           Elect Director Myles
Trico Marine Services, Inc.      TRMA  896106200  06/12/07 04/20/07  Annual  1.1       M   W. Scoggins             For    For
                                                                                           Elect Director Per
Trico Marine Services, Inc.      TRMA  896106200  06/12/07 04/20/07  Annual  1.3       M   Staehr                  For    For
Trico Marine Services, Inc.      TRMA  896106200  06/12/07 04/20/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Please Mark Box If
                                                                                           Stock Owned or
                                                                                           Beneficially By You
                                                                                           is Owned or
                                                                                           Controlled by Persons
                                                                                           Who are Not U.S
Trico Marine Services, Inc.      TRMA  896106200  06/12/07 04/20/07  Annual  3         M   Citizens                None   Abstain
                                                                                           Elect Director
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.1       M   Richard C. Ill          For    For
                                                                                           Elect Director John
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.2       M   R. Bartholdson          For    For
                                                                                           Elect Director
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.3       M   Richard C. Gozon        For    For
                                                                                           Elect Director Claude
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.4       M   F. Kronk                For    For
                                                                                           Elect Director
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.5       M   William O. Albertini    For    For
                                                                                           Elect Director George
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.6       M   Simpson                 For    For
                                                                                           Elect Director Terry
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  1.7       M   D. Stinson              For    For
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Non-Employee
                                                                                           Director Omnibus
Triumph Group, Inc.              TGI   896818101  07/27/06 05/31/06  Annual  3         M   Stock Plan              For    For
                                                                                           Elect Director Stan
UAP Holding Corp                 UAPH  903441103  07/11/06 06/06/06  Annual  1.1       M   Parker                  For    For
                                                                                           Elect Director
                                                                                           William H. Schumann,
UAP Holding Corp                 UAPH  903441103  07/11/06 06/06/06  Annual  1.2       M   III                     For    For
UAP Holding Corp                 UAPH  903441103  07/11/06 06/06/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Thelma
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.1       M   R. Albright             For    For
                                                                                           Elect Director Marc
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.2       M   C. Breslawsky           For    For
                                                                                           Elect Director Arnold
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.3       M   L. Chase                For    For
                                                                                           Elect Director John
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.4       M   F. Croweak              For    For
                                                                                           Elect Director Betsy
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.5       M   Henley-Cohn             For    For
                                                                                           Elect Director John
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.6       M   L. Lahey                For    For
                                                                                           Elect Director F.
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.7       M   Patrick McFadden, Jr.   For    For
                                                                                           Elect Director Daniel
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.8       M   J. Miglio               For    For
                                                                                           Elect Director
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.9       M   William F. Murdy        For    For
                                                                                           Elect Director James
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.10      M   A. Thomas               For    For
                                                                                           Elect Director James
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  1.11      M   P. Torgerson            For    For
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Increase Authorized
UIL Holdings Corporation         UIL   902748102  05/09/07 03/06/07  Annual  3         M   Common Stock            For    For
                                                                                           Elect Director Ronald
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.1       M   F. Angell               For    For
                                                                                           Elect Director Scott
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.2       M   D. Chambers             For    For
                                                                                           Elect Director
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.3       M   Raymond P. Davis        For    For
                                                                                           Elect Director Allyn
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.4       M   C. Ford                 For    For
                                                                                           Elect Director David
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.5       M   B. Frohnmayer           For    For
                                                                                           Elect Director
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.6       M   Stephen M. Gambee       For    For
                                                                                           Elect Director Dan
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.7       M   Giustina                For    For
                                                                                           Elect Director
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.8       M   William A. Lansing      For    For
                                                                                           Elect Director
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.9       M   Theodore S. Mason       For    For
                                                                                           Elect Director Diane
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.10      M   D. Miller               For    For
                                                                                           Elect Director Bryan
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  1.11      M   L. Timm                 For    For
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  3         M   Plan                    For    For
                                                                                           Approve Executive
Umpqua Holdings Corp.            UMPQ  904214103  04/17/07 02/09/07  Annual  4         M   Incentive Bonus Plan    For    For
                                                                                           Elect Director Ronald
Union Bankshares Corp.           UBSH  905399101  04/17/07 03/02/07  Annual  1.1       M   L. Hicks                For    For
                                                                                           Elect Director W.
Union Bankshares Corp.           UBSH  905399101  04/17/07 03/02/07  Annual  1.2       M   Taylor Murphy, Jr.      For    For
                                                                                           Elect Director A.D.
Union Bankshares Corp.           UBSH  905399101  04/17/07 03/02/07  Annual  1.3       M   Whittaker               For    For
                                                                                           Elect Director James
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.1       M   S. Pignatelli           For    For
                                                                                           Elect Director
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.2       M   Lawrence J. Aldrich     For    For
                                                                                           Elect Director
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.3       M   Barbara M. Baumann      For    For
                                                                                           Elect Director Larry
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.4       M   W. Bickle               For    For
                                                                                           Elect Director
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.5       M   Elizabeth T. Bilby      For    For
                                                                                           Elect Director Harold
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.6       M   W. Burlingame           For    For
                                                                                           Elect Director John
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.7       M   L. Carter               For    For
                                                                                           Elect Director Robert
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.8       M   A. Elliott              For    For
                                                                                           Elect Director Daniel
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.9       M   W.L. Fessler            For    For
                                                                                           Elect Director
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.10      M   Kenneth Handy           For    For
                                                                                           Elect Director Warren
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.11      M   Y. Jobe                 For    For
                                                                                           Elect Director
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  1.12      M   Joaquin Ruiz            For    For
UniSource Energy Corp.           UNS   909205106  05/11/07 03/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.1       M   Richard M. Adams        For    For
                                                                                           Elect Director Robert
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.2       M   G. Astorg               For    For
                                                                                           Elect Director Thomas
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.3       M   J. Blair, III           For    For
                                                                                           Elect Director W.
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.4       M   Gaston Caperton, III    For    For
                                                                                           Elect Director
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.5       M   Lawrence K. Doll        For    For
                                                                                           Elect Director
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.6       M   Theodore J. Georgelas   For    For
                                                                                           Elect Director F.T.
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.7       M   Graff, Jr.              For    For
                                                                                           Elect Director
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.8       M   Russell L. Isaacs       For    For
                                                                                           Elect Director John
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.9       M   M. McMahon              For    For
                                                                                           Elect Director J.
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.10      M   Paul McNamara           For    For
                                                                                           Elect Director G.
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.11      M   Ogden Nutting           For    For
                                                                                           Elect Director
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.12      M   William C. Pitt, III    For    For
                                                                                           Elect Director I.N.
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.13      M   Smith, Jr.              For    For
                                                                                           Elect Director Mary
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.14      M   K. Weddle               For    For
                                                                                           Elect Director P.
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  1.15      M   Clinton Winter, Jr.     For    For
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  2         M   Ratify Auditors         For    For
United Bankshares, Inc.          UBSI  909907107  05/21/07 04/02/07  Annual  3         M   Other Business          For    For
United Community Financial                                                                 Elect Director
Corp.                            UCFC  909839102  04/26/07 03/09/07  Annual  1.1       M   Eugenia C. Atkinson     For    For
United Community Financial                                                                 Elect Director David
Corp.                            UCFC  909839102  04/26/07 03/09/07  Annual  1.2       M   G. Lodge                For    For
United Community Financial                                                                 Elect Director
Corp.                            UCFC  909839102  04/26/07 03/09/07  Annual  1.3       M   Clarence R. Smith, Jr.  For    For
United Community Financial                                                                 Approve Omnibus Stock
Corp.                            UCFC  909839102  04/26/07 03/09/07  Annual  2         M   Plan                    For    Against
United Community Financial
Corp.                            UCFC  909839102  04/26/07 03/09/07  Annual  3         M   Ratify Auditors         For    For
                                                                                           Elect Director Robert
United Online, Inc.              UNTD  911268100  05/22/07 04/09/07  Annual  1.1       M   Berglass                For    For
                                                                                           Elect Director
United Online, Inc.              UNTD  911268100  05/22/07 04/09/07  Annual  1.2       M   Kenneth L. Coleman      For    For
United Online, Inc.              UNTD  911268100  05/22/07 04/09/07  Annual  2         M   Ratify Auditors         For    For
United Online, Inc.              UNTD  911268100  05/22/07 04/09/07  Annual  3         M   Other Business          For    For
                                                                                           Elect Director Roy W.
United Stationers Inc.           USTR  913004107  05/09/07 03/12/07  Annual  1.1       M   Haley                   For    For
                                                                                           Elect Director Benson
United Stationers Inc.           USTR  913004107  05/09/07 03/12/07  Annual  1.2       M   P. Shapiro              For    For
United Stationers Inc.           USTR  913004107  05/09/07 03/12/07  Annual  2         M   Ratify Auditors         For    For
Universal                                                                                  Elect Director John
Corp.                            UVV   913456109  08/01/06 06/23/06  Annual  1.1       M   B. Adams, Jr.           For    For

Universal                                                                                  Elect Director Joseph
Corp.                            UVV   913456109  08/01/06 06/23/06  Annual  1.2       M   C. Farrell              For    For
Universal                                                                                  Elect Director Walter
Corp.                            UVV   913456109  08/01/06 06/23/06  Annual  1.3       M   A. Stosch               For    For
Universal                                                                                  Elect Director Eugene
Corp.                            UVV   913456109  08/01/06 06/23/06  Annual  1.4       M   P. Trani                For    For
                                                                                           Elect Director
Universal Forest Products, Inc.  UFPI  913543104  04/18/07 03/01/07  Annual  1.1       M   William G. Currie       For    For
                                                                                           Elect Director John
Universal Forest Products, Inc.  UFPI  913543104  04/18/07 03/01/07  Annual  1.2       M   M. Engler               For    For
                                                                                           Elect Director
Universal Forest Products, Inc.  UFPI  913543104  04/18/07 03/01/07  Annual  1.3       M   Michael B. Glenn        For    For
                                                                                           Elect Director Louis
Universal Forest Products, Inc.  UFPI  913543104  04/18/07 03/01/07  Annual  1.4       M   A. Smith                For    Withhold
                                                                                           Approve Outside
                                                                                           Director Stock
                                                                                           Options in Lieu of
Universal Forest Products, Inc.  UFPI  913543104  04/18/07 03/01/07  Annual  2         M   Cash                    For    For
Universal Forest Products, Inc.  UFPI  913543104  04/18/07 03/01/07  Annual  3         M   Ratify Auditors         For    Against
                                                                                           Elect Director Thomas
Valmont Industries, Inc.         VMI   920253101  04/23/07 03/01/07  Annual  1.1       M   F. Madison              For    For
                                                                                           Elect Director
Valmont Industries, Inc.         VMI   920253101  04/23/07 03/01/07  Annual  1.2       M   Stephen R. Lewis, Jr.   For    For
                                                                                           Elect Director Kaj
Valmont Industries, Inc.         VMI   920253101  04/23/07 03/01/07  Annual  1.3       M   den Daas                For    For
Valmont Industries, Inc.         VMI   920253101  04/23/07 03/01/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Alec
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.1       M   L. Ellison              For    For
                                                                                           Elect Director Joseph
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.2       M   A. Heid                 For    For
                                                                                           Elect Director Gary
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.3       M   A. Johnson              For    For
                                                                                           Elect Director Robert
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.4       M   Kamerschen              For    For
                                                                                           Elect Director
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.5       M   Michael T. Mcclorey     For    For
                                                                                           Elect Director Edward
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.6       M   M. Stern                For    For
                                                                                           Elect Director Marc
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  1.7       M   S. Tesler               For    For
                                                                                           Increase Authorized
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  2         M   Common Stock            For    For
                                                                                           Approve/Amend
                                                                                           Executive Incentive
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  3         M   Bonus Plan              For    For
                                                                                           Approve Non-Employee
                                                                                           Director Restricted
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  4         M   Stock Plan              For    Against
VERTRUE INC                      VTRU  92534N101  11/17/06 10/06/06  Annual  5         M   Ratify Auditors         For    For
                                                                                           Elect Director
Viad Corp                        VVI   92552R406  05/15/07 03/23/07  Annual  1         M   Isabella Cunningham     For    For
                                                                                           Elect Director Jess
Viad Corp                        VVI   92552R406  05/15/07 03/23/07  Annual  2         M   Hay                     For    For
                                                                                           Elect Director Albert
Viad Corp                        VVI   92552R406  05/15/07 03/23/07  Annual  3         M   M. Teplin               For    For
Viad Corp                        VVI   92552R406  05/15/07 03/23/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
Viad Corp                        VVI   92552R406  05/15/07 03/23/07  Annual  5         M   Plan                    For    For
                                                                                           Elect Director Randy
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.1       M   H. Thurman              For    For
                                                                                           Elect Director Ronald
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.2       M   A. Ahrens               For    For
                                                                                           Elect Director Sander
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.3       M   A. Flaum                For    For
                                                                                           Elect Director Kirk
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.4       M   E. Gorman               For    For
                                                                                           Elect Director Thomas
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.5       M   W. Hofmann              For    For
                                                                                           Elect Director Fred
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.6       M   B. Parks                For    For
                                                                                           Elect Director
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.7       M   Rebecca W. Rimel        For    For
                                                                                           Elect Director Elliot
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  1.8       M   J. Sussman              For    For
Viasys Healthcare, Inc.          VAS   92553Q209  05/10/07 03/09/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Cesar
W Holding Company, Inc.          WHI   929251106  05/09/07 03/30/07  Annual  1.1       M   A. Ruiz                 For    For
                                                                                           Elect Director Pedro
W Holding Company, Inc.          WHI   929251106  05/09/07 03/30/07  Annual  1.2       M   R. Dominguez            For    Against
W Holding Company, Inc.          WHI   929251106  05/09/07 03/30/07  Annual  2         M   Ratify Auditors         For    For
Washington Group International                                                             Elect Director John
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.1       M   R. Alm                  For    For
Washington Group International                                                             Elect Director David
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.2       M   H. Batchelder           For    For
Washington Group International                                                             Elect Director
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.3       M   Michael R. D'Appolonia  For    For
Washington Group International                                                             Elect Director C.
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.4       M   Scott Greer             For    For
Washington Group International                                                             Elect Director Gail
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.5       M   E. Hamilton             For    For
Washington Group International                                                             Elect Director
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.6       M   Stephen G. Hanks        For    For
Washington Group International                                                             Elect Director
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.7       M   William H. Mallender    For    For
Washington Group International                                                             Elect Director
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.8       M   Michael P. Monaco       For    For
Washington Group International                                                             Elect Director
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.9       M   Cordell Reed            For    For
Washington Group International                                                             Elect Director Dennis
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.10      M   R. Washington           For    For
Washington Group International                                                             Elect Director Dennis
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  1.11      M   K. Williams             For    For
Washington Group International
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Company
Washington Group International                                                             Specific--Adopt
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  3         M   Majority Voting         For    For
Washington Group International                                                             Provide for
Inc                              WNG   938862208  05/18/07 03/21/07  Annual  4         S   Cumulative Voting       Agains Against
                                                                                           Approve Issuance of
                                                                                           Shares for a Private
Waste Services Inc               WSII  941075202  12/12/06 11/17/06  Special 1         M   Placement               For    For
                                                                                           Elect Director Robert
Watsco, Inc.                     WSO.B 942622200  05/25/07 04/10/07  Annual  1.1       M   L. Berner III           For    For
                                                                                           Elect Director Denise
Watsco, Inc.                     WSO.B 942622200  05/25/07 04/10/07  Annual  1.2       M   Dickins                 For    For
                                                                                           Elect Director Gary
Watsco, Inc.                     WSO.B 942622200  05/25/07 04/10/07  Annual  1.3       M   L. Tapella              For    Withhold
                                                                                           Amend Qualified
                                                                                           Employee Stock
Watsco, Inc.                     WSO.B 942622200  05/25/07 04/10/07  Annual  2         M   Purchase Plan           For    For
                                                                                           Declassify the Board
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  1         M   of Directors            For    For
                                                                                           Elect Director John
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.1       M   J. Gabarro*             For    For
                                                                                           Elect Director John
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.2       M   J. Haley*               For    For
                                                                                           Elect Director R.
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.3       M   Michael Mccullough*     For    For
                                                                                           Elect Director
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.4       M   Brendan R. O'Neill*     For    For
                                                                                           Elect Director Linda
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.5       M   D. Rabbitt*             For    For
                                                                                           Elect Director C.
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.6       M   Ramamurthy*             For    For
                                                                                           Elect Director
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.7       M   Gilbert T. Ray*         For    For
                                                                                           Elect Director Roger
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.8       M   C. Urwin*               For    For
                                                                                           Elect Director Gene
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.9       M   H. Wickes*              For    For
                                                                                           Elect Director John
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.10      M   C. Wright*              For    For
                                                                                           Elect Director C.
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.11      M   Ramamurthy**            For    For
                                                                                           Elect Director Gene
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.12      M   H. Wickes**             For    For
                                                                                           Elect Director John
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.13      M   J. Haley***             For    For
                                                                                           Elect Director R.M.
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.14      M   Mccullough***           For    For
                                                                                           Elect Director
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  2.15      M   Gilbert T. Ray***       For    For
                                                                                           Eliminate Class of
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  3         M   Common Stock            For    For
                                                                                           Approve/Amend
                                                                                           Deferred Compensation
Watson Wyatt Worldwide INC       WW    942712100  11/17/06 10/02/06  Annual  4         M   Plan                    For    For
                                                                                           Elect Director Robert
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.1       M   L. Ayers                For    For
                                                                                           Elect Director
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.2       M   Timothy P. Horne        For    For
                                                                                           Elect Director Ralph
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.3       M   E. Jackson, Jr.         For    For
                                                                                           Elect Director
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.4       M   Kenneth J. McAvoy       For    For
                                                                                           Elect Director John
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.5       M   K. McGillicuddy         For    For
                                                                                           Elect Director Gordon
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.6       M   W. Moran                For    For
                                                                                           Elect Director Daniel
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.7       M   J. Murphy, III          For    For
                                                                                           Elect Director
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  1.8       M   Patrick S. O'Keefe      For    For
                                                                                           Increase Authorized
                                                                                           Common Stock and
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  2         M   Capital Stock           For    Against
                                                                                           Amend Restricted
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  3         M   Stock Plan              For    Against
Watts Water Technologies         WTS   942749102  05/02/07 03/26/07  Annual  4         M   Ratify Auditors         For    For
                                                                                           Elect Director Bill
webMethods, Inc.                 WEBM  94768C108  08/29/06 06/30/06  Annual  1.1       M   Russell                 For    For
                                                                                           Elect Director R.
webMethods, Inc.                 WEBM  94768C108  08/29/06 06/30/06  Annual  1.2       M   James Green             For    For
                                                                                           Elect Director Peter
webMethods, Inc.                 WEBM  94768C108  08/29/06 06/30/06  Annual  1.3       M   Gyenes                  For    For
webMethods, Inc.                 WEBM  94768C108  08/29/06 06/30/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Omnibus Stock
webMethods, Inc.                 WEBM  94768C108  08/29/06 06/30/06  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Lloyd
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.1       M   D. Ankeny               For    For
                                                                                           Elect Director
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.2       M   Michael J. Bragg        For    For
                                                                                           Elect Director Duane
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.3       M   C. Mcdougall            For    For
                                                                                           Elect Director Steven
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.4       M   J. Oliva                For    For
                                                                                           Elect Director J.F.
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.5       M   Ouderkirk               For    For
                                                                                           Elect Director Steven
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.6       M   N. Spence               For    For
                                                                                           Elect Director Robert
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.7       M   D. Sznewajs             For    For
                                                                                           Elect Director David
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.8       M   J. Truitt               For    For
                                                                                           Elect Director Nancy
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  1.9       M   A Wilgenbusch Phd       For    For
West Coast Bancorp (Or)          WCBO  952145100  04/24/07 03/01/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director B.
Westar Energy, Inc.              WR    95709T100  05/17/07 03/23/07  Annual  1.1       M   Anthony Isaac           For    For
                                                                                           Elect Director
Westar Energy, Inc.              WR    95709T100  05/17/07 03/23/07  Annual  1.2       M   Michael F. Morrissey    For    For
                                                                                           Elect Director John
Westar Energy, Inc.              WR    95709T100  05/17/07 03/23/07  Annual  1.3       M   C. Nettles, Jr.         For    For
Westar Energy, Inc.              WR    95709T100  05/17/07 03/23/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director Jeff
Western Refining Inc             WNR   959319104  05/15/07 03/26/07  Annual  1.1       M   A. Stevens              For    Withhold
                                                                                           Elect Director Ralph
Western Refining Inc             WNR   959319104  05/15/07 03/26/07  Annual  1.2       M   A. Schmidt              For    Withhold
                                                                                           Elect Director
Western Refining Inc             WNR   959319104  05/15/07 03/26/07  Annual  1.3       M   William D. Sanders      For    For
Western Refining Inc             WNR   959319104  05/15/07 03/26/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Approve Merger
Winston Hotels, Inc.             WXH   97563A102  06/21/07 05/11/07  Special 1         M   Agreement               For    For
Winston Hotels, Inc.             WXH   97563A102  06/21/07 05/11/07  Special 2         M   Adjourn Meeting         For    For
                                                                                           Elect Director
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  1.1       M   Charles D. Walters      For    For
                                                                                           Elect Director A.
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  1.2       M   Alexander McLean, III   For    For
                                                                                           Elect Director James
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  1.3       M   R. Gilreath             For    For
                                                                                           Elect Director
                                                                                           William S. Hummers,
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  1.4       M   III                     For    For
                                                                                           Elect Director
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  1.5       M   Charles D. Way          For    For
                                                                                           Elect Director Ken R.
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  1.6       M   Bramlett, Jr.           For    For
World Acceptance Corp.           WRLD  981419104  08/02/06 06/16/06  Annual  2         M   Ratify Auditors         For    For
                                                                                           Elect Director John
WSFS Financial Corp.             WSFS  929328102  04/26/07 03/07/07  Annual  1.1       M   F. Downey               For    For
                                                                                           Elect Director Thomas
WSFS Financial Corp.             WSFS  929328102  04/26/07 03/07/07  Annual  1.2       M   P. Preston              For    For
                                                                                           Elect Director Marvin
WSFS Financial Corp.             WSFS  929328102  04/26/07 03/07/07  Annual  1.3       M   N. Schoenhals           For    For
WSFS Financial Corp.             WSFS  929328102  04/26/07 03/07/07  Annual  2         M   Ratify Auditors         For    For
                                                                                           Amend Omnibus Stock
WSFS Financial Corp.             WSFS  929328102  04/26/07 03/07/07  Annual  3         M   Plan                    For    For
                                                                                           Elect Director Max M.
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.1       M   Kampelman               For    For
                                                                                           Elect Director Robert
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.2       M   J. Miller               For    For
                                                                                           Elect Director Leon
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.3       M   E. Panetta              For    For
                                                                                           Elect Director
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.4       M   Catherine B. Reynolds   For    For
                                                                                           Elect Director Alan
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.5       M   I. Rothenberg           For    For
                                                                                           Elect Director
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.6       M   William S. Sessions     For    For
                                                                                           Elect Director Gerald
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.7       M   Tsai, Jr.               For    For
                                                                                           Elect Director
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.8       M   Michael Wm. Zavis       For    For
                                                                                           Elect Director
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  1.9       M   Stanley R. Zax          For    For
                                                                                           Approve Nonqualified
                                                                                           Employee Stock
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  2         M   Purchase Plan           For    For
Zenith National Insurance Corp.  ZNT   989390109  05/24/07 03/26/07  Annual  3         M   Ratify Auditors         For    For




Fund:  Principal Variable Contracts Fund, Inc. -
                Strategic Asset Management Portfolios - Flexible Income Portfolio
                                                        Conservative Balanced Portfolio
                                                        Balanced Portfolio
                                                        Conservative Growth Portfolio
                                                        Strategic Growth Portfolio
Sub-Advisor:  Edge Asset Management

- ----------------------- --------------------------------------------- -------------- ---------------------
                                                                             (g)          (h)       (i)
                                                                             Did        Vote       Was
                                                                             the        (For,      Vote
                                  (d)                           (f)        Registrant  Against,    For or
     (a)     (b)      (c)       S/H Mtg.       (e)           Proposed by      Vote?   Abstain)    Against
   Issuer   Ticker    CUSIP      Date   Matter Voted On    Issuer or S/H  (Yes or No)           Management
- ----------------------------------------------------------------- ---------------------------------
                                                
No Proxies were Voted.


******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-07462
Reporting Period: 07/01/2006 - 06/30/2007
Principal Variable Contracts Fund, Inc.- West Coast Equity Account
Sub-Advisor:  Edge Asset Management, Inc.



======================= PVC WEST COAST EQUITY ACCOUNT ==========================


ABBOTT LABORATORIES

Ticker:       ABT            Security ID:  002824100
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director R.S. Austin                For       For        Management
1.2   Elect Director W.M. Daley                 For       For        Management
1.3   Elect Director W.J. Farrell               For       For        Management
1.4   Elect Director H.L. Fuller                For       For        Management
1.5   Elect Director R.A. Gonzalez              For       For        Management
1.6   Elect Director D.A.L. Owen                For       For        Management
1.7   Elect Director B. Powell Jr.              For       For        Management
1.8   Elect Director W.A. Reynolds              For       For        Management
1.9   Elect Director R.S. Roberts               For       For        Management
1.10  Elect Director S.C. Scott III             For       Withhold   Management
1.11  Elect Director W.D. Smithburg             For       For        Management
1.12  Elect Director G.F. Tilton                For       For        Management
1.13  Elect Director M.D. White                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
4     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

ACTUATE CORP.

Ticker:       ACTU           Security ID:  00508B102
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director George B. Beitzel          For       For        Management
1.2   Elect Director Peter I. Cittadini         For       For        Management
1.3   Elect Director Kenneth E. Marshall        For       For        Management
1.4   Elect Director Nicolas C. Nierenberg      For       For        Management
1.5   Elect Director Arthur C. Patterson        For       For        Management
1.6   Elect Director Steven D. Whiteman         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ADOBE SYSTEMS INC.

Ticker:       ADBE           Security ID:  00724F101
Meeting Date: APR 5, 2007    Meeting Type: Annual
Record Date:  FEB 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert K. Burgess          For       For        Management
1.2   Elect Director Carol Mills                For       For        Management
1.3   Elect Director Colleen M. Pouliot         For       For        Management
1.4   Elect Director Robert Sedgewick           For       For        Management
1.5   Elect Director John E. Warnock            For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Stock Retention/Holding Period            Against   For        Shareholder
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

AFFYMETRIX INC.

Ticker:       AFFX           Security ID:  00826T108
Meeting Date: JUN 13, 2007   Meeting Type: Annual
Record Date:  APR 18, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen P.A. Fodor, Ph.D.  For       For        Management
1.2   Elect Director Paul Berg, Ph.D.           For       For        Management
1.3   Elect Director Susan D. Desmond-Hellmann, For       For        Management
      M.D.
1.4   Elect Director John D. Diekman, Ph.D.     For       Withhold   Management
1.5   Elect Director Vernon R. Loucks, Jr.      For       For        Management
1.6   Elect Director David B. Singer            For       Withhold   Management
1.7   Elect Director Robert H. Trice, Ph.D.     For       For        Management
1.8   Elect Director Robert P. Wayman           For       For        Management
1.9   Elect Director John A. Young              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

AGERE SYSTEMS INC

Ticker:       AGR            Security ID:  00845V308
Meeting Date: MAR 29, 2007   Meeting Type: Annual
Record Date:  FEB 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director Richard L. Clemmer         For       For        Management
2.2   Elect Director Michael J. Mancuso         For       For        Management
2.3   Elect Director Kari-Pekka Wilska          For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

ALASKA AIR GROUP, INC.

Ticker:       ALK            Security ID:  011659109
Meeting Date: JUN 12, 2007   Meeting Type: Annual
Record Date:  APR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William S. Ayer            For       For        Management
1.2   Elect Director R. Marc Langland           For       For        Management
1.3   Elect Director Dennis F. Madsen           For       For        Management
2     Reimbursement For Short-Slate Proxy       Against   Against    Shareholder
      Contests
3     Provide for Cumulative Voting             Against   Against    Shareholder
4     Separate Chairman and CEO Positions       Against   For        Shareholder
5     Amend Bylaws/Governance Documents -- Call Against   For        Shareholder
      Special Meetings
6     Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote



- --------------------------------------------------------------------------------

AMB PROPERTY CORP.

Ticker:       AMB            Security ID:  00163T109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Afsaneh M. Beshloss        For       For        Management
2     Elect Director T. Robert Burke            For       For        Management
3     Elect Director David A. Cole              For       For        Management
4     Elect Director Lydia H. Kennard           For       For        Management
5     Elect Director  J. Michael Losh           For       For        Management
6     Elect Director Hamid R. Moghadam          For       For        Management
7     Elect Director Frederick W. Reid          For       For        Management
8     Elect Director Jeffrey L. Skelton         For       For        Management
9     Elect Director Thomas W. Tusher           For       For        Management
10    Ratify Auditors                           For       For        Management
11    Amend Omnibus Stock Plan                  For       Against    Management
12    Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

AMBASSADORS GROUP INC

Ticker:       EPAX           Security ID:  023177108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ricardo Lopez Valencia     For       For        Management
1.2   Elect Director Jeffrey D. Thomas          For       For        Management
1.3   Elect Director Richard D.C. Whilden       For       For        Management


- --------------------------------------------------------------------------------

AMGEN, INC.

Ticker:       AMGN           Security ID:  031162100
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Frank J. Biondi, Jr.       For       For        Management
2     Elect Director Jerry D. Choate            For       For        Management
3     Elect Director Frank C. Herringer         For       For        Management
4     Elect Director Gilbert S. Omenn           For       For        Management
5     Ratify Auditors                           For       For        Management
6     Declassify the Board of Directors         For       For        Management
7     Declassify the Board of Directors         For       For        Management
8     Develop an Animal Welfare Policy          Against   Against    Shareholder
9     Prepare a Sustainability Report           Against   Against    Shareholder


- --------------------------------------------------------------------------------

AMN HEALTHCARE SERVICES INC.

Ticker:       AHS            Security ID:  001744101
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  FEB 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven C. Francis          For       For        Management
1.2   Elect Director Susan R. Nowakowski        For       For        Management
1.3   Elect Director R. Jeffrey Harris          For       For        Management
1.4   Elect Director William F. Miller, III     For       For        Management
1.5   Elect Director Andrew M. Stern            For       For        Management
1.6   Elect Director Douglas D. Wheat           For       For        Management
1.7   Elect Director Paul E. Weaver             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

APACHE CORP.

Ticker:       APA            Security ID:  037411105
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Eugene C. Fiedorek         For       For        Management
2     Elect Director Patricia Albjerg Graham    For       Against    Management
3     Elect Director F. H. Merelli              For       For        Management
4     Elect Director Raymond Plank              For       For        Management
5     Approve Omnibus Stock Plan                For       For        Management
6     Company-Specific --Reimbursement of Proxy Against   Against    Shareholder
      Expenses


- --------------------------------------------------------------------------------

APPLE, INC.

Ticker:       AAPL           Security ID:  037833100
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William V. Campbell        For       Withhold   Management
1.2   Elect Director Millard S. Drexler         For       Withhold   Management
1.3   Elect Director Albert A. Gore, Jr.        For       Withhold   Management
1.4   Elect Director Steven P. Jobs             For       For        Management
1.5   Elect Director Arthur D. Levinson, Ph.D.  For       Withhold   Management
1.6   Elect Director Eric E. Schmidt, Ph.D.     For       Withhold   Management
1.7   Elect Director Jerome B. York             For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management
6     Compensation Specific--Option Dating      Against   For        Shareholder
      Policy
7     Pay For Superior Performance              Against   For        Shareholder
8     Report on Feasibility of Adopting a Toxic Against   Against    Shareholder
      Chemical Elimination Policy
9     Stock Retention/Holding Period            Against   For        Shareholder
10    Report on Computer Recycling Policy       Against   Against    Shareholder
11    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation




- --------------------------------------------------------------------------------

APPLIED MATERIALS, INC.

Ticker:       AMAT           Security ID:  038222105
Meeting Date: MAR 14, 2007   Meeting Type: Annual
Record Date:  JAN 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael H. Armacost        For       For        Management
1.2   Elect Director Robert H. Brust            For       For        Management
1.3   Elect Director Deborah A. Coleman         For       For        Management
1.4   Elect Director Philip V. Gerdine          For       For        Management
1.5   Elect Director Thomas J. Iannotti         For       For        Management
1.6   Elect Director Charles Y.S. Liu           For       For        Management
1.7   Elect Director James C. Morgan            For       For        Management
1.8   Elect Director Gerhard H. Parker          For       For        Management
1.9   Elect Director Willem P. Roelandts        For       For        Management
1.10  Elect Director Michael R. Splinter        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

ART TECHNOLOGY GROUP, INC.

Ticker:       ARTG           Security ID:  04289L107
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David B. Elsbree           For       For        Management
1.2   Elect Director Ilene H. Lang              For       For        Management
1.3   Elect Director Daniel C. Regis            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan


- --------------------------------------------------------------------------------

AVERY DENNISON CORP.

Ticker:       AVY            Security ID:  053611109
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rolf Borjesson             For       For        Management
1.2   Elect Director Peter W. Mullin            For       For        Management
1.3   Elect Director Patrick T. Siewert         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director William Barnet, III        For       For        Management
2     Elect Director Frank P. Bramble, Sr.      For       For        Management
3     Elect Director John T. Collins            For       For        Management
4     Elect Director Gary L. Countryman         For       For        Management
5     Elect Director Tommy R. Franks            For       For        Management
6     Elect Director Charles K. Gifford         For       For        Management
7     Elect Director W. Steven Jones            For       For        Management
8     Elect Director Kenneth D. Lewis           For       For        Management
9     Elect Director Monica C. Lozano           For       For        Management
10    Elect Director Walter E. Massey           For       For        Management
11    Elect Director Thomas J. May              For       For        Management
12    Elect Director Patricia E. Mitchell       For       For        Management
13    Elect Director Thomas M. Ryan             For       For        Management
14    Elect Director O. Temple Sloan, Jr.       For       For        Management
15    Elect Director Meredith R. Spangler       For       For        Management
16    Elect Director Robert L. Tillman          For       For        Management
17    Elect Director Jackie M. Ward             For       For        Management
18    Ratify Auditors                           For       For        Management
19    Prohibit Executive Stock-Based Awards     Against   Against    Shareholder
20    Change Size of Board of Directors         Against   Against    Shareholder
21    Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

BANNER CORP

Ticker:       BANR           Security ID:  06652V109
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert D. Adams            For       For        Management
1.2   Elect Director Edward L. Epstein          For       For        Management
1.3   Elect Director Robert J. Lane             For       For        Management
1.4   Elect Director Wilber E. Pribilsky        For       For        Management
1.5   Elect Director Gary Sirmon                For       For        Management


- --------------------------------------------------------------------------------

BARE ESCENTUALS INC

Ticker:       BARE           Security ID:  067511105
Meeting Date: JUN 4, 2007    Meeting Type: Annual
Record Date:  APR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ross M. Jones              For       Withhold   Management
1.2   Elect Director Glen T. Senk               For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BERRY PETROLEUM CO.

Ticker:       BRY            Security ID:  085789105
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joseph H. Bryant           For       For        Management
1.2   Elect Director Ralph B. Busch, III        For       For        Management
1.3   Elect Director William E. Bush, Jr.       For       For        Management
1.4   Elect Director Stephen L. Cropper         For       For        Management
1.5   Elect Director J. Herbert Gaul, Jr.       For       For        Management
1.6   Elect Director Robert F. Heinemann        For       For        Management
1.7   Elect Director Thomas J. Jamieson         For       For        Management
1.8   Elect Director J. Frank Keller            For       For        Management
1.9   Elect Director Ronald J. Robinson         For       For        Management
1.10  Elect Director Martin H. Young, Jr.       For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BLUE NILE, INC.

Ticker:       NILE           Security ID:  09578R103
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Diane Irvine               For       For        Management
1.2   Elect Director Joseph Jimenez             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

BOEING CO., THE

Ticker:       BA             Security ID:  097023105
Meeting Date: APR 30, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director John H. Biggs              For       For        Management
2     Elect Director John E. Bryson             For       For        Management
3     Elect Director Arthur D. Collins, Jr.     For       For        Management
4     Elect Director Linda Z. Cook              For       For        Management
5     Elect Director William M. Daley           For       For        Management
6     Elect Director Kenneth M. Duberstein      For       For        Management
7     Elect Director John F. McDonnell          For       For        Management
8     Elect Director W. James McNerney, Jr.     For       For        Management
9     Elect Director Richard D. Nanula          For       For        Management
10    Elect Director Rozanne L. Ridgway         For       For        Management
11    Elect Director Mike S. Zafirovski         For       For        Management
12    Ratify Auditors                           For       For        Management
13    Report on Foreign Arms Sales              Against   Against    Shareholder
14    Adopt Human Rights Policy                 Against   For        Shareholder
15    Report on Charitable Contributions        Against   Against    Shareholder
16    Report on Political Contributions         Against   For        Shareholder
17    Separate Chairman and CEO Positions       Against   Against    Shareholder
18    Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote
19    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
20    Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
21    Claw-back of Payments under Restatements  Against   Against    Shareholder


- --------------------------------------------------------------------------------

BUILDING MATERIAL HOLDING CORP.

Ticker:       BLG            Security ID:  120113105
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 7, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert E. Mellor           For       For        Management
1.2   Elect Director Sara L. Beckman            For       For        Management
1.3   Elect Director Eric S. Belsky             For       For        Management
1.4   Elect Director James K. Jennings, Jr.     For       For        Management
1.5   Elect Director Norman J. Metcalfe         For       For        Management
1.6   Elect Director David M. Moffett           For       For        Management
1.7   Elect Director R. Scott Morrison, Jr.     For       For        Management
1.8   Elect Director Peter S. O'Neill           For       For        Management
1.9   Elect Director Richard G. Reiten          For       For        Management
1.10  Elect Director Norman R. Walker           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

C. R. BARD, INC.

Ticker:       BCR            Security ID:  067383109
Meeting Date: APR 18, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Theodore E. Martin         For       For        Management
1.2   Elect Director Anthony Welters            For       For        Management
1.3   Elect Director Tony L. White              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CAREMARK RX, INC.

Ticker:       CMX            Security ID:  141705103
Meeting Date: MAR 16, 2007   Meeting Type: Proxy Contest
Record Date:  JAN 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       For        Management
1     Approve Merger Agreement                  Against   Did Not    Management
                                                          Vote
2     Adjourn Meeting                           For       Did Not    Management
                                                          Vote


- --------------------------------------------------------------------------------

CASCADE CORP.

Ticker:       CAE            Security ID:  147195101
Meeting Date: JUN 5, 2007    Meeting Type: Annual
Record Date:  APR 24, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Nicholas R. Lardy, Ph.D.   For       For        Management
1.2   Elect Director Nancy A. Wilgenbusch,      For       For        Management
      Ph.D.
2     Amend Omnibus Stock Plan                  For       Against    Management





- --------------------------------------------------------------------------------

CHARLES SCHWAB CORP., THE

Ticker:       SCHW           Security ID:  808513105
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William F. Aldinger, III   For       For        Management
1.2   Elect Director Donald G. Fisher           For       For        Management
1.3   Elect Director Paula A. Sneed             For       For        Management
2     Approve Qualified Employee Stock Purchase For       For        Management
      Plan
3     Amend Omnibus Stock Plan                  For       For        Management
4     Report on Political Contributions         Against   For        Shareholder
5     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

CHEVRON CORPORATION

Ticker:       CVX            Security ID:  166764100
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  MAR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Samuel H. Armacost         For       For        Management
2     Elect Director Linnet F. Deily            For       For        Management
3     Elect Director Robert E. Denham           For       For        Management
4     Elect Director Robert J. Eaton            For       For        Management
5     Elect Director Sam Ginn                   For       For        Management
6     Elect Director Franklyn G. Jenifer        For       For        Management
7     Elect Director Sam Nunn                   For       For        Management
8     Elect Director David J. O'Reilly          For       For        Management
9     Elect Director Donald B. Rice             For       For        Management
10    Elect Director Peter J. Robertson         For       For        Management
11    Elect Director Kevin W. Sharer            For       For        Management
12    Elect Director Charles R. Shoemate        For       For        Management
13    Elect Director Ronald D. Sugar            For       For        Management
14    Elect Director Carl Ware                  For       For        Management
15    Ratify Auditors                           For       For        Management
16    Reduce Supermajority Vote Requirement     For       For        Management
17    Adopt Human Rights Policy                 Against   For        Shareholder
18    Adopt Greenhouse Gas Emission Reduction   Against   Against    Shareholder
      Goals
19    Adopt Animal Welfare Policy               Against   Against    Shareholder
20    Separate Chairman and CEO Positions       Against   For        Shareholder
21    Approve/Amend Terms of Existing Poison    Against   Against    Shareholder
      Pill
22    Report on Market Specific Environmental   Against   Against    Shareholder
      Laws



- --------------------------------------------------------------------------------

CITY NATIONAL CORP.

Ticker:       CYN            Security ID:  178566105
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Russell Goldsmith          For       For        Management
1.2   Elect Director Michael L. Meyer           For       For        Management
1.3   Elect Director Linda M. Griego            For       For        Management
1.4   Elect Director Ronald L. Olson            For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

COLGATE-PALMOLIVE CO.

Ticker:       CL             Security ID:  194162103
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 7, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director John T. Cahill             For       For        Management
2     Elect Director Jill K. Conway             For       For        Management
3     Elect Director Ellen M. Hancock           For       For        Management
4     Elect Director David W. Johnson           For       For        Management
5     Elect Director Richard J. Kogan           For       For        Management
6     Elect Director Delano E. Lewis            For       For        Management
7     Elect Director Reuben Mark                For       For        Management
8     Elect Director J. Pedro Reinhard          For       For        Management
9     Ratify Auditors                           For       For        Management
10    Amend Articles/Bylaws/Charter -- Call     Against   For        Shareholder
      Special Meetings
11    Pay for Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

COLUMBIA SPORTSWEAR CO.

Ticker:       COLM           Security ID:  198516106
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 22, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gertrude Boyle             For       For        Management
1.2   Elect Director Timothy P. Boyle           For       For        Management
1.3   Elect Director Sarah A. Bany              For       For        Management
1.4   Elect Director Murrey R. Albers           For       For        Management
1.5   Elect Director Stephen E. Babson          For       For        Management
1.6   Elect Director Andy D. Bryant             For       For        Management
1.7   Elect Director Edward S. George           For       For        Management
1.8   Elect Director Walter T. Klenz            For       For        Management
1.9   Elect Director John W. Stanton            For       Withhold   Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

CVS/CAREMARK CORP

Ticker:       CVS            Security ID:  126650100
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Edwin M. Banks             For       For        Management
2     Elect Director C. David Brown II          For       For        Management
3     Elect Director Edwin Mac Crawford         For       For        Management
4     Elect Director David W. Dorman            For       For        Management
5     Elect Director Kristen E. Gibney Williams For       For        Management
6     Elect Director Roger L. Headrick          For       Against    Management
7     Elect Director Marian L. Heard            For       For        Management
8     Elect Director William H. Joyce           For       For        Management
9     Elect Director Jean-Pierre Million        For       For        Management
10    Elect Director Terrence Murray            For       For        Management
11    Elect Director C.A. Lance Piccolo         For       Against    Management
12    Elect Director Sheli Z. Rosenberg         For       For        Management
13    Elect Director Thomas M. Ryan             For       For        Management
14    Elect Director Richard J. Swift           For       For        Management
15    Ratify Auditors                           For       For        Management
16    Approve Qualified Employee Stock Purchase For       For        Management
      Plan
17    Approve Executive Incentive Bonus Plan    For       For        Management
18    Limit Executive Compensation              Against   Against    Shareholder
19    Separate Chairman and CEO Positions       Against   For        Shareholder
20    Prepare Sustainability Report             Against   For        Shareholder
21    Disclose Information on Compensation      Against   For        Shareholder
      Consultant
22    Compensation Specific- Policy on Stock    Against   For        Shareholder
      Option Grants/Option Backdating


- --------------------------------------------------------------------------------

DAVITA INC.

Ticker:       DVA            Security ID:  23918K108
Meeting Date: MAY 29, 2007   Meeting Type: Annual
Record Date:  APR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Charles G. Berg            For       For        Management
2     Elect Director Willard W. Brittain, Jr.   For       For        Management
3     Elect Director Nancy-Ann DeParle          For       For        Management
4     Elect Director Peter T. Grauer            For       For        Management
5     Elect Director John M. Nehra              For       For        Management
6     Elect Director William L. Roper, M.D.     For       For        Management
7     Elect Director Kent J. Thiry              For       For        Management
8     Elect Director Roger J. Valine            For       For        Management
9     Elect Director Richard C. Vaughan         For       For        Management
10    Increase Authorized Common Stock          For       For        Management
11    Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
12    Amend Omnibus Stock Plan                  For       For        Management
13    Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

DENDREON CORP.

Ticker:       DNDN           Security ID:  24823Q107
Meeting Date: JUN 6, 2007    Meeting Type: Annual
Record Date:  APR 11, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gerardo Canet              For       For        Management
1.2   Elect Director Bogdan Dziurzynski         For       For        Management
1.3   Elect Director Douglas G. Watson          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

EAST WEST BANCORP, INC.

Ticker:       EWBC           Security ID:  27579R104
Meeting Date: MAY 31, 2007   Meeting Type: Annual
Record Date:  APR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peggy Cherng               For       For        Management
1.2   Elect Director Julia S. Gouw              For       For        Management
1.3   Elect Director John Lee                   For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

EBAY INC.

Ticker:       EBAY           Security ID:  278642103
Meeting Date: JUN 14, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Philippe Bourguignon       For       For        Management
1.2   Elect Director Thomas J. Tierney          For       For        Management
1.3   Elect Director Margaret C. Whitman        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

EDEN BIOSCIENCE CORP.

Ticker:       EDEN           Security ID:  279445886
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rhett R. Atkins            For       For        Management
1.2   Elect Director Jon E.M. Jacoby            For       For        Management
1.3   Elect Director William T. Weyerhaeuser    For       For        Management




- --------------------------------------------------------------------------------

ESSEX PROPERTY TRUST, INC.

Ticker:       ESS            Security ID:  297178105
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Keith R. Guericke          For       For        Management
1.2   Elect Director Issie N. Rabinovitch       For       For        Management
1.3   Elect Director Thomas E. Randlett         For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

EXXON MOBIL CORP.

Ticker:       XOM            Security ID:  30231G102
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Boskin          For       For        Management
1.2   Elect Director William W. George          For       For        Management
1.3   Elect Director James R. Houghton          For       For        Management
1.4   Elect Director William R. Howell          For       For        Management
1.5   Elect Director Reatha Clark King          For       For        Management
1.6   Elect Director Philip E. Lippincott       For       For        Management
1.7   Elect Director Marilyn Carlson Nelson     For       For        Management
1.8   Elect Director Samuel J. Palmisano        For       For        Management
1.9   Elect Director Steven S Reinemund         For       For        Management
1.10  Elect Director Walter V. Shipley          For       For        Management
1.11  Elect Director J. Stephen Simon           For       For        Management
1.12  Elect Director Rex W. Tillerson           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   For        Shareholder
4     Amend Articles/Bylaws/Charter -- Call     Against   For        Shareholder
      Special Meetings
5     Separate Chairman and CEO Positions       Against   For        Shareholder
6     Initiate Payment of Cash Dividend         Against   Against    Shareholder
7     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
8     Company-Specific- Amend Article IX of the Against   Against    Shareholder
      Corporation's by-laws
9     Review Executive Compensation             Against   Against    Shareholder
10    Limit Executive Compensation              Against   Against    Shareholder
11    Claw-back of Payments under Restatements  Against   For        Shareholder
12    Report on Political Contributions         Against   For        Shareholder
13    Amend Equal Employment Opportunity Policy Against   For        Shareholder
      to Prohibit Discrimination Based on
      Sexual Orientation
14    Report on Environmental Accountability    Against   Against    Shareholder
15    Report on Emission Reduction Goals        Against   For        Shareholder
16    Report on Carbon Dioxide Emissions        Against   Against    Shareholder
      Information at Gas Stations
17    Adopt Policy to Increase Renewable Energy Against   Against    Shareholder
      Portfolio


- --------------------------------------------------------------------------------

FEI COMPANY

Ticker:       FEIC           Security ID:  30241L109
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  APR 10, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Attardo         For       For        Management
1.2   Elect Director Lawrence A. Bock           For       For        Management
1.3   Elect Director Wilfred J. Corrigan        For       For        Management
1.4   Elect Director Don R. Kania               For       For        Management
1.5   Elect Director Thomas F. Kelly            For       For        Management
1.6   Elect Director William W. Lattin          For       For        Management
1.7   Elect Director Jan C. Lobbezoo            For       For        Management
1.8   Elect Director Gerhard H. Parker          For       For        Management
1.9   Elect Director James T. Richardson        For       For        Management
1.10  Elect Director Donald R. VanLuvanee       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

GENENTECH, INC.

Ticker:       DNA            Security ID:  368710406
Meeting Date: APR 20, 2007   Meeting Type: Annual
Record Date:  FEB 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Herbert W. Boyer, Ph.D.    For       Withhold   Management
1.2   Elect Director William M. Burns           For       Withhold   Management
1.3   Elect Director Erich Hunziker, Ph.D.      For       Withhold   Management
1.4   Elect Director Jonathan K.C. Knowles,     For       Withhold   Management
      Ph.D.
1.5   Elect Director Arthur D. Levinson, Ph.D.  For       Withhold   Management
1.6   Elect Director Debra L. Reed              For       For        Management
1.7   Elect Director Charles A. Sanders, M.D.   For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GILEAD SCIENCES, INC.

Ticker:       GILD           Security ID:  375558103
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 22, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul Berg                  For       For        Management
1.2   Elect Director John F. Cogan              For       For        Management
1.3   Elect Director Etienne F. Davignon        For       Withhold   Management
1.4   Elect Director James M. Denny             For       For        Management
1.5   Elect Director Carla A. Hills             For       For        Management
1.6   Elect Director John W. Madigan            For       For        Management
1.7   Elect Director John C. Martin             For       For        Management
1.8   Elect Director Gordon E. Moore            For       For        Management
1.9   Elect Director Nicholas Moore             For       For        Management
1.10  Elect Director Gayle E. Wilson            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan


- --------------------------------------------------------------------------------

GOOGLE INC

Ticker:       GOOG           Security ID:  38259P508
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 22, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Eric Schmidt               For       For        Management
1.2   Elect Director Sergey Brin                For       For        Management
1.3   Elect Director Larry Page                 For       For        Management
1.4   Elect Director L. John Doerr              For       For        Management
1.5   Elect Director John L. Hennessy           For       For        Management
1.6   Elect Director Arthur D. Levinson         For       For        Management
1.7   Elect Director Ann Mather                 For       For        Management
1.8   Elect Director Paul S. Otellini           For       For        Management
1.9   Elect Director K. Ram Shriram             For       For        Management
1.10  Elect Director Shirley M. Tilghman        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Adopt Policies to Protect Freedom of      Against   For        Shareholder
      Access to the Internet


- --------------------------------------------------------------------------------

GREATER BAY BANCORP

Ticker:       GBBK           Security ID:  391648102
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frederick J. De Grosz      For       For        Management
1.2   Elect Director John M. Gatto              For       For        Management
1.3   Elect Director Robert B. Kaplan           For       For        Management
1.4   Elect Director Daniel G. Libarle          For       For        Management
1.5   Elect Director Arthur K. Lund             For       For        Management
1.6   Elect Director George M. Marcus           For       For        Management
1.7   Elect Director Duncan L. Matteson         For       For        Management
1.8   Elect Director Glen McLaughlin            For       For        Management
1.9   Elect Director Linda R. Meier             For       For        Management
1.10  Elect Director Thomas E. Randlett         For       For        Management
1.11  Elect Director Byron A. Scordelis         For       For        Management
1.12  Elect Director James C. Thompson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company-Specific -- Restrict the          Against   Against    Shareholder
      Company's Use of Preferred Stock


- --------------------------------------------------------------------------------

HEALTH CARE PROPERTY INVESTORS, INC.

Ticker:       HCP            Security ID:  421915109
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mary A. Cirillo-Goldberg   For       For        Management
1.2   Elect Director Robert R. Fanning, Jr.     For       For        Management
1.3   Elect Director James F. Flaherty III      For       For        Management
1.4   Elect Director David B. Henry             For       For        Management
1.5   Elect Director Michael D. McKee           For       Withhold   Management
1.6   Elect Director Harold M. Messmer, Jr.     For       For        Management
1.7   Elect Director Peter L. Rhein             For       For        Management
1.8   Elect Director Kenneth B. Roath           For       For        Management
1.9   Elect Director Richard M. Rosenberg       For       For        Management
1.10  Elect Director Joseph P. Sullivan         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Pay For Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

HEALTH NET, INC.

Ticker:       HNT            Security ID:  42222G108
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Theodore F. Craver, Jr.    For       For        Management
1.2   Elect Director Vicki B. Escarra           For       For        Management
1.3   Elect Director Thomas T. Farley           For       For        Management
1.4   Elect Director Gale S. Fitzgerald         For       For        Management
1.5   Elect Director Patrick Foley              For       For        Management
1.6   Elect Director Jay M. Gellert             For       For        Management
1.7   Elect Director Roger F. Greaves           For       For        Management
1.8   Elect Director Bruce G. Willison          For       For        Management
1.9   Elect Director Frederick C. Yeager        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

HEWLETT-PACKARD CO.

Ticker:       HPQ            Security ID:  428236103
Meeting Date: MAR 14, 2007   Meeting Type: Annual
Record Date:  JAN 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director L.T. Babbio, Jr.           For       For        Management
2     Elect Director S.M. Baldauf               For       For        Management
3     Elect Director R.A. Hackborn              For       For        Management
4     Elect Director J.H. Hammergren            For       For        Management
5     Elect Director M.V. Hurd                  For       For        Management
6     Elect Director R.L. Ryan                  For       For        Management
7     Elect Director L.S. Salhany               For       For        Management
8     Elect Director G.K.Thompson               For       For        Management
9     Ratify Auditors                           For       For        Management
10    Require Director Nominee Qualifications   Against   For        Shareholder
11    Separate Chairman and CEO Positions       Against   Against    Shareholder
12    Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
13    Performance-Based Equity Awards           Against   For        Shareholder


- --------------------------------------------------------------------------------

HILTON HOTELS CORP.

Ticker:       HLT            Security ID:  432848109
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 29, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director A. Steven Crown            For       For        Management
2     Elect Director John H. Myers              For       For        Management
3     Elect Director Donna F. Tuttle            For       For        Management
4     Ratify Auditors                           For       For        Management
5     Separate Chairman and CEO Positions       Against   Against    Shareholder

- --------------------------------------------------------------------------------

INFORMATICA CORPORATION

Ticker:       INFA           Security ID:  45666Q102
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Janice D. Chaffin          For       For        Management
1.2   Elect Director Carl J. Yankowski          For       For        Management
1.3   Elect Director Charles J. Robel           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

INTEL CORP.

Ticker:       INTC           Security ID:  458140100
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Craig R. Barrett           For       For        Management
2     Elect Director Charlene Barshefsky        For       Against    Management
3     Elect Director Susan L. Decker            For       For        Management
4     Elect Director D. James Guzy              For       For        Management
5     Elect Director Reed E. Hundt              For       For        Management
6     Elect Director Paul S. Otellini           For       For        Management
7     Elect Director James D. Plummer           For       For        Management
8     Elect Director David S. Pottruck          For       For        Management
9     Elect Director Jane E. Shaw               For       For        Management
10    Elect Director John L. Thornton           For       For        Management
11    Elect Director David B. Yoffie            For       For        Management
12    Ratify Auditors                           For       For        Management
13    Amend Omnibus Stock Plan                  For       For        Management
14    Approve Executive Incentive Bonus Plan    For       For        Management
15    Limit Executive Compensation              Against   Against    Shareholder



- -

- --------------------------------------------------------------------------------

KB HOME

Ticker:       KBH            Security ID:  48666K109
Meeting Date: APR 5, 2007    Meeting Type: Annual
Record Date:  FEB 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ronald W. Burkle           For       For        Management
1.2   Elect Director Leslie Moonves             For       For        Management
1.3   Elect Director Luis G. Nogales            For       For        Management
1.4   Elect Director Ray R. Irani               For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Reduce Supermajority Vote Requirement     For       For        Management
4     Ratify Auditors                           For       For        Management
5     Stock Retention/Holding Period            Against   Against    Shareholder
6     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards
7     Eliminate or Restrict Severance           Against   For        Shareholder
      Agreements (Change-in-Control)


- --------------------------------------------------------------------------------

KLA-TENCOR CORP.

Ticker:       KLAC           Security ID:  482480100
Meeting Date: MAR 29, 2007   Meeting Type: Annual
Record Date:  FEB 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H. Raymond Bingham         For       For        Management
1.2   Elect Director Robert T. Bond             For       For        Management
1.3   Elect Director David C. Wang              For       For        Management
1.4   Elect Director Robert M. Calderoni        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

KROGER CO., THE

Ticker:       KR             Security ID:  501044101
Meeting Date: JUN 28, 2007   Meeting Type: Annual
Record Date:  APR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Reuben V. Anderson         For       For        Management
1.2   Elect Director John L. Clendenin          For       For        Management
1.3   Elect Director David B. Dillon            For       For        Management
1.4   Elect Director David B. Lewis             For       For        Management
1.5   Elect Director Don W. McGeorge            For       For        Management
1.6   Elect Director W. Rodney McMullen         For       For        Management
1.7   Elect Director Jorge P. Montoya           For       For        Management
1.8   Elect Director Clyde R. Moore             For       For        Management
1.9   Elect Director Susan M. Phillips          For       For        Management
1.10  Elect Director Steven R. Rogel            For       For        Management
1.11  Elect Director James A. Runde             For       For        Management
1.12  Elect Director Ronald L. Sargent          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Articles/Regulations--i)Rules of    For       For        Management
      Conduct in Connection with Shareholder
      Meetings and (ii) Meetings Outside
      Cincinnati
4     Ratify Auditors                           For       For        Management
5     Report on Climate Change                  Against   For        Shareholder


- --------------------------------------------------------------------------------

LATTICE SEMICONDUCTOR CORP.

Ticker:       LSCC           Security ID:  518415104
Meeting Date: MAY 1, 2007    Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David E. Coreson           For       For        Management
1.2   Elect Director Gerhard Parker             For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

LSI LOGIC CORP.

Ticker:       LSI            Security ID:  502161102
Meeting Date: MAR 29, 2007   Meeting Type: Special
Record Date:  FEB 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition


- --------------------------------------------------------------------------------

MARTEK BIOSCIENCES CORP.

Ticker:       MATK           Security ID:  572901106
Meeting Date: MAR 15, 2007   Meeting Type: Annual
Record Date:  JAN 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Douglas J. Macmaster, Jr.  For       For        Management
2     Elect Director Eugene H. Rotberg          For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MATTEL, INC.

Ticker:       MAT            Security ID:  577081102
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Dolan           For       For        Management
1.2   Elect Director Robert A. Eckert           For       For        Management
1.3   Elect Director Frances D. Fergusson       For       For        Management
1.4   Elect Director Tully M. Friedman          For       For        Management
1.5   Elect Director Dominic Ng                 For       For        Management
1.6   Elect Director Andrea L. Rich             For       For        Management
1.7   Elect Director Ronald L. Sargent          For       For        Management
1.8   Elect Director Dean A. Scarborough        For       For        Management
1.9   Elect Director Christopher A. Sinclair    For       For        Management
1.10  Elect Director G. Craig Sullivan          For       For        Management
1.11  Elect Director Kathy Brittain White       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Company Specific- Approve Majority Vote   For       For        Management
      and Eliminate Cumulative Voting
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Limit Executive Compensation              Against   Against    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Report Progress on Improving Work and     Against   Against    Shareholder
      Living Conditions
8     Pay for Superior Performance              Against   For        Shareholder


- --------------------------------------------------------------------------------

MCCORMICK & SCHMICKS SEAFOOD RESTAURANTS, INC.

Ticker:       MSSR           Security ID:  579793100
Meeting Date: MAY 29, 2007   Meeting Type: Annual
Record Date:  APR 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Emanuel N. Hilario         For       For        Management
1.2   Elect Director E.H. Jurgensen, Jr.        For       For        Management
1.3   Elect Director J. Rice Edmonds            For       Withhold   Management
1.4   Elect Director Jeffrey D. Klein           For       For        Management
1.5   Elect Director David B. Pittaway          For       For        Management
1.6   Elect Director James R. Parish            For       For        Management
1.7   Elect Director Douglas L. Schmick         For       For        Management
2     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

MONACO COACH CORP.

Ticker:       MNC            Security ID:  60886R103
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John F. Cogan              For       For        Management
1.2   Elect Director Richard E. Colliver        For       For        Management
1.3   Elect Director Robert P. Hanafee, Jr.     For       For        Management
1.4   Elect Director Dennis D. Oklak            For       For        Management
1.5   Elect Director Roger A. Vandenberg        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NATIONWIDE HEALTH PROPERTIES, INC.

Ticker:       NHP            Security ID:  638620104
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David R. Banks             For       For        Management
1.2   Elect Director Douglas M. Pasquale        For       For        Management
1.3   Elect Director Jack D. Samuelson          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Stock Ownership Limitations       For       Against    Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NORDSTROM, INC.

Ticker:       JWN            Security ID:  655664100
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  MAR 14, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Phyllis J. Campbell        For       For        Management
1.2   Elect Director Enrique Hernandez, Jr.     For       For        Management
1.3   Elect Director Jeanne P. Jackson          For       For        Management
1.4   Elect Director Robert G. Miller           For       For        Management
1.5   Elect Director Blake W. Nordstrom         For       For        Management
1.6   Elect Director Erik B. Nordstrom          For       For        Management
1.7   Elect Director Peter E. Nordstrom         For       For        Management
1.8   Elect Director Philip G. Satre            For       For        Management
1.9   Elect Director Alison A. Winter           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NORTHROP GRUMMAN CORP.

Ticker:       NOC            Security ID:  666807102
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Lewis W. Coleman           For       For        Management
2     Elect Director Victor H. Fazio            For       For        Management
3     Elect Director Donald E. Felsinger        For       For        Management
4     Elect Director Stephen E. Frank           For       For        Management
5     Elect Director Charles R. Larson          For       For        Management
6     Elect Director Richard B. Myers           For       For        Management
7     Elect Director Philip A. Odeen            For       For        Management
8     Elect Director Aulana L. Peters           For       For        Management
9     Elect Director Kevin W. Sharer            For       For        Management
10    Elect Director Ronald D. Sugar            For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
13    Report on Foreign Arms Sales              Against   Against    Shareholder
14    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
15    Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

NOVELLUS SYSTEMS, INC.

Ticker:       NVLS           Security ID:  670008101
Meeting Date: MAY 11, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard S. Hill            For       For        Management
1.2   Elect Director Neil R. Bonke              For       For        Management
1.3   Elect Director Youssef A. El-Mansy        For       For        Management
1.4   Elect Director J. David Litster           For       For        Management
1.5   Elect Director Yoshio Nishi               For       For        Management
1.6   Elect Director Glen G. Possley            For       For        Management
1.7   Elect Director Ann D. Rhoads              For       For        Management
1.8   Elect Director William R. Spivey          For       For        Management
1.9   Elect Director Delbert A. Whitaker        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

OCCIDENTAL PETROLEUM CORP.

Ticker:       OXY            Security ID:  674599105
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 15, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Spencer Abraham            For       Against    Management
2     Elect Director Ronald W. Burkle           For       For        Management
3     Elect Director John S. Chalsty            For       Against    Management
4     Elect Director Edward P. Djerejian        For       For        Management
5     Elect Director R. Chad Dreier             For       Against    Management
6     Elect Director John E. Feick              For       For        Management
7     Elect Director Ray R. Irani               For       For        Management
8     Elect Director Irvin W. Maloney           For       Against    Management
9     Elect Director Rodolfo Segovia            For       Against    Management
10    Elect Director Aziz D. Syriani            For       For        Management
11    Elect Director Rosemary Tomich            For       Against    Management
12    Elect Director Walter L. Weisman          For       For        Management
13    Ratify Auditors                           For       For        Management
14    Amend Omnibus Stock Plan                  For       Against    Management
15    Publish a Scientific Global Warming       Against   Against    Shareholder
      Report
16    Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers Compensation
17    Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

ORASURE TECHNOLOGIES INC

Ticker:       OSUR           Security ID:  68554V108
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Douglas G. Watson          For       For        Management
1.2   Elect Director Jack Goldstein             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PACCAR INC.

Ticker:       PCAR           Security ID:  693718108
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alison J. Carnwath         For       For        Management
1.2   Elect Director Robert T. Parry            For       For        Management
1.3   Elect Director Harold A. Wagner           For       For        Management
2     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

PACIFIC CAPITAL BANCORP

Ticker:       PCBC           Security ID:  69404P101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward E. Birch            For       For        Management
1.2   Elect Director R.S. Hambleton, Jr.        For       For        Management
1.3   Elect Director D. Vernon Horton           For       For        Management
1.4   Elect Director Roger C. Knopf             For       For        Management
1.5   Elect Director Robert W. Kummer, Jr.      For       For        Management
1.6   Elect Director Clayton C. Larson          For       For        Management
1.7   Elect Director John R. Mackall            For       For        Management
1.8   Elect Director Lee E. Mikles              For       For        Management
1.9   Elect Director Gerald T. Mccullough       For       For        Management
1.10  Elect Director Richard A. Nightingale     For       For        Management
1.11  Elect Director Kathy J. Odell             For       For        Management
1.12  Elect Director William S. Thomas, Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PEPSICO, INC.

Ticker:       PEP            Security ID:  713448108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Dina Dublon                For       For        Management
2     Elect Director Victor J. Dzau, M.D.       For       For        Management
3     Elect Director Ray L. Hunt                For       For        Management
4     Elect Director Alberto Ibarguen           For       For        Management
5     Elect Director Arthur C. Martinez         For       For        Management
6     Elect Director Indra K. Nooyi             For       For        Management
7     Elect Director Sharon Percy Rockefeller   For       For        Management
8     Elect Director James J. Schiro            For       For        Management
9     Elect Director Daniel Vasella             For       For        Management
10    Elect Director Michael D. White           For       For        Management
11    Ratify Auditors                           For       For        Management
12    Approve Omnibus Stock Plan                For       For        Management
13    Report on Charitable Contributions        Against   Against    Shareholder


- --------------------------------------------------------------------------------

PFIZER INC.

Ticker:       PFE            Security ID:  717081103
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Dennis A. Ausiello         For       For        Management
1.2   Elect Director Michael S. Brown           For       For        Management
1.3   Elect Director M. Anthony Burns           For       For        Management
1.4   Elect Director Robert N. Burt             For       For        Management
1.5   Elect Director W. Don Cornwell            For       For        Management
1.6   Elect Director William H. Gray, III       For       For        Management
1.7   Elect Director Constance J. Horner        For       For        Management
1.8   Elect Director William R. Howell          For       For        Management
1.9   Elect Director Jeffrey B. Kindler         For       For        Management
1.10  Elect Director George A. Lorch            For       For        Management
1.11  Elect Director Dana G. Mead               For       For        Management
1.12  Elect Director William C. Steere, Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   For        Shareholder
4     Report on Animal Testing Policies         Against   Against    Shareholder
5     Amend Animal Welfare Policy               Against   Against    Shareholder
6     Require Director Nominee Qualifications   Against   Against    Shareholder


- --------------------------------------------------------------------------------

PIPER JAFFRAY COS

Ticker:       PJC            Security ID:  724078100
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Andrew S. Duff             For       For        Management
1.2   Elect Director Samuel L. Kaplan           For       For        Management
1.3   Elect Director Frank L. Sims              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management




- --------------------------------------------------------------------------------

PIXELWORKS, INC.

Ticker:       PXLW           Security ID:  72581M107
Meeting Date: MAY 22, 2007   Meeting Type: Annual
Record Date:  MAR 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Allen H. Alley             For       For        Management
1.2   Elect Director Mark A. Christensen        For       For        Management
1.3   Elect Director James R. Fiebiger          For       For        Management
1.4   Elect Director C. Scott Gibson            For       For        Management
1.5   Elect Director Daniel J. Heneghan         For       For        Management
1.6   Elect Director Bruce A. Walicek           For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Rick R. Holley             For       For        Management
2     Elect Director Ian B. Davidson            For       For        Management
3     Elect Director Robin Josephs              For       For        Management
4     Elect Director John G. McDonald           For       For        Management
5     Elect Director Robert B. McLeod           For       For        Management
6     Elect Director  John F. Morgan, Sr.       For       For        Management
7     Elect Director John H. Scully             For       For        Management
8     Elect Director Stephen C. Tobias          For       For        Management
9     Elect Director Carl B. Webb               For       For        Management
10    Elect Director Martin A. White            For       For        Management
11    Ratify Auditors                           For       For        Management
12    Report on Political Contributions         Against   For        Shareholder
13    Pay For Superior Performance              Against   Against    Shareholder


- --------------------------------------------------------------------------------

POLYCOM, INC.

Ticker:       PLCM           Security ID:  73172K104
Meeting Date: MAY 30, 2007   Meeting Type: Annual
Record Date:  APR 10, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert C. Hagerty          For       For        Management
1.2   Elect Director Michael R. Kourey          For       For        Management
1.3   Elect Director Betsy S. Atkins            For       For        Management
1.4   Elect Director John Seely Brown           For       Withhold   Management
1.5   Elect Director David G. DeWalt            For       For        Management
1.6   Elect Director Durk I. Jager              For       For        Management
1.7   Elect Director John A. Kelley, Jr.        For       For        Management
1.8   Elect Director William A. Owens           For       For        Management
1.9   Elect Director Kevin T. Parker            For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management




- --------------------------------------------------------------------------------

QUALCOMM INC.

Ticker:       QCOM           Security ID:  747525103
Meeting Date: MAR 13, 2007   Meeting Type: Annual
Record Date:  JAN 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Barbara T. Alexander       For       For        Management
1.2   Elect Director Raymond V. Dittamore       For       For        Management
1.3   Elect Director Irwin Mark Jacobs          For       For        Management
1.4   Elect Director Sherry Lansing             For       For        Management
1.5   Elect Director Peter M. Sacerdote         For       For        Management
1.6   Elect Director Marc I. Stern              For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

RADISYS CORP.

Ticker:       RSYS           Security ID:  750459109
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director C. Scott Gibson            For       For        Management
1.2   Elect Director Scott C. Grout             For       For        Management
1.3   Elect Director Ken J. Bradley             For       For        Management
1.4   Elect Director Richard J. Faubert         For       For        Management
1.5   Elect Director William W. Lattin          For       For        Management
1.6   Elect Director Kevin C. Melia             For       For        Management
1.7   Elect Director Carl W. Neun               For       For        Management
1.8   Elect Director Lorene K. Steffes          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan


- --------------------------------------------------------------------------------

RED LION HOTELS CORP.

Ticker:       RLH            Security ID:  756764106
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 31, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Donald K. Barbieri         For       For        Management
1.2   Elect Director Arthur M. Coffey           For       For        Management
1.3   Elect Director Ronald R. Taylor           For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

ROBERT HALF INTERNATIONAL INC.

Ticker:       RHI            Security ID:  770323103
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Andrew S. Berwick, Jr.     For       For        Management
1.2   Elect Director Frederick P. Furth         For       For        Management
1.3   Elect Director Edward W. Gibbons          For       For        Management
1.4   Elect Director Harold M. Messmer, Jr.     For       For        Management
1.5   Elect Director Thomas J. Ryan             For       For        Management
1.6   Elect Director J. Stephen Schaub          For       For        Management
1.7   Elect Director M. Keith Waddell           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend EEO Statement to Include Reference  Against   Against    Shareholder
      to Sexual Orientation


- --------------------------------------------------------------------------------

SAFECO CORP.

Ticker:       SAF            Security ID:  786429100
Meeting Date: MAY 2, 2007    Meeting Type: Annual
Record Date:  MAR 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert S. Cline            For       For        Management
1.2   Elect Director Maria S. Eitel             For       For        Management
1.3   Elect Director John S. Hamlin             For       For        Management
1.4   Elect Director Paula Rosput Reynolds      For       For        Management
1.5   Elect Director Charles R. Rinehart        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


- --------------------------------------------------------------------------------

SAFEWAY INC.

Ticker:       SWY            Security ID:  786514208
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Steven A. Burd             For       For        Management
2     Elect Director Janet E. Grove             For       For        Management
3     Elect Director Mohan Gyani                For       For        Management
4     Elect Director Paul Hazen                 For       For        Management
5     Elect Director Robert I. MacDonnell       For       For        Management
6     Elect Director Douglas J. MacKenzie       For       For        Management
7     Elect Director Rebecca A. Stirn           For       For        Management
8     Elect Director William Y. Tauscher        For       For        Management
9     Elect Director Raymond G. Viault          For       For        Management
10    Approve Omnibus Stock Plan                For       For        Management
11    Amend Executive Incentive Bonus Plan      For       For        Management
12    Ratify Auditors                           For       For        Management
13    Provide for Cumulative Voting             Against   For        Shareholder
14    Separate Chairman and CEO Positions       Against   Against    Shareholder
15    Label Genetically Modified Organisms      Against   Against    Shareholder
16    Prepare Sustainability Report             Against   For        Shareholder
17    Report on Feasibility of Improving Animal Against   Against    Shareholder
      Welfare Standards



- --------------------------------------------------------------------------------

SEMPRA ENERGY

Ticker:       SRE            Security ID:  816851109
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Wilford D. Godbold, Jr.    For       For        Management
1.2   Elect Director Richard G. Newman          For       For        Management
1.3   Elect Director Neal E. Schmale            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
5     Establish SERP Policy                     Against   For        Shareholder


- --------------------------------------------------------------------------------

SIMPSON MANUFACTURING CO., INC.

Ticker:       SSD            Security ID:  829073105
Meeting Date: APR 16, 2007   Meeting Type: Annual
Record Date:  FEB 22, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Peter N. Louras, Jr.       For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SONOSITE INC.

Ticker:       SONO           Security ID:  83568G104
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Kirby L. Cramer            For       For        Management
1.2   Elect Director Carmen L. Diersen          For       For        Management
1.3   Elect Director Kevin M. Goodwin           For       For        Management
1.4   Elect Director Edward V. Fritzky          For       For        Management
1.5   Elect Director S.R. Goldstein             For       For        Management
1.6   Elect Director Paul V. Haack              For       For        Management
1.7   Elect Director Robert G. Hauser           For       For        Management
1.8   Elect Director W.G. Parzybok, Jr.         For       For        Management
1.9   Elect Director Jeffrey Pfeffer            For       For        Management
1.10  Elect Director Jacques Souquet            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

STANCORP FINANCIAL GROUP, INC.

Ticker:       SFG            Security ID:  852891100
Meeting Date: MAY 7, 2007    Meeting Type: Annual
Record Date:  MAR 1, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jerome J. Meyer            For       For        Management
1.2   Elect Director Ralph R. Peterson          For       For        Management
1.3   Elect Director E. Kay Stepp               For       For        Management
1.4   Elect Director Michael G. Thorne          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------

STARBUCKS CORP.

Ticker:       SBUX           Security ID:  855244109
Meeting Date: MAR 21, 2007   Meeting Type: Annual
Record Date:  JAN 12, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Howard Schultz             For       For        Management
1.2   Elect Director Barbara Bass               For       For        Management
1.3   Elect Director Howard P. Behar            For       For        Management
1.4   Elect Director William W. Bradley         For       For        Management
1.5   Elect Director James L. Donald            For       For        Management
1.6   Elect Director Mellody Hobson             For       For        Management
1.7   Elect Director Olden Lee                  For       For        Management
1.8   Elect Director James G. Shennan, Jr.      For       For        Management
1.9   Elect Director Javier G. Teruel           For       For        Management
1.10  Elect Director Myron E. Ullman, III       For       For        Management
1.11  Elect Director Craig E. Weatherup         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

STRYKER CORP.

Ticker:       SYK            Security ID:  863667101
Meeting Date: APR 25, 2007   Meeting Type: Annual
Record Date:  FEB 28, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John W. Brown              For       For        Management
1.2   Elect Director Howard E. Cox, Jr.         For       For        Management
1.3   Elect Director Donald M. Engelman, Ph.D.  For       For        Management
1.4   Elect Director Jerome H. Grossman, M.D.   For       For        Management
1.5   Elect Director Louise L. Francesconi      For       For        Management
1.6   Elect Director Stephen P. Macmillan       For       For        Management
1.7   Elect Director William U. Parfet          For       For        Management
1.8   Elect Director Ronda E. Stryker           For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management
4     Performance-Based and/or Time-Based       Against   For        Shareholder
      Equity Awards


- --------------------------------------------------------------------------------

SYMYX TECHNOLOGIES, INC.

Ticker:       SMMX           Security ID:  87155S108
Meeting Date: JUN 12, 2007   Meeting Type: Annual
Record Date:  APR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven D. Goldby           For       For        Management
1.2   Elect Director Edwin F. Gambrell          For       For        Management
1.3   Elect Director Anthony R. Muller          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Approve Executive Incentive Bonus Plan    For       For        Management



- --------------------------------------------------------------------------------

TOYOTA MOTOR CORP.

Ticker:       7203           Security ID:  892331307
Meeting Date: JUN 22, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     DISTRIBUTION OF DIVIDENDS FROM SURPLUS    For       For        Management
2     ELECTION OF 30 DIRECTORS                  For       For        Management
3     ELECTION OF 4 CORPORATE AUDITORS          For       For        Management
4     ELECTION OF ACCOUNTING AUDITOR            For       For        Management
5     ISSUE OF STOCK ACQUISITION RIGHTS WITHOUT For       For        Management
      CONSIDERATION TO DIRECTORS, MANAGING
      OFFICERS AND EMPLOYEES, ETC. OF TOYOTA
      MOTOR CORPORATION AND ITS AFFILIATES
6     ACQUISITION OF OWN SHARES                 For       For        Management
7     AWARD OF BONUS PAYMENTS TO RETIRING       For       Against    Management
      CORPORATE AUDITORS
8     PAYMENT OF EXECUTIVE BONUSES              For       For        Management


- --------------------------------------------------------------------------------

TRIMBLE NAVIGATION LTD.

Ticker:       TRMB           Security ID:  896239100
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven W. Berglund         For       For        Management
1.2   Elect Director Robert S. Cooper           For       For        Management
1.3   Elect Director John B. Goodrich           For       For        Management
1.4   Elect Director William Hart               For       For        Management
1.5   Elect Director Ulf J. Johansson           For       For        Management
1.6   Elect Director Bradford W. Parkinson      For       Withhold   Management
1.7   Elect Director Nickolas W. Vande Steeg    For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

U.S. BANCORP

Ticker:       USB            Security ID:  902973304
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Victoria Buynisk Gluckman  For       For        Management
1.2   Elect Director Arthur D. Collins, Jr.     For       For        Management
1.3   Elect Director Olivia F. Kirtley          For       For        Management
1.4   Elect Director Jerry W. Levin             For       For        Management
1.5   Elect Director Richard G. Reiten          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Declassify the Board of Directors         For       For        Management
5     Approve Report of the Compensation        Against   For        Shareholder
      Committee
6     Establish SERP Policy                     Against   For        Shareholder


- --------------------------------------------------------------------------------

UCBH HOLDINGS, INC.

Ticker:       UCBH           Security ID:  90262T308
Meeting Date: MAY 17, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Pin Pin Chau               For       For        Management
2     Elect Director Godwin Wong                For       For        Management
3     Elect Director Thomas S. Wu               For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Declassify the Board of Directors         Against   For        Shareholder
6     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

UNIONBANCAL CORP.

Ticker:       UB             Security ID:  908906100
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 30, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Aida M. Alvarez            For       For        Management
1.2   Elect Director David R. Andrews           For       For        Management
1.3   Elect Director Nicholas B. Binkley        For       For        Management
1.4   Elect Director L. Dale Crandall           For       For        Management
1.5   Elect Director Murray H. Dashe            For       For        Management
1.6   Elect Director Richard D. Farman          For       For        Management
1.7   Elect Director Philip B. Flynn            For       For        Management
1.8   Elect Director Michael J. Gillfillan      For       For        Management
1.9   Elect Director Mohan S. Gyani             For       For        Management
1.10  Elect Director Ronald L. Havner, Jr.      For       For        Management
1.11  Elect Director Norimichi Kanari           For       Withhold   Management
1.12  Elect Director Mary S. Metz               For       For        Management
1.13  Elect Director Shigemitsu Miki            For       Withhold   Management
1.14  Elect Director J. Fernando Niebla         For       For        Management
1.15  Elect Director Masashi Oka                For       For        Management
1.16  Elect Director Kyota Omori                For       For        Management
1.17  Elect Director Masaaki Tanaka             For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

VCA ANTECH, INC.

Ticker:       WOOF           Security ID:  918194101
Meeting Date: JUN 4, 2007    Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert L. Antin            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------

VERIFONE HOLDINGS INC

Ticker:       PAY            Security ID:  92342Y109
Meeting Date: MAR 27, 2007   Meeting Type: Annual
Record Date:  FEB 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Douglas G. Bergeron        For       For        Management
1.2   Elect Director Craig A. Bondy             For       For        Management
1.3   Elect Director James C. Castle            For       For        Management
1.4   Elect Director Leslie G. Denend           For       For        Management
1.5   Elect Director Alex W. Hart               For       For        Management
1.6   Elect Director Robert B. Henske           For       For        Management
1.7   Elect Director Charles R. Rinehart        For       For        Management
1.8   Elect Director Collin E. Roche            For       For        Management
2     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

WASTE CONNECTIONS, INC.

Ticker:       WCN            Security ID:  941053100
Meeting Date: MAY 16, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ronald J. Mittelstaedt     For       For        Management
1.2   Elect Director Edward E. 'Ned' Guillet    For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management



- --------------------------------------------------------------------------------

WATSON PHARMACEUTICALS, INC.

Ticker:       WPI            Security ID:  942683103
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Allen Chao                 For       For        Management
1.2   Elect Director Michel J. Feldman          For       For        Management
1.3   Elect Director Fred G. Weiss              For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WELLS FARGO & COMPANY

Ticker:       WFC            Security ID:  949746101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John S. Chen               For       For        Management
1.2   Elect Director Lloyd H. Dean              For       For        Management
1.3   Elect Director Susan E. Engel             For       For        Management
1.4   Elect Director Enrique Hernandez, Jr.     For       For        Management
1.5   Elect Director Robert L. Joss             For       For        Management
1.6   Elect Director Richard M. Kovacevich      For       For        Management
1.7   Elect Director Richard D. McCormick       For       For        Management
1.8   Elect Director Cynthia H. Milligan        For       Against    Management
1.9   Elect Director Nicholas G. Moore          For       For        Management
1.10  Elect Director Philip J. Quigley          For       Against    Management
1.11  Elect Director Donald B. Rice             For       Against    Management
1.12  Elect Director Judith M. Runstad          For       For        Management
1.13  Elect Director Stephen W. Sanger          For       For        Management
1.14  Elect Director Susan G. Swenson           For       For        Management
1.15  Elect Director John G. Stumpf             For       For        Management
1.16  Elect Director Michael W. Wright          For       Against    Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   For        Shareholder
4     Advisory Vote to Ratify Named Executive   Against   For        Shareholder
      Officers' Compensation
5     Establish SERP Policy                     Against   For        Shareholder
6     Report on Racial and Ethnic Disparities   Against   Against    Shareholder
      in Loan Pricing
7     Report on Emission Reduction Goals        Against   For        Shareholder


- --------------------------------------------------------------------------------

WEYERHAEUSER CO.

Ticker:       WY             Security ID:  962166104
Meeting Date: APR 19, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Steven R. Rogel            For       Withhold   Management
1.2   Elect Director Debra A. Cafaro            For       For        Management
1.3   Elect Director Richard H. Sinkfield       For       Withhold   Management
1.4   Elect Director D. Michael Steuert         For       Withhold   Management
1.5   Elect Director James N. Sullivan          For       Withhold   Management
1.6   Elect Director Kim Williams               For       For        Management
2     Report on Political Contributions         Against   Against    Shareholder
3     Adopt Simple Majority Vote                Against   For        Shareholder
4     Report on Wood Sourcing                   Against   Against    Shareholder
5     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

YAHOO!, INC.

Ticker:       YHOO           Security ID:  984332106
Meeting Date: JUN 12, 2007   Meeting Type: Annual
Record Date:  APR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Terry S. Semel             For       For        Management
2     Elect Director Jerry Yang                 For       For        Management
3     Elect Director Roy J. Bostock             For       Against    Management
4     Elect Director Ronald W. Burkle           For       Against    Management
5     Elect Director Eric Hippeau               For       For        Management
6     Elect Director Vyomesh Joshi              For       For        Management
7     Elect Director Arthur H. Kern             For       Against    Management
8     Elect Director Robert A. Kotick           For       For        Management
9     Elect Director Edward R. Kozel            For       For        Management
10    Elect Director Gary L. Wilson             For       For        Management
11    Amend Omnibus Stock Plan                  For       For        Management
12    Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
13    Ratify Auditors                           For       For        Management
14    Pay For Superior Performance              Against   For        Shareholder
15    Adopt Policies to Protect Freedom of      Against   For        Shareholder
      Access to the Internet
16    Amend Bylaws to Establish a Board         Against   Against    Shareholder
      Committee on Human Rights


- --------------------------------------------------------------------------------

ZIMMER HOLDINGS INC

Ticker:       ZMH            Security ID:  98956P102
Meeting Date: MAY 7, 2007    Meeting Type: Annual
Record Date:  MAR 8, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Larry C. Glasscock         For       For        Management
2     Elect Director John L. McGoldrick         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Declassify the Board of Directors         For       For        Management
5     Adopt Simple Majority Vote                Against   For        Shareholder



========== END NPX REPORT



                                   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.


(Registrant) Principal Variable Contracts Fund, Inc.
- -------------------------------------------------------------------


By (Signature and Title) /s/ Ralph C. Eucher
             -------------------------------------------------------
Ralph C. Eucher
President and Chief Executive Officer

Date August 30, 2007
- --------------------------------------------------------------------